Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant and other matters described in the Management’s Discussion and Analysis section of the Company’s Form 10-K for the year ended December 31, 2002.
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
TABLE OF CONTENTS
| Section | Tab | ||||
Earnings Release & Financial Statements | 1.0 | ||||
Financial Summary | 2.0 | ||||
| • Financial Highlights | 2.1 | ||||
| • Market Capitalization and Financial Ratios | 2.2 | ||||
| • Market Capitalization Summary | 2.3 | ||||
| • Significant Accounting Policies | 2.4 | ||||
| • Non-GAAP Financial Measures | 2.5 | ||||
Consolidated and Wholly Owned Financial Operations | 3.0 | ||||
| • Summary of Capital Transactions | 3.1 | ||||
| • Acquisitions, Dispositions, Expansions and Developments | 3.2 | ||||
| • Summary of Consolidated Debt | 3.3 | ||||
| • Summary of Consolidated Mortgage Principal Payments & Corporate Debt Maturities | 3.4 | ||||
Joint Venture Summaries | 4.0 | ||||
| • Joint Venture Financials | 4.1 | ||||
| • Joint Venture Partnership Summaries | 4.2 | ||||
Joint Venture Financial Operations | 5.0 | ||||
| • Summary of Capital Transactions | 5.1 | ||||
| • Acquisitions, Dispositions, Expansions and Developments | 5.2 | ||||
| • Summary of Joint Venture Debt | 5.3 | ||||
| • Summary of Pro Rata Joint Venture Debt | 5.4 | ||||
| • Summary of Joint Venture Mortgage Principal Payments | 5.5 | ||||
Portfolio Statistics | 6.0 | ||||
Appendix | 7.0 | ||||
| • Property Listing | 7.1 | ||||
| • Investor Information | 7.2 | ||||
DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
- ---------------------
Contact: Scott A. Wolstein Michelle A. Mahue
Chairman Vice President of Investor Relations
Chief Executive Officer 216-755-5455
216-755-5500
DEVELOPERS DIVERSIFIED REALTY REPORTS A 6.3%
INCREASE IN FFO PER SHARE FOR THE QUARTER
ENDED DECEMBER 31, 2003
CLEVELAND, OHIO, FEBRUARY 17, 2004 - Developers Diversified Realty
Corporation (NYSE: DDR), a real estate investment trust ("REIT"), today
announced that fourth quarter 2003 Funds From Operations ("FFO"), a widely
accepted measure of REIT performance, on a per share basis was $0.68 (diluted)
and $0.69 (basic) as compared to $0.64 (diluted) and $0.65 (basic) per share for
the same period in the previous year, a per share increase of 6.3% diluted and
6.2% basic. FFO available to common shareholders reached $60.1 million for the
quarter ended December 31, 2003, as compared to $43.1 million for 2002, an
increase of 39.4%. Excluding the impact of the recently announced litigation
charge of approximately $9.2 million, FFO was $0.78 (diluted) as compared to
$0.64 (diluted) per share for the same period in 2002, a per share increase of
21.9%. Net income for the three months ended December 31, 2003 increased 209.1%
to $91.5 million compared to fourth quarter 2002 net income of $29.6 million, or
$0.92 per share (diluted) and $0.94 (basic) in 2003 compared to $0.35 per share
(diluted) and $0.36 (basic) for the same period in 2002. The significant
increase in net income for the quarter ended December 31, 2003 is primarily
related to the Company's gains on sale of assets to MDT, which aggregated
approximately $50 million.
On a per share basis, FFO (diluted) was $2.54 and $2.42 for the years
ended December 31, 2003 and 2002, respectively, an increase of 5.0%. Excluding
the non-cash charges associated with the redemption of preferred shares in 2003
and 2002, aggregating $10.7 million and $5.5 million, respectively, and the $9.2
million litigation charge referred to above in 2003, FFO, on a per share basis
was $2.78 (diluted) in 2003 compared to $2.50 (diluted) in 2002, an increase of
11.2%. FFO available to common shareholders for the year ended December 31, 2003
was $214.3 million compared to FFO for the year ended December 31, 2002 of
$159.4 million, an increase of 34.4%. Net income for the year ended December 31,
2003 was $240.3 million, or $2.27 per share (diluted), compared to net income of
$102.0 million, or $1.07 per share (diluted) for the prior comparable period. An
increase in net income of approximately $80 million is due to the net gain on
sale of real estate assets by the Company and its joint ventures. The remainder
of the increase in net income is primarily attributable to the merger with JDN
Realty on March 13, 2003, core operations, and a reduction in minority interest
expense associated with preferred operating partnership units which were
redeemed in 2003.
Scott A. Wolstein, DDR's Chairman and Chief Executive Officer stated,
"We are pleased to announce this quarter's financial results, which reflect the
portfolio's strong fundamentals and Developers Diversified's strategic property
level transactions and capital markets initiatives, including the Company's new
platforms to access equity capital, Macquarie DDR Trust and the Coventry Real
Estate Fund II. During 2003, we took advantage of strong market demand for
retail product to create significant value through capital recycling. Developers
Diversified generated approximately $250 million in gains to the Company and its
partners through the sale of assets and joint venture interests. Including its
proportionate share of sales proceeds, the Company's 2003 retained capital
approximated $350 million, effectively self-funding its development pipeline.
Concurrent with this value creation, we continued to strengthen our balance
sheet. The market has recognized this improvement, as evidenced by the 20 basis
point interest rate reduction in our credit line
pricing we received during the quarter and the Company's issuance of $275
million in five-year senior notes with a coupon rate of 3.875% in January,
2004."
FFO is a supplemental non-GAAP financial measurement used as a standard
in the real estate industry. Management believes that FFO provides an additional
indicator of the financial performance of a REIT. The Company also believes that
FFO more appropriately measures the core operations of the Company and provides
a benchmark to its peer group. FFO does not represent cash generated from
operating activities in accordance with generally accepted accounting principles
and is not necessarily indicative of cash available to fund cash needs and
should not be considered as an alternative to net income and an indicator of the
Company's operating performance or as an alternative to cash flow as a measure
of liquidity. FFO available to common shareholders is defined and calculated by
the Company as net income, adjusted to exclude: (i) preferred dividends, (ii)
gains (or losses) from sales of depreciable real estate property, except for
those sold through the Company's merchant building program, which are presented
net of taxes, (iii) sales of securities, (iv) extraordinary items and (v)
certain non-cash items. These non-cash items principally include real property
depreciation, equity income from joint ventures and equity income from minority
equity investments and adding the Company's proportionate share of FFO from its
unconsolidated joint ventures and minority equity investments, determined on a
consistent basis. Other real estate companies may calculate FFO in a different
manner. A reconciliation of net income to FFO is presented in the financial
highlights section.
LEASING:
Leasing activity continues to be strong throughout the portfolio.
During the fourth quarter of 2003, the Company executed 103 new leases
aggregating approximately 570,000 square feet and 118 renewals aggregating
approximately 430,000 square feet. Rental rates on new leases increased by 21.8%
to $13.24 per square foot and rental rates on renewals increased by 7.3% to
$11.70 per square foot. On a blended basis, rental rates for new leases and
renewals increased by 12.1% to $12.57 per square foot.
At December 31, 2003, the average annualized base rent per occupied
square foot, including those properties owned through joint ventures, was
$10.82. Excluding the impact of the properties acquired through the JDN merger,
the average annualized base rent per occupied square foot for the portfolio was
$11.09, as compared to $10.58 at December 31, 2002.
As of December 31, 2003, the portfolio was 95.1% leased as compared to
94.6% leased at September 30, 2003. Excluding the impact of the properties
acquired through the JDN merger, the portfolio was 95.6% leased, as compared to
95.2% at September 30, 2003 and 95.9% leased at December 31, 2002. These
percentages include tenants for which signed leases have been executed and
occupancy has not occurred. Based on tenants in place and responsible for paying
rent as of December 31, 2003, the portfolio was 94.3% occupied as compared to
94.0% occupied at September 30, 2003. Excluding the impact of the properties
acquired through the JDN merger, the portfolio was 95.0% occupied, as compared
to 94.6% at September 30, 2003 and 95.1% at December 31, 2002.
Same store tenant sales performance over the trailing 12 month period
within the Company's portfolio remained strong at approximately $234 per square
foot in 2003 compared to $233 per square foot in 2002 for those tenants required
to report. Aggregate base and percentage rental revenues relating to Core
Portfolio Properties (i.e., shopping center properties owned since January 1,
2002, excluding properties under redevelopment) increased approximately $2.8
million (or 1.7%) for the year ended December 31, 2003, compared to the same
period in 2002.
STRATEGIC TRANSACTIONS:
Macquarie DDR Trust
In November 2003, the Company closed a transaction pursuant to which
the Company formed an Australian based Listed Property Trust, Macquarie DDR
Trust ("MDT"), with Macquarie Bank Limited (ASX: MBL), an international
investment bank, advisor and manager of specialized real estate funds in
Australia. MDT will focus on acquiring ownership interests in
institutional-quality community center properties in the U.S. The aggregate
purchase value (assuming 100% ownership) of the initial portfolio of eleven
assets owned by DDR and its joint ventures and acquired by MDT is approximately
$730 million. MDT operates with a leverage ratio of approximately 50%.
MDT, which listed on the Australian Stock Exchange during November
2003, owns an 81.0% interest in the eleven asset portfolio. DDR retained a 14.5%
effective ownership interest in the assets and MBL owns the remaining 4.5%. DDR
remains responsible for all day-to-day operations of the properties and will
receive fees for property management, leasing, construction management,
acquisitions, due diligence, dispositions (including outparcel sales), and
financing. Through their joint venture company, DDR and MBL will also receive
base asset management fees and incentive fees based on the performance of MDT.
DDR recorded fees aggregating $6.7 million in 2003 through the structuring,
formation and operation of the MDT joint ventures.
It is anticipated that an additional asset in Minneapolis, MN (Coon
Rapids -- Inner Quadrant) will be sold to MDT after construction and leasing are
completed, subject to the satisfaction of MDT's investment criteria and the
availability of financing. MDT has a two year right of first offer on twenty
pre-determined joint venture and wholly owned assets currently in DDR's
portfolio. This right of first offer only applies if DDR determines that it will
pursue the sale of these assets. MDT also is expected to pursue acquisitions of
additional stabilized, institutional-quality community center properties.
DDR received approximately $195 million in cash and retained a $53
million equity investment in the joint venture, which represents DDR's 14.5%
effective ownership interest. MDT is funded with approximately $370 million in
debt, which is approximately 50% of total asset value. The interest rate for
this debt was generally structured with 80% fixed and 20% floating. The new
fixed rate financing has a weighted average interest rate of approximately 4.3%
and the floating rate debt has a weighted average interest rate of 3.5%.
Approximately $42.0 million of the initial outstanding floating rate debt is
financed under MDT's $100 million secured revolving credit facility.
The aggregate size of the MDT portfolio is approximately 5.4 million
square feet of total GLA (of which 4.8 million is owned GLA), and the average
size of the eleven properties is approximately 490,000 square feet of total GLA.
Prior to MDT's acquisition, DDR held seven of the MDT portfolio assets in joint
ventures. These properties are located in Boston (Framingham), Massachusetts;
Chicago (Schaumburg), Illinois; Minneapolis (Coon Rapids), Minnesota; Atlanta,
Georgia; Washington, D.C. (Fairfax, Virginia); Atlanta (Marietta), Georgia and
Naples, Florida. The remaining four assets were wholly owned by DDR and located
in St. Paul, Minnesota; Kansas City (Independence), Missouri; Canton, Ohio and
Cleveland (N. Olmsted), Ohio.
MDT is governed by a board of directors, which includes three members
selected by DDR, three members selected by MBL and two independent members.
MDT's offering in Australia in November 2003 raised approximately $315 million
which equates to AUD $441.4 million.
EXPANSIONS:
For the twelve month period ended December 31, 2003, the Company
completed expansions and redevelopments at nine shopping centers located in
Birmingham, Alabama; Bayonet Point, Florida; Brandon, Florida; Tucker, Georgia;
Fayetteville, North Carolina; North Canton, Ohio; Erie, Pennsylvania; Riverdale,
Utah and Taylorsville, Utah at an aggregate cost of approximately $26.8 million.
The Company is currently expanding/redeveloping six shopping centers located in
North Little Rock, Arkansas; Tallahassee, Florida; Starkville, Mississippi;
Aurora, Ohio; Tiffin, Ohio and Monaca, Pennsylvania at a projected incremental
cost of approximately $27.6 million. The Company is also scheduled to commence
eight additional expansion projects during 2004 at the Gadsden, Alabama;
Brandon, Florida; Suwanee, Georgia; Princeton, New Jersey; Hendersonville, North
Carolina; Allentown, Pennsylvania; Brentwood, Tennessee and Chattanooga,
Tennessee shopping centers.
For the twelve month period ended December 31, 2003, the Company's
joint ventures completed expansions and redevelopments at three shopping centers
located in San Ysidro, California; Shawnee, Kansas and North Olmsted, Ohio at an
aggregate cost of approximately $9.7 million. The Company's joint ventures are
currently expanding/redeveloping a shopping center located in Deer Park,
Illinois at a projected incremental cost of approximately $13.9 million. In
2004, the Company is also scheduled to commence two additional
expansion/redevelopment projects at Merriam, Kansas and Kansas City, Missouri.
ACQUISITIONS:
In December 2003, the Company acquired Flatiron Marketplace, a 422,000
square foot shopping center in suburban Denver, Colorado from a private investor
for approximately $55.5 million.
In January 2004, the Company, through its joint venture with Coventry,
acquired a 20% interest in Totem Lake Mall, a 290,000 square foot shopping
center in suburban Seattle, Washington for approximately $37.0 million, of which
the Company's proportionate share is approximately $7.4 million.
DEVELOPMENT (CONSOLIDATED):
During the twelve month period ended December 31, 2003, the Company
completed the construction of thirteen shopping centers located in Fayetteville,
Arkansas; Sacramento, California; Aurora, Colorado; Parker, Colorado; Parker
South, Colorado; Lithonia, Georgia; McDonough, Georgia; Meridian, Idaho (Phase
II of the existing shopping center); Grandville, Michigan; Coon Rapids
(Minneapolis) Minnesota; St. John's, Missouri; Erie, Pennsylvania and Frisco,
Texas.
The Company currently has twelve shopping center projects under
construction. These projects are located in Long Beach, California; Fort
Collins, Colorado; Overland Park, Kansas; Chesterfield, Michigan; Lansing,
Michigan; St. Louis, Missouri; Apex, North Carolina; Hamilton, New Jersey; Mount
Laurel, New Jersey; Pittsburgh, Pennsylvania; Irving, Texas and Mesquite, Texas.
These projects are scheduled for completion during 2004 and 2005 and will create
an additional 3.4 million square feet of retail space.
The Company anticipates commencing construction in 2004 on two
additional shopping centers located in Norwood, Massachusetts and McKinney,
Texas.
DEVELOPMENT (JOINT VENTURES):
The Company has joint venture development agreements for three shopping
center projects. These three projects have an aggregate projected cost of
approximately $97.8 million. The projects located in Long Beach, California and
Austin, Texas were substantially completed during 2003 and the project in
Jefferson County (St. Louis, Missouri) will be substantially completed in 2004.
At December 31, 2003, approximately $86.5 million of costs were incurred in
relation to these development projects. The projects located in Long Beach,
California (City Place) and Austin, Texas are being financed through the
Prudential/DDR Retail Value Fund.
DISPOSITIONS:
In October 2003, the Company sold a 123,000 square foot shopping center
located in Decatur, Alabama for approximately $6.9 million and a 32,000 square
foot office building in Atlanta, Georgia for approximately $5.5 million. In
November 2003, the Company sold a 5,000 square foot Applebee's in McDonough,
Georgia for approximately $1.6 million. The Company acquired these properties in
the merger with JDN Realty in March 2003. Additionally, in October 2003, the
Company sold a 92,000 square foot shopping center located in St. Louis, Missouri
for approximately $3.3 million.
In October 2003, one of the Company's RVIP joint ventures sold a
208,000 square foot shopping center located in Bellingham, Washington for
approximately $23.5 million. The joint venture recognized an aggregate gain of
approximately $3.7 million of which the Company's proportionate share was $0.7
million. In January 2004, this joint venture also sold a portion, approximately
300,000 square feet of GLA, of a shopping center in Puente Hills, California for
approximately $33.0 million and recognized a gain of approximately $4.9 million
of which the Company's proportionate share was approximately $0.7 million. These
gains were not and will not be included in FFO in 2003 or 2004.
In January 2004, a joint venture in which the Company owns a 35%
interest, sold a 320,000 square foot shopping center property located in San
Antonio, Texas for approximately $58.0 million and recognized a gain of $19.2
million, of which the Company's proportionate share was approximately $6.7
million. This gain will not be included in FFO in 2004.
FINANCINGS:
In January 2004, the Company issued $275 million of ten-year unsecured
senior notes with a coupon rate of 3.875%. Net proceeds from this offering of
approximately $272.2 million were used to repay approximately $104 million of
variable rate mortgage debt, $150 million of the Company's unsecured term debt
associated with the JDN merger, and the balance was used to repay revolving
credit facilities. Following the issuance of these securities the Company's
current floating rate debt exposure is approximately 16.3% of total debt.
In addition to the MDT financing activities previously discussed, in
December 2003, the Company amended and restated its primary unsecured credit
facility and extended the term of the revolver from May 30, 2005 to May 30,
2006. Based on the Company's current corporate credit ratings (Moody's rating is
Baa3 stable and Standard and Poors' is BBB stable), the amended and restated
facility bears a reduced interest rate of LIBOR plus 80 basis points, compared
to the previous interest rate of LIBOR plus 100 basis points, and continues to
offer a competitive bid option for up to 50% of the facility amount. At the
Company's option, the revolver may be increased from its current size of $650
million to $1.0 billion. The Company also amended its $30 million secured
facility with National City to reflect the same changes in pricing.
Developers Diversified Realty Corporation currently owns and manages
over 360 retail operating and development properties in 44 states comprising
over 82 million square feet of real estate. DDR is a self-administered and
self-managed real estate investment trust (REIT) operating as a fully integrated
real estate company which acquires, develops, leases and manages shopping
centers.
A copy of the Company's Supplemental Financial/Operational package is
available to all interested parties upon request at our corporate office to
Michelle A. Mahue, Vice President of Investor Relations, Developers Diversified
Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our
Website which is located at http:/www.ddr.com.
Developers Diversified Realty Corporation considers portions of this
information to be forward-looking statements within the meaning of Section 27A
of the Securities Exchange Act of 1933 and Section 21 E of the Securities
Exchange Act of 1934, both as amended, with respect to the Company's expectation
for future periods. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not historical fact
may be deemed to be forward looking statements. There are a number of important
factors that could cause the results of the Company to differ materially from
those indicated by such forward-looking statements, including, among other
factors, local conditions such as oversupply of space or a reduction in demand
for real estate in the area, competition from other available space, dependence
on rental income from real property or the loss of a major tenant. For more
details on the risk factors, please refer to the Company's Form on 10-K as of
December 31, 2002.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS - EXCEPT PER SHARE DATA)
Three Month Period Year Ended
Ended December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
REVENUES:
Minimum rent (A) $ 88,066 $ 67,001 $342,699 $254,084
Percentage and overage rents (A) 2,412 2,024 5,659 4,306
Recoveries from tenants 26,860 18,549 94,575 69,228
Ancillary income 1,038 757 2,356 1,928
Other property related income 268 507 942 1,625
Management fee income 2,914 2,356 10,647 10,145
Development fees 470 187 1,446 2,229
Interest income 1,190 1,849 5,082 5,905
Other (B) 3,171 501 12,691 5,396
-------- -------- -------- --------
126,389 93,731 476,097 354,846
-------- -------- -------- --------
EXPENSES:
Operating and maintenance 19,965 13,607 63,816 43,506
Real estate taxes 15,591 11,181 57,946 43,113
General and administrative (C) 12,819 9,380 40,820 29,392
Interest 24,310 18,859 89,678 76,236
Impairment charge (D) -- -- 600 --
Other expense (E) 9,190 -- 9,190 --
Depreciation and amortization 25,979 20,465 94,376 76,802
-------- -------- -------- --------
107,854 73,492 356,426 269,049
-------- -------- -------- --------
Income before equity in net income of joint ventures, gain on sale of joint
venture interests, minority equity interests, income tax of taxable REIT
subsidiary, discontinued operations and gain on sales
of real estate and real estate investments 18,535 20,239 119,671 85,797
Equity in net income of joint ventures (F) 20,506 10,371 44,254 32,769
Gain on sale of joint venture interests (F) 8,663 -- 8,663 --
Minority equity interests (G) (563) (4,800) (5,365) (21,570)
Income tax of taxable REIT subsidiary 130 -- -- --
-------- -------- -------- --------
Income from continuing operations 47,271 25,810 167,223 96,996
Income (loss) from discontinued operations (H) (574) 3,367 (894) 1,545
-------- -------- -------- --------
Income before gain on sales of real estate
and real estate investments 46,697 29,177 166,329 98,541
Gain on sales of real estate and real
estate investments, net of tax 44,789 440 73,932 3,429
-------- -------- -------- --------
NET INCOME $ 91,486 $ 29,617 $240,261 $101,970
======== ======== ======== ========
NET INCOME, APPLICABLE TO COMMON SHAREHOLDERS (I) $ 80,881 $ 23,127 $189,056 $ 69,368
======== ======== ======== ========
FUNDS FROM OPERATIONS ("FFO"):
Net income applicable to common shareholders (I) $ 80,881 $ 23,127 $189,056 $ 69,368
Depreciation and amortization of real estate investments 25,161 20,225 93,174 76,462
Equity in net income of joint ventures (20,506) (10,371) (44,254) (32,769)
Gain on sale of joint venture interests (F) (8,663) -- (8,663) --
Joint ventures' FFO (F) 23,127 12,328 47,942 44,473
Minority equity interests (OP Units) 466 346 1,769 1,450
(Gain) loss on sales and impairment charge on depreciable real estate and
real estate investments, net (40,335) (2,604) (64,712) 454
-------- -------- -------- --------
FFO available to common shareholders 60,131 43,051 214,312 159,438
Preferred dividends (I) 10,605 6,490 51,205 32,602
-------- -------- -------- --------
FFO (I) $ 70,736 $ 49,541 $265,517 $192,040
======== ======== ======== ========
Per share data: (I)
Earnings per common share
Basic $ 0.94 $ 0.36 $ 2.31 $ 1.09
======== ======== ======== ========
Diluted $ 0.92 $ 0.35 $ 2.27 $ 1.07
======== ======== ======== ========
Dividends Declared $ 0.46 $ 0.38 $ 1.69 $ 1.52
======== ======== ======== ========
Funds From Operations - Basic (J), (I) $ 0.69 $ 0.65 $ 2.58 $ 2.45
======== ======== ======== ========
Funds From Operations - Diluted (J), (I) $ 0.68 $ 0.64 $ 2.54 $ 2.42
======== ======== ======== ========
Basic - average shares outstanding (thousands) (J) 86,206 65,029 81,903 63,807
======== ======== ======== ========
Diluted - average shares outstanding (thousands) (J) 88,414 65,967 84,188 64,837
======== ======== ======== ========
DEVELOPERS DIVERSIFIED REALTY CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS - EXCEPT PER SHARE DATA)
(A) Increases in base and percentage rental revenues for the twelve month
period ended December 31, 2003 as compared to 2002, aggregated $87.0
million consisting of $2.8 million related to leasing of core portfolio
properties (an increase of 1.7% from 2002), $21.1 million from the
acquisition of fourteen shopping centers in 2002 and 2003, $71.9
million from the JDN merger and $1.9 million related to developments
and redevelopments. These amounts were offset by a decrease of $1.2
million relating to the business center properties and $9.5 million due
to the sale of twelve properties to joint ventures in 2002 and 2003.
Included in the rental revenues for the twelve month periods ended
December 31, 2003 and 2002 is approximately $6.3 million and $3.3
million, respectively, of revenue resulting from the recognition of
straight line rents.
(B) Other income for the three month periods ended December 31, 2003 and
2002 included approximately $0.4 million and $0.9 million,
respectively, in lease termination revenue. Other income for the twelve
month periods ended December 31, 2003 and 2002 included approximately
$6.9 million and $3.9 million in lease termination revenue,
respectively. Other income for the twelve month period ended December
31, 2003 includes approximately $2.4 million of income from the
settlement of a call option relating to the MOPPRS debt assumed from
JDN and $3.4 million relating to transaction and financing fees
received in connection with the MDT transaction. Included in other
income for the twelve month periods ended December 31, 2003 and 2002
was approximately $0.9 million and $2.5 million, respectively,
primarily associated with the sale of certain option rights (2003), the
sale of development rights to the Wilshire project in Los Angeles,
California (2002), financing and other miscellaneous fees. Offsetting
these revenues for the twelve months ended December 31, 2003 and 2002
was a charge of $0.9 million and $1.0 million, respectively, relating
to the write-off of abandoned development projects.
(C) General and administrative expenses include internal leasing salaries,
legal salaries and related expenses associated with the releasing of
space, which are charged to operations as incurred. For the twelve
month periods ended December 31, 2003 and 2002, general and
administrative expenses were approximately 5.3% and 4.8%, respectively,
of total revenues, including joint venture revenues, for each period.
In addition to increases attributable to the merger with JDN in March
2003, included in the twelve month period ended December 31, 2003
general and administrative expense is approximately $4.0 million of
non-cash deferred, director compensation and executive management
incentive compensation primarily associated with performance unit
grants which compares to $1.4 million in 2002. This increase of $2.6
million is attributed to the increase in the Company's stock price in
2003. In addition, the impact of Sarbanes-Oxley resulted in additional
general and administrative costs of approximately $1 million, a
significant amount of which related to the payment of split dollar life
insurance compensation during the fourth quarter of 2003. Additional
professional fees, primarily related to the MDT transaction,
aggregating approximately $0.4 million, were also charged to expense in
the fourth quarter of 2003.
(D) Impairment charge relates to the potential sale of a shopping center
aggregating 60,000 square feet of GLA, in 2003 with a projected loss of
approximately $0.6 million. This property sold in February 2004.
(E) As previously announced, the Company incurred a one-time charge
relating to litigation filed against the Company by Regal Cinemas
consisting of an $8.0 million judgment plus interest and legal costs.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS - EXCEPT PER SHARE DATA)
(F) The following is a summary of the Company's share of the combined operating
results relating to its joint ventures (in thousands):
Three month period Year ended
ended December 31, December 31,
2003 (b) 2002 (b) 2003 (b) 2002 (b)
-------- -------- -------- --------
Revenues from operations (a) $ 85,382 $ 53,562 $ 274,521 $ 215,925
--------- --------- --------- ---------
Operating expense 26,672 17,624 94,781 73,590
Depreciation and amortization of real
estate Investments 11,960 10,465 43,884 33,402
Interest expense 20,472 16,763 79,570 64,978
--------- --------- --------- ---------
59,104 44,852 218,235 171,970
--------- --------- --------- ---------
Income from operations before gain on
sale of real estate and real estate
investments and discontinued operations 26,278 8,710 56,286 43,955
Gain on sale of real estate and real
estate investments 134,292 5,219 138,489 18,916
Income (loss) from discontinued
operations, net of tax (177) 1,946 169 9,826
Gain on sale of discontinued operations, net of tax 6,024 18,384 59,357 32,863
--------- --------- --------- ---------
Net income $ 166,417 $ 34,259 $ 254,301 $ 105,560
========= ========= ========= =========
DDR Ownership interests (b) $ 49,354 $ 10,646 $ 74,033 $ 34,724
========= ========= ========= =========
Funds From Operations from joint ventures are summarized as follows:
Net income $ 166,417 $ 34,259 $ 254,301 $ 105,560
Gain on sale of real estate and real estate
investments, including discontinued operations (135,761) (14,338) (192,756) (29,413)
Depreciation and amortization of real estate
Investments 11,965 11,247 45,074 38,168
========= ========= ========= =========
$ 42,621 $ 31,168 $ 106,619 $ 114,315
========= ========= ========= =========
DDRC Ownership interests (b) $ 23,127 $ 12,328 $ 47,942 $ 44,473
========= ========= ========= =========
DDRC Partnership distributions received, net $ 58,743 $ 10,249 $ 112,218 $ 58,103
========= ========= ========= =========
(a) Revenues for the three month periods ended December 31, 2003 and 2002
included approximately $2.4 million and $0.7 million, respectively,
resulting from the recognition of straight line rents of which the
Company's proportionate share is $0.5 million and $0.2 million,
respectively. Revenues for the twelve month periods ended December 31,
2003 and 2002 included approximately $4.8 million and $3.2 million,
respectively, resulting from the recognition of straight line rents,
of which the Company's proportionate share is $1.2 million and $1.1
million, respectively.
(b) The Company's share of joint venture related income has been allocated
between two line items, equity in net income of joint ventures and
gain on sale of joint venture interests, on the Company's income
statement. Included in equity in net income of joint ventures is
approximately $7.5 million of promoted income received from the
Company's joint venture partners during the fourth quarter of 2003
which is included in the Company's FFO. Also included in the joint
venture net income and FFO, in the fourth quarter of 2003, is a gain
associated with the early extinguishment of debt of approximately $4.2
million of which the Company's proportionate share approximated $3.4
million. During 2003, the Company recorded its proportionate share of
merchant building gains and included in FFO gains of $0.9 million and
$11.3 million in 2003 and 2002, respectively.
The Company's share of joint venture net income has been reduced by
$21.0 million and $2.0 million for the twelve month periods ended
December 31, 2003 and 2002, respectively. The $21 million adjustment
in 2003 is the result of the elimination of a significant portion of
gain on sale from the sale of seven joint venture assets to the
Macquarie DDR Trust in the fourth quarter of 2003. The Company has
retained 14.5% effective ownership interest in these assets and
accordingly is required to defer a portion of the gain.
At December 31, 2003 and 2002, the Company owned joint venture
interests relating to 54 and 49 shopping center properties,
respectively. In addition, at December 31, 2003 and 2002,
respectively, the Company, through a joint venture, owned an interest
of approximately 25% in 72 and 100 shopping center sites formerly
owned by Service Merchandise.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS - EXCEPT PER SHARE DATA)
(G) Minority Equity Interests are comprised of the following:
Three Month Period Year
Ended December 31, Ended December 31,
2003 2002 2003 2002
---- ---- ---- ----
Minority interests $ 97 $ 427 $ 1,360 $ 1,782
Preferred Operating Partnership
Units -- 4,027 2,236 18,338
Operating Partnership Units 466 346 1,769 1,450
------- ------- ------- -------
$ 563 $ 4,800 $ 5,365 $21,570
======= ======= ======= =======
(H) The operating results relating to assets classified as discontinued
operations are summarized as follows in thousands):
Three Month Period Year Ended
Ended December 31, December 31,
2003 2002 2003 2002
---- ---- ---- ----
Revenues $ 433 $ 1,467 $ 2,599 $ 5,932
------- ------- ------- -------
Expenses:
Operating 161 217 586 1,396
Impairment charge -- -- 2,040 4,730
Interest 24 170 485 971
Depreciation 77 317 842 1,566
------- ------- ------- -------
262 704 3,953 8,663
------- ------- ------- -------
171 763 (1,354) (2,731)
Gain (loss) on sales of real
estate (a) (745) 2,604 460 4,276
------- ------- ------- -------
$ (574) $ 3,367 $ (894) $ 1,545
======= ======= ======= =======
(a) Upon finalization of the Company's purchase price allocation
associated with the JDN merger, in the fourth quarter of 2003, the
Company recorded an adjustment to reduce previously recorded gains
of approximately $0.4 million.
(I) As previously announced, DDR has complied with the Security and
Exchange Commission ("SEC") July 31, 2003's Staff Policy statement
that clarifies EITF Topic No. D-42, "The Effect on the Calculation of
Earnings per Share for the Redemption or Induced Conversion of
Preferred Stock," and restated net income available to common
shareholders for fiscal year 2002 and recorded the charges related to
the 2003 transactions. As a result of this change in accounting
principle, the Company has recorded a charge of $10.7 million and $5.5
million for the year ended December 31, 2003 and 2002, respectively,
to net income available to common shareholders and FFO.
(J) For purposes of computing FFO per share (basic), the weighted average
shares outstanding were adjusted to reflect the conversion, on a
weighted average basis of 1.1 million and 0.9 million Operating
Partnership Units (OP Units) outstanding at December 31, 2003 and 2002
into 1.1 million and 0.9 million common shares of the Company for the
three month periods ended December 31, 2003 and 2002, respectively,
and 1.1 million and 1.0 million common shares of the Company for the
twelve month periods ended December 31, 2003 and 2002, respectively.
The weighted average diluted shares and OP Units outstanding were 88.5
million and 67.0 million for the three month periods ended December
31, 2003 and 2002, respectively, and 84.3 million and 65.9 million for
the twelve month periods ended December 31, 2003 and 2002,
respectively.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS)
Selected Balance Sheet Data:
December 31, 2003 December 31, 2002
----------------- -----------------
ASSETS:
Real estate and rental property:
Land $ 821,893 $ 488,292
Buildings 2,719,764 2,109,675
Fixtures and tenant improvements 90,384 72,674
Construction in progress 252,870 133,415
----------- -----------
3,884,911 2,804,056
Less accumulated depreciation (458,213) (408,792)
----------- -----------
Real estate, net 3,426,698 2,395,264
Cash 11,693 16,371
Restricted cash 99,340 --
Advances to and investments
in joint ventures 262,072 258,610
Notes receivable 9,812 11,662
Receivables, including straight line rent 76,509 60,074
Other assets 55,027 34,871
----------- -----------
$ 3,941,151 $ 2,776,852
=========== ===========
LIABILITIES:
Indebtedness:
Revolving credit facilities $ 186,500 $ 446,000
Variable rate unsecured term debt 300,000 22,120
Unsecured debt 838,996 404,900
Mortgage and other secured debt 757,635 625,778
----------- -----------
2,083,131 1,498,798
Dividends payable 43,520 25,378
Other liabilities 152,992 92,070
----------- -----------
2,279,643 1,616,246
Minority interests 47,438 215,045
Shareholders' equity 1,614,070 945,561
----------- -----------
$ 3,941,151 $ 2,776,852
=========== ===========
DEVELOPERS DIVERSIFIED REALTY CORPORATION
FINANCIAL HIGHLIGHTS
(IN THOUSANDS)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company's joint ventures are
as follows:
December 31, December 31,
2003 2002
----------- -----------
Land $ 519,846 368,520
Buildings 1,692,367 1,219,947
Fixtures and tenant improvements 24,985 24,356
Construction in progress 38,018 91,787
----------- -----------
2,275,216 1,704,610
Accumulated depreciation (118,755) (153,537)
----------- -----------
Real estate, net 2,156,461 1,551,073
Receivables, including straight line rent, net 47,165 64,642
Investment in joint ventures -- 12,147
Leasehold interests 28,895 26,677
Other assets 83,776 80,285
----------- -----------
$ 2,316,297 $ 1,734,824
=========== ===========
Mortgage debt (a) $ 1,321,117 $ 1,129,310
Notes and accrued interest
payable to DDRC 21,471 106,485
Amounts payable to other partners 42,333 71,153
Other liabilities 80,681 61,898
----------- -----------
1,465,602 1,368,846
Accumulated equity 850,695 365,978
----------- -----------
$ 2,316,297 $ 1,734,824
=========== ===========
(a) The Company's proportionate share of joint venture debt aggregated
approximately $368.5 million and $387.1 million at December 31, 2003 and
December 31, 2002, respectively.
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)
| Year Ended December 31 | ||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
FUNDS FROM OPERATIONS: | ||||||||||||||||||||
| Net Income Applicable to Common Shareholders | $ | 189,056 | (7) | $ | 69,368 | (7) | $ | 65,111 | $ | 73,571 | $ | 60,135 | ||||||||
| Depreciation and Amortization of Real Estate Investments | $ | 93,174 | $ | 76,462 | $ | 63,200 | $ | 52,975 | $ | 51,497 | ||||||||||
| Equity in Net Income From Joint Ventures | $ | (52,917 | ) | $ | (32,769 | ) | $ | (17,010 | ) | $ | (17,072 | ) | $ | (20,621 | ) | |||||
| Equity in Net Income From Minority Equity Investment | $ | 0 | $ | 0 | $ | (1,550 | ) | $ | (6,224 | ) | $ | (6,453 | ) | |||||||
| Joint Venture Funds From Operations | $ | 47,942 | $ | 44,473 | $ | 31,546 | $ | 30,512 | $ | 32,317 | ||||||||||
| Minority Equity Investment Funds From Operations | $ | 0 | $ | 0 | $ | 6,448 | $ | 14,856 | $ | 12,965 | ||||||||||
| Operating Partnership Minority Interest Expense | $ | 1,769 | $ | 1,450 | $ | 1,531 | $ | 4,126 | $ | 6,541 | ||||||||||
| Non-Recurring & Extraordinary Charges | $ | 0 | $ | 0 | $ | 2,895 | $ | 0 | $ | 0 | ||||||||||
| Loss (Gain) on Sales of Real Estate | $ | (64,712 | ) | $ | 454 | $ | (16,688 | ) | $ | (23,440 | ) | $ | 1,664 | |||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 214,312 | $ | 159,439 | $ | 135,482 | $ | 129,303 | $ | 138,044 | ||||||||||
PREFERRED DIVIDENDS | $ | 51,204 | (7) | $ | 32,602 | (7) | $ | 27,262 | $ | 27,262 | $ | 27,262 | ||||||||
FUNDS FROM OPERATIONS | $ | 265,516 | $ | 192,041 | $ | 162,744 | $ | 156,565 | $ | 165,306 | ||||||||||
PER SHARE INFORMATION: | ||||||||||||||||||||
| Funds From Operations — Diluted | $ | 2.54 | $ | 2.42 | $ | 2.38 | $ | 2.19 | $ | 2.05 | ||||||||||
| Net Income — Diluted | $ | 2.27 | $ | 1.07 | $ | 1.17 | $ | 1.31 | $ | 0.95 | ||||||||||
| Cash Dividends | $ | 1.69 | $ | 1.52 | $ | 1.48 | $ | 1.44 | $ | 1.40 | ||||||||||
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO | 84,319 | 65,910 | 56,957 | 59,037 | 68,412 | |||||||||||||||
TOTAL MARKET CAPITALIZATION(1) | $ | 5,551,748 | $ | 3,460,243 | $ | 2,982,461 | $ | 2,490,917 | $ | 2,392,455 | ||||||||||
DEBT TO TOTAL MARKET CAPITALIZATION(1) | 37.42 | % | 43.10 | % | 43.87 | % | 49.28 | % | 48.15 | % | ||||||||||
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC | 48.68 | % | 48.26 | % | 47.18 | % | 47.82 | % | 45.78 | % | ||||||||||
DIVIDEND PAYOUT RATIO(1) | 65.26% | (8) | 60.93 | % | 62.53 | % | 65.19 | % | 66.45 | % | ||||||||||
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES(2) | 5.35 | % | 4.80 | % | 4.25 | % | 4.27 | % | 4.09 | % | ||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | $ | 40,820 | $ | 29,392 | $ | 24,175 | $ | 20,449 | $ | 17,774 | ||||||||||
REVENUES: | ||||||||||||||||||||
| DDR Revenues | $ | 478,696 | $ | 360,778 | $ | 324,148 | $ | 285,416 | $ | 263,932 | ||||||||||
| Joint Venture Revenues | $ | 284,158 | $ | 251,905 | $ | 244,663 | $ | 193,275 | $ | 170,714 | ||||||||||
| TOTAL REVENUES(3) | $ | 762,853 | $ | 612,683 | $ | 568,811 | $ | 478,691 | $ | 434,646 | ||||||||||
NET OPERATING INCOME: | ||||||||||||||||||||
| DDR Net Operating Income | $ | 356,348 | $ | 272,764 | $ | 248,838 | $ | 225,371 | $ | 212,037 | ||||||||||
| Joint Venture Net Operating Income | $ | 184,927 | $ | 167,573 | $ | 166,545 | $ | 136,440 | $ | 119,544 | ||||||||||
| TOTAL NET OPERATING INCOME(4) | $ | 541,274 | $ | 440,337 | $ | 415,383 | $ | 361,811 | $ | 331,581 | ||||||||||
REAL ESTATE AT COST: | ||||||||||||||||||||
| DDR Real Estate at Cost | $ | 3,861,010 | $ | 2,804,056 | $ | 2,493,665 | $ | 2,161,810 | $ | 2,068,274 | ||||||||||
| Joint Venture Real Estate at Cost(5) | $ | 2,039,698 | $ | 1,785,165 | $ | 1,862,515 | $ | 1,522,493 | $ | 1,441,322 | ||||||||||
| TOTAL REAL ESTATE AT COST(6) | $ | 5,900,708 | $ | 4,589,221 | $ | 4,356,179 | $ | 3,684,302 | $ | 3,509,596 | ||||||||||
| (1) | See Market Capitalization and Financial Ratio section for detail calculation. | |
| (2) | The calculation includes joint venture revenues. | |
| (3) | Includes revenues from discontinued operations. | |
| (4) | Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions. | |
| (5) | Includes FMV purchase price gross up of assets shown as equity investment in joint ventures. | |
| (6) | Includes construction in progress (CIP) at December 31, 2003 of $290.7 million (includes $38.0 million of CIP included in joint ventures, of which $9.4 million represents the Company’s proportionate share), and at December 31, 2002, 2001, 2000, 1999 CIP aggregated $237.8 million, $287.7 million, $305.4 million and $308.2 million, respectively. | |
| (7) | Amounts were adjusted to include original issuance costs associated with the redemption of Preferred Operating Partnership Units and preferred stock of $10,710,000 for the year ended December 31, 2003 and $5,543,734 for the year ended December 31, 2002 pursuant to EITF topic NO. D-42.. | |
| (8) | Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03. This number also includes the effect of the Regal Cinema litigtion settlement. |
Financial Highlights 2.1
Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2003
MARKET CAPITALIZATION & FINANCIAL RATIOS
| Year Ended December 31 | ||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
DDR RATIO OF DEBT TO TOTAL MARKET CAP: | ||||||||||||||||||||
| Total Debt | $ | 2,077,558 | $ | 1,491,481 | $ | 1,308,301 | $ | 1,227,575 | $ | 1,152,051 | ||||||||||
| Total Market Capitalization* | $ | 5,551,748 | $ | 3,460,243 | $ | 2,982,461 | $ | 2,490,917 | $ | 2,392,455 | ||||||||||
| 37.42 | % | 43.10 | % | 43.87 | % | 49.28 | % | 48.15 | % | |||||||||||
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE | 48.68 | % | 48.26 | % | 47.18 | % | 47.82 | % | 45.78 | % | ||||||||||
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION: | ||||||||||||||||||||
| Total Debt* | $ | 2,446,026 | $ | 1,878,575 | $ | 1,688,904 | $ | 1,550,398 | $ | 1,618,685 | ||||||||||
| Total Market Capitalization* | $ | 5,920,216 | $ | 3,847,336 | $ | 3,363,064 | $ | 2,813,740 | $ | 2,859,088 | ||||||||||
| 41.32 | % | 48.83 | % | 50.22 | % | 55.10 | % | 56.62 | % | |||||||||||
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE | 53.79 | % | 54.20 | % | 53.85 | % | 54.54 | % | 54.12 | % | ||||||||||
INTEREST COVERAGE RATIO: | ||||||||||||||||||||
| Interest Expense | $ | 90,162 | $ | 77,208 | $ | 81,770 | $ | 77,030 | $ | 68,023 | ||||||||||
| FFO Before Interest and Preferred Dividends* | $ | 355,679 | $ | 287,586 | $ | 263,595 | $ | 248,896 | $ | 238,486 | ||||||||||
| 3.94 | 3.72 | 3.22 | 3.23 | 3.51 | ||||||||||||||||
DEBT SERVICE COVERAGE RATIO: | ||||||||||||||||||||
| Debt Service* | $ | 101,890 | $ | 83,958 | $ | 88,764 | $ | 82,103 | $ | 73,022 | ||||||||||
| FFO Before Interest and Preferred Dividends* | $ | 355,679 | $ | 287,586 | $ | 263,595 | $ | 248,896 | $ | 238,486 | ||||||||||
| 3.49 | 3.43 | 2.97 | 3.03 | 3.27 | ||||||||||||||||
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO | ||||||||||||||||||||
| Fixed Charges | $ | 142,385 | $ | 129,353 | $ | 135,107 | $ | 124,666 | $ | 105,440 | ||||||||||
| FFO Before Interest and Preferred Dividends* | $ | 355,679 | $ | 287,586 | $ | 263,595 | $ | 248,896 | $ | 238,486 | ||||||||||
| 2.50 | 2.22 | 1.95 | 2.00 | 2.26 | ||||||||||||||||
DIVIDEND PAYOUT RATIO | ||||||||||||||||||||
| Common Share Dividends and Operating Partnership Interest | $ | 146,846 | $ | 100,531 | $ | 84,721 | $ | 84,297 | $ | 91,736 | ||||||||||
| Funds From Operations exclusive of preferred dividend arising from preferred stock redemption | $ | 225,022 | $ | 164,983 | $ | 135,482 | $ | 129,303 | $ | 138,044 | ||||||||||
| 0.65 | (1) | 0.61 | 0.63 | 0.65 | 0.66 | |||||||||||||||
| * | See Attached for Detail Calculation (1) Includes the full dividend for shares issued in conjunction with the JDN merger during Q-1 2003, however, JDN operating results are only included in FFO subsequent to the merger date of 3/13/03. |
Market Capitalization and Financial Ratios 2.2
Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2003
| Year Ended December 31 | ||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE | ||||||||||||||||||||
| Undepreciated Real Estate Assets | $ | 3,884,911 | $ | 2,804,056 | $ | 2,493,665 | $ | 2,161,810 | $ | 2,068,274 | ||||||||||
| Cash and Cash Equivalents | $ | 111,033 | $ | 16,371 | $ | 19,070 | $ | 4,243 | $ | 5,992 | ||||||||||
| Notes Receivable | $ | 9,813 | $ | 11,662 | $ | 5,221 | $ | 4,824 | $ | 5,590 | ||||||||||
| Advances and Investments in Joint Ventures | $ | 262,072 | $ | 258,611 | $ | 255,327 | $ | 260,927 | $ | 299,176 | ||||||||||
| Minority Equity Investment | $ | 0 | $ | 0 | $ | 0 | $ | 135,028 | $ | 137,234 | ||||||||||
| $ | 4,267,829 | $ | 3,090,699 | $ | 2,773,281 | $ | 2,566,831 | $ | 2,516,266 | |||||||||||
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE | ||||||||||||||||||||
| Undepreciated Real Estate Assets | $ | 3,884,911 | $ | 2,804,056 | $ | 2,493,665 | $ | 2,161,810 | $ | 2,068,274 | ||||||||||
| Notes Receivable or Proportionate Share Thereof | $ | 41,018 | $ | 50,521 | $ | 22,000 | $ | 42,187 | $ | 70,025 | ||||||||||
| Minority Equity Investment | $ | 0 | $ | 0 | $ | 0 | $ | 135,028 | $ | 137,234 | ||||||||||
| Proportionate Share of JV Undepreciated Real Estate Assets | $ | 621,113 | $ | 611,224 | $ | 620,688 | $ | 503,902 | $ | 715,118 | ||||||||||
| $ | 4,547,043 | $ | 3,465,801 | $ | 3,136,353 | $ | 2,842,926 | $ | 2,990,652 | |||||||||||
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS | ||||||||||||||||||||
| FFO | $ | 214,318 | $ | 159,439 | $ | 135,482 | $ | 129,303 | $ | 138,044 | ||||||||||
| Interest Expense | $ | 90,162 | $ | 77,208 | $ | 81,770 | $ | 77,030 | $ | 68,023 | ||||||||||
| Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend | $ | 51,204 | $ | 50,939 | $ | 46,343 | $ | 42,563 | $ | 32,419 | ||||||||||
| $ | 355,679 | $ | 287,586 | $ | 263,595 | $ | 248,896 | $ | 238,486 | |||||||||||
DEBT SERVICE | ||||||||||||||||||||
| Interest Expense | $ | 90,162 | $ | 77,208 | $ | 81,770 | $ | 77,030 | $ | 68,023 | ||||||||||
| Recurring Principal Amortization | $ | 11,728 | $ | 6,750 | $ | 6,994 | $ | 5,073 | $ | 4,999 | ||||||||||
| $ | 101,890 | $ | 83,958 | $ | 88,764 | $ | 82,103 | $ | 73,022 | |||||||||||
FIXED CHARGES | ||||||||||||||||||||
| Debt Service | $ | 101,890 | $ | 83,958 | $ | 88,764 | $ | 82,103 | $ | 73,022 | ||||||||||
| Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash | $ | 40,494 | $ | 45,395 | $ | 46,343 | $ | 42,563 | $ | 32,419 | ||||||||||
| D-42 dividend | $ | 142,385 | $ | 129,353 | $ | 135,107 | $ | 124,666 | $ | 105,440 | ||||||||||
Market Capitalization and Financial Ratios 2.2
Developers Diversified Realty
Quarterly Financial Supplement
For the Twelve Months Ended December 31, 2003
| Year Ended December 31 | ||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
DDR TOTAL MARKET CAPITALIZATION | ||||||||||||||||||||
| Common Shares Outstanding | 86,425 | 66,609 | 59,455 | 54,880 | 59,504 | |||||||||||||||
| Operating Partnership Units Outstanding | 1,129 | 911 | 1,038 | 1,051 | 4,702 | |||||||||||||||
| Total | 87,554 | 67,520 | 60,493 | 55,932 | 64,206 | |||||||||||||||
| Share Price | $ | 33.5700 | $ | 21.9900 | $ | 19.1000 | $ | 13.3125 | $ | 12.8750 | ||||||||||
| Market Value of Common Shares | $ | 2,939,190 | $ | 1,484,762 | $ | 1,155,410 | $ | 744,592 | $ | 826,654 | ||||||||||
| Preferred Shares at Book Value | $ | 535,000 | $ | 304,000 | $ | 303,750 | $ | 303,750 | $ | 303,750 | ||||||||||
| Preferred Units and Warrant | $ | 0 | $ | 180,000 | $ | 215,000 | $ | 215,000 | $ | 110,000 | ||||||||||
| Total Debt | $ | 2,077,558 | $ | 1,491,481 | $ | 1,308,301 | $ | 1,227,575 | $ | 1,152,051 | ||||||||||
| TOTAL MARKET CAPITALIZATION | $ | 5,551,748 | $ | 3,460,243 | $ | 2,982,461 | $ | 2,490,917 | $ | 2,392,455 | ||||||||||
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT | ||||||||||||||||||||
| Common Shares Outstanding | 86,425 | 66,609 | 59,455 | 54,880 | 59,504 | |||||||||||||||
| Operating Partnership Units Outstanding | 1,129 | 911 | 1,038 | 1,051 | 4,702 | |||||||||||||||
| Total | 87,554 | 67,520 | 60,493 | 55,932 | 64,206 | |||||||||||||||
| Share Price | $ | 33.5700 | $ | 21.9900 | $ | 19.1000 | $ | 13.3125 | $ | 12.8750 | ||||||||||
| Market Value of Common Shares | $ | 2,939,190 | $ | 1,484,762 | $ | 1,155,410 | $ | 744,592 | $ | 826,654 | ||||||||||
| Preferred Shares at Book Value | $ | 535,000 | $ | 304,000 | $ | 303,750 | $ | 303,750 | $ | 303,750 | ||||||||||
| Preferred Units and Warrant | $ | 0 | $ | 180,000 | $ | 215,000 | $ | 215,000 | $ | 110,000 | ||||||||||
| Total Debt | $ | 2,077,558 | $ | 1,491,481 | $ | 1,308,301 | $ | 1,227,575 | $ | 1,152,051 | ||||||||||
| Proportionate Share of JV Debt | $ | 368,468 | $ | 387,094 | $ | 380,604 | $ | 322,823 | $ | 466,633 | ||||||||||
| TOTAL MARKET CAPITALIZATION | $ | 5,920,216 | $ | 3,847,336 | $ | 3,363,064 | $ | 2,813,740 | $ | 2,859,088 | ||||||||||
Market Capitalization and Financial Ratios 2.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Significant Accounting Policies
Revenues
| • | Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint. | |
| • | Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provision of tenants’ leases. | |
| • | Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash. |
General and Administrative Expenses
| • | General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred. |
Deferred Financing Costs
| • | Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations. |
Real Estate
| • | Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition. | |
| • | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: |
| Buildings | 18 to 31 years | |
| Furniture/Fixtures | Useful lives, which approximate lease | |
| and Tenant Improvements | terms, where applicable |
Significant Accounting Policies 2.4
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Significant Accounting Policies (Continued)
| • | Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized. | |
| • | Included in land is undeveloped real estate, generally outlots or expansion pads adjacent to the shopping centers and enclosed malls owned by the Company. | |
| • | Construction in progress includes shopping center developments and significant expansions and re-developments. |
Capitalization
| • | The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants. | |
| • | For the years ended December 31, 2003, 2002, 2001, 2000 and 1999, the Company capitalized interest of $11.4 million, $9.5 million, $12.9 million, $18.2 million and $13.4 million, respectively. | |
| • | In addition, the Company capitalized certain construction administration costs of $5.1 million for the year — ended December 31, 2003 and $4.5 million, $3.3 million, $3.2 million, $2.4 million for the years ended December 31, 2002, 2001, 2000 and 1999, respectively. | |
| • | Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life. |
Gain on Sales of Real Estate
| • | Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete. |
Significant Accounting Policies 2.4
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Reconciliation of Supplemental
Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)
Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined
Reconciliation of Same Store Net Operating Income (NOI) to Total Revenues and Certain Expenses
| Year Ended | ||||||||||||
| December 31, | ||||||||||||
| 2003 | 2002 | |||||||||||
| Total Revenues DDR | $ | 476,097 | $ | 354,846 | ||||||||
| Total Revenues DDR Combined Joint Ventures | 274,521 | 215,925 | ||||||||||
| Operating and Maintenance — DDR | (63,816 | ) | (43,506 | ) | ||||||||
| Real Estate Taxes — DDR | (57,946 | ) | (43,113 | ) | ||||||||
| Operating and Maintenance — DDR Combined Joint Ventures | (94,781 | ) | (73,590 | ) | ||||||||
Combined NOI | $ | 534,075 | $ | 410,562 | ||||||||
| Total Same Store NOI | $ | 268,995 | $ | 265,043 | 1.5 | % | ||||||
| Property NOI from other operating segments | 265,080 | 145,519 | ||||||||||
Combined NOI | $ | 534,075 | $ | 410,562 | ||||||||
Non-GAAP Financial Measures 2.5
Developers Diversified Realty
Quarterly Financial Supplement
For the three and twelve months ended December 31, 2003
Reconciliation of Supplemental
Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)
Table 2 — Developers Diversified Realty Corporation
Reconciliation of Funds From Operations (FFO) to reflect the adjustment of preferred dividend charges in accordance with EITF Topic No. D-42
| Three Month Period | Twelve Month Period | |||||||||||||||
| Ended December 31, | Ended December 31, | |||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||
FUNDS FROM OPERATIONS: | ||||||||||||||||
| Net Income Applicable to Common Shareholders | $ | 80,881 | $ | 23,127 | $ | 189,056 | $ | 69,368 | ||||||||
| Depreciation and Amortization of Real Estate Investments | 25,161 | 20,225 | 93,174 | 76,462 | ||||||||||||
| Equity in Net Income From Joint Ventures | (20,506 | ) | (10,371 | ) | (44,254 | ) | (32,769 | ) | ||||||||
| Gain on Sale of Joint Venture Interests | (8,663 | ) | — | (8,663 | ) | — | ||||||||||
| Joint Venture Funds From Operations | 23,127 | 12,328 | 47,942 | 44,473 | ||||||||||||
| Operating Partnership Minority Interest Expense | 466 | 346 | 1,769 | 1,450 | ||||||||||||
| (Gain) Loss on Sales of Real Estate | (40,335 | ) | (2,604 | ) | (64,712 | ) | 454 | |||||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 60,131 | $ | 43,051 | $ | 214,312 | $ | 159,438 | ||||||||
| Preferred dividend charges in accordance with EITF Topic No. D-42 | 10,605 | 6,490 | 51,204 | 32,602 | ||||||||||||
ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 70,736 | $ | 49,541 | $ | 265,516 | $ | 192,040 | ||||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 60,131 | $ | 43,051 | $ | 214,312 | $ | 159,438 | ||||||||
| Other Expense | 9,190 | — | 9,190 | — | ||||||||||||
ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 69,321 | $ | 43,051 | $ | 223,502 | $ | 159,438 | ||||||||
Non-GAAP Financial Measures 2.5
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Wholly Owned and Consolidated Capital Transactions
Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2003
| Twelve Months | ||||||||||||||||||||
| Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
| Acquisitions/Transfers | $ | 1,363.6 | (2) | $ | 298.6 | (4) | $ | 289.3 | (6) | $ | 81.1 | (7) | $ | 78.3 | (8) | |||||
| Completed Expansions | 26.8 | 8.0 | 13.7 | 13.6 | 43.3 | |||||||||||||||
| Developments & Construction in Progress | 104.6 | 66.4 | 72.9 | 81.2 | 75.6 | |||||||||||||||
| Tenant Improvements & Building Renovations (1) | 6.3 | 7.3 | 6.1 | 6.3 | 6.6 | |||||||||||||||
| Furniture Fixtures & Equipment | 1.9 | 2.3 | 2.5 | 0.4 | 5.3 | |||||||||||||||
| 1,503.2 | $ | 382.6 | $ | 384.5 | $ | 182.6 | $ | 209.1 | ||||||||||||
| Less: Real Estate Sales & Joint Venture Transfers | (422.4 | )(3) | $ | (72.2 | )(5) | $ | (52.7 | ) | $ | (89.1 | ) | $ | (37.6 | ) | ||||||
| Total DDR Additions (Millions) | $ | 1,080.8 | $ | 310.4 | $ | 331.8 | $ | 93.5 | $ | 171.5 | ||||||||||
| (1) | The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $7.0 million associated with its wholly owned and consolidated portfolio during 2004. | |
| (2) | Includes the merger of JDN and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company. | |
| (3) | In addition to the sales listed in the disposition section, which had an aggregate cost of $62.9 million, this balance includes the transfer of seven assets with an aggregate cost of $153.6 million to the joint venture with DDR Markaz LLC (Kuwait Financial Centre), these assets are shopping centers located in Richmond, CA, Winchester, VA, Tampa, FL, Toledo, OH, Highland, IN, Oviedo, FL and Grove City, OH and the sale of several outparcels, which had an aggregate cost of $13.5 million. The balance also includes the transfer of six assets with an aggregate cost of $192.4 million to the Macquarie DDR Trust joint venture, these assets are shopping centers located in Canton, OH, North Olmstead, OH, Independence, MO and St. Paul, MN. | |
| (4) | Includes transfers from joint ventures of the Independence, MO shopping center, Phase IV of the Salisbury, MD shopping center, Canton, OH shopping center, Plainville, CT shopping center, and San Antonio, TX shopping center to DDR. | |
| (5) | Includes a transfer to joint ventures for the newly developed shopping center in Kildeer, Illinois, the sales of shopping centers located in Cape Coral, Florida, Huntsville, Alabama, Ocala, Florida, Orlando, Florida and St. Louis, Missouri, the sale of three outlots, and a write-off of $5.0 million relating to the former K-mart space at North Little Rock, Arkansas which is being redeveloped. | |
| (6) | The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001. | |
| (7) | Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavilion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures. | |
| (8) | Includes a transfer of the Everett development project to DDR and the Salem development project to DD Development Co. |
Summary of Wholly Owned Capital Transactions 3.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Wholly Owned and Consolidated Acquisitions
for the Twelve Month Period Ended December 31, 2003
| Cost | Acquisition | |||||||||||
| Property Location | GLA(1) | (Millions) | Date | Major Tenants | ||||||||
| Gulfport, Mississippi | 539,433 | $ | 45.0 | 01/31/03 | TJ Maxx, Old Navy, Cinemark, Barnes & Noble, Office Depot, Circuit City, Goody’s, Academy Sports, Kirschman’s Furniture and PetSmart. | |||||||
| JDN Realty Corporation (2) | 23,036,437 | $ | 1,064.0 | 03/13/03 | Portfolio of 102 operating and development properties located in 15 states. | |||||||
| Leawood, KS(3) | 412,879 | $ | 80.9 | 04/25/2003 | Coldwater Creek, The Gap, J. Jill, Sharper Image, The Limited, Ann Taylor, Pottery Barn, American Eagle, and Restoration Hardware | |||||||
| Broomfield, CO | 421,482 | $ | 55.5 | 12/30/2003 | Mens Wearhouse, Famous Footwear, Linen’s & Things, Nordstrom Rack, Pier One Imports, Office Depot, Best Buy, Bucca di Beppo and Bahama Breeze. | |||||||
| Total | 24,410,231 | $ | 1,245.4 | |||||||||
| (1) | GLA may include property managed, but not owned. | |
| (2) | Includes the transfer from joint venture of the Suwanee, GA shopping center. | |
| (3) | The Company previously owned a 50% joint venture interest in this asset, which was accounted for using the equity method of accounting. |
Wholly Owned and Consolidated Dispositions
for the Twelve Month Period Ended December 31, 2003
| Gross Sale | ||||||||||||
| Proceeds | ||||||||||||
| Property Location | GLA | (Millions) | Sale Date | |||||||||
| Fayetteville, GA | 10,908 | $ | 3.1 | 3/27/2003 | ||||||||
| Buford, GA | 27,806 | $ | 3.5 | 4/1/2003 | ||||||||
| Three Business Centers | 395,277 | $ | 14.0 | 4/8/2003 | ||||||||
| Lilburn, GA | 132,847 | $ | 14.0 | 5/1/2003 | ||||||||
| Gulf Breeze, FL | 14,490 | $ | 3.5 | 5/12/2003 | ||||||||
| Andersen, SC | 14,250 | $ | 1.4 | 6/20/2003 | ||||||||
| Fayetteville, GA | 15,335 | $ | 3.0 | 6/27/2003 | ||||||||
| Nacogdoches, TX | 57,413 | $ | 5.7 | 8/29/2003 | ||||||||
| Decatur, AL | 122,956 | $ | 6.9 | 10/7/2003 | ||||||||
| St. Louis, MO | 91,783 | $ | 3.3 | 10/23/2003 | ||||||||
| Atlanta, GA | 35,283 | $ | 5.5 | 10/31/2003 | ||||||||
| McDonough, GA | 4,670 | $ | 1.6 | 11/18/2003 | ||||||||
| Total | 923,018 | $ | 65.5 | |||||||||
Wholly Owned Acquisitions and Dispositions 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Wholly Owned and Consolidated
Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2003
Projects Completed | ||||||
| Birmingham, AL | Retenanted the former Wal-Mart space with Lowe’s Home Improvement (opened 3/03) and added a 45,600 sf expansion, which includes a Ross Dress for Less (opened 2/03) and Petco (opened 4/03). | |||||
| Bayonet Point, FL | Relocation of three small shops for the expansion of existing Beall’s space by approximately 15,700 sf (opened 7/03). | |||||
| Brandon, FL | Retenanted the former Scotty’s with 66,000 sf two story Kanes Furniture store (opened 4/03). | |||||
| Tucker, GA | Expansion of existing center to include Washington Mutual Bank, EB Gameworks (opened 8/03) and an additional 5,600 sf of retail space. | |||||
| Fayetteville, NC | Expansion of existing center to include a Bed, Bath & Beyond (opened 7/03) and the creation of an additional 19,672 sf of retail space. | |||||
| N. Canton, OH | Expansion of existing Kohl’s space by approximately 20,000 sf (opened 9/02) and the addition of 7,000 sf of retail space. | |||||
| Erie, PA | Expansion of the existing Kohl’s store by approximately 20,250 sf. | |||||
| Riverdale, UT (North) | Retenanted the former Wal-Mart space with a Meier and Frank Department Store (opened in 8/03). | |||||
| Taylorsville, UT | Redevelopment of the center, including the demolition of the former theater to construct a 35,000 sf 24 Hour Fitness (opened 12/02), and the relocation of several small retailers to accommodate a 30,200 sf Ross Dress for Less (opened 6/03). | |||||
Total Net Cost (Millions) | $26.8 | |||||
Projects in Progress | ||||||
| N. Little Rock, AR | Demolished the former Kmart space to construct a Bed, Bath & Beyond (opened 9/02), Sports Authority (opened 8/03), and Michael’s (scheduled to open 1st quarter 2004). | |||||
| Tallahassee, FL | Retenanting of former Lowe’s with Bealls, Cato and It’s Fashion. | |||||
| Starksville, MS | Retenanting of former Wal-Mart with Lowe’s Home Improvments and the relocation of Dollar Tree, CATO, It's Fashion and Hibbetts. | |||||
| Aurora, OH | Expansion of the existing center to create a 38,000 sf Marquee Theatre (scheduled to open in 2nd Quarter 2004). | |||||
| Tiffin, OH | Retenanting the former Kmart with Marquee Theatre (scheduled to open 2nd Quarter 2004) and 15,000 sf of additional retail space. | |||||
| Monaca, PA | Expansion of the existing center to create 38,000 sf Cinemark Theater and 6,160 sf of retail space. | |||||
Total Net Cost (Millions) | $27.6 | |||||
Projects to Commence Construction | ||||||
| Gadsden, AL | Break-up of 64,400 sf building to create 20,000 sf Fred’s and two mid-size retail units. | |||||
| Brandon, FL | Recapture space from The Sports Authority and release to PetsMart. | |||||
| Suwanee, GA | Retenanting of former K-Mart with PetsMart and Shoe Gallery. | |||||
| Princeton, NJ | Expansion of the existing center to create an additional 76,800 sf of retail space. | |||||
| Hendersonville, NC | Recapture of former Wal-Mart space; demolition of 45,000 sq ft for Epic Theater, Big Lots and 32,000 sf of retail space. | |||||
| Allentown, PA | Construction of 20,000sf outparcel building for retail tenants. | |||||
| Brentwood, TN | Recapture The Sports Authority space and release the space to Ross Dress for Less and other retail tenants. | |||||
| Chattanooga, TN | Retenanting of former K-Mart with Hobby Lobby and Fresh Market. | |||||
Wholly Owned Expansions and Redevelopments 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Wholly Owned and Consolidated Development Projects
for the Twelve Month Period Ended December 31, 2003
| Substantial | ||||||||||||||
| Net Cost | Completion | |||||||||||||
| GLA | (Millions) | Date | Major Tenants | |||||||||||
Projects Substantially Completed | ||||||||||||||
| Fayetteville, AR | 137,033 | $ | 8.6 | 1st Half 2003 | PetsMart, Kohl’s, Radio Shack, EB Game World, Cingular Wireless | |||||||||
| Sacramento, CA | 6,728 | $ | 1.8 | 2nd Half 2003 | Pick Up Stix, City Financial, UPS Store, GameStop and 3,200 sq. ft. of retail space | |||||||||
| Aurora, CO | 147,465 | $ | 23.7 | 1st Half 2003 | Wal-Mart, Home Depot, Bed, Bath & Beyond, Office Depot, PetsMart, and 73,000 sq. ft of retail space | |||||||||
| Parker, CO | 100,536 | $ | 16.5 | 1st Half 2003 | Office Depot, PetsMart, Hollywood Video, Starbucks, Noodles, Wal-Mart, Home Depot, Panda Express, Fantastic Sam’s | |||||||||
| Parker South, CO (Phase I) | 137,283 | $ | 15.1 | 2nd Half 2003 | Kohl’s, Bed, Bath & Beyond, Gart Sports, Michael’s, Famous Footwear, Lane Bryant | |||||||||
| Lithonia, GA | 160,675 | $ | 14.3 | 2nd Half 2003 | Sam’s Club, Best Buy, Toys ‘R Us, Bed, Bath & Beyond and an additional 39,900 sf of retail space | |||||||||
| McDonough, GA | 61,000 | $ | 5.4 | 2nd Half 2003 | Wal-Mart, Lowe’s, Cracker Barrel and 50,500 sf of retail space | |||||||||
| Meridian (Boise), ID Phase I & II | 733,051(1 | )(2) | $ | 66.7 | (1) | 2000 (Phase I) | Phase I: Wal*Mart Supercenter, Shopko, Shepler’s, Bed Bath & Beyond, Office Depot, Old Navy, Sportsman’s Warehouse, Ross Dress for Less, Marshalls, additional small retailers and restaurants | |||||||
| 2nd Half 2003 (Phase II) | Phase II: Craft Warehouse, Babies ‘R Us, PetsMart, Pier One Imports and additional retail space | |||||||||||||
| Grandville, MI | 212,891 | $ | 25.6 | 2nd Half 2003 | Lowe’s, PetsMart, Shoe Carnival, Gander Mountain, Circuit City, Linens ‘N Things, Party City, Cost Plus | |||||||||
| Coon Rapids (Minneapolis), MN (Central Quadrant, adjacent to DDR’s existing property) | 293,520 | $ | 36.9 | 1st Half 2003 (Phase I) | Phase I: Ulta 3 Cosmetics, Border’s, Maurice’s, Lane Bryant, Sprint, PetsMart, additional small retailers and restaurants | |||||||||
| 2nd Half 2003 (Phase II) | Phase II: Casual Corner, Pier One, J.C. Penney | |||||||||||||
| St. John’s, MO | 92,019 | $ | 10.7 | 1st Half 2003 | Shop ‘N Save | |||||||||
| Erie, PA | 113,363 | $ | 8.8 | 2nd Half 2003 | Target, Marshall’s, Bed, Bath & Beyond, Babies ‘R Us, H&R Block | |||||||||
| Frisco, TX | 120,884 | $ | 8.0 | 1st Half 2003 | Kohl’s, Great Clips | |||||||||
Projects in Progress | ||||||||||||||
| Long Beach, CA (The Pike at Rainbow Harbor) Phase I | 346,233 | $ | 127.6 | 2nd Half 2003 and 2004 | CinemarkTheater, Gameworks, Carnival Club, Gladstones, Outback Steakhouse, Island Burgers, Bubba Gump Shrimp, California Pizza Kitchen | |||||||||
Wholly Owned Developments 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Wholly Owned and Consolidated Development Projects
for the Twelve Month Period Ended December 31, 2003
| Substantial | ||||||||||||||
| Net Cost | Completion | |||||||||||||
| GLA | (Millions) | Date | Major Tenants | |||||||||||
Projects in Progress — cont’d | ||||||||||||||
| Fort Collins, CO | 18,540 | $ | 3.6 | 2004 | Wal-Mart, Home Depot and additional small shops and outparcels. | |||||||||
| Overland Park, KS | 91,845 | $ | 10.1 | 2004 | Home Depot, Sam’s Club, Aldi’s Grocery, Party City, Goodyear Tire, Bank of America | |||||||||
| Chesterfield, MI | 130,245 | $ | 12.0 | 2004 | Petco and additional retail to be announced | |||||||||
| Lansing, MI | 165,869 | $ | 14.8 | 2004 | Wal-Mart, Lowe’s, Michael’s, Gander Mountain, Subway, Hallmark | |||||||||
| St. Louis, MO | 99,927 | $ | 13.1 | 2004 | PetsMart, Office Max, Walgreens and other retail tenants to be announced | |||||||||
| Apex, NC (Phase I & II) | 461,211 | $ | 25.3 | 2004 | Target, Lowe’s, Office Max, PetsMart, Linens ‘N Things, and other retail tenants and outparcels to be announced. | |||||||||
| Hamilton, NJ | 506,320 | $ | 78.6 | 2003& 1st Half 2004 | Wal-Mart, Lowe’s, BJ’s Wholesale, Kohl’s, Michaels, PetsMart, Famous Footwear, Ross Dress for Less, Pier One, Linens ‘N Things, Shop-Rite, Barnes & Noble | |||||||||
| Mt. Laurel, NJ | 720,625 | $ | 42.4 | 2004 | Target, Wegman’s, Costco, Bed, Bath & Beyond and other retail to be announced | |||||||||
| Pittsburgh, PA | 340,971 | $ | 32.9 | 2005 | Target, Sportsman Warehouse and other retail to be announced | |||||||||
| Irving, TX | 319,976 | $ | 27.5 | 2004 | Wal-Mart, Sam’s Club, Kohl’s, PetsMart, Marquee Theater, Office Max | |||||||||
| Mesquite, TX | 197,460 | $ | 26.4 | 1st Half 2004 | Michael’s, Linens ‘N Things, Ross Dress for Less, Ultimate Electronics, Dress Barn, Famous Footwear | |||||||||
Projects to Commence Construction | ||||||||||||||
| Norwood, MA | 115,147 | $ | 8.6 | 2004 | Lowe’s | |||||||||
| McKinney, TX (Phase II) | 98,000 | $ | 8.0 | 2004 | To be announced | |||||||||
| Wholly Owned Development Totals | 5,928,817 | $ | 673.0 | |||||||||||
Notes:
| (1) | Meridian project costs and square footage are aggregated for Phase I and Phase II. | |
| (2) | Includes square footage which will not be Company owned. |
Wholly Owned Developments 3.2
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Wholly Owned and Consolidated Development
Assets Placed in Service as of December 31, 2003
| Assets Placed in Service | ||||
| Date | (Millions) | |||
| As of December 31, 2002 | $ | 200.5 | ||
| 1st Quarter 2003 | $ | 14.7 | ||
| 2nd Quarter 2003 | $ | 23.0 | ||
| 3rd Quarter 2003 | $ | 10.7 | ||
| 4th Quarter 2003 | $ | 141.6 | ||
| Thereafter | $ | 282.5 | ||
| Total | $ | 673.0 | ||
Wholly Owned and Consolidated Development
Funding Schedule as of December 31, 2003
| Funded as of December 31, 2003 | $ | 561.2 | ||
| Projected Net Funding During 2004 | $ | 88.8 | (1) | |
| Projected Net Funding Thereafter | $ | 23.0 | (1) | |
| Total | $ | 673.0 | ||
| (1) | Amount will be reduced by the additional proceeds to be obtained through the construction loans relating to the Coon Rapids and Hamilton projects and proceeds from land sales. |
Wholly Owned Development Delivery and Funding Schedules 3.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Consolidated Debt
as of December 31, 2003
| Mortgage | Maturity | Interest | ||||||||||||||
| Balance(000's) | Date | Rate(1) | ||||||||||||||
SENIOR DEBT: | ||||||||||||||||
| Unsecured Credit Facility: | ||||||||||||||||
| $650 Million Revolving Credit Facility | $ | 171,000 | (2) | 05/06 | 1.894 | |||||||||||
| $300 Million Term Loan | 300,000 | 03/04 | 2.134 | |||||||||||||
| Secured Credit Facility: | ||||||||||||||||
| $30 Million Revolving Credit Facility | 15,500 | 06/06 | 2.134 | |||||||||||||
| Total Credit Facility Debt | 486,500 | |||||||||||||||
Public Debt: | ||||||||||||||||
| Medium Term Notes | F | 10,000 | 07/04 | 6.900 | ||||||||||||
| Medium Term Notes | F | 5,000 | 07/04 | 6.940 | ||||||||||||
| Medium Term Notes | F | 50,000 | (3) | 12/04 | 6.840 | |||||||||||
| Medium Term Notes | F | 1,000 | 11/05 | 7.280 | ||||||||||||
| Medium Term Notes | F | 95,970 | (4) | 03/07 | 6.840 | |||||||||||
| Medium Term Notes | F | 10,000 | 07/07 | 6.950 | ||||||||||||
| Medium Term Notes | F | 2,000 | 12/07 | 7.050 | ||||||||||||
| Medium Term Notes | F | 99,895 | 01/08 | 6.625 | ||||||||||||
| Medium Term Notes | F | 299,557 | 07/10 | 4.625 | ||||||||||||
| Medium Term Notes | F | 100,000 | 07/18 | 7.500 | ||||||||||||
| Unsecured Notes | F | 75,000 | 08/04 | 6.800 | ||||||||||||
| Unsecured Notes | F | 85,000 | 08/07 | 6.950 | ||||||||||||
| Total Public Debt | 833,422 | |||||||||||||||
MORTGAGE DEBT: | ||||||||||||||||
| Plainville, CT (TIF) | F | 7,260 | 04/21 | 7.125 | ||||||||||||
| Bayonet Point, FL | F | 5,327 | 08/06 | 9.750 | ||||||||||||
| Tupelo, MS | F | 12,025 | 03/08 | 4.410 | ||||||||||||
| Jacksonville, FL | F | 6,900 | 03/08 | 4.410 | ||||||||||||
| Denver, CO (Univ Hills) | F | 29,370 | 06/12 | 7.300 | ||||||||||||
| Henderson, TN | F | 9,676 | 01/19 | 7.660 | ||||||||||||
| Brown Deer, WI | F | 3,248 | 08/09 | 7.750 | ||||||||||||
| Allentown, PA | F | 19,245 | 06/21 | 6.950 | ||||||||||||
| Erie, PA | F | 25,847 | 04/11 | 6.880 | ||||||||||||
| Erie, PA | F | 2,983 | 04/11 | 6.880 | ||||||||||||
| Boardman, OH | F | 26,842 | 04/11 | 6.880 | ||||||||||||
| Solon, OH | F | 16,657 | 03/08 | 4.410 | ||||||||||||
| St. Louis, MO (Sunset) | F | 34,795 | 04/11 | 6.880 | ||||||||||||
| St. Louis, MO (Brentwood) | F | 25,847 | 04/11 | 6.880 | ||||||||||||
Summary of Consolidated Debt 3.3
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Consolidated Debt
as of December 31, 2003 (con't)
| Mortgage | Maturity | Interest | ||||||||||||||
| Balance | Date | Rate(1) | ||||||||||||||
| Denver, CO (Centennial) | F | $ | 38,771 | 04/11 | 6.880 | |||||||||||
| Cedar Rapids, IA | F | 10,354 | 01/20 | 9.375 | ||||||||||||
| St. Louis, MO (Olympic) | F | 3,835 | 08/07 | 9.150 | ||||||||||||
| St. Louis, MO (Gravois) | F | 2,150 | 07/12 | 8.625 | ||||||||||||
| St. Louis, MO (Keller) | F | 1,862 | 01/10 | 8.625 | ||||||||||||
| N. Charleston, SC | F | 11,926 | 03/08 | 4.410 | ||||||||||||
| Sault St. Marie, MI | F | 3,398 | 05/07 | 8.375 | ||||||||||||
| Walker, MI | F | 8,772 | 03/08 | 4.410 | ||||||||||||
| Detroit, MI | F | 5,989 | 09/05 | 7.375 | ||||||||||||
| Mt. Pleasant, SC (GS II) | F | 8,082 | 03/08 | 4.410 | ||||||||||||
| Meridian, ID (GS II) | F | 26,120 | 03/08 | 4.410 | ||||||||||||
| Logan, UT | F | 754 | 06/12 | 8.750 | ||||||||||||
| Riverdale, UT (North) | F | 9,218 | 10/20 | 9.300 | ||||||||||||
| Salt Lake City, UT (Hermes) | F | 315 | 08/04 | 5.900 | ||||||||||||
| Birmingham, AL (GS II) | F | 28,288 | 03/08 | 4.410 | ||||||||||||
| Wilmington, NC | F | 21,684 | 03/08 | 4.410 | ||||||||||||
| Berlin, VT | F | 4,940 | 08/07 | 9.750 | ||||||||||||
| Brainerd, MN | F | 215 | 02/05 | 6.800 | ||||||||||||
| Spring Hill, FL | F | 5,467 | 09/19 | 9.750 | ||||||||||||
| West Pasco, FL | F | 4,784 | 02/12 | 9.625 | ||||||||||||
| Princeton, NJ | F | 26,381 | 03/27 | 8.262 | ||||||||||||
| Woodmont — Riverchase | F | 8,104 | 01/13 | 5.500 | ||||||||||||
| Leawood, KS | F | 52,473 | 07/09 | 7.310 | ||||||||||||
| Durham, NC | F | 7,392 | 03/08 | 4.410 | ||||||||||||
| Bellefontaine, OH | F | 2,604 | 12/16 | 7.500 | ||||||||||||
| Dublin, OH | F | 9,704 | 09/06 | 8.375 | ||||||||||||
| Pickerington, OH | F | 4,500 | 12/06 | 8.250 | ||||||||||||
| Dallas, TX (Carpenter) | F | 28,440 | 01/08 | 7.250 | ||||||||||||
| Silver Springs, MD (Tech 29-1) | F | 7,025 | 02/09 | 7.330 | ||||||||||||
| Silver Springs, MD (Tech 29-2) | F | 3,554 | 09/06 | 9.050 | ||||||||||||
| Hamilton, NJ | F | 30,000 | 05/05 | 2.942 | ||||||||||||
| Hamilton, NJ | V | 23,886 | 05/05 | 2.784 | ||||||||||||
| Princeton, NJ | V | 24,999 | 09/25 | 2.634 | ||||||||||||
| Mt. Laurel, NJ | V | 12,350 | 06/05 | 2.634 | ||||||||||||
| Apex, NC | V | 7,650 | 06/05 | 2.634 | ||||||||||||
| Coon Rapids, MN | V | 26,615 | 06/05 | 2.634 | ||||||||||||
Summary of Consolidated Debt 3.3
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Consolidated Debt
as of December 31, 2003 (con’t)
| Mortgage | Maturity | Interest | ||||||||||||||
| Balance | Date | Rate(1) | ||||||||||||||
| San Antonio, TX | V | $ | 27,700 | 07/06 | 2.634 | |||||||||||
| Aurora, CO | V | 9,378 | 09/04 | 2.484 | ||||||||||||
| St. Louis, MO | V | 4,444 | 07/04 | 2.484 | ||||||||||||
| Mesquite, TX | V | 15,239 | 04/04 | 2.484 | ||||||||||||
| RVIP I, Best Products | V | 2,254 | 08/04 | 2.884 | ||||||||||||
| Total Mortgage Debt | 757,635 | |||||||||||||||
| Total Debt | $ | 2,077,558 | ||||||||||||||
| Adjustment for Reverse Swap | 5,573 | (5) | ||||||||||||||
| $ | 2,083,131 | |||||||||||||||
| Weighted Average — Total | 4.91years | 4.8 | % | |||||||||||||
| Weighted Average — Fixed | 6.22years | 5.9 | % | |||||||||||||
| Weighted Average — Floating | 1.96years | 2.4 | % | |||||||||||||
Notes:
| F - | Fixed Rate Debt | |
| V - | Variable Rate Debt | |
| 1. | Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized deferred finance cost amortization is approximately $3.0 million, net. | |
| 2. | Senior debt of $100 million has been converted to a fixed rate of 2.965%. The remaining balance of $71 million is at the stated variable rate. | |
| 3. | Public debt of $40 million has been converted to a variable rate of 3.74%. The remaining balance of $10 million is at the stated fixed rate. | |
| 4. | Public debt of $60 million has been converted to a variable rate of 3.065%. The remaining balance of $36.0 million is at the stated fixed rate. | |
| 5. | Offset included in other assets. |
Summary of Consolidated Debt 3.3
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2003
(000’s)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||
| Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
PROPERTY MORTGAGES | ||||||||||||||||||||||||||||||||||||||||||||||||
| Plainville, CT (TIF) | 7,260 | 7,260 | ||||||||||||||||||||||||||||||||||||||||||||||
| Bayonet Point, FL | 5,327 | 5,327 | ||||||||||||||||||||||||||||||||||||||||||||||
| Tupelo, MS | 273 | 287 | 300 | 313 | 10,852 | 12,025 | ||||||||||||||||||||||||||||||||||||||||||
| Jacksonville, FL | 156 | 164 | 172 | 180 | 6,227 | 6,900 | ||||||||||||||||||||||||||||||||||||||||||
| Denver, CO (Univ Hills) | 486 | 522 | 562 | 604 | 650 | 699 | 752 | 809 | 24,286 | 29,370 | ||||||||||||||||||||||||||||||||||||||
| Henderson, TN | 339 | 366 | 395 | 426 | 460 | 497 | 536 | 578 | 624 | 674 | 4,782 | 9,676 | ||||||||||||||||||||||||||||||||||||
| Brown Deer, WI | 475 | 513 | 554 | 599 | 647 | 460 | 3,248 | |||||||||||||||||||||||||||||||||||||||||
| Allentown, PA | 580 | 621 | 666 | 714 | 765 | 820 | 879 | 942 | 1,009 | 1,082 | 11,168 | 19,245 | ||||||||||||||||||||||||||||||||||||
| Erie, PA | 250 | 273 | 293 | 314 | 331 | 360 | 386 | 23,641 | 25,847 | |||||||||||||||||||||||||||||||||||||||
| Erie, PA | 28 | 31 | 33 | 36 | 38 | 41 | 44 | 2,732 | 2,983 | |||||||||||||||||||||||||||||||||||||||
| Boardman, OH | 259 | 283 | 303 | 325 | 343 | 373 | 400 | 24,556 | 26,842 | |||||||||||||||||||||||||||||||||||||||
| Solon, OH | 378 | 397 | 415 | 434 | 15,033 | 16,657 | ||||||||||||||||||||||||||||||||||||||||||
| St. Louis, MO (Sunset) | 335 | 366 | 392 | 421 | 444 | 483 | 518 | 31,836 | 34,795 | |||||||||||||||||||||||||||||||||||||||
| St. Louis, MO (Brentwood) | 250 | 273 | 293 | 314 | 331 | 360 | 386 | 23,641 | 25,847 | |||||||||||||||||||||||||||||||||||||||
| Denver, CO (Centennial) | 374 | 408 | 438 | 469 | 496 | 539 | 578 | 35,469 | 38,771 | |||||||||||||||||||||||||||||||||||||||
| Cedar Rapids, IA | 287 | 315 | 346 | 380 | 417 | 458 | 503 | 552 | 606 | 665 | 5,825 | 10,354 | ||||||||||||||||||||||||||||||||||||
| St. Louis, MO (Olympic) | 306 | 335 | 367 | 2,826 | 3,835 | |||||||||||||||||||||||||||||||||||||||||||
| St. Louis, MO (Gravois) | 282 | 310 | 355 | 389 | 292 | 115 | 125 | 136 | 147 | 2,150 | ||||||||||||||||||||||||||||||||||||||
| St. Louis, MO (Keller) | 243 | 265 | 289 | 315 | 343 | 374 | 33 | 1,862 | ||||||||||||||||||||||||||||||||||||||||
| N. Charleston, SC | 270 | 284 | 297 | 311 | 10,763 | 11,926 | ||||||||||||||||||||||||||||||||||||||||||
| Sault St Marie, MI | 911 | 990 | 1,079 | 418 | 3,398 | |||||||||||||||||||||||||||||||||||||||||||
| Walker, MI | 199 | 209 | 219 | 229 | 7,917 | 8,772 | ||||||||||||||||||||||||||||||||||||||||||
| Detroit, MI | 2,800 | 3,189 | 5,989 | |||||||||||||||||||||||||||||||||||||||||||||
| Mt. Pleasant, SC | 183 | 193 | 201 | 211 | 7,294 | 8,082 | ||||||||||||||||||||||||||||||||||||||||||
| Merridian, ID | 592 | 623 | 651 | 681 | 23,573 | 26,120 | ||||||||||||||||||||||||||||||||||||||||||
| Logan, UT | 63 | 68 | 74 | 81 | 89 | 97 | 105 | 115 | 61 | 754 | ||||||||||||||||||||||||||||||||||||||
| Riverdale, UT (North) | 238 | 261 | 287 | 315 | 345 | 379 | 415 | 456 | 500 | 548 | 5,475 | 9,218 | ||||||||||||||||||||||||||||||||||||
| Salt Lake City, UT | 315 | 315 | ||||||||||||||||||||||||||||||||||||||||||||||
| Birmingham, AL | 642 | 674 | 705 | 737 | 25,530 | 28,288 | ||||||||||||||||||||||||||||||||||||||||||
| Wilmington, NC | 492 | 517 | 541 | 565 | 19,570 | 21,684 | ||||||||||||||||||||||||||||||||||||||||||
| Berlin, VT | 4,940 | 4,940 | ||||||||||||||||||||||||||||||||||||||||||||||
| Brainerd, MN ( K-Mart) | 140 | 75 | 215 | |||||||||||||||||||||||||||||||||||||||||||||
| Spring Hill, FL | 154 | 170 | 187 | 206 | 227 | 251 | 276 | 304 | 335 | 370 | 2,985 | 5,467 | ||||||||||||||||||||||||||||||||||||
| West Pasco, FL | 4,784 | 4,784 | ||||||||||||||||||||||||||||||||||||||||||||||
| Princeton, NJ | 323 | 358 | 389 | 423 | 454 | 499 | 543 | 590 | 636 | 697 | 21,468 | 26,381 | ||||||||||||||||||||||||||||||||||||
| Hoover, AL (Riverchase) | 108 | 116 | 122 | 129 | 136 | 145 | 153 | 162 | 170 | 6,864 | 8,104 | |||||||||||||||||||||||||||||||||||||
| Leawood, KS | 1,038 | 1,117 | 1,201 | 1,292 | 1,390 | 46,435 | 52,473 | |||||||||||||||||||||||||||||||||||||||||
| Durham, NC | 168 | 176 | 184 | 193 | 6,672 | 7,392 | ||||||||||||||||||||||||||||||||||||||||||
| Bellefontaine, OH | 123 | 133 | 143 | 154 | 166 | 179 | 193 | 208 | 224 | 241 | 842 | 2,604 | ||||||||||||||||||||||||||||||||||||
Summary of Consolidated Mortgage Principal Payments and Corporate Debt Maturities 3.4
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Consolidated Mortgage Principal Payments
and Corporate Debt Maturities
as of December 31, 2003 (con’t)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||
| Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
| Dublin, OH | 248 | 270 | 9,185 | 9,704 | ||||||||||||||||||||||||||||||||||||||||||||
| Pickerington, OH | 202 | 219 | 4,079 | 4,500 | ||||||||||||||||||||||||||||||||||||||||||||
| Dallas, TX (Carpenter) | 455 | 489 | 525 | 565 | 26,406 | 28,440 | ||||||||||||||||||||||||||||||||||||||||||
| Silver Springs, MD (Tech 29-1) | 145 | 158 | 170 | 183 | 196 | 6,173 | 7,025 | |||||||||||||||||||||||||||||||||||||||||
| Silver Springs, MD (Tech 29-2) | 85 | 93 | 3,376 | 3,554 | ||||||||||||||||||||||||||||||||||||||||||||
| Princeton, NJ (Nassau Pav) | 24,999 | 24,999 | ||||||||||||||||||||||||||||||||||||||||||||||
| San Antonio, TX | 27,700 | 27,700 | ||||||||||||||||||||||||||||||||||||||||||||||
| RVIP I, Best Products | 2,254 | 2,254 | ||||||||||||||||||||||||||||||||||||||||||||||
| Payments Made Through 12/31/03 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total — Property Mortgages | 17,448 | 16,111 | 62,818 | 20,691 | 168,395 | 59,734 | 6,823 | 146,726 | 33,382 | 11,141 | 84,804 | 628,074 | ||||||||||||||||||||||||||||||||||||
CONSTRUCTION LOANS | ||||||||||||||||||||||||||||||||||||||||||||||||
| $34.4 Million Construction Loan | 26,615 | 26,615 | ||||||||||||||||||||||||||||||||||||||||||||||
| (National City Bank) | ||||||||||||||||||||||||||||||||||||||||||||||||
| $25 Million Construction Loan | 20,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| (National City Bank) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Aurora, CO | 9,378 | 9,378 | ||||||||||||||||||||||||||||||||||||||||||||||
| St. John, MO | 4,444 | 4,444 | ||||||||||||||||||||||||||||||||||||||||||||||
| Mesquite, TX | 15,239 | 15,239 | ||||||||||||||||||||||||||||||||||||||||||||||
| Hamilton, NJ | 53,886 | 53,886 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total — Construction Loans | 29,060 | 100,501 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129,561 | ||||||||||||||||||||||||||||||||||||
DEBT OFFERINGS | ||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Notes | 65,000 | 1,000 | 107,970 | 99,895 | 299,557 | 100,000 | 673,422 | |||||||||||||||||||||||||||||||||||||||||
| Unsecured Notes | 75,000 | 85,000 | 160,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Total — Debt Offerings | 140,000 | 1,000 | 0 | 192,970 | 99,895 | 0 | 299,557 | 0 | 0 | 0 | 100,000 | 833,422 | ||||||||||||||||||||||||||||||||||||
| Total — Property Mortgages, | 186,509 | 117,612 | 62,818 | 213,661 | 268,291 | 59,734 | 306,380 | 146,726 | 33,382 | 11,141 | 184,804 | 1,591,058 | ||||||||||||||||||||||||||||||||||||
| Construction Loans & Debt Offerings | ||||||||||||||||||||||||||||||||||||||||||||||||
REVOLVING CREDIT FACILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
| $650 Million Unsecured Credit | 171,000 | (1) | 171,000 | |||||||||||||||||||||||||||||||||||||||||||||
| (Bank One) | ||||||||||||||||||||||||||||||||||||||||||||||||
| $300 Million Unsecured Credit | 300,000 | (2) | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||
| (Bank of America) | ||||||||||||||||||||||||||||||||||||||||||||||||
| $30 Million Revolving Credit | 15,500 | (3) | 15,500 | |||||||||||||||||||||||||||||||||||||||||||||
| (National City Bank) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total — Debt | 486,509 | 117,612 | 249,318 | 213,661 | 268,291 | 59,734 | 306,380 | 146,726 | 33,382 | 11,141 | 184,804 | 2,077,558 | ||||||||||||||||||||||||||||||||||||
Notes:
| (1) | Balance at December 31, 2003 on revolving construction credit facilities. | |
| (2) | Balance at December 31, 2003 on $650 million revolving credit facility. | |
| (3) | Balance at December 31, 2003 on $30 million revolving credit facility. |
Summary of Consolidated Mortgage Principal Payments and Corporate Debt Maturities 3.4
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
(Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2003
| RVIP III B | RVIP VIII | Community Centers | Community Centers | Community Centers | Community Centers | |||||||||||||||||||||||||||||||||||
| RVIP III (5) | Deer Park, IL | RVIP VI (5) | RVIP VII | Tech Ridge LLC | Community Centers | Four | Five | Six (8) | Seven | |||||||||||||||||||||||||||||||
| Real Estate Assets | $ | 56.4 | $ | 67.8 | $ | 31.3 | $ | 247.9 | $ | 24.5 | $ | 0.0 | $ | 42.4 | $ | 249.7 | $ | 0.0 | $ | 15.6 | ||||||||||||||||||||
| Accumulated Depreciation | (1.1 | ) | (5.1 | ) | (2.9 | ) | (15.2 | ) | (0.2 | ) | 0.0 | (5.8 | ) | (28.4 | ) | 0.0 | (0.9 | ) | ||||||||||||||||||||||
| Real Estate, net | 55.3 | 62.7 | 28.4 | 232.7 | 24.3 | 0.0 | 36.6 | 221.3 | 0.0 | 14.7 | ||||||||||||||||||||||||||||||
| Receivables, Net | 1.6 | 1.0 | 0.8 | 4.6 | 1.0 | 3.7 | 1.4 | 6.8 | 0.0 | 0.3 | ||||||||||||||||||||||||||||||
| Other assets | 1.2 | 2.7 | 1.6 | 14.9 | 1.4 | 6.4 | 1.4 | 5.5 | 0.0 | 0.1 | ||||||||||||||||||||||||||||||
| $ | 58.1 | $ | 66.4 | $ | 30.8 | $ | 252.2 | $ | 26.7 | $ | 10.1 | $ | 39.4 | $ | 233.6 | $ | 0.0 | $ | 15.1 | |||||||||||||||||||||
| Mortgage Debt | $ | 29.7 | $ | 50.1 | $ | 18.7 | $ | 107.1 | $ | 24.7 | $ | 0.0 | $ | 30.0 | $ | 156.0 | $ | 0.0 | $ | 9.9 | ||||||||||||||||||||
| Amounts payable to DDRC | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Other liabilities | 0.5 | 0.6 | 0.5 | 21.1 | 1.8 | 6.3 | 0.2 | 2.9 | 0.0 | 0.3 | ||||||||||||||||||||||||||||||
| 30.2 | 50.7 | 19.2 | 128.2 | 26.5 | 6.3 | 30.2 | 158.9 | 0.0 | 10.2 | |||||||||||||||||||||||||||||||
| Accumulated equity (deficit) | 27.9 | 15.7 | 11.6 | 124.0 | 0.2 | 3.8 | 9.2 | 74.7 | 0.0 | 4.9 | ||||||||||||||||||||||||||||||
| $ | 58.1 | $ | 66.4 | $ | 30.8 | $ | 252.2 | $ | 26.7 | $ | 10.1 | $ | 39.4 | $ | 233.6 | $ | 0.0 | $ | 15.1 | |||||||||||||||||||||
| Proportionate share of other assets/liabilities, net | $ | 0.6 | $ | 0.4 | $ | 0.5 | ($0.3 | ) | $ | 0.1 | $ | 0.8 | $ | 0.9 | $ | 4.7 | $ | 0.0 | $ | 0.1 | ||||||||||||||||||||
| Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||||
Combining Statements of Operations for the period ended December 31, 2003 | ||||||||||||||||||||||||||||||||||||||||
| RVIP III B | RVIP VIII | Community Centers | Community Centers | Community Centers | Community Centers | |||||||||||||||||||||||||||||||||||
| RVIP III (5) | Deer Park, IL | RVIP VI (5) | RVIP VII | Tech Ridge LLC | Community Centers | Four | Five | Six (8) | Seven | |||||||||||||||||||||||||||||||
| Revenues from operations | $ | 0.0 | $ | 10.8 | $ | 0.0 | $ | 29.2 | $ | 1.2 | $ | 46.7 | $ | 5.8 | $ | 34.8 | $ | 0.0 | $ | 2.0 | ||||||||||||||||||||
| Rental operation expenses | 0.0 | (3.7 | ) | 0.0 | (10.2 | ) | (0.7 | ) | (13.2 | ) | (2.0 | ) | (11.0 | ) | 0.0 | (0.6 | ) | |||||||||||||||||||||||
| Net operating income | 0.0 | 7.1 | 0.0 | 19.0 | 0.5 | 33.5 | 3.8 | 23.8 | 0.0 | 1.4 | ||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 0.0 | (1.7 | ) | 0.0 | (5.3 | ) | (0.2 | ) | (7.3 | ) | (0.9 | ) | (6.6 | ) | 0.0 | (0.2 | ) | |||||||||||||||||||||||
| Interest expense | 0.0 | (3.0 | ) | 0.0 | (8.2 | ) | (0.1 | ) | (15.4 | ) | (1.2 | ) | (10.7 | ) | 0.0 | (0.9 | ) | |||||||||||||||||||||||
| Income (loss) before gain on sale | 0.0 | 2.4 | 0.0 | 5.5 | 0.2 | 10.8 | 1.7 | 6.5 | 0.0 | 0.3 | ||||||||||||||||||||||||||||||
| Gain (loss) on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 118.2 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | ||||||||||||||||||||||||||||||
| Gain on sale of discontinued operations | 0.0 | 0.0 | 0.0 | 16.1 | 0.0 | 35.6 | 0.0 | 0.0 | 5.0 | 0.0 | ||||||||||||||||||||||||||||||
| Net income (loss) | $ | 0.0 | $ | 2.4 | $ | 0.0 | $ | 21.9 | 0.2 | $ | 164.6 | $ | 1.7 | $ | 6.5 | $ | 5.2 | $ | 0.3 | |||||||||||||||||||||
| DDR Ownership interest | *** | *** | *** | *** | 20 | % | *** | 35 | % | 50 | % | 50 | % | 50 | % | |||||||||||||||||||||||||
| $ | 0.0 | $ | 0.5 | $ | 0.0 | $ | 3.9 | $ | 0.0 | $ | 40.6 | $ | 0.6 | $ | 3.3 | $ | 2.6 | $ | 0.2 | |||||||||||||||||||||
| Amortization of basis differential | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (17.3 | ) | 0.0 | 0.2 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
| $ | 0.0 | $ | 0.5 | $ | 0.0 | $ | 3.9 | $ | 0.0 | $ | 23.3 | $ | 0.6 | $ | 3.5 | $ | 2.6 | $ | 0.2 | |||||||||||||||||||||
| Proportionate share of net operating income | $ | 0.0 | $ | 2.0 | $ | 0.0 | $ | 4.1 | $ | 0.1 | $ | 6.7 | $ | 1.3 | $ | 11.9 | $ | 0.0 | $ | 0.7 | ||||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 0.0 | $ | 2.4 | $ | 0.0 | $ | 21.9 | $ | 0.2 | $ | 164.6 | $ | 1.7 | $ | 6.5 | $ | 5.2 | $ | 0.3 | ||||||||||||||||||||
| Depreciation of real property | 0.0 | 1.7 | 0.0 | 6.0 | 0.1 | 7.6 | 0.9 | 6.6 | 0.1 | 0.2 | ||||||||||||||||||||||||||||||
| (Gain) loss on sale | 0.0 | 0.0 | 0.0 | (16.1 | ) | 0.0 | (153.9 | ) | 0.0 | 0.0 | (5.0 | ) | 0.0 | |||||||||||||||||||||||||||
| $ | 0.0 | $ | 4.1 | $ | 0.0 | $ | 11.8 | $ | 0.3 | $ | 18.3 | $ | 2.6 | $ | 13.1 | $ | 0.3 | $ | 0.5 | |||||||||||||||||||||
| DDR ownership interest | *** | *** | *** | *** | 20 | % | *** | 35 | % | 50 | % | 50 | % | 50 | % | |||||||||||||||||||||||||
| DDR FFO | $ | 0.0 | $ | 1.2 | $ | 0.0 | $ | 2.6 | $ | 0.1 | $ | 11.2 | $ | 0.9 | $ | 6.6 | $ | 0.1 | $ | 0.3 | ||||||||||||||||||||
Joint Ventures 4.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2003
| Community | Lennox Town | Sun Center | Dublin Village | Washington | Leawood, | |||||||||||||||||||||||||||||||||||
| Centers Eight | Merriam | Kildeer, IL | Center(2) | Limited(2) | (2) | Park (3) | Liberty Fair | DOTRS | KS(7) | |||||||||||||||||||||||||||||||
| Real Estate Assets | $ | 26.7 | $ | 49.0 | $ | 28.0 | $ | 21.2 | $ | 25.7 | $ | 29.7 | $ | 0.6 | $ | 31.6 | $ | 24.9 | $ | 0.0 | ||||||||||||||||||||
| Accumulated Depreciation | (1.8 | ) | (5.0 | ) | (1.0 | ) | (3.2 | ) | (5.1 | ) | (12.4 | ) | 0.0 | (11.5 | ) | (3.5 | ) | 0.0 | ||||||||||||||||||||||
| Real Estate, net | 24.9 | 44.0 | 27.0 | 18.0 | 20.6 | 17.3 | 0.6 | 20.1 | 21.4 | 0.0 | ||||||||||||||||||||||||||||||
| Receivables, Net | 0.9 | 2.8 | 0.3 | 1.5 | 0.9 | 0.6 | 0.0 | 0.4 | 0.9 | 0.0 | ||||||||||||||||||||||||||||||
| Other assets | 0.5 | 1.6 | 0.3 | 0.7 | 0.6 | 0.3 | 0.0 | 0.9 | 0.3 | 0.0 | ||||||||||||||||||||||||||||||
| $ | 26.3 | $ | 48.4 | $ | 27.6 | $ | 20.2 | $ | 22.1 | $ | 18.2 | $ | 0.6 | $ | 21.4 | $ | 22.6 | $ | 0.0 | |||||||||||||||||||||
| Mortgage Debt | $ | 17.7 | $ | 39.1 | $ | 19.5 | $ | 19.0 | $ | 21.1 | $ | 0.0 | $ | 0.0 | $ | 20.0 | $ | 11.2 | $ | 0.0 | ||||||||||||||||||||
| Amounts payable to DDRC | 0.0 | 0.0 | (0.1 | ) | 0.0 | 0.1 | 0.0 | 0.0 | 9.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
| Other liabilities | 0.5 | 0.7 | 0.6 | 0.9 | 0.7 | 0.8 | 0.1 | 0.1 | (0.1 | ) | 0.0 | |||||||||||||||||||||||||||||
| 18.2 | 39.8 | 20.0 | 19.9 | 21.9 | 0.8 | 0.1 | 29.1 | 11.1 | 0.0 | |||||||||||||||||||||||||||||||
| Accumulated equity (deficit) | 8.1 | 8.6 | 7.6 | 0.3 | 0.2 | 17.4 | 0.5 | (7.7 | ) | 11.5 | 0.0 | |||||||||||||||||||||||||||||
| $ | 26.3 | $ | 48.4 | $ | 27.6 | $ | 20.2 | $ | 22.1 | $ | 18.2 | $ | 0.6 | $ | 21.4 | $ | 22.6 | $ | 0.0 | |||||||||||||||||||||
| Proportionate share of other assets/liabilities, net | $ | 0.5 | $ | 1.9 | ($0.0 | ) | $ | 0.7 | $ | 0.6 | $ | 0.1 | $ | 0.0 | $ | 0.6 | $ | 1.1 | $ | 0.0 | ||||||||||||||||||||
| Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 4.5 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||||
Combining Statements of Operations for the period ended December 31, 2003 | ||||||||||||||||||||||||||||||||||||||||
| Community | Lennox Town | Sun Center | Dublin Village | Washington | Leawood, | |||||||||||||||||||||||||||||||||||
| Centers Eight | Merriam | Kildeer, IL | Center(2) | Limited(2) | (2) | Park (3) | Liberty Fair | DOTRS | KS(7) | |||||||||||||||||||||||||||||||
| Revenues from operations | $ | 4.3 | $ | 6.7 | $ | 3.5 | $ | 4.6 | $ | 4.0 | $ | 6.9 | $ | 0.0 | $ | 3.5 | $ | 3.4 | $ | 2.5 | ||||||||||||||||||||
| Rental operation expenses | (1.6 | ) | (1.9 | ) | (1.0 | ) | (1.2 | ) | (1.0 | ) | (1.2 | ) | 0.0 | (1.2 | ) | (0.9 | ) | (1.4 | ) | |||||||||||||||||||||
| Net operating income | 2.7 | 4.8 | 2.5 | 3.4 | 3.0 | 5.7 | 0.0 | 2.3 | 2.5 | 1.1 | ||||||||||||||||||||||||||||||
| Depreciation and amortization expense | (0.5 | ) | (1.1 | ) | (0.4 | ) | (0.4 | ) | (0.7 | ) | (0.9 | ) | 0.0 | (1.0 | ) | (0.5 | ) | (1.7 | ) | |||||||||||||||||||||
| Interest expense | (1.4 | ) | (1.8 | ) | (1.0 | ) | (1.6 | ) | (1.8 | ) | (1.3 | ) | 0.0 | (2.1 | ) | (0.3 | ) | (1.1 | ) | |||||||||||||||||||||
| Income (loss) before gain on sale | 0.8 | 1.9 | 1.1 | 1.4 | 0.5 | 3.5 | 0.0 | (0.8 | ) | 1.7 | (1.7 | ) | ||||||||||||||||||||||||||||
| Gain (loss) on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Gain on sale of discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Net income (loss) | $ | 0.8 | $ | 1.9 | $ | 1.1 | $ | 1.4 | $ | 0.5 | 3.5 | $ | 0.0 | (0.8 | ) | 1.7 | (1.7 | ) | ||||||||||||||||||||||
| DDR Ownership interest | 50 | % | 50 | % | 10 | % | 50 | % | 79 | % | *** | 50 | % | *** | 50 | % | 50 | % | ||||||||||||||||||||||
| $ | 0.4 | $ | 1.0 | $ | 0.1 | $ | 0.7 | $ | 0.4 | $ | 3.3 | $ | 0.0 | ($0.8 | ) | $ | 0.9 | ($0.8 | ) | |||||||||||||||||||||
| Amortization of basis differential | 0.0 | (0.1 | ) | 0.0 | (0.1 | ) | (0.2 | ) | (0.3 | ) | 0.0 | 0.0 | 0.1 | (0.1 | ) | |||||||||||||||||||||||||
| $ | 0.4 | $ | 0.9 | $ | 0.1 | $ | 0.6 | $ | 0.2 | $ | 3.0 | $ | 0.0 | ($0.8 | ) | $ | 1.0 | ($0.9 | ) | |||||||||||||||||||||
| Proportionate share of net operating income | $ | 1.4 | $ | 2.4 | $ | 0.3 | $ | 1.7 | $ | 2.4 | $ | 0.0 | $ | 0.0 | $ | 2.3 | $ | 1.3 | $ | 0.6 | ||||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 0.8 | $ | 1.9 | $ | 1.1 | $ | 1.4 | $ | 0.5 | $ | 3.5 | $ | 0.0 | ($0.8 | ) | $ | 1.7 | ($1.7 | ) | ||||||||||||||||||||
| Depreciation of real property | 0.5 | 1.1 | 0.4 | 0.4 | 0.7 | 0.9 | 0.0 | 1.0 | 0.5 | 1.7 | ||||||||||||||||||||||||||||||
| (Gain) loss on sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| $ | 1.3 | $ | 3.0 | $ | 1.5 | $ | 1.8 | $ | 1.2 | $ | 4.4 | $ | 0.0 | $ | 0.2 | $ | 2.2 | $ | 0.0 | |||||||||||||||||||||
| DDR ownership interest | 50 | % | 50 | % | 10 | % | 50 | % | 79 | % | *** | 50 | % | *** | 50 | % | 50 | % | ||||||||||||||||||||||
| DDR FFO | $ | 0.7 | $ | 1.5 | $ | 0.2 | $ | 0.9 | $ | 0.9 | $ | 4.0 | $ | 0.0 | $ | 0.2 | $ | 1.1 | $ | 0.0 | ||||||||||||||||||||
Joint Ventures 4.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2003
| Service | Jefferson | Round Rock, | Sansone Group/ | |||||||||||||||||||||||||||||||||||||
| Littleton, CO | Salisbury, MD | Coon Rapids, MN | Phoenix, AZ (2) | Pasadena, CA | Merchandise(4) | County, MO | TX - Land(3) | DDRC LLC | DD Dev Co (6) | |||||||||||||||||||||||||||||||
| Real Estate Assets | $ | 58.2 | $ | 2.2 | $ | 0.0 | $ | 27.5 | $ | 113.8 | $ | 132.0 | $ | 5.3 | $ | 0.9 | $ | 0.7 | $ | 0.0 | ||||||||||||||||||||
| Accumulated Depreciation | (1.9 | ) | (0.2 | ) | 0.0 | (4.0 | ) | (2.5 | ) | (1.7 | ) | (0.2 | ) | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
| Real Estate, net | 56.3 | 2.0 | 0.0 | 23.5 | 111.3 | 130.3 | 5.1 | 0.9 | 0.7 | 0.0 | ||||||||||||||||||||||||||||||
| Receivables, Net | 0.2 | 0.0 | 0.5 | 0.3 | 2.5 | 4.8 | 0.0 | 0.5 | 2.8 | 0.0 | ||||||||||||||||||||||||||||||
| Other assets | 1.0 | 0.1 | 7.4 | 1.3 | 3.8 | 36.8 | 0.2 | 0.3 | 1.5 | 0.0 | ||||||||||||||||||||||||||||||
| $ | 57.5 | $ | 2.1 | $ | 7.9 | $ | 25.1 | $ | 117.6 | $ | 171.9 | $ | 5.3 | $ | 1.7 | $ | 5.0 | $ | 0.0 | |||||||||||||||||||||
| Mortgage Debt | $ | 46.1 | $ | 1.8 | $ | 0.0 | $ | 17.6 | $ | 85.0 | $ | 78.4 | $ | 2.3 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||||
| Amounts payable to DDRC | 6.6 | 0.0 | 0.0 | 0.1 | 0.0 | 0.3 | 3.1 | 0.7 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Other liabilities | 2.4 | 0.0 | 4.2 | 0.6 | 1.5 | 55.2 | (0.0 | ) | 0.0 | 1.7 | 0.0 | |||||||||||||||||||||||||||||
| 55.1 | 1.8 | 4.2 | 18.3 | 86.5 | 133.9 | 5.4 | 0.7 | 1.7 | 0.0 | |||||||||||||||||||||||||||||||
| Accumulated equity (deficit) | 2.4 | 0.3 | 3.7 | 6.8 | 31.1 | 38.0 | (0.1 | ) | 1.0 | 3.3 | 0.0 | |||||||||||||||||||||||||||||
| $ | 57.5 | $ | 2.1 | $ | 7.9 | $ | 25.1 | $ | 117.6 | $ | 171.9 | $ | 5.3 | $ | 1.7 | $ | 5.0 | $ | 0.0 | |||||||||||||||||||||
| Proportionate share of other assets/liabilities, net | ($0.6 | ) | $ | 0.1 | $ | 0.9 | $ | 0.7 | $ | 1.2 | $ | 6.9 | $ | 0.1 | $ | 0.4 | $ | 1.3 | $ | 0.0 | ||||||||||||||||||||
| Disproportionate amount payable to DDR | $ | 3.3 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 1.6 | $ | 0.4 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||||
Combining Statements of Operations for the period ended December 31, 2003 | ||||||||||||||||||||||||||||||||||||||||
| Service | Jefferson | Round Rock, | Sansone Group/ | |||||||||||||||||||||||||||||||||||||
| Littleton, CO | Salisbury, MD | Coon Rapids, MN | Phoenix, AZ (2) | Pasadena, CA | Merchandise(4) | County, MO | TX - Land(3) | DDRC LLC | DD Dev Co (6) | |||||||||||||||||||||||||||||||
| Revenues from operations | $ | 9.7 | $ | 0.4 | $ | 6.0 | $ | 5.4 | $ | 16.4 | $ | 17.4 | $ | 0.6 | $ | 0.0 | $ | 12.4 | $ | 4.0 | ||||||||||||||||||||
| Rental operation expenses | (3.1 | ) | (0.1 | ) | (2.1 | ) | (1.5 | ) | (6.6 | ) | (10.8 | ) | (0.2 | ) | 0.0 | (9.8 | ) | (0.4 | ) | |||||||||||||||||||||
| Net operating income | 6.6 | 0.3 | 3.9 | 3.9 | 9.8 | 6.6 | 0.4 | 0.0 | 2.6 | 3.6 | ||||||||||||||||||||||||||||||
| Depreciation and amortization expense | (1.0 | ) | (0.1 | ) | (1.0 | ) | (0.7 | ) | (2.5 | ) | (3.3 | ) | (0.2 | ) | 0.0 | 0.0 | (0.7 | ) | ||||||||||||||||||||||
| Interest expense | (2.4 | ) | (0.1 | ) | (2.2 | ) | (1.4 | ) | (4.5 | ) | (10.5 | ) | (0.3 | ) | 0.0 | 0.0 | (0.6 | ) | ||||||||||||||||||||||
| Income (loss) before gain on sale | 3.2 | 0.1 | 0.7 | 1.8 | 2.8 | (7.2 | ) | (0.1 | ) | 0.0 | 2.6 | 2.3 | ||||||||||||||||||||||||||||
| Gain (loss) on sale of real estate | 0.0 | 0.0 | 15.2 | 0.0 | 0.0 | 4.5 | 0.0 | 0.6 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.3 | ) | |||||||||||||||||||||||||||||
| Gain on sale of discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | ||||||||||||||||||||||||||||||
| Net income (loss) | 3.2 | 0.1 | 15.9 | 1.8 | 2.8 | (2.7 | ) | (0.1 | ) | 0.6 | 2.6 | 4.5 | ||||||||||||||||||||||||||||
| DDR Ownership interest | 50 | % | 50 | % | 25 | % | 67 | % | 25 | % | 25 | % | 50 | % | 50 | % | *** | ***** | ||||||||||||||||||||||
| $ | 1.6 | $ | 0.0 | $ | 4.0 | $ | 1.2 | $ | 0.7 | ($0.7 | ) | ($0.1 | ) | $ | 0.3 | $ | 1.2 | $ | 4.5 | |||||||||||||||||||||
| Amortization of basis differential | 0.0 | 0.0 | (2.4 | ) | (0.3 | ) | 0.0 | 0.0 | 0.0 | 0.0 | (0.5 | ) | (0.1 | ) | ||||||||||||||||||||||||||
| $ | 1.6 | $ | 0.0 | $ | 1.6 | $ | 0.9 | $ | 0.7 | ($0.7 | ) | ($0.1 | ) | $ | 0.3 | $ | 0.7 | $ | 4.4 | |||||||||||||||||||||
| Proportionate share of net operating income | $ | 3.3 | $ | 0.2 | $ | 1.0 | $ | 2.6 | $ | 2.5 | $ | 1.6 | $ | 0.2 | $ | 0.0 | $ | 1.3 | $ | 3.4 | ||||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 3.2 | $ | 0.1 | $ | 15.9 | $ | 1.8 | $ | 2.8 | ($2.7 | ) | ($0.1 | ) | $ | 0.6 | $ | 2.6 | $ | 4.5 | ||||||||||||||||||||
| Depreciation of real property | 1.0 | 0.1 | 1.0 | 0.7 | 2.5 | 3.3 | 0.2 | 0.0 | 0.0 | 0.7 | ||||||||||||||||||||||||||||||
| (Gain) loss on sale | 0.0 | 0.0 | (15.2 | ) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (2.5 | ) | ||||||||||||||||||||||||||||
| $ | 4.2 | $ | 0.2 | $ | 1.7 | $ | 2.5 | $ | 5.3 | $ | 0.6 | $ | 0.1 | $ | 0.6 | $ | 2.6 | $ | 2.7 | |||||||||||||||||||||
| DDR ownership interest | 50 | % | 50 | % | 25 | % | 67 | % | 25 | % | 25 | % | 50 | % | 50 | % | *** | ***** | ||||||||||||||||||||||
| DDR FFO | $ | 2.1 | $ | 0.1 | $ | 0.4 | $ | 1.6 | $ | 1.3 | $ | 0.1 | $ | 0.0 | $ | 0.3 | $ | 1.2 | $ | 2.5 | ||||||||||||||||||||
Joint Ventures 4.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of December 31, 2003
| Coventry II DDR | DDR/Macquarie | DDR/Macquarie | ||||||||||||||||||||||||||||||||||
| Opelika, AL(3) | Jackson, MS(3) | Monroe, LA(3) | Suwanee, GA(7) | DDR Markaz | Ward Parkway | Fund LLC | Management LLC | Total | ||||||||||||||||||||||||||||
| Real Estate Assets | $ | 0.5 | $ | 5.2 | $ | 1.7 | $ | 0.0 | $ | 169.4 | $ | 48.9 | $ | 735.9 | $ | 0.0 | $ | 2,275.2 | ||||||||||||||||||
| Accumulated Depreciation | 0.0 | 0.0 | 0.0 | 0.0 | (2.9 | ) | (0.6 | ) | (1.5 | ) | 0.0 | (118.7 | ) | |||||||||||||||||||||||
| Real Estate, net | 0.5 | 5.2 | 1.7 | 0.0 | 166.5 | 48.3 | 734.4 | 0.0 | 2,156.5 | |||||||||||||||||||||||||||
| Receivables, Net | 0.0 | 0.0 | 0.0 | 0.0 | 1.7 | 0.7 | 3.6 | 0.0 | 47.1 | |||||||||||||||||||||||||||
| Other assets | 0.0 | 0.0 | 0.0 | 0.0 | 4.3 | 0.5 | 10.6 | 4.4 | 112.7 | |||||||||||||||||||||||||||
| $ | 0.5 | $ | 5.2 | $ | 1.7 | $ | 0.0 | $ | 172.5 | $ | 49.5 | $ | 748.6 | $ | 4.4 | $ | 2,316.3 | |||||||||||||||||||
| Mortgage Debt | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 110.0 | $ | 31.5 | $ | 374.5 | $ | 0.0 | $ | 1,321.1 | ||||||||||||||||||
| Amounts payable to DDRC | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | 0.0 | 0.0 | 0.7 | 21.5 | |||||||||||||||||||||||||||
| Other liabilities | 0.0 | 0.1 | 0.0 | 0.0 | 1.9 | 0.7 | 11.4 | 5.0 | 123.0 | |||||||||||||||||||||||||||
| 0.0 | 0.1 | 0.0 | 0.0 | 112.7 | 32.2 | 385.9 | 5.7 | 1,465.6 | ||||||||||||||||||||||||||||
| Accumulated equity (deficit) | 0.5 | 5.1 | 1.7 | 0.0 | 59.8 | 17.3 | 362.7 | (1.3 | ) | 850.7 | ||||||||||||||||||||||||||
| $ | 0.5 | $ | 5.2 | $ | 1.7 | $ | 0.0 | $ | 172.5 | $ | 49.5 | $ | 748.6 | $ | 4.4 | $ | 2,316.3 | |||||||||||||||||||
| Proportionate share of other assets/liabilities, net | $ | 0.0 | $ | (0.1 | ) | $ | 0.0 | $ | 0.0 | $ | 0.8 | $ | 0.1 | $ | 0.4 | $ | 0.0 | $ | 25.3 | |||||||||||||||||
| Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 9.8 | ||||||||||||||||||
Combining Statements of Operations for the period ended December 31, 2003 | ||||||||||||||||||||||||||||||||||||
| Coventry II DDR | DDR/Macquarie | DDR/Macquarie | ||||||||||||||||||||||||||||||||||
| Opelika, AL(3) | Jackson, MS(3) | Monroe, LA(3) | Suwanee, GA(7) | DDR Markaz | Ward Parkway | Fund LLC | Management LLC | Total | ||||||||||||||||||||||||||||
| Revenues from operations | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.2 | $ | 13.9 | $ | 3.7 | $ | 8.4 | $ | 5.9 | $ | 274.5 | ||||||||||||||||||
| Rental operation expenses | 0.0 | (0.1 | ) | 0.0 | 0.0 | (4.1 | ) | (1.7 | ) | (1.3 | ) | 0.0 | (94.8 | ) | ||||||||||||||||||||||
| Net operating income | 0.0 | (0.1 | ) | 0.0 | 0.2 | 9.8 | 2.0 | 7.1 | 5.9 | 179.7 | ||||||||||||||||||||||||||
| Depreciation and amortization expense | 0.0 | 0.0 | 0.0 | 0.0 | (2.9 | ) | (0.6 | ) | (1.5 | ) | 0.0 | (43.9 | ) | |||||||||||||||||||||||
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | (3.0 | ) | (0.5 | ) | (1.9 | ) | 0.0 | (79.6 | ) | |||||||||||||||||||||||
| Income (loss) before gain on sale | 0.0 | (0.1 | ) | 0.0 | 0.2 | 3.9 | 0.9 | 3.7 | 5.9 | 56.2 | ||||||||||||||||||||||||||
| Gain (loss) on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 138.5 | |||||||||||||||||||||||||||
| Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | |||||||||||||||||||||||||||
| Gain on sale of discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 59.4 | |||||||||||||||||||||||||||
| Net income (loss) | 0.0 | (0.1 | ) | 0.0 | 0.2 | 3.9 | 0.9 | 3.7 | 5.9 | $ | 254.3 | |||||||||||||||||||||||||
| DDR Ownership interest | 11 | % | 50 | % | 50 | % | 49 | % | *** | 20 | % | *** | 50 | % | ||||||||||||||||||||||
| $ | 0.0 | $ | (0.1 | ) | $ | 0.0 | $ | 0.1 | $ | 0.8 | $ | 0.2 | $ | 0.6 | $ | 2.9 | $ | 74.0 | ||||||||||||||||||
| Amortization of basis differential | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | (20.9 | ) | ||||||||||||||||||||||||||
| $ | 0.0 | $ | (0.1 | ) | $ | (0.0 | ) | $ | 0.1 | $ | 0.9 | $ | 0.2 | $ | 0.7 | $ | 2.9 | $ | 53.1 | |||||||||||||||||
| Proportionate share of net operating income | $ | 0.0 | ($0.1 | ) | $ | 0.0 | $ | 0.1 | $ | 2.4 | $ | 0.4 | $ | 1.0 | $ | 2.9 | $ | 62.1 | ||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (0.0 | ) | $ | (0.1 | ) | $ | 0.0 | $ | 0.2 | $ | 3.9 | $ | 0.9 | $ | 3.7 | $ | 5.9 | $ | 254.3 | ||||||||||||||||
| Depreciation of real property | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | 0.6 | 1.5 | 0.0 | 45.1 | |||||||||||||||||||||||||||
| (Gain) loss on sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (192.8 | ) | ||||||||||||||||||||||||||
| $ | (0.0 | ) | $ | (0.1 | ) | $ | (0.0 | ) | $ | 0.2 | $ | 6.8 | $ | 1.5 | $ | 5.2 | $ | 5.9 | $ | 106.6 | ||||||||||||||||
| DDR ownership interest | 11 | % | 50 | % | 50 | % | 49 | % | *** | 20 | % | *** | 50 | % | ||||||||||||||||||||||
| DDR FFO | $ | 0.0 | ($0.1 | ) | ($0.0 | ) | $ | 0.1 | $ | 1.7 | $ | 0.3 | $ | 0.9 | $ | 2.9 | $ | 47.9 | ||||||||||||||||||
Joint Ventures 4.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
| (1) | Amounts may differ slightly from actual results, due to rounding. |
| (2) | Asset values reflect historical cost basis due to acquisition of partnership interest (i.e. does not reflect step up in basis). |
| (3) | Represents undeveloped land. |
| (4) | The Company owns an approximate 25% economic interest in a joint venture that acquired the designation rights to real estate assets owned and controlled by Service Merchandise. Tax expense, if applicable, is reflected at DD Development Co. |
| The joint venture’s total related party interest expense for the twelve months ended December 31, 2003 totaled $4.1 million, of which $1.0 million, or approximately 25%, is reflected in revenues from operations at DD Development Co. |
| (5) | Pursuant to the Company’s December 31, 2003 consolidation of the DD Dev Co joint venture, the equity investments of DD Dev Co, RVIP III and RVIP VI, are reflected as equity investments of the Company (see footnote 6 for further discussion). The 2003 operations of RVIP III and RVIP VI are reflected in DD Dev Co Statement of Operations. |
| (6) | On December 31, 2003 the Company acquired the remaining interests in the DD Dev Co. joint venture. Accordingly, the Company consolidates the balance sheet of the entity as of December 31, 2003 and the operations of the entity beginning January 1, 2004. This entity holds various LLC interests in the following projects owned through the Prudential Retail Value Fund: two retail sites formerly occupied by Best Products acquired from Metropolitan Life, an equity investment in a portfolio of five retail properties in Kansas City, KS (income statement shown below), an equity investment in a 440,000 square foot redevelopment project in Long Beach, CA (income statement shown below) and a note receivable secured by certain real estate, which was received in settlement of advances made to DDR OliverMcMillan. |
| Combining Statements of Operations | ||||||||||||
| for the period ended December 31, 2003 | ||||||||||||
| (in millions) | ||||||||||||
| RVIP VI | RVIP III | |||||||||||
| Kansas City | Long Beach | Total | ||||||||||
| Revenues from operations | $ | 4.2 | $ | 5.5 | $ | 9.7 | ||||||
| Rental operation expenses | (2.0 | ) | (2.5 | ) | (4.5 | ) | ||||||
| Net operating income | 2.2 | 3.0 | 5.2 | |||||||||
| Depreciation and amortization expense | (0.8 | ) | (1.0 | ) | (1.8 | ) | ||||||
| Interest expense | (1.5 | ) | (0.7 | ) | (2.2 | ) | ||||||
| Income (loss) before gain on sale | (0.1 | ) | 1.3 | 1.2 | ||||||||
| Gain (loss) on sale of real estate | 0.0 | 0.0 | 0.0 | |||||||||
| Discontinued operations | (0.1 | ) | 0.0 | (0.1 | ) | |||||||
| Gain on sale of discontinued operations | 0.3 | 0.0 | 0.3 | |||||||||
| Net income (loss) | $ | 0.1 | $ | 1.3 | $ | 1.4 | ||||||
| DDR Ownership interest | 24.75 | % | 24.75 | % | ||||||||
| $ | 0.1 | $ | 0.3 | $ | 0.4 | |||||||
Funds From Operations (“FFO”): | ||||||||||||
| (in millions) Net income (loss) | $ | 0.1 | $ | 1.3 | $ | 1.2 | ||||||
| Depreciation of real property | 0.8 | 1.0 | 1.8 | |||||||||
| Less gain on sale | (0.3 | ) | 0.0 | 0.0 | ||||||||
| $ | 0.6 | $ | 2.3 | $ | 3.0 | |||||||
| DDR ownership interest | 24.75 | % | 24.75 | % | ||||||||
| DDR FFO | $ | 0.1 | $ | 0.6 | $ | 0.7 | ||||||
| (7) | In the second quarter of 2003, the Company acquired the remaining interests in the joint venture. The Company consolidates the balance sheets and operations of the two entities from the date of acquisition forward. |
| (8) | Property sold in June 2003. |
| *** | See Section 4.2, Joint Venture Summaries, discussing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect. |
| ***** | See footnote (5) discussing respective ownership percentage. |
Joint Ventures 4.1
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Retail Value Investment Program LP III | |||
| Date Formed: | January 1998 | |||
| Property Name/Location: | City Place – Long Beach, CA | |||
| Major Tenants: | Wal-Mart | |||
| Albertson’s | ||||
| Ross Dress for Less | ||||
| Nordstrom Rack | ||||
| Savon | ||||
| Anna’s Linens | ||||
Partnership Structure
| Equity Contribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors (PREI) | ||
| Cash Flow Distribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors | ||
| Up to a leveraged 10% return on equity | ||
| Promote (current): | 33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return on equity | |
| Fees to DDR | ||
| Management Fee: | 3.50% | |
| Construction Management Fee: | 5% of cost of construction (including architectural & engineering and other soft costs) | |
| Asset Management Fee: | ..4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee) | |
| Leasing Fees: | N/A |
Capital Structure (in millions) | ||||
| DDR | $ | 6.9 | ||
| PREI | 20.7 | |||
| Coventry | 0.3 | |||
| Total Capital | $ | 27.9 | ||
| Debt | $ | 29.7 | ||
| Total Debt & Equity | $ | 57.6 | ||
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | RVIP IIIB/DDRC P&M Deer Park Town Center, LLC | ||
| Date Formed: | September 2000 | ||
| Property Name/Location: | Deer Park, IL | ||
| Major Tenants: | Eddie Bauer | Pottery Barn | |
| Talbots | Coldwater Creek | ||
| Restoration Harware | J. Crew | ||
| Abercrombie & Fitch | Pier One Imports | ||
| GAP | Banana Republic | ||
| Barnes & Noble | Chico's | ||
| Century Theater | |||
| Partnership Structure DDRC P&M Deer Park Town Center, LLC | ||
| Ownership Percentage: | 50% — RVIP IIIB | |
| 50% — Poag & McEwen Lifestyle Centers, LLC (Development Partner) | ||
| (No equity contributions at this partnership level) | ||
| Cash Flow Distribution: | 50% — RVIP IIIB | |
| 50% — Poag & McEwen Lifestyle Centers, LLC | ||
| RVIP IIIB | ||
| Equity Contribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors (PREI) | ||
| Cash Flow Distribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors | ||
| Up to a leveraged 10% preferred return on equity | ||
| Promote (current): | 33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return and return of equity | |
| Fees to DDR | ||
| Management Fee: | 2% | |
| Development Fee: | 1% of hard costs for all improvements | |
| Asset Management Fee: | .4% of gross asset cost (DDR's pro-rata share of Coventry’s .5% fee) | |
| Leasing Fees: | N/A | |
Capital Structure (in millions) | |||||
| DDRC | $ | 3.9 | |||
| Prudential | 11.4 | ||||
| Coventry | 0.4 | ||||
| Total Capital | $ | 15.7 | |||
| Debt | $ | 50.1 | |||
| Total Debt & Equity | $ | 65.8 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended September 30, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Retail Value Investment Program LP VI | |
| Date Formed: | October 1999 | |
| Property Name/Location: | The joint venture consists of the following four properties: |
| Ten Quivira Plaza — Shawnee, KS | Devonshire Village — Olathe, KS | |||
| Cherokee North — Overland Park, KS | Brywood Center — Kansas City, MO |
| Major Tenants: | Price Chopper | La Petite Academy | ||
| Big Lots | Osco Drug | |||
| Dollar General | Deal$ | |||
| Sherwin Williams | Westlake Hardware | |||
| Eckerd Drug | ||||
| Hollywood Video |
| Partnership Structure | ||
| Equity Contribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors (PREI) | ||
| Cash Flow Distribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors (PREI) | ||
| Up to a leveraged 10% preferred return on equity | ||
| Promote (current): | 33% Coventry Real Estate Partners (79% owned by DDR) once limited partners have received a 10% preferred return and return of equity | |
| Fees to DDR | ||
| Management Fee: | 3.50% | |
| Development Fee: | N/A | |
| Asset Management Fee: | .4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee) | |
| Leasing Fees (without co-broker): | N/A |
Capital Structure (in millions) | |||||
| DDR | $ | 2.9 | |||
| PREI | 8.6 | ||||
| Coventry | 0.1 | ||||
| Total Capital | $ | 11.6 | |||
| Debt | $ | 18.7 | |||
| Total Debt & Equity | $ | 30.3 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Retail Value Investment Program VII LLC | |
| Date Formed: | November 2000 | |
| Property Name/Location: | The joint venture consists of the following seven properties: |
| San Ysidro Village — San Ysidro, CA | Downtown Pleasant Hill — Pleasant Hill, CA | |||
| Olympiad Plaza — Mission Viejo, CA | Richmond City Center — Richmond, CA | |||
| Plaza at Puente Hills — City of Industry, CA | Puget Park Shopping Center — Everett, WA | |||
| Valley Central Shopping Center — Lancaster, CA |
| Major Tenants: | Office Depot | Michael’s | ||
| Home Depot | Staples | |||
| Ross Stores | Albertson’s | |||
| Circuit City | Bed, Bath & Beyond | |||
| Wal-Mart | K-Mart | |||
| Toys “R” Us | Payless Drug | |||
| Cinemark | Marshalls |
| Partnership Structure | ||
| Equity Contribution: | 1% — Coventry Real Estate Partners | |
| 20% — DDR | ||
| 79% — Prudential Real Estate Investors (PREI) | ||
| Cash Flow Distribution: | 1% — Coventry Real Estate Partners | |
| 20% — DDR | ||
| 79% — Prudential Real Estate Investors | ||
| Up to a leveraged 11% return on equity (10% year one, 10.5% year two, 11% thereafter) | ||
| Promote (current): | (i) Pro rata in proportion to the member’s invested capital until the members have received, on a cumulative basis, an amount equal to the preferred return, (ii) 75% to all members in proportion to their invested capital and 25% to Coventry Real Estate Partners (79% owned by DDR) until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 15% return, (iii) 70% to all members in proportion to their invested capital and 30% to Coventry until DDR and PREI have been allocated, on a cumulative basis, an amount equal to a 20% return, and (iv) 65% to all members pro rata in proportion to their ownership percentages and 35% to Coventry. | |
| Fees to DDR | ||
| Management Fee: | 3.20% | |
| Development Fee: | N/A | |
| Asset Management Fee: | ..63% (DDR’s pro-rata share of Coventry’s .8% fee) | |
| Leasing Fees (without co-broker): | 5% on new leases on years 1-5; 2.5% on years 6-10 (spaces < 15,000 square feet) 4% on new leases on years 1-5; 2% on years 6-10 (spaces > 15,000 square feet) | |
| 3% on new leases on years 1-5; 1.5% on years 6-10 (ground leases) | ||
| Renewals earn 50% of fees on new leases |
Capital Structure (in millions) | |||||
| DDR | $ | 25.0 | |||
| PREI | 95.0 | ||||
| Coventry | 4.0 | ||||
| Total Capital | $ | 124.0 | |||
| Debt | $ | 107.1 | |||
| Total Debt & Equity | $ | 231.1 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | RVIP VIII/DDR DB TECH VENTURES LP | ||||||
| Date Formed: | September 2003 | ||||||
| Property Name/Location: | Shops@TECH.RIDGE — Austin, TX | ||||||
| Major Tenants: | Target | Linen’s ‘N Things | |||||
| Pier One | Toys ‘R Us | ||||||
| Dress Barn | Hobby Lobby | ||||||
| Rack Room Shoes | Ultimate Electronics | ||||||
| PetsMart | Office Depot | ||||||
| Ross Dress for Less | |||||||
| Partnership Structure | ||
| DDR DB Tech Ventures LP | ||
| Ownership Percentage: | 50% — RVIP VIII | |
| 50% — David Berndt Interests, Inc. (Development Partner) | ||
| (No equity contributions at this partnership level) | ||
| Cash Flow Distribution: | 50% — RVIP VIII | |
| 50% — David Berndt Interests, Inc. (Development Partner) | ||
| RVIP VIII | ||
| Equity Contribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors (PREI) | ||
| Cash Flow Distribution: | 1% — Coventry Real Estate Partners | |
| 24.75% — DDR | ||
| 74.25% — Prudential Real Estate Investors | ||
| Up to a leveraged 10% preferred return on equity | ||
| Promote (current): | 33% Coventry Real Estate Partners (79% owned by DDR) | |
| once limited partners have received a 10% preferred return | ||
| and return of equity |
| Fees to DDR | ||
| Management Fee: | 4% of Gross Revenues | |
| Development Fee: | 1% of hard costs for all improvements | |
| Asset Management Fee: | N/A | |
| Leasing Fees: * | 6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet) | |
| 5% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 9,999 square feet) | ||
| 4% on new leases on years 1-5; 2% on remainder of term (spaces 10,000 — 19,999 square feet) | ||
| $2 per square foot (spaces 20,000 square feet and greater) | ||
| 3% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
| 2.5% on renewals on years 1-5; 1.25% on remainder of term (spaces 5,000 — 9,999 square feet) | ||
| 2% on renewals on years 1-5; 1% on remainder of term (spaces 10,000 — 19,999 square feet) | ||
| $2 per square foot on renewals (spaces 20,000 square feet and greater) | ||
| 4% on new leases years 1-5; 2% years 6-10 (outparcels/ground leases) | ||
| 2% on renewals on years 1-5; 1% years 6-10 (outparcels/ground leases) | ||
| 6% of Gross Sales Price up to $500,000 (Outparcel Sales) | ||
| 5% of Gross Sales Price over $500,000 but less than $1,000,000 (Outparcel Sales) | ||
| 4% of Gross Sales Price $1,000,000 or over (Outparcel Sales) | ||
| Development Fee: * | 5% of all development and tenant improvement work performed | |
| Tenant Coordination Fee: * | $5,000 for each in-line space less than 10,000 square feet |
| Capital Structure (in millions) | |||
| DDRC | $ | 0.1 | |
| Prudential | 0.2 | ||
| Coventry | 0.0 | ||
| Total Capital | $ | 0.3 | |
| Debt | $ | 24.7 | |
| Total Debt & Equity | $ | 25.0 | |
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDRA Community Centers Four, L.P. | |
| Date Formed: | January, 1997 | |
| Property Name/Location: | La Plaza Del Norte — San Antonio, TX | |
| Major Tenants: | Beall’s | |
| Best Buy | ||
| DSW Shoe Warehouse | ||
| OfficeMax | ||
| Oshman’s Sporting Goods | ||
| Ross Stores | ||
| Partnership Structure | ||
| Equity Contribution: | 35% — DDR | |
| 65% — DRA Advisors | ||
| Cash Flow Distribution: | 35% — DDR | |
| 65% — DRA Advisors | ||
| Fees to DDR | ||
| Management Fee: | 3.5% of gross retail income excluding recoveries | |
| Development Fee: | 5% of hard costs for all improvements | |
| Leasing Fees: | 5% on new leases, 3% on renewals | |
| Commission on Outparcel Sales: | 10% of net sales price |
Capital Structure (in millions) | |||||
| DDR | $ | 3.2 | |||
| DRA Advisors | 6.0 | ||||
| Total Capital | $ | 9.2 | |||
| Debt | $ | 30.0 | |||
| Total Debt & Equity | $ | 39.2 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
| Joint Venture Investment Summary |
| Joint Venture Name: | DDRA Community Centers Five, L.P. | |
| Date Formed: | September, 1998 | |
| Property Name/Location: | The joint venture consists of the following six properties: |
| Foothills Towne Center — Ahwatukee, AZ | Maple Grove Crossing — Maple Grove, MN | |||
| Arrowhead Crossing — Phoenix, AZ | Tanasbourne Town Center — Portland, OR | |||
| Eagan Promenade — Eagan, MN | Eastchase Market — Fort Worth, TX |
| Major Tenants: | AMC Theatre | Gander Mountain | Oshman’s Sporting Goods | |||
| Ashley Homestores | Haggan’s | Petco | ||||
| Babies ‘R Us | Kohl’s Department | Petsmart | ||||
| Barnes & Noble | Linens ‘N Things | Pier One | ||||
| Bassett Furniture | Mac Frugal’s | Ross Dress for Less | ||||
| Bed Bath & Beyond | Mervyn’s (not owned) | Staples | ||||
| Byerly’s | Michael’s | Stein Mart | ||||
| Circuit City | Nordstrom Rack (not owned) | Target (not owned) | ||||
| Comp USA | Office Depot | TJ Maxx | ||||
| Cub Foods (not owned) | Office Depot (not owned) | Toys ‘R Us (not owned) | ||||
| Ethan Allen (not owned) | OfficeMax | United Artists Theatre | ||||
| Famous Footwear | Old Navy |
| Partnership Structure | ||
| Equity Contribution: | 50% — DDR | |
| 50% — DRA Advisors | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — DRA Advisors | ||
| Fees to DDR | ||
| Management Fee: | 3.5% of gross retail income | |
| Development Fee: | 5% of hard costs for all improvements | |
| Leasing Fees: | 5% on new leases, 3% on renewals | |
| Commission on Outparcel Sales: | 10% of net sales price | |
Capital Structure (in millions) | |||||
| DDR | $ | 37.33 | |||
| DRA Advisors | 37.33 | ||||
| Total Capital | $ | 74.7 | |||
| Debt | $ | 156.0 | |||
| Total Debt & Equity | $ | 230.7 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDRA Community Centers Seven, L.P. | |
| Date Formed: | October, 1999 | |
| Property Name/Location: | Ahwatukee Foothills Towne Center (Phase IV) — Phoenix, AZ | |
| Major Tenants: | Best Buy | |
| JoAnn, Etc. | ||
| Partnership Structure | ||
| Equity Contribution: | 50% — DDR | |
| 50% — DRA Advisors | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — DRA Advisors | ||
| Fees to DDR | ||
| Management Fee: | 3.5% of gross retail income | |
| Development Fee: | 5% of hard costs for all improvements | |
| Leasing Fees: | 5% on new leases, 3% on renewals | |
| Commission on Outparcel Sales: | 10% of net sales price |
Capital Structure (in millions) | |||||
| DDR | $ | 2.45 | |||
| DRA Advisors | 2.45 | ||||
| Total Capital | $ | 4.9 | |||
| Debt | $ | 9.9 | |||
| Total Debt & Equity | $ | 14.8 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDRA Community Centers Eight, L.P. | |
| Date Formed: | February, 2000 | |
| Property Name/Location: | Deer Valley Towne Center - Phoenix, AZ | |
| Major Tenants: | Michael’s | |
| OfficeMax | ||
| Petsmart | ||
| Ross Stores | ||
| AMC Theatres (not owned) | ||
| Target (not owned) | ||
| Partnership Structure | ||
| Equity Contribution: | 50% — DDR | |
| 50% — DRA Advisors | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — DRA Advisors | ||
| Fees to DDR | ||
| Management Fee: | 3.5% of gross retail income | |
| Development Fee: | 5% of hard costs for all improvements | |
| Leasing Fees: | 5% on new leases, 3% on renewals | |
| Commission on Outparcel Sales: | 10% of net sales price |
Capital Structure (in millions) | |||||
| DDR | $ | 4.03 | |||
| DRA Advisors | $ | 4.03 | |||
| Total Capital | $ | 8.1 | |||
| Debt | $ | 17.7 | |||
| Total Debt & Equity | $ | 25.8 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Merriam Town Center Ltd. | |||
| Date Formed: | October, 1996 | |||
| Property Name/Location: | Merriam Town Center — Merriam, KS | |||
| Major Tenants: | Cinemark | OfficeMax | ||
| Dick’s Sporting Goods | Petsmart | |||
| Hen House | Home Depot (not owned) | |||
| Marshalls | ||||
| Partnership Structure | ||||
| Equity Contribution: | 50% — DDR | |||
| 50% — DRA Advisors | ||||
| Cash Flow Distribution: | 50% — DDR | |||
| 50% — DRA Advisors | ||||
| Fees to DDR | ||||
| Management Fee: | 3.5% of gross retail income | |||
| Development Fee: | 5% of hard costs for all improvements | |||
| Leasing Fees: | 5% on new leases, 3% on renewals | |||
| Commission on Outparcel Sales: | 10% of net sales price | |||
Capital Structure (in millions) | |||||
| DDR | $ | 4.3 | |||
| DRA Advisors | 4.3 | ||||
| Total Capital | $ | 8.6 | |||
| Debt | $ | 39.1 | |||
| Total Debt & Equity | $ | 47.7 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDRA Kildeer LLC | |
| Date Formed: | March 28, 2002 | |
| Property Name/Location: | The Shops at Kildeer — Kildeer, IL | |
| Major Tenants: | Bed, Bath & Beyond | |
| Circuit City | ||
| Cost Plus | ||
| Old Navy | ||
| Partnership Structure | ||
| Equity Contribution: | 10% — DDR | |
| 90% — DRA Advisors | ||
| Cash Flow Distribution: | 10% — DDR | |
| 90% — DRA Advisors | ||
| Promote: | After the partners have received distributions equal to their capital contributed, plus a preferred return of 15%, then the Company will receive 35% up to a preferred return of 20%, then 50% of remaining cash after a 20% preferred return has been achieved. | |
| Fees to DDR | ||
| Management Fee: | 3.5% of gross income | |
| Development Fee: | 5% of hard costs for all improvements | |
| Leasing Fees: | 5% on new leases, 3% on renewals | |
| Commission on Outparcel Sales: | 10% of net sales price | |
Capital Structure (in millions) | |||||
| DDR | $ | 0.8 | |||
| DRA Advisors | 6.8 | ||||
| Total Capital | $ | 7.6 | |||
| Debt | $ | 19.5 | |||
| Total Debt & Equity | $ | 27.1 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Lennox Town Center Limited | |
| Date Formed: | February, 1998 | |
| Property Name/Location: | Lennox Town Center Shopping Center — Columbus, OH | |
| Major Tenants: | AMC Theatres Lennox 24 | |
| Barnes & Noble | ||
| Staples | ||
| Target | ||
| Partnership Structure | ||
| Equity Contribution: | 50% — DDR | |
| 50% — Casto Properties | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — Casto Properties | ||
| Fees to DDR | ||
| Management Fee: | 1.312% of all rent | |
| Development Fee: | N/A | |
| Leasing Fees: | N/A | |
| Commission on Outparcel Sales: | N/A |
Capital Structure (in millions) | |||||
| DDR | $ | 0.125 | |||
| Casto Properties | 0.125 | ||||
| Total Capital | $ | 0.25 | |||
| Debt | $ | 19.0 | |||
| Total Debt & Equity | $ | 19.3 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Sun Center Limited | |
| Date Formed: | February, 1998 | |
| Property Name/Location: | Sun Center — Columbus, OH | |
| Major Tenants: | Babies ‘R Us | |
| Big Bear | ||
| Michael’s | ||
| Rhodes Furniture | ||
| Staples | ||
| Stein Mart | ||
| Partnership Structure | ||
| Equity Contribution: | 79.45% — DDR | |
| 20.55% — Casto Properties | ||
| Cash Flow Distribution: | 79.45% — DDR | |
| 20.55% — Casto Properties | ||
| Fees to DDR | ||
| Management Fee: | 1.312% of all rent | |
| Development Fee: | N/A | |
| Leasing Fees: | N/A | |
| Commission on Outparcel Sales: | N/A |
Capital Structure (in millions) | |||||
| DDR | $ | 0.13 | |||
| Casto Properties | $ | 0.03 | |||
| Total Capital | $ | 0.2 | |||
| Payable to DDR | $ | 0.1 | |||
| Debt | $ | 21.1 | |||
| Total Debt & Equity | $ | 21.4 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Continental Sawmill Limited Partnership | |
| Date Formed: | February, 1998 | |
| Property Name/Location: | Dublin Village Center — Columbus, OH | |
| Major Tenant: | AMC Theatre | |
| Partnership Structure | ||
| Equity Contribution: | 80.012% — DDR | |
| 19.988% — Casto Properties | ||
| Cash Flow Distribution: | 80.012% — DDR | |
| 19.988% — Casto Properties | ||
| Fees to DDR | ||
| Management Fee: | 1.312% of all rent | |
| Development Fee: | N/A | |
| Leasing Fees: | N/A | |
| Commission on Outparcel Sales: | N/A |
Capital Structure (in millions) | |||||
| DDR | $ | 13.9 | |||
| Casto Properties | 3.5 | ||||
| Total Capital | $ | 17.4 | |||
| Debt | $ | — | |||
| Total Debt & Equity | $ | 17.4 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Liberty Fair Mall Associates | |||
| Date Formed: | January, 1993 | |||
| Property Name/Location: | Liberty Fair Mall — Martinsville, VA | |||
| Major Tenants: | Belk/Leggetts | Kroger | ||
| Goody’s | OfficeMax | |||
| J.C. Penney | Sears | |||
| Partnership Structure | ||||
| Equity Contribution: | 50% — DDR | |||
| 50% — The Lester Group | ||||
| Cash Flow Distribution: | 50% — DDR | |||
| 50% — The Lester Group | ||||
| Fees to DDR | ||||
| Management Fee: | 3% major tenants/5% retail tenants | |||
| Development Fee: | N/A | |||
| Leasing Fees: | 5% on new leases/3% on renewals | |||
| Commission on Outparcel Sales: | N/A | |||
Capital Structure (in millions) | |||||
| DDR | $ | (3.8 | ) | ||
| The Lester Group | (3.8 | ) | |||
Total Capital (1) | $ | (7.6 | ) | ||
| Payable to DDR | $ | 9.0 | |||
| Debt | $ | 20.0 | |||
| Total Debt & Equity | $ | 21.4 | |||
(1) Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures.
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DOTRS LLC | |
| Date Formed: | September, 1996 | |
| Property Name/Location: | Macedonia Commons — Macedonia, Ohio | |
| Major Tenants: | First National Supermarkets | |
| Kohl’s Department Store | ||
| Wal-Mart (not owned) | ||
| Partnership Structure | ||
| Equity Contribution: | 50% — DDR | |
| 50% — The State Teachers Retirement Board of Ohio | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — The State Teachers Retirement Board of Ohio | ||
| Fees to DDR | ||
| Management Fee: | 5% of gross retail income | |
| Development Fee: | 5% of hard costs for all improvements | |
| Leasing Fees: | 5% on new leases, 3.5% on renewals | |
| Commission on Outparcel Sales: | N/A |
Capital Structure (in millions) | |||||
| DDR | $ | 5.76 | |||
| The State Teachers Retirement Board | 5.76 | ||||
| Total Capital | $ | 11.5 | |||
| Debt | $ | 11.2 | |||
| Total Debt & Equity | $ | 22.7 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDR P&M Aspen Grove Lifestyle Center Properties LLC | |||
| Date Formed: | April 2001 | |||
| Property Name/Location: | Littleton, CO | |||
| Major Tenants: | Ann Taylor | William Sonoma | ||
| The Bombay Company | Coldwater Creek | |||
| Chico’s | Eddie Bauer | |||
| Casual Corner | Talbots | |||
| GAP | Victoria’s Secret | |||
| Banana Republic | Pottery Barn | |||
| Partnership Structure | ||||
| Equity Contribution: | 50% — DDR | |||
| 50% — Poag & McEwen Lifestyle Center — Littleton LLC | ||||
| Cash Flow Distribution: | 50% — DDR | |||
| 50% — Poag & McEwen Lifestyle Center — Littleton LLC | ||||
| Fees to DDR | ||||
| Management Fee: | 3.5% | |||
| Financing Fee: | 1% of construction loan balance | |||
| Development Fee: | 1% of hard costs and architectural & engineering | |||
| Leasing Fees: | N/A | |||
Capital Structure (in millions) | ||||
| DDRC | $ | 1.2 | ||
| Poag & McEwen | 1.2 | |||
| Total Capital | $ | 2.4 | ||
| Payable to DDR | $ | 6.6 | ||
| Debt | $ | 46.1 | ||
| Total Debt & Equity | $ | 55.1 | ||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDRC PDK Salisbury Phase III LLC | |
| Date Formed: | March 2001 | |
| Property Name/Location: | Salisbury, MD | |
| Major Tenants: | Rugged Warehouse | |
| Famous Footwear | ||
| Dress Barn | ||
| Partnership Structure | ||
| Ownership Percentage: | 50% — DDR | |
| 50% — PDK Commons Phase III L.C. | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — PDK Commons Phase III L.C. | ||
| Fees to DDR | ||
| Management Fee: | 4% | |
| Development Fee: | $.75 psf of leasehold improvements | |
| Leasing Fees: | N/A |
Capital Structure (in millions) | ||||
| DDR | $ | 0.137 | ||
| PDK Salisbury LLC | 0.137 | |||
| Total Capital | $ | 0.3 | ||
| Payable to DDR | $ | 0.0 | ||
| Debt | $ | 1.8 | ||
| Total Debt & Equity | $ | 2.1 | ||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Shea and Tatum Associates Limited Partnership | |
| Date Formed: | January 1, 1995 (acquired January 2, 2003) | |
| Property Name/Location: | Paradise Village Gateway — Phoenix, AZ | |
| Major Tenants: | Albertson’s | |
| Bed Bath & Beyond | ||
| Petsmart | ||
| Ross | ||
| Staples |
Partnership Structure | ||
| Equity Contribution: | 67% — DDR | |
| 33% — Churchill Family Trust | ||
| Cash Flow Distribution: | 67% — DDR | |
| 33% — Churchill Family Trust |
Fees to DDR | ||
| Management Fee: | 5% of gross income | |
| Development Fee: | 5% of total costs for all improvements (excluding land) | |
| Leasing Fees (without co-broker): | $3.50 per square foot for spaces < 5,000 square feet | |
| $3.00 per square foot for spaces 5,000 — 10,000 square feet | ||
| $2.50 per square foot for spaces 10,000 — 25,000 square feet | ||
| $2.00 per square foot for spaces 25,000 — 50,000 square feet | ||
| $1.50 per square foot for spaces over 50,000 square feet | ||
| Renewals earn 50% of fees on new leases | ||
| 5.0% on new ground leases on years 1-5 | ||
| Commission on Outparcel Sales: | 5% of gross sales price |
Capital Structure (in millions) | |||||
| DDR | $ | 4.5 | |||
| Churchill Family Trust | 2.3 | ||||
| Total Capital | $ | 6.8 | |||
| Payable to DDR | $ | 0.1 | |||
| Debt | $ | 17.6 | |||
| Total Debt & Equity | $ | 24.5 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Paseo Colorado Holdings LLC | |
| Date Formed: | January 14, 2003 | |
| Property Name/Location: | Paseo Colorado — Pasadena, CA | |
| Major Tenants: | DSW Shoe Warehouse | |
| Equinox Health & Fitness | ||
| Gelson’s Market | ||
| Macy’s | ||
| Pacific Theaters |
Partnership Structure | ||
| Equity Contribution: | 25% — DDR | |
| 75% — Lehman Brothers | ||
| Cash Flow Distribution: | 25% — DDR | |
| 75% — Lehman Brothers | ||
| Promote: | After DDR and Lehman Brothers receive a return of equity and both partners have been allocated an amount equal to a 19% annual return, DDR will receive 50% of available proceeds. |
Fees to DDR | ||
| Management Fee: | 3.5% of gross income | |
| Development Fee: | 3.5% of total costs for all improvements (excluding land) | |
| Leasing Fees: | 6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet) | |
| 4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet) | ||
| 3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet) | ||
| 3.0% on renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
| 2.25% on renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 — 10,000 square feet) | ||
| 1.75% on renewals on years 1-5; 1.0% on remainder of term (spaces 10,000 — 20,000 square feet) | ||
| $2.00 per square foot (spaces > 20,000 square feet) on new leases and renewals | ||
| Commission on Outparcel Sales: | 6.0% of gross sales price up to $500,000 | |
| 5.0% of gross sales price over $500,000 but less than $1,000,000 | ||
| 4.0% of gross sales price over $1,000,000 |
Capital Structure (in millions) | |||||
| DDR | $ | 7.8 | |||
| Lehman Brothers | 23.3 | ||||
| Total Capital | $ | 31.1 | |||
| Debt | $ | 85.0 | |||
| Total Debt & Equity | $ | 116.1 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | KLA/SM L.L.C. (Service Merchandise) | |
| Date Formed: | March, 2002 | |
| Property Name/Location: | The Joint Venture consists of 63 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc., The Joint Venture also owns designation rights to 11 assets for which it has not obtained final title through the bankruptcy court. These assets are in the process of being designated to the Joint Venture. In total, these properties are located in 27 states across the United States. |
Partnership Structure | ||
| Equity Contribution: | 24.63% — DDR | |
| 12.32% — Klaff Realty, L.P. | ||
| 61.58% — Lubert-Adler Funds | ||
| 1.47% — Random Properties Acquisition Corp I | ||
| 12.32% — Klaff Realty, L.P. | ||
| Cash Flow Distribution: | 24.63% — DDR | |
| 12.32% — Klaff Realty, L.P. | ||
| 61.58% — Lubert-Adler Funds | ||
| 1.47% — Random Properties Acquisition Corp I | ||
| Once all partners receive a return of all equity, plus a 12% preferred return thereon, plus $43 million, Service Merchandise will be entitled to share 20% of the excess. The remaining proceeds will be distributed in accordance with the percentages noted. | ||
| Promote: | Once all partners have received a return of all equity, plus a 10% preferred return thereon, DDR will receive 35% of available proceeds. |
Fees to DDR | ||
| Management Fees: | 3.0% of gross revenues | |
| Development Fees: | 4.5% of hard costs for all improvements for all retail tenant leases | |
| 1.5% of hard costs for all non-retail or furniture leases | ||
| Leasing Fees: | $0.94 per square foot for all retail tenant leases | |
| $0.31 per square foot for all non-retail or furniture leases | ||
| Disposition Fees: | .75% of gross sales price for all sales to retail purchasers | |
| .25% of gross sales price for all sales to non-retail or furniture purchasers | ||
Capital Structure (in millions) | |||||
| DDR | $ | 19.6 | |||
| Klaff | 9.8 | ||||
| Lubert-Adler | 49.0 | ||||
| Random Properties Acquisition Corp. I | 1.1 | ||||
| Total Capital | $ | 79.5 | (1) | ||
| Payable to DDR | $ | 0.3 | |||
| Existing Debt | $ | 78.4 | |||
| Debt to be Assumed | $ | 5.7 | (2) | ||
| Total Debt & Equity | $ | 163.9 | |||
| (1) | Total capital includes member equity loans to the joint venture of $41.6 million as of December 31, 2003. |
| (2) | Represents the maximum amount of debt that could be assumed by the Joint Venture concurrent with the designation of the final 11 undesignated properties. |
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Jefferson County Plaza LLC | |
| Date Formed: | July 1999 | |
| Property Name/Location: | Arnold, MO | |
| Major Tenants: | Target (not owned) | |
| Home Depot (not owned) | ||
| Shoe Carnival | ||
| Sally Beauty Supply | ||
| Deal$ |
Partnership Structure | ||
| Equity Contribution: | 50% — DDR | |
| 50% — The Sansone Group (50% owned by DDR) | ||
| Cash Flow Distribution: | 50% — DDR | |
| 50% — The Sansone Group |
Fees to DDR | ||
| Management Fee: | 1.50% | |
| Development Fee: | NA | |
| Leasing Fees: | 2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals |
Capital Structure (in millions) | |||||
| DDRC | $ | (0.06) | |||
| The Sansone Group | (0.06) | ||||
| Total Capital(1) | $ | (0.1) | |||
| Payable to DDR | $ | 3.1 | |||
| Debt | $ | 2.3 | |||
| Total Debt & Equity | $ | 5.3 | |||
| (1) | Basis differentials occur primarily when the Company has purchased an interest in existing joint ventures at fair market values which differ from their proportionate share of the historical net assets of the joint ventures. |
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDR Markaz LLC (Kuwaiti Financial Centre) | |
| Date Formed: | May 2003 | |
| Property Name/Location: | The joint venture consists of the following seven properties: |
| Hilltop Plaza — Richmond, CA | Highland Grove Shopping Center — Highland, IN | |||
| Derby Square — Grove City, OH | Springfield Commons Shopping Center — Toledo, OH | |||
| Oviedo Park — Oviedo, FL | Apple Blossom Corners — Winchester, VA | |||
| North Pointe Plaza — Tampa, FL |
| Major Tenants: | Babies R Us (not owned) | Lowe’s (not owned) | ||
| Barnes & Noble | Marshalls | |||
| Bed Bath & Beyond | Martin’s Food Store | |||
| Big Bear | Michael’s | |||
| Books-A-Million | OfficeMax | |||
| Borders Books (not owned) | Old Navy | |||
| Century Theatre | Petsmart | |||
| Circuit City | Publix | |||
| Gander Mountain | Ross Dress for Less | |||
| Jewel (not owned) | Target (not owned) | |||
| Kohl’s | T.J. Maxx | |||
| Linens ’N Things | Wal-mart (not owned) |
| Partnership Structure | ||
| Equity Contribution: | 80% — Kuwait Financial Centre S.A.K. and Bank of Bahrain and Kuwait B.S.C. (dba as “Markaz”) | |
| 20% — DDR | ||
| Cash Flow Distribution: | 80% — Markaz | |
| 20% — DDR | ||
| Promote (current): | (i) Pro rata in proportion to DDR and Markaz equity interest until both have been allocated an amount equal to a 12% annual return, and (ii) 20% to DDR and 80% to DDR and Markaz in proportion to their equity interest. | |
| Fees to DDR | ||
| Property Management Fee: | 4.0% of revenues | |
| Development Fee: | 5.0% of total costs for all improvements | |
| Asset Management Fee: | 5.5% of net operating income | |
| Leasing Fees (without co-broker): | 6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet) 5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 - 10,000 square feet) 4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 - 20,000 square feet) $2.00 per square foot (spaces > 20,000 square feet) 4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases) Renewals earn 50% of fees on new leases | |
| Commission on Outparcel Sales: | 6.0% of gross sales price up to $500,000 5.0% of gross sales price $500,000 - $1,000,000 4.0% of gross sales price over $1,000,000 |
Capital Structure (in millions) | |||||
| DDR | $ | 12.0 | |||
| Markaz | 47.8 | ||||
| Total Capital | $ | 59.8 | |||
| Payable to DDR | $ | 0.8 | |||
| Debt | $ | 110.0 | |||
| Total Debt & Equity | $ | 170.6 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplemental
For the twelve months ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | Coventry II DDR Ward Parkway LLC | |
| Date Formed: | June 2003 | |
| Property Name/Location: | Kansas City, MO | |
| Major Tenants: | Target (not owned) | |
| Dilliards | ||
| Pier One | ||
| TJ Maxx | ||
| AMC Theater | ||
| 24 Hour Fitness | ||
| Dick’s | ||
| Steinmart |
| Partnership Structure | ||
| Equity Contribution: | 80% — Coventry II | |
| 20% — DDR | ||
| Cash Flow Distribution: | 80% — Coventry II | |
| 20% — DDR |
| Fees to DDR | ||
| Management Fee: | 3% of gross income for stabilized property (95% leased) | |
| 4% of gross income for unstabilized property | ||
| Development Fee: | 5% of all hard and soft costs | |
| Leasing Fees: | 6% on new leases on years 1-5; 3% on remainder of term (spaces < 5,000 square feet) | |
| 4.5% on new leases on years 1-5; 2.25% on remainder of term (spaces 5,000 — 10,000 square feet) | ||
| 3.5% on new leases on years 1-5; 1.75% on remainder of term (spaces 10,000 — 20,000 square feet) | ||
| $2 per square foot (spaces > 20,000 square feet) | ||
| 4% on new leases on years 1-10 (ground lease) | ||
| 3% on new leases on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet; renewals) | ||
| 2.25% on new leases on years 1-5; 1.125% on remainder of term (spaces 5,000 — 10,000 square feet; renewals) | ||
| 1.75% on new leases on years 1-5; 1% on remainder of term (spaces 10,000 — 20,000 square feet; renewals) | ||
| $2 per square foot (spaces > 20,000 square feet; renewals) |
| Capital Structure (in millions) | ||
| Coventry II | $ | 13.8 |
| DDR | 3.5 | |
| Total Capital | $ | 17.3 |
| Debt | $ | 31.5 |
| Total Debt & Equity | $ | 48.8 |
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve month period ended December 31, 2003
Joint Venture Investment Summary
| Joint Venture Name: | DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.) | |
| Date Formed: | November 2003 | |
| Property Name/Location: | The joint ventures consist of the following eleven properties: |
| Carillon Place — Naples, FL | Perimeter Pointe — Atlanta, GA | |||
| Town Center Prado — Marietta, GA | Woodfield Village Green — Schaumburg, IL | |||
| Shopper’s World — Framingham, MA | Fairfax Towne Center — Fairfax, VA | |||
| The Plazas at Great Northern — North Olmsted, OH | Belden Park Crossings — Canton, OH | |||
| Riverdale Village — Coon Rapids, MI | Independence Commons — Independence, MO | |||
| Midway Marketplace — St Paul, MI |
| Major Tenants: | AMC Theatres | Home Depot | PetsMart | |||
| Babies ‘R Us | General Cinema | Publix | ||||
| Barnes & Noble | Jordan Marsh/Federated | Ross Dress for Less | ||||
| Bed Bath & Beyond | Kohl’s | Safeway | ||||
| Best Buy | L.A. Fitness Sports Clubs | Sports Authority | ||||
| Bobs | Linens ‘N Things | TJ Maxx | ||||
| Borders Books | Marc’s | Tower Records | ||||
| Circuit City | Marshalls | Toys ‘R Us | ||||
| Container Store | Michael’s | United Artists Theatre | ||||
| Costco (not owned) | Nordstrom Rack | Winn Dixie | ||||
| Crunch Fitness | Off 5th | Jo-Ann Stores | ||||
| Dick’s Sporting Goods | Office Depot | Old Navy (Gap, Inc.) | ||||
| DSW Shoe Warehouse | OfficeMax | Wal-Mart |
| Partnership Structure | ||||||
| Equity Contribution: | 14.5% — DDR | Cash Flow Distribution: | 14.5% — DDR | |||
| 4.5% — Macquarie Bank Limited (“MBL”) | 4.5% — MBL | |||||
| 81% — Macquarie DDR Trust (“MDT”) | 81% — MDT | |||||
| Promote: | Quarterly Base and Performance special income allocations to DDR and MBL | |||||
| Fees to DDR | ||
| Property Management Fee: | 4.0% of gross revenues | |
| Development Fee: | 5.0% of total costs for all improvements | |
| Leasing Fees (without co-broker): | 6.0% on new leases on years 1-5; 3.0% on remainder of term (spaces < 5,000 square feet) | |
| 5.0% on new leases on years 1-5; 2.5% on remainder of term (spaces 5,000 — 10,000 square feet) | ||
| 4.0% on new leases on years 1-5; 2.0% on remainder of term (spaces 10,000 — 20,000 square feet) | ||
| $2.00 per square foot (spaces > 20,000 square feet) | ||
| 4.0% on new leases on years 1-5; 2.0% on years 6-10 (ground leases) | ||
| Renewals earn 50% of fees on new leases | ||
| Commission on Outparcel Sales: | 6.0% of gross sales price up to $500,000 | |
| 5.0% of gross sales price $500,000 — $1,000,000 | ||
| 4.0% of gross sales price over $1,000,000 | ||
| Sponsor’s Fee | ..5% of MDT’s interest in US LLC assets payable upon the Australian initial public offering | |
| Acquisition Fees | Up to 1.0% gross asset value | |
| Disposition Fee | Market rate up to 1% | |
| Debt Placement Fee | Up to 50bp of the total amount of long term financing | |
| Due Diligence Fee | 12.5bp of MDT’s prorata interest in the purchase price of the acquisition | |
Capital Structure (in millions) | |||||
| DDR | $ | 52.4 | |||
| MBL | 16.3 | ||||
| MDT | 292.7 | ||||
| Total Capital | $ | 361.4 | |||
| Payable to DDR | $ | 0.7 | |||
| Debt | $ | 374.5 | |||
| Total Debt & Equity | $ | 736.6 | |||
Joint Venture Partnership Summaries 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Joint Venture Capital Transactions
Acquisitions, Dispositions, Developments & Expansions
for the Twelve Month Period Ended December 31, 2003
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
| Acquisitions/Transfers | $ | 1,221.7 | (2) | $ | 53.0 | $ | 213.1 | $ | 91.2 | (7) | $ | 96.5 | (9) | |||||||
| Completed Expansions | 9.7 | 9.0 | 2.3 | 6.2 | 3.3 | |||||||||||||||
| Developments & Construction in Progress | 120.1 | 48.6 | 103.7 | 114.7 | 169.0 | |||||||||||||||
| Tenant Improvements & Building Renovations (1) | 0.6 | 1.6 | 4.9 | 1.9 | 1.5 | |||||||||||||||
| Other Real Estate Investments | 0.0 | 161.8 | (4) | 0.0 | 0.0 | 0.0 | ||||||||||||||
| Minority Equity Investment in AIP | 0.0 | 0.0 | (135.0 | )(6) | (2.2 | ) | 42.2 | |||||||||||||
| $ | 1,352.1 | $ | 274.0 | $ | 189.0 | $ | 211.8 | $ | 312.5 | |||||||||||
| Less: Real Estate Sales and Dispositions | ($781.5 | )(3) | ($361.4 | )(4) | ($16.9 | ) | ($115.9 | )(8) | ($26.5 | )(10) | ||||||||||
| Joint Venture Totals (Millions) | $ | 570.6 | ($87.4 | ) | $ | 172.1 | $ | 95.9 | $ | 286.0 | ||||||||||
| (1) | The Company estimates recurring capital expenditures, including tenant improvements, of $.7 million associated with its joint venture portfolio during 2004. | |
| (2) | Balance includes the $87.7 million of equity investments previously held by DD Development Company for shopping centers in Long Beach, CA, Shawnee, KS, Overland Pointe, KS, Olathe, KS and Kansas City, MO. | |
| (3) | In addition to the sales listed in the disposition section, which had an aggregate cost of $167.5 million, this balance includes the disposition of shopping centers located in Dayton and Niles, OH, the sale of an outparcel, the transfer of the Leawood, KS and Suwanee, GA shopping centers to DDR and the rejection of two of the Service Merchandise leases, the aggregate cost of these transactions was $116.6 million. During the fourth quarter the shopping centers located in Coon Rapids, MN, Naples, FL, Atlanta, GA, Marietta, GA, Schaumburg, IL, Framingham, MA and Fairfax, VA, which had an aggregate cost of $379.2 million, were sold to the Macquarie DDR Trust joint venture, and $118.2 million of assets owned by DD Development Company were consolidated into DDR. | |
| (4) | Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement. | |
| (5) | Includes transfers to DDR in the aggregate amounts of $58.7 million, $38.7 million, $25.6 million and $30.6 million relating to shopping centers in Plainville, CT, Independence, MO, Canton, OH and San Antonio, TX, respectively. This amount also includes sales of shopping centers in Denver, CO; Hagerstown, MD; Salem, NH, Eatontown, NJ, Durham, NC and Round Rock, TX and the sales of outlot parcels in Round Rock, TX and San Antonio, TX. | |
| (6) | The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001. | |
| (7) | Includes transfers from DDR to joint ventures in the aggregate amount of $39.6 million relating to a development project in San Antonio, TX, a transfer of a Phoenix, AZ property, and the outparcel land at Round Rock, TX. | |
| (8) | Includes transfers to DDR in the aggregate amount of $76.7 million relating to the Nassau Pavillion development project, two former DDR/Oliver McMillan projects, and Phase II of the Salisbury, MD development project. All of which were previously accounted for through joint ventures. | |
| (9) | Includes a transfer of $20.4 million from DDR relating to the development project in Coon Rapids, MN and the transfer of the 13 remaining Best Products sites from the Retail Value Fund, which had an aggregate cost basis of $43.9 million at December 31, 1999. | |
| (10) | Includes a transfer of the Everett development project to DDR and the Salem development project to DD Development Co. |
Summary of Joint Venture Capital Transactions 5.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Joint Venture Acquisitions
for the Twelve Month Period Ended December 31, 2003
| DDR’s | Joint | |||||||||||||||||||
| Cost | Acquisition | Ownership | Venture | |||||||||||||||||
| Property Location | GLA | (Millions) | Date | Percentage | Partner | |||||||||||||||
| Phoenix, AZ | 296,153 | $ | 27.4 | 1/2/2003 | 67.00 | % | Church Family Trust | |||||||||||||
| Pasadena, CA | 556,163 | $ | 113.6 | 1/16/2003 | 25.00 | % | Lehman Brothers | |||||||||||||
| Suwanee, GA (1) | 306,206 | $ | 32.0 | 3/13/2003 | 49.00 | % | Hendon Properties | |||||||||||||
| JDN Realty Corporation (2) | — | $ | 7.4 | 3/13/2003 | Various | Various | ||||||||||||||
| DDR Markaz LLC | 1,444,251 | $ | 169.3 | 5/9/2003 | 20.00 | % | Markaz | |||||||||||||
| Kansas City, MO | 712,015 | $ | 48.4 | 6/11/2003 | 20.00 | % | Coventry II | |||||||||||||
| Macquarie DDR Trust | 4,853,231 | $ | 735.9 | 11/24/2003 | 14.50 | % | Macquarie Bank Limited | |||||||||||||
| Total | 8,168,019 | $ | 1,134.0 | |||||||||||||||||
| (1) | This joint venture interest was acquired as part of the JDN acquisition and transferred to DDR in April 2003. | |
| (2) | Included in the JDN acquisition was the interest in three joint ventures that own vacant parcels of land held for development or sale. |
Joint Venture Dispositions
for the Twelve Month Period Ended December 31, 2003
| Gross Sale | DDR’s | Joint | ||||||||||||||||||
| Proceeds | Ownership | Venture | ||||||||||||||||||
| Property Location | GLA | (Millions) | Sale Date | Percentage | Partner | |||||||||||||||
| San Diego, CA | 440,228 | $ | 95.0 | 3/27/2003 | 20.00 | % | DRA Advisors | |||||||||||||
| Kansas City, MO | 15,205 | $ | 2.6 | 4/23/2003 | 24.75 | % | Prudential & Coventry Real Estate Partners | |||||||||||||
| St. Louis, MO | 211,045 | $ | 22.0 | 6/19/2003 | 50.00 | % | DRA Advisors | |||||||||||||
| Fullerton, CA | 109,358 | $ | 15.0 | 8/11/2003 | 20.00 | % | Prudential & Coventry Real Estate Partners | |||||||||||||
| Cameron Park, CA | 103,414 | $ | 19.3 | 9/2/2003 | 20.00 | % | Prudential & Coventry Real Estate Partners | |||||||||||||
| Bellingham, WA | 208,422 | $ | 23.6 | 10/15/2003 | 20.00 | % | Prudential & Coventry Real Estate Partners | |||||||||||||
| Service Merchandise locations | 1,174,096 | $ | 55.0 | Various | 25.00 | % | Various | |||||||||||||
| Total | 2,261,768 | $ | 232.5 | |||||||||||||||||
Joint Venture Acquisition and Dispositions 5.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Joint Venture Expansion and Redevelopment Projects
for the Twelve Month Period Ended December 31, 2003
| DDR’s | Joint | |||||||
| Projects Completed | Ownership | Venture | ||||||
| San Ysidro, CA | 20 | % | Prudential Real Estate Investors | Relocation of several small shop tenants in the shopping center to accommodate a 30,000 sf Ross Dress for Less (opened 9/03) and a 31,050 sf Marshall’s (opened 10/03). | ||||
| Shawnee, KS | 24.75 | % | Prudential Real Estate Investors | Relocated tenant to accommodate a 25,000 sf expansion creating a 65,000 sf Price Chopper (opened 5/03). | ||||
| N. Olmsted, OH | 83.75 | % | Hendon Properties | Expansion of existing center to create an additional 16,607 sf of small retail shops, including a Dollar Tree (opened 9/02), and the addition of a 4,500 sf outparcel for the Vitamin Shoppe (11/02). | ||||
| Total Cost (Millions) | $ | 9.7 | ||||||
Projects in Progress | Percentage | |||||||
| Deer Park, IL | 24.75 | % | Poag & McEwen/Prudential Real Estate Investors | Expansion of the existing center to create a 50,000 sf Century Theater (scheduled to open 3rd Quarter of 2004) and to create an additional 23,800 sf of small retail specialty shops and two outparcels. | ||||
| Total Cost (Millions) | $ | 13.9 | ||||||
Projects to Commence | Percentage | |||||||
| Merriam, KS | 50.00 | % | DRA Advisors | Construction will be commencing on the expansion of the 7,300 sf outparcel for additional retail tenants | ||||
| Kansas City, MO | 20.00 | % | Coventry II | Relocation of several small shop tenants in the shopping center to accommodate several mid-size anchors and other retail tenants to be announced. | ||||
Joint Venture Expansions and Redevelopment 5.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Joint Venture Development Projects
for the Twelve Month Period Ended December 31, 2003
| DDR’s | ||||||||||||||||||||||||||
| DDR’s | Joint | Total | Proportionate | Substantial | ||||||||||||||||||||||
| Total | Ownership | Venture | Cost | Cost | Completion | |||||||||||||||||||||
| Projects Substantially Completed | GLA | Percentage | Partner | (Millions) | (Millions) | Date | Major Tenants | |||||||||||||||||||
| Long Beach, CA (CityPlace) (Phase I & II) | 437,840 | 24.75 | % | RVIP | $ | 57.1 | $ | 14.1 | 2002 (Phase I) | Phase I: Wal*Mart, Nordstrom Rack, Ross Dress for Less, Albertson’s, Anna’s Linens and Sav-On | ||||||||||||||||
| 2nd Half 2003 (Phase II) | Phase II: 71,000 square feet of additional small shop retail | |||||||||||||||||||||||||
| Austin, TX | 496,604 | (1) | 12.38 | % | David Berndt Interests/RVIP | $ | 31.0 | $ | 3.8 | 2nd Half 2003 | Target, Toys ‘R Us, Hobby Lobby, Ultimate Electronics, Ross Dress for Less, Linens ‘N Things, PetsMart, Payless Shoe Source, Dress Barn | |||||||||||||||
Projects in Progress | ||||||||||||||||||||||||||
| Jefferson County (St. Louis), MO | 330,051 | (1) | 50.0 | % | Sansone | $ | 9.7 | $ | 4.9 | 2004 | Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty | |||||||||||||||
| Joint Venture Development Totals | 1,264,495 | $ | 97.8 | $ | 22.8 | |||||||||||||||||||||
Notes:
| (1) | Includes square footage which will not be Company owned. |
Joint Venture Developments 5.2
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Joint Venture Development
Assets Placed in Service as of December 31, 2003
| Assets Placed | DDR’s Current | |||||||
| in Service | Proportionate Share | |||||||
| Date | (Millions) | (Millions) | ||||||
| As of December 31, 2002 | $ | 38.3 | $ | 10.1 | ||||
| 1st Quarter 2003 | $ | 1.9 | $ | 0.5 | ||||
| 2nd Quarter 2003 | $ | 4.0 | $ | 1.5 | ||||
| 3rd Quarter 2003 | $ | 24.1 | $ | 3.2 | ||||
| 4th Quarter 2003 | $ | 4.6 | $ | 0.7 | ||||
| During 2004 and Thereafter | $ | 24.9 | $ | 6.8 | ||||
| Total | $ | 97.8 | $ | 22.8 | ||||
Joint Venture Development
Funding Schedule as of December 31, 2003
| DDR’s | JV Partners’ | Proceeds from | ||||||||||||||
| Proportionate | Proportionate | Construction | ||||||||||||||
| Share | Share | Loans | Total | |||||||||||||
| (Millions) | (Millions) | (Millions) | (Millions) | |||||||||||||
| Funded as of December 31, 2003 | $ | 10.0 | $ | 19.8 | $ | 56.7 | $ | 86.5 | ||||||||
| Projected Net Funding During 2004 | 1.5 | 0.0 | 9.8 | 11.3 | ||||||||||||
| Projected Net Funding Thereafter | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
| Total | $ | 11.5 | $ | 19.8 | $ | 66.5 | $ | 97.8 | ||||||||
Joint Venture Development Delivery and Funding Schedules 5.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Joint Venture Debt
as of December 31, 2003
| Mortgage | ||||||||||||||||||
| Property/Entity | Balance (000’s) | Maturity Date | Interest Rate | |||||||||||||||
| RVIP III Long Beach, CA | V | 29,695 | 01/04 | Libor + 170 | ||||||||||||||
| RVIP III B Deer Park, IL | V | 40,000 | 07/04 | Libor + 175 | ||||||||||||||
| V | 10,115 | 07/04 | Libor + 175 | |||||||||||||||
| RVIP VI Kansas City, MO | 18,640 | (1) | ||||||||||||||||
| RVIP VII | F | 78,281 | (2) | |||||||||||||||
| V | 28,804 | (2) | ||||||||||||||||
| RVIP VIII | V | 24,718 | 01/06 | Libor + 175 | ||||||||||||||
| DDRA Community Centers Four San Antonio, TX | V | 30,000 | 10/05 | Libor + 210 | ||||||||||||||
| DDRA Community Centers Five | F | 156,000 | (3) | 10/05 | 6.64 | |||||||||||||
| DDRA Community Centers Seven Ahwatukee, AZ (Phase IV) | F | 9,925 | 01/05 | 8.07 | ||||||||||||||
| DDRA Community Centers Eight Deer Valley, AZ | F | 17,732 | 09/10 | 8.01 | ||||||||||||||
| Merriam Town Center Merriam, KS | V | 30,000 | 06/05 | Libor +205 | ||||||||||||||
| Tax Incremental Financing Obligation | F | 9,075 | 02/16 | 6.90 | ||||||||||||||
| DDRA Kildeer LLC | V | 4,500 | 08/07 | Libor + 180 | ||||||||||||||
| Kildeer, IL | F | 15,000 | 08/07 | 5.64 | ||||||||||||||
| Lennox Town Center Limited Columbus, OH | F | 19,043 | 07/22 | 8.11 | ||||||||||||||
| Sun Center Limited Columbus, OH | F | 5,838 | 05/07 | 8.29 | ||||||||||||||
| F | 15,306 | 04/11 | 8.48 | |||||||||||||||
| Liberty Fair Mall Associates Martinsville,VA | F | 20,041 | 12/09 | 8.46 | ||||||||||||||
| DOTRS LLC Macedonia, OH | V | 11,165 | 09/06 | Libor +100 | ||||||||||||||
| DDR P&M Aspen Grove Littleton, CO | V | 46,100 | 05/04 | Libor +185 | ||||||||||||||
| DDRC PDK Salisbury Phase III LLC Salisbury, MD | F | 1,857 | 04/06 | 7.61 | ||||||||||||||
Summary of Joint Venture Debt 5.3
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Joint Venture Debt
as of December 31, 2003 (continued)
| Mortgage | ||||||||||||||||||
| Property/Entity | Balance (000’s) | Maturity Date | Interest Rate | |||||||||||||||
| KLA/SM LLC | V | 48,674 | 07/04 | Libor + 350 | ||||||||||||||
| F | 12,750 | 11/13 | 6.2555 | |||||||||||||||
| F | 16,940 | 10/13 | 6.365 | |||||||||||||||
| Jefferson County Plaza, LLC Arnold, MO | V | 2,288 | 05/05 | Libor + 175 | ||||||||||||||
| Paradise Village Gateway Phoenix, AZ | F | 17,630 | 05/07 | 7.78 | ||||||||||||||
| Paseo Colorado Holdings Pasadena, CA | F | 55,000 | 02/06 | 5.78 | ||||||||||||||
| V | 30,000 | 02/06 | 4.45 | |||||||||||||||
| DDR Markaz | F | 110,000 | (4) | 06/08 | 4.129 | |||||||||||||
| DDR Ward Parkway | V | 31,500 | 08/06 | Libor + 240 | ||||||||||||||
| DDR Maquarie CRRV Perimeter One & Two | V | 42,000 | 02/06 | 6.625 | ||||||||||||||
| DDR Maquarie | F | 290,500 | 11/08 | 4.225 | ||||||||||||||
| DDR Maquarie $100 Million Revolving Credit Facility | V | 42,000 | 11/05 | 2.516 | ||||||||||||||
| $1,321,117 | ||||||||||||||||||
Notes:
| (1) | Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.625% and maturity dates ranging from September, 2005 to November, 2007. | |
| (2) | Encumbers seven shopping center properties located in California and Washington with mortgage interest rates ranging from 6.60% to 9.50% and maturity dates ranging from March, 2004 to March, 2022. | |
| (3) | Encumbers six shopping center properties as follows: |
| Ahwatukee, AZ Phoenix, AZ Eagan, MN | Maple Grove, MN Portland, OR Fort Worth, TX | |
| (4) | Encumbers seven shopping center properties as follows: |
| Oviedo, FL Richmond, CA Toledo, OH Grove City, OH | Tampa, FL Highland, IN Winchester, VA |
Summary of Joint Venture Debt 5.3
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Pro Rata Joint Venture Debt
as of December 31, 2003
| DDR’s | DDR’s | |||||||
| Pro Rata | Pro Rata | |||||||
| Joint Venture | Interest | Debt (000’s) | ||||||
| RVIP III Long Beach | 24.7500 | % | 7,349 | |||||
| RVIP III B | 12.3750 | % | 6,202 | |||||
| RVIP VI | 24.7500 | % | 4,614 | |||||
| RVIP VII | 20.0000 | % | 21,417 | |||||
| RVIP VIII | 12.3750 | % | 3,059 | |||||
| DDRA Comm Ctr Four | 35.0000 | % | 10,500 | |||||
| DDRA Comm Ctr Five | 50.0000 | % | 78,000 | |||||
| DDRA Comm Ctr Seven | 50.0000 | % | 4,962 | |||||
| DDRA Comm Ctr Eight | 50.0000 | % | 8,866 | |||||
| Merriam Town Center | 50.0000 | % | 19,538 | |||||
| DDRA Kildeer, LLC | 10.0000 | % | 1,950 | |||||
| Lennox Town Center | 50.0000 | % | 9,521 | |||||
| Sun Center | 79.4500 | % | 16,799 | |||||
| Liberty Fair | 50.0000 | % | 10,021 | |||||
| DOTRS LLC | 50.0000 | % | 5,583 | |||||
| DDR P&M Aspen Grove | 50.0000 | % | 23,050 | |||||
| DDRC PDK Salisbury | 50.0000 | % | 928 | |||||
| KLA/SM LLC | 24.6300 | % | 19,301 | |||||
| Jefferson County Plaza | 50.0000 | % | 1,144 | |||||
| Paradise Village Gateway | 67.0000 | % | 11,812 | |||||
| Paseo Colorado Holdings | 25.0000 | % | 21,250 | |||||
| DDR Markaz | 20.0000 | % | 22,000 | |||||
| DDR Ward Parkway | 20.0000 | % | 6,300 | |||||
| DDR Maquarie | 14.5000 | % | 6,090 | |||||
| DDR Maquarie | 14.5000 | % | 42,123 | |||||
| DDR Maquarie Revolving Credit Facility | 14.5000 | % | 6,090 | |||||
| Total | $ | 368,468 | ||||||
Summary of Joint Venture Debt 5.4
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Summary of Joint Venture Mortgage Principal Payments
as of December 31, 2003
(000’s)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||||||||||||||||||||||
| JOINT VENTURE | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Thereafter | Total | ||||||||||||||||||||||||||||||||||||
| RVIP III (Long Beach, CA) | 29,695 | 29,695 | ||||||||||||||||||||||||||||||||||||||||||||||
| RVIP III B (Deer Park) | 50,115 | 50,115 | ||||||||||||||||||||||||||||||||||||||||||||||
| RVIP VI (Kansas City) | 18,640 | 18,640 | ||||||||||||||||||||||||||||||||||||||||||||||
| RVIP VII | 42,369 | 1,751 | 1,901 | 8,747 | 1,916 | 2,092 | 2,272 | 2,468 | 2,671 | 2,911 | 37,985 | 107,085 | ||||||||||||||||||||||||||||||||||||
| RVIP VIII | 24,718 | 24,718 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDRA Community Centers Four | 30,000 | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDRA Community Centers Five | 156,000 | 156,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDRA Community Centers Seven | 89 | 9,836 | 9,925 | |||||||||||||||||||||||||||||||||||||||||||||
| DDRA Community Centers Eight | 166 | 184 | 200 | 217 | 231 | 255 | 16,479 | 17,732 | ||||||||||||||||||||||||||||||||||||||||
| Merriam Town Center | 30,000 | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| Merriam TIF | 9,075 | 9,075 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDRA Kildeer, LLC (Kildeer, IL) | 19,500 | 19,500 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lennox Town Center Limited | 459 | 498 | 540 | 585 | 635 | 688 | 746 | 809 | 877 | 950 | 12,256 | 19,043 | ||||||||||||||||||||||||||||||||||||
| Sun Center Limited | ||||||||||||||||||||||||||||||||||||||||||||||||
| Principal Mutual Life Ins Co | 406 | 442 | 480 | 523 | 569 | 619 | 674 | 11,594 | 15,306 | |||||||||||||||||||||||||||||||||||||||
| W. Lyman Case & Co | 156 | 170 | 184 | 5,328 | 5,838 | |||||||||||||||||||||||||||||||||||||||||||
| Liberty Fair Mall Associates | 182 | 203 | 221 | 241 | 258 | 18,936 | 20,041 | |||||||||||||||||||||||||||||||||||||||||
| DOTRS LLC | ||||||||||||||||||||||||||||||||||||||||||||||||
| National City Bank | 428 | 453 | 10,285 | 11,165 | ||||||||||||||||||||||||||||||||||||||||||||
| DDR P&M Aspen Grove (Littleton) | 46,100 | 46,100 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDRC PDK Salisbury Phase III | 1,857 | 1,857 | ||||||||||||||||||||||||||||||||||||||||||||||
| KLA/SM LLC | 48,674 | 29,690 | 78,364 | |||||||||||||||||||||||||||||||||||||||||||||
| Jefferson County Plaza LLC | 2,288 | 2,288 | ||||||||||||||||||||||||||||||||||||||||||||||
| Paradise Village Gateway | 276 | 298 | 323 | 16,733 | 17,630 | |||||||||||||||||||||||||||||||||||||||||||
| Paseo Colorado Holdings | 85,000 | 85,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDR Markaz | 110,000 | 110,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDR Ward Parkway | 31,500 | 31,500 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDR Macquarie | 42,000 | 42,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDR Macquarie | 290,500 | 290,500 | ||||||||||||||||||||||||||||||||||||||||||||||
| DDR Macquarie Revolving Credit Facility | 42,000 | 42,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total — Debt | 219,115 | 274,124 | 199,209 | 70,514 | 404,109 | 22,590 | 20,171 | 14,870 | 3,548 | 33,552 | 59,317 | 1,321,117 | ||||||||||||||||||||||||||||||||||||
Summary of Joint Venture Mortgage Principal Payments 5.5
 | Run Date: 01/29/2004 Time: 12:02:15PM Page 1 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| Alabama | ||||||||||||||||||||||||||||||||||||||||
| 1 | BIRMINGHAM, AL (BROOK) | BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH | 35242 | SC | 1994 | 1994 | 100.00 | % | 421,793 | $ | 3,784,645 | $ | 9.21 | 97.4 | % | WINN DIXIE STORES #417(2014), RHODES#3029/MARKS FITZGERALD(2004), GOODY’S #165(2004), REGAL CINEMAS, INC.(2014), STEIN MART#67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION-4(2005), ROSS STORES, INC.(2014), LOWES HOME CENTERS(NOT OWNED) | ||||||||||||||||||||||||
| 2 | BIRMINGHAM, AL (EASTWOOD) | EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD | 35210 | SC | 1989 | 1995 | 100.00 | % | 301,074 | $ | 1,796,796 | $ | 8.00 | 74.6 | % | OFFICE DEPOT #43(2004), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED) | ||||||||||||||||||||||||
| 3 | BIRMINGHAM, AL (RIVERCHASE) | RIVERCHASE PROMENADE MONTGOMERY HIGHWAY | 35244 | SC | 1989 | 2002 | 100.00 | % | 98,016 | $ | 1,240,811 | $ | 14.80 | 85.6 | % | MARSHALL’S #411(2006), GOODY’S(NOT OWNED), TOY’S R US(NOT OWNED), KID’S R US(NOT OWNED) | ||||||||||||||||||||||||
| 4 | GADSDEN, AL | EAST SIDE PLAZA 3010-3036 E. MEIGHAN BOULEVARD | 35903 | SC | 1979 | 2003 | 100.00 | % | 85,340 | $ | 126,942 | $ | 5.87 | 25.4 | % | FOOD WORLD(NOT OWNED) | ||||||||||||||||||||||||
| 5 | OPELIKA, AL | PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP | 36801 | SC | 1995 | 2003 | 100.00 | % | 306,224 | $ | 1,685,065 | $ | 5.73 | 96.0 | % | Lowe’s (Dark) #0398(2012), Winn-Dixie #409(2013), Wal-Mart (Dark) #355(2013), Goody’s 20921 - # 121(2010) | ||||||||||||||||||||||||
| 6 | SCOTTSBORO, AL | SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY | 35766 | SC | 1999 | 2003 | 100.00 | % | 40,560 | $ | 426,948 | $ | 10.53 | 100.0 | % | Goody’s #55(2011), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| Arizona | ||||||||||||||||||||||||||||||||||||||||
| 7 | AHWATUKEE, AZ | FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD | 85044 | SC | 1996 | 1997 | 50.00 | % | 647,904 | $ | 9,253,637 | $ | 14.68 | 97.3 | % | BASSETT FURNITURE(2010), ASHLEY HOMESTORES(2011), STEIN MART # 106 (2011), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), BABIES R US #5670(2007), ROSS STORES, INC. #369(2007), OFFICEMAX #743(2012), JOANN, ETC. #1917(2010), BEST BUY # 177 (2014) | ||||||||||||||||||||||||
| 8 | PHOENIX, AZ | PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS | 85028 | SC | 1997 | 2003 | 67.00 | % | 223,243 | $ | 3,552,234 | $ | 16.66 | 95.5 | % | BED BATH & BEYOND(2011), ROSS(2007), PETSMART(2015), STAPLES # 0395 (2005), ALBERTSONS-OSCO DRUG(NOT OWNED) | ||||||||||||||||||||||||
| 9 | PHOENIX, AZ (DEER VALLEY) | DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY | 85027 | SC | 1996 | 1999 | 50.00 | % | 197,009 | $ | 2,905,120 | $ | 14.75 | 100.0 | % | ROSS STORES #412(2009), OFFICEMAX #739 (2013), PETSMART #1333(2014), MICHAELS #9922 (2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED) | ||||||||||||||||||||||||
| 10 | PHOENIX, AZ (PEORIA) | ARROWHEAD CROSSING 7553 WEST BELL ROAD | 85382 | SC | 1995 | 1996 | 50.00 | % | 346,430 | $ | 4,027,986 | $ | 11.96 | 97.2 | % | STAPLES #289 (2009), COMP USA#318(2013), MAC FRUGAL’S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162 -1(2005), CIRCUIT CITY — #3362-1(2016), OSHMAN’S SPORTING GOODS, #690(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS #427-1(2011), FRY’S(NOT OWNED) | ||||||||||||||||||||||||
| Arkansas | ||||||||||||||||||||||||||||||||||||||||
| 11 | FAYETTEVILLE, AR | SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD | 72703 | SC | 1997 | 1997 | 100.00 | % | 262,827 | $ | 2,902,415 | $ | 11.04 | 100.0 | % | T.J. MAXX #159(2005), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #6169(2005), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME EPOT(NOT OWNED) | ||||||||||||||||||||||||
| 12 | FAYETTEVILLE, AR (STEELE) | STEELE CROSSING 3533-3595 N. SHILOH DR | 72703 | SC | 2001 | 2003 | 100.00 | % | 41,249 | $ | 552,163 | $ | 13.39 | 100.0 | % | KOHL’S(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| *1. Property Developed by the Company | * SC — Shopping Center | |
| *2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 2 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 13 | N. LITTLE ROCK, AR | MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD | 72117 | SC | 1991 | 1994 | 100.00 | % | 270,878 | $ | 1,575,117 | $ | 6.40 | 90.8 | % | BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014), SPORTS AUTHORITY(2013) | ||||||||||||||||||||||||
| 14 | RUSSELLVILLE, AR | VALLEY PARK CENTRE 3093 EAST MAIN STREET | 72801 | SC | 1992 | 1994 | 100.00 | % | 272,245 | $ | 1,751,291 | $ | 6.57 | 97.9 | % | WAL-MART STORES #58(2011), STAGE #301(2005), J.C. PENNEY #351(2012) | ||||||||||||||||||||||||
| California | ||||||||||||||||||||||||||||||||||||||||
| 15 | CITY OF INDUSTRY, CA | PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE | 91748 | SC | 1987 | 2001 | 20.00 | % | 518,938 | $ | 6,370,020 | $ | 13.90 | 88.3 | % | MILLER’S OUTPOST/HUB DIST#334(2008), OFFICE DEPOT, INC.(2012) | ||||||||||||||||||||||||
| 16 | LANCASTER, CA | VALLEY CENTRAL — DISCOUNT 44707-44765 VALLEY CENTRAL WAY | 93536 | SC | 1990 | 2001 | 20.00 | % | 336,403 | $ | 3,654,805 | $ | 11.05 | 98.4 | % | WAL-MART #1563(2010), MOVIES 12/CINEMARK(2017), MICHAEL’S #3541(2005), MARSHALLS #375(2007), CIRCUIT CITY #411(2011), STAPLES #88(2008), COSTCO(NOT OWNED) | ||||||||||||||||||||||||
| 17 | LONG BEACH, CA | CITY PLACE 451 LONG BEACH BLVD | 90802 | SC | 2002 | 1 * | 24.75 | % | 267,670 | $ | 3,899,248 | $ | 14.57 | 100.0 | % | NORDSTROM, INC.(2012), ROSS STORES, INC(2013), WAL-MART #2949(2022), ALBERTSON’S(NOT OWNED) | ||||||||||||||||||||||||
| 18 | MISSION VIEJO, CA | OLYMPIAD PLAZA 23002-23072 ALICIA PARKWAY | 92691 | SC | 1989 | 2001 | 20.00 | % | 45,600 | $ | 1,277,009 | $ | 28.47 | 98.4 | % | |||||||||||||||||||||||||
| 19 | OCEANSIDE, CA | OCEAN PLACE CINEMAS 401-409 MISSION AVENUE | 92054 | SC | 2000 | 1 * | 100.00 | % | 80,450 | $ | 1,083,136 | $ | 15.72 | 85.7 | % | REGAL CINEMAS(2014) | ||||||||||||||||||||||||
| 20 | PASADENA, CA | PASEO COLORADO EAST COLORADO BOULEVARD | 91101 | LC | 2001 | 2003 | 25.00 | % | 556,163 | $ | 11,957,305 | $ | 22.77 | 94.4 | % | GELSON’S MARKET(2021), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. | ||||||||||||||||||||||||
| CORP(2016), DSW SHOE WAREHOUSE(2011), J JILL(2012), CAFE MED/BRICE(2011), DELMONICOS SEAFOOD(2012), P.F. CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011) | ||||||||||||||||||||||||||||||||||||||||
| 21 | PLEASANT HILL, CA | DOWNTOWN PLEASANT HILL TRELAHY AND CRESCENT ROADS | 94523 | SC | 1999 | 2001 | 20.00 | % | 347,647 | $ | 6,133,487 | $ | 19.13 | 92.2 | % | ALBERTSON’S(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND(2010), ROSS STORES, INC(2010) | ||||||||||||||||||||||||
| 22 | RICHMOND, CA (HILLTOP) | HILLTOP PLAZA 3401 BLUME DRIVE | 94806 | SC | 1997 | 2002 | 20.00 | % | 245,774 | $ | 3,673,252 | $ | 14.95 | 100.0 | % | OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016) | ||||||||||||||||||||||||
| 23 | RICHMOND, CA | RICHMOND CITY CENTER MACDONALD AVENUE | 94801 | SC | 1993 | 2001 | 20.00 | % | 76,692 | $ | 1,060,689 | $ | 15.35 | 90.1 | % | FOOD 4 LESS/FOODSCO(2013) | ||||||||||||||||||||||||
| 24 | SAN FRANCISCO, CA (RETAIL) | VAN NESS PLAZA 215 1000 VAN NESS AVENUE | 94109 | SC | 1998 | 2002 | 100.00 | % | 123,755 | $ | 4,447,308 | $ | 35.94 | 100.0 | % | AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008) | ||||||||||||||||||||||||
| 25 | SAN YSIDRO, CA | SAN YSIDRO VILLAGE CAMINO DE LA PLAZA | 92173 | SC | 1988 | 2001 | 20.00 | % | 162,932 | $ | 1,546,132 | $ | 13.44 | 70.6 | % | ROSS DRESS FOR LESS(2014), MARSHALLS(2013), K-MART(NOT OWNED) | ||||||||||||||||||||||||
| Colorado | ||||||||||||||||||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
Property Listing 7.1
* Does Not Include Service Merchandise Interests
| Run Date: 01/29/2004 Time: 12:02:15PM Page 3 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 26 | ALAMOSA, CO | ALAMOSA PLAZA 145 CRAFT DRIVE | 81101 | SC | 1986 | 2 * | 100.00 % | 19,875 | $ | 93,201 | $ | 7.75 | 60.5 | % | CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED) | |||||||||||||||||||||||||
| 27 | AURORA, CO | PIONEER HILLS 5400-5820 SOUTH PARKER | 80012 | SC | 2002 | 2003 | 100.00 % | 127,643 | $ | 2,140,430 | $ | 16.77 | 100.0 | % | BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED) | |||||||||||||||||||||||||
| 28 | BROOMFIELD, CO | FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE | 80021 | SC | 2001 | 2003 | 100.00 % | 245,217 | $ | 4,953,905 | $ | 20.33 | 99.3 | % | BEST BUY(2016), OFFICE DEPOT(2016), GREAT INDOORS(NOT OWNED), NORDSTROM(2011), LINENS N THINGS(2017) | |||||||||||||||||||||||||
| 29 | DENVER, CO | TAMARAC SQUARE 7777 E. HAMPDEN | 80231 | SC | 1976 | 2001 | 100.00 % | 174,780 | $ | 1,665,060 | $ | 13.07 | 72.9 | % | MADSTONE THEATRES(2007), The Gap, Inc.(2004) | |||||||||||||||||||||||||
| 30 | DENVER, CO (CENTENNIAL) | CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD | 80223 | SC | 1997 | 1997 | 100.00 % | 408,515 | $ | 6,208,174 | $ | 15.77 | 96.4 | % | GOLFSMITH GOLF CENTER(2007), SOUNDTRACK(2017), ROSS DRESS FOR LESS #388(2008), OFFICEMAX #686(2012), MICHAEL’S #9710(2007), TOYS R US#9540(2011), BORDERS #163(2017), LOEHMANN’S R.E. HOLDINGS, INC.(2012), AMERICAN FURNITURE WARHOUSE(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED) | |||||||||||||||||||||||||
| 31 | DENVER, CO (UNIVERSITY) | UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD | 80222 | SC | 1997 | 2003 | 100.00 % | 244,383 | $ | 4,036,345 | $ | 16.52 | 100.0 | % | Linens N Things #119(2013), Pier One Imports(2014), Officemax #416(2012), King Soopers/Krogers(2017) | |||||||||||||||||||||||||
| 32 | LITTLETON, CO (DEV) | ASPEN GROVE 7301 SOUTH SANTAFE | 80120 | LC | 2002 | 1 * | 50.00 % | 247,504 | $ | 6,682,458 | $ | 27.15 | 99.4 | % | COLDWATER CREEK(2011), TALBOTS(2012), ANN TAYLOR(2012), J. CREW(2012), BANANA REPUBLIC(2012), GAP(2012), WILLIAMS-SONOMA(2014), J. JILL(2012), BOMBAY COMPANY(2012), POTTERY BARN(2014), PIER IMPORTS(2011), JOSEPH A. BANK CLOTHIERS(2012), BUCA di BEPPO (2013), CHAMPPS(2022) | |||||||||||||||||||||||||
| 33 | PARKER, CO | PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD | 80134 | SC | 2001 | 2003 | 100.00 % | 81,809 | $ | 1,388,237 | $ | 16.97 | 100.0 | % | Office Depot #2165(2016), IHOP(2022), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED) | |||||||||||||||||||||||||
| 34 | TRINIDAD, CO | TRINIDAD PLAZA HWY 239 @ 125 FRONTAGE ROAD | 81082 | SC | 1986 | 2 * | 100.00 % | 63,836 | $ | 170,958 | $ | 5.11 | 52.4 | % | BIG “R”(NOT OWNED) | |||||||||||||||||||||||||
| Connecticut | ||||||||||||||||||||||||||||||||||||||||
| 35 | PLAINVILLE, CT | CONNECTICUT COMMONS I-84 & RTE 9 | 06062 | SC | 1999 | 1 * | 100.00 % | 465,453 | $ | 4,199,112 | $ | 11.40 | 79.2 | % | LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), A.C. MOORE(2014), OLD NAVY #6187(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), LOEW’S THEATRE(NOT OWNED) | |||||||||||||||||||||||||
| 36 | WATERBURY, CT | KMART PLAZA 899 WOLCOTT STREET | 06705 | SC | 1973 | 2 * | 100.00 % | 124,310 | $ | 417,500 | $ | 3.36 | 100.0 | % | K MART #3152(2003), JO-ANN STORES #0254(2010) | |||||||||||||||||||||||||
| Florida | ||||||||||||||||||||||||||||||||||||||||
| 37 | BAYONET POINT, FL | POINT PLAZA US 19 & SR 52 | 34667 | SC | 1985 | 2 * | 100.00 % | 209,720 | $ | 1,341,102 | $ | 6.39 | 100.0 | % | PUBLIX SUPER MARKETS #295(2005), BEALL’S #11(2014), T.J. MAXX #794(2010) | |||||||||||||||||||||||||
| 38 | BRANDON, FL | KMART SHOPPING CENTER 1602 BRANDON BL | 33511 | SC | 1972 | 2 * | 100.00 % | 161,900 | $ | 513,665 | $ | 3.23 | 98.4 | % | K MART #4311(2007), KANE FURNITURE(NOT OWNED) | |||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 4 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||
| 39 | BRANDON, FL (PLAZA) | LAKE BRANDON PLAZA CAUSEWAY BOULEVARD | 33511 | SC | 1999 | 2003 | 100.00 % | 148,267 | $ | 1,676,952 | $ | 11.31 | 100.0 | % | Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix(2019), BABIES R US(NOT OWNED) | |||||||||||||||||||||||
| 40 | BRANDON, FL (VILLAGE) | LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD | 33511 | SC | 1997 | 2003 | 100.00 % | 113,548 | $ | 1,412,038 | $ | 12.44 | 100.0 | % | Linens ‘N Things #496(2014), The Sports Authority #213(2018), LOWE’S(NOT OWNED) | |||||||||||||||||||||||
| 41 | CRYSTAL RIVER, FL | CRYSTAL RIVER PLAZA 420 SUN COAST HWY | 33523 | SC | 1986 | 2 * | 100.00 % | 160,190 | $ | 880,293 | $ | 5.54 | 99.2 | % | BEALL’S #38 -4(2012), BEALL’S OUTLET(2006), SCOTTY’S #130(2008) | |||||||||||||||||||||||
| 42 | DAYTONA BEACH, FL | VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY | 32114 | SC | 1984 | 2001 | 100.00 % | 76,087 | $ | 924,334 | $ | 12.34 | 98.4 | % | TJMF, Inc.(2004), Marshalls of MA, Inc.(2005) | |||||||||||||||||||||||
| 43 | FERN PARK, FL | FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH | 32720 | SC | 1970 | 2 * | 100.00 % | 16,000 | $ | 131,000 | $ | 8.19 | 100.0 | % | ||||||||||||||||||||||||
| 44 | GULF BREEZE, FL | GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY | 32561 | SC | 1998 | 2003 | 100.00 % | 29,827 | $ | 448,894 | $ | 15.68 | 96.0 | % | LOWE’S(NOT OWNED), WAL-MART(NOT OWNED) | |||||||||||||||||||||||
| 45 | JACKSONVILLE, FL | JACKSONVILLE REGIONAL 3000 DUNN AVENUE | 32218 | SC | 1988 | 1995 | 100.00 % | 219,735 | $ | 1,338,574 | $ | 6.44 | 94.6 | % | J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009) | |||||||||||||||||||||||
| 46 | MARIANNA, FL | THE CROSSROADS 2814-2822 HIGHWAY 71 | 32446 | SC | 1990 | 2 * | 100.00 % | 63,894 | $ | 426,305 | $ | 7.07 | 94.4 | % | BEALL’S #54 -4(2005), WAL-MART(NOT OWNED) | |||||||||||||||||||||||
| 47 | MELBOURNE, FL | MELBOURNE SHOPPING CENTER 750-850 APOLLO BOULEVARD | 32935 | SC | 1978 | 2 * | 100.00 % | 121,913 | $ | 130,913 | $ | 4.02 | 26.7 | % | ||||||||||||||||||||||||
| 48 | NAPLES, FL | CARILLON PLACE 5010 AIRPORT ROAD NORTH | 33942 | SC | 1994 | 1995 | 14.50 % | 267,808 | $ | 3,062,172 | $ | 11.43 | 100.0 | % | WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2005), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010) | |||||||||||||||||||||||
| 49 | OCALA, FL | OCALA WEST 2400 SW COLLEGE ROAD | 32674 | SC | 1991 | 2003 | 100.00 % | 101,438 | 671,540 | $ | 7.09 | 93.4 | % | The Sports Authority(2012), Winn-Dixie #2284(2004) | ||||||||||||||||||||||||
| 50 | ORMOND BEACH, FL | ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD | 32174 | SC | 1993 | 1994 | 100.00 % | 234,045 | $ | 1,959,411 | $ | 8.39 | 99.8 | % | BEALL’S #60(2018), BEALL’S #89(2004), PUBLIX SUPER MARKETS #446(2013) | |||||||||||||||||||||||
| 51 | OVIEDO, FL | OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD | 32765 | SC | 1999 | 1 * | 20.00 % | 186,212 | $ | 1,908,262 | $ | 10.25 | 100.0 | % | OFFICEMAX #531(2014), ROSS DRESS FOR LESS(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS(2011), LOWE’S(NOT OWNED) | |||||||||||||||||||||||
| 52 | PALM HARBOR, FL | THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD | 34685 | SC | 1990 | 1995 | 100.00 % | 52,395 | $ | 864,093 | $ | 16.94 | 97.3 | % | ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED) | |||||||||||||||||||||||
| 53 | PENSACOLA, FL | PALAFOX SQUARE 8934 PENSACOLA BLVD | 32534 | SC | 1988 | 1 * | 100.00 % | 17,150 | $ | 220,962 | $ | 12.88 | 100.0 | % | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 5 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 54 | PENSACOLA, FL (MARKET) | PENSACOLA MARKETPLACE W. FAIRFIELD DRIVE | 32505 | SC | 2000 | 2003 | 100.00 | % | 55,795 | $ | 0 | $ | 0.00 | 0.0 | % | |||||||||||||||||||||||||
| 55 | SPRING HILL, FL | MARINER SQUARE 13050 CORTEZ BLVD | 34613 | SC | 1988 | 2 * | 100.00 | % | 188,924 | $ | 1,463,727 | $ | 7.94 | 97.6 | % | BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED) | ||||||||||||||||||||||||
| 56 | TALLAHASSEE, FL | CAPITAL WEST 4330 WEST TENNESSEE STREET | 32312 | SC | 1994 | 2003 | 100.00 | % | 21,400 | $ | 154,264 | $ | 10.02 | 72.0 | % | WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 57 | TAMPA, FL (DALE) | NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY | 33618 | SC | 1990 | 2 * | 20.00 | % | 104,460 | $ | 1,210,789 | $ | 11.84 | 97.9 | % | PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED) | ||||||||||||||||||||||||
| 58 | TAMPA, FL (WATERS) | TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE | 33634 | SC | 1990 | 2 * | 100.00 | % | 134,366 | $ | 1,130,666 | $ | 8.52 | 98.8 | % | BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED) | ||||||||||||||||||||||||
| 59 | TARPON SPRINGS, FL | TARPON SQUARE 41232 U.S. 19, NORTH | 34689 | SC | 1974 | 2 * | 100.00 | % | 198,797 | $ | 1,383,917 | $ | 6.96 | 100.0 | % | K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013) | ||||||||||||||||||||||||
| 60 | WEST PASCO, FL | PASCO SQUARE 7201 COUNTY ROAD 54 | 34653 | SC | 1986 | 2 * | 100.00 | % | 135,421 | $ | 934,420 | $ | 7.40 | 93.2 | % | BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED) | ||||||||||||||||||||||||
| Georgia | ||||||||||||||||||||||||||||||||||||||||
| 61 | ATHENS, GA | ATHENS EAST 4375 LEXINGTON ROAD | 30605 | SC | 2000 | 2003 | 100.00 | % | 24,000 | $ | 342,252 | $ | 14.26 | 100.0 | % | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 62 | ATLANTA, GA (DULUTH) | PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD | 30136 | SC | 1990 | 1994 | 100.00 | % | 99,025 | $ | 1,319,949 | $ | 14.34 | 92.9 | % | OFFICE DEPOT #076-2(2005), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 63 | ATLANTA, GA (PERIMETER) | PERIMETER POINTE 1155 MT. VERNON HIGHWAY | 30136 | SC | 1995 | 1995 | 14.50 | % | 343,155 | $ | 5,018,873 | $ | 14.63 | 100.0 | % | STEIN MART #092(2010), BABIES R US, #8892(2007), THE SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015) | ||||||||||||||||||||||||
| 64 | CANTON, GA (RIVERPLACE) | RIVERPLACE 104-150 RIVERSTONE PARKWAY | 30114 | SC | 1983 | 2003 | 100.00 | % | 127,853 | $ | 964,572 | $ | 7.81 | 96.6 | % | Staples #796(2014), Ingles # 96(2019) | ||||||||||||||||||||||||
| 65 | CANTON, GA (RIVERPOINTE) | RIVER POINTE 1550-1558 RIVERSTONE PARKWAY | 30114 | SC | 1996 | 2003 | 100.00 | % | 39,000 | $ | 560,226 | $ | 14.36 | 100.0 | % | WALMART(NOT OWNED) | ||||||||||||||||||||||||
| 66 | CARTERSVILLE, GA | FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S | 30120 | SC | 1984 | 2003 | 100.00 | % | 112,240 | $ | 853,574 | $ | 7.70 | 98.8 | % | Ross Dress For Less(2013), Ingles #76(2019) | ||||||||||||||||||||||||
| 67 | CHAMBLEE, GA | CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD | 30341 | SC | 1976 | 2003 | 100.00 | % | 175,969 | $ | 1,265,778 | $ | 9.23 | 77.9 | % | Save Rite #1845(2006) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 6 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 68 | COLUMBUS, GA | BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB | 31904 | SC | 1999 | 2003 | 100.00 | % | 119,786 | $ | 1,286,041 | $ | 10.74 | 100.0 | % | Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 69 | CUMMING, GA | CUMMING MARKETPLACE MARKETPLACE BOULEVARD | 30041 | SC | 1997 | 2003 | 100.00 | % | 318,695 | $ | 3,657,406 | $ | 11.48 | 100.0 | % | Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 70 | CUMMING, GA (PINETREE) | PINETREE VILLAGE 2350 ATLANTA HIGHWAY | 30040 | SC | 1999 | 2003 | 100.00 | % | 27,600 | $ | 491,003 | $ | 17.79 | 100.0 | % | |||||||||||||||||||||||||
| 71 | DOUGLASVILLE, GA | DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD | 30135 | SC | 1999 | 2003 | 100.00 | % | 97,458 | $ | 970,967 | $ | 9.96 | 100.0 | % | Best Buy(2015), Babies R Us(2006), LOWES(NOT OWNED) | ||||||||||||||||||||||||
| 72 | FT. OGLETHORPE, GA | FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT | 30742 | SC | 1992 | 2003 | 100.00 | % | 176,903 | $ | 454,510 | $ | 3.66 | 70.1 | % | Kmart #3083(2007) | ||||||||||||||||||||||||
| 73 | GRIFFIN, GA | ELLIS CROSSING 649-687 NORTH EXPRESSWAY | 30223 | SC | 1986 | 2003 | 100.00 | % | 64,770 | $ | 296,184 | $ | 6.08 | 75.3 | % | Winn-Dixie (Dark) #1811(2006), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 74 | LAFAYETTE, GA | LAFAYETTE CENTER 1109 NORTH MAIN STREET | 30728 | SC | 1990 | 2003 | 100.00 | % | 78,422 | $ | 452,585 | $ | 8.32 | 69.4 | % | Food Lion #890 (Dark)(2019) | ||||||||||||||||||||||||
| 75 | LAWRENCEVILLE, GA | FIVE FORKS VILLAGE 850 DOGWOOD ROAD | 30044 | SC | 1990 | 2003 | 100.00 | % | 89,064 | $ | 939,370 | $ | 10.68 | 98.7 | % | Winn-Dixie (Save-Rite) #2735(2010) | ||||||||||||||||||||||||
| 76 | LILBURN, GA (FIVE FORKS) | FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD | 30047 | SC | 1990 | 2003 | 100.00 | % | 73,950 | $ | 691,618 | $ | 9.35 | 100.0 | % | Kroger #394(2012) | ||||||||||||||||||||||||
| 77 | LITHONIA, GA | THE SHOPPES AT TURNER HILL | 30038 | SC | 2001 | 2003 | 100.00 | % | 73,175 | $ | 765,000 | $ | 10.45 | 100.0 | % | Best Buy #389(2018), Bed Bath & Beyond(2012), TOYS R US(NOT OWNED) | ||||||||||||||||||||||||
| 78 | LOGANVILLE, GA | MIDWAY PLAZA 910 ATHENS HWY | 30052 | SC | 1995 | 2003 | 100.00 | % | 91,196 | $ | 948,539 | $ | 10.68 | 97.4 | % | Kroger #443(2016) | ||||||||||||||||||||||||
| 79 | MADISON, GA | BEACON HEIGHTS 1462-1532 EATONTON ROAD | 30650 | SC | 1989 | 2003 | 100.00 | % | 106,100 | $ | 487,133 | $ | 4.64 | 98.9 | % | Ingles (Dark) #444(2010), Wal-Mart #1363(2009) | ||||||||||||||||||||||||
| 80 | MARIETTA, GA | TOWN CENTER PRADO 2609 BELLS FERRY ROAD | 30066 | SC | 1995 | 1995 | 14.50 | % | 300,977 | $ | 3,571,917 | $ | 12.43 | 95.5 | % | STEIN MART #141(2007), ROSS DRESS FOR LESS(2013), PUBLIX #548(2015), CRUNCH FITNESS INTERNATIONAL(2011) | ||||||||||||||||||||||||
| 81 | MARIETTA, GA (GARRISON) | GARRISON RIDGE CROSSING 2650 DALLAS HIGHWAY | 30064 | SC | 1997 | 2003 | 100.00 | % | 18,200 | $ | 315,713 | $ | 17.35 | 100.0 | % | LOWES(NOT OWNED) | ||||||||||||||||||||||||
| 82 | MCDONOUGH, GA | MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20 | 30253 | SC | 1999 | 2003 | 100.00 | % | 20,700 | $ | 298,545 | $ | 14.42 | 100.0 | % | WALMART(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 7 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 83 | NEWNAN, GA | NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA | 30264 | SC | 1995 | 2003 | 100.00 | % | 156,497 | $ | 1,265,908 | $ | 8.09 | 100.0 | % | Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 84 | PEACHTREE CITY, GA | PEACHTREE CITY MARKETPLACE MARKETPLACE CONNECTOR PEACHT | 30269 | SC | 1999 | 2003 | 100.00 | % | 50,367 | $ | 637,085 | $ | 13.01 | 97.2 | % | Staples(2015) | ||||||||||||||||||||||||
| �� | ||||||||||||||||||||||||||||||||||||||||
| 85 | STOCKBRIDGE, GA (FREEWAY) | FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK | 30281 | SC | 1988 | 2003 | 100.00 | % | 162,778 | $ | 403,905 | $ | 5.89 | 42.1 | % | Ingles (Dark) #466(2009) | ||||||||||||||||||||||||
| 86 | STONE MOUNTAIN, GA (RIVER) | RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M | 30047 | SC | 1999 | 2003 | 100.00 | % | 2,000 | $ | 42,000 | $ | 21.00 | 100.0 | % | |||||||||||||||||||||||||
| 87 | SUWANEE, GA (JOHNS) | JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANE | 30024 | SC | 2001 | 2003 | 100.00 | % | 306,206 | $ | 2,814,466 | $ | 14.00 | 65.6 | % | Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016) | ||||||||||||||||||||||||
| 88 | SUWANEE, GA (NOBLE) | THE VILLAGE AT NOBLE FARMS 1145 PEACHTREE INDUSTRIAL BOUL | 30024 | SC | 1997 | 2003 | 100.00 | % | 43,393 | $ | 815,490 | $ | 19.42 | 96.8 | % | |||||||||||||||||||||||||
| 89 | TUCKER, GA | COFER CROSSING 4349-4375 LAWRENCEVILLE HWY | 30084 | SC | 1998 | 2003 | 100.00 | % | 129,432 | $ | 1,145,218 | $ | 8.85 | 100.0 | % | Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED) | ||||||||||||||||||||||||
| 90 | UNION CITY, GA | SHANNON SQUARE 4720 JONESBORO ROAD | 30291 | SC | 1986 | 2003 | 100.00 | % | 100,002 | $ | 785,087 | $ | 8.21 | 95.6 | % | Ingles #407(2006), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 91 | WARNER ROBBINS, GA | WARNER ROBINS PLACE 2724 WATSON BOULEVARD | 31093 | SC | 1997 | 2003 | 100.00 | % | 107,941 | $ | 1,142,577 | $ | 10.83 | 97.8 | % | T.J. Maxx #032(2010), Staples(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 92 | WOODSTOCK, GA | WOODSTOCK PLACE 10029 HIGHWAY 928 | 30188 | SC | 1995 | 2003 | 100.00 | % | 170,940 | $ | 1,456,809 | $ | 8.66 | 98.4 | % | Wal-Mart #575(2020) | ||||||||||||||||||||||||
| Idaho | ||||||||||||||||||||||||||||||||||||||||
| 93 | IDAHO FALLS, ID | COUNTRY CLUB MALL 1515 NORTHGATE MILE | 83401 | SC | 1976 | 1998 | 100.00 | % | 148,593 | $ | 710,482 | $ | 6.52 | 73.4 | % | OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED) | ||||||||||||||||||||||||
| 94 | MERIDIAN, ID | MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD | 83642 | SC | 1999 | 1 * | 100.00 | % | 417,727 | $ | 4,630,094 | $ | 11.08 | 100.0 | % | BED BATH & BEYOND #333(2011), OLD NAVY #6046(2005), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS(2012), | ||||||||||||||||||||||||
| SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013) | ||||||||||||||||||||||||||||||||||||||||
| Illinois | ||||||||||||||||||||||||||||||||||||||||
| 95 | DECATUR, IL | DECATUR MARKETPLACE MARYLAND STREET | 62521 | SC | 1999 | 2003 | 100.00 | % | 22,775 | $ | 271,656 | $ | 11.93 | 100.0 | % | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 8 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 96 | DEER PARK, IL | DEER PARK TOWN CENTER 20503 NORTH RAND ROAD | 60074 | LC | 2000 | 1 * | 12.38 | % | 262,716 | $ | 7,034,086 | $ | 27.51 | 97.3 | % | GAP # 581(2010), BARNES & NOBLE(NOT OWNED), PIER 1 IMPORTS(2012), BANANA REPUBLIC(2010), BOMBAY COMPANY(2011), ABERCROMBIE & FITCH(2005), POTTERY BARN KIDS(2012), POTTERY BARN(2013), RESTORATION HARDWARE(2010), EDDIE BAUER HOME(2011), EDDIE BAUER SPORTSWEAR(2011), COLDWATER CREEK(2010), J. CREW(2011), ANN TAYLOR(2011), TALBOTS/TALBOTS PETITES(2011), WILLIAMS-SONOMA(2013), JOSEPH A. BANK CLOTHIERS(2011), CALIFORNIA PIZZA KITCHEN(2013) | ||||||||||||||||||||||||
| 97 | HARRISBURG, IL | ARROWHEAD POINT 701 NORTH COMMERCIAL | 62946 | SC | 1991 | 1994 | 100.00 | % | 167,074 | $ | 841,405 | $ | 5.45 | 92.3 | % | WAL-MART STORES #237(2011), MAD-PRICER STORE/ROUNDY’S(2011) | ||||||||||||||||||||||||
| 98 | KILDEER, IL | THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12 | 60047 | SC | 2001 | 2001 | 10.00 | % | 155,490 | $ | 2,841,563 | $ | 18.27 | 100.0 | % | BED BATH & BEYOND(2012), CIRCUIT CITY(2017), OLD NAVY #6574(2006) | ||||||||||||||||||||||||
| 99 | MOUNT VERNON, IL | TIMES SQUARE MALL 42ND AND BROADWAY | 62864 | MM | 1974 | 2 * | 100.00 | % | 268,328 | $ | 855,027 | $ | 3.79 | 84.2 | % | SEARS #2181(2013), COUNTRY FAIR MARKET FRESH(2004), J.C. PENNEY #1717(2007) | ||||||||||||||||||||||||
| 100 | SCHAUMBURG, IL | WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD | 60173 | SC | 1993 | 1995 | 14.50 | % | 458,819 | $ | 7,373,738 | $ | 16.07 | 100.0 | % | CIRCUIT CITY #3111(2009), OFF 5TH(2011), OFFICEMAX #203(2010), CONTAINER STORE(2011), SPORTS AUTHORITY STORE #675(2013), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), KLA/SM NEWCO SCHAUMBURG, LLC(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED) | ||||||||||||||||||||||||
| Indiana | ||||||||||||||||||||||||||||||||||||||||
| 101 | BEDFORD, IN | TOWN FAIR CENTER 1320 JAMES AVENUE | 47421 | SC | 1993 | 2 * | 100.00 | % | 223,431 | $ | 1,352,897 | $ | 6.06 | 100.0 | % | K MART #7455(2008), GOODY’S #119 -4(2008), J. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010) | ||||||||||||||||||||||||
| 102 | CONNERSVILLE, IN | WHITEWATER TRADE CENTER 2100 PARK ROAD | 47331 | SC | 1991 | 2 * | 100.00 | % | 141,770 | $ | 840,863 | $ | 6.06 | 97.8 | % | COX NEW MARKET-4(2011), WAL-MART STORES #1729(2011) | ||||||||||||||||||||||||
| 103 | HIGHLAND, IN | HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET | 46322 | SC | 1995 | 1996 | 20.00 | % | 312,546 | $ | 3,320,035 | $ | 10.62 | 100.0 | % | MARSHALL’S #663-1(2011), KOHL’S #229-1(2016), CIRCUIT CITY-1(2016), OFFICE MAX #590(2012), TARGET(NOT OWNED), JEWEL(NOT OWNED), BORDERS(NOT OWNED) | ||||||||||||||||||||||||
| 104 | LAFAYETTE, IN | PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE | 47905 | SC | 2000 | 2003 | 100.00 | % | 35,100 | $ | 423,570 | $ | 13.11 | 92.0 | % | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| Iowa | ||||||||||||||||||||||||||||||||||||||||
| 105 | CEDAR RAPIDS, IA | NORTHLAND SQUARE 303 -367 COLLINS ROAD, NE | 52404 | SC | 1984 | 1998 | 100.00 | % | 187,068 | $ | 1,760,537 | $ | 9.41 | 100.0 | % | T.J. MAXX #119(2004), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217(2021) | ||||||||||||||||||||||||
| 106 | OTTUMWA, IA | QUINCY PLACE MALL 819 1110 QUINCY AVENUE | 52501 | MM | 1990 | 2 * | 100.00 | % | 194,703 | $ | 1,219,386 | $ | 6.88 | 91.0 | % | HERBERGER’S #326(2005), J.C. PENNEY #2438(2005), OFFICEMAX #1033(2015), WALMART(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| Kansas | ||||||||||||||||||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 9 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 107 | LEAWOOD, KS | TOWN CENTER PLAZA 5000 W 119 STREET | 66209 | LC | 1990 | 1998 | 100.00 | % | 291,646 | $ | 7,440,504 | $ | 26.80 | 95.2 | % | BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), ABERCROMBIE & FITCH(2009), VICTORIAS SECRET(2009), EXPRESS/BATH&BODY/STRUCTURE(2009), GAP/GAP BODY(2008), GAP KIDS(2005), J. JILL(2013), POTTERY BARN(2009), WILLIAMS-SONOMA(2009), AMERICAN EAGLE(2013), PACIFIC SUNWEAR(2012), BRAVO CUCINA ITALIANA(2013), RESTORATION HARDWARE(2012), HOULIHANS, BRISTOL SEAFOOD BAR & GRILL(2011) | ||||||||||||||||||||||||
| 108 | MERRIAM, KS | MERRIAM TOWN CENTER 5700 ANTIOCH ROAD | 66202 | SC | 1998 | 1 * | 50.00 | % | 344,009 | $ | 4,070,931 | $ | 11.83 | 100.0 | % | OFFICEMAX #924(2013), PETSMART #240(2019), HEN HOUSE #31(2018), MARSHALLS #8716(2008), DICK’S SPORTING GOODS #119(2016), CINEMARK(2018), HOME DEPOT #2202(NOT OWNED) | ||||||||||||||||||||||||
| 109 | OLATHE, KS (DEVONSHIRE) | DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD | 66062 | SC | 1987 | 1998 | 24.75 | % | 48,802 | $ | 378,454 | $ | 8.97 | 86.4 | % | |||||||||||||||||||||||||
| 110 | OVERLAND PARK, KS (CHEROKEE | CHEROKEE NORTH SHOPPING CENTE 8800-8934 W 95th STREET | 66212 | SC | 1987 | 1998 | 24.75 | % | 55,565 | $ | 635,074 | $ | 15.42 | 74.1 | % | |||||||||||||||||||||||||
| 111 | OVERLAND PARK, KS (POINTE) | OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD | 66213 | SC | 2001 | 2003 | 100.00 | % | 7,000 | $ | 125,300 | $ | 17.90 | 100.0 | % | |||||||||||||||||||||||||
| 112 | SHAWNEE, KS (QUIVIRA PARCEL) | TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD | 66216 | SC | 1972 | 1998 | 24.75 | % | 12,000 | $ | 194,271 | $ | 16.19 | 100.0 | % | |||||||||||||||||||||||||
| 113 | SHAWNEE, KS (TEN QUIVIRA) | TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD | 66216 | SC | 1992 | 1999 | 24.75 | % | 159,693 | $ | 799,661 | $ | 5.58 | 89.7 | % | PRICE CHOPPER FOODS(2005), WESTLAKE HARDWARE #17(2005) | ||||||||||||||||||||||||
| 114 | WICHITA, KS (EASTGATE) | EASTGATE PLAZA SOUTH ROCK ROAD | 67207 | SC | 1955 | 2002 | 100.00 | % | 205,200 | $ | 1,981,509 | $ | 11.97 | 80.7 | % | OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC | ||||||||||||||||||||||||
| Kentucky | ||||||||||||||||||||||||||||||||||||||||
| BURLINGTON(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| 115 | HAZARD, KY | GRAND VUE PLAZA KENTUCKY HIGHWAY 80 | 41701 | SC | 1978 | 2 * | 100.00 | % | 111,492 | $ | 399,746 | $ | 4.43 | 81.0 | % | WRIGHT LUMBER(2007) | ||||||||||||||||||||||||
| 116 | LEXINGTON, KY (NORTH) | NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE | 40511 | SC | 1998 | 2003 | 100.00 | % | 48,920 | $ | 609,650 | $ | 13.90 | 89.6 | % | Staples(2016), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 117 | LEXINGTON, KY (SOUTH) | SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL | 40503 | SC | 1998 | 2003 | 100.00 | % | 27,643 | $ | 582,564 | $ | 21.07 | 100.0 | % | LOWE’S(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 118 | RICHMOND, KY | CARRIAGE GATE 833-847 EASTERN BY-PASS | 40475 | SC | 1992 | 2003 | 100.00 | % | 158,041 | $ | 479,101 | $ | 8.53 | 35.5 | % | Food Lion (Dark) #1203(2017), BALLARD’S(NOT OWNED) | ||||||||||||||||||||||||
| Maine | ||||||||||||||||||||||||||||||||||||||||
| 119 | BRUNSWICK, ME | COOK’S CORNERS 172 BATH ROAD | 04011 | SC | 1965 | 1997 | 100.00 | % | 305,692 | $ | 2,421,384 | $ | 8.02 | 98.8 | % | HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2004), BIG LOTS(2008), T.J. MAXX #114(2004),SEARS#2203(2012) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 10 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| Maryland | ||||||||||||||||||||||||||||||||||||||||
| 120 | SALISBURY, MD | THE COMMONS E. NORTH POINT DRIVE | 21801 | SC | 1999 | 1 * | 100.00 | % | 98,635 | $ | 1,254,666 | $ | 12.72 | 100.0 | % | OFFICEMAX #798(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 121 | SALISBURY, MD (DEV JV) | THE COMMONS(PHASE III) NORTH POINTE DRIVE | 21801 | SC | 2000 | 1 * | 50.00 | % | 27,500 | $ | 346,500 | $ | 12.60 | 100.0 | % | |||||||||||||||||||||||||
| Massachusetts | ||||||||||||||||||||||||||||||||||||||||
| 122 | EVERETT, MA | GATEWAY CENTER 1 MYSTIC VIEW ROAD | 02149 | SC | 2001 | 1 * | 100.00 | % | 222,287 | $ | 3,453,861 | $ | 15.54 | 100.0 | % | BED BATH AND BEYOND(2011), OLD NAVY #6172(2011), OFFICEMAX # 600(2020), BABIES US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED), TARGET(NOT OWNED), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
| 123 | FRAMINGHAM, MA | SHOPPER’S WORLD 1 WORCESTER ROAD | 01701 | SC | 1994 | 1995 | 14.50 | % | 768,555 | $ | 13,525,586 | $ | 17.60 | 100.0 | % | TOYS R US #7505(2020), JORDON MARSH /FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US(2013), DSW SHOE | ||||||||||||||||||||||||
| WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), KOHL’S(2005), GENERAL CINEMA | ||||||||||||||||||||||||||||||||||||||||
| #971(2014) | ||||||||||||||||||||||||||||||||||||||||
| Michigan | ||||||||||||||||||||||||||||||||||||||||
| 124 | BAD AXE, MI | HURON CREST PLAZA 850 NORTH VAN DYKE ROAD | 48413 | SC | 1991 | 2 * | 100.00 | % | 63,415 | $ | 565,108 | $ | 8.91 | 100.0 | % | GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 125 | CHEBOYGAN, MI | KMART SHOPPING PLAZA 1109 EAST STATE | 49721 | SC | 1988 | 2 * | 100.00 | % | 95,094 | $ | 429,793 | $ | 4.52 | 100.0 | % | CARTER’S FOOD CENTER(2004), CARTER’S FOOD CENTER(2004), K MART #9245(2005), KMART(NOT OWNED) | ||||||||||||||||||||||||
| 126 | DETROIT, MI | BELAIR CENTER 8400 E. EIGHT MILE ROAD | 48234 | SC | 1989 | 1998 | 100.00 | % | 343,502 | $ | 2,021,326 | $ | 8.31 | 70.8 | % | PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS STORES, INC.(2008), | ||||||||||||||||||||||||
| KIDS R US #1167(2013), TOYS R US, INC.(2021), TARGET(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| 127 | GAYLORD, MI | PINE RIDGE SQUARE 1401 WEST MAIN STREET | 49735 | SC | 1991 | 2 * | 100.00 | % | 190,482 | $ | 1,049,184 | $ | 5.51 | 100.0 | % | WAL-MART STORES #1542(2010), BUY LOW/ROUNDY’S — 4(2011) | ||||||||||||||||||||||||
| 128 | GRANDVILLE, MI | GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE | 49418 | SC | 2001 | 2003 | 100.00 | % | 191,801 | $ | 2,220,777 | $ | 11.58 | 100.0 | % | Circuit City(2017), Linen ‘N Things #682(2013), Gander Mountain(2016), OFFICE MAX(2013), LOWE’S(NOT OWNED) | ||||||||||||||||||||||||
| 129 | HOUGHTON, MI | COPPER COUNTRY MALL HIGHWAY M26 | 49931 | MM | 1981 | 2 * | 100.00 | % | 257,863 | $ | 699,177 | $ | 4.51 | 60.2 | % | J.C. PENNEY #20430(2005), OFFICEMAX #1116(2014) | ||||||||||||||||||||||||
| 130 | HOWELL, MI | GRAND RIVER PLAZA 3599 EAST GRAND RIVER | 48843 | SC | 1991 | 2 * | 100.00 | % | 215,047 | $ | 1,315,146 | $ | 6.12 | 100.0 | % | WAL-MART STORES #1754(2011), KROGER #633(2012) | ||||||||||||||||||||||||
| 131 | LANSING, MI | THE MARKETPLACE AT DELTA TOWN 8305 WEST SAGINAW HWY 196 RAMP | 48917 | SC | 2000 | 2003 | 100.00 | % | 93,269 | $ | 923,148 | $ | 10.36 | 95.5 | % | Michael’s #1590(2011), Gander Mountain(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 11 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 132 | MT. PLEASANT, MI | INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD | 48858 | SC | 1990 | 2 * | 100.00 | % | 248,963 | $ | 1,394,486 | $ | 6.12 | 91.5 | % | WAL-MART STORES #1428(2009), BIG LOTS #377-4(2004), KROGER #889(2011) | ||||||||||||||||||||||||
| 133 | SAULT ST. MARIE, MI | CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR | 49783 | SC | 1993 | 1994 | 100.00 | % | 270,761 | $ | 1,731,434 | $ | 6.39 | 100.0 | % | WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), OFFICE MAX #731(2013), GLEN’S MARKET(2013) | ||||||||||||||||||||||||
| 134 | WALKER, MI (GRAND RAPIDS) | GREEN RIDGE SQUARE 3390-B ALPINE AVE NW | 49504 | SC | 1989 | 1995 | 100.00 | % | 133,877 | $ | 1,403,429 | $ | 10.97 | 95.6 | % | T.J. MAXX #160(2005), OFFICE DEPOT #241(2005), TARGET(NOT OWNED), MEDIA PLAY(NOT OWNED), TOYS R US(NOT OWNED), CIICUIT CITY(NOT OWNED) | ||||||||||||||||||||||||
| Minnesota | ||||||||||||||||||||||||||||||||||||||||
| 135 | BEMIDJI, MN | PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE | 56601 | MM | 1977 | 2 * | 100.00 | % | 297,586 | $ | 1,396,286 | $ | 4.96 | 94.6 | % | K MART #9204(2007), HERBERGER’S #348(2005), J.C. PENNEY #1091-8(2008) | ||||||||||||||||||||||||
| 136 | BRAINERD, MN | WESTGATE MALL 1200 HIGHWAY 210 WEST | 56401 | MM | 1985 | 2 * | 100.00 | % | 260,319 | $ | 1,937,473 | $ | 7.53 | 98.9 | % | K MART #9525(2004), HERBERGER’S #23(2013), MOVIES 10/WESTGATE MALL/#205(2011) | ||||||||||||||||||||||||
| 137 | COON RAPIDS, MN | RIVERDALE VILLAGE PERIMETER 12921 RIVERDALE DRIVE | 55433 | SC | 1999 | 1 * | 14.50 | % | 364,998 | $ | 4,797,658 | $ | 13.14 | 100.0 | % | KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), OLD NAVY # 5958(2007), SPORTSMEN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED) | ||||||||||||||||||||||||
| 138 | COON RAPIDS, MN (DEVELOPMENT | RIVERDALE VILLAGE CENTRAL 12921 RIVERDALE DRIVE | 55433 | SC | 2003 | 1 * | 100.00 | % | 234,448 | $ | 3,165,041 | $ | 13.50 | 100.0 | % | BORDERS(2023), JC PENNEY(2024) | ||||||||||||||||||||||||
| 139 | EAGAN, MN | EAGAN PROMENADE 1299 PROMENADE PLACE | 55122 | SC | 1997 | 1997 | 50.00 | % | 292,711 | $ | 3,509,325 | $ | 11.99 | 100.0 | % | BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH BEYOND(2012), ETHAN ALLEN FURNITURE(NOT OWNED) | ||||||||||||||||||||||||
| 140 | HUTCHINSON, MN | HUTCHINSON MALL 1060 SR 15 | 55350 | MM | 1981 | 2 * | 100.00 | % | 121,001 | $ | 756,696 | $ | 7.02 | 89.0 | % | J.C. PENNEY #1076-9 -4(2006), KMART(NOT OWNED) | ||||||||||||||||||||||||
| 141 | MINNEAPOLIS, MN (MAPLE GROVE) | MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94 | 55369 | SC | 1995 | 1996 | 50.00 | % | 265,957 | $ | 2,837,043 | $ | 10.67 | 100.0 | % | KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), | ||||||||||||||||||||||||
| MICHAELS STORES, INC.(2012), BED, BATH AND BEYOND(2012), CUB FOODS(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| 142 | ST. PAUL, MN | MIDWAY MARKETPLACE | 55104 | SC | 1995 | 1997 | 14.50 | % | 324,354 | $ | 2,639,487 | $ | 8.14 | 100.0 | % | WAL-MART #5437(2022), CUB | ||||||||||||||||||||||||
| 1450 UNIVERSITY AVENUE WEST | FOODS(2015), PETSMART #466(2011), MERVYN’S #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), | |||||||||||||||||||||||||||||||||||||||
| HERBERGER’S(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| 143 | WORTHINGTON, MN | NORTHLAND MALL 1635 OXFORD STREET | 56187 | MM | 1977 | 2 * | 100.00 | % | 185,658 | $ | 519,915 | $ | 5.07 | 55.2 | % | J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011) | ||||||||||||||||||||||||
| Mississippi | ||||||||||||||||||||||||||||||||||||||||
| 144 | GULFPORT, MS | CROSSROADS CENTER CROSSROADS PARWAY | 39503 | SC | 1999 | 2003 | 100.00 | % | 464,302 | $ | 4,354,341 | $ | 10.46 | 89.7 | % | ACADEMY(2015), BED, BATH AND BEYOND #589(2014), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN (INTENDED PER LEASE(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2015), BELK’S(NOT OWNED) | ||||||||||||||||||||||||
| 145 | JACKSON, MS (JUNCTION) | THE JUNCTION 6351 I-55 NORTH3 | 39213 | SC | 1996 | 2003 | 100.00 | % | 107,780 | $ | 1,104,578 | $ | 10.25 | 100.0 | % | Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 12 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 146 | JACKSON, MS (METRO) | METRO STATION 4700 ROBINSON ROAD | 39204 | SC | 1997 | 2003 | 100.00 | % | 52,617 | $ | 350,448 | $ | 7.77 | 85.7 | % | Office Depot #414(2012), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
| 147 | OXFORD, MS | OXFORD PLACE 2015-2035 UNIVERSITY AVENUE | 38655 | SC | 2000 | 2003 | 100.00 | % | 71,866 | $ | 285,476 | $ | 4.11 | 96.7 | % | Kroger(2020) | ||||||||||||||||||||||||
| 148 | SALTILLO, MS | CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE | 38866 | SC | 1999 | 2003 | 100.00 | % | 65,269 | $ | 613,503 | $ | 9.40 | 100.0 | % | Staples 1172(2016), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
| 149 | STARKVILLE, MS | STARKVILLE CROSSING 882 HIGHWAY 12 WEST | 39759 | SC | 1990 | 1994 | 100.00 | % | 125,533 | $ | 777,683 | $ | 6.20 | 100.0 | % | J.C. PENNEY #2447(2010), KROGER #381(2012) | ||||||||||||||||||||||||
| 150 | TUPELO, MS | BIG OAKS CROSSING 3850 N GLOSTER ST | 38801 | SC | 1992 | 1994 | 100.00 | % | 348,236 | $ | 1,996,831 | $ | 5.73 | 100.0 | % | SAM’S WHOLESALE CLUB#6329(2012), GOODY’S #39(2002), WAL-MART STORES #258(2012) | ||||||||||||||||||||||||
| Missouri | ||||||||||||||||||||||||||||||||||||||||
| 151 | ARNOLD, MO | JEFFERSON COUNTY PLAZA VOGEL ROAD | 63010 | SC | 2002 | 1 * | 50.00 | % | 34,567 | $ | 433,364 | $ | 13.15 | 95.4 | % | HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 152 | FENTON, MO | FENTON PLAZA GRAVOIS & HIGHWAY 141 | 63206 | SC | 1970 | 2 * | 100.00 | % | 93,548 | $ | 826,636 | $ | 10.03 | 88.1 | % | |||||||||||||||||||||||||
| 153 | INDEPENDENCE, MO | INDEPENDENCE COMMONS 900 EAST 39TH STREET | 64057 | SC | 1995 | 1995 | 14.50 | % | 382,955 | $ | 4,387,302 | $ | 11.62 | 98.6 | % | KOHL’S DEPARTMENT #230(2016), BED, BATH BEYOND #107(2012), MARSHALLS #675(2012), RHODES FURNITURE, INC.(2016), BARNES & NOBLE #2732(2011), AMC THEATRE(2015) | ||||||||||||||||||||||||
| 154 | KANSAS CITY, MO (BRYWOOD) | BRYWOOD CENTER 8600 E. 63rd STREET | 64133 | SC | 1972 | 1999 | 24.75 | % | 208,234 | $ | 838,799 | $ | 5.10 | 79.0 | % | BIG LOTS #489(2009), PRICE CHOPPER(2004) | ||||||||||||||||||||||||
| 155 | KANSAS CITY, MO (WARD PARKW | WARD PARKWAY 8600 WARD PARKWAY | 64114 | SC | 1959 | 2003 | 20.00 | % | 273,167 | $ | 3,789,053 | $ | 13.87 | 100.0 | % | AMC Theaters(2011), Stein Mart(2004), TJ Maxx(2013), Dick’s(2016), 24 Hour Fitness(2023), TARGET(NOT OWNED), DILLARD’S(NOT OWNED) | ||||||||||||||||||||||||
| 156 | SPRINGFIELD,MO (MORRIS) | MORRIS CORNERS 1425 EAST BATTLEFIELD | 65804 | SC | 1989 | 1998 | 100.00 | % | 56,033 | $ | 486,741 | $ | 8.69 | 100.0 | % | TOYS R US #9512(2013) | ||||||||||||||||||||||||
| 157 | ST. JOHN, MO | ST. JOHN CROSSINGS 9000-9070 ST. CHARLES ROCK ROA | 63114 | SC | 2002 | 2003 | 100.00 | % | 82,881 | $ | 924,525 | $ | 11.15 | 100.0 | % | Shop ‘N Save(2022) | ||||||||||||||||||||||||
| 158 | ST. LOUIS (SUNSET), MO | PLAZA AT SUNSET HILL 10980 SUNSET PLAZA | 63128 | SC | 1997 | 1998 | 100.00 | % | 415,435 | $ | 4,856,516 | $ | 11.69 | 100.0 | % | BED BATH AND BEYOND(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT #1089(2023), PETSMART #260(2012), BORDERS #110(2011), TOYS R US #9565(2013), COMP USA COMPUTER SUPER #1012(2013) | ||||||||||||||||||||||||
| 159 | ST.LOUIS, MO (KELLER PLAZA) | KELLER PLAZA 4500 LEMAY FERRY ROAD | 63129 | SC | 1987 | 1998 | 100.00 | % | 52,842 | $ | 300,960 | $ | 5.70 | 100.0 | % | SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 13 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 160 | ST.LOUIS,MO (BRENTWOOD) | PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT | 63144 | SC | 1998 | 1998 | 100.00 | % | 299,584 | $ | 3,953,786 | $ | 13.20 | 100.0 | % | TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), SPORTS AUTHORITY(2013) | ||||||||||||||||||||||||
| 161 | ST.LOUIS,MO (GRAVOIS VILLAGE) | GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA | 63049 | SC | 1983 | 1998 | 100.00 | % | 110,992 | $ | 593,734 | $ | 5.51 | 97.2 | % | K MART #7543(2008) | ||||||||||||||||||||||||
| 162 | ST.LOUIS,MO (OLYMPIC OAKS) | OLYMPIC OAKS VILLAGE | 63121 | SC | 1985 | 1998 | 100.00 | % | 92,372 | $ | 1,436,047 | $ | 15.55 | 100.0 | % | T.J. MAXX #329(2006) | ||||||||||||||||||||||||
| 12109 MANCHESTER ROAD | ||||||||||||||||||||||||||||||||||||||||
| Nevada | ||||||||||||||||||||||||||||||||||||||||
| 163 | LAS VEGAS, NV (DECATUR) | FAMILY CENTER @ LAS VEGAS 14833 WEST CHARLESTON BLVD | 89102 | SC | 1973 | 1998 | 100.00 | % | 49,555 | $ | 355,307 | $ | 9.31 | 77.0 | % | ALBERTSON’S(NOT OWNED) | ||||||||||||||||||||||||
| 164 | LAS VEGAS, NV (MARYLAND) | FAMILY PLACE @ LAS VEGAS 14833 WEST CHARLESTON BLVD | 89102 | SC | 2003 | 1 * | 100.00 | % | 24,032 | $ | 356,856 | $ | 14.85 | 100.0 | % | |||||||||||||||||||||||||
| 165 | RENO, NV | RENO RIVERSIDE EAST FIRST STREET AND SIERRA | 89505 | SC | 2000 | 2000 | 100.00 | % | 52,474 | $ | 32,136 | $ | 0.61 | 100.0 | % | CENTURY THEATRE, INC.(2014) | ||||||||||||||||||||||||
| New Jersey | ||||||||||||||||||||||||||||||||||||||||
| 166 | HAMILTON, NJ | HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD | 08691 | SC | 2002 | 2003 | 100.00 | % | 339,119 | $ | 4,651,515 | $ | 13.72 | 100.0 | % | Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s(2013), Ross Dress For Less #634(2014), Shop Rite(2028), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED) | ||||||||||||||||||||||||
| 167 | PRINCETON, NJ | NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD | 42071 | SC | 1995 | 1997 | 100.00 | % | 211,807 | $ | 3,748,898 | $ | 19.17 | 92.3 | % | BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), WAL-MART(NOT OWNED), SAM’S(NOT OWNED), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 168 | PRINCETON, NJ (PAVILION) | NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD | 42071 | SC | 1999 | 1 * | 100.00 | % | 202,622 | $ | 3,099,250 | $ | 15.30 | 100.0 | % | DICK’S SPORTING GOOD #105(2015), MICHAEL’S(2009), KOHL’S #294(2019), WEGMAN’S MARKET(NOT OWNED) | ||||||||||||||||||||||||
| New Mexico | ||||||||||||||||||||||||||||||||||||||||
| 169 | LOS ALAMOS, NM | MARI MAC VILLAGE 800 TRINITY DRIVE | 87533 | SC | 1978 | 2 * | 100.00 | % | 97,970 | $ | 611,034 | $ | 6.57 | 94.9 | % | SMITH’S FOOD & DRUG CENTERS(2007), FURR’S PHARMACY #887-4(2003), BEALL’S #0180(2009) | ||||||||||||||||||||||||
| North Carolina | ||||||||||||||||||||||||||||||||||||||||
| 170 | ASHEVILLE, NC | RIVER HILLS 299 SWANNANOA RIVER ROAD | 28805 | SC | 1996 | 2003 | 100.00 | % | 190,970 | $ | 1,989,799 | $ | 10.42 | 100.0 | % | Goody’s 20923 — #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods(2017), Michael’s(2008), Officemax #577(2011) | ||||||||||||||||||||||||
| 171 | DURHAM, NC | OXFORD COMMONS 3500 OXFORD ROAD | 27702 | SC | 1990 | 2 * | 100.00 | % | 213,934 | $ | 1,205,325 | $ | 6.25 | 90.1 | % | FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 172 | FAYETTEVILLE, NC | CROSS POINTE CENTRE 5075 MORGANTON ROAD | 28314 | SC | 1985 | 2003 | 100.00 | % | 198,984 | $ | 1,554,537 | $ | 7.81 | 100.0 | % | Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond(2014) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 14 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 173 | HENDERSONVILLE, NC | EASTRIDGE CROSSING 200 THOMPSON STREET | 28792 | SC | 1995 | 2003 | 100.00 | % | 47,530 | $ | 231,172 | $ | 5.82 | 83.7 | % | Ingles (Dark) #112(2009) | ||||||||||||||||||||||||
| 174 | NEW BERN, NC | RIVERTOWNE SQUARE 3003 CLAREDON BLVD | 28561 | SC | 1989 | 2 * | 100.00 | % | 68,130 | $ | 596,193 | $ | 8.75 | 100.0 | % | GOODY’S #4(2007), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 175 | WASHINGTON, NC | PAMLICO PLAZA 536 PAMLICO PLAZA | 27889 | SC | 1990 | 2 * | 100.00 | % | 93,527 | $ | 487,619 | $ | 5.29 | 98.6 | % | WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 176 | WAYNESVILLE, NC | LAKESIDE PLAZA 201 PARAGON PARKWAY | 28721 | SC | 1990 | 2 * | 100.00 | % | 181,894 | $ | 1,159,066 | $ | 6.37 | 100.0 | % | WAL-MART STORE #1663(2011), FOOD LION #957-2(2011) | ||||||||||||||||||||||||
| 177 | WILMINGTON, NC | UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR | 28403 | SC | 1989 | 2 * | 100.00 | % | 410,491 | $ | 3,269,415 | $ | 9.42 | 84.5 | % | BARNES & NOBLE #2762(2007), LOWE’S HOME CENTER #445 -4(2014), OLD NAVY #5471(2006), BED BATH & BEYOND # 418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175-4(2005), | ||||||||||||||||||||||||
| SAM’S(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| North Dakota | ||||||||||||||||||||||||||||||||||||||||
| 178 | DICKINSON, ND | PRAIRIE HILLS MALL 1681 THIRD AVENUE | 58601 | MM | 1978 | 2 * | 100.00 | % | 267,506 | $ | 1,189,593 | $ | 4.61 | 96.4 | % | K MART #9564(2008), HERBERGER’S #30(2005), J.C. PENNEY #1628-7(2008) | ||||||||||||||||||||||||
| 179 | GRAND FORKS, ND | OFFICE MAX 2500S COLUMBIA ROAD | 58201 | SC | 1978 | 1999 | 83.75 | % | 31,812 | $ | 0 | $ | 0.00 | 0.0 | % | |||||||||||||||||||||||||
| Ohio | ||||||||||||||||||||||||||||||||||||||||
| 180 | ASHLAND, OH | CLAREMONT PLAZA US ROUTE 42 | 44805 | SC | 1977 | 2 * | 100.00 | % | 110,656 | $ | 72,773 | $ | 2.68 | 24.5 | % | QUALITY STORES #3116(2005) | ||||||||||||||||||||||||
| 181 | AURORA, OH | BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE | 44202 | SC | 1996 | 1 * | 100.00 | % | 102,683 | $ | 1,214,216 | $ | 12.53 | 94.4 | % | MARQUEE CINEMAS, INC.(2018), HEINEN’S(NOT OWNED) | ||||||||||||||||||||||||
| 182 | BELLEFONTAINE, OH | SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET | 43311 | SC | 1995 | 1998 | 100.00 | % | 52,399 | $ | 432,292 | $ | 8.25 | 100.0 | % | GOODY’S STORE # 314(2010), STAPLES # 1146(2010) | ||||||||||||||||||||||||
| 183 | BOARDMAN, OH | SOUTHLAND CROSSING I-680 & US ROUTE 224 | 44514 | SC | 1997 | 1 * | 100.00 | % | 506,254 | $ | 4,067,977 | $ | 8.17 | 98.4 | % | LOWE’S COMPANIES #188(2016), BABIES R US #9254(2009), STAPLES STORE #817(2012), DICKS CLOTHING & SPORTING(2012), WAL-MART STORES #2211(2017), PETSMART #558(2013), GIANT EAGLE, INC(2018) | ||||||||||||||||||||||||
| 184 | CANTON, OH (EVERHARD ROAD) | BELDEN PARK CROSSINGS 5496 DRESSLER ROAD | 44720 | SC | 1995 | 1 * | 14.50 | % | 250,675 | $ | 2,788,362 | $ | 11.12 | 100.0 | % | DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE #239(2016) | ||||||||||||||||||||||||
| 185 | CANTON, OH (PHASE II) | BELDEN PARK CROSSINGS II LLC DRESSLER ROAD | 44720 | SC | 1997 | 1 * | 14.50 | % | 227,431 | $ | 2,250,363 | $ | 9.89 | 100.0 | % | VALUE CITY FURNITURE #55(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES | ||||||||||||||||||||||||
| #1900 (2008), PETSMART #523(2013) | ||||||||||||||||||||||||||||||||||||||||
| 186 | CHILLICOTHE, OH | CHILLICOTHE PLACE 867 N BRIDGE STREET | 45601 | SC | 1974 | 2 * | 100.00 | % | 236,009 | $ | 1,834,641 | $ | 7.77 | 100.0 | % | LOWE’S HOME CENTERS #472-2(2015), KROGER #348(2016), OFFICE MAX #617(2013) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 15 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 187 | CINCINNATI, OH | GLENWAY CROSSING 5100 GLENCROSSING WAY | 45238 | SC | 1990 | 2 * | 100.00 | % | 235,433 | $ | 2,026,400 | $ | 10.43 | 82.5 | % | WINN DIXIE STORES #1771 -4(2010), MICHAEL’S(2006) | ||||||||||||||||||||||||
| 188 | CLEVELAND, OH (WEST 65th) | KMART PLAZA — WEST 65TH 3250 WEST 65TH STREET | 44102 | SC | 1977 | 2 * | 100.00 | % | 49,420 | $ | 277,926 | $ | 5.62 | 100.0 | % | GREAT A & P TEA #23001-4(2007), KMART(NOT OWNED) | ||||||||||||||||||||||||
| 189 | COLUMBUS, OH (DUBLIN VILLAGE) | DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE | 43017 | SC | 1987 | 1998 | 80.01 | % | 326,912 | $ | 1,606,157 | $ | 13.44 | 36.6 | % | AMC THEATRE(2007), B.J.’S WHOLESALE CLUB(NOT OWNED) | ||||||||||||||||||||||||
| 190 | COLUMBUS, OH (EASTON MARKET | EASTON MARKET 3740 EASTON MARKET | 43230 | SC | 1998 | 1998 | 100.00 | % | 509,611 | $ | 6,154,638 | $ | 12.08 | 100.0 | % | COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2015), GOLFSMITH GOLF CENTER(2013), MICHAEL’S | ||||||||||||||||||||||||
| #9876(2013), GALYAN’S(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC.(2014), T.J. MAXX#447(2008) | ||||||||||||||||||||||||||||||||||||||||
| 191 | COLUMBUS, OH (LENNOX TOWN) | LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD | 43212 | SC | 1997 | 1998 | 50.00 | % | 352,913 | $ | 3,344,654 | $ | 9.48 | 100.0 | % | TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC | ||||||||||||||||||||||||
| THEATRES LENNOX 24(2021) | ||||||||||||||||||||||||||||||||||||||||
| 192 | COLUMBUS, OH (SUN CENTER) | SUN CENTER 3622-3860 DUBLIN GRANVILLE RD | 43017 | SC | 1995 | 1998 | 79.45 | % | 305,428 | $ | 3,453,120 | $ | 11.31 | 100.0 | % | BABIES R US #9242(2011), MICHAEL’S(2013), RHODES FURNITURE(2012), STEIN MART #130(2007), BIG BEAR(2016), STAPLES #403(2010) | ||||||||||||||||||||||||
| 193 | DUBLIN, OH (PERIMETER CENTER) | PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD | 43017 | SC | 1996 | 1998 | 100.00 | % | 137,556 | $ | 1,572,194 | $ | 11.56 | 98.9 | % | BIG BEAR(2016) | ||||||||||||||||||||||||
| 194 | ELYRIA, OH | ELYRIA SHOPPING CENTER 825 CLEVELAND | 44035 | SC | 1977 | 2 * | 100.00 | % | 150,200 | $ | 521,970 | $ | 7.44 | 46.7 | % | FIRST NAT’L SUPERMARKET #811(2010) | ||||||||||||||||||||||||
| 195 | GALLIPOLIS, OH | GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE | 45631 | SC | 1998 | 2003 | 100.00 | % | 25,950 | $ | 299,950 | $ | 13.04 | 88.4 | % | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 196 | GROVE CITY, OH (DERBY SQUARE | DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD | 43123 | SC | 1992 | 1998 | 20.00 | % | 128,210 | $ | 1,340,837 | $ | 10.46 | 100.0 | % | BIG BEAR(2012) | ||||||||||||||||||||||||
| 197 | HAMILTON, OH | H.H. GREG 1371 MAIN STREET | 43450 | SC | 1986 | 1998 | 100.00 | % | 40,000 | $ | 230,000 | $ | 5.75 | 100.0 | % | ROUNDY’S(2006) | ||||||||||||||||||||||||
| 198 | HILLSBORO, OH | HILLSBORO SHOPPING CENTER 1100 NORTH HIGH STREET | 45133 | SC | 1979 | 2 * | 100.00 | % | 58,564 | $ | 1936,11 | $ | 6.54 | 50.6 | % | BOB & CARL’S(NOT OWNED) | ||||||||||||||||||||||||
| 199 | HUBER HTS., OH | NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE | 45424 | SC | 1990 | 2 * | 100.00 | % | 163,819 | $ | 1,375,588 | $ | 10.25 | 81.9 | % | CUB FOODS(2011), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 200 | LEBANON, OH | COUNTRYSIDE PLACE 1879 DEERFIELD ROAD | 45036 | SC | 1990 | 2 * | 100.00 | % | 17,000 | $ | 170,484 | $ | 10.03 | 100.0 | % | WAL-MART(NOT OWNED), ERB LUMBER(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 16 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 201 | MACEDONIA, OH | MACEDONIA COMMONS MACEDONIA COMMONS BLVD | 44056 | SC | 1994 | 1994 | 50.00 | % | 233,639 | $ | 2,430,554 | $ | 10.44 | 99.6 | % | FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 202 | MACEDONIA, OH (PHASE II) | MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS | 44056 | SC | 1999 | 1 * | 100.00 | % | 169,481 | $ | 1,601,734 | $ | 9.45 | 100.0 | % | CINEMARK(2019), HOME DEPOT #3824(2020) | ||||||||||||||||||||||||
| 203 | NORTH OLMSTED, OH | GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN | 44070 | SC | 1958 | 1997 | 14.50 | % | 624,660 | $ | 7,798,662 | $ | 12.48 | 100.0 | % | KIDS R US #1173(2008), BED BATH & BEYOND, INC.(2012), PETSMART #529(2008), HOME DEPOT USA #3803(2019), K & G MEN’S COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMP USA INC. #577(2008), BEST BUY #279(2010), MARSHALLS #8267/TJX COMPANY(2005), KRONHEIMS FURNITURE(2012), TOP’S SUPERMARKET(NOT OWNED) | ||||||||||||||||||||||||
| 204 | NORTH OLMSTED, OH (BABIES) | BABIES R’ US PLAZA 26520 LORAIN AVENUE | 44070 | SC | 1978 | 1999 | 83.75 | % | 64,950 | $ | 419,060 | $ | 7.44 | 86.7 | % | |||||||||||||||||||||||||
| 205 | PATASKALA, OH | VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE | 43062 | SC | 1980 | 1998 | 100.00 | % | 33,270 | $ | 194,600 | $ | 5.85 | 100.0 | % | CARDINAL (GARDNERS/LANCASTER)(2007) | ||||||||||||||||||||||||
| 206 | PICKERINGTON, OH | SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH | 43147 | SC | 1990 | 1998 | 100.00 | % | 59,495 | $ | 618,866 | $ | 13.90 | 74.8 | % | |||||||||||||||||||||||||
| 207 | SOLON, OH | UPTOWN SOLON KRUSE DRIVE | 44139 | SC | 1998 | 1 * | 100.00 | % | 183,288 | $ | 2,551,300 | $ | 15.29 | 91.1 | % | MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286(2018) | ||||||||||||||||||||||||
| 208 | STOW, OH | STOW COMMUNITY SHOPPING CENTE KENT ROAD | 44224 | SC | 1997 | 1 * | 100.00 | % | 404,505 | $ | 2,841,409 | $ | 7.21 | 97.5 | % | K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. #4096(2017), | ||||||||||||||||||||||||
| KOHL’S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET #249(2003), TARGET(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| 209 | TIFFIN, OH | TIFFIN MALL 870 WEST MARKET STREET | 44883 | MM | 1980 | 2 * | 100.00 | % | 180,969 | $ | 1,002,044 | $ | 5.94 | 93.2 | % | MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2005), AARON RENTS, INC.#C0399(2004) | ||||||||||||||||||||||||
| 210 | TOLEDO, OH | SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD | 43528 | SC | 1999 | 1 * | 20.00 | % | 241,129 | $ | 2,522,008 | $ | 10.66 | 98.1 | % | KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #6429(2005), BABIES R US(NOT OWNED) | ||||||||||||||||||||||||
| 211 | WESTLAKE, OH | WEST BAY PLAZA 30100 DETROIT ROAD | 44145 | SC | 1974 | 2 * | 100.00 | % | 162,330 | $ | 1,268,939 | $ | 7.91 | 98.8 | % | MARC’S #37(2004), K MART #3234(2004) | ||||||||||||||||||||||||
| 212 | WILMINGTON, OH | SOUTH RIDGE SHOPPING CENTER 1025 S SOUTH STREET | 45177 | SC | 1977 | 2 * | 100.00 | % | 55,130 | $ | 258,649 | $ | 4.98 | 94.2 | % | COMMUNITY MARKETS(2013) | ||||||||||||||||||||||||
| 213 | XENIA, OH | WEST PARK SQUARE 1700 WEST PARK SQUARE | 45385 | SC | 1994 | 1 * | 100.00 | % | 104,873 | $ | 704,851 | $ | 8.03 | 83.7 | % | KROGER #829(2019), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| Oregon | ||||||||||||||||||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 17 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 214 | PORTLAND, OR | TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD | 97006 | SC | 1995 | 1996 | 50.00 | % | 309,617 | $ | 5,177,215 | $ | 16.87 | 99.1 | % | BARNES & NOBLE #2748(2011), OFFICE DEPOT-#00954(2010), HAGGAN’S(2021), LINENS N THINGS(2017), ROSS DRESS FOR LESS #399(2008), MICHAEL’S #9887(2009), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED) | ||||||||||||||||||||||||
| Pennsylvania | ||||||||||||||||||||||||||||||||||||||||
| 215 | ALLENTOWN, PA (WEST) | WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD | 18106 | SC | 2001 | 2003 | 100.00 | % | 241,077 | $ | 2,309,810 | $ | 9.58 | 100.0 | % | Wal-Mart #2641(2021) | ||||||||||||||||||||||||
| 216 | E. NORRITON, PA | KMART PLAZA 2692 DEKALB PIKE | 19401 | SC | 1975 | 2 * | 100.00 | % | 173,876 | $ | 1,144,859 | $ | 6.96 | 94.5 | % | K MART #3026(2005), BIG LOTS(2010) | ||||||||||||||||||||||||
| 217 | ERIE (PEACHSTREET), PA | PEACH STREET SQUARE 1902 KEYSTONE DRIVE | 16509 | SC | 1995 | 1 * | 100.00 | % | 554,757 | $ | 4,742,180 | $ | 8.55 | 100.0 | % | LOWE’S HOME CTR #226(2015), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), WAL-MART STORES #2278(2015), CINEMARK #186(2011), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE 3744(2020), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
| 218 | ERIE, PA (MARKET) | ERIE MARKETPLACE 6660-6750 PEACH STREET | 16509 | SC | 2000 | 2003 | 100.00 | % | 93,097 | $ | 692,090 | $ | 7.43 | 100.0 | % | Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 219 | MONACA, PA | TOWNSHIP MARKETPLACE 115 WAGNER ROAD | 15061 | SC | 1999 | 2003 | 100.00 | % | 253,110 | $ | 1,952,363 | $ | 7.75 | 99.5 | % | Lowe’s #500(2017), Shop ‘N Save(2019) | ||||||||||||||||||||||||
| South Carolina | ||||||||||||||||||||||||||||||||||||||||
| 220 | CAMDEN, SC | SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE | 29020 | SC | 1990 | 2 * | 100.00 | % | 180,127 | $ | 1,151,448 | $ | 6.64 | 96.3 | % | WINN DIXIE STORES #2174(2011), BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED) | ||||||||||||||||||||||||
| 221 | CHARLESTON, SC | ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE | 29414 | SC | 1991 | 2003 | 100.00 | % | 196,048 | $ | 1,538,021 | $ | 8.07 | 97.2 | % | Food Lion #933(2011), Wal-Mart #1748(2011) | ||||||||||||||||||||||||
| 222 | COLUMBIA, SC (HARBISON) | HARBISON COURT HARBISON BLVD | 29212 | SC | 1991 | 2002 | 100.00 | % | 252,689 | $ | 2,589,803 | $ | 12.12 | 84.6 | % | Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #668(2014), Marshall’s #458(2007), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED) | ||||||||||||||||||||||||
| 223 | MT. PLEASANT, SC | WANDO CROSSING 1500 HIGHWAY 17 NORTH | 29465 | SC | 1992 | 1995 | 100.00 | % | 209,139 | $ | 2,087,196 | $ | 10.05 | 99.3 | % | PIGGLY WIGGLY #29-4(2012), OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL’S OF MA, INC.(2011), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 224 | N. CHARLESTON, SC | NORTH POINTE PLAZA 7400 RIVERS AVENUE | 29406 | SC | 1989 | 2 * | 100.00 | % | 294,471 | $ | 2,048,023 | $ | 6.95 | 100.0 | % | WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED), SERVICE MERCHANDISE(NOT OWNED) | ||||||||||||||||||||||||
| 225 | ORANGEBURG, SC | NORTH ROAD PLAZA 2795 NORTH ROAD | 29115 | SC | 1994 | 1995 | 100.00 | % | 50,760 | $ | 511,947 | $ | 10.09 | 100.0 | % | GOODY’S #282(2008), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
| 226 | S. ANDERSON, SC | CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS | 29624 | SC | 1990 | 1994 | 100.00 | % | 14,800 | $ | 63,600 | $ | 5.89 | 73.0 | % | |||||||||||||||||||||||||
| 227 | SIMPSONVILLE, SC | FAIRVIEW STATION 621 FAIRVIEW ROAD | 29681 | SC | 1990 | 1994 | 100.00 | % | 142,133 | $ | 821,725 | $ | 5.90 | 98.0 | % | INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES(2015) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 18 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 228 | SUMTER, SC | MERCHANT’S WALK 837-839 BROAD STREET | 29150 | SC | 1987 | 2003 | 100.00 | % | 19,140 | $ | 86,100 | $ | 9.41 | 47.8 | % | KROGER’S (DARK)(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 229 | UNION, SC | WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1 | 29379 | SC | 1990 | 2 * | 100.00 | % | 184,331 | $ | 981,182 | $ | 5.52 | 96.5 | % | WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010), WINN DIXIE STORES #1255(2010) | ||||||||||||||||||||||||
| South Dakota | ||||||||||||||||||||||||||||||||||||||||
| 230 | WATERTOWN, SD | WATERTOWN MALL 1300 9TH AVENUE | 56401 | MM | 1977 | 2 * | 100.00 | % | 285,372 | $ | 1,372,288 | $ | 7.14 | 67.3 | % | HERBERGER’S #15(2009), J.C. PENNEY #0495- - -4(2008), HY VEE SUPERMARKET(NOT OWNED) | ||||||||||||||||||||||||
| Tennessee | ||||||||||||||||||||||||||||||||||||||||
| 231 | BRENTWOOD, TN | COOL SPRINGS POINTE I-65 AND MOORE’S LANE | 37027 | SC | 1999 | 2000 | 100.00 | % | 201,516 | $ | 1,839,907 | $ | 12.88 | 70.9 | % | BEST BUY #170(2014), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008) | ||||||||||||||||||||||||
| 232 | CHATTANOOGA, TN | OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD | 37421 | SC | 1992 | 2003 | 100.00 | % | 215,905 | $ | 1,013,627 | $ | 9.79 | 48.0 | % | Best Buy #4720(2014) | ||||||||||||||||||||||||
| 233 | COLUMBIA, TN | COLUMBIA SQUARE 845 NASHVILLE HIGHWAY | 38401 | SC | 1993 | 2003 | 100.00 | % | 68,948 | $ | 488,364 | $ | 7.72 | 91.7 | % | KROGER #538(2022) | ||||||||||||||||||||||||
| 234 | FARRAGUT, TN | FARRAGUT POINTE 11132 KINGSTON PIKE | 37922 | SC | 1991 | 2003 | 100.00 | % | 71,311 | $ | 508,664 | $ | 7.53 | 94.7 | % | Bi-Lo #367(2011) | ||||||||||||||||||||||||
| 235 | FRANKLIN, TN | ALEXANDER PLAZA 541 ALEXANDER PLAZA | 37064 | SC | 1983 | 2003 | 100.00 | % | 17,999 | $ | 150,213 | $ | 9.01 | 92.6 | % | BIG LOTS(NOT OWNED) | ||||||||||||||||||||||||
| 236 | GOODLETTSVILLE, TN | NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD | 37072 | SC | 1987 | 2003 | 100.00 | % | 84,441 | $ | 722,251 | $ | 8.55 | 100.0 | % | Kroger #541(2012) | ||||||||||||||||||||||||
| 237 | HENDERSONVILLE, TN | HENDERSONVILLE LOWE’S 1050LOWE’S ROAD | 37075 | SC | 1999 | 2003 | 100.00 | % | 133,144 | $ | 1,214,939 | $ | 9.12 | 100.0 | % | Lowe’s(2019) | ||||||||||||||||||||||||
| 238 | MEMPHIS, TN | COUNTRY BRIDGE 9020 US HIGHWAY 64 | 38002 | SC | 1993 | 2003 | 100.00 | % | 64,223 | $ | 564,499 | $ | 8.99 | 97.8 | % | Kroger(2012) | ||||||||||||||||||||||||
| 239 | MURFREESBORO, TN (MEMORIAL) | MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD | 37130 | SC | 1993 | 2003 | 100.00 | % | 117,750 | $ | 805,792 | $ | 6.84 | 100.0 | % | Albertson’s (Dark) #4730(2014) | ||||||||||||||||||||||||
| 240 | MURFREESBORO, TN (TOWNE) | TOWNE CENTRE OLD FORT PARKWAY | 37129 | SC | 1998 | 2003 | 100.00 | % | 108,180 | $ | 1,273,302 | $ | 11.77 | 100.0 | % | T.J. Maxx #579(2008), Books-A-Million(2007), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 241 | NASHVILLE, TN | THE MARKETPLACE CHARLOTTE PIKE | 37209 | SC | 1998 | 2003 | 100.00 | % | 167,795 | $ | 1,620,862 | $ | 9.66 | 100.0 | % | Lowe’s(2019), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| Texas | ||||||||||||||||||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 19 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 242 | AUSTIN, TX | SHOPS AT TECH RIDGE CENTER RIDGE DRIVE | 78728 | SC | 2003 | 2003 | 24.75 | % | 228,775 | $ | 2,782,761 | $ | 12.23 | 99.5 | % | ROSS DRESS FOR LESS(2014), LINEN N THINGS #291(2014), HOBBY LOBBY(2018), ULTIMATE ELECTRONICS(2019), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED) | ||||||||||||||||||||||||
| 243 | FRISCO, TX | FRISCO MARKETPLACE 7010 PRESTON ROAD, | 75035 | SC | 2001 | 2003 | 100.00 | % | 12,559 | $ | 205,441 | $ | 19.01 | 86.1 | % | KOHL’S(NOT OWNED) | ||||||||||||||||||||||||
| 244 | FT. WORTH, TX | EASTCHASE MARKET SWC EASTCHASE PKWY & I-30 | 76112 | SC | 1995 | 1996 | 50.00 | % | 205,017 | $ | 2,028,398 | $ | 13.54 | 73.1 | % | UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2006), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED) | ||||||||||||||||||||||||
| 245 | FT. WORTH, TX (FOSSIL CREEK) | FOSSIL CREEK WESTERN CENTER BLVD | 76137 | SC | 1991 | 2002 | 100.00 | % | 68,515 | $ | 786,524 | $ | 16.14 | 71.1 | % | |||||||||||||||||||||||||
| 246 | IRVING, TX | MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD | 75063 | SC | 1999 | 2003 | 100.00 | % | 131,176 | $ | 1,825,741 | $ | 13.92 | 100.0 | % | Marquee Cinema(2018), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 247 | LEWISVILLE, TX (LAKEPOINTE) | LAKEPOINTE CROSSINGS S STEMMONS FREEWAY | 75067 | SC | 1991 | 2002 | 100.00 | % | 311,039 | $ | 2,941,622 | $ | 10.17 | 93.0 | % | BOOK MARKET, INC.(2004), THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY | ||||||||||||||||||||||||
| #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT | ||||||||||||||||||||||||||||||||||||||||
| OWNED), SERVICE MERCHANDISE(NOT OWNED), GARDEN RIDGE(NOT OWNED) | ||||||||||||||||||||||||||||||||||||||||
| 248 | MCKINNEY, TX | MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY | 75070 | SC | 2000 | 2003 | 100.00 | % | 118,970 | $ | 1,144,514 | $ | 10.49 | 91.7 | % | Kohl’s(2021), ALBERTSON’S(NOT OWNED) | ||||||||||||||||||||||||
| 249 | MESQUITE, TX | THE MARKETPLACE AT TOWN CENTE SOUTHBOUND FRONTAGE RD I 635 | 75150 | SC | 2001 | 2003 | 100.00 | % | 144,363 | $ | 1,843,039 | $ | 12.77 | 100.0 | % | Ultimate Electronics(2018), Linen ‘N Things(2013), Michael’s(2012), Ross Dress For Less(2013), KOHL’S(NOT OWNED) | ||||||||||||||||||||||||
| 250 | SAN ANTONIO, TX | LA PLAZA DEL NORTE 125 NE LOOP 410 | 78216 | SC | 1996 | 1997 | 35.00 | % | 310,470 | $ | 3,980,725 | $ | 13.51 | 94.9 | % | ROSS STORES, INC. #373(2007), DSW SHOE WAREHOUSE(2007), BEST BUY COMPANY#201(2012), OSHMAN’S SPORTING GOODS #236(2017), OFFICE MAX #406(2012), BEALL’S #257(2014) | ||||||||||||||||||||||||
| 251 | SAN ANTONIO, TX (BANDERA PT) | BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD | 78227 | SC | 2001 | 1 * | 100.00 | % | 278,727 | $ | 3,898,367 | $ | 14.28 | 98.0 | % | T.J. MAXX(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2006), ROSS DRESS FOR LESS(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED) | ||||||||||||||||||||||||
| Utah | ||||||||||||||||||||||||||||||||||||||||
| 252 | LOGAN, UT | FAMILY PLACE @ LOGAN 400 NORTH STREET | 84321 | SC | 1975 | 1998 | 100.00 | % | 19,200 | $ | 97,560 | $ | 13.55 | 37.5 | % | RITE AID(NOT OWNED) | ||||||||||||||||||||||||
| 253 | MIDVALE, UT | FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD | 84047 | SC | 1973 | 1998 | 100.00 | % | 661,649 | $ | 6,845,780 | $ | 10.59 | 97.7 | % | MERVYN’S #M-0065A(2005), BABIES R US #9568(2014), OFFICE MAX #126(2007), SMITH’S FOOD & DRUGS#85(2024), MEDIA PLAY #8122(2016), BED BATH & BEYOND #198(2014), ROSS DRESS FOR LESS #502(2011), WAL-MART STORES #2207(2015) | ||||||||||||||||||||||||
| 254 | OGDEN, UT | FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD | 84404 | SC | 1977 | 1998 | 100.00 | % | 162,316 | $ | 759,775 | $ | 5.57 | 84.1 | % | HARMONS(2012) | ||||||||||||||||||||||||
| 255 | OREM, UT | FAMILY CENTER AT OREM 1300 SOUTH STREET | 84058 | SC | 1991 | 1998 | 100.00 | % | 150,667 | $ | 1,552,954 | $ | 10.31 | 100.0 | % | KIDS R US # 1347(2011), MEDIA PLAY #8120(2015), OFFICE DEPOT #538(2008), JO-ANN FABRICS AND CRAFTS#1756(2012), R.C. WILLEY(NOT OWNED), TOYS R US(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 20 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| 256 | RIVERDALE, UT | FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD | 84405 | SC | 1995 | 1998 | 100.00 | % | 590,313 | $ | 4,538,443 | $ | 7.96 | 96.6 | % | MEIER & FRANK(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), MEDIA PLAY(2016), CIRCUIT CITY #3349(2016), TARGET SUPERSTORE #1753(2017) | ||||||||||||||||||||||||
| 257 | SALT LAKE CITY, UT (33RD) | FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET | 84115 | SC | 1978 | 1998 | 100.00 | % | 35,459 | $ | 266,744 | $ | 8.69 | 86.6 | % | |||||||||||||||||||||||||
| 258 | TAYLORSVILLE, UT | FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD | 84123 | SC | 1982 | 1998 | 100.00 | % | 710,713 | $ | 6,762,527 | $ | 10.63 | 89.5 | % | JOLENE’S(2003), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), SHOPKO #085(2014), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS(2014), HARMONS SUPERSTORE(NOT OWNED) | ||||||||||||||||||||||||
| Vermont | ||||||||||||||||||||||||||||||||||||||||
| 259 | BERLIN, VT | BERLIN MALL 282 BERLIN MALL RD., UNIT #28 | 05602 | MM | 1986 | 2 * | 100.00 | % | 174,515 | $ | 1,545,025 | $ | 8.94 | 99.0 | % | WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009) | ||||||||||||||||||||||||
| Virginia | ||||||||||||||||||||||||||||||||||||||||
| 260 | CHESTER, VA | BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS | 23831 | SC | 1978 | 2003 | 100.00 | % | 107,660 | $ | 1,068,750 | $ | 10.55 | 94.1 | % | Ukrop’s(2008) | ||||||||||||||||||||||||
| 261 | FAIRFAX, VA | FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER | 22033 | SC | 1994 | 1995 | 14.50 | % | 253,941 | $ | 4,299,735 | $ | 16.93 | 100.0 | % | SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS#822(2009), BED, BATH & BEYOND#65(2010), UNITED ARTISTS #33191(2014) | ||||||||||||||||||||||||
| 262 | LYNCHBURG, VA | CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD | 24502 | SC | 1990 | 2003 | 100.00 | % | 275,765 | $ | 1,956,004 | $ | 8.27 | 85.7 | % | Goody’s #174(2004), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED) | ||||||||||||||||||||||||
| 263 | MARTINSVILLE, VA | LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD | 24112 | MM | 1989 | 2 * | 50.00 | % | 435,057 | $ | 2,705,486 | $ | 6.94 | 89.6 | % | GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 - -4(2009), OFFICEMAX #744(2012), KROGER #R-350(2017) | ||||||||||||||||||||||||
| 264 | MIDLOTHIAN, VA | GENITO CROSSING HULL STREET ROAD | 23112 | SC | 1985 | 2003 | 100.00 | % | 79,407 | $ | 725,361 | $ | 9.13 | 100.0 | % | Food Lion #299(2005) | ||||||||||||||||||||||||
| 265 | PULASKI, VA | MEMORIAL SQUARE 1000 MEMORIAL DRIVE | 24301 | SC | 1990 | 2 * | 100.00 | % | 143,299 | $ | 793,139 | $ | 6.22 | 89.0 | % | WAL-MART STORES #1652(2011), FOOD LION #799-2(2011) | ||||||||||||||||||||||||
| 266 | WINCHESTER, VA | APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY | 22601 | SC | 1990 | 2 * | 20.00 | % | 240,560 | $ | 2,281,676 | $ | 9.58 | 99.0 | % | MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A-MILLION #954(2008) | ||||||||||||||||||||||||
| Washington | ||||||||||||||||||||||||||||||||||||||||
| 267 | EVERETT, WA | PUGET PARK 520 128TH STREET SW | 98204 | SC | 1981 | 2001 | 20.00 | % | 41,065 | $ | 449,530 | $ | 12.74 | 86.0 | % | ALBERTSON’S(NOT OWNED) | ||||||||||||||||||||||||
| West Virginia | ||||||||||||||||||||||||||||||||||||||||
| 268 | BARBOURSVILLE, WV | OFFICE MAX CENTER 5-13 MALL ROAD | 25504 | SC | 1985 | 1998 | 100.00 | % | 70,900 | $ | 290,437 | $ | 4.10 | 100.0 | % | DISCOUNT EMPORIUM(2006), OFFICEMAX #263 (2006), VALUE CITY(NOT OWNED) | ||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
| Run Date: 01/29/2004 Time: 12:02:15PM Page 21 of 21 |
Property List*
| Owned | ||||||||||||||||||||||||||||||||||||||||
| DDR | Gross | Total | ||||||||||||||||||||||||||||||||||||||
| Zip | Type of | Year | Year | OwnerShip | Leasable | Annualized | Average | Percent | Anchor Tenants | |||||||||||||||||||||||||||||||
| Center/Property | Location | Code | Property | Developed | Acquired | Interest | Area | Base Rent | Base Rent | Occupied | (Lease Expiration) | |||||||||||||||||||||||||||||
| Wisconsin | ||||||||||||||||||||||||||||||||||||||||
| 269 | BROOKFIELD, WI (SW) | SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA | 53005 | SC | 1967 | 2003 | 100.00 | % | 190,142 | $ | 1,462,213 | $ | 7.69 | 100.0 | % | T.J. Maxx #202(2005), Marshall’s Mega Store(2004), Officemax #16(2005), Burlington Coat Factory #112(2007) | ||||||||||||||||||||||||
| 270 | BROWN DEER, WI (CENTER) | BROWN DEER CENTER NORTH GREEN BAY ROAD | 53209 | SC | 1967 | 2003 | 100.00 | % | 266,716 | $ | 1,933,674 | $ | 7.25 | 100.0 | % | Kohl’s #44(2023), Michael’s(2012), Officemax #17(2005), T.J. Maxx / Burlington#201(2008), Old | ||||||||||||||||||||||||
| Navy #5482(2012) | ||||||||||||||||||||||||||||||||||||||||
| 271 | BROWN DEER, WI (MARKET) | MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD | 53209 | SC | 1989 | 2003 | 100.00 | % | 143,372 | $ | 898,085 | $ | 7.46 | 92.5 | % | Marshall’s Mega Store(2004), Pick ‘N Save(2005) | ||||||||||||||||||||||||
| 272 | MILWAUKEE, WI | POINT LOOMIS SOUTH 27TH STREET | 53221 | SC | 1962 | 2003 | 100.00 | % | 160,533 | $ | 707,571 | $ | 4.41 | 100.0 | % | Kohl’s #43(2007), Pick ‘N Save(2007) | ||||||||||||||||||||||||
| 273 | MILWAUKEE, WI (SOUTH) | SOUTHGATE MARKETPLACE SOUTH 27TH STREET | 53215 | SC | 1951 | 2003 | 100.00 | % | 54,913 | $ | 385,106 | $ | 7.94 | 88.3 | % | Always 99C(2011), MOVIES 10(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
| 274 | WEST ALLIS, WI (WEST) | WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108 | 53214 | SC | 1968 | 2003 | 100.00 | % | 383,967 | $ | 1,392,012 | $ | 5.35 | 67.7 | % | Kohl’s #41(2008), Marshall’s Mega Store #738(2004), Pick ‘N Save(2008) | ||||||||||||||||||||||||
| | Grand Total: | 50,040,061 | 501,780,265 | | ||||||||||||||||||||||||||||||||||||
| * 1. Property Developed by the Company | * SC — Shopping Center | |
| * 2. Original IPO Property | * MM — Mini-Mall | |
| * BC — Business Center | ||
| * LC — Lifestyle Center |
* Does Not Include Service Merchandise Interests
Property Listing 7.1
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
Investor Information
Developers Diversified Realty
www.ddr.com
3300 Enterprise Parkway/Beachwood, Ohio 44122
Phone: (216) 755-5500 Fax: (216) 755-1500
| Board of Directors | Officers | |
| Scott A. Wolstein, Chairman of the Board Chief Executive Officer, Developers Diversified Realty | Scott A. Wolstein, Chairman of the Board & Chief Executive Officer | |
| Bert L. Wolstein, Chairman Emeritus Chief Executive Officer, Heritage Development | David M. Jacobstein, President and Chief Operating Officer | |
| David M. Jacobstein, President & Chief Operating Officer, Developers Diversified Realty | Daniel B. Hurwitz Executive Vice President | |
| Daniel B. Hurwitz, Executive Vice President Developers Diversified Realty | James A. Schoff, Senior Investment Officer | |
| Albert T. Adams, Director Chairman, Cleveland Office – Baker & Hostetler LLP | Joan U. Allgood, Sr. Vice President of Corporate Affairs & Governance | |
| Dean S. Adler, Director Principal, Lubert-Adler Management, Inc | Richard E. Brown, Sr. Vice President of Real Estate Operations | |
| Terrance R. Ahern, Director Principal, The Townsend Group | Timothy J. Bruce, Sr. Vice President of Development | |
| Robert Gidel, Director Managing Partner, Liberty Partners, LP | William H. Schafer, Sr. Vice President & Chief Financial Officer | |
| Victor B. MacFarlane, Founder and Managing Principal MacFarlane Partners, LLC | Ralph J. Conti, Vice President and Director of Development | |
| Craig Macnab, Director Managing Partner, Tandem Capital | Steven M. Dorsky, Vice President of Leasing – Northeast David J. Favorite, Vice President of Operations | |
| Barry Sholem, Director Partners Chairman, DLJ Real Estate Capital | Susan Hennessey, Vice President of Human Resources | |
| Michelle A. Mahue, Vice President of Investor Relations | ||
| Lorraine McGlone, Vice President of Information Technology | ||
| Joseph G. Padanilam, Vice President of Acquisitions and Dispositions | ||
| Anthony L. Vodicka, Vice President of Leasing – West | ||
| Robin Walker-Gibbons, Vice President of Leasing – Southeast | ||
| David E. Weiss, Vice President and General Counsel |
Developers Diversified Realty
Quarterly Financial Supplement
For the twelve months ended December 31, 2003
| Investor Information (Continued) | ||||||
| Research Coverage | Research Coverage, continued | |||||
| AG Edwards | Merril Lynch | |||||
| Bill Camp | (314) 955-5368 | Steve Sakwa | (212) 449-0335 | |||
| Craig Schmidt | (212) 449-1944 | |||||
| Deutsche Bank Alex Brown | Morgan Stanley | |||||
| Lou Taylor | (212) 250-4912 | Matthew Ostrower | (212) 761-6284 | |||
| Chris Capolongo | (212) 250-7726 | Suzanne Sorkin | (212) 761-6385 | |||
| Goldman Sachs | Prudential Securities | |||||
| Carey Callahan | (212) 902-4351 | Jim Sullivan | (212) 778-2515 | |||
| Michael Bilerman | (212) 902-1970 | Bill Acheson | (212) 778-1417 | |||
| Green Street Advisors | Wachovia Securities | |||||
| John Herold | (949) 640-8780 | Jeff Donnelly | (617) 603-4262 | |||
| Sarah Woodward | (949) 640-8780 | Eric Rothman | (617) 603-4263 | |||
| Hilliard Lyons | ||||||
| Tony Howard | (502) 588-1142 | Transfer Agent | ||||
| National City Bank Corporate Trust Operations P.O. Box 92301 Cleveland, Ohio 44193-0900 1-800-622-6757 | ||||||
| JP Morgan | ||||||
| Michael Mueller | (212) 622-6689 | |||||
| Josh Bederman | (212) 622-6530 | |||||
| Lehman Brothers | ||||||
| David Shulman | (212) 526-3410 | Investor Relations Michelle A. Mahue VP of Investor Relations Phone: (216) 755-5455 Fax: (216) 755-1455 Email: mmahue@ddr.com | ||||
| Alexander Goldfarb | (212) 526-5232 | |||||
| McDonald & Company | ||||||
| Richard Moore | (216) 443-2815 | |||||
| Richard Sweigard | (216) 563-2501 | |||||