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8-K Filing
SITE Centers (SITC) 8-KDevelopers Diversified Realty Corporation
Filed: 28 Oct 05, 12:00am
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 |
Contact: | Scott A. Wolstein Chairman Chief Executive Officer 216-755-5500 | Michelle M. Dawson Vice President of Investor Relations 216-755-5455 |
Three Month Period | Nine Month Period | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Revenues: | ||||||||||||||||
Minimum rents (A) | $ | 126,863 | $ | 115,682 | $ | 375,563 | $ | 295,698 | ||||||||
Percentage and overage rents (A) | 1,335 | 1,565 | 4,915 | 4,657 | ||||||||||||
Recoveries from tenants | 39,527 | 30,896 | 115,233 | 83,605 | ||||||||||||
Ancillary income | 2,797 | 857 | 6,601 | 2,161 | ||||||||||||
Other property related income | 1,333 | 1,257 | 3,998 | 3,276 | ||||||||||||
Management fee income | 4,701 | 3,761 | 13,976 | 10,463 | ||||||||||||
Development fees | 745 | 930 | 1,913 | 1,724 | ||||||||||||
Other (B) | 3,771 | 2,184 | 8,126 | 12,151 | ||||||||||||
181,072 | 157,132 | 530,325 | 413,735 | |||||||||||||
Expenses: | ||||||||||||||||
Operating and maintenance | 22,989 | 15,779 | 70,400 | 44,207 | ||||||||||||
Real estate taxes | 21,808 | 20,556 | 62,585 | 53,427 | ||||||||||||
General and administrative (C) | 14,146 | 11,486 | 40,188 | 32,980 | ||||||||||||
Depreciation and amortization | 39,965 | 35,584 | 117,321 | 88,679 | ||||||||||||
98,908 | 83,405 | 290,494 | 219,293 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 2,959 | 811 | 6,392 | 3,168 | ||||||||||||
Interest expense | (46,942 | ) | (35,789 | ) | (131,683 | ) | (88,597 | ) | ||||||||
Other expense (D) | (660 | ) | (1,427 | ) | (2,526 | ) | (1,460 | ) | ||||||||
(44,643 | ) | (36,405 | ) | (127,817 | ) | (86,889 | ) | |||||||||
Income before equity in net income of joint ventures, minority equity interests, income tax of taxable REIT subsidiaries, discontinued operations, gain on sales of real estate and cumulative effect of adoption of a new accounting standard | 37,521 | 37,322 | 112,014 | 107,553 | ||||||||||||
Equity in net income of joint ventures (E) | 11,418 | 5,322 | 25,984 | 30,486 | ||||||||||||
Minority equity interests (F) | (2,605 | ) | (1,199 | ) | (5,204 | ) | (3,338 | ) | ||||||||
Income benefit (tax) of taxable REIT subsidiaries and franchise taxes | 10 | (881 | ) | (555 | ) | (2,257 | ) | |||||||||
Income from continuing operations | 46,344 | 40,564 | 132,239 | 132,444 | ||||||||||||
Income from discontinued operations (G) | 11,402 | 2,637 | 15,478 | 5,979 | ||||||||||||
Income before gain on sales of real estate and cumulative effect of adoption of a new accounting standard | 57,746 | 43,201 | 147,717 | 138,423 | ||||||||||||
Gain on sales of real estate, net of tax | 2,531 | 1,115 | 86,065 | 46,492 | ||||||||||||
Income before cumulative effect of adoption of a new accounting standard | 60,277 | 44,316 | 233,782 | 184,915 | ||||||||||||
Cumulative effect of adoption of a new accounting standard (H) | — | — | — | (3,001 | ) | |||||||||||
Net income | $ | 60,277 | $ | 44,316 | $ | 233,782 | 181,914 | |||||||||
Net income, applicable to common shareholders | $ | 46,485 | $ | 30,524 | $ | 192,405 | 145,000 | |||||||||
Funds From Operations (“FFO”): | ||||||||||||||||
Net income applicable to common shareholders | $ | 46,485 | $ | 30,524 | $ | 192,405 | $ | 145,000 | ||||||||
Depreciation and amortization of real estate investments | 42,172 | 36,925 | 122,506 | 92,890 | ||||||||||||
Equity in net income of joint ventures (E) | (11,418 | ) | (5,322 | ) | (25,984 | ) | (30,486 | ) | ||||||||
Joint ventures’ FFO (E) | 15,358 | 10,642 | 37,438 | 34,384 | ||||||||||||
Minority equity interests (OP Units) (F) | 729 | 719 | 2,187 | 1,916 | ||||||||||||
(Gain) loss on sales of depreciable real estate, net | (11,543 | ) | 1,399 | (55,162 | ) | (27,400 | ) | |||||||||
Cumulative effect of adoption of a new accounting standard (H) | — | — | — | 3,001 | ||||||||||||
FFO available to common shareholders | 81,783 | 74,887 | 273,390 | 219,305 | ||||||||||||
Preferred dividends | 13,792 | 13,792 | 41,377 | 36,914 | ||||||||||||
FFO | $ | 95,575 | $ | 88,679 | $ | 314,767 | $ | 256,219 | ||||||||
Per share data: | ||||||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.43 | $ | 0.30 | $ | 1.78 | $ | 1.53 | ||||||||
Diluted | $ | 0.43 | $ | 0.30 | $ | 1.76 | $ | 1.52 | ||||||||
Dividends Declared | $ | 0.54 | $ | 0.51 | $ | 1.62 | $ | 1.43 | ||||||||
Funds From Operations — Basic (I) | $ | 0.74 | $ | 0.72 | $ | 2.49 | $ | 2.28 | ||||||||
Funds From Operations — Diluted (I) | $ | 0.74 | $ | 0.72 | $ | 2.47 | $ | 2.26 | ||||||||
Basic — average shares outstanding (thousands) (I) | 108,431 | 102,079 | 108,239 | 94,509 | ||||||||||||
Diluted — average shares outstanding (thousands) (I) | 109,211 | 103,030 | 110,453 | 96,921 | ||||||||||||
(A) | Increases in base and percentage rental revenues for the nine month period ended September 30, 2005 as compared to 2004, aggregated $76.3 million consisting of $4.5 million related to leasing of core portfolio properties (an increase of 2.3% from 2004), $100.7 million from the acquisition of assets, and $5.4 million related to developments and redevelopments. These amounts were offset by a decrease of $1.6 million relating to the Company’s remaining seven business center properties and $32.7 million due to the sale of properties to joint ventures in 2004 and 2005. Included in the rental revenues for the nine month period ended September 30, 2005 and 2004 is approximately $9.0 million and $5.3 million, respectively, of revenue resulting from the recognition of straight line rents. | |
(B) | Other income for the three and nine month periods ended September 30, 2005 and 2004 was comprised of the following (in millions): |
Three Month Period | Nine Month Period | |||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||||||
Lease termination fees and bankruptcy settlements | $ | 3.6 | $ | 2.2 | $ | 5.1 | $ | 9.1 | ||||||||||||
Financing fees | — | — | 2.3 | 3.0 | ||||||||||||||||
Other miscellaneous | 0.2 | — | 0.7 | 0.1 | ||||||||||||||||
$ | 3.8 | $ | 2.2 | $ | 8.1 | $ | 12.2 | |||||||||||||
(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 nine month periods ended September 30, 2005 and 2004, general and administrative expenses were approximately 4.6% of total revenues, including joint venture revenues, for each period. | |
(D) | Other expense is comprised of abandoned acquisition and development project costs and certain litigation costs. In 2005, the Company incurred certain non-recurring litigation costs of $1.6 million. | |
(E) | 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 | Nine Month Period | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 (b) | 2004 (b) | 2005 | 2004 | |||||||||||||
Revenues from operations (a) | $ | 108,641 | $ | 83,175 | $ | 319,064 | $ | 233,505 | ||||||||
Operating expense | 37,817 | 28,551 | 111,481 | 79,919 | ||||||||||||
Depreciation and amortization of real estate investments | 22,214 | 20,653 | 63,814 | 44,209 | ||||||||||||
Interest expense | 29,636 | 20,060 | 87,106 | 55,062 | ||||||||||||
89,667 | 69,264 | 262,401 | 179,190 | |||||||||||||
Income from operations before gain on sale of real estate and discontinued operations | 18,974 | 13,911 | 56,663 | 54,315 | ||||||||||||
Gain on sale of real estate | 38 | 4,834 | 797 | 4,826 | ||||||||||||
(Loss) income from discontinued operations, net of tax | (154 | ) | (62 | ) | (378 | ) | 1,065 | |||||||||
Gain on sale of discontinued operations, net of tax | 26,773 | 993 | 35,495 | 24,885 | ||||||||||||
Net income | $ | 45,631 | $ | 19,676 | $ | 92,577 | $ | 85,091 | ||||||||
DDR Ownership interests (b) | $ | 14,086 | $ | 6,061 | $ | 28,083 | $ | 31,426 | ||||||||
Funds From Operations from joint ventures are summarized as follows: | ||||||||||||||||
Net income | $ | 45,631 | $ | 19,676 | $ | 92,577 | $ | 85,091 | ||||||||
Gain on sale of real estate, including discontinued operations | (22,594 | ) | (4,834 | ) | (12,727 | ) | (24,250 | ) | ||||||||
Depreciation and amortization of real estate investments | 22,554 | 21,827 | 65,478 | 46,263 | ||||||||||||
$ | 45,591 | $ | 36,669 | $ | 145,328 | $ | 107,104 | |||||||||
DDRC Ownership interests (b) | $ | 15,358 | $ | 10,642 | $ | 37,438 | $ | 34,384 | ||||||||
DDRC Partnership distributions received, net (c) | $ | 90,250 | $ | 12,866 | $ | 113,720 | $ | 61,920 | ||||||||
(a) | Revenues for the three month periods ended September 30, 2005 and 2004 included approximately $2.0 million and $1.7 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $0.4 million and $0.5 million, respectively. Revenues for the nine month periods ended September 30, 2005 and 2004 included approximately $5.6 million and $4.4 million, respectively, resulting from the recognition of straight line rents of which the Company’s proportionate share is $1.0 million, in each period. | ||
(b) | Included in the Company’s equity in net income and FFO from joint ventures for the nine months ended September 30, 2004, is approximately $3.2 million of gain related to the sale of a joint venture property at the end of 2003. This amount was recorded as a gain at the joint venture level in 2003 but was deferred by DDR until certain construction and leasing obligations were achieved. | ||
The Company’s share of joint venture net income has been reduced by $2.6 million and $0.7 million for the three month period ended September 30, 2005 and 2004, respectively and by $2.1 million and $1.0 million for the nine month period ended September 30, 2005 and 2004, respectively, to reflect additional basis depreciation and adjustments to gain on sale. | |||
At September 30, 2005 and 2004, the Company owned joint venture interests, excluding consolidated joint ventures, relating to 112 and 74 shopping center properties, respectively. In addition, at September 30, 2005 and 2004, respectively, the Company, through a joint venture, owned an interest of approximately 25% in 55 and 66 shopping center sites formerly owned by Service Merchandise, respectively. | |||
(c) | Distributions include funds received from asset sales and refinancings in addition to ongoing operating distributions. |
(F) | Minority equity interests are comprised of the following (in thousands): |
Three Month Period | Nine Month Period | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Minority interests | $ | 1,876 | $ | 480 | $ | 3,017 | $ | 1,422 | ||||||||
Operating partnership units | 729 | 719 | 2,187 | 1,916 | ||||||||||||
$ | 2,605 | $ | 1,199 | $ | 5,204 | $ | 3,338 | |||||||||
(G) | The operating results relating to assets classified as discontinued operations are summarized as follows (in thousands): |
Three Month Period | Nine Month Period | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Revenues | $ | 6,345 | $ | 8,695 | $ | 19,550 | $ | 25,965 | ||||||||
Expenses: | ||||||||||||||||
Operating | 2,974 | 3,295 | 8,217 | 9,694 | ||||||||||||
Impairment charge | — | 586 | 642 | 586 | ||||||||||||
Interest, net | 1,171 | 1,413 | 3,625 | 4,291 | ||||||||||||
Depreciation | 1,773 | 2,099 | 5,501 | 6,073 | ||||||||||||
Minority interests | 3 | (15 | ) | 64 | (39 | ) | ||||||||||
Total expenses | 5,921 | 7,378 | 18,049 | 20,605 | ||||||||||||
Income before gain on sale of real estate | 424 | 1,317 | 1,501 | 5,360 | ||||||||||||
Gain on sales of real estate(1) | 10,978 | 1,320 | 13,977 | 619 | ||||||||||||
Net income | $ | 11,402 | $ | 2,637 | $ | 15,478 | $ | 5,979 | ||||||||
(1) | During 2005, the Company’s gain on sales of real estate was reduced by $1.9 million relating to debt prepayment costs incurred as a result of the sales transaction. This debt prepayment has been accounted for as a cost of sale and neither the gross gain on sale nor the related costs of the sale have been included in FFO. |
(H) | The Company recorded a charge of $3.0 million in 2004 as a cumulative effect of adoption of a new accounting standard (FIN 46) attributable to the consolidation of the shopping center in Martinsville, Virginia. This amount represents the minority partner’s share of cumulative losses in the partnership. | |
(I) | For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the conversion of 1.3 million and 1.4 million Operating Partnership Units (OP Units) outstanding at September 30, 2005 and 2004 into 1.3 million and 1.4 million common shares of the Company for each of the three month periods ended September 30, 2005 and 2004, respectively, and 1.3 million for each of the nine month periods ended September 30, 2005 and 2004, on a weighted average basis. The weighted average diluted shares and OP Units outstanding were 110.8 million and 104.6 million for the three month periods ended September 30, 2005 and 2004, respectively, and 110.7 million and 97.1 million for the nine month periods ended September 30, 2005 and 2004, respectively. |
September 30, 2005(1) | December 31, 2004 | |||||||
Assets: | ||||||||
Real estate and rental property: | ||||||||
Land | $ | 1,815,470 | $ | 1,238,242 | ||||
Buildings | 4,597,943 | 3,998,972 | ||||||
Fixtures and tenant improvements | 138,236 | 120,350 | ||||||
Construction in progress | 372,250 | 245,860 | ||||||
6,923,899 | 5,603,424 | |||||||
Less accumulated depreciation | (632,717 | ) | (568,231 | ) | ||||
Real estate, net | 6,291,182 | 5,035,193 | ||||||
Cash | 38,880 | 49,871 | ||||||
Advances to and investments in joint ventures | 295,022 | (2) | 288,020 | |||||
Notes receivable | 17,245 | 17,823 | ||||||
Receivables, including straight line rent, net | 103,018 | 84,843 | ||||||
Other assets, net | 95,005 | 107,797 | ||||||
$ | 6,840,352 | $ | 5,583,547 | |||||
Liabilities: | ||||||||
Indebtedness: | ||||||||
Revolving credit facilities | $ | 440,000 | $ | 60,000 | ||||
Variable rate unsecured term debt | 200,000 | 350,000 | ||||||
Unsecured debt | 1,618,727 | 1,220,143 | ||||||
Mortgage and other secured debt | 1,578,507 | 1,088,547 | ||||||
3,837,234 | 2,718,690 | |||||||
Dividends payable | 65,753 | 62,089 | ||||||
Other liabilities | 218,467 | 192,514 | ||||||
4,121,454 | 2,973,293 | |||||||
Minority interests | 126,321 | 55,935 | ||||||
Shareholders’ equity | 2,592,577 | 2,554,319 | ||||||
$ | 6,840,352 | $ | 5,583,547 | |||||
(1) | Amounts include the consolidation of the Mervyn’s, 50% owned joint venture, formed in September 2005, of $368.6 million of real estate assets, $244.0 million of mortgage debt and $70.5 million of minority interests. | ||
(2) | Includes $94.1 million of advances to the Service Merchandise Joint Venture funded in the second quarter of 2005. |
September 30, 2005 | December 31, 2004 | |||||||
Land | $ | 895,165 | $ | 798,852 | ||||
Buildings | 2,516,155 | 2,298,424 | ||||||
Fixtures and tenant improvements | 54,867 | 42,922 | ||||||
Construction in progress | 45,047 | 25,151 | ||||||
3,511,234 | 3,165,349 | |||||||
Accumulated depreciation | (197,103 | ) | (143,170 | ) | ||||
Real estate, net | 3,314,131 | 3,022,179 | ||||||
Receivables, including straight line rent, net | 75,399 | 68,596 | ||||||
Leasehold interests | 23,790 | 26,727 | ||||||
Other assets | 129,653 | 96,264 | ||||||
$ | 3,542,973 | $ | 3,213,766 | |||||
Mortgage debt (a) | $ | 2,205,887 | $ | 1,803,420 | ||||
Notes and accrued interest payable to DDR | 106,390 | 20,616 | ||||||
Amounts payable to other partners | — | 46,161 | ||||||
Other liabilities | 86,544 | 75,979 | ||||||
2,398,821 | 1,946,176 | |||||||
Accumulated equity | 1,144,152 | 1,267,590 | ||||||
$ | 3,542,973 | $ | 3,213,766 | |||||
(a) | The Company’s proportionate share of joint venture debt aggregated approximately $516.8 million and $420.8 million at September 30, 2005 and December 31, 2004, respectively. |
FINANCIAL HIGHLIGHTS | Nine Month | Nine Month | ||||||||||||||||||||||
(In Thousands Except Per Share Information) | Period Ended | Period Ended | ||||||||||||||||||||||
September 30 | September 30 | Year Ended December 31 | ||||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
FUNDS FROM OPERATIONS: | ||||||||||||||||||||||||
Net Income Applicable to Common Shareholders | $ | 192,405 | $ | 145,000 | $ | 219,056 | $ | 189,056 | (7) | $ | 69,368 | (7) | $ | 65,111 | ||||||||||
Depreciation and Amortization of Real Estate Investments | $ | 122,506 | $ | 92,891 | $ | 130,537 | $ | 93,173 | $ | 76,462 | $ | 63,200 | ||||||||||||
Equity in Net Income From Joint Ventures | $ | (25,984 | ) | $ | (30,486 | ) | $ | (40,896 | ) | $ | (52,917 | ) | $ | (32,769 | ) | $ | (17,010 | ) | ||||||
Equity in Net Income From Minority Equity Investment | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (1,550 | ) | |||||||||||
Joint Venture Funds From Operations | $ | 37,438 | $ | 34,384 | $ | 46,209 | $ | 47,942 | $ | 44,473 | $ | 31,546 | ||||||||||||
Minority Equity Investment Funds From Operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 6,448 | ||||||||||||
Operating Partnership Minority Interest Expense | $ | 2,187 | $ | 1,916 | $ | 2,607 | $ | 1,770 | $ | 1,450 | $ | 1,531 | ||||||||||||
Cumulative Effect & Extraordinary Charges | $ | 0 | $ | 3,001 | $ | 3,001 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Gain on Sales of Real Estate | $ | (55,163 | ) | $ | (27,400 | ) | $ | (68,179 | ) | $ | (67,352 | ) | $ | (4,276 | ) | $ | (16,688 | ) | ||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 273,390 | $ | 219,305 | $ | 292,335 | $ | 211,672 | $ | 154,709 | $ | 132,587 | ||||||||||||
PREFERRED DIVIDENDS | $ | 41,377 | $ | 36,914 | $ | 50,706 | $ | 51,204 | (7) | $ | 32,602 | (7) | $ | 27,262 | ||||||||||
FUNDS FROM OPERATIONS | $ | 314,767 | $ | 256,219 | $ | 343,041 | $ | 262,877 | $ | 187,311 | $ | 159,849 | ||||||||||||
PER SHARE INFORMATION: | ||||||||||||||||||||||||
Funds From Operations — Diluted | $ | 2.47 | $ | 2.26 | $ | 2.95 | $ | 2.51 | $ | 2.35 | $ | 2.33 | ||||||||||||
Net Income — Diluted | $ | 1.74 | $ | 1.52 | $ | 2.24 | $ | 2.27 | $ | 1.07 | $ | 1.17 | ||||||||||||
Cash Dividends | $ | 1.62 | $ | 1.43 | $ | 1.94 | $ | 1.69 | $ | 1.52 | $ | 1.48 | ||||||||||||
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO | 110,663 | 97,050 | 99,147 | 84,319 | 65,910 | 56,957 | ||||||||||||||||||
TOTAL MARKET CAPITALIZATION (1) | $ | 9,689,099 | $ | 8,044,592 | $ | 8,276,943 | $ | 5,551,748 | $ | 3,460,243 | $ | 2,982,461 | ||||||||||||
DEBT TO TOTAL MARKET CAPITALIZATION (1) | 39.60 | % | 40.75 | % | 32.82 | % | 37.42 | % | 43.10 | % | 43.87 | % | ||||||||||||
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC. | 52.75 | % | 52.57 | % | 45.58 | % | 48.68 | % | 48.26 | % | 47.18 | % | ||||||||||||
DIVIDEND PAYOUT RATIO (1) | 65.22 | % | 64.24 | % | 67.28 | % | 66.03 | % | 62.73 | % | 63.90 | % | ||||||||||||
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2) | 4.56 | % | 4.80 | % | 4.94 | % | 5.35 | % | 4.80 | % | 4.25 | % | ||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | $ | 40,188 | $ | 32,981 | $ | 47,126 | $ | 40,820 | $ | 29,392 | $ | 24,175 | ||||||||||||
REVENUES: | ||||||||||||||||||||||||
DDR Revenues | $ | 549,875 | $ | 439,700 | $ | 605,246 | $ | 478,696 | $ | 360,778 | $ | 324,148 | ||||||||||||
Joint Venture Revenues | $ | 331,401 | $ | 247,678 | $ | 348,740 | $ | 284,158 | $ | 251,905 | $ | 244,663 | ||||||||||||
TOTAL REVENUES (3) | $ | 881,276 | $ | 687,378 | $ | 953,987 | $ | 762,853 | $ | 612,683 | $ | 568,811 | ||||||||||||
NET OPERATING INCOME: | ||||||||||||||||||||||||
DDR Net Operating Income | $ | 408,673 | $ | 333,496 | $ | 453,501 | $ | 356,348 | $ | 272,764 | $ | 248,838 | ||||||||||||
Joint Venture Net Operating Income | $ | 216,566 | $ | 160,272 | $ | 228,358 | $ | 184,927 | $ | 167,573 | $ | 166,545 | ||||||||||||
TOTAL NET OPERATING INCOME (4) | $ | 625,240 | $ | 493,769 | $ | 681,859 | $ | 541,274 | $ | 440,337 | $ | 415,383 | ||||||||||||
REAL ESTATE AT COST: | ||||||||||||||||||||||||
DDR Real Estate at Cost | $ | 6,923,899 | $ | 5,939,694 | $ | 5,603,424 | $ | 3,884,911 | $ | 2,804,056 | $ | 2,493,665 | ||||||||||||
Joint Venture Real Estate at Cost (5) | $ | 3,511,234 | $ | 2,674,135 | $ | 3,165,335 | $ | 2,275,216 | $ | 1,785,165 | $ | 1,862,515 | ||||||||||||
TOTAL REAL ESTATE AT COST (6) | $ | 10,435,133 | $ | 8,613,829 | $ | 8,768,759 | $ | 6,160,127 | $ | 4,589,221 | $ | 4,356,179 | ||||||||||||
(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 September 30, 2005 of $417.3 million (includes $45.0 million of CIP included in joint ventures, of which $6.5 million represents the Company’s proportionate share), and at December 31, 2004, 2003, 2002, 2001 CIP aggregated $271.0 million, $290.7 million $237.8 million and $287.7 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. |
MARKET CAPITALIZATION & FINANCIAL RATIOS | Nine Month | |||||||||||||||||||
Period Ended | ||||||||||||||||||||
September 30 | Year Ended December 31 | |||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
DDR RATIO OF DEBT TO TOTAL MARKET CAP: | ||||||||||||||||||||
Total Debt | $ | 3,837,234 | $ | 2,716,426 | $ | 2,077,558 | $ | 1,491,481 | $ | 1,308,301 | ||||||||||
Total Market Capitalization * | $ | 9,689,099 | $ | 8,276,943 | $ | 5,551,748 | $ | 3,460,243 | $ | 2,982,461 | ||||||||||
39.60 | % | 32.82 | % | 37.42 | % | 43.10 | % | 43.87 | % | |||||||||||
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE | 52.75 | % | 45.58 | % | 48.68 | % | 48.26 | % | 47.18 | % | ||||||||||
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION: | ||||||||||||||||||||
Total Debt * | $ | 4,354,018 | $ | 3,137,184 | $ | 2,446,026 | $ | 1,878,575 | $ | 1,688,904 | ||||||||||
Total Market Capitalization * | $ | 10,205,882 | $ | 8,697,701 | $ | 5,920,216 | $ | 3,847,336 | $ | 3,363,064 | ||||||||||
42.66 | % | 36.07 | % | 41.32 | % | 48.83 | % | 50.22 | % | |||||||||||
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE | 55.85 | % | 49.27 | % | 53.79 | % | 54.20 | % | 53.85 | % | ||||||||||
INTEREST COVERAGE RATIO: | ||||||||||||||||||||
Interest Expense | $ | 135,310 | $ | 130,447 | $ | 90,162 | $ | 77,208 | $ | 81,770 | ||||||||||
FFO Before Interest and Preferred Dividends * | $ | 450,077 | $ | 473,488 | $ | 353,039 | $ | 282,856 | $ | 260,700 | ||||||||||
3.33 | 3.63 | 3.92 | 3.66 | 3.19 | ||||||||||||||||
DEBT SERVICE COVERAGE RATIO: | ||||||||||||||||||||
Debt Service * | $ | 159,436 | $ | 152,927 | $ | 101,890 | $ | 83,958 | $ | 88,764 | ||||||||||
FFO Before Interest and Preferred Dividends * | $ | 450,077 | $ | 473,488 | $ | 353,039 | $ | 282,856 | $ | 260,700 | ||||||||||
2.82 | 3.10 | 3.46 | 3.37 | 2.94 | ||||||||||||||||
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO | ||||||||||||||||||||
Fixed Charges | $ | 200,812 | $ | 203,633 | $ | 142,385 | $ | 129,353 | $ | 135,107 | ||||||||||
FFO Before Interest and Preferred Dividends * | $ | 450,077 | $ | 473,488 | $ | 353,039 | $ | 282,856 | $ | 260,700 | ||||||||||
2.24 | 2.33 | 2.48 | 2.19 | 1.93 | ||||||||||||||||
DIVIDEND PAYOUT RATIO | ||||||||||||||||||||
Common Share Dividends and Operating Partnership Interest | $ | 178,295 | $ | 196,685 | $ | 146,846 | $ | 100,531 | $ | 84,721 | ||||||||||
Funds From Operations exclusive of charge associated with preferred stock redemption | $ | 273,390 | $ | 292,335 | $ | 222,382 | $ | 160,253 | $ | 132,587 | ||||||||||
0.65 | 0.67 | 0.66 | 0.63 | 0.64 |
* | See Attached for Detail Calculation |
Nine Month | ||||||||||||||||||||
Period Ended | ||||||||||||||||||||
September 30 | Year Ended December 31 | |||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
DDR TOTAL MARKET CAPITALIZATION | ||||||||||||||||||||
Common Shares Outstanding | 108,861 | 108,083 | 86,425 | 66,609 | 59,455 | |||||||||||||||
Operating Partnership Units Outstanding | 1,350 | 1,350 | 1,129 | 911 | 1,038 | |||||||||||||||
Total | 110,211 | 109,432 | 87,554 | 67,520 | 60,493 | |||||||||||||||
Share Price | $ | 46.7000 | $ | 44.3700 | $ | 33.5700 | $ | 21.9900 | $ | 19.1000 | ||||||||||
Market Value of Common Shares | $ | 5,146,864 | $ | 4,855,516 | $ | 2,939,190 | $ | 1,484,762 | $ | 1,155,410 | ||||||||||
Preferred Shares at Book Value | $ | 705,000 | $ | 705,000 | $ | 535,000 | $ | 304,000 | $ | 303,750 | ||||||||||
Preferred Units and Warrant | $ | 0 | $ | 0 | $ | 0 | $ | 180,000 | $ | 215,000 | ||||||||||
Total Debt | $ | 3,837,234 | $ | 2,716,426 | $ | 2,077,558 | $ | 1,491,481 | $ | 1,308,301 | ||||||||||
TOTAL MARKET CAPITALIZATION | $ | 9,689,099 | $ | 8,276,943 | $ | 5,551,748 | $ | 3,460,243 | $ | 2,982,461 | ||||||||||
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT | ||||||||||||||||||||
Common Shares Outstanding | 108,861 | 108,083 | 86,425 | 66,609 | 59,455 | |||||||||||||||
Operating Partnership Units Outstanding | 1,350 | 1,350 | 1,129 | 911 | 1,038 | |||||||||||||||
Total | 110,211 | 109,432 | 87,554 | 67,520 | 60,493 | |||||||||||||||
Share Price | $ | 46.7000 | $ | 44.3700 | $ | 33.5700 | $ | 21.9900 | $ | 19.1000 | ||||||||||
Market Value of Common Shares | $ | 5,146,864 | $ | 4,855,516 | $ | 2,939,190 | $ | 1,484,762 | $ | 1,155,410 | ||||||||||
Preferred Shares at Book Value | $ | 705,000 | $ | 705,000 | $ | 535,000 | $ | 304,000 | $ | 303,750 | ||||||||||
Preferred Units and Warrant | $ | 0 | $ | 0 | $ | 0 | $ | 180,000 | $ | 215,000 | ||||||||||
Total Debt | $ | 3,837,234 | $ | 2,716,426 | $ | 2,077,558 | $ | 1,491,481 | $ | 1,308,301 | ||||||||||
Proportionate Share of JV Debt | $ | 516,784 | $ | 420,758 | $ | 368,468 | $ | 387,094 | $ | 380,604 | ||||||||||
TOTAL MARKET CAPITALIZATION | $ | 10,205,882 | $ | 8,697,701 | $ | 5,920,216 | $ | 3,847,336 | $ | 3,363,064 | ||||||||||
Nine Month | ||||||||||||||||||||
Period Ended | ||||||||||||||||||||
September 30 | Year Ended December 31 | |||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE | ||||||||||||||||||||
Undepreciated Real Estate Assets | $ | 6,923,899 | $ | 5,603,424 | $ | 3,884,911 | $ | 2,804,056 | $ | 2,493,665 | ||||||||||
Cash and Cash Equivalents | $ | 38,880 | $ | 49,871 | $ | 111,033 | $ | 16,371 | $ | 19,070 | ||||||||||
Notes Receivable | $ | 17,245 | $ | 17,823 | $ | 9,813 | $ | 11,662 | $ | 5,221 | ||||||||||
Advances and Investments in Joint Ventures | $ | 295,022 | $ | 288,020 | $ | 262,072 | $ | 258,611 | $ | 255,327 | ||||||||||
$ | 7,275,046 | $ | 5,959,138 | $ | 4,267,829 | $ | 3,090,699 | $ | 2,773,281 | |||||||||||
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE | ||||||||||||||||||||
Undepreciated Real Estate Assets | $ | 6,923,899 | $ | 5,603,424 | $ | 3,884,911 | $ | 2,804,056 | $ | 2,493,665 | ||||||||||
Notes Receivable or Proportionate Share Thereof | $ | 110,275 | $ | 44,536 | $ | 41,018 | $ | 50,521 | $ | 22,000 | ||||||||||
Proportionate Share of JV Undepreciated Real Estate Assets | $ | 761,645 | $ | 719,619 | $ | 621,113 | $ | 611,224 | $ | 620,688 | ||||||||||
$ | 7,795,819 | $ | 6,367,578 | $ | 4,547,043 | $ | 3,465,801 | $ | 3,136,353 | |||||||||||
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS | ||||||||||||||||||||
FFO | $ | 273,390 | $ | 292,335 | $ | 211,672 | $ | 154,709 | $ | 132,587 | ||||||||||
Interest Expense | $ | 135,310 | $ | 130,447 | $ | 90,162 | $ | 77,208 | $ | 81,770 | ||||||||||
Preferred Dividends, Including Preferred Operating Minority Interest & D-42 Dividend | $ | 41,377 | $ | 50,706 | $ | 51,204 | $ | 50,939 | $ | 46,343 | ||||||||||
$ | 450,077 | $ | 473,488 | $ | 353,039 | $ | 282,856 | $ | 260,700 | |||||||||||
DEBT SERVICE | ||||||||||||||||||||
Interest Expense | $ | 135,310 | $ | 130,447 | $ | 90,162 | $ | 77,208 | $ | 81,770 | ||||||||||
Recurring Principal Amortization | $ | 24,126 | $ | 22,480 | $ | 11,728 | $ | 6,750 | $ | 6,994 | ||||||||||
$ | 159,436 | $ | 152,927 | $ | 101,890 | $ | 83,958 | $ | 88,764 | |||||||||||
FIXED CHARGES | ||||||||||||||||||||
Debt Service | $ | 159,436 | $ | 152,927 | $ | 101,890 | $ | 83,958 | $ | 88,764 | ||||||||||
Preferred Dividends, Including Preferred Operating Minority Interest and excluding non-cash | $ | 41,377 | $ | 50,706 | $ | 40,494 | $ | 45,395 | $ | 46,343 | ||||||||||
D-42 dividend. | $ | 200,812 | $ | 203,633 | $ | 142,385 | $ | 129,353 | $ | 135,107 | ||||||||||
$9.7 Billion Total Capitalization as of September 30, 2005 Common Shares Equity (2) $5,146.9 55% Perpetual Preferred Stock $705.0 7% Fixed Rate Unsecured Debt $1,558.1 16% Floating Rate Unsecured Debt $60.0 1% Construction Finance $64.7 1% Variable Rate Revolving Credit and Term Debt $860.0 9% Mortgage Debt (3) $1,293.8 11% (1) Figures in millions unless otherwise noted. (2) Market Value ($46.70 per share as of September 30, 2005) includes operating partnership units equivalent to approximately 1.3 million of the Company's Common shares. (3) Does not include proportionate share of joint venture debt aggregating $516.8 million. |
• | 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 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. |
• | 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 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 and Tenant Improvements | Useful lives, which approximate lease terms, where applicable |
• | 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. |
• | 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 nine month period ended September 30, 2005 and the years ended December 31, 2004, 2003, 2002 and 2001, the Company capitalized interest of $8.3 million, $10.0 million, $11.4 million, $9.5 million and $12.9 million, respectively. | |
• | In addition, the Company capitalized certain construction administration costs of $4.7 million for the nine month period ended September 30, 2005 and $5.5 million, $5.1 million, $4.5 million and $3.3 million for the years ended December 31, 2004, 2003, 2002 and 2001, 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 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. |
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
Nine Month Period | ||||||||||||
September 30, | ||||||||||||
2005 | 2004 | |||||||||||
Total Revenues DDR | $ | 530,325 | $ | 413,735 | ||||||||
Total Revenues DDR Combined Joint Ventures | 319,064 | 233,505 | ||||||||||
Operating and Maintenance — DDR | (70,400 | ) | (44,207 | ) | ||||||||
Real Estate Taxes — DDR | (62,585 | ) | (53,427 | ) | ||||||||
Operating and Maintenance — DDR Combined Joint Ventures | (111,481 | ) | (79,919 | ) | ||||||||
Combined NOI | $ | 604,923 | $ | 469,687 | ||||||||
Total Same Store NOI | $ | 293,372 | $ | 287,366 | 2.1 | % | ||||||
Property NOI from other operating segments | 311,551 | 182,321 | ||||||||||
Combined NOI | $ | 604,923 | $ | 469,687 | ||||||||
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
Three Month Period | Nine Month Period | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
FUNDS FROM OPERATIONS: | ||||||||||||||||
Net Income Applicable to Common Shareholders | $ | 46,485 | $ | 30,524 | $ | 192,405 | $ | 145,000 | ||||||||
Depreciation and Amortization of Real Estate Investments | 42,172 | 36,925 | 122,506 | 92,890 | ||||||||||||
Equity in Net Income From Joint Ventures | (11,418 | ) | (5,322 | ) | (25,984 | ) | (30,486 | ) | ||||||||
Joint Venture Funds From Operations | 15,358 | 10,642 | 37,438 | 34,384 | ||||||||||||
Operating Partnership Minority Interest Expense | 729 | 719 | 2,187 | 1,916 | ||||||||||||
Gain on Sales of Real Estate | (11,543 | ) | 1,399 | (55,162 | ) | (27,400 | ) | |||||||||
Cumulative effect of adoption of a new accounting standard | — | — | — | 3,001 | ||||||||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 81,783 | $ | 74,887 | $ | 273,390 | $ | 219,305 | ||||||||
Preferred dividend charges in accordance with EITF Topic No. D-42 | 13,792 | 13,792 | 41,377 | 36,914 | ||||||||||||
ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 95,575 | $ | 88,679 | $ | 314,767 | $ | 256,219 | ||||||||
Nine Months | ||||||||||||||||||||
Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
September 30, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Acquisitions/Transfers | $ | 1,544.7 | $ | 2,170.8 | (4) | $ | 1,363.6 | (6) | $ | 298.6 | (8) | $ | 289.3 | (10) | ||||||
Completed Expansions | 16.8 | 25.2 | 26.8 | 8.0 | 13.7 | |||||||||||||||
Developments & Construction in Progress | 221.3 | 203.8 | 104.6 | 66.4 | 72.9 | |||||||||||||||
Tenant Improvements & Building Renovations | 5.4 | (1) | 6.6 | 6.3 | 7.3 | 6.1 | ||||||||||||||
Furniture Fixtures & Equipment | 7.0 | (2) | 1.3 | 1.9 | 2.3 | 2.5 | ||||||||||||||
1,795.2 | 2,407.7 | 1,503.2 | $ | 382.6 | $ | 384.5 | ||||||||||||||
Less: Real Estate Sales & Joint Venture Transfers | (474.6 | )(3) | (689.2 | )(5) | (422.4 | )(7) | ($72.2 | )(9) | ($52.7 | ) | ||||||||||
Total DDR Net Additions (Millions) | $ | 1,320.6 | $ | 1,718.5 | $ | 1,080.8 | $ | 310.4 | $ | 331.8 | ||||||||||
(1) | The Company anticipates recurring capital expenditures, including tenant improvements, of approx. $8.0 million associated with its wholly owned and consolidated portfolio during 2005. | |
(2) | The large increase in FF& E in 2005 is primarily attributed to certain IT projects and fractional ownership interest in corporate jets. | |
(3) | In addition to the asset sales this balance includes the transfer of twelve assets with an aggregate cost of $258.6 million to the Macquarie DDR Trust joint venture and the sale of several outparcels. | |
(4) | Includes the acquisition of the Benderson portfolio aggregating $2,014.4 million, the consolidation of certain joint venture assets aggregating $37.9 million due to FIN 46 and transfers to DDR from joint ventures of the Littleton, CO and Merriam, KS shopping centers which had an aggregate value of $111.8 million. This also includes the purchase of DDR corporate headquarters for $6.7 million. | |
(5) | In addition to the asset sales which had an aggregate cost of $62.6 million, this balance includes the sale of several land parcels with an aggregate cost of $41.1 million. This balance also includes the transfer of twelve assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust joint venture, the transfer of twelve assets with an aggregate cost of $124.0 to the DPG Realty Holdings joint venture and the transfer of thirteen assets with an aggregate cost of $203.2 to the DDR Markaz II joint venture. | |
(6) | Includes the merger of JDN which had an aggregate value of $1,064.0, the acquisition of a shopping center in Broomfield, CO aggregating $55.5, and the transfer from joint ventures of the Leawood, KS and Suwanee, GA shopping centers aggregating $125.9, and the consolidation of the assets aggregating $118.2 million owned by DD Development Company. | |
(7) | In addition to asset sales 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 Olmsted, OH, Independence, MO and St. Paul, MN. | |
(8) | 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. | |
(9) | 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. | |
(10) | The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) which was merged during 2nd quarter 2001. |
Cost | Acquisition | |||||||||||||||
Property Location | GLA | (1) | (Millions) | Date | Major Tenants | |||||||||||
Caribbean Property Group | 4,851,922 | $ | 1,161.4 | 01/27/05 | Portfolio of 15 operating properties located in Puerto Rico | |||||||||||
Mervyns | 2,732,439 | $ | 383.3 | 09/16/05 | Portfolio of 36 open and operating Mervyns stores | |||||||||||
Total | 7,584,361 | $ | 1,544.7 | |||||||||||||
(1) | GLA may include property managed, but not owned. |
Gross Sale | ||||||||||||||||
Proceeds | ||||||||||||||||
Property Location | GLA | (Millions) | Sale Date | |||||||||||||
Wilmington, OH | 55,130 | $ | 2.0 | 5/17/2005 | ||||||||||||
Cleveland, OH | 49,420 | $ | 2.2 | 6/30/2005 | ||||||||||||
Hillsboro, OH | 58,564 | $ | 1.2 | 7/12/2005 | ||||||||||||
Ashland, OH | 110,505 | $ | 0.8 | 7/12/2005 | ||||||||||||
Melbourne, FL | 121,913 | $ | 1.1 | 7/25/2005 | ||||||||||||
Connersville, IN | 141,770 | $ | 8.6 | 9/20/2005 | ||||||||||||
American Industrial Properties | 3,213,001 | $ | 177.0 | 9/30/2005 | ||||||||||||
Total | 3,750,303 | $ | 192.9 | |||||||||||||
Projects Completed | ||
Tallahassee, FL | Retenanting of former Lowe’s with Bealls (opened 04/04), Cato and It’s Fashion (opened 01/05) plus an additional junior anchor. | |
Suwanee, GA | �� | Retenanting of former K-Mart with PetsMart (opened 4/05) and Shoe Gallery (opened 03/04) plus an additional junior anchor. |
Hendersonville, NC | Recapture of former Wal-Mart space; redemised for Epic Theater (opened 6/05), Big Lots (opened 4/05) and an additional junior anchor. | |
Allentown, PA | Construction of 18,200 sf outparcel building for retail tenants including Sleepys, Super Cuts, Quiznos, Cold Stone Creamery (all opened 3rd quarter 2005) and other retailers to be announced. | |
Johnson City, TN | Kohl’s constructed 88,248 sf store (opened 4/05), plus construction of 25,000 sf additional retail space. |
Total Net Cost (Millions) | $ | 16.8 | ||||||
Projects in Progress | ||
Gadsden, AL | Break-up of 64,400 sf building to create a Fred’s (opened 05/04), a Burke’s Outlet (opened 12/04) and another junior anchor | |
Hoover, AL | Constructed a David’s Bridal (opened 7/05), West Marine (scheduled to open 4th quarter 2005) and renovating the shopping center. | |
Ocala, FL | Recaptured the Winn Dixie and expanding the space by 6,000 sf for Hobby Lobby | |
Stockbridge, GA | Redemised space to accommodate a Northern Tool (opened 10/05) and other junior anchors to be announced. | |
Ottumwa, IA | Recaptured Wal-Mart and release to Goody’s (opened 9/04) and 47,422 sf of additional junior anchor stores. | |
Gaylord, MI | Recaptured Wal-Mart and release to Big Lots, Dunhams and 39,767 sf of additional junior anchor stores. | |
Princeton, NJ | Expansion of the shopping center to create a Babies ‘R Us (opened 9/05) and additional 39,600 sf of retail space including West Elm (opened 10/05), Snip Its, Yankee Candle, Barbeques Galore, and other retailers to be announced. | |
Rome, NY | Expansion of the shopping center to accommodate a new Marshall’s (scheduled to open 1st quarter 2006). | |
Mooresville, NC | Construction of a Gander Mountain and relocation of Rugged Warehouse. | |
Erie, PA | Construction of a 6,700 sf free standing building for retail shops (scheduled to open 4th quarter 2005). | |
Bayamon, PR (Plaza Del Sol) | Construction of parking deck expansion to accommodate a new junior anchor. | |
Bayamon, PR (Rio Hondo) | Expansion of the shopping center to construct a Super Marshall’s (scheduled to open 4th quarter 2005), a Comp USA in the former Marshall’s space (scheduled to open 2nd quarter 2006), and 19,800 sf of small shops and a freestanding outparcel. |
Total Net Cost (Millions) | $ | 62.4 | ||||||
Projects to Commence Construction | ||
Amherst, NY | Construct 5,300 sf free standing building for retail shops. |
Substantial | ||||||||||||||
Net Cost | Completion | |||||||||||||
GLA | (Millions) | Date | Major Tenants | |||||||||||
Projects Substantially Completed | ||||||||||||||
Overland Park, KS | 410,554 | (1) | $ | 9.9 | 2005 | Home Depot, Sam's Club, Aldi's Grocery, Party City, Goodyear Tire, Bank of America, Babies 'R Us (opened 12/04), Golf Galaxy (opened 3/05), CiCi's Pizza(opened 5/05) and 3,427 sf of additional retail space | ||||||||
Lansing, MI | 464,428 | (1) | $ | 17.4 | 2005 | Wal-Mart, Lowe's, Michael's, Gander Mountain, PetsMart (opened 6/05) | ||||||||
Mt. Laurel, NJ | 715,251 | (1) | $ | 57.6 | 2004 & 2005 | Target, Bed, Bath & Beyond, Lane Bryant, Payless ShoeSource (opened 4th quarter 2004). Costco and Panera Bread (opened 1st quarter 2005). TJ Maxx, PetsMart, JoAnn's, DSW, and Golf Galaxy (opened 2nd quarter 2005), and The Sports Authority (opened 3rd quarter 2005), Wegman's (scheduled to open 1st quarter 2006), and other retail tenants and outparcels to be announced | ||||||||
Projects in Progress | ||||||||||||||
Miami, FL | 634,211 | $ | 103.9 | 2006 & 2007 | To be announced | |||||||||
Nampa, ID | 668,600 | $ | 52.6 | 2006 & 2007 | To be announced | |||||||||
Chesterfield, MI | 256,549 | (1) | $ | 12.5 | 2005 & 2006 | Wal-Mart and 25,400 sf of small shop retail and additional retail space | ||||||||
Freehold, NJ | 500,000 | $ | 28.5 | 2005 | Wal-Mart and Sam's Club (scheduled to open 1st quarter 2006) and other retail tenants and outparcels to be announced | |||||||||
Apex, NC (Beaver Creek Crossings-Phase I)(2) | 334,599 | $ | 56.6 | 2006 | Consolidated Theaters (scheduled to open 2nd quarter 2006) and other retail tenants to be announced | |||||||||
Pittsburgh, PA | 367,307 | (1) | $ | 16.1 | 2006 | Target, Sportsmans Warehouse, Sam's Club and other retail tenants and restaurants to be announced | ||||||||
San Antonio, TX (Stone Oak)(3) | 664,495 | (1) | $ | 79.5 | 2006 | Target and other tenants to be announced. | ||||||||
Projects to Commence Construction | ||||||||||||||
Homestead, FL | 399,719 | (1) | $ | 51.9 | 2007 | To be announced | ||||||||
McHenry, IL | 412,771 | (1) | $ | 58.9 | 2006 & 2007 | Dick's and other retail tenants to be announced | ||||||||
Norwood, MA | 107,015 | $ | 25.6 | 2007 | To be announced | |||||||||
Seabrook, NH | 397,558 | (1) | $ | 41.4 | 2007 | To be announced | ||||||||
Horseheads, NY | 699,165 | (1) | $ | 48.4 | 2007 | To be announced | ||||||||
McKinney, TX (Phase II) | 87,757 | $ | 7.3 | 2006 | To be announced | |||||||||
Wholly Owned Development Totals | 7,119,979 | $ | 668.1 | |||||||||||
(1) | Includes square footage not owned by the company. | |
(2) | The asset is being developed with First Carolina Properties who has a 20% minority interest. | |
(3) | The asset is being developed with David Berndt Interest who has a 50% interest. |
Assets Placed | ||||
in Service | ||||
Date | (Millions) | |||
As of December 31, 2004 | $ | 40.6 | ||
1st Quarter 2005 | $ | 4.1 | ||
2nd Quarter 2005 | $ | 24.0 | ||
3rd Quarter 2005 | $ | 6.6 | ||
4th Quarter 2005 | $ | 21.1 | ||
Thereafter | $ | 571.7 | ||
Total | $ | 668.1 | ||
Funded as of September 30, 2005 | $ | 315.9 | ||
Projected Net Funding During 2005 | $ | 41.0 | ||
Projected Net Funding Thereafter | $ | 311.2 | ||
Total | $ | 668.1 | ||
Mortgage | Maturity | Interest | ||||||||||||||
Balance(000’s) | Date | Rate(1) | ||||||||||||||
SENIOR DEBT: | ||||||||||||||||
Unsecured Credit Facility: | ||||||||||||||||
$200 Million Term Loan | $ | 200,000 | 05/07 | 4.470 | ||||||||||||
$1 Billion Revolving Credit Facility | 425,000 | 05/08 | 4.205 | |||||||||||||
$60 Million Revolving Credit Facility | 15,000 | 05/08 | 4.494 | |||||||||||||
Secured Credit Facility: | ||||||||||||||||
$400 Million Term Loan | 220,000 | 06/08 | 4.520 | |||||||||||||
Total Term and Credit Facility Debt | 860,000 | |||||||||||||||
PUBLIC DEBT: | ||||||||||||||||
Medium Term Notes | F | 1,000 | 11/05 | 7.280 | ||||||||||||
Medium Term Notes | F | 98,168 | (2) | 03/07 | 7.000 | |||||||||||
Medium Term Notes | F | 10,000 | 07/07 | 7.020 | ||||||||||||
Unsecured Notes | F | 85,000 | 08/07 | 6.950 | ||||||||||||
Medium Term Notes | F | 2,000 | 12/07 | 6.960 | ||||||||||||
Medium Term Notes | F | 99,940 | 01/08 | 6.625 | ||||||||||||
Medium Term Notes | F | 274,237 | 01/09 | 3.875 | ||||||||||||
Medium Term Notes | F | 199,644 | 05/10 | 5.000 | ||||||||||||
Medium Term Notes | F | 299,675 | 07/10 | 4.625 | ||||||||||||
Medium Term Notes | F | 249,157 | 04/11 | 5.250 | ||||||||||||
Medium Term Notes | F | 199,314 | 05/15 | 5.500 | ||||||||||||
Medium Term Notes | F | 100,000 | 07/18 | 7.500 | ||||||||||||
Total Public Debt | 1,618,136 | |||||||||||||||
MORTGAGE DEBT: | ||||||||||||||||
Detroit, MI | F | 210 | 11/05 | 7.375 | ||||||||||||
San Antonio, TX | V | 12,500 | 07/06 | 5.364 | ||||||||||||
San Antonio, TX | V | 5,000 | 07/06 | 5.864 | ||||||||||||
Bayonet Point, FL | F | 5,327 | 08/06 | 9.750 | ||||||||||||
Silver Springs, MD (Tech 29-2) | F | 3,400 | 09/06 | 9.050 | ||||||||||||
Dublin, OH | F | 9,255 | 09/06 | 8.375 | ||||||||||||
Pickerington, OH | F | 4,136 | 12/06 | 8.250 | ||||||||||||
Sault St. Marie, MI | F | 1,752 | 05/07 | 8.375 | ||||||||||||
Hamilton, NJ | V | 65,000 | 05/07 | 4.664 | ||||||||||||
St. Louis, MO (Olympic) | F | 3,280 | 08/07 | 9.150 | ||||||||||||
Berlin, VT | F | 4,940 | 08/07 | 9.750 | ||||||||||||
Mt. Laurel, NJ | V | 44,091 | 09/07 | 4.764 | ||||||||||||
Apex, NC | V | 15,573 | 10/07 | 4.864 | ||||||||||||
DDR MDT MV, LLC | V | 31,428 | (3) | 10/07 | 4.584 | |||||||||||
Tupelo, MS | F | 11,539 | 03/08 | 4.410 | ||||||||||||
Jacksonville, FL | F | 6,621 | 03/08 | 4.410 | ||||||||||||
Solon, OH | F | 15,984 | 03/08 | 4.410 | ||||||||||||
N. Charleston, SC | F | 11,444 | 03/08 | 4.410 | ||||||||||||
Walker, MI | F | 8,418 | 03/08 | 4.410 |
Mortgage | Maturity | Interest | ||||||||||||||
Balance | Date | Rate(1) | ||||||||||||||
Mt. Pleasant, SC (GS II) | F | $ | 7,756 | 03/08 | 4.410 | |||||||||||
Meridian, ID (GS II) | F | 25,064 | 03/08 | 4.410 | ||||||||||||
Birmingham, AL (GS II) | F | 27,144 | 03/08 | 4.410 | ||||||||||||
Wilmington, NC (GS II) | F | 20,808 | 03/08 | 4.410 | ||||||||||||
Durham, NC (GS II) | F | 7,094 | 03/08 | 4.410 | ||||||||||||
Silver Springs, MD (Tech 29-1) | F | 6,763 | 02/09 | 7.330 | ||||||||||||
Leawood, KS | F | 50,605 | 07/09 | 7.310 | ||||||||||||
Martinsville, VA | F | 19,709 | 12/09 | 8.460 | ||||||||||||
St. Louis, MO (Keller) | F | 1,422 | 01/10 | 8.625 | ||||||||||||
DDR MDT MV, LLC | F | 212,550 | (3) | 10/10 | 5.211 | |||||||||||
Big Flats, NY (Big Flats I) | F | 10,586 | 12/10 | 8.011 | ||||||||||||
Plattsburgh, NY | F | 10,336 | 12/10 | 8.000 | ||||||||||||
Erie, PA | F | 25,388 | 04/11 | 6.884 | ||||||||||||
Erie, PA | F | 2,930 | 04/11 | 6.884 | ||||||||||||
Boardman, OH | F | 26,366 | 04/11 | 6.884 | ||||||||||||
St. Louis, MO (Sunset) | F | 34,179 | 04/11 | 6.884 | ||||||||||||
St. Louis, MO (Brentwood) | F | 25,388 | 04/11 | 6.884 | ||||||||||||
Denver, CO (Centennial) | F | 38,084 | 04/11 | 6.884 | ||||||||||||
Gates, NY (Westgate) | F | 24,831 | 10/11 | 7.240 | ||||||||||||
Indian Train, NC (Union TC Ph I) | F | 6,941 | 10/11 | 7.000 | ||||||||||||
Ashtabula, OH | F | 6,909 | 12/11 | 7.000 | ||||||||||||
West Pasco, FL | F | 4,784 | 02/12 | 9.625 | ||||||||||||
Denver, CO (Univ Hills) | F | 28,496 | 06/12 | 7.300 | ||||||||||||
St. Louis, MO (Gravois) | F | 1,603 | 07/12 | 8.625 | ||||||||||||
N. Charleston, SC | F | 10,689 | 07/12 | 7.370 | ||||||||||||
Moorseville, NC | F | 23,839 | 12/12 | 6.930 | ||||||||||||
Big Flats, NY (Big Flats IV) | F | 1,042 | 01/13 | 7.600 | ||||||||||||
Big Flats, NY (Big Flats II & III) | F | 4,516 | 01/13 | 8.010 | ||||||||||||
Buffalo, NY (Delaware Commons) | F | 1,156 | 01/13 | 6.960 | ||||||||||||
Jamestown, NY (Southside Plaza) | F | 1,659 | 04/13 | 7.590 | ||||||||||||
Victor, NY (Victor Square) | F | 6,622 | 04/13 | 5.800 | ||||||||||||
Mays Landing, NJ (Wrangleboro) | F | 50,722 | 05/13 | 6.990 | ||||||||||||
Beachwood, OH | F | 3,629 | 07/13 | 7.640 | ||||||||||||
W. Long Branch, NJ (Monmouth) | F | 14,452 | 07/13 | 8.570 | ||||||||||||
Boynton Beach, FL (Meadows Square) | F | 4,508 | 07/13 | 6.720 | ||||||||||||
Englewood, FL (Rotonda) | F | 2,115 | 07/13 | 5.800 | ||||||||||||
Reno, NV | V | 3,569 | 02/15 | 7.950 | ||||||||||||
Olean, NY | F | 4,813 | 07/15 | 8.995 | ||||||||||||
Mays Landing, NJ (Hamilton) | F | 15,657 | 09/15 | 4.700 | ||||||||||||
Columbus, OH (Consumer II West) | F | 14,041 | 11/15 | 10.188 | ||||||||||||
Amherst, NY (Kmart/Blvd Cons. II) | F | 12,708 | 11/15 | 7.850 | ||||||||||||
Lockport, NY (Walmart/Tops) | F | 13,169 | 01/16 | 8.000 | ||||||||||||
Merriam, KS (TIF) | F | 7,975 | 02/16 | 6.900 | ||||||||||||
Rome, NY (Freedom) | F | 4,517 | 09/16 | 7.850 |
Mortgage | Maturity | Interest | ||||||||||||||
Balance | Date | Rate(1) | ||||||||||||||
Medina, NY | F | $ | 3,929 | 11/16 | 7.660 | |||||||||||
Bellefontaine, OH | F | 2,383 | 12/16 | 7.500 | ||||||||||||
Amherst, NY (Tops Transit + French) | F | 5,300 | 12/16 | 7.680 | ||||||||||||
Canandaigua, NY | F | 5,826 | 01/17 | 6.150 | ||||||||||||
Cheektowaga, NY (Walmart Thruway) | F | 5,041 | 10/17 | 6.780 | ||||||||||||
Ithaca, NY | F | 19,575 | 01/18 | 7.050 | ||||||||||||
Amherst, NY (Target/Blvd Cons. II) | F | 13,807 | 07/18 | 5.670 | ||||||||||||
Springville, NY | F | 6,261 | 07/18 | 6.375 | ||||||||||||
Niskayuna, NY (Mohawk) | F | 25,371 | 12/18 | 5.750 | ||||||||||||
Henderson, TN | F | 9,066 | 01/19 | 7.660 | ||||||||||||
Spring Hill, FL | F | 5,186 | 09/19 | 9.750 | ||||||||||||
Alden, NY | F | 4,454 | 10/19 | 8.100 | ||||||||||||
Cedar Rapids, IA | F | 9,833 | 01/20 | 9.375 | ||||||||||||
Riverdale, UT (North) | F | 8,786 | 10/20 | 9.300 | ||||||||||||
Plainville, CT | F | 7,100 | 04/21 | 7.125 | ||||||||||||
Allentown, PA | F | 18,203 | 06/21 | 6.950 | ||||||||||||
Princeton, NJ | F | 25,793 | 03/27 | 8.262 | ||||||||||||
Bayamon, PR (Rio Hondo) | F | 56,970 | 05/28 | 7.180 | ||||||||||||
San Juan, PR (Seniorial Plaza) | F | 14,794 | 05/28 | 7.180 | ||||||||||||
Bayamon, PR (Rexville Plaza) | F | 8,913 | 05/28 | 7.180 | ||||||||||||
Arecibo, PR (Atlantico) | F | 14,886 | 05/28 | 7.180 | ||||||||||||
Total Mortgage Debt | 1,358,507 | |||||||||||||||
Total Debt | $ | 3,836,643 | ||||||||||||||
Adjustment for Reverse Swap | 591 | (4) | ||||||||||||||
$ | 3,837,234 | |||||||||||||||
Weighted Average — Total | 5.32 years | 5.5 | % | |||||||||||||
Weighted Average — Fixed | $ | 2,739,482 | 6.53 years | 5.8 | % | |||||||||||
Weighted Average — Floating | $ | 1,097,160 | 2.31 years | 4.5 | % | |||||||||||
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 2005 deferred finance cost amortization of approximately $7.5 million, net is offset by approximately $12.5 million of annualized fair market value adjustment in 2005. | |
2. | Public debt of $60 million has been converted to a variable rate of 5.285%. The remaining balance of $38.2 million is at the stated fixed rate. | |
3. | The company’s 50% joint venture with DDR Macquarie is consolidated within DDR’s accounts pursuant to FIN 46 | |
4. | Offset included in other assets. |
2005 Payments | 2006 Payments | 2007 Payments | 2008 Payments | 2009 Payments | 2010 Payments | 2011 Payments | 2012 Payments | 2013 Payments | 2014 Payments | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
PROPERTY MORTGAGES | ||||||||||||||||||||||||||||||||||||||||||||||||
Plainville, CT (TIF) | 7,100 | 7,100 | ||||||||||||||||||||||||||||||||||||||||||||||
Bayonet Point, FL | 5,327 | 5,327 | ||||||||||||||||||||||||||||||||||||||||||||||
Tupelo, MS | 287 | 300 | 313 | 10,852 | 11,752 | |||||||||||||||||||||||||||||||||||||||||||
Jacksonville, FL | 164 | 172 | 180 | 6,227 | 6,743 | |||||||||||||||||||||||||||||||||||||||||||
Reno, NV | 32 | 59 | 64 | 67 | 73 | 78 | 84 | 89 | 96 | 103 | 2,854 | 3,600 | ||||||||||||||||||||||||||||||||||||
Denver, CO (Univ Hills) | 522 | 562 | 604 | 650 | 699 | 752 | 809 | 24,286 | 28,884 | |||||||||||||||||||||||||||||||||||||||
Henderson, TN | 366 | 395 | 426 | 460 | 497 | 536 | 578 | 624 | 674 | 727 | 4,055 | 9,337 | ||||||||||||||||||||||||||||||||||||
Allentown, PA | 621 | 666 | 714 | 765 | 820 | 879 | 942 | 1,009 | 1,082 | 1,159 | 10,009 | 18,665 | ||||||||||||||||||||||||||||||||||||
Erie, PA | 273 | 293 | 314 | 331 | 360 | 386 | 23,640 | 25,596 | ||||||||||||||||||||||||||||||||||||||||
Erie, PA | 31 | 33 | 36 | 38 | 41 | 44 | 2,731 | 2,954 | ||||||||||||||||||||||||||||||||||||||||
Martinsville, VA | 203 | 221 | 241 | 258 | 18,936 | 19,859 | ||||||||||||||||||||||||||||||||||||||||||
Boardman, OH | 283 | 303 | 325 | 343 | 373 | 400 | 24,555 | 26,581 | ||||||||||||||||||||||||||||||||||||||||
Solon, OH | 397 | 415 | 434 | 15,033 | 16,280 | |||||||||||||||||||||||||||||||||||||||||||
St. Louis, MO (Sunset) | 366 | 392 | 421 | 444 | 483 | 518 | 31,834 | 34,458 | ||||||||||||||||||||||||||||||||||||||||
St. Louis, MO (Brentwood) | 273 | 293 | 314 | 331 | 360 | 386 | 23,640 | 25,596 | ||||||||||||||||||||||||||||||||||||||||
Denver, CO (Centennial) | 408 | 438 | 469 | 496 | 539 | 578 | 35,467 | 38,395 | ||||||||||||||||||||||||||||||||||||||||
Cedar Rapids, IA | 315 | 346 | 380 | 417 | 458 | 503 | 552 | 606 | 665 | 730 | 5,094 | 10,067 | ||||||||||||||||||||||||||||||||||||
St. Louis, MO (Olympic) | 335 | 367 | 2,826 | 3,529 | ||||||||||||||||||||||||||||||||||||||||||||
St. Louis, MO (Gravois) | 310 | 355 | 389 | 292 | 115 | 125 | 136 | 162 | 1,883 | |||||||||||||||||||||||||||||||||||||||
St. Louis, MO (Keller) | 265 | 289 | 315 | 343 | 374 | 33 | 1,619 | |||||||||||||||||||||||||||||||||||||||||
N. Charleston, SC | 284 | 297 | 311 | 10,763 | 11,656 | |||||||||||||||||||||||||||||||||||||||||||
Sault St Marie, MI | 990 | 1,079 | 418 | 2,487 | ||||||||||||||||||||||||||||||||||||||||||||
Walker, MI | 209 | 219 | 229 | 7,917 | 8,573 | |||||||||||||||||||||||||||||||||||||||||||
Detroit, MI | 2,922 | 2,922 | ||||||||||||||||||||||||||||||||||||||||||||||
Mt. Pleasant, SC | 193 | 201 | 211 | 7,294 | 7,899 | |||||||||||||||||||||||||||||||||||||||||||
Meridian, ID | 623 | 651 | 681 | 23,573 | 25,527 | |||||||||||||||||||||||||||||||||||||||||||
Riverdale, UT (North) | 261 | 287 | 315 | 345 | 379 | 415 | 456 | 500 | 548 | 602 | 4,873 | 8,980 | ||||||||||||||||||||||||||||||||||||
Birmingham, AL | 674 | 705 | 737 | 25,530 | 27,646 | |||||||||||||||||||||||||||||||||||||||||||
Wilmington, NC | 517 | 541 | 565 | 19,570 | 21,192 | |||||||||||||||||||||||||||||||||||||||||||
Berlin, VT | 4,940 | 0 | 4,940 | |||||||||||||||||||||||||||||||||||||||||||||
Spring Hill, FL | 170 | 187 | 206 | 227 | 251 | 276 | 304 | 335 | 370 | 407 | 2,578 | 5,312 | ||||||||||||||||||||||||||||||||||||
West Pasco, FL | 4,784 | 4,784 | ||||||||||||||||||||||||||||||||||||||||||||||
Princeton, NJ | 358 | 389 | 423 | 454 | 499 | 543 | 590 | 636 | 697 | 758 | 20,711 | 26,057 | ||||||||||||||||||||||||||||||||||||
Beachwood, OH | 332 | 359 | 387 | 420 | 451 | 487 | 525 | 567 | 349 | 3,876 | ||||||||||||||||||||||||||||||||||||||
Leawood, KS | 1,117 | 1,201 | 1,292 | 1,390 | 46,435 | 51,435 | ||||||||||||||||||||||||||||||||||||||||||
Durham, NC | 176 | 184 | 193 | 6,672 | 7,225 | |||||||||||||||||||||||||||||||||||||||||||
Bellefontaine, OH | 133 | 143 | 154 | 166 | 179 | 193 | 208 | 224 | 241 | 260 | 582 | 2,481 | ||||||||||||||||||||||||||||||||||||
Dublin, OH | 270 | 9,185 | 9,455 | |||||||||||||||||||||||||||||||||||||||||||||
Pickerington, OH | 219 | 4,079 | 4,298 | |||||||||||||||||||||||||||||||||||||||||||||
Silver Springs, MD (Tech 29-1) | 158 | 170 | 183 | 196 | 6,173 | 6,880 | ||||||||||||||||||||||||||||||||||||||||||
Silver Springs, MD (Tech 29-2) | 93 | 3,376 | 3,469 |
2005 Payments | 2006 Payments | 2007 Payments | 2008 Payments | 2009 Payments | 2010 Payments | 2011 Payments | 2012 Payments | 2013 Payments | 2014 Payments | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Jamestown, NY (Southside Plaza) | 153 | 165 | 178 | 193 | 208 | 225 | 242 | 262 | 147 | 1,773 | ||||||||||||||||||||||||||||||||||||||
Ithaca, NY | 980 | 1,052 | 1,128 | 1,210 | 1,298 | 1,393 | 1,494 | 1,603 | 1,720 | 1,845 | 6,579 | 20,303 | ||||||||||||||||||||||||||||||||||||
Columbus, OH (Consumer II West) | 380 | 420 | 465 | 514 | 568 | 628 | 694 | 767 | 848 | 937 | 8,103 | 14,322 | ||||||||||||||||||||||||||||||||||||
Olean, NY | 298 | 326 | 357 | 390 | 427 | 467 | 511 | 559 | 611 | 669 | 419 | 5,034 | ||||||||||||||||||||||||||||||||||||
N. Charleston, SC | 192 | 206 | 222 | 239 | 257 | 277 | 298 | 9,140 | 10,831 | |||||||||||||||||||||||||||||||||||||||
W. Long Branch, NJ (Monmouth) | 1,269 | 1,382 | 1,506 | 1,640 | 1,786 | 1,945 | 2,119 | 2,307 | 1,440 | 15,394 | ||||||||||||||||||||||||||||||||||||||
Big Flats, NY (Big Flats I) | 1,592 | 1,724 | 1,867 | 2,022 | 2,190 | 2,374 | 11,767 | |||||||||||||||||||||||||||||||||||||||||
Mays Landing, NJ (Wrangleboro) | 1,953 | 2,094 | 2,245 | 2,407 | 2,581 | 2,767 | 2,967 | 3,181 | 31,981 | 52,174 | ||||||||||||||||||||||||||||||||||||||
Plattsburgh, NY | 1,554 | 1,683 | 1,823 | 1,974 | 2,138 | 2,317 | 11,489 | |||||||||||||||||||||||||||||||||||||||||
Amherst, NY (Kmart/Blvd Cons. II) | 802 | 868 | 938 | 1,015 | 1,097 | 1,187 | 1,283 | 1,388 | 1,500 | 1,623 | 1,603 | 13,304 | ||||||||||||||||||||||||||||||||||||
Big Flats, NY (Big Flats IV) | 58 | 63 | 68 | 73 | 79 | 86 | 92 | 100 | 464 | 1,083 | ||||||||||||||||||||||||||||||||||||||
Lockport, NY (Walmart/Tops) | 805 | 872 | 944 | 1,022 | 1,107 | 1,199 | 1,298 | 1,406 | 1,523 | 1,649 | 1,942 | 13,767 | ||||||||||||||||||||||||||||||||||||
Big Flats, NY (Big Flats II) | 426 | 462 | 501 | 543 | 589 | 639 | 693 | 751 | 228 | 4,832 | ||||||||||||||||||||||||||||||||||||||
Amherst, NY (Tops Transit + French) | 291 | 315 | 340 | 367 | 396 | 427 | 461 | 498 | 538 | 580 | 1,303 | 5,516 | ||||||||||||||||||||||||||||||||||||
Amherst, NY (Target/Blvd Cons. II) | 722 | 764 | 808 | 856 | 905 | 958 | 1,014 | 1,073 | 1,135 | 1,201 | 4,908 | 14,345 | ||||||||||||||||||||||||||||||||||||
Medina, NY | 219 | 236 | 255 | 275 | 297 | 320 | 346 | 373 | 403 | 435 | 932 | 4,092 | ||||||||||||||||||||||||||||||||||||
Mays Landing, NJ (Hamilton) | 1,213 | 1,271 | 1,332 | 1,396 | 1,463 | 1,534 | 1,607 | 1,684 | 1,765 | 1,850 | 1,446 | 16,562 | ||||||||||||||||||||||||||||||||||||
Gates, NY (Westgate) | 280 | 301 | 324 | 349 | 375 | 404 | 23,004 | 25,039 | ||||||||||||||||||||||||||||||||||||||||
Boynton Beach, FL (Meadows Square) | 389 | 453 | 485 | 519 | 556 | 595 | 637 | 682 | 513 | 4,828 | ||||||||||||||||||||||||||||||||||||||
Rome, NY (Freedom) | 253 | 273 | 295 | 319 | 345 | 374 | 404 | 437 | 472 | 511 | 1,019 | 4,703 | ||||||||||||||||||||||||||||||||||||
Englewood, FL (Rotonda) | 210 | 223 | 236 | 250 | 265 | 281 | 298 | 315 | 176 | 2,255 | ||||||||||||||||||||||||||||||||||||||
Moorseville, NC | 261 | 279 | 300 | 322 | 345 | 370 | 397 | 426 | 21,334 | 24,032 | ||||||||||||||||||||||||||||||||||||||
Alden, NY | 148 | 160 | 173 | 188 | 208 | 246 | 266 | 289 | 313 | 343 | 2,229 | 4,563 | ||||||||||||||||||||||||||||||||||||
Indian Train, NC (Union TC Ph I) | 82 | 88 | 95 | 102 | 109 | 117 | 6,408 | 7,002 | ||||||||||||||||||||||||||||||||||||||||
Cheektowaga, NY (Walmart Thruway) | 265 | 284 | 304 | 325 | 348 | 372 | 398 | 426 | 456 | 487 | 1,574 | 5,238 | ||||||||||||||||||||||||||||||||||||
Ashtabula, OH | 81 | 87 | 93 | 100 | 107 | 115 | 6,386 | 6,969 | ||||||||||||||||||||||||||||||||||||||||
Buffalo, NY (Delaware Commons) | 119 | 127 | 137 | 146 | 157 | 168 | 180 | 193 | 26 | 1,254 | ||||||||||||||||||||||||||||||||||||||
Springville, NY | 311 | 331 | 353 | 376 | 401 | 427 | 455 | 485 | 517 | 551 | 2,287 | 6,492 | ||||||||||||||||||||||||||||||||||||
Niskayuna, NY (Mohawk) | 1,260 | 1,335 | 1,414 | 1,497 | 1,585 | 1,679 | 1,778 | 1,883 | 1,994 | 2,112 | 9,771 | 26,310 | ||||||||||||||||||||||||||||||||||||
Canandaigua, NY | 351 | 373 | 396 | 421 | 448 | 476 | 507 | 539 | 573 | 609 | 1,395 | 6,087 | ||||||||||||||||||||||||||||||||||||
Victor, NY (Victor Square) | 89 | 95 | 100 | 107 | 113 | 120 | 127 | 135 | 5,803 | 6,689 | ||||||||||||||||||||||||||||||||||||||
Bayamon, PR (Rio Hondo) | 811 | 941 | 1,011 | 1,076 | 1,169 | 1,256 | 1,351 | 1,442 | 1,561 | 1,679 | 45,256 | 57,554 | ||||||||||||||||||||||||||||||||||||
San Juan, PR (Seniorial Plaza) | 211 | 244 | 263 | 279 | 303 | 326 | 351 | 375 | 405 | 436 | 11,752 | 14,945 | ||||||||||||||||||||||||||||||||||||
Bayamon, PR (Rexville Plaza) | 127 | 147 | 158 | 168 | 183 | 197 | 211 | 226 | 244 | 263 | 7,080 | 9,004 | ||||||||||||||||||||||||||||||||||||
Arecibo, PR (Atlantico) | 212 | 246 | 264 | 281 | 305 | 328 | 353 | 377 | 408 | 439 | 11,825 | 15,038 | ||||||||||||||||||||||||||||||||||||
Merriam, KS (TIF) | 7,975 | 7,975 | ||||||||||||||||||||||||||||||||||||||||||||||
DDR MDT MV, LLC | 31,428 | 212,550 | 243,978 | |||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | 12,500 | 12,500 | ||||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | 5,000 | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Hamilton, NJ | 65,000 | 65,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Payments Made Through 9/30/05 | -25,520 | -25,520 | ||||||||||||||||||||||||||||||||||||||||||||||
Total — Property Mortgages | 7,997 | 71,871 | 137,814 | 164,825 | 103,202 | 246,273 | 205,680 | 67,142 | 83,819 | 22,966 | 187,254 | 1,298,844 |
2005 Payments | 2006 Payments | 2007 Payments | 2008 Payments | 2009 Payments | 2010 Payments | 2011 Payments | 2012 Payments | 2013 Payments | 2014 Payments | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
CONSTRUCTION LOANS | ||||||||||||||||||||||||||||||||||||||||||||||||
$20 Million Construction Loan (National City Bank) | 15,573 | 15,573 | ||||||||||||||||||||||||||||||||||||||||||||||
$48 Million Construction Loan (Wachovia Bank) | 44,091 | 44,091 | ||||||||||||||||||||||||||||||||||||||||||||||
Total — Construction Loans | 0 | 0 | 59,664 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59,664 | ||||||||||||||||||||||||||||||||||||
DEBT OFFERINGS | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 1,000 | 110,168 | 99,940 | 274,237 | 499,319 | 249,157 | 299,314 | 1,533,137 | ||||||||||||||||||||||||||||||||||||||||
Unsecured Notes | 85,000 | 85,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Total — Debt Offerings | 1,000 | 0 | 195,168 | 99,940 | 274,237 | 499,319 | 249,157 | 0 | 0 | 0 | 299,314 | 1,618,136 | ||||||||||||||||||||||||||||||||||||
Total — Property Mortgages, Construction Loans & Debt Offerings | 8,997 | 71,871 | 392,646 | 264,765 | 377,440 | 745,592 | 454,837 | 67,142 | 83,819 | 22,966 | 486,568 | 2,976,643 | ||||||||||||||||||||||||||||||||||||
REVOLVING CREDIT FACILITIES & TERM LOANS | ||||||||||||||||||||||||||||||||||||||||||||||||
$1 Billion Unsecured Credit (JPMorgan Chase) | 425,000 | (1) | 425,000 | |||||||||||||||||||||||||||||||||||||||||||||
$400 Million Secured Term (Key Bank) | 220,000 | 220,000 | ||||||||||||||||||||||||||||||||||||||||||||||
$200 Million Unsecured Term (JPMorgan Chase) | 200,000 | (1) | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||
$60 Million Unsecured Credit (National City Bank) | 15,000 | (1) | 15,000 | |||||||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Total — Debt | $ | 8,997 | $ | 71,871 | $ | 592,646 | $ | 924,765 | $ | 377,440 | $ | 745,592 | $ | 454,837 | $ | 67,142 | $ | 83,819 | $ | 22,966 | $ | 486,568 | $ | 3,836,643 | ||||||||||||||||||||||||
(1) | Balance at September 30, 2005 on revolving credit facilities. The $1 billion JPMorgan Chase facility has one one-year extension option to 2009. The $400 million Key Bank facility has two one-year extension options to 2010. The $200 million JPMorgan facility has one one-year extension option to 2008. The $60 million National City Bank facility has one one-year extension option to 2009 |
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
Joint Ventures (Combining Financial Information) (1) (in millions) Combining Balance Sheets as of September 30, 2005 |
RVIP III B | RVIP VIII | Community Centers | Community Centers | Community Centers | ||||||||||||||||||||||||||||||||
RVIP III (3) | Deer Park, IL | RVIP VI | RVIP VII | Tech Ridge LLC | DPG | (5) | Five | Seven (6) | ||||||||||||||||||||||||||||
Real Estate Assets | $ | 0.8 | $ | 84.5 | $ | 32.4 | $ | 159.2 | $ | 33.8 | $ | 129.1 | $ | 0.0 | $ | 265.4 | $ | 0.0 | ||||||||||||||||||
Accumulated Depreciation | 0.0 | (8.9 | ) | (4.5 | ) | (17.0 | ) | (1.5 | ) | (3.0 | ) | 0.0 | (38.9 | ) | 0.0 | |||||||||||||||||||||
Real Estate, net | 0.8 | 75.6 | 27.9 | 142.2 | 32.3 | 126.1 | 0.0 | 226.5 | 0.0 | |||||||||||||||||||||||||||
Receivables, Net | 0.5 | 0.8 | 0.5 | 3.7 | 0.9 | 1.4 | 0.1 | 7.1 | 0.0 | |||||||||||||||||||||||||||
Other assets | 1.0 | 1.1 | 1.4 | 8.6 | 1.0 | 2.0 | 0.8 | 9.7 | 0.0 | |||||||||||||||||||||||||||
$ | 2.3 | $ | 77.5 | $ | 29.8 | $ | 154.5 | $ | 34.2 | $ | 129.5 | $ | 0.9 | $ | 243.3 | $ | 0.0 | |||||||||||||||||||
Mortgage Debt | $ | 0.0 | $ | 55.4 | $ | 18.2 | $ | 100.7 | $ | 23.4 | $ | 11.4 | $ | 0.0 | $ | 298.0 | $ | 0.0 | ||||||||||||||||||
Amounts payable to DDRC | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Other liabilities | 0.3 | 3.0 | 0.9 | 18.0 | 1.4 | 2.4 | 0.7 | 5.2 | 0.0 | |||||||||||||||||||||||||||
0.3 | 58.4 | 19.1 | 118.7 | 24.8 | 13.8 | 0.7 | 303.2 | 0.0 | ||||||||||||||||||||||||||||
Accumulated equity (deficit) | 2.0 | 19.1 | 10.7 | 35.8 | 9.4 | 115.7 | 0.2 | (59.9 | ) | 0.0 | ||||||||||||||||||||||||||
$ | 2.3 | $ | 77.5 | $ | 29.8 | $ | 154.5 | $ | 34.2 | $ | 129.5 | $ | 0.9 | $ | 243.3 | $ | 0.0 | |||||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 0.3 | ($0.3 | ) | $ | 0.2 | ($1.2 | ) | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 5.8 | $ | 0.0 | ||||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||
RVIP III B | RVIP VIII | Community Centers | Community Centers | Community Centers | ||||||||||||||||||||||||||||||||
RVIP III (3) | Deer Park, IL | RVIP VI | RVIP VII | Tech Ridge LLC | DPG | (5) | Five | Seven (6) | ||||||||||||||||||||||||||||
Revenues from operations | $ | 0.0 | $ | 9.3 | $ | 3.2 | $ | 13.1 | $ | 4.3 | $ | 9.9 | $ | 0.0 | $ | 26.3 | $ | 0.9 | ||||||||||||||||||
Rental operation expenses | 0.0 | (3.3 | ) | (1.9 | ) | (4.4 | ) | (1.4 | ) | (2.4 | ) | 0.0 | (8.1 | ) | (0.3 | ) | ||||||||||||||||||||
Net operating income | 0.0 | 6.0 | 1.3 | 8.7 | 2.9 | 7.5 | 0.0 | 18.2 | 0.6 | |||||||||||||||||||||||||||
Depreciation and amortization expense | 0.0 | (1.8 | ) | (0.7 | ) | (2.9 | ) | (0.9 | ) | (2.4 | ) | 0.0 | (4.5 | ) | (0.1 | ) | ||||||||||||||||||||
Interest expense | 0.0 | (2.0 | ) | (1.0 | ) | (4.1 | ) | (0.9 | ) | (0.5 | ) | 0.0 | (9.3 | ) | (0.3 | ) | ||||||||||||||||||||
Income (loss) before gain on sale | 0.0 | 2.2 | (0.4 | ) | 1.7 | 1.1 | 4.6 | 0.0 | 4.4 | 0.2 | ||||||||||||||||||||||||||
Gain (loss) on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Discontinued operations | 0.3 | 0.0 | 0.0 | (0.0 | ) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
Gain on sale of discontinued operations | 20.3 | 0.0 | 0.0 | 9.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Net income (loss) | $ | 20.6 | $ | 2.2 | ($0.4 | ) | $ | 11.0 | $ | 1.1 | $ | 4.6 | $ | 0.8 | $ | 4.4 | $ | 0.2 | ||||||||||||||||||
DDR Ownership interest | *** | *** | *** | *** | *** | 10 | % | *** | 50 | % | 50 | % | ||||||||||||||||||||||||
$ | 8.1 | $ | 0.9 | ($0.1 | ) | $ | 4.1 | $ | 0.3 | $ | 0.5 | $ | 0.8 | $ | 2.2 | $ | 0.1 | |||||||||||||||||||
Amortization of basis differential | (2.6 | ) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.4 | ) | 0.0 | 0.0 | |||||||||||||||||||||||||
$ | 5.5 | $ | 0.9 | ($0.1 | ) | $ | 4.1 | $ | 0.3 | $ | 0.5 | $ | 0.4 | $ | 2.2 | $ | 0.1 | |||||||||||||||||||
Proportionate share of net operating income | $ | 0.0 | $ | 1.5 | $ | 0.3 | $ | 1.8 | $ | 0.7 | $ | 0.8 | $ | 0.0 | $ | 9.1 | $ | 0.3 | ||||||||||||||||||
Proportionate share of interest expense | $ | 0.0 | $ | 0.5 | $ | 0.3 | $ | 0.9 | $ | 0.2 | $ | 0.1 | $ | 0.0 | $ | 4.6 | $ | 0.1 | ||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 20.6 | $ | 2.2 | ($0.4 | ) | $ | 11.0 | $ | 1.1 | $ | 4.6 | $ | 0.8 | $ | 4.4 | $ | 0.2 | ||||||||||||||||||
Depreciation of real property | 0.8 | 1.8 | 0.7 | 3.0 | 0.9 | 2.4 | 0.0 | 4.5 | 0.1 | |||||||||||||||||||||||||||
(Gain) loss on sale | (2.6 | ) | 0.0 | 0.0 | (9.3 | ) | 0.0 | 0.0 | (0.8 | ) | 0.0 | 0.0 | ||||||||||||||||||||||||
$ | 18.8 | $ | 4.0 | $ | 0.3 | $ | 4.7 | $ | 2.0 | $ | 7.0 | $ | 0.0 | $ | 8.9 | $ | 0.3 | |||||||||||||||||||
DDR ownership interest | *** | *** | *** | *** | *** | 10 | % | *** | 50 | % | 50 | % | ||||||||||||||||||||||||
DDR FFO | $ | 4.1 | $ | 1.5 | $ | 0.1 | $ | 1.2 | $ | 0.7 | $ | 0.7 | $ | 0.2 | $ | 4.5 | $ | 0.2 | ||||||||||||||||||
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
Community | Lennox Town | Sun Center | Dublin Village | Dublin Village | ||||||||||||||||||||||||||||||||
Centers Eight | Kildeer, IL | Center (2) | Limited (2) | (2) | (2)(3) | DOTRS | Littleton, CO (3) | Salisbury, MD | ||||||||||||||||||||||||||||
Real Estate Assets | $ | 26.7 | $ | 31.0 | $ | 21.0 | $ | 25.5 | $ | 29.2 | $ | 0.1 | $ | 25.4 | $ | 3.1 | $ | 2.2 | ||||||||||||||||||
Accumulated Depreciation | (2.7 | ) | (2.1 | ) | (3.8 | ) | (6.2 | ) | (16.4 | ) | 0.0 | (4.4 | ) | 0.0 | (0.3 | ) | ||||||||||||||||||||
Real Estate, net | 24.0 | 28.9 | 17.2 | 19.3 | 12.8 | 0.1 | 21.0 | 3.1 | 1.9 | |||||||||||||||||||||||||||
Receivables, Net | 0.8 | 0.4 | 1.5 | 0.7 | 0.2 | 0.0 | 0.7 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Other assets | 0.7 | 0.4 | 0.6 | 1.0 | 2.0 | 0.0 | 0.4 | 0.1 | 0.1 | |||||||||||||||||||||||||||
$ | 25.5 | $ | 29.7 | $ | 19.3 | $ | 21.0 | $ | 15.0 | $ | 0.1 | $ | 22.1 | $ | 3.2 | $ | 2.0 | |||||||||||||||||||
Mortgage Debt | $ | 17.4 | $ | 19.5 | $ | 18.2 | $ | 20.8 | $ | 0.0 | $ | 0.0 | $ | 10.4 | $ | 0.0 | $ | 1.8 | ||||||||||||||||||
Amounts payable to DDRC | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Other liabilities | 0.6 | 0.5 | 0.9 | 0.6 | 0.4 | 0.0 | 0.3 | 0.1 | 0.0 | |||||||||||||||||||||||||||
18.0 | 20.0 | 19.1 | 21.4 | 0.4 | 0.0 | 10.7 | 0.1 | 1.8 | ||||||||||||||||||||||||||||
Accumulated equity (deficit) | 7.5 | 9.7 | 0.2 | (0.4 | ) | 14.6 | 0.1 | 11.4 | 3.1 | 0.2 | ||||||||||||||||||||||||||
$ | 25.5 | $ | 29.7 | $ | 19.3 | $ | 21.0 | $ | 15.0 | $ | 0.1 | $ | 22.1 | $ | 3.2 | $ | 2.0 | |||||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 0.4 | $ | 0.0 | $ | 0.6 | $ | 0.9 | $ | 1.5 | ($0.0 | ) | $ | 0.4 | ($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 | ||||||||||||||||||
Community | Lennox Town | Sun Center | Dublin Village | Dublin Village | ||||||||||||||||||||||||||||||||
Centers Eight | Kildeer, IL | Center (2) | Limited (2) | (2) | (2)(3) | DOTRS | Littleton, CO (3) | Salisbury, MD | ||||||||||||||||||||||||||||
Revenues from operations | $ | 3.3 | $ | 3.0 | $ | 3.5 | $ | 3.0 | $ | 1.6 | $ | 0.0 | $ | 2.9 | $ | 0.0 | $ | 0.3 | ||||||||||||||||||
Rental operation expenses | (1.1 | ) | (0.7 | ) | (1.0 | ) | (0.8 | ) | (0.6 | ) | �� | (0.0 | ) | (0.9 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||||
Net operating income | 2.2 | 2.3 | 2.5 | 2.2 | 1.0 | (0.0 | ) | 2.0 | (0.1 | ) | 0.2 | |||||||||||||||||||||||||
Depreciation and amortization expense | (0.4 | ) | (0.5 | ) | (0.3 | ) | (0.6 | ) | (3.6 | ) | 0.0 | (0.4 | ) | 0.0 | (0.1 | ) | ||||||||||||||||||||
Interest expense | (1.1 | ) | (0.8 | ) | (1.1 | ) | (1.3 | ) | 0.0 | (0.0 | ) | (0.3 | ) | 0.0 | (0.1 | ) | ||||||||||||||||||||
Income (loss) before gain on sale | 0.7 | 1.0 | 1.1 | 0.3 | (2.6 | ) | (0.0 | ) | 1.3 | (0.1 | ) | (0.0 | ) | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Discontinued operations | 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 | |||||||||||||||||||||||||||
Net income (loss) | $ | 0.7 | $ | 1.0 | $ | 1.1 | $ | 0.3 | ($2.6 | ) | ($0.0 | ) | $ | 1.3 | ($0.1 | ) | ($0.0 | ) | ||||||||||||||||||
DDR Ownership interest | 50 | % | 10 | % | *** | *** | 80 | % | 63 | % | 50 | % | 50 | % | 50 | % | ||||||||||||||||||||
$ | 0.4 | $ | 0.1 | $ | 0.5 | $ | 0.3 | ($2.1 | ) | ($0.0 | ) | $ | 0.6 | ($0.0 | ) | ($0.0 | ) | |||||||||||||||||||
Amortization of basis differential | 0.0 | 0.0 | 0.0 | (0.1 | ) | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
$ | 0.4 | $ | 0.1 | $ | 0.5 | $ | 0.2 | ($1.6 | ) | ($0.0 | ) | $ | 0.6 | ($0.0 | ) | ($0.0 | ) | |||||||||||||||||||
Proportionate share of net operating income | $ | 1.1 | $ | 0.2 | $ | 1.3 | $ | 1.7 | $ | 0.8 | $ | 0.0 | $ | 1.0 | ($0.0 | ) | $ | 0.1 | ||||||||||||||||||
Proportionate share of interest expense | $ | 0.5 | $ | 0.1 | $ | 0.6 | $ | 1.0 | $ | 0.0 | $ | 0.0 | $ | 0.2 | $ | 0.0 | $ | 0.1 | ||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 0.7 | $ | 1.0 | $ | 1.1 | $ | 0.3 | ($2.6 | ) | ($0.0 | ) | $ | 1.3 | ($0.1 | ) | ($0.0 | ) | ||||||||||||||||||
Depreciation of real property | 0.4 | 0.5 | 0.3 | 0.6 | 3.6 | 0.0 | 0.4 | 0.0 | 0.1 | |||||||||||||||||||||||||||
(Gain) loss on sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
$ | 1.1 | $ | 1.5 | $ | 1.4 | $ | 0.9 | $ | 1.0 | ($0.0 | ) | $ | 1.7 | ($0.1 | ) | $ | 0.1 | |||||||||||||||||||
DDR ownership interest | 50 | % | 10 | % | *** | *** | 80 | % | 63 | % | 50 | % | 50 | % | 50 | % | ||||||||||||||||||||
DDR FFO | $ | 0.6 | $ | 0.2 | $ | 0.7 | $ | 0.8 | $ | 0.8 | ($0.0 | ) | $ | 0.9 | ($0.0 | ) | $ | 0.0 | ||||||||||||||||||
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
Service | Jefferson County, | Sansone Group / | ||||||||||||||||||||||||||||||||||
Coon Rapids, MN (5) | Phoenix, AZ (2) | Pasadena, CA | Merchandise (4) | MO | Apex IV (3) | DDRC LLC | DDR Markaz | DDR Markaz II | ||||||||||||||||||||||||||||
Real Estate Assets | $ | 0.0 | $ | 27.5 | $ | 113.4 | $ | 128.9 | $ | 6.4 | $ | 9.3 | $ | 0.4 | $ | 167.3 | $ | 202.2 | ||||||||||||||||||
Accumulated Depreciation | 0.0 | (4.9 | ) | (8.8 | ) | (7.5 | ) | (0.4 | ) | 0.0 | (0.3 | ) | (9.4 | ) | (4.9 | ) | ||||||||||||||||||||
Real Estate, net | 0.0 | 22.6 | 104.6 | 121.4 | 6.0 | 9.3 | 0.1 | 157.9 | 197.3 | |||||||||||||||||||||||||||
Receivables, Net | (0.0 | ) | 1.2 | 2.0 | 12.9 | 0.0 | 0.0 | 1.5 | 2.4 | 2.6 | ||||||||||||||||||||||||||
Other assets | 0.8 | 0.9 | 4.4 | 44.3 | 0.4 | 0.1 | 2.5 | 6.8 | 5.9 | |||||||||||||||||||||||||||
$ | 0.8 | $ | 24.7 | $ | 111.0 | $ | 178.6 | $ | 6.4 | $ | 9.4 | $ | 4.1 | $ | 167.1 | $ | 205.8 | |||||||||||||||||||
Mortgage Debt | $ | 0.0 | $ | 17.1 | $ | 85.0 | $ | 29.1 | $ | 3.5 | $ | 0.0 | $ | 0.0 | $ | 110.0 | $ | 150.5 | ||||||||||||||||||
Amounts payable to DDRC | 0.0 | 0.0 | 0.0 | 94.3 | 3.1 | 7.6 | 0.0 | 0.9 | 0.3 | |||||||||||||||||||||||||||
Other liabilities | 0.6 | 0.8 | 1.2 | 14.8 | 0.1 | 0.6 | 0.8 | 2.9 | (0.2 | ) | ||||||||||||||||||||||||||
0.6 | 17.9 | 86.2 | 138.2 | 6.7 | 8.2 | 0.8 | 113.8 | 150.6 | ||||||||||||||||||||||||||||
Accumulated equity (deficit) | 0.2 | 6.8 | 24.8 | 40.4 | (0.3 | ) | 1.2 | 3.3 | 53.3 | 55.2 | ||||||||||||||||||||||||||
$ | 0.8 | $ | 24.7 | $ | 111.0 | $ | 178.6 | $ | 6.4 | $ | 9.4 | $ | 4.1 | $ | 167.1 | $ | 205.8 | |||||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 0.1 | $ | 0.9 | $ | 1.3 | $ | 10.4 | $ | 0.1 | ($0.1 | ) | $ | 1.6 | $ | 1.3 | $ | 1.7 | ||||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 71.1 | $ | 1.5 | $ | 6.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||
Service | Jefferson County, | Sansone Group / | ||||||||||||||||||||||||||||||||||
Coon Rapids, MN (5) | Phoenix, AZ (2) | Pasadena, CA | Merchandise (4) | MO | Apex IV (3) | DDRC LLC | DDR Markaz | DDR Markaz II | ||||||||||||||||||||||||||||
Revenues from operations | $ | 0.0 | $ | 3.9 | $ | 12.4 | $ | 18.3 | $ | 0.6 | $ | 0.0 | $ | 9.2 | $ | 15.9 | $ | 15.7 | ||||||||||||||||||
Rental operation expenses | 0.0 | (1.0 | ) | (4.7 | ) | (9.3 | ) | (0.2 | ) | 0.0 | (7.4 | ) | (5.1 | ) | (5.3 | ) | ||||||||||||||||||||
Net operating income | 0.0 | 2.9 | 7.7 | 9.0 | 0.4 | 0.0 | 1.8 | 10.8 | 10.4 | |||||||||||||||||||||||||||
Depreciation and amortization expense | 0.0 | (0.6 | ) | (2.6 | ) | (5.0 | ) | (0.1 | ) | 0.0 | 0.0 | (3.1 | ) | (4.1 | ) | |||||||||||||||||||||
Interest expense | 0.0 | (1.0 | ) | (4.0 | ) | (7.2 | ) | (0.4 | ) | 0.0 | 0.0 | (3.5 | ) | (6.0 | ) | |||||||||||||||||||||
Income (loss) before gain on sale | 0.0 | 1.3 | 1.1 | (3.2 | ) | (0.1 | ) | 0.0 | 1.8 | 4.2 | 0.3 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Discontinued operations | 0.0 | 0.0 | 0.0 | (0.7 | ) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
Gain on sale of discontinued operations | 0.0 | 0.0 | 0.0 | 5.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Net income (loss) | $ | 0.0 | $ | 1.3 | $ | 1.1 | $ | 2.0 | ($0.1 | ) | $ | 0.0 | $ | 1.8 | $ | 4.2 | $ | 0.3 | ||||||||||||||||||
DDR Ownership interest | 25 | % | 67 | % | 25 | % | 25 | % | 50 | % | 20 | % | *** | 20 | % | 20 | % | |||||||||||||||||||
$ | 0.0 | $ | 0.9 | $ | 0.3 | $ | 0.5 | ($0.1 | ) | $ | 0.0 | $ | 1.0 | $ | 0.8 | $ | 0.1 | |||||||||||||||||||
Amortization of basis differential | 0.0 | (0.3 | ) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
$ | 0.0 | $ | 0.6 | $ | 0.3 | $ | 0.5 | ($0.1 | ) | $ | 0.0 | $ | 1.0 | $ | 0.8 | $ | 0.1 | |||||||||||||||||||
Proportionate share of net operating income | $ | 0.0 | $ | 1.9 | $ | 1.9 | $ | 2.2 | $ | 0.2 | $ | 0.0 | $ | 0.9 | $ | 2.2 | $ | 2.1 | ||||||||||||||||||
Proportionate share of interest expense | $ | 0.0 | $ | 0.7 | $ | 1.0 | $ | 1.8 | $ | 0.2 | $ | 0.0 | $ | 0.0 | $ | 0.7 | $ | 1.2 | ||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||
Net income (loss) | ($0.0 | ) | $ | 1.3 | $ | 1.1 | $ | 2.0 | ($0.1 | ) | $ | 0.0 | $ | 1.8 | $ | 4.2 | $ | 0.3 | ||||||||||||||||||
Depreciation of real property | 0.0 | 0.6 | 2.6 | 5.7 | 0.1 | 0.0 | 0.0 | 3.1 | 4.1 | |||||||||||||||||||||||||||
(Gain) loss on sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
($0.0 | ) | $ | 1.9 | $ | 3.7 | $ | 7.7 | ($0.0 | ) | $ | 0.0 | $ | 1.8 | $ | 7.3 | $ | 4.4 | |||||||||||||||||||
DDR ownership interest | 25 | % | 67 | % | 25 | % | 25 | % | 50 | % | 20 | % | *** | 20 | % | 20 | % | |||||||||||||||||||
DDR FFO | $ | 0.0 | $ | 1.3 | $ | 0.9 | $ | 1.9 | ($0.0 | ) | $ | 0.0 | $ | 1.0 | $ | 1.5 | $ | 1.1 | ||||||||||||||||||
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
Coventry II DDR | Coventry II DDR | Coventry II DDR | Coventry II DDR | Coventry II DDR | Coventry II DDR | DDR/Macquarie | DDR/Macquarie | |||||||||||||||||||||||||||||
Ward Parkway | Totem Lakes | Phoenix Spectrum | Westover | Buena Park | Merriam, KS | Fund LLC | Management LLC | Total | ||||||||||||||||||||||||||||
Real Estate Assets | $ | 56.5 | $ | 38.7 | $ | 50.2 | $ | 27.1 | $ | 91.8 | $ | 17.4 | $ | 1,704.7 | $ | 0.0 | $ | 3,511.2 | ||||||||||||||||||
Accumulated Depreciation | (2.1 | ) | (1.1 | ) | (1.8 | ) | 0.0 | (1.4 | ) | 0.0 | (45.0 | ) | 0.0 | (197.1 | ) | |||||||||||||||||||||
Real Estate, net | 54.4 | 37.6 | 48.4 | 27.1 | 90.4 | 17.4 | 1,659.7 | 0.0 | 3,314.1 | |||||||||||||||||||||||||||
Receivables, Net | 1.8 | 0.2 | 0.9 | 0.0 | 0.3 | 0.0 | 30.3 | 0.0 | 75.4 | |||||||||||||||||||||||||||
Other assets | 1.4 | 0.6 | 1.7 | 0.0 | 0.9 | 0.3 | 46.2 | 5.5 | 153.5 | |||||||||||||||||||||||||||
$ | 57.6 | $ | 38.4 | $ | 51.0 | $ | 27.1 | $ | 91.6 | $ | 17.7 | $ | 1,736.2 | $ | 5.5 | $ | 3,543.0 | |||||||||||||||||||
Mortgage Debt | $ | 31.5 | $ | 26.0 | $ | 39.0 | $ | 19.4 | $ | 61.0 | $ | 17.4 | $ | 1,021.2 | $ | 0.0 | $ | 2,205.9 | ||||||||||||||||||
Amounts payable to DDRC | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 106.4 | |||||||||||||||||||||||||||
Other liabilities | 1.9 | 0.9 | 1.7 | 0.1 | 2.6 | 0.0 | 22.2 | 0.1 | 86.5 | |||||||||||||||||||||||||||
33.4 | 26.9 | 40.7 | 19.5 | 63.6 | 17.4 | 1,043.6 | 0.1 | 2,398.8 | ||||||||||||||||||||||||||||
Accumulated equity (deficit) | 24.2 | 11.5 | 10.3 | 7.6 | 28.0 | 0.3 | 692.6 | 5.4 | 1,144.2 | |||||||||||||||||||||||||||
$ | 57.6 | $ | 38.4 | $ | 51.0 | $ | 27.1 | $ | 91.6 | $ | 17.7 | $ | 1,736.2 | $ | 5.0 | $ | 3,543.0 | |||||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 0.3 | ($0.0 | ) | $ | 0.2 | ($0.0 | ) | ($0.3 | ) | $ | 0.1 | $ | 7.9 | $ | 2.5 | $ | 37.1 | ||||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 78.7 | ||||||||||||||||||
Coventry II DDR | Coventry II DDR | Coventry II DDR | Coventry II DDR | Coventry II DDR | Coventry II DDR | DDR/Macquarie | DDR/Macquarie | |||||||||||||||||||||||||||||
Ward Parkway | Totem Lakes | Phoenix Spectrum | Westover | Buena Park | Merriam, KS | Fund LLC | Management LLC | Total | ||||||||||||||||||||||||||||
Revenues from operations | $ | 4.6 | $ | 2.9 | $ | 6.1 | $ | 0.0 | $ | 9.0 | $ | 0.0 | $ | 134.7 | $ | 1.2 | $ | 319.1 | ||||||||||||||||||
Rental operation expenses | (2.3 | ) | (1.0 | ) | (3.0 | ) | (0.0 | ) | (4.2 | ) | 0.0 | (40.7 | ) | (0.2 | ) | (111.5 | ) | |||||||||||||||||||
Net operating income | 2.3 | 1.9 | 3.1 | (0.0 | ) | 4.8 | 0.0 | 94.0 | 1.0 | 207.6 | ||||||||||||||||||||||||||
Depreciation and amortization expense | (0.7 | ) | (0.5 | ) | (0.9 | ) | 0.0 | (1.3 | ) | 0.0 | (25.3 | ) | (0.4 | ) | (63.9 | ) | ||||||||||||||||||||
Interest expense | (1.3 | ) | (1.1 | ) | (1.8 | ) | 0.0 | (2.1 | ) | 0.0 | (35.9 | ) | (0.0 | ) | (87.1 | ) | ||||||||||||||||||||
Income (loss) before gain on sale | 0.3 | 0.3 | 0.4 | (0.0 | ) | 1.4 | 0.0 | 32.8 | 0.6 | 56.6 | ||||||||||||||||||||||||||
Gain (loss) on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | |||||||||||||||||||||||||||
Discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.4 | ) | ||||||||||||||||||||||||||
Gain on sale of discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 35.5 | |||||||||||||||||||||||||||
Net income (loss) | $ | 0.3 | $ | 0.3 | $ | 0.4 | ($0.0 | ) | $ | 1.4 | $ | 0.0 | $ | 32.8 | $ | 0.6 | $ | 92.5 | ||||||||||||||||||
DDR Ownership interest | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | *** | 50 | % | |||||||||||||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.1 | ($0.0 | ) | $ | 0.3 | $ | 0.0 | $ | 7.3 | $ | 0.3 | $ | 28.2 | |||||||||||||||||||
Amortization of basis differential | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | 0.0 | (2.1 | ) | ||||||||||||||||||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.1 | ($0.0 | ) | $ | 0.3 | $ | 0.0 | $ | 8.1 | $ | 0.3 | $ | 26.0 | |||||||||||||||||||
Proportionate share of net operating income | $ | 0.5 | $ | 0.4 | $ | 0.6 | ($0.0 | ) | $ | 0.9 | $ | 0.0 | $ | 13.6 | $ | 0.5 | $ | 48.7 | ||||||||||||||||||
Proportionate share of interest expense | $ | 0.3 | $ | 0.2 | $ | 0.3 | $ | 0.0 | $ | 0.4 | $ | 0.0 | $ | 5.2 | $ | 0.0 | $ | 21.1 | ||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 0.3 | $ | 0.3 | $ | 0.4 | ($0.0 | ) | $ | 1.4 | $ | 0.0 | $ | 32.8 | $ | 0.6 | $ | 92.5 | ||||||||||||||||||
Depreciation of real property | 0.7 | 0.5 | 0.9 | 0.0 | 1.3 | 0.0 | 25.3 | 0.4 | 65.5 | |||||||||||||||||||||||||||
(Gain) loss on sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (12.7 | ) | ||||||||||||||||||||||||||
$ | 1.0 | $ | 0.8 | $ | 1.3 | ($0.0 | ) | $ | 2.7 | $ | 0.0 | $ | 58.1 | $ | 1.0 | $ | 145.3 | |||||||||||||||||||
DDR ownership interest | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | *** | 50 | % | |||||||||||||||||||||
DDR FFO | $ | 0.2 | $ | 0.2 | $ | 0.3 | ($0.0 | ) | $ | 0.5 | $ | 0.0 | $ | 11.3 | $ | 0.5 | $ | 37.4 | ||||||||||||||||||
Developers Diversified Realty | ||
Quarterly Financial Supplement | ||
For the nine months ended September 30, 2005 | ||
(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 in DDR Consolidated Statement of Operations. The joint venture’s total related party interest expense for the nine months ended September 30, 2005 totaled $5.4 million, of which $3.3 million is reflected in revenues from operations in the Company’s Consolidated Statement of Operations. | |
(5) | Real estate assets sold to the MDT joint venture in 2003 and 2004. | |
(6) | Community Centers Seven merged into Community Centers Five in the third quarter of 2005. | |
*** | 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. |
Joint Venture Name: | Retail Value Investment Program LP III | |
Date Formed: | January 1998 | |
Property Name/Location: | City Place — Long Beach, CA | |
Major Tenants: | None (Property Sold on 8/2/05) | |
Partnership Structure | 1% — Coventry Real Estate Partners | |
Equity Contribution: | 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 (75% owned by DDR) once limited partners | |
have received a 10% preferred return on equity | ||
Fees to DDR | ||
Management Fee: | 3.5% of gross rents | |
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 |
DDR | $ | 0.2 | ||
PREI | 1.0 | |||
Coventry | 0.8 | |||
Total Capital | $ | 2.0 | ||
Debt | $ | — | ||
Total Debt & Equity | $ | 2.0 | ||
Joint Venture Name: | RVIP IIIB | |||
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 | ||||
Century Theater | ||||
Partnership Structure | ||||
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 (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity | |||
Fees to DDR | ||||
Management Fee: | 3.5% of gross rents | |||
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 |
DDRC | $ | 4.4 | ||
Prudential | 12.9 | |||
Coventry | 1.8 | |||
Total Capital | $ | 19.1 | ||
Debt | $ | 55.4 | ||
Total Debt & Equity | $ | 74.5 |
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 | |||
Sherwin Williams | Deals Nothing Over $1 | |||
Eckerd Drug | Westlake Hardware | |||
Hollywood Video | Bargains 365 | |||
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 (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity | |||
Fees to DDR | ||||
Management Fee: | 3.5% of gross operating revenues | |||
Asset Management Fee: | .4% of gross asset cost (DDR’s pro-rata share of Coventry’s .5% fee) |
DDR | $ | 2.6 | ||
PREI | 8.0 | |||
Coventry | 0.1 | |||
Total Capital | $ | 10.7 | ||
Debt | $ | 18.2 | ||
Total Debt & Equity | $ | 28.9 |
Joint Venture Name: | Retail Value Investment Program VII LLC | ||||||
Date Formed: | November 2000 | ||||||
Property Name/Location: | The joint venture consists of the following six properties: | ||||||
San Ysidro Village — San Ysidro, CA | Downtown Pleasant Hill — Pleasant Hill, CA | ||||||
Plaza at Puente Hills — City of Industry, CA | Puget Park Shopping Center — Everett, WA | ||||||
Valley Central Shopping Center — Lancaster, CA | |||||||
Major Tenants: | Century Theater | Michael’s | |||||
Ross Stores | Staples | ||||||
Circuit City | Bed, Bath & Beyond | ||||||
Wal-Mart | K-Mart | ||||||
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 (75% 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: | 3.2% of gross rents | ||||||
Construction Management Fee: | 5% of hard and soft costs | ||||||
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 |
DDR | $ | 6.1 | ||
PREI | 23.9 | |||
Coventry | 5.8 | |||
Total Capital | $ | 35.8 | ||
Debt | $ | 100.7 | ||
Total Debt & Equity | $ | 136.5 |
Joint Venture Name: | RVIP VIII | |||
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 | Office Depot | |||
PetsMart | ||||
Ross Dress for Less | ||||
Partnership Structure | ||||
RVIP VIII | ||||
1% — Coventry Real Estate Partners | ||||
Equity Contribution: | 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 (75% owned by DDR) once limited partners have received a 10% preferred return and return of equity | |||
Fees to DDR | ||||
Management Fee: | 3.5% of gross rents | |||
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 (outparcesl/ground leases) | ||||
6% on Gross Sales Price up to $500,000 (outparcels) | ||||
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 |
DDRC | $ | 2.5 | ||
Prudential | 7.4 | |||
Coventry | (0.5 | ) | ||
Total Capital | $ | 9.4 | ||
Debt | $ | 23.4 | ||
Total Debt & Equity | $ | 32.8 |
Joint Venture Name: | DPG Realty Holdings LLC | |||
Date Formed: | October 2004 | |||
Property Name/Location: | The joint venture consists of the following twelve properties: | |||
Tops Plaza — Elmira, NY | Tops Plaza — Avon, NY | |||
Tops Plaza — Hamburg, NY | Tops Plaza — Hamlin, NY | |||
Tops Plaza — Norwich, NY | Farragut Pointe — Farragut, TN | |||
Tops-Gander Mnt. Plaza — Tonawanda, NY | Columbia Square — Columbia, TN | |||
Tops Plaza — Arcade, NY | Five Forks Crossing — Lilburn, GA | |||
Five Forks Village — Lawrenceville, GA | ||||
Bi-Lo | ||||
Major Tenants: | BJ’s Wholesale Club | |||
Gander Mountain Company | ||||
Kroger | ||||
Tops | ||||
Partnership Structure | ||||
Equity Contribution: | 10.0% — JDN QRS, Inc. | |||
90.0% — Prudential Insurance Company of America (PICA) | ||||
Cash Flow Distribution: | 10.0% — JDN QRS, Inc. | |||
90.0% — Prudential Insurance Company of America (PICA) | ||||
Fees to DDR | ||||
Management Fee: | 4% of gross income | |||
Construction Supervision Fee: | 5% of gross cost of all development and tenant improvement work (including hard and soft costs) | |||
Leasing Fees: | 6% on new leases on years 1-5; 3% on remainder of term, max 10 yrs. (spaces < 5,000 square feet) | |||
5% on new leases on years 1-5; 2.5% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet) | ||||
4% on new leases on years 1-5; 2% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet) | ||||
$2 per square foot (spaces > 20,000 square feet) | ||||
3% for renewals on years 1-5; 1.5% on remainder of term, max 10 yrs. (spaces < 5,000 square feet) | ||||
2.5% for renewals on years 1-5; 1.25% on remainder of term, max 10 yrs. (spaces 5,000 - 10,000 square feet) | ||||
2% for renewals on years 1-5; 1% on remainder of term, max 10 yrs. (spaces 10,000 - 20,000 square feet) | ||||
$2 per square foot for renewals with a material amendment to the lease; 1$ if renewed without a material | ||||
amendment (spaces > 20,000 sqaure feet) | ||||
4% on new outparacesl/ground leases on years 1-5; 2% on remainder of term, max 10 years | ||||
2% on renewal outparcels/ground leases on years 1-5; 1% on remainder of term, max 10 years | ||||
6% of gross sales price < $500,000 (outparcel sales) | ||||
5% of gross sales price $500,000 - $1,000,000 (outparcel sales) | ||||
4% of gross sales prices > $1,000,000 (outparcel sales) | ||||
JDN | $ | 11.6 | ||
PICA | 104.1 | |||
Total Capital | $ | 115.7 | ||
Debt | $ | 11.4 | ||
Total Debt & Equity | $ | 127.1 |
Joint Venture Investment Summary | ||||
Joint Venture Name: | DDRA Community Centers Five, L.P. | |||
Date Formed: | September, 1998; DDRA CC Seven, L.P. merged July, 2005 | |||
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 | Famous Footwear | OfficeMax | |||
Ashley Homestores | Gander Mountain | Old Navy | ||||
Babies ‘R Us | Haggan’s | Petco | ||||
Barnes & Noble | JoAnn, Etc. | Petsmart | ||||
Bassett Furniture | Kohl’s Department | Pier One | ||||
Bed Bath & Beyond | Linens ‘N Things | Ross Dress for Less | ||||
Best Buy | Mac Frugal’s | Staples | ||||
Byerly’s | Mervyn’s (not owned) | Stein Mart | ||||
Circuit City | Michael’s | Target (not owned) | ||||
Comp USA | Nordstrom Rack (not owned) | TJ Maxx | ||||
Cub Foods (not owned) | Office Depot | Toys ‘R Us (not owned) | ||||
DSW Shoe Warehouse | Office Depot (not owned) | United Artists Theatre | ||||
Ethan Allen (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: | 5.0% 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 |
DDR | $ | (29.9 | ) | |
DRA Advisors | (29.9 | ) | ||
Total Capital (1) | $ | (59.8 | ) | |
Debt | $ | 298.0 | ||
Total Debt & Equity | $ | 238.2 | ||
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 |
DDR | $ | 3.7 | ||
DRA Advisors | 3.7 | |||
Total Capital | $ | 7.4 | ||
Debt | $ | 17.4 | ||
Total Debt & Equity | $ | 24.8 | ||
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 |
DDR | $ | 1.0 | ||
DRA Advisors | 8.8 | |||
Total Capital | $ | 9.8 | ||
Debt | $ | 19.5 | ||
Total Debt & Equity | $ | 29.3 | ||
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 |
DDR | $ | 0.1 | ||
Casto Properties | 0.1 | |||
Total Capital | $ | 0.2 | ||
Debt | $ | 18.2 | ||
Total Debt & Equity | $ | 18.4 | ||
Joint Venture Investment Summary | ||
Joint Venture Name: | Sun Center Limited | |
Date Formed: | February, 1998 | |
Property Name/Location: | Sun Center - Columbus, OH | |
Major Tenants: | Ashley Furniture Homestore | |
Babies ‘R Us | ||
Big Bear | ||
Michael’s | ||
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 |
DDR | $ | (0.2 | ) | |
Casto Properties | (0.1 | ) | ||
Total Capital (1) | $ | (0.3 | ) | |
Debt | $ | 20.8 | ||
Total Debt & Equity | $ | 20.5 | ||
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 |
DDR | $ | 11.7 | ||
Casto Properties | 2.9 | |||
Total Capital | $ | 14.6 | ||
Debt | $ | - | ||
Total Debt & Equity | $ | 14.6 | ||
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 |
DDR | $ | 5.7 | ||
The State Teachers Retirement Board | 5.7 | |||
Total Capital | $ | 11.4 | ||
Debt | $ | 10.4 | ||
Total Debt & Equity | $ | 21.8 | ||
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 | |
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% of gross rental income | |
Development Fee: | $.75 psf of leasehold improvements | |
Leasing Fees: | N/A |
DDR | $ | 0.1 | ||
PDK Salisbury LLC | 0.1 | |||
Total Capital | $ | 0.2 | ||
Debt | $ | 1.8 | ||
Total Debt & Equity | $ | 2.0 | ||
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 |
DDR | $ | 4.6 | ||
Churchill Family Trust | 2.2 | |||
Total Capital | $ | 6.8 | ||
Debt | $ | 17.1 | ||
Total Debt & Equity | $ | 23.9 | ||
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 | ||
Loehmann’s | ||
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 |
DDR | $ | 6.2 | ||
Lehman Brothers | 18.6 | |||
Total Capital | $ | 24.8 | ||
Debt | $ | 85.0 | ||
Total Debt & Equity | $ | 109.8 | ||
Joint Venture Name: | KLA/SM L.L.C. | |||
Date Formed: | March 2002 | |||
Property Name/Location: | The Joint Venture consists of 55 fee simple, leasehold and groundlease interests previously owned by the Service Merchandise Company, Inc. In total, these properties are located in 24 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 | ||||
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 |
DDR | $ | 9.9 | ||
Klaff | 5.0 | |||
Lubert-Adler | 24.9 | |||
Random Properties Acquisition | ||||
Corp. I | 0.6 | |||
Total Capital | $ | 40.4 | ||
Payable to DDR | $ | 94.3 | (1) | |
Existing Debt | $ | 29.1 | ||
Total Debt & Equity | $ | 163.8 | ||
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: | 1.5% of gross rental income | |
Development Fee: | NA | |
Leasing Fees: | 2.5% of gross base rent plus reimbursables on new leases; 1.75% on renewals |
DDRC | $ | (0.1 | ) | |
The Sansone Group | (0.1 | ) | ||
Total Capital (1) | $ | (0.2 | ) | |
Payable to DDR | $ | 3.1 | ||
Debt | $ | 3.5 | ||
Total Debt & Equity | $ | 6.4 | ||
Joint Venture Name: | DDR/1st Carolina Apex Phase IV LLC | |
Date Formed: | November 2004 | |
Property Name/Location: | Beaver Creek Crossings - Phase II, Apex, NC | |
Major Tenants: | Retail tenants to be announced | |
Partnership Structure | ||
Equity Contribution: | 80% - 1st Carolina Holdings, LLC | |
20% - DDR | ||
Cash Flow Distribution: | 80% - 1st Carolina Holdings, LLC | |
20% - DDR | ||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
Development Fee: | 1% of the project cost | |
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 - 10,000 square feet) | ||
4% on new leases on years 1-5; 2% 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 1-5, 2% on years 6-10 (ground lease) | ||
3% for renewals on years 1-5; 1.5% on remainder of term (spaces < | ||
5,000 square feet) | ||
2.5% for renewals on years 1-5; 1.25% on remainder of term (spaces | ||
5,000 - 10,000 square feet) | ||
2% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 | ||
- 20,000 square feet) | ||
$2 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on years 1-5, 1% on years 6-10 (ground lease renewals) | ||
5% of termination fees collected from tenants | ||
6% of gross sales price< $500,000 (outparcel sales) | ||
5% of gross sales price $500,001 - $1,000,000 (outparcel sales) | ||
4% of Gross Sales Price $1,000,000 or over (Outparcel Sales) | ||
Tenant Coordination Fee: | 5% of the project cost |
1st Carolina | $ | 0.2 | ||
DDR | $ | 1.0 | ||
Total Capital | $ | 1.2 | ||
Payable to DDR | $ | 7.6 | ||
Debt | $ | - | ||
Total Debt & Equity | $ | 8.8 | ||
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) | Marshalls | ||
Barnes & Noble | Martin’s Food Store | |||
Bed Bath & Beyond | Michael’s | |||
Books-A-Million | OfficeMax | |||
Borders Books (not owned) | Old Navy | |||
Century Theatre | Petco | |||
Circuit City | Petsmart | |||
Gander Mountain | Publix | |||
Jewel (not owned) | Ross Dress for Less | |||
Kohl’s | Shoe Carnival | |||
Linens ‘N Things | Target (not owned) | |||
Lowe’s (not owned) | T.J. Maxx | |||
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 internal rate of 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 |
DDR | $ | 10.7 | ||
Markaz | 42.6 | |||
Total Capital | $ | 53.3 | ||
Payable to DDR | $ | 0.9 | ||
Debt | $ | 110.0 | ||
Total Debt & Equity | $ | 164.2 | ||
Joint Venture Name: | DDR Markaz II LLC (Kuwaiti Financial Centre II) | |||
Date Formed: | November 2004 | |||
Property Name/Location: | The joint venture consists of the following thirteen properties: | |||
Culver Ridge Plaza - Irondequoit, NY | Oxford Place - Oxford, MS | |||
Tops Plaza - LeRoy, NY | Midway Plaza - Loganville, GA | |||
Tops Plaza - Jamestown, NY | Chillicothe Place - Chillicothe, OH * excluding Lowe’s | |||
Tops Plaza - Ontario, NY | Northcreek Commons - Goodlettsville, TN | |||
Tops Plaza Union - Cheektowaga, NY | Panorama Plaza - Rochester, NY | |||
Tops Plaza - Warsaw, NY | Crossroads Centre - Orchard Park, NY | |||
Tops Plaza Robinson - Amherst, NY | ||||
Major Tenants: | AJ Wright | Lowe’s (not owned) | ||
Blockbuster | Office Max | |||
Dollar Tree | Regal Cinemas | |||
Factory Card Outlet | Stein Mart | |||
Kroger | Tops Markets | |||
Linens ‘N Things | ||||
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 11.5% annual internal rate of return, and (ii) 50% to DDR and 50% 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: | 6.25% 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 |
DDR | $ | 11.0 | ||
Markaz | 44.2 | |||
Total Capital | $ | 55.2 | ||
Receivable from DDR | $ | (2.0 | ) | |
Payable to DDR | $ | 0.3 | ||
Debt | $ | 150.5 | ||
Total Debt & Equity | $ | 204.0 | ||
Joint Venture Name: | Coventry II DDR Ward Parkway LLC | |
Date Formed: | June 2003 | |
Property Name/Location: | Kansas City, MO | |
Major Tenants: | Target (not owned) Old Navy | |
Dilliards Off Broadway Shoes | ||
Pier One | ||
TJ Maxx | ||
AMC Theater | ||
24 Hour Fitness | ||
Dick’s | ||
Petsmart | ||
Partnership Structure | ||
Equity Contribution: | 80% - Coventry II Fund | |
20% - DDR | ||
Cash Flow Distribution: | 80% - Coventry II Fund * | |
20% - DDR | ||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) | ||
1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet) | ||
$1 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on renewals on years 1-10 (ground lease) | ||
6% of gross sales price < $500,000 (outparcel sales) | ||
5% of gross sales price $500,001 - $1,000,000 (outparcel sales) | ||
4% of gross sales prices > $1,000,000 (outparcel sales) | ||
Construction Management Fee: | 5% of all development and tenant improvement work performed | |
Tenant Coordination Fee: | 5% of all hard and soft costs |
Coventry II Fund | $ | 19.3 | ||
DDR | 4.9 | |||
Total Capital | $ | 24.2 | ||
Debt | $ | 31.5 | ||
Total Debt & Equity | $ | 55.7 | ||
Joint Venture Name: | Coventry II DDR Totem Lakes LLC | |
Date Formed: | January 2004 | |
Property Name/Location: | Totem Lakes Mall - Kirkland, WA | |
Major Tenants: | Guitar Center | |
Trader Joe’s | ||
Big 5 Sporting Goods | ||
Totem Lake Theater | ||
Rite Aid | ||
Ross Dress For Less | ||
Famous Footwear | ||
CompUSA | ||
Partnership Structure | ||
Equity Contribution: | 80% - Coventry II Fund | |
20% - DDR | ||
Cash Flow Distribution: | 80% - Coventry II Fund * | |
20% - DDR | ||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) | ||
1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet) | ||
$1 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on renewals on years 1-10 (ground lease) | ||
6% of gross sales price< $500,000 (outparcel sales) | ||
5% of gross sales price $500,001 - $1,000,000 (outparcel sales) | ||
4% of gross sales prices > $1,000,000 (outparcel sales) | ||
Construction Management Fee: | 5% of all development and tenant improvement work performed | |
Tenant Coordination Fee: | 5% of all hard and soft costs | |
Coventry II Fund | $ | 9.2 | ||
DDR | 2.3 | |||
Total Capital | $ | 11.5 | ||
Debt | $ | 26.0 | ||
Total Debt & Equity | $ | 37.5 | ||
Joint Venture Name: | Coventry II DDR Phoenix Spectrum LLC | |
Date Formed: | March 2004 | |
Property Name/Location: | Spectrum Mall - Phoenix, AZ | |
Major Tenants: | Wal-Mart | |
Costco | ||
Ross Dress For Less | ||
PetsMart | ||
Walgreens | ||
Harkins Theater | ||
Famous Footwear | ||
Big 5 Sporting Goods | ||
Partnership Structure | ||
Equity Contribution: | 80% - Coventry II Fund | |
20% - DDR | ||
Cash Flow Distribution: | 80% - Coventry II Fund * | |
20% - DDR | ||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) | ||
1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet) | ||
$1 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on renewals on years 1-10 (ground lease) | ||
6% of gross sales price < $500,000 (outparcel sales) | ||
5% of gross sales price $500,001 - $1,000,000 (outparcel sales) | ||
4% of gross sales prices > $1,000,000 (outparcel sales) | ||
Construction Management Fee: | 5% of all development and tenant improvement work performed | |
Tenant Coordination Fee: | 5% of all hard and soft costs |
Coventry II Fund | $ | 8.2 | ||
DDR | 2.1 | |||
Total Capital | $ | 10.3 | ||
Debt | $ | 39.0 | ||
Total Debt & Equity | $ | 49.3 | ||
Joint Venture Name: | Coventry II DDR Westover LLC / DDR DB 151 Ventures LP | |
Date Formed: | June 2004 | |
Property Name/Location: | Westover Marketplace, San Antonio, TX | |
Major Tenants: | Target (not owned) | |
Lowe’s | ||
Ross | ||
Petsmart | ||
Sportsman’s Warehouse | ||
Office Depot | ||
Partnership Structure | ||
DDR DB 151 Ventures LP | ||
Ownership Percentage: | 50% - Coventry II DDR Westover LLC | |
50% - ERA 151 Partners, Ltd. (Development Partner) | ||
(No equity contributions at the partnership level) | ||
Cash Flow Distribution: | 50% - Coventry II DDR Westover LLC | |
50% - ERA 151 Partners, Ltd. (Development Partner) | ||
(After repayment of 10.5% interest on the Coventry II DDR Westover loan and repayment of the loan) | ||
Coventry II DDR Westover LLC | ||
Equity Contribution: | 80% - Coventry II Fund* | |
20% - DDR | ||
Cash Flow Distribution: | 80% - Coventry II Fund* | |
20% - DDR | ||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
Development Fee: | 1% of all project costs less land | |
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) | ||
1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet) | ||
$1 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on renewals on years 1-10 (ground lease) | ||
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) | ||
Construction Management Fee: ** | 5% of all development and tenant improvement work performed | |
Tenant Coordination Fee: ** | 5% of all hard and soft costs |
Coventry II Fund | $ | 6.1 | ||
DDR | 1.5 | |||
Total Capital | $ | 7.6 | ||
Debt | $ | 19.4 | ||
Total Debt & Equity | $ | 27.0 | ||
Joint Venture Name: | Coventry II DDR Buena Park LLC | |||
Date Formed: | November 2004 | |||
Property Name/Location: | Buena Park Mall - Buena Park, CA | |||
Major Tenants: | Ross Dress For Less | Circuit City | ||
PetsMart | Office Depot | |||
Kohl’s | Walmart | |||
Bed Bath & Beyond | Sears | |||
Michaels | ||||
DSW Shoe Warehouse | ||||
Krikorian Premier Theater | ||||
Partnership Structure | ||||
Equity Contribution: | 80% - Coventry II Fund | |||
20% - DDR | ||||
Cash Flow Distribution: | 80% - Coventry II Fund * | |||
20% - DDR | ||||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) | ||
1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet) | ||
$1 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on renewals on years 1-10 (ground lease) | ||
6% of gross sales price< $500,000 (outparcel sales) | ||
5% of gross sales price $500,001 - $1,000,000 (outparcel sales) | ||
4% of gross sales prices > $1,000,000 (outparcel sales) | ||
Construction Management Fee: | 5% of all development and tenant improvement work performed | |
Tenant Coordination Fee: | 5% of all hard and soft costs | |
Coventry II Fund | $ | 22.4 | ||
DDR | 5.6 | |||
Total Capital | $ | 28.0 | ||
Debt | $ | 61.0 | ||
Total Debt & Equity | $ | 89.0 | ||
Joint Venture Name: | Coventry II DDR Merriam Village LLC | |
Date Formed: | March 2005 | |
Property Name/Location: | Merriam Village, Merriam, Kansas | |
Major Tenants: | To be announced | |
Partnership Structure | ||
Equity Contribution: | 80% - Coventry II Fund | |
20% - DDR | ||
Cash Flow Distribution: | 80% - Coventry II Fund * | |
20% - DDR | ||
Fees to DDR | ||
Management Fee: | 4% of gross income | |
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% for renewals on years 1-5; 1.5% on remainder of term (spaces < 5,000 square feet) | ||
2.25% for renewals on years 1-5; 1.125% on remainder of term (spaces 5,000 - 10,000 square feet) | ||
1.75% for renewals on years 1-5; 1% on remainder of term (spaces 10,000 - 20,000 square feet) | ||
$1 per square foot for renewals (spaces > 20,000 square feet) | ||
2% on renewals on years 1-10 (ground lease) | ||
6% of gross sales price< $500,000 (outparcel sales) | ||
5% of gross sales price $500,001 - $1,000,000 (outparcel sales) | ||
4% of gross sales prices > $1,000,000 (outparcel sales) | ||
Construction Management Fee: ** | 5% of all development and tenant improvement work performed | |
Tenant Coordination Fee: ** | 5% of all hard and soft costs |
Coventry II Fund | 0.20 | |||
DDR | 0.05 | |||
Total Capital | $ | 0.3 | ||
Payable to DDR | $ | - | ||
Debt | $ | 17.4 | ||
Total Debt & Equity | $ | 17.7 | ||
Joint Venture Name: | DDR Macquarie LLC (Fund LLC, Management LLC, and U.S. Trust Inc.) | |||
Date Formed: | November 2003 | |||
Property Name/Location: | The joint venture consists of the following 48 properties: |
Union Consumer Square - Cheektowaga, NY | The Plazas at Great Northern - North Olmsted, OH | |||
Walden Consumer Square - Cheektowaga, NY | Riverdale Village - Coon Rapids, MN | |||
Dick’s Plaza - Cheektowaga, NY | Midway Marketplace - St. Paul, MN | |||
Walden Place - Cheektowaga, NY | River Hills Shopping Center - Asheville, NC | |||
Borders Books - Cheektowaga, NY | Township Marketplace - Monaca, PA | |||
Eastgate Plaza - Clarence, NY | The Marketplace - Nashville, TN | |||
Premier Place - Clarence, NY | BJ’s Batavia - Batavia, NY | |||
Regal Cinemas - Clarence, NY | Tops Plaza - Batavia, NY | |||
Jo-Ann Plaza - Clarence, NY | Batavia Commons - Batavia, NY | |||
Barnes & Noble - Clarence, NY | Towne Center - Murfreesboro, TN | |||
New Hartford Consumer Square - Utica, NY | Perimeter Pointe - Atlanta, GA | |||
Merriam Town Center - Merriam, KS | Woodfield Village Green - Schaumburg, IL | |||
Spring Creek Center - Fayetteville, AR | Fairfax Towne Center - Fairfax, VA | |||
Steele Crossing - Fayetteville, AR | Belden Park Crossings - Canton, OH | |||
Carillon Place - Naples, FL | Independence Commons - Independence, MO | |||
Towne Center Prado - Marietta, GA | Erie Marketplace - Erie, PA | |||
Shoppers’ World - Framingham, MA | Riverchase Promenade - Birmingham, AL | |||
Harbison Court - Columbia, SC | Lakepointe Crossing - Lewisville, TX | |||
Connecticut Commons - Plainville, CT | Lake Brandon Village - Brandon, FL | |||
Pioneer Hills - Aurora, CO | Lake Brandon Plaza - Brandon, FL | |||
Cool Springs Pointe - Brentwood, TN | MacArthur Marketplace - Irving, TX | |||
Brown Deer Center - Brown Deer, WI | Shoppers’ World of Brookfield - Brookfield, WI | |||
Brown Deer Market - Brown Deer, WI | Parker Pavilions - Parker, CO | |||
McDonough Marketplace - McDonough, GA | Grandville Marketplace - Grandville, MI |
Major Tenants: | AMC Theatres | Famous Footwear | PetsMart | |||
Barnes & Noble Superstores | General Cinema | Plainville Theatre | ||||
Bed Bath & Beyond | Hallmark | Pier 1 Imports | ||||
Best Buy | Home Depot | Publix Supermarkets | ||||
BJ’s Wholesale Club | Jo-Ann Stores | Regal Cinemas | ||||
Bobs | Kohl’s | Ross Dress for Less | ||||
Borders Books | Linens ‘N Things | Safeway | ||||
Catherine’s/Fashion Bug/Lane Bryant | Lowe’s | Sports Authority | ||||
Cinemark Theatres | Marquee Cinema | Supervalue, Inc. | ||||
Circuit City | Michael’s | TJX Companies | ||||
Comp USA | Office Depot | Toys “R” Us/Babies “R” Us | ||||
Cost Plus World Market | OfficeMax | United Artists Theatre | ||||
Dick’s Sporting Goods | Old Navy (Gap, Inc.) | Wal-Mart/Sam’s Club | ||||
DSW Shoe Warehouse/Filene’s Basement | Party City |
Partnership Structure | ||||||
Equity Contribution: | 14.77% - DDR | Cash Flow Distribution: | Variable* | |||
2.71% - Macquarie Bank Limited (“MBL”) | ||||||
82.52% - Macquarie DDR Trust (“MDT”) | ||||||
Promote: | Quarterly Base Fee allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee. |
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 (outparcels and ground leases) | ||
Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of | ||
20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term | ||
of a lease or $1.00 per square foot where there is no amendment to a material term of the lease. | ||
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 $1,000,000 or over | ||
Sponsor’s Fee: | DDR received $2.9 million which was paid upon completion of the Australian initial public offering. | |
Acquisition Fees: | Up to 1.0% of the purchase price for third party assets | |
Disposition Fee: | Market rate not to exceed 1% of the sale price of the property to a third party | |
Debt Placement Fee: | 50bp of the borrowings raised | |
Due Diligence Fee: | 12.5bp of MDT’s interest in the purchase price of the acquisition | |
Construction Management Fee: | 5.0% of the cost of capital improvements |
DDR | $ | 103.1 | ||
MBL | 18.9 | |||
MDT | 576.1 | |||
Total Capital | $ | 698.1 | ||
Receivable from DDR, net | $ | (6.0 | ) | |
Debt | $ | 1,021.2 | ||
Total Debt & Equity | $ | 1,713.3 | ||
Joint Venture Name: * | DDR MDT MV LLC | |||
Date Formed: | September, 2005 | |||
Property Name/Location: | The joint venture consists of 35 fee simple, leasehold and groundlease interests. The joint venture will purchase 2 additional properties during the 4th quarter. The properties are located in California, Arizona, Nevada and Texas. | |||
Partnership Structure | ||||
Equity Contribution: | 50.0004% — DDR | Cash Flow Distribution: Variable (1) | ||
49.9943% — Macquarie DDR Trust (“MDT”) | ||||
.0054% — Macquarie Bank Limited (“MBL”) | ||||
Promote: | Quarterly Base Fee allocation to DDR and MBL. If certain criteria are met, there is a special income allocation to DDR and MBL for a Performance Fee. | |||
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 (outparcels and ground leases) | ||||
Renewals earn 50% of fees on new leases for spaces less than 20,000 square feet. For spaces of | ||||
20,000 square feet or more, renewals earn $2.00 per square foot for an amendment to a material term of a lease or $1.00 per square foot where there is no amendment to a material term of the lease. | ||||
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 $1,000,000 or over | ||||
Acquistion Fee | Up to 1.0% of the purchase price for third party assets | |||
Debt Placement Fee | 12.5bp of the borrowings raised | |||
Structuring & Advisory Fee | 25bp of Purchase Price | |||
Disposition Fee: | Market rate not to exceed 1% of the sale price of the property to a third party | |||
Due Diligence Fee: | 12.5bp of MDT’s interest in the purchase price of the acquisition | |||
Construction Management Fee: | 5.0% of the cost of capital improvements |
DDR | $ | 70.5 | ||
MDT | 70.5 | |||
MBL | — | |||
Total Capital | $ | 141.0 | ||
Receivable to DDR | $ | — | ||
Debt | $ | 244.0 | ||
Total Debt & Equity | $ | 385.0 | ||
Nine Months | ||||||||||||||||||||
Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
September 30, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Acquisitions/Transfers | $ | 349.3 | $ | 1,147.0 | (3) | $ | 1,221.7 | (5) | $ | 53.0 | $ | 213.1 | ||||||||
Completed Expansions | 1.2 | 10.3 | 9.7 | 9.0 | 2.3 | |||||||||||||||
Developments & Construction in Progress | 73.0 | 38.9 | 120.1 | 48.6 | 103.7 | |||||||||||||||
Tenant Improvements & Building Renovations (1) | 2.0 | 0.6 | 0.6 | 1.6 | 4.9 | |||||||||||||||
Other Real Estate Investments | 0.0 | 0.0 | 0.0 | 161.8 | (7) | 0.0 | ||||||||||||||
Minority Equity Investment in AIP | 0.0 | 0.0 | 0.0 | 0.0 | (135.0) | (9) | ||||||||||||||
$ | 425.5 | $ | 1,196.8 | $ | 1,352.1 | $ | 274.0 | $ | 189.0 | |||||||||||
Less: Real Estate Sales and Dispositions | ($79.6 | )(2) | ($306.7 | )(4) | ($781.5 | )(6) | ($361.4 | )(8) | ($16.9 | ) | ||||||||||
Joint Venture Totals (Millions) | $ | 345.9 | $ | 890.1 | $ | 570.6 | ($87.4 | ) | $ | 172.1 | ||||||||||
(1) | The Company estimates recurring capital expenditures, including tenant improvements, of $2.5 million associated with its joint venture portfolio during 2005. | |
(2) | In addition to asset sales which had an aggregate cost of $73.3 million, this balance includes the sale of three outparcels at Plaza at Puente Hills, which were owned by RVIP VII. | |
(3) | Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 and $201.6, respectively, MDT’s acquisition of an additional $619.5 million of assets, plus the acquisition of the Poag & McEwen’s interest and David Berndt’s interest in RVIP IIIB and RVIP VIII, respectively, for $14.9 million, the purchase of a fee interest in several assets in the Service Merchandise portfolio for $5.2 million and a $3.0 million earnout for an outparcel in Kildeer, IL. | |
(4) | In addition to asset sales which had an aggregate cost of $141.7, this balance includes the transfer to DDR of the Littleton, CO and Merriam, KS shopping centers which had an aggregate cost of $107.3 million, $51.2 million of adjustments due to GAAP presentation including FIN 46 and a $6.5 million write-off for the demolition of a portion of an asset in Lancaster, CA. | |
(5) | Balance includes the formation of Macquire DDR Trust and DDR Markaz aggregating $735.9 and $169.3, respectively, plus several new joint ventures with assets aggregating $228.8 million and the consolidation 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 which aggregated $87.7 million. | |
(6) | In addition to asset sales 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. | |
(7) | Amount represents the net cost of assets acquired from Service Merchandise pursuant to the designation rights agreement. | |
(8) | 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. | |
(9) | The balance reflects the consolidation of the assets formerly owned by American Industrial Properties (AIP) during 2nd quarter 2001. |
DDR's | Joint | |||||||||||||||||||
Cost | Acquisition | Ownership | Venture | |||||||||||||||||
Property Location | GLA | (Millions) | Date | Percentage | Partner | |||||||||||||||
Macquarie DDR Trust | 2,437,685 | $ | 349.3 | (1) | Various | 14.50 | % | Macquarie Bank Limited | ||||||||||||
Total | 2,437,685 | $ | 349.3 | |||||||||||||||||
Gross Sale | DDR's | Joint | ||||||||||||||||||
Proceeds | Ownership | Venture | ||||||||||||||||||
Property Location | GLA | (Millions) | Sale Date | Percentage | Partner | |||||||||||||||
Richmond, CA | 76,692 | $ | 14.0 | 4/1/2005 | 20.00 | % | Prudential & Coventry Real Estate Partners | |||||||||||||
Service Merchandise locations | 351,445 | $ | 14.7 | Various | 25.00 | % | Various | |||||||||||||
Long Beach, CA | 342,699 | $ | 75.6 | 8/2/2005 | 24.75 | % | Prudential & Coventry Real Estate Partners | |||||||||||||
Total | 770,836 | $ | 104.3 | |||||||||||||||||
DDR's | Joint | |||||||
Ownership | Venture | |||||||
Projects Substantially Complete | Percentage | Partner | Description | |||||
Merriam, KS | 14.50 | % | MDT | Expansion of the 7,300 sf outparcel to include Quiznos, Nextel, Fast Frame, and other retail tenants. | ||||
Total Cost (Millions) | $ | 1.2 | ||||||
Projects in Progress | Percentage | |||||||
Phoenix, AZ | 20.00 | % | Coventry II | Relocation of several existing tenants to accommodate the relocation of Harkins Theatre, new anchor tenants, several junior anchors and other retail tenants to be announced. | ||||
Lancaster, CA | 20.00 | % | Prudential Real Estate Investors | Relocate existing Wal-Mart to the area previously occupied by 99 Cent Store (relocated), House to Home and Costco (which were demolished) so that 20 acres of land could be sold to Wal-Mart for development of a Supercenter. Will recapture and redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates. | ||||
St. Petersburg, FL | 24.63 | % | KLA/SM | Demise of former Service Merchandise building for 24,650 sf Homegoods, 8,000 sf Boater's World, 35,000 sf Joann's and construction of outparcel. | ||||
Kansas City, MO | 20.00 | % | Coventry II | Relocation of several small shop tenants in the shopping center to accommodate PetsMart (opened 7/05), Old Navy (opened 9/05) and additional mid-size anchors and other retail tenants to be announced. | ||||
Total Cost (Millions) | $ | 61.0 | ||||||
Projects to Commence | Percentage | |||||||
Deer Park, IL | 24.75 | % | Prudential Real Estate Investors | Approximately eight acres of land to be developed. | ||||
Kirkland, WA | 20.00 | % | Coventry II | Large-scale redevelopment to include the relocation of several existing tenants, plus an expansion of the existing center to create additional GLA for two anchors, junior anchors, a theater, small shops and restaurants to be announced. |
DDR's | ||||||||||||||||||||
DDR's | Joint | Total | Proportionate | Substantial | ||||||||||||||||
Total | Ownership | Venture | Cost | Cost | Completion | |||||||||||||||
Projects Substantially Complete | GLA | Percentage | Partner | (Millions) | (Millions) | Date | Major Tenants | |||||||||||||
Jefferson County (St. Louis), MO | 330,051 | (1) 50.0% | Sansone | $ | 9.7 | $ | 4.8 | 2005 | Target, Home Depot, Shoe Carnival, Deal$, Sally Beauty | |||||||||||
Projects in Progress | ||||||||||||||||||||
Apex, NC (Beaver Creek Crossings-Phase II) | 261,945 | 20.0% | First Carolina Properties | $ | 39.9 | $ | 8.0 | 2006 | To be announced. | |||||||||||
San Antonio, TX (Westover) | 554,769 | (1) | 10.0% | David Berndt Interests & Coventry II | $ | 34.6 | $ | 3.5 | 2005 | Target, Lowe's, Ross Dress for Less, Sportsman Warehouse, Office Depot, PetsMart and other retail tenants to be announced. | ||||||||||
Projects to Commence Construction | ||||||||||||||||||||
Merriam Village, KS | 307,598 | 20% | Coventry II | $ | 35.1 | $ | 7.0 | 2007 | To be announced. | |||||||||||
Joint Venture Development Totals | 1,454,363 | $ | 119.2 | $ | 23.3 | |||||||||||||||
(1) | Includes square footage which will not be Company owned. |
Assets Placed | DDR's Current | |||||||
in Service | Proportionate Share | |||||||
Date | (Millions) | (Millions) | ||||||
As of December 31, 2004 | $ | 4.5 | $ | 2.3 | ||||
1st Quarter 2005 | $ | 0.0 | $ | 0.0 | ||||
2nd Quarter 2005 | $ | 1.9 | $ | 0.9 | ||||
3rd Quarter 2005 | $ | 0.0 | $ | 0.0 | ||||
4th Quarter 2005 | $ | 18.0 | $ | 2.2 | ||||
During 2006 and Thereafter | $ | 94.8 | $ | 17.9 | ||||
Total | $ | 119.2 | $ | 23.3 | ||||
DDR's | JV Partners' | Proceeds from | ||||||||||||||
Proportionate | Proportionate | Construction | ||||||||||||||
Share | Share | Loans | Total | |||||||||||||
(Millions) | (Millions) | (Millions) | (Millions) | |||||||||||||
Funded as of September 30, 2005 | $ | 13.5 | $ | 6.4 | $ | 37.2 | $ | 57.1 | ||||||||
Projected Net Funding During 2005 | 0.2 | 0.5 | 9.8 | $ | 10.5 | |||||||||||
Projected Net Funding Thereafter | 0.6 | 2.3 | 48.7 | $ | 51.6 | |||||||||||
Total | $ | 14.3 | $ | 9.2 | $ | 95.7 | $ | 119.2 | ||||||||
Mortgage | ||||||||||||||||
Property/Entity | Balance (000’s) | Maturity Date | Interest Rate | |||||||||||||
RVIP III B Deer Park, IL | V | $ | 55,368 | 07/06 | Libor + 150 | |||||||||||
RVIP VI | F | 18,153 | (1) | |||||||||||||
RVIP VII | V | 98,720 | (2) | 04/07 | Libor + 140 | |||||||||||
F | 2,003 | (2) | 07/07 | 8.375 | ||||||||||||
RVIP VIII | V | 23,356 | 01/06 | Libor + 175 | ||||||||||||
DDRA Community Centers Five | V | 18,000 | (3) | 07/07 | Libor + 200 | |||||||||||
F | 280,000 | (3) | 08/10 | 5.295 | ||||||||||||
DDRA Community Centers Eight Deer Valley, AZ | F | 17,430 | 09/10 | 8.010 | ||||||||||||
DDRA Kildeer LLC | V | 4,500 | 08/07 | Libor + 180 | ||||||||||||
Kildeer, IL | F | 15,000 | 08/07 | 5.640 | ||||||||||||
Lennox Town Center Limited Columbus, OH | F | 18,214 | 07/22 | 8.110 | ||||||||||||
Sun Center Limited | F | 6,198 | 05/11 | 5.420 | ||||||||||||
Columbus, OH | F | 14,572 | 04/11 | 8.480 | ||||||||||||
DOTRS LLC Macedonia, OH | V | 10,413 | 09/06 | Libor +100 | ||||||||||||
DDRC PDK Salisbury Phase III LLC Salisbury, MD | F | 1,824 | 04/06 | 7.610 | ||||||||||||
KLA/SM LLC | F | 12,492 | 11/13 | 6.256 | ||||||||||||
F | 16,588 | 10/13 | 6.365 | |||||||||||||
Jefferson County Plaza, LLC Arnold, MO | V | 3,548 | 08/08 | Libor + 175 | ||||||||||||
Paradise Village Gateway Phoenix, AZ | F | 17,133 | 05/07 | 7.780 | ||||||||||||
Paseo Colorado Holdings | V | 30,000 | 02/06 | Libor + 245 | ||||||||||||
Pasadena, CA | F | 55,000 | 02/06 | 5.780 | ||||||||||||
DDR Markaz | F | 110,000 | (4) | 06/08 | 4.129 |
Mortgage | ||||||||||||||||
Property/Entity | Balance (000's) | Maturity Date | Interest Rate | |||||||||||||
DDR Markaz II | F | $ | 150,480 | (5) | 11/14 | 5.147 | ||||||||||
Coventry II DDR Ward Parkway | V | 31,500 | 08/06 | Libor + 240 | ||||||||||||
Coventry II DDR Totem Lakes | V | 26,000 | 07/07 | Libor + 215 | ||||||||||||
Coventry II DDR Phoenix Spectrum | V | 39,000 | 07/06 | Libor + 275 | ||||||||||||
Coventry II DDR Westover Marketplace | V | 19,415 | 07/07 | Libor + 195 | ||||||||||||
Coventry II DDR Buena Park | V | 61,000 | 03/10 | Libor + 115 | ||||||||||||
Coventry II DDR Merriam Village | V | 17,361 | 06/08 | Libor + 150 | ||||||||||||
DPG Realty Holdings, LLC | ||||||||||||||||
Tonawanda, NY | F | 6,174 | 05/17 | 7.630 | ||||||||||||
Tonawanda, NY | F | 5,273 | 06/21 | 7.660 | ||||||||||||
DDR Maquarie (6) | ||||||||||||||||
$125 Million Revolving Credit Facility | V | 65,644 | (7) | 11/07 | Libor + 100 | |||||||||||
JPMorgan Chase | F | 9,100 | (7) | 11/07 | 4.913 | |||||||||||
Secured Financing | F | 290,500 | (8) | 12/08 | 4.225 | |||||||||||
V | 50,000 | (8) | 12/08 | Libor + 130 | ||||||||||||
F | 165,250 | (9) | 06/09 | 4.180 | ||||||||||||
F | 20,000 | (9) | 06/07 | 4.800 | ||||||||||||
V | 29,750 | (9) | 06/07 | Libor + 84 | ||||||||||||
BJ’s Clarence | F | 4,912 | 03/22 | 7.070 | ||||||||||||
JoAnn Transit | F | 3,359 | 08/13 | 6.250 | ||||||||||||
New Hartford Consumer Square | F | 36,748 | 11/18 | 5.750 | ||||||||||||
Birmingham, AL (Riverchase) | F | 7,910 | 01/13 | 5.500 | ||||||||||||
Merriam Town Center | V | 30,000 | 11/06 | Libor + 110 | ||||||||||||
DDR Macquarie Longhorn Holdings | F | 85,000 | (10) | 01/12 | 4.910 | |||||||||||
DDR Macquarie Longhorn Holdings II | F | 157,250 | (11) | 04/10 | 4.822 | |||||||||||
V | 26,450 | (11) | 04/10 | Libor + 85 | ||||||||||||
DDR Macquarie Longhorn Holdings III | F | 39,300 | (12) | 04/10 | 5.098 | |||||||||||
$ | 2,205,887 | |||||||||||||||
(1) | Encumbers five shopping center properties located in Kansas City, MO with mortgage interest rates ranging from 7.79% to 8.16% and maturity dates ranging from October 2007 to November 2007. | |||||
(2) | Encumbers four shopping center properties located in California and Washington. | |||||
(3) | Encumbers six shopping center properties as follows: | |||||
Ahwatukee, AZ | Maple Grove, MN | Eagan, MN | ||||
Phoenix, AZ | Portland, OR | Fort Worth, TX | ||||
(4) | Encumbers seven shopping center properties as follows: | |||||
Oviedo, FL | Tampa, FL | Grove City, OH | ||||
Richmond, CA | Highland, IN | Toledo, OH | ||||
Winchester, VA | ||||||
(5) | Encumbers thirteen shopping center properties as follows: | |||||
Orchard Park, NY | Warsaw, NY | Chillicothe, OH | ||||
Rochester, NY | Leroy, NY | Loganville, GA | ||||
Cheektowaga, NY | Jamestown, NY | Oxford, MS | ||||
Amherst, NY | Ontario, NY | Goodlettsville, TN | ||||
Irondequoit, NY | ||||||
(6) | The company’s 50% joint venture associated with the Mervyn’s Portfolio acquisition is not reflected below as it is consolidated within DDR’s accounts pursuant to FIN 46. | |||||
(7) | Encumbers three shopping center properties as follows: | |||||
Canton, OH | St. Paul, MN | North Olmsted, OH | ||||
(8) | Encumbers seven shopping center properties as follows: | |||||
Independence, MO | Framingham, MA | Fairfax, VA | ||||
Schaumburg, IL | Atlanta, GA | Naples, FL | ||||
Marietta, GA | ||||||
(9) | Encumbers ten shopping center properties as follows: | |||||
Clarence, NY | Monaca, PA | Nashville, TN | ||||
Cheektowaga, NY | Erie, PA | Coon Rapids, MN | ||||
Batavia, NY | Murfreesboro, TN | Ashville, NC | ||||
Fayetteville, AR | ||||||
(10) | Encumbers four shopping center properties as follows: | |||||
Pioneer Hills (Aurora, CO) | Harbison Court (Columbia, SC) | |||||
MacArthur Marketplace (Irving, TX) | Lakepointe Crossing (Lewisville, TX) | |||||
(11) | Encumbers eight shopping center properties as follows: | |||||
Plainville Commons (Plainville, CT) | Cool Springs Pointe (Brentwood, TN) | |||||
Riverdale Village (Coon Rapids, MN) | Shoppers World of Brookfield (Brookfield, WI) | |||||
Brandon Village (Brandon, FL) | Brown Deer Center (Brown Deer, WI) | |||||
Brandon Plaza (Brandon, FL) | Brown Deer Marketplace (Brown Deer, WI) | |||||
(12) | Encumbers three shopping center properties as follows: | |||||
Grandville Marketplace (Grandville, MI) | Parker Pavillions (Parker, CO) | |||||
McDonough Marketplace (McDonough, GA) |
DDR's | DDR's | |||||||||||
Pro Rata | Pro Rata | Interest | ||||||||||
Joint Venture | Interest | Debt (000's) | Rate (1) | |||||||||
RVIP III B | 25.50 | % | $ | 14,119 | 5.364 | |||||||
RVIP VI | 25.50 | % | 4,629 | 8.098 | ||||||||
RVIP VII | 20.75 | % | 20,900 | 5.326 | ||||||||
RVIP VIII | 25.50 | % | 5,956 | 5.614 | ||||||||
DDRA Comm Ctr Five | 50.00 | % | 149,000 | 5.329 | ||||||||
DDRA Comm Ctr Eight | 50.00 | % | 8,715 | 8.010 | ||||||||
DDRA Kildeer, LLC | 10.00 | % | 1,950 | 5.645 | ||||||||
Lennox Town Center | 50.00 | % | 9,107 | 8.110 | ||||||||
Sun Center | 79.45 | % | 16,502 | 7.566 | ||||||||
DOTRS LLC | 50.00 | % | 5,206 | 4.864 | ||||||||
DDRC PDK Salisbury | 50.00 | % | 912 | 7.610 | ||||||||
KLA/SM LLC | 24.63 | % | 7,162 | 6.318 | ||||||||
Jefferson County Plaza | 50.00 | % | 1,774 | 5.614 | ||||||||
Paradise Village Gateway | 67.00 | % | 11,479 | 7.780 | ||||||||
Paseo Colorado Holdings | 25.00 | % | 21,250 | 5.968 | ||||||||
DDR Markaz | 20.00 | % | 22,000 | 4.129 | ||||||||
DDR Markaz II | 20.00 | % | 30,096 | 5.147 | ||||||||
Coventry II DDR Ward Parkway | 20.00 | % | 6,300 | 6.264 | ||||||||
Coventry II DDR Totem Lakes | 20.00 | % | 5,200 | 6.014 | ||||||||
Coventry II DDR Phoenix Spectrum | 20.00 | % | 7,800 | 6.614 | ||||||||
Coventry II DDR Westover Marketplace | 10.00 | % | 1,941 | 5.814 | ||||||||
Coventry II DDR Buena Park | 20.00 | % | 12,200 | 5.014 | ||||||||
Coventry II DDR Merriam Village | 20.00 | % | 3,472 | 5.364 | ||||||||
DPG Realty Holdings, LLC | 10.00 | % | 1,145 | 7.643 | ||||||||
DDR Maquarie | 14.49 | % | 147,968 | (2) | 4.640 | |||||||
Total | $ | 516,784 | ||||||||||
Fixed Rate | $ | 386,134 | ||||||||||
Variable Rate | $ | 130,650 | ||||||||||
$ | 516,784 | |||||||||||
Weighted Average — Total | 4.04 years | 5.1 | % | |||||||||
Weighted Average — Fixed | 1,565,863 | 4.97 years | 5.0 | % | ||||||||
Weighted Average — Floating | 640,024 | 1.77 Years | 5.4 | % | ||||||||
(1) | Interest rate on floating rate debt determined by using the LIBOR rate in effect on September 30, 2005. One-month LIBOR was 3.864% on September 30, 2005. | |
(2) | The company’s 50% joint venture associated with the Mervyn’s Portfolio acquisition is not reflected as it is consolidated within DDR’s accounts pursuant to FIN 46. |
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||||||
JOINT VENTURE | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Thereafter | Total | ||||||||||||||||||||||||||||||||||||
RVIP III B (Deer Park) | 55,368 | 55,368 | ||||||||||||||||||||||||||||||||||||||||||||||
RVIP VI | 293 | 317 | 17,761 | 18,371 | ||||||||||||||||||||||||||||||||||||||||||||
RVIP VII | 97 | 106 | 100,593 | 100,796 | ||||||||||||||||||||||||||||||||||||||||||||
RVIP VIII | 23,356 | 23,356 | ||||||||||||||||||||||||||||||||||||||||||||||
DDRA Community Centers Five | 18,000 | 280,000 | 298,000 | |||||||||||||||||||||||||||||||||||||||||||||
DDRA Community Centers Eight | 184 | 200 | 217 | 231 | 255 | 16,479 | 17,565 | |||||||||||||||||||||||||||||||||||||||||
DDRA Kildeer, LLC (Kildeer, IL) | 19,500 | 19,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Lennox Town Center Limited | 498 | 540 | 585 | 635 | 688 | 746 | 809 | 877 | 950 | 1,031 | 11,226 | 18,583 | ||||||||||||||||||||||||||||||||||||
Sun Center Limited | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal Mutual Life Ins Co | 442 | 480 | 523 | 569 | 619 | 674 | 11,594 | 14,900 | ||||||||||||||||||||||||||||||||||||||||
W. Lyman Case & Co | 84 | 88 | 93 | 98 | 104 | 110 | 5,684 | 6,260 | ||||||||||||||||||||||||||||||||||||||||
DOTRS LLC National City Bank | 453 | 10,295 | 10,748 | |||||||||||||||||||||||||||||||||||||||||||||
DDRC PDK Salisbury Phase III | 1,824 | 1,824 | ||||||||||||||||||||||||||||||||||||||||||||||
KLA/SM LLC | 29,080 | 29,080 | ||||||||||||||||||||||||||||||||||||||||||||||
Jefferson County Plaza LLC | 3,548 | 3,548 | ||||||||||||||||||||||||||||||||||||||||||||||
Paradise Village Gateway | 298 | 323 | 16,733 | 17,354 | ||||||||||||||||||||||||||||||||||||||||||||
Paseo Colorado Holdings | 85,000 | 85,000 | ||||||||||||||||||||||||||||||||||||||||||||||
DDR Markaz | 110,000 | 110,000 | ||||||||||||||||||||||||||||||||||||||||||||||
DDR Markaz II | 150,480 | 150,480 | ||||||||||||||||||||||||||||||||||||||||||||||
Coventry II DDR Ward Parkway | 31,500 | 31,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Coventry II DDR Totem Lakes | 26,000 | 26,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Coventry II DDR Phoenix Spectrum | 39,000 | 39,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Coventry II DDR Westover Marketplace | 19,415 | 19,415 | ||||||||||||||||||||||||||||||||||||||||||||||
Coventry II DDR Buena Park | 61,000 | 61,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Coventry II DDR Merriam Village | 17,361 | 17,361 | ||||||||||||||||||||||||||||||||||||||||||||||
Tonawanda, NY (Hollywood/Tops) | 170 | 183 | 198 | 213 | 230 | 249 | 268 | 290 | 312 | 337 | 2,949 | 5,399 | ||||||||||||||||||||||||||||||||||||
Tonawanda, NY (Tops/Gander Mtn.) | 324 | 350 | 377 | 407 | 439 | 474 | 511 | 552 | 595 | 642 | 1,770 | 6,442 | ||||||||||||||||||||||||||||||||||||
DDR Macquarie | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank One $100M Revolver | 74,744 | 74,744 | ||||||||||||||||||||||||||||||||||||||||||||||
Secured Financing | 49,750 | 340,500 | 165,250 | 555,500 | ||||||||||||||||||||||||||||||||||||||||||||
BJ’s Clarence | 155 | 166 | 178 | 191 | 205 | 220 | 236 | 253 | 272 | 292 | 2,859 | 5,027 | ||||||||||||||||||||||||||||||||||||
JoAnn Transit | 323 | 344 | 366 | 390 | 415 | 441 | 470 | 500 | 351 | 3,599 | ||||||||||||||||||||||||||||||||||||||
New Hartford Consumer Square | 1,842 | 1,951 | 2,066 | 2,188 | 2,317 | 2,454 | 2,599 | 2,752 | 2,915 | 3,087 | 13,949 | 38,120 | ||||||||||||||||||||||||||||||||||||
Birmingham, AL (Riverchase) | 116 | 122 | 129 | 136 | 145 | 153 | 162 | 170 | 6,864 | 7,996 | ||||||||||||||||||||||||||||||||||||||
Merriam Town Center | 30,000 | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||
DDR Macquarie Longhorn Hldgs | 85,000 | 85,000 | ||||||||||||||||||||||||||||||||||||||||||||||
DDR Macquarie Longhorn Hldgs II | 183,700 | 183,700 | ||||||||||||||||||||||||||||||||||||||||||||||
DDR Macquarie Longhorn Hldgs III | 39,300 | 39,300 | ||||||||||||||||||||||||||||||||||||||||||||||
Payments through 9/30/05 | -3,949 | -3,949 | ||||||||||||||||||||||||||||||||||||||||||||||
Total — Debt | 1,329 | 281,512 | 347,228 | 476,466 | 170,666 | 585,999 | 22,332 | 90,393 | 41,340 | 155,869 | 32,752 | 2,205,887 | ||||||||||||||||||||||||||||||||||||
Company Features 499 Shopping Centers (and interests in Retail Assets) 13 Managed Shopping Centers 44, plus Puerto Rico States (including managed properties) 81.8 Million Sq. Ft. Owned 112.9 Million Sq. Ft. Owned and Managed 95.7% / 94.8% % Leased / % Occupied 561 Total Employees (1) Includes Service Merchandise portfolio. (2) Includes retail development projects in process. (3) Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets, total owned GLA is 64 million. (4) Includes unowned anchors at Company-owned operating and development retail properties. (5) Core retail portfolio. (6) Including the assets acquired from Benderson Development, Caribbean Property Group and Mervyns, the total portfolio was 96.0% leased and 95.0% occupied. (1) (1) (2) (2) (3) (2) (3) (4) (5) (6) |
Growth in Square Footage 735% increase in owned space over 12 years (1) '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 Owned 10 13 19 21 25 28 36 39 40 45.3 54.1 74.8 81.8 Non-owned 3 3 3 4 7 9 6 12 12 11.6 22.1 21.4 22.9 Managed 4 5 5 5 4 5 5 9 5 0.7 0.2 1.4 1.4 (1) Includes Service Merchandise, but does not include developments. 13.2 9.8 19.3 20.6 24.7 27.6 36.3 38.6 39.6 45.3 54.1 74.8 22.9 1.4 GLA (Million Square Feet) 81.8 3Q '05 |
GLA by State 113 MSF /44 States and 1 Commonwealth +10.0 MSF +5.0 - 10.0 MSF +3.0 - 5.0 MSF +1.0 - 3.0 MSF Less than 1.0 SF National Platform with Geographic Diversification Puerto Rico 5.0 msf 4.3% 15.3 msf 13.5% 8.3 msf 7.3% 6.2 msf 5.5% 7.6 msf 6.7% 5.3 msf 4.7% 6.0 msf 5.3% 3.7 msf 3.3% 4.9 msf 4.3% 3.9 msf 3.4% |
'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 3Q '05 Total 4.38 4.81 4.93 5.27 5.35 5.37 5.6 5.89 7.6 7.85 8.49 8.99 9.2 9.66 10.03 10.2 10.7 10.79 11.22 Shops 7.09 7.41 7.87 8.25 8.29 8.37 8.56 9.02 10.54 10.87 11.69 12.39 12.69 13.66 14.02 14.5 15 15.15 16.41 Avg. Annualized Base Rental Rates $16.41 $11.22 (1) (1) Does not include Service Merchandise or development properties. |
Avg. Annualized Base Rental Rates Sep. 30, 2005 418 $11.22 $16.41 Dec. 31, 2004 373 $10.79 $15.15 Dec. 31, 2003 274 $10.82 $15.55 Dec. 31, 2002 189 $10.58 $15.18 Dec. 31, 2001 192 $10.03 $14.02 Dec. 31, 2000 190 $9.66 $13.66 Dec. 31, 1999 186 $9.20 $12.69 Dec. 31, 1998 159 $8.99 $12.39 Dec. 31, 1997 123 $8.49 $11.69 Dec. 31, 1996 112 $7.85 $10.87 Dec. 31, 1995 106 $7.60 $10.54 Dec. 31, 1994 84 $5.89 $9.02 Dec. 31, 1993 69 $5.60 $8.56 Dec. 31, 1992 53 $5.37 $8.37 Dec. 31, 1991 53 $5.35 $8.29 Dec. 31, 1990 52 $5.27 $8.25 Dec. 31, 1989 45 $4.93 $7.87 Dec. 31, 1988 40 $4.81 $7.41 Dec. 31, 1987 37 $4.38 $7.09 Period Ending Number of Properties Total Shop Space Annualized Base Rent / S.F. |
Lease Expirations by Year 2005 2006 2007 2008 2009 Anchor 0.003 0.016 0.028 0.032 0.053 Small Shop 0.035 0.11 0.138 0.138 0.137 (1) Does not include Service Merchandise or development properties. (2) Options not included. % Total Base Rents by Class (1) (2) |
Lease Expirations by Year (1) 2005 10 $2.3 $5.70 358 $14.2 $16.34 2006 33 $7.3 $5.73 881 $38.9 $14.98 2007 47 $12.3 $6.33 996 $48.9 $15.75 2008 57 $14.3 $6.88 900 $48.9 $16.13 2009 79 $23.6 $7.55 808 $48.6 $15.83 2010 98 $30.0 $8.08 704 $43.8 $16.36 2011 111 $40.9 $9.65 303 $29.2 $19.04 2012 98 $36.1 $8.75 201 $19.7 $21.33 2013 75 $28.3 $8.95 173 $15.8 $18.14 2014 94 $37.0 $10.29 166 $14.6 $19.14 702 $232.1 $8.40 5,490 $322.6 $16.56 1,058 $446.0 $8.91 5,765 $353.7 $16.66 Year Leases Revenue Average/S.F. Leases Revenue Average/S.F. 2005-2014 Subtotal (1) Does not include Service Merchandise or development properties. Anchor Base Rent Shop Space Base Rent (Millions) (Millions) Total Rent Roll |
Largest Tenants by GLA Owned & Unowned 1. Wal-Mart / Sam's Club 94 13.97 44 5.78 50 8.19 2. Target 33 4.14 10 1.26 23 2.88 3. Lowe's 28 3.63 14 1.77 14 1.86 4. Home Depot 33 3.47 12 1.11 21 2.36 5. Mervyns 37 2.82 37 2.82 0 0.00 6. Kmart / Sears 35 2.73 33 2.35 2 0.38 7. Kohl's 31 2.65 28 2.39 3 0.26 8. Royal Ahold (Tops Market) 44 2.64 42 2.52 2 0.12 9. T.J. Maxx / Marshalls 68 2.24 68 2.24 0 0.00 10. OfficeMax (Boise Cascade) 46 2.09 46 1.09 0 1.00 Total Units Total GLA (millions) Owned Units Owned GLA (millions) Unowned Units Unowned GLA (millions) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Assumes 100% ownership of joint ventures. (1) (2) |
Reliance on Major Tenants (Owned Shopping Center GLA Only) (1) (2) (3) Tenant Units Percent of Total Credit Ratings Total Base Rent (millions) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Based on pro rata ownership of joint venture properties. (3) Reflects major tenants with a percentage of total portfolio of 1% and higher. Wal-Mart / Sam's Club 44 $30.06 5.25% AA/Aa2 Royal Ahold (Tops Markets) 42 $18.13 3.17% BB/Ba2 Mervyns 37 $15.61 2.73% NR/NR PETsMART 67 $11.33 1.98% BB-/Ba2 T.J. Maxx / Marshalls 68 $10.80 1.89% A/A3 Bed Bath & Beyond 43 $9.99 1.74% BBB/NR Kohl's 28 $9.83 1.72% A-/A3 Lowe's Home Improvement 14 $8.93 1.56% A+/A2 Kmart / Sears 33 $7.83 1.37% BBB-/Baa3 Michaels 43 $7.34 1.28% NR/NR Home Depot 12 $7.29 1.27% AA/Aa3 OfficeMax (Boise Cascade) 46 $7.26 1.27% BB/Ba1 Old Navy / GAP / Banana Republic 44 $6.88 1.20% BBB-/Baa3 Barnes & Noble 28 $6.33 1.11% NR/NR Toys "R" Us / Babies "R" Us 31 $5.96 1.04% B-/B2 Subtotal 580 $163.56 28.57% Total Portfolio 6,823 $572.46 100.00% |
Reliance on Major Tenants by GLA and Base Rental Revenues (1) (2) 1. Wal-Mart / Sam's Club (44) $30.06 5.25% 2. Royal Ahold (Tops Markets) (42) $18.13 3.17% 3. Mervyns (37) $15.61 2.73% 4. PETsMART (67) $11.33 1.98% 5. T.J. Maxx / Marshalls (68) $10.80 1.89% 6. Bed Bath & Beyond (43) $9.99 1.74% 7. Kohl's (28) $9.83 1.72% 8. Lowe's Home Improvement (14) $8.93 1.56% 9. Kmart / Sears (33) $7.83 1.37% 10. Michaels (43) $7.34 1.28% 11. Home Depot (12) $7.29 1.27% 12. OfficeMax (Boise Cascade) (46) $7.26 1.27% 13. Old Navy / GAP / Banana Republic (44) $6.88 1.20% 14. Barnes & Noble (28) $6.33 1.11% 15. Toys "R" Us / Babies "R" Us (31) $5.96 1.04% 16. Ross Stores (31) $5.69 0.99% 17. Best Buy (18) $5.54 0.97% 18 . Staples (26) $5.49 0.96% 19. Dick's Sporting Goods (15) $5.46 0.95% 20. AMC Theater (6) $5.23 0.91% Subtotal 1-20 $190.98 33.36% Total Portfolio $572.46 100.00% 1. Wal-Mart / Sam's Club (44) 4.93 8.48% 2. Kmart / Sears (33) 2.11 3.63% 3. Royal Ahold (Tops Markets) (42) 1.63 2.80% 4. Lowe's Home Improvement (14) 1.43 2.46% 5. Mervyns (37) 1.42 2.44% 6. Kohl's (28) 1.40 2.41% 7. T.J. Maxx / Marshalls (68) 1.26 2.17% 8. Target (10) 1.00 1.71% 9. Home Depot (12) 0.92 1.57% 10. Toys "R" Us / Babies "R" Us (31) 0.91 1.56% 11. PETsMART (67) 0.90 1.54% 12. Bed Bath & Beyond (43) 0.88 1.52% 13. JCPenney (20) 0.79 1.35% 14. Kroger (18) 0.70 1.21% 15. OfficeMax (Boise Cascade) (46) 0.68 1.17% 16. Michaels (43) 0.65 1.12% 17. Dollar Tree (91) 0.60 1.04% 18. Goody's Family Clothing (22) 0.56 0.96% 19. Ross Stores (31) 0.56 0.96% 20. Bealls (16) 0.55 0.94% Subtotal 1-20 23.88 41.03% Total Portfolio 58.20 100.00% Major Tenant (units) Owned GLA % Total GLA Base Rental Revenue ($Millions) % Total Base Rent Major Tenant (units) (1) Includes Service Merchandise portfolio. Does not include development properties. (2) Based on pro rata ownership of joint venture properties. |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 1 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
Alabama | ||||||||||||||||||||||||||||||||||
1 | BIRMINGHAM, AL (BROOK) | BROOK HIGHLAND PLAZA 5291 HWY 280 SOUTH | 35242 | SC | 1994/2003 | 1994 | 100.00 % | 423,493 | 550,410 | 3,726,650 | GOODY’S #165(2009), REGAL CINEMAS, INC. #010401(2014), STEIN MART #67(2011), OFFICEMAX #588(2011), MICHAEL’S #9986(2009), BOOKS-A-MILLION #181(2010), ROSS STORES #637(2014), LOWES HOME CENTERS(NOT OWNED) | |||||||||||||||||||||||
2 | BIRMINGHAM, AL (EASTWOOD) | EASTWOOD FESTIVAL CENTER 7001 CRESTWOOD BLVD | 35210 | SC | 1989/1999 | 1995 | 100.00 % | 301,074 | 454,904 | 1,855,740 | OFFICE DEPOT #43(2007), DOLLAR TREE #1130(2009), BURLINGTON COAT FACTORY #297(2008), REGAL CINEMAS, INC.#010402(2006), HOME DEPOT(NOT OWNED), WESTERN SUPERMARKETS(NOT OWNED) | |||||||||||||||||||||||
3 | BIRMINGHAM, AL (RIVERCHASE) | RIVERCHASE PROMENADE MONTGOMERY HIGHWAY | 35244 | SC | 1989 | 2002 | 14.50 % | 98,016 | 228,344 | 1,419,021 | MARSHALL’S #411(2008), 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 | 1979/2004 | 2003 | 100.00 % | 85,196 | 130,899 | 277,605 | FRED’S(2009), FOOD WORLD(NOT OWNED) | |||||||||||||||||||||||
5 | OPELIKA, AL | PEPPERELL CORNERS 2300-2600 PEPPERELL PARKWAY OP | 36801 | SC | 1995 | 2003 | 100.00 % | 190,127 | 190,127 | 1,166,504 | Lowe’s #0398(2012), Goody’s 20921 - #121(2010), Winn-Dixie #409(2013) | |||||||||||||||||||||||
6 | SCOTTSBORO, AL | SCOTTSBORO MARKETPLACE 24833 JOHN P REID PARKWAY | 35766 | SC | 1999 | 2003 | 100.00 % | 40,560 | 223,750 | 440,712 | Goody’s #55(2011), WAL-MART(NOT OWNED) | |||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||||||||||||
7 | AHWATUKEE, AZ | FOOTHILLS TOWNE CTR (II) 4711 EAST RAY ROAD | 85044 | SC | 1996/1997/1999 | 1997 | 50.00 % | 647,904 | 686,435 | 9,224,370 | JO-ANN, ETC. #1917(2010), BEST BUY #177(2014), BASSETT FURNITURE(2010), AMC THEATRE(2021), BARNES & NOBLE #2781(2012), ASHLEY HOMESTORES(2011), STEIN MART #106(2011), BABIES R US #5670(2007), ROSS DRESS FOR LESS. #369(2007), OFFICEMAX #743(2012) | |||||||||||||||||||||||
8 | CHANDLER, AZ | MERVYN’S PLAZA 2992 N. ALMA SCHOOL ROAD | 85224 | SC | 1985 | 2005 | 50.00 % | 74,862 | 74,862 | 660,000 | MERVYN’S(2020) | |||||||||||||||||||||||
9 | MESA, AZ (SUPERS) | SUPERSTITION SPRINGS CENTER 6505 E. SOUTHERN AVE | 85206 | MM | 1990 | 2005 | 50.00 % | 86,858 | 86,858 | 1,129,000 | MERVYN’S(2020) | |||||||||||||||||||||||
10 | PHOENIX, AZ | PARADISE VILLAGE GATEWAY TATUM & SHEA BLVDS. | 85028 | SC | 1997/2004 | 2003 | 67.00 % | 223,208 | 296,118 | 4,148,402 | BED BATH & BEYOND(2011), ROSS #364(2007), PETSMART #131(2015), STAPLES #0395(2010), ALBERTSONS-OSCO DRUG(NOT OWNED) | |||||||||||||||||||||||
11 | PHOENIX, AZ (DEER VALLEY) | DEER VALLEY TOWNE CENTER 2805 WEST AGUA FRIA FREEWAY | 85027 | SC | 1996 | 1999 | 50.00 % | 197,009 | 459,939 | 3,076,529 | ROSS STORES #412(2009), OFFICEMAX #739(2013), PETSMART #1333(2014), MICHAEL’S #9922(2009), TARGET(NOT OWNED), AMC THEATRES(NOT OWNED) | |||||||||||||||||||||||
12 | PHOENIX, AZ (DV) | DEER VALLEY 4255 W. THUNDERBIRD ROAD | 85053 | SC | 1979 | 2005 | 50.00 % | 81,009 | 81,009 | 803,000 | MERVYN’S(2020) | |||||||||||||||||||||||
13 | PHOENIX, AZ (PEORIA) | ARROWHEAD CROSSING 7553 WEST BELL ROAD | 85382 | SC | 1995 | 1996 | 50.00 % | 346,428 | 416,606 | 4,337,632 | STAPLES #289(2009), COMP USA #318(2013), MAC FRUGAL’S #333 -1(2010), BARNES & NOBLE #2746-1(2011), T.J. MAXX #162(2011), CIRCUIT CITY - #3362-1(2016), DSW SHOE WAREHOUSE #29264(2017), BASSETT FURNITURE(2009), LINENS ‘N THINGS #427-1(2011), FRY’S(NOT OWNED) | |||||||||||||||||||||||
14 | PHOENIX, AZ (SILVER) | SILVER CREEK PLAZA 4710 E. RAY ROAD | 85044 | SC | 1994 | 2005 | 50.00 % | 76,214 | 76,214 | 839,000 | MERVYN’S(2020) | |||||||||||||||||||||||
15 | PHOENIX, AZ (SPE) | PHOENIX SPECTRUM MALL 1703 WEST BETHANY HOME ROAD | 85015 | SC | 1961 | 2004 | 20.00 % | 419,846 | 874,477 | 5,200,120 | COSTCO WHOLESALE CORP #665(2020), ROSS DRESS FOR LESS(2013), PETsMART(2019), HARKINS THEATRE(2002), WALMART(NOT OWNED), DILLARD’S(NOT OWNED) | |||||||||||||||||||||||
16 | TUCSON, AZ | SANTA CRUZ PLAZA 3660 S. 16TH AVE | 85713 | SC | 1982 | 2005 | 50.00 % | 76,126 | 76,126 | 503,000 | MERVYN’S(2020) | |||||||||||||||||||||||
Arkansas | ||||||||||||||||||||||||||||||||||
17 | FAYETTEVILLE, AR | SPRING CREEK CENTRE 464 E. JOYCE BOULEVARD | 72703 | SC | 1997/1999/2000/2001 | 1997 | 14.50 % | 262,827 | 590,161 | 2,977,792 | T.J. MAXX #159(2011), BEST BUY(2017), GOODY’S #231(2013), OLD NAVY #02625(2010), BED, BATH & BEYOND #278(2009), WAL-MART SUPER CENTER(NOT OWNED), HOME DEPOT(NOT OWNED) | |||||||||||||||||||||||
18 | FAYETTEVILLE, AR (STEELE) | STEELE CROSSING 3533-3595 N. SHILOH DR | 72703 | SC | 2003 | 2003 | 14.50 % | 50,293 | 261,644 | 990,412 | KOHL’S(NOT OWNED), TARGET(NOT OWNED) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 2 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
19 | N. LITTLE ROCK, AR | MCCAIN PLAZA 4124 EAST MCCAIN BOULEVARD | 72117 | SC | 1991/2004 | 1994 | 100.00% | 295,013 | 295,013 | 1,850,996 | BED BATH & BEYOND #517(2013), T.J. MAXX #721(2007), CINEMARK THEATRE-TANDY 10(2011), BURLINGTON COAT FACTORY WHSE(2014), Michael’s Stores(2014), SPORTS AUTHORITY(2013) | |||||||||||||||||||||||
20 | RUSSELLVILLE, AR | VALLEY PARK CENTRE 3093 EAST MAIN STREET | 72801 | SC | 1992 | 1994 | 100.00% | 272,245 | 272,245 | 1,682,715 | WAL-MART STORES #58(2011), STAGE #301(2010), J.C. PENNEY #351(2012) | |||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||
21 | ANAHEIM, CA | ANAHEIM HILLS FESTIVAL CENTER 8100 E. SANTA ANA CANYON ROAD | 92808 | SC | 1992 | 2005 | 50.00% | 77,883 | 77,883 | 1,276,000 | MERVYN’S(2020) | |||||||||||||||||||||||
22 | ANTIOCH, CA | COUNTY EAST SHOPPING CENTER 2602 SOMERSVILLE ROAD | 94509 | MM | 1970 | 2005 | 50.00% | 75,339 | 75,339 | 1,158,000 | MERVYN’S(2020) | |||||||||||||||||||||||
23 | BUENA PARK, CA | BUENA PARK MALL AND ENTERTAIN 100 BUENA PARK | 90620 | SC | 1965 | 2004 | 20.00% | 736,900 | 1,144,563 | 7,958,709 | Circuit City #405(2018), DSW Shoe Warehouse(2013), Ross Dress for Less #440(2010), Bed Bath & Beyond(2011), Kohls Department Store #589(2024), Krikorian Premier Theatres(2023), Michaels(2014), SEARS(NOT OWNED), WALMART(NOT OWNED) | |||||||||||||||||||||||
24 | CHINO, CA | CHINO TOWN SQUARE SHOPPING 5517 PHILADELPHIA STREET | 91710 | SC | 1986 | 2005 | 50.00% | 81,282 | 81,282 | 853,000 | MERVYN’S(2020) | |||||||||||||||||||||||
25 | CITY OF INDUSTRY, CA (I) | PLAZA AT PUENTE HILLS 17647-18271 GALE AVENUE | 91748 | SC | 1987 | 2001 | 20.00% | 9,467 | 480,952 | 230,000 | SAMS CLUB(NOT OWNED), TOYS R US(NOT OWNED), SAM ASH MUSIC(NOT OWNED), OFFICE DEPOT(NOT OWNED) | |||||||||||||||||||||||
26 | CLOVIS, CA | SIERRA VISTA MALL 1000 SHAW AVE | 93612 | MM | 1988 | 2005 | 50.00% | 77,561 | 77,561 | 700,000 | MERVYN’S(2020) | |||||||||||||||||||||||
27 | EL CAJON, CA | WESTFIELD SHOPPING TOWN 565 FLETCHER PARKWAY | 92020 | MM | 1989 | 2005 | 50.00% | 85,744 | 85,744 | 1,229,000 | MERVYN’S(2020) | |||||||||||||||||||||||
28 | FAIRFIELD, CA | WESTFIELD SOLANO MALL 1451 GATEWAY BLVD | 94533 | MM | 1981 | 2005 | 50.00% | 89,223 | 89,223 | 1,594,000 | MERYVN’S(2020) | |||||||||||||||||||||||
29 | FOLSOM, CA | FOLSOM SQUARE 1010 E. BIDWELL STREET | 95630 | SC | 2003 | 2005 | 50.00% | 79,080 | 79,080 | 1,132,000 | MERVYN’S(2020) | |||||||||||||||||||||||
30 | FOOTHILL RANCH, CA | FOOTHILLS RANCH TOWN CENTRE 26732 PORTOLA PKWY | 92610 | SC | 1993 | 2005 | 50.00% | 77,934 | 77,934 | 1,030,000 | MERVYN’S(2020) | |||||||||||||||||||||||
31 | GARDEN GROVE, CA | GARDEN GROVE CENTER 13092 HARBOR BLVD | 92843 | SC | 1982 | 2005 | 50.00% | 83,746 | 83,746 | 738,000 | MERVYN’S(2020) | |||||||||||||||||||||||
32 | LANCASTER, CA | VALLEY CENTRAL - DISCOUNT 44707-44765 VALLEY CENTRAL WAY | 93536 | SC | 1990 | 2001 | 20.00% | 348,281 | 478,585 | 3,672,305 | MARSHALLS #375(2007), CIRCUIT CITY #6464(2011), STAPLES #88(2008), MOVIES 12/CINEMARK(2017), WAL-MART #1563(2010), COSTCO(NOT OWNED) | |||||||||||||||||||||||
33 | LOMPAC, CA | MISSION PLAZA 1600 N H STREET | 93436 | SC | 1992 | 2005 | 50.00% | 62,523 | 62,523 | 344,000 | MERVYN’S(2020) | |||||||||||||||||||||||
34 | LONG BEACH, CA (PIKE) | THE PIKE 95 SOUTH PINE AVE | 90802 | SC | 2005 | 1 * | 100.00% | 169,774 | 189,847 | 2,739,189 | CINEMARK(2008), CLUB V 20(2019) | |||||||||||||||||||||||
35 | MADERA, CA | MADERA 1467 COUNTRY CLUB DRIVE | 93638 | SC | 1990 | 2005 | 50.00% | 59,720 | 59,720 | 197,000 | MERVYN’S(2020) | |||||||||||||||||||||||
36 | NORTH FULLERTON, CA | NORTH FULLERTON 200 IMPERIAL HWY | 92835 | SC | 1991 | 2005 | 50.00% | 76,360 | 76,360 | 757,000 | MERVYN’S(2020) | |||||||||||||||||||||||
37 | NORTHRIDGE, CA | NORTHRIDGE PLAZA 8800 CORBIN AVE | 91324 | SC | 1980 | 2005 | 50.00% | 75,455 | 75,455 | 532,000 | MERVYN’S(2020) | |||||||||||||||||||||||
38 | OCEANSIDE, CA. | OCEAN PLACE CINEMAS 401-409 MISSION AVENUE | 92054 | SC | 2000 | 1 * | 100.00% | 80,450 | 80,450 | 1,077,785 | REGAL CINEMAS(2014) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 3 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
39 | PALMDALE, CA | ANTELOPE VALLEY MALL 1305 W. RANCHO VISTA BLVD | 93551 | MM | 1992 | 2005 | 50.00 | % | 76,550 | 76,550 | 813,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
40 | PASADENA, CA | PASEO COLORADO 280 EAST COLORADO BLVD. | 91101 | LC | 2001 | 2003 | 25.00 | % | 556,961 | 556,961 | 10,733,537 | GELSON’S MARKET(2021), LOEHMANN’S(2015), EQUINOX(2017), MACY’S(2010), PACIFIC THEATRES EXHIB. CORP(2016), DSW SHOE WAREHOUSE(2011), J.JILL(2012), DELMONICOS SEAFOOD(2012), PF CHANGS CHINA BISTRO(2016), BOMBAY COMPANY(2011), TOMMY BAHAMA(2011), SEPHORA(2011) | ||||||||||||||||||||||||
41 | PLEASANT HILL, CA. | DOWNTOWN PLEASANT HILL 2255 CONTRA COSTA BLVD #101 | 94523 | SC | 1999/2000 | 2001 | 20.00 | % | 347,678 | 347,678 | 6,549,179 | ALBERTSON’S #7062(2020), MICHAEL’S #2109(2010), BORDERS BOOK & MUSIC(2015), CENTURY THEATRES, INC(2016), BED,BATH & BEYOND #261(2010), ROSS STORES #449(2010) | ||||||||||||||||||||||||
42 | PORTERVILLE, CA | PORTERVILLE MARKET PLACE 1275 W. HENDERSON AVE | 93257 | SC | 1991 | 2005 | 50.00 | % | 76,378 | 76,378 | 505,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
43 | REDDING, CA | SHASTA CENTER 1755 HILLTOP DRIVE | 96002 | SC | 1984 | 2005 | 50.00 | % | 61,363 | 61,363 | 608,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
44 | RICHMOND, CA (HILLTOP) | HILLTOP PLAZA 3401 BLUME DRIVE | 94806 | SC | 1996/2000 | 2002 | 20.00 | % | 245,774 | 245,774 | 3,639,839 | OFFICEMAX #558(2011), PETSMART #062(2012), ROSS DRESS FOR LESS #375(2008), BARNES & NOBLE BOOKSELLERS(2011), CIRCUIT CITY#3374(2017), CENTURY THEATRE(2016) | ||||||||||||||||||||||||
45 | SAN DIEGO, CA | SOUTHLAND PLAZA SHOPPING 575 SATURN BLVD | 92154 | SC | 1982 | 2005 | 50.00 | % | 75,207 | 75,207 | 994,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
46 | SAN FRANCISCO, CA (RETAIL) | VAN NESS PLAZA 215 1000 VAN NESS AVENUE | 94109 | SC | 1998 | 2002 | 100.00 | % | 123,755 | 123,755 | 3,796,164 | AMC VAN NESS 14 THEATRES(2030), CRUNCH FITNESS INT’L, INC.(2008) | ||||||||||||||||||||||||
47 | SAN YSIDRO, CA | SAN YSIDRO VILLAGE CAMINO DE LA PLAZA | 92173 | SC | 1988/2003 | 2000 | 20.00 | % | 160,668 | 258,862 | 2,589,413 | ROSS DRESS FOR LESS #672(2014), MARSHALLS #0515(2013), K-MART(NOT OWNED) | ||||||||||||||||||||||||
48 | SANTA MARIA, CA | TOWN CENTER WEST SHOPPING 201 TOWN CENTER W | 93458 | SC | 1988 | 2005 | 50.00 | % | 84,886 | 84,886 | 748,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
49 | SANTA ROSA, CA | SANTA ROSA PLAZA 600 SANTA ROSA PLAZA | 95401 | MM | 1981 | 2005 | 50.00 | % | 90,348 | 90,348 | 1,497,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
50 | SLATTEN RANCH, CA | SLATTEN RANCH SHOPPING CENTER 5849 LONE TREE WAY | 94531 | SC | 2002 | 2005 | 50.00 | % | 78,819 | 78,819 | 1,302,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
51 | SONORA, CA | SONORA CROSSROAD SHOPPING 1151 SANGUINETTI ROAD | 95370 | SC | 1993 | 2005 | 50.00 | % | 62,214 | 62,214 | 719,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
52 | TULARE, CA | ARBOR FAIRE SHOPPING CENTER 1675 HILLMAN STREET | 93274 | SC | 1991 | 2005 | 50.00 | % | 62,947 | 62,947 | 555,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
53 | UKIAH, CA | UKIAH 437 N. ORCHARD AVE | 95482 | SC | 1990 | 2005 | 50.00 | % | 58,841 | 58,841 | 324,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
54 | WEST COVINA, CA | WEST COVINA SHOPPING CENTER 2753 E. EASTLAND CTR DRIVE | 91791 | SC | 1979 | 2005 | 50.00 | % | 82,028 | 82,028 | 1,515,000 | MERVYN’S(2020) | ||||||||||||||||||||||||
Colorado | ||||||||||||||||||||||||||||||||||||
55 | ALAMOSA, CO | ALAMOSA PLAZA 145 CRAFT DRIVE | 81101 | SC | 1986 | 1/2 | 100.00 | % | 19,875 | 161,924 | 77,023 | CITY MARKET, INC.(NOT OWNED), BIG “R”(NOT OWNED) | ||||||||||||||||||||||||
56 | AURORA, CO | PIONEER HILLS 5400-5820 SOUTH PARKER | 80012 | SC | 2003 | 2003 | 14.50 | % | 127,215 | 479,541 | 2,405,326 | BED BATH & BEYOND #436(2012), OFFICE DEPOT #2184(2017), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
57 | BROOMFIELD, CO | FLATIRON MARKETPLACE GARDEN 1 WEST FLATIRON CIRCLE | 80021 | SC | 2001 | 2003 | 100.00 | % | 245,217 | 421,482 | 5,233,943 | Nordstrom(2011), Linen’s N Things(2017), Best Buy(2016), Office Depot(2016), GREAT INDOORS(NOT OWNED) | ||||||||||||||||||||||||
58 | DENVER, CO | TAMARAC SQUARE 7777 E. HAMPDEN | 80231 | SC | 1976 | 2001 | 100.00 | % | 174,780 | 196,580 | 1,864,470 | REGENCY THEATRES TAMARAC SQ.(2008) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 4 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
59 | DENVER, CO (CENTENNIAL) | CENTENNIAL PROMENADE 9555 E. COUNTY LINE ROAD | 80223 | SC | 1997/2002 | 1997 | 100.00 | % | 408,337 | 529,488 | 6,566,357 | 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), HOME DEPOT(NOT OWNED), RECREATIONAL EQUIPMENT(NOT OWNED) | ||||||||||||||||||||||||
60 | DENVER, CO (UNIVERSITY) | UNIVERSITY HILLS 2730 SOUTH COLORADO BOULEVARD | 80222 | SC | 1997 | 2003 | 100.00 | % | 244,383 | 244,383 | 3,655,164 | Linens N Things #119(2013), Pier 1 Imports #1116(2014), Officemax #416(2012), King Soopers/Krogers(2017) | ||||||||||||||||||||||||
61 | FORT COLLINS. CO | MULBERRY AND LEMAY CROSSINGS MULBERRY ST. & S. LEMAY AVE. | 80525 | SC | 1 | 2003 | 100.00 | % | 18,988 | 316,420 | 412,082 | WAL-MART(NOT OWNED), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
62 | LITTLETON, CO | ASPEN GROVE 7301 SOUTH SANTA FE | 80120 | LC | 2002 | 1 * | 100.00 | % | 227,800 | 251,534 | 6,502,460 | 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 1 IMPORTS(2011), JOSEPH A. BANK CLOTHERS(2012), BUCA di BEPPO(2013), CHAMPPS(2022) | ||||||||||||||||||||||||
63 | PARKER, CO (FLATACRES) | FLATACRES MARKETCENTER SOUTH PARKER ROAD | 80134 | SC | 2003 | 1 * | 100.00 | % | 111,844 | 216,720 | 1,835,485 | BED BATH & BEYOND #605(2014), GART SPORTS(2014), MICHAEL’S #3751(2013), KOHL’S(NOT OWNED) | ||||||||||||||||||||||||
64 | PARKER, CO (PAVILIONS) | PARKER PAVILIONS 11153-11183 SOUTH PARKER ROAD | 80134 | SC | 2003 | 2003 | 14.50 | % | 89,631 | 410,868 | 1,708,292 | Office Depot #2165(2016), HOME DEPOT(NOT OWNED), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||
65 | PLAINVILLE, CT | CONNECTICUT COMMONS I-84 & RTE 9 | 06062 | SC | 1999/2001 | 1 * | 14.50 | % | 463,394 | 566,537 | 6,490,709 | LOWE’S OF PLAINVILLE #650(2019), KOHL’S #461(2022), DSW SHOE WAREHOUSE(2015), DICK’S SPORTING GOODS #185(2020), PETSMART(2015), A.C. MOORE(2014), OLD NAVY #02758(2011), LEVITZ FURNITURE(2015), LINENS ‘N THINGS(2017), PLAINVILLE THEATRE(NOT OWNED), LOEW’S THEATRE(NOT OWNED) | ||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||
66 | BAYONET POINT, FL | POINT PLAZA US 19 & SR 52 | 34667 | SC | 1985/2003 | 1/2 | 100.00 | % | 209,720 | 209,720 | 1,331,944 | PUBLIX SUPER MARKETS #295(2010), BEALL’S #11(2014), T.J. MAXX #794(2010) | ||||||||||||||||||||||||
67 | BOYNTON BEACH, FL | MEADOWS SQUARE HYPOLUXO RD & N. CONGRESS AVE | 33461 | SC | 1986 | 2004 | 100.00 | % | 106,224 | 106,224 | 1,448,893 | Publix Super Markets #14(2006) | ||||||||||||||||||||||||
68 | BRANDON, FL | KMART SHOPPING CENTER 1602 BRANDON BL | 33511 | SC | 1972/1997/2003 | 2 * | 100.00 | % | 161,900 | 228,022 | 777,663 | K MART #4311(2007), KANE FURNITURE(NOT OWNED) | ||||||||||||||||||||||||
69 | BRANDON, FL (PLAZA) | LAKE BRANDON PLAZA CAUSEWAY BOULEVARD | 33511 | SC | 1999 | 2003 | 14.50 | % | 148,267 | 196,801 | 1,863,459 | Compusa #603(2017), Jo-Ann Fabrics #1959(2017), Publix Super Markets #663(2019), BABIES R US(NOT OWNED) | ||||||||||||||||||||||||
70 | BRANDON, FL (VILLAGE) | LAKE BRANDON VILLAGE CAUSEWAY BOULEVARD | 33511 | SC | 1997/2004 | 2003 | 14.50 | % | 113,986 | 243,641 | 1,479,328 | Linens ‘N Things #496(2014), Sports Authority #213(2018), PETSMART(2020), LOWE’S(NOT OWNED) | ||||||||||||||||||||||||
71 | CRYSTAL RIVER, FL | CRYSTAL RIVER PLAZA 420 SUN COAST HWY | 33523 | SC | 1986/2001 | 1/2 | 100.00 | % | 160,135 | 160,135 | 995,432 | BEALL’S #38 -4(2012), BEALL’S OUTLET #191(2006), TECHNOLOGY CONSERVATION GROUP(2006) | ||||||||||||||||||||||||
72 | DAYTONA BEACH, FL | VOLUSIA 1808 W. INTERNATIONAL SPEEDWAY | 32114 | SC | 1984 | 2001 | 100.00 | % | 76,087 | 76,087 | 853,878 | Marshalls of MA, Inc.(2010) | ||||||||||||||||||||||||
73 | ENGLEWOOD, FL | ROTONDA PLAZA 5855 PLACIDA ROAD | 34224 | SC | 1991 | 2004 | 100.00 | % | 46,835 | 46,835 | 444,497 | Kash n Karry #1885(2011) | ||||||||||||||||||||||||
74 | FERN PARK, FL | FERN PARK SHOPPING CENTER 6735 US #17-92 SOUTH | 32720 | SC | 1970 | 1/2 | 100.00 | % | 16,000 | 133,020 | 137,400 | |||||||||||||||||||||||||
75 | GULF BREEZE, FL | GULF BREEZE MARKETPLACE 3749-3767 GULF BREEZE PARKWAY | 32561 | SC | 1998 | 2003 | 100.00 | % | 29,827 | 333,654 | 476,494 | LOWE’S(NOT OWNED), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
76 | JACKSONVILLE, FL | JACKSONVILLE REGIONAL 3000 DUNN AVENUE | 32218 | SC | 1988 | 1995 | 100.00 | % | 219,735 | 295,752 | 1,293,391 | J.C. PENNEY #1033-4(2007), WINN DIXIE STORES #167(2009) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 5 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
77 | JACKSONVILLE, FL(ARLINGTON RD) | ARLINGTON ROAD PLAZA 926 ARLINGTON ROAD | 32211 | SC | 1990/1999 | 2004 | 100.00 | % | 182,098 | 182,098 | 1,011,925 | Food Lion #833(2010) | ||||||||||||||||||||||||
78 | LAKELAND, FL (HIGHLANDS) | HIGHLANDS PLAZA SHOPPING CTR 2228 LAKELANDS HIGHLAND ROAD | 33803 | SC | 1990 | 2004 | 100.00 | % | 102,572 | 102,572 | 808,403 | Winn-Dixie #631(2017) | ||||||||||||||||||||||||
79 | MARIANNA, FL | THE CROSSROADS 2814-2822 HIGHWAY 71 | 32446 | SC | 1990 | 1/2 | 100.00 | % | 63,894 | 155,155 | 258,938 | BEALL’S #54 -4(2005), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
80 | NAPLES, FL | CARILLON PLACE 5010 AIRPORT ROAD NORTH | 33942 | SC | 1994 | 1995 | 14.50 | % | 267,808 | 283,208 | 3,173,608 | WINN DIXIE #739(2014), T.J. MAXX #084(2009), CIRCUIT CITY(2015), ROSS DRESS FOR LESS #305(2010), CIRCUIT CITY #3205(2015), OFFICEMAX #159(2010) | ||||||||||||||||||||||||
81 | OCALA, FL | OCALA WEST 2400 SW COLLEGE ROAD | 32674 | SC | 1991 | 2003 | 100.00 | % | 40,075 | 40,075 | 359,859 | Sports Authority(2012) | ||||||||||||||||||||||||
82 | ORANGE PARK, FL (THE VILLAGE) | THE VILLAGE SHOPPING CENTER 950 BLANDING BLVD | 32065 | SC | 1993/2000 | 2004 | 100.00 | % | 72,531 | 135,473 | 678,499 | Bealls Dept Store #47(2009), ALBERTSON’S(NOT OWNED) | ||||||||||||||||||||||||
83 | ORMOND BEACH, FL | ORMOND TOWNE SQUARE 1458 WEST GRANADA BLVD | 32174 | SC | 1993 | 1994 | 100.00 | % | 234,042 | 234,042 | 1,952,620 | BEALL’S #60(2018), ROSS DRESS(2016), PUBLIX SUPER MARKETS #446(2013) | ||||||||||||||||||||||||
84 | OVIEDO, FL | OVIEDO PARK CROSSING RTE 417 & RED BUG LAKE ROAD | 32765 | SC | 1999 | 1 * | 20.00 | % | 186,212 | 321,249 | 1,958,408 | OFFICEMAX #531(2014), ROSS DRESS FOR LESS #439(2010), MICHAEL’S #9941(2009), T.J. MAXX #802(2010), LINENS ‘N THINGS #663(2011), LOWE’S(NOT OWNED) | ||||||||||||||||||||||||
85 | PALM HARBOR, FL | THE SHOPPES OF BOOT RANCH 300 EAST LAKEROAD | 34685 | SC | 1990 | 1995 | 100.00 | % | 52,395 | 229,188 | 923,745 | ALBERTSON’S(NOT OWNED), TARGET(NOT OWNED) | ||||||||||||||||||||||||
86 | PENSACOLA, FL | PALAFOX SQUARE 8934 PENSACOLA BLVD | 32534 | SC | 1988/1997/1999 | 1/2 | 100.00 | % | 17,150 | 236,892 | 207,030 | WALMART(NOT OWNED) | ||||||||||||||||||||||||
87 | SPRING HILL, FL | MARINER SQUARE 13050 CORTEZ BLVD. | 34613 | SC | 1988/1997 | 1/2 | 100.00 | % | 188,924 | 393,000 | 1,574,135 | BEALL’S #28(2006), ROSS DRESS FOR LESS #659(2014), WALMART(NOT OWNED) | ||||||||||||||||||||||||
88 | TALLAHASSEE, FL | CAPITAL WEST 4330 WEST TENNESSEE STREET | 32312 | SC | 1994/2004 | 2003 | 100.00 | % | 58,386 | 231,035 | 433,866 | BEALL’S OUTLET(2009), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
89 | TAMPA, FL (DALE) | NORTH POINTE PLAZA 15001-15233 NORTH DALE MABRY | 33618 | SC | 1990 | 1/2 | 20.00 | % | 104,460 | 222,388 | 1,291,619 | PUBLIX SUPER MARKETS #398(2010), WALMART(NOT OWNED) | ||||||||||||||||||||||||
90 | TAMPA, FL (HORIZON PARK) | HORIZON PARK SHOPPING CENTER 3908 WEST HILLSBOROUGH HIGHWAY | 33614 | SC | 1987/2003 | 2004 | 100.00 | % | 216,284 | 216,284 | 1,481,300 | BABIES R US(2008), Pearl Artist & Craft Supply(2007) | ||||||||||||||||||||||||
91 | TAMPA, FL (WATERS) | TOWN N’ COUNTRY 7021-7091 WEST WATERS AVENUE | 33634 | SC | 1990 | 1/2 | 100.00 | % | 134,366 | 249,747 | 1,058,185 | BEALL’S #56 -4(2005), KASH ‘N KARRY-2 STORE #1745(2010), WALMART(NOT OWNED) | ||||||||||||||||||||||||
92 | TARPON SPRINGS, FL | TARPON SQUARE 41232 U.S. 19, NORTH | 34689 | SC | 1974/1998 | 1/2 | 100.00 | % | 198,797 | 199,447 | 1,461,463 | K MART #3257-2(2009), BIG LOTS #564(2007), STAPLES #882 SUPERSTORE(2013) | ||||||||||||||||||||||||
93 | WEST PASCO, FL | PASCO SQUARE 7201 COUNTY ROAD 54 | 34653 | SC | 1986 | 1/2 | 100.00 | % | 135,421 | 215,661 | 881,523 | BEALL’S OUTLET#430(2013), PUBLIX SUPER MARKETS #307(2006), PLYMOUTH BLIMPIE, INC.-4(2006), WALMART(NOT OWNED) | ||||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||||||||||||||
94 | ATHENS, GA | ATHENS EAST 4375 LEXINGTON ROAD | 30605 | SC | 2000 | 2003 | 100.00 | % | 24,000 | 218,879 | 338,196 | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
95 | ATLANTA, GA (DULUTH) | PLEASANT HILL PLAZA 1630 PLEASANT HILL ROAD | 30136 | SC | 1990 | 1994 | 100.00 | % | 99,025 | 219,025 | 1,052,073 | OFFICE DEPOT #076-2(2007), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
96 | ATLANTA, GA (PERIMETER) | PERIMETER POINTE 1155 MT. VERNON HIGHWAY | 30136 | SC | 1995/2002 | 1995 | 14.50 | % | 343,155 | 352,755 | 5,325,404 | STEIN MART #092(2010), BABIES R US, #8892(2007), SPORTS AUTHORITY(2012), L.A. FITNESS SPORTS CLUBS(2016), OFFICE DEPOT #434(2012), ST. JOSEPH’S HOSPITAL/ATLANTA(2006), UNITED ARTISTS THEATRE #33272(2015) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 6 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
97 | CANTON, GA (RIVERPLACE) | RIVERPLACE 104-150 RIVERSTONE PARKWAY | 30114 | SC | 1983 | 2003 | 100.00 | % | 127,853 | 127,853 | 886,815 | Staples #796(2014), Ingles # 96(2019) | ||||||||||||||||||||||||
98 | CARTERSVILLE, GA | FELTON’S CROSSING 877 JOE FRANK HARRIS PARKWAY S | 30120 | SC | 1984 | 2003 | 100.00 | % | 112,240 | 112,240 | 836,606 | Ross Dress For Less #582(2013), Ingles #76(2020) | ||||||||||||||||||||||||
99 | CHAMBLEE, GA | CHAMBLEE PLAZA PEACHTREE INDUSTRIAL BOULEVARD | 30341 | SC | 1976 | 2003 | 100.00 | % | 175,969 | 175,969 | 1,241,968 | Save Rite #2718(2006) | ||||||||||||||||||||||||
100 | COLUMBUS, GA | BRADLEY PARK CROSSING 1591 BRADLEY PARK DRIVE COLUMB | 31904 | SC | 1999 | 2003 | 100.00 | % | 119,786 | 242,786 | 1,167,464 | Goody’s #296(2011), Petsmart #0294(2015), Michael’s # 9929(2009), TARGET(NOT OWNED) | ||||||||||||||||||||||||
101 | CUMMING, GA | CUMMING MARKETPLACE MARKETPLACE BOULEVARD | 30041 | SC | 1997/1999 | 2003 | 100.00 | % | 308,557 | 652,642 | 3,598,915 | Goody’s #219(2012), Lowe’s(2019), Michael’s(2010), Officemax #928(2013), HOME DEPOT(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
102 | DOUGLASVILLE, GA | DOUGLASVILLE MARKETPLACE 6875 DOUGLAS BOULEVARD | 30135 | SC | 1999 | 2003 | 100.00 | % | 86,158 | 261,353 | 1,416,572 | Best Buy(2015), Babies R Us(2011), LOWES(NOT OWNED) | ||||||||||||||||||||||||
103 | FT. OGLETHORPE, GA | FORT OGLETHORPE MARKETPLACE 101 BATTLEFIELD PARKWAY FORT | 30742 | SC | 1992 | 2003 | 100.00 | % | 176,903 | 176,903 | 673,184 | Dollar General(2015), K Mart #3083(2007) | ||||||||||||||||||||||||
104 | LAFAYETTE, GA | LAFAYETTE CENTER 1109 NORTH MAIN STREET | 30728 | SC | 1990 | 2003 | 100.00 | % | 75,622 | 78,422 | 481,625 | FARMERS FURNITURE(2009), Food Lion #890(2019) | ||||||||||||||||||||||||
105 | LAWRENCEVILLE, GA | FIVE FORKS VILLAGE 850 DOGWOOD ROAD | 30044 | SC | 1990 | 2003 | 10.00 | % | 89,064 | 89,064 | 624,111 | |||||||||||||||||||||||||
106 | LILBURN, GA (FIVE FORKS) | FIVE FORKS CROSSING 3055 FIVE FORKS TRICKUM ROAD | 30047 | SC | 2000/2001 | 2003 | 10.00 | % | 73,950 | 73,950 | 654,400 | Kroger #394(2012) | ||||||||||||||||||||||||
107 | LITHONIA, GA | THE SHOPPES AT TURNER HILL 8200 MALL PARKWAY | 30038 | SC | 2004 | 2003 | 100.00 | % | 96,075 | 276,070 | 1,328,425 | Best Buy #389(2018), Bed Bath & Beyond #516(2013), TOYS R US(NOT OWNED), SAM’S CLUB(NOT OWNED) | ||||||||||||||||||||||||
108 | LOGANVILLE, GA | MIDWAY PLAZA 910 ATHENS HWY | 30052 | SC | 1995 | 2003 | 20.00 | % | 91,196 | 91,196 | 965,728 | Kroger #443(2016) | ||||||||||||||||||||||||
109 | MADISON, GA | BEACON HEIGHTS 1462-1532 EATONTON ROAD | 30650 | SC | 1989 | 2003 | 100.00 | % | 105,849 | 105,849 | 493,439 | Ingles #444 (DARK)(2010), Wal-Mart #1363(2009) | ||||||||||||||||||||||||
110 | MARIETTA, GA | TOWN CENTER PRADO 2609 BELLS FERRY ROAD | 30066 | SC | 1995/2002 | 1995 | 14.50 | % | 301,297 | 311,194 | 3,835,174 | STEIN MART #141(2007), ROSS DRESS FOR LESS #572(2013), PUBLIX SUPER MARKETS #548(2015), CRUNCH FITNESS INTERNATIONAL(2011) | ||||||||||||||||||||||||
111 | MCDONOUGH, GA | MCDONOUGH MARKETPLACE (LP-II) NE CORNER 175 & HIGHWAY 20 | 30253 | SC | 2003 | 2003 | 14.50 | % | 30,500 | 338,071 | 569,537 | LOWES(NOT OWNED), WALMART(NOT OWNED) | ||||||||||||||||||||||||
112 | NEWNAN, GA | NEWNAN CROSSING 955-1063 BULLSBORO DRIVE NEWNA | 30264 | SC | 1995 | 2003 | 100.00 | % | 156,497 | 426,723 | 1,246,300 | Lowe’s #0033(2015), BELK(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
113 | STOCKBRIDGE, GA (FREEWAY) | FREEWAY JUNCTION 3797-3879 HIGHWAY 138 SE STOCK | 30281 | SC | 1988 | 2003 | 100.00 | % | 162,778 | 162,778 | 286,422 | Ingles #466(2009) | ||||||||||||||||||||||||
114 | STOCKBRIDGE, GA (PIKE) | PIKE NURSERIES-STOCKBRIDGE 599 HIGHWAY 138W | 30281 | SC | 1997 | 2003 | 100.00 | % | 0 | 10,800 | 244,145 | |||||||||||||||||||||||||
115 | STONE MOUNTAIN, GA (RIVER) | RIVERCLIFF VILLAGE STONE MOUNTAIN HIGHWAY STONE M | 30047 | SC | 1999 | 2003 | 100.00 | % | 2,000 | 2,000 | 42,000 | |||||||||||||||||||||||||
116 | SUWANEE, GA (JOHNS) | JOHNS CREEK TOWNE CENTER 3630 PEACHTREE PARKWAY SUWANEE | 30024 | SC | 2001/2004 | 2003 | 100.00 | % | 261,626 | 261,626 | 3,405,653 | PetsMart(2020), Kohl’s #447(2022), Michael’s #1587(2011), Staples #1162(2016), SHOE GALLERY(2014) | ||||||||||||||||||||||||
117 | TUCKER, GA | COFER CROSSING 4349-4375 LAWRENCEVILLE HWY | 30084 | SC | 1998/2003 | 2003 | 100.00 | % | 130,832 | 279,020 | 1,186,268 | Goody’s #299(2014), Kroger #482(2019), WALMART(NOT OWNED) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 7 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||
118 | UNION CITY, GA | SHANNON SQUARE 4720 JONESBORO ROAD | 30291 | SC | 1986 | 2003 | 100.00 | % | 100,002 | 181,954 | 663,067 | Ingles #407(2006), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
119 | WARNER ROBBINS, GA | WARNER ROBINS PLACE 2724 WATSON BOULEVARD | 31093 | SC | 1997 | 2003 | 100.00 | % | 107,941 | 459,700 | 1,289,019 | T.J. Maxx #032(2010), Staples(2016), LOWE’S(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
120 | WOODSTOCK, GA | WOODSTOCK PLACE 10029 HIGHWAY 928 | 30188 | SC | 1995 | 2003 | 100.00 | % | 170,940 | 170,940 | 1,266,275 | Wal-Mart #575(2020) | ||||||||||||||||||||||||
Idaho | ||||||||||||||||||||||||||||||||||||
121 | IDAHO FALLS, ID | COUNTRY CLUB MALL 1515 NORTHGATE MILE | 83401 | SC | 1976/1992/1997 | 1998 | 100.00 | % | 148,593 | 306,201 | 723,797 | OFFICE MAX #666(2011), WORLD GYM(2008), FRED MEYER, INC.(NOT OWNED) | ||||||||||||||||||||||||
122 | MERIDIAN, ID | MERIDIAN CROSSROADS EAGLE AND FAIRVIEW ROAD | 83642 | SC | 1999/2001/2002/2003/ 2004 | 1 * | 100.00 | % | 459,719 | 725,178 | 6,023,902 | BED BATH & BEYOND #333(2011), OLD NAVY #02448(2010), SHOPKO STORES, INC.(2020), OFFICE DEPOT # 02087(2010), ROSS DRESS FOR LESS # 530(2012), MARSHALLS #871 | ||||||||||||||||||||||||
(2012), SPORTSMAN’S WAREHOUSE(2015), CRAFT WAREHOUSE(2013), BABIES R US (NOT OWNED), WALMART (NOT OWNED) | ||||||||||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||||
123 | DECATUR, IL | DECATUR MARKETPLACE MARYLAND STREET | 62521 | SC | 1999 | 2003 | 100.00 | % | 22,775 | 194,775 | 254,610 | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
124 | DEER PARK, IL | DEER PARK TOWN CENTER 20530 NORTH RAND RD #303 | 60010 | LC | 2000/2004 | 1 * | 24.75 | % | 286,889 | 391,084 | 8,182,469 | GAP # 581(2010), BARNES & NOBLE(NOT OWNED), CENTURY CINEMAS(NOT OWNED), PIER 1 IMPORTS(201), BANANA REPUBLIC(2010), AMBERCROMBIE&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. BANKCLOTHERS(2011), CALIFORNIA PIZZA KITCHEN(2013), BATH AND BODY WORKS(2011), J.JILL(2013) | ||||||||||||||||||||||||
125 | HARRISBURG, IL | ARROWHEAD POINT 701 NORTH COMMERCIAL | 62946 | SC | 1991 | 1994 | 100.00 | % | 167,074 | 167,074 | 847,463 | WAL-MART STORES #237(2011), MAD PRICER(2011) | ||||||||||||||||||||||||
126 | KILDEER, IL | THE SHOPS AT KILDEER 20505 NORTH HIGHWAY 12 | 60047 | SC | 2001 | 2001 | 10.00 | % | 161,770 | 167,477 | 3,158,415 | BED BATH & BEYOND #415(2012), CIRCUIT CITY(2017), OLD NAVY #03641(2006) | ||||||||||||||||||||||||
127 | MOUNT VERNON, IL | TIMES SQUARE MALL 42ND AND BROADWAY | 62864 | MM | 1974/1998/2000 | 2 * | 100.00 | % | 269,328 | 269,328 | 983,355 | SEARS #2181(2013), GOODY’S #407(2015), J.C. PENNEY #1717(2007) | ||||||||||||||||||||||||
128 | ORLAND PARK, IL (HOME DEPOT) | HOME DEPOT CENTER 15800 HARLEM AVENUE | 60462 | SC | 1987/1993 | 2004 | 100.00 | % | 149,498 | 149,498 | 1,488,437 | Home Depot #1906(2012) | ||||||||||||||||||||||||
129 | SCHAUMBURG, IL | WOODFIELD VILLAGE GREEN 1430 EAST GOLF ROAD | 60173 | SC | 1993/1998/2002 | 1995 | 14.50 | % | 508,815 | 674,504 | 8,406,394 | CIRCUIT CITY #3111(2009), OFF 5TH(2011), PETSMART(2014), HOMEGOODS #229(2014), OFFICEMAX #203(2010), CONTAINER STORE(2011), FILENE’S BASEMENT(2014), MARSHALLS #544(2009), NORDSTROM RACK #224(2009), BORDERS BOOKS#61(2009), EXPO DESIGN CENTER(2019), COSTCO(NOT OWNED), PRAIRIE ROCK RESTAURANT(NOT OWNED) | ||||||||||||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||||
130 | BEDFORD, IN | TOWN FAIR CENTER 1320 JAMES AVENUE | 47421 | SC | 1993/1997 | 2 * | 100.00 | % | 223,431 | 223,431 | 1,312,413 | K MART #7455(2008), GOODY’S #119 -4(2008), J.C. PENNEY #1324-4(2008), BUEHLER’S BUY LOW #4163(2010) | ||||||||||||||||||||||||
131 | HIGHLAND, IN | HIGHLAND GROVE SHOPPING CENTER HIGHWAY 41 & MAIN STREET | 46322 | SC | 1995/2001 | 1996 | 20.00 | % | 312,546 | 524,410 | 3,354,461 | 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) | ||||||||||||||||||||||||
132 | LAFAYETTE, IN | PARK EAST MARKETPLACE 4205 — 4315 COMMERCE DRIVE | 47905 | SC | 2000 | 2003 | 100.00 | % | 35,100 | 243,850 | 392,973 | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
Iowa | ||||||||||||||||||||||||||||||||||||
133 | CEDAR RAPIDS, IA | NORTHLAND SQUARE 303 — 367 COLLINS ROAD, NE | 52404 | SC | 1984 | 1998 | 100.00 | % | 187,068 | 207,405 | 1,858,809 | T.J. MAXX #119(2010), OFFICE MAX #211(2010), BARNES & NOBLE #2587(2010), KOHL’S #217 (2021) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 8 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
134 | OTTUMWA, IA | QUINCY PLACE MALL 1110 QUINCY AVENUE | 52501 | MM | 1990/1999/2002 | 1/2 | 100.00 | % | 241,427 | 344,677 | 1,503,384 | HERBERGER’S #326(2020), J.C. PENNEY #2438(2010), OFFICEMAX #1033(2015), GOODY’S #391(2014), TARGET(NOT OWNED) | ||||||||||||||||||||||||
Kansas | ||||||||||||||||||||||||||||||||||||
135 | LEAWOOD, KS | TOWN CENTER PLAZA 5000 W 119 STREET | 66209 | LC | 1996/2002 | 1998 | 100.00 | % | 291,459 | 473,830 | 6,795,940 | BARNES & NOBLE #2668(2011), COLDWATER CREEK(2009), LIMITED/LIMITED TOO(2009), VICTORIA’S 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(2025), BRISTOL SEAFOOD BAR & GRILL(2011), BOMBAY(2006) | ||||||||||||||||||||||||
136 | MERRIAM, KS | MERRIAM TOWN CENTER 5700 ANTIOCH ROAD | 66202 | SC | 1998/2004 | 1 * | 14.50 | % | 351,234 | 473,740 | 4,107,326 | 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) | ||||||||||||||||||||||||
137 | OLATHE, KS (DEVONSHIRE) | DEVONSHIRE VILLAGE 127th STREET & MUR-LEN ROAD | 66062 | SC | 1987 | 1998 | 24.75 | % | 48,802 | 48,802 | 321,568 | |||||||||||||||||||||||||
138 | OVERLAND PARK, KS (CHEROKEE) | CHEROKEE NORTH SHOPPING CENTER 8800-8934 W 95th STREET | 66212 | SC | 1987/2002 | 1998 | 24.75 | % | 60,765 | 60,981 | 735,119 | |||||||||||||||||||||||||
139 | OVERLAND PARK, KS (POINTE) | OVERLAND POINTE MARKETPLACE INTER 135TH & ANTIOCH RD | 66213 | SC | 2001/2004 | 2003 | 100.00 | % | 36,518 | 328,800 | 727,154 | HOME DEPOT(NOT OWNED), SAM’S CLUB(NOT OWNED), BABIES R US(NOT OWNED) | ||||||||||||||||||||||||
140 | SHAWNEE, KS (QUIVIRA PARCEL) | TEN QUIVIRA PARCEL 63rd ST. & QUIVIRA ROAD | 66216 | SC | 1972 | 1998 | 24.75 | % | 12,000 | 12,000 | 206,911 | |||||||||||||||||||||||||
141 | SHAWNEE, KS (TEN QUIVIRA) | TEN QUIVIRA SHOPPING CENTER 63rd STREET & QUIVIRA ROAD | 66216 | SC | 1999/2003 | 1998 | 24.75 | % | 162,843 | 162,843 | 937,231 | PRICE CHOPPER FOODS # 439(2008), WESTLAKE HARDWARE #17(2010) | ||||||||||||||||||||||||
142 | WICHITA, KS (EASTGATE) | EASTGATE PLAZA SOUTH ROCK ROAD | 67207 | SC | 1955 | 2002 | 100.00 | % | 203,997 | 253,997 | 1,956,137 | OFFICEMAX #31(2007), T.J. MAXX #316(2006), BARNES & NOBLE #2824(2012), KCBB, INC BURLINGTON(NOT OWNED) | ||||||||||||||||||||||||
Kentucky | ||||||||||||||||||||||||||||||||||||
143 | FLORENCE, KY (TURFWAY) | TURFWAY PLAZA 6825 TURFWAY ROAD | 41042 | SC | 1975/1998 | 2004 | 100.00 | % | 133,985 | 133,985 | 854,582 | Party Town & Office Depot #176(2006), Big Lots #00296B(2008) | ||||||||||||||||||||||||
144 | FRANKFORT, KY (EASTWOOD) | EASTWOOD SHOPPING CENTER 260 VERSAILLES ROAD | 40601 | SC | 1963/1994 | 2004 | 100.00 | % | 155,104 | 155,104 | 622,789 | Sears, Roebuck & Co. #2090(2006) | ||||||||||||||||||||||||
145 | LEXINGTON, KY (NORTH) | NORTH PARK MARKETPLACE 524 WEST NEW CIRCLE | 40511 | SC | 1998 | 2003 | 100.00 | % | 48,920 | 228,878 | 632,311 | Staples #1214(2016), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
146 | LEXINGTON, KY (SOUTH) | SOUTH FARM MARKETPLACE MAN-O-WAR BOULEVARD AND NICHOL | 40503 | SC | 1998 | 2003 | 100.00 | % | 27,643 | 344,280 | 588,528 | LOWE’S(NOT OWNED), WAL MART(NOT OWNED) | ||||||||||||||||||||||||
147 | LOUISVILLE, KY (OUTER LOOP) | OUTER LOOP PLAZA 7505 OUTER LOOP HIGHWAY | 40228 | SC | 1973/1989/1998 | 2004 | 100.00 | % | 120,777 | 120,777 | 611,506 | Valu Discount, Inc. #3354(2009) | ||||||||||||||||||||||||
148 | RICHMOND, KY | CARRIAGE GATE 833-847 EASTERN BY-PASS | 40475 | SC | 1992 | 2003 | 100.00 | % | 158,041 | 229,313 | 264,300 | Food Lion #1203(2017), BALLARD’S(NOT OWNED) | ||||||||||||||||||||||||
Maine | ||||||||||||||||||||||||||||||||||||
149 | BRUNSWICK, ME | COOK’S CORNERS 172 BATH ROAD | 04011 | SC | 1965 | 1997 | 100.00 | % | 301,992 | 310,229 | 2,544,238 | HOYTS CINEMAS #445-02 BRUNSWIK(2010), BRUNSWICK BOOKLAND(2014), BIG LOTS #01694(2008), T.J. MAXX #114(2010), SEARS #2203(2012) | ||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||
150 | SALISBURY, MD | THE COMMONS E. NORTH POINT DRIVE | 21801 | SC | 1999 | 1 * | 100.00 | % | 98,635 | 322,512 | 1,310,784 | BEST BUY(2013), MICHAEL’S #9914(2009), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 9 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
151 | SALISBURY, MD (DEV JV) | THE COMMONS(PHASE III) NORTH POINTE DRIVE | 21801 | SC | 2000 | 1 * | 50.00% | 27,500 | 27,500 | 243,250 | ||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||||
152 | EVERETT, MA | GATEWAY CENTER 1 MYSTIC VIEW ROAD | 02149 | SC | 2001 | 1 * | 100.00% | 222,287 | 639,807 | 4,381,062 | BED BATH AND BEYOND #310(2011), OLD NAVY #02746(2011), OFFICEMAX # 600(2020), BABIES R US #6443(2013), MICHAEL’S #01597(2012), COSTCO(NOT OWNED) | |||||||||||||||||||||||
153 | FRAMINGHAM, MA | SHOPPER’S WORLD 1 WORCESTER ROAD | 01701 | SC | 1994 | 1995 | 14.50% | 769,276 | 778,701 | 14,264,564 | TOYS R US(2020), JORDON MARSH / FEDERATED(2020), T.J. MAXX#147(2010), BABIES R US #6450(2013), DSW SHOE WAREHOUSE(2007), A.C. MOORE(2007), MARSHALLS#612(2011), BOBS # 031(2011), LINENS ‘N THINGS#436(2011), SPORTS AUTHORITY#858(2015), OFFICEMAX #121(2011), BEST BUY#532(2014), BARNES & NOBLE #2645(2011), GENERAL CINEMA #971(2014), KOHL’S # 575(2010) | |||||||||||||||||||||||
Michigan | ||||||||||||||||||||||||||||||||||
154 | BAD AXE, MI | HURON CREST PLAZA 850 NORTH VAN DYKE ROAD | 48413 | SC | 1991 | 1993 | 100.00% | 63,415 | 134,574 | 503,508 | GREAT A & P TEA #55492(2012), WAL-MART(NOT OWNED) | |||||||||||||||||||||||
155 | CHEBOYGAN, MI | KMART SHOPPING PLAZA 1109 EAST STATE | 49721 | SC | 1988 | 1994 | 100.00% | 53,588 | 129,339 | 203,776 | K MART #9245(2010), KMART(NOT OWNED) | |||||||||||||||||||||||
156 | DETROIT, MI | BELAIR CENTER 8400 E. EIGHT MILE ROAD | 48234 | SC | 1989/2002 | 1998 | 100.00% | 343,619 | 450,349 | 2,272,694 | NATIONAL WHOLESALE LIQUIDATORS(2016), PHOENIX THEATERS(2011), BALLY TOTAL FITNESS(2016), BIG LOTS(2008), KIDS R US #1167(2013), TOYS R US, INC.(2011) | |||||||||||||||||||||||
157 | GAYLORD, MI | PINE RIDGE SQUARE 1401 WEST MAIN STREET | 49735 | SC | 1991/2004 | 1993 | 100.00% | 190,482 | 190,482 | 692,450 | Dunham’s(2011), Big Lots(2010), BUY LOW/ROUNDY’S — 4(2011) | |||||||||||||||||||||||
158 | GRANDVILLE, MI | GRANDVILLE MARKETPLACE INTERSECT 44TH ST & CANAL AVE | 49418 | SC | 2003 | 2003 | 14.50% | 201,726 | 352,098 | 2,557,705 | Circuit City(2017), Linens ‘N Things#682(2013), Gander Mountain(2016), OFFICE MAX #1243(2013), LOWE’S(NOT OWNED) | |||||||||||||||||||||||
159 | HOUGHTON, MI | COPPER COUNTRY MALL HIGHWAY M26 | 49931 | MM | 1981/1999 | 1/2 | 100.00% | 257,863 | 257,863 | 610,845 | J.C. PENNEY #20430(2010), OFFICEMAX #1116(2014) | |||||||||||||||||||||||
160 | HOWELL, MI | GRAND RIVER PLAZA 3599 EAST GRAND RIVER | 48843 | SC | 1991 | 1993 | 100.00% | 215,047 | 215,047 | 1,336,305 | Elder-Beerman(2011), Dunham’s Sporting Goods(2011), KROGER #633(2012) | |||||||||||||||||||||||
161 | LANSING, MI | THE MARKETPLACE AT DELTA TOWNS 8305 WEST SAGINAW HWY 196 RAMP | 48917 | SC | 2000/2001 | 2003 | 100.00% | 115,469 | 468,876 | 1,208,938 | Michael’s #1590(2011), Gander Mountain(2015), Petsmart(2015), LOWE’S(NOT OWNED), WAL MART(NOT OWNED) | |||||||||||||||||||||||
162 | MT. PLEASANT, MI | INDIAN HILLS PLAZA 4208 E BLUE GRASS ROAD | 48858 | SC | 1990 | 2 * | 100.00% | 249,680 | 249,680 | 1,667,584 | WAL-MART STORES #1428(2009), TJX(2014), KROGER #889(2011) | |||||||||||||||||||||||
163 | SAULT ST. MARIE, MI | CASCADE CROSSINGS 4516 I-75 BUSINESS SPUR | 49783 | SC | 1993/1998 | 1994 | 100.00% | 270,761 | 270,761 | 1,732,322 | WAL-MART STORES #1936(2012), J.C. PENNEY #2625(2008), DUNHAM’S ATHLEISURE CORP.(2011), GLEN’S MARKET(2013) | |||||||||||||||||||||||
164 | WALKER, MI (ALPINE AVE) | GREEN RIDGE SQUARE II 3410 ALPINE AVENUE | 49504 | SC | 1991/1995 | 2004 | 100.00% | 91,749 | 91,749 | 815,395 | Circuit City #3632(2003), BED BATH AND BEYOND(2015) | |||||||||||||||||||||||
165 | WALKER, MI (GRAND RAPIDS) | GREEN RIDGE SQUARE 3390-B ALPINE AVE NW | 49504 | SC | 1989 | 1995 | 100.00% | 133,627 | 398,465 | 1,397,798 | T.J. MAXX #160(2011), OFFICE DEPOT #241(2010), BED BATH AND BEYOND(NOT OWNED), TARGET(NOT OWNED), TOYS R US(NOT OWNED) | |||||||||||||||||||||||
Minnesota | ||||||||||||||||||||||||||||||||||
166 | BEMIDJI, MN | PAUL BUNYAN MALL 1201 PAUL BUNYAN DRIVE | 56601 | MM | 1977/1998 | 2 * | 100.00% | 297,803 | 297,803 | 1,519,005 | K MART #9204(2007), HERBERGER’S #348(2010), J.C. PENNEY #1091-8(2008) | |||||||||||||||||||||||
167 | BRAINERD, MN | WESTGATE MALL 1200 HIGHWAY 210 WEST | 56401 | MM | 1985/1998 | 1/2 | 100.00% | 260,319 | 260,319 | 1,919,630 | STEVE & BARRY’S UNIVERSITY(2013), HERBERGER’S #323(2013), MOVIES 10/WESTGATE MALL/#205(2011) | |||||||||||||||||||||||
168 | COON RAPIDS, MN | RIVERDALE VILLAGE 12921 RIVERDALE DRIVE | 55433 | SC | 2003 | 1 * | 14.50% | 518,261 | 906,765 | 8,536,393 | KOHL’S #408(2020), JO-ANN STORES #1941(2010), LINENS ‘N THINGS(2016), BORDERS(2023), OLD NAVY #03546(2007), SPORTSMAN’S WAREHOUSE(2017), BEST BUY STORES, L.P.(2013), SEARS(NOT OWNED), COSTCO(NOT OWNED), J.C. PENNEY(NOT OWNED) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall * LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 10 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
169 | EAGAN, MN | EAGAN PROMENADE 1299 PROMENADE PLACE | 55122 | SC | 1997/2001 | 1997 | 50.00% | 278,211 | 342,014 | 3,483,988 | BYERLY’S(2016), PETSMART #469(2018), BARNES & NOBLE #2820(2012), OFFICEMAX #604(2013), T.J. MAXX #379(2007), BED BATH & BEYOND #457(2012), ETHAN ALLEN FURNITURE(NOT OWNED) | |||||||||||||||||||||||
170 | HUTCHINSON, MN | HUTCHINSON MALL 1060 SR 15 | 55350 | MM | 1981 | 1/2 | 100.00% | 121,001 | 209,843 | 483,798 | J.C. PENNEY #1076-9 -4(2006), HENNEN’S FURNITURE(NOT OWNED) | |||||||||||||||||||||||
171 | MINNEAPOLIS, MN (MAPLE GROVE) | MAPLE GROVE CROSSING WEAVER LAKE ROAD & I-94 | 55369 | SC | 1995/2002 | 1996 | 50.00% | 265,957 | 354,321 | 2,858,943 | KOHL’S #241(2016), BARNES & NOBLE-#2749(2011), GANDER MOUNTAIN(2011), MICHAEL’S STORES, INC. #2752(2012), BED, BATH AND BEYOND #456(2012), CUB FOODS(NOT OWNED) WAL-MART #5437(2022), CUB FOODS(2015), PETSMART #466(2011), MERVYN’S | |||||||||||||||||||||||
172 | ST. PAUL, MN | MIDWAY MARKETPLACE 1450 UNIVERSITY AVENUE WEST | 55104 | SC | 1995 | 1997 | 14.50% | 324,354 | 473,596 | 2,628,817 | #312(2016), BORDERS BOOKS AND MUSIC(NOT OWNED), HERBERGER’S(NOT OWNED) | |||||||||||||||||||||||
173 | WORTHINGTON, MN | NORTHLAND MALL 1635 OXFORD STREET | 56187 | MM | 1977 | 1/2 | 100.00% | 185,658 | 185,658 | 514,934 | J.C. PENNEY #2271-5 -4(2007), HY VEE FOOD STORES-3(2011) | |||||||||||||||||||||||
Mississippi | ||||||||||||||||||||||||||||||||||
174 | GULFPORT, MS | CROSSROADS CENTER CROSSROADS PARWAY | 39503 | SC | 1999 | 2003 | 100.00% | 457,027 | 532,158 | 5,267,054 | ACADEMY(2015), BED, BATH AND BEYOND #589(2014), ROSS DRESS FOR LESS #820(2015), GOODY’S FAMILY CLOTHING(2011), T.J. MAXX(2009), TINSELTOWN(2019), OFFICE DEPOT #437(2014), BARNES & NOBLE(2014), BELK’S(NOT OWNED) | |||||||||||||||||||||||
175 | JACKSON, MS (JUNCTION) | THE JUNCTION 6351 I-55 NORTH3 | 39213 | SC | 1996 | 2003 | 100.00% | 107,780 | 326,319 | 1,104,916 | Petsmart #520(2012), Office Depot #358(2016), HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) | |||||||||||||||||||||||
176 | JACKSON, MS (METRO) | METRO STATION 4700 ROBINSON ROAD | 39204 | SC | 1997 | 2003 | 100.00% | 52,617 | 182,300 | 331,788 | Office Depot #414(2012), HOME DEPOT(NOT OWNED) | |||||||||||||||||||||||
177 | OXFORD, MS | OXFORD PLACE 2015-2035 UNIVERSITY AVENUE | 38655 | SC | 2000 | 2003 | 20.00% | 13,200 | 71,866 | 324,968 | KROGER(NOT OWNED) | |||||||||||||||||||||||
178 | SALTILLO, MS | CROSS CREEK SHOPPING CENTER 1040-1184 CROSS CREEK DRIVE | 38866 | SC | 1999 | 2003 | 100.00% | 55,749 | 173,269 | 548,407 | Staples 1172(2016), HOME DEPOT(NOT OWNED) | |||||||||||||||||||||||
179 | STARKVILLE, MS | STARKVILLE CROSSING 882 HIGHWAY 12 WEST | 39759 | SC | 1999/2004 | 1994 | 100.00% | 133,691 | 268,254 | 904,781 | J.C. PENNEY #2447(2010), KROGER #381(2042), LOWE’S(NOT OWNED) | |||||||||||||||||||||||
180 | TUPELO, MS | BIG OAKS CROSSING 3850 N GLOSTER ST | 38801 | SC | 1992 | 1994 | 100.00% | 348,236 | 348,236 | 1,895,912 | SAM’S CLUB #6329(2012), GOODY’S #39(2007), WAL-MART STORES #258(2012) | |||||||||||||||||||||||
Missouri | ||||||||||||||||||||||||||||||||||
181 | ARNOLD, MO | JEFFERSON COUNTY PLAZA VOGEL ROAD | 63010 | SC | 2002 | 1* | 50.00% | 36,567 | 284,623 | 503,364 | HOME DEPOT(NOT OWNED), TARGET(NOT OWNED) | |||||||||||||||||||||||
182 | FENTON, MO | FENTON PLAZA GRAVOIS & HIGHWAY 141 | 63206 | SC | 1970/1997 | 1/2 | 100.00% | 93,420 | 100,420 | 901,961 | ||||||||||||||||||||||||
183 | INDEPENDENCE, MO | INDEPENDENCE COMMONS 900 EAST 39TH STREET | 64057 | SC | 1995/1999 | 1995 | 14.50% | 386,070 | 403,170 | 4,079,836 | KOHL’S DEPARTMENT #230(2016), BED, BATH & BEYOND #107(2012), MARSHALLS #675(2012), BARNES & NOBLE #2732(2011), AMC THEATRE(2015) | |||||||||||||||||||||||
184 | KANSAS CITY, MO (BRYWOOD) | BRYWOOD CENTER 8600 E. 63rd STREET | 64133 | SC | 1972 | 1998 | 24.75 % | 208,234 | 208,234 | 893,469 | BIG LOTS #489(2009), PRICE CHOPPER #106(2009) | |||||||||||||||||||||||
185 | KANSAS CITY, MO (WARD PARKWAY) | WARD PARKWAY 8600 WARD PARKWAY | 64114 | SC | 1959/2004 | 2003 | 20.00% | 261,891 | 586,465 | 4,300,607 | Dick’s #116(2016), 24 Hour Fitness(2023), AMC Theaters(2011), OFF BROADWAY SHOES(2015), T.J. Maxx(2013), TARGET(NOT OWNED), DILLARD’S(NOT OWNED) | |||||||||||||||||||||||
186 | SPRINGFIELD,MO (MORRIS) | MORRIS CORNERS 1425 EAST BATTLEFIELD | 65804 | SC | 1989 | 1998 | 100.00% | 56,033 | 56,033 | 491,757 | TOYS R US #9512(2013) | |||||||||||||||||||||||
187 | ST. JOHN, MO | ST JOHN CROSSING 9000-9070 ST CHARLES ROCK RD | 63114 | SC | 2003 | 2003 | 100.00% | 93,513 | 93,513 | 982,993 | Shop N Save(2022) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 11 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
188 | ST. LOUIS (SUNSET), MO | PLAZA AT SUNSET HILL 10980 SUNSET PLAZA | 63128 | SC | 1997 | 1998 | 100.00% | 415,435 | 450,938 | 5,391,290 | TOYS R US #9565(2013), COMPUSA COMPUTER SUPER #1012(2013), BED BATH AND BEYOND #460(2012), MARSHALLS OF SUNSET HILLS(2012), HOME DEPOT#1089(2023), PETSMART #260(2012), BORDERS#110(2011) | |||||||||||||||||||||||
189 | ST.LOUIS, MO (KELLER PLAZA) | KELLER PLAZA 4500 LEMAY FERRY ROAD | 63129 | SC | 1987 | 1998 | 100.00% | 52,842 | 169,699 | 467,039 | SENSIBLE CINEMAS, INC(2006), SAM’S(NOT OWNED) | |||||||||||||||||||||||
190 | ST.LOUIS, MO (SOUTHTOWNE) | SOUTHTOWNE KINGS HIGHWAY & CHIPPEWA | 63109 | SC | 2004 | 1998 | 100.00% | 67,628 | 67,628 | 1,114,458 | OFFICE MAX(2014) | |||||||||||||||||||||||
191 | ST.LOUIS,MO (BRENTWOOD) | PROMENADE AT BRENTWOOD 1 BRENTWOOD PROMENADE COURT | 63144 | SC | 1998 | 1998 | 100.00% | 299,584 | 299,584 | 4,022,889 | TARGET #1102(2023), BED BATH & BEYOND #219(2009), PETSMART #255(2014), LANE HOME FURNISHINGS(2013) | |||||||||||||||||||||||
192 | ST.LOUIS,MO (GRAVOIS VILLAGE) | GRAVOIS VILLAGE 4523 GRAVOIS VILLAGE PLAZA | 63049 | SC | 1983 | 1998 | 100.00% | 110,992 | 114,992 | 602,682 | K MART #7543(2008) | |||||||||||||||||||||||
193 | ST.LOUIS,MO (OLYMPIC OAKS) | OLYMPIC OAKS VILLAGE 12109 MANCHESTER ROAD | 63121 | SC | 1985 | 1998 | 100.00% | 92,372 | 92,372 | 1,436,827 | T.J. MAXX #329(2008) | |||||||||||||||||||||||
Nevada | ||||||||||||||||||||||||||||||||||
194 | CARSON CITY, NV | EAGLE STATION 3871 S. CARSON STREET | 89701 | SC | 1983 | 2005 | 50.00% | 60,494 | 60,494 | 533,000 | MERVYN’S(2020) | |||||||||||||||||||||||
195 | LAS VEGAS, NV (MARYLAND) | FAMILY PLACE @ LAS VEGAS CHARLESTON & MARYLAND BLVD | 89102 | SC | 2003 | 1 * | 100.00% | 24,032 | 27,300 | 428,856 | ||||||||||||||||||||||||
196 | LAS VEGAS, NV(LOMA) | LOMA VISTA SHOPPING CENTER 4700 MEADOW LANE | 89107 | SC | 1979 | 2005 | 50.00% | 75,687 | 75,687 | 750,000 | MERVYN’S(2020) | |||||||||||||||||||||||
197 | LAS VEGAS, NV(NELLIS) | NELLIS CROSSING SHOPPING 1300 S. NELLIS BLVD | 89104 | SC | 1986 | 2005 | 50.00% | 76,016 | 76,016 | 670,000 | MERVYN’S(2020) | |||||||||||||||||||||||
198 | RENO, NV (SIERRA) | SIERRA TOWN CENTER 6895 SIERRA CTR PKWY | 89511 | SC | 2002 | 2005 | 50.00% | 79,239 | 79,239 | 611,000 | MERVYN’S(2020) | |||||||||||||||||||||||
199 | RENO, NV. | RENO RIVERSIDE EAST FIRST STREET AND SIERRA | 89505 | SC | 2000 | 2000 | 100.00% | 52,474 | 52,474 | 692,801 | CENTURY THEATRE, INC.(2014) | |||||||||||||||||||||||
200 | SW LAS VEGAS, NV | GRAND CANYON PARKWAY S.C. 4265 S. GRAND CANYON DRIVE | 89147 | SC | 2003 | 2005 | 50.00% | 79,294 | 79,294 | 873,000 | MERVYN’S(2020) | |||||||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||||
201 | HAMILTON, NJ | HAMILTON MARKETPLACE NJ STATE HWY 130 & KLOCKNER RD | 08691 | SC | 2004 | 2003 | 100.00% | 446,940 | 938,523 | 7,340,156 | STAPLES(2015), Kohl’s #469(2023), Linens ‘N Things #142(2014), Michael’s #03716(2013), Ross Dress For Less #634(2014), Shop Rite(2028), BARNES & NOBLE(2014), LOWE’S(NOT OWNED), BJ’S WHOLESALE(NOT OWNED), WALMART(NOT OWNED) | |||||||||||||||||||||||
202 | MAYS LANDING, NJ (HAMILTON) | HAMILTON COMMONS 4215 BLACK HORSE PIKE | 08330 | SC | 2001 | 2004 | 100.00% | 398,870 | 398,870 | 5,789,669 | REGAL CINEMAS #311729(2021), ROSS STORES #518(2012), BED BATH AND BEYOND, INC #38(2017), MARSHALLS #377(2012), SPORTS AUTHORITY #459(2015), CIRCUIT CITY(2020) | |||||||||||||||||||||||
203 | MAYS LANDING, NJ (WRANGLEBORO | WRANGLEBORO CONSUMER SQUARE 2300 WRANGLEBORO ROAD | 08330 | SC | 1997 | 2004 | 100.00% | 839,446 | 839,446 | 9,123,598 | Best Buy Stores, L.P. #581(2017), Borders #193(2017), Kohls Store #279(2018), Staples #784(2012), Babies R Us # 6373(2013), BJs Wholesale Club #74(2016), Dicks Sporting Goods, Inc. #85(2013), Seamans Furniture(2012), Linens N Things #148(2012), Michaels #9832(2008), Target Stores #T-1109A(2023), Petsmart #576(2013) | |||||||||||||||||||||||
204 | MT. LAUREL, NJ (DEV) | CENTERTON SQUARE CENTERTON ROAD & MARTER AVE. | 08054 | SC | 2005 | 1 * | 100.00% | 268,667 | 683,963 | 5,949,094 | BED BATH & BEYOND(2015), PETSMART(2015), DSW SHOE WAREHOUSE(2015), JO ANN FABRICS(2015), T.J. MAXX(2015), SPORTS AUTHORITY(2016), WEGMANS(NOT OWNED), TARGET(NOT OWNED), COSTCO(NOT OWNED) | |||||||||||||||||||||||
205 | PRINCETON, NJ | NASSAU PARK SHOPPING CENTER ROUTE 1 & QUAKER BRIDGE ROAD | 02071 | SC | 1995 | 1997 | 100.00% | 250,766 | 759,575 | 4,224,188 | BORDERS #131(2011), BEST BUY #578(2012), LINENS ‘N THINGS #462(2011), PETSMART #577(2011), BABIES R US(2016), TARGET(NOT OWNED) | |||||||||||||||||||||||
206 | PRINCETON, NJ (PAVILION) | NASSAU PARK PAVILION ROUTE 1 AND QUAKER BRIDGE ROAD | 02071 | SC | 1999/2004 | 1 * | 100.00% | 202,622 | 309,285 | 4,028,229 | DICK’S SPORTING GOOD #105(2015), MICHAEL’S #9936(2009), KOHL’S #294(2019) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 12 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
207 | WEST LONG BRANCH, NJ(MONMOUTH) | CONSUMER CENTER 310 STATE HIGHWAY #36 | 07764 | SC | 1993 | 2004 | 100.00% | 292,999 | 292,999 | 3,880,952 | Sports Authority #464(2012), Barnes and Noble #1885(2009), Petsmart #0760(2008), Home Depot #0907(2013) | |||||||||||||||||||||||
New Mexico | ||||||||||||||||||||||||||||||||||
208 | LOS ALAMOS, NM | MARI MAC VILLAGE 800 TRINITY DRIVE | 87533 | SC | 1978/1997 | 1/2 | 100.00% | 93,021 | 93,021 | 653,933 | SMITH’S FOOD & DRUG CENTERS497(2007), FURR’S PHARMACY #887-4(2008), BEALL’S #0180 (2009) | |||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||
209 | ALDEN, NY (TOPS) | TOPS PLAZA — ALDEN 12775 BROADWAY | 14004 | SC | 1999 | 2004 | 100.00% | 67,992 | 67,992 | 736,269 | Tops Markets #261(2019) | |||||||||||||||||||||||
210 | AMHERST, NY | TOPS PLAZA — AMHERST 3035 NIAGARA FALLS BLVD. | 14828 | SC | 1986 | 2004 | 20.00% | 145,192 | 145,192 | 1,170,181 | Tops Markets #207(2010) | |||||||||||||||||||||||
211 | AMHERST, NY (BOULEVARD CONSUME | K MART PLAZA 1641-1703 NIAGARA FALLS BLVD | 14228 | SC | 1998/2001/2003 | 2004 | 100.00% | 709,114 | 709,114 | 6,387,386 | Target Stores #T-1010A(2019), K Mart #4199(2007), Babies R Us #9282(2015), Barnes & Noble #2958(2014), Best Buy #459(2016), Bed Bath & Beyond #532(2018), A.C. Moore(2013) | |||||||||||||||||||||||
212 | AMHERST, NY (BURLINGTON/JOANN) | BURLINGTON PLAZA 1551 NIAGARA FALLS BOULEVARD | 14228 | SC | 1978/1982/1990/1998 | 2004 | 100.00% | 199,504 | 199,504 | 2,062,900 | Burlington Coat #62(2014), Jo-Ann Fabrics and Crafts#1930(2014) | |||||||||||||||||||||||
213 | AMHERST, NY (DICKS) | DICKS SPORTING GOODS-AMHERST 281 MEYER ROAD | 14226 | SC | 1993/2003 | 2004 | 100.00% | 55,745 | 55,745 | 720,783 | Dicks Sporting Goods # 11(2015) | |||||||||||||||||||||||
214 | AMHERST, NY (SHERIDAN/HARLEM) | SHERIDAN HARLEM PLAZA 4990 HARLEM ROAD | 14226 | SC | 1960/1973/1982/1988/ 2003 | 2004 | 100.00% | 58,413 | 58,413 | 565,814 | ||||||||||||||||||||||||
215 | AMHERST, NY (TOPS-TRANSIT COMM | TOPS PLAZA — TRANSIT/N. FRENCH 9660 TRANSIT ROAD | 14226 | SC | 1995/1998 | 2004 | 100.00% | 112,427 | 112,427 | 1,079,588 | Tops Markets(2016) | |||||||||||||||||||||||
216 | AMHERST, NY (UNIVERSITY PLAZA) | UNIVERSITY PLAZA 3500 MAIN STREET | 14226 | SC | 1965/1995/2002 | 2004 | 100.00% | 162,879 | 162,879 | 1,374,959 | A.J. Wright #162(2012), Tops Markets #42(2009) | |||||||||||||||||||||||
217 | ARCADE, NY | TOPS PLAZA-ARCADE ROUTE 39 | 14009 | SC | 1995 | 2004 | 10.00% | 65,915 | 65,915 | 643,559 | Tops Markets #238(2015) | |||||||||||||||||||||||
218 | AVON, NY | TOPS PLAZA-AVON 270 E. MAIN STREET | 14414 | SC | 1997/2002 | 2004 | 10.00% | 63,288 | 63,288 | 453,412 | Tops Markets (B) #4(2017) | |||||||||||||||||||||||
219 | BATAVIA, NY (BJS) | BJs PLAZA 8326 LEWISTON ROAD | 14020 | SC | 1996 | 2004 | 14.50% | 95,846 | 95,846 | 770,278 | BJs Wholesale Club #311(2016) | |||||||||||||||||||||||
220 | BATAVIA, NY (COMMONS) | BATAVIA COMMONS 419 WEST MAIN STREET | 14020 | SC | 1990 | 2004 | 14.50% | 49,431 | 49,431 | 522,519 | ||||||||||||||||||||||||
221 | BATAVIA, NY (TOPS PLAZA) | TOPS PLAZA 8351 LEWISTON ROAD | 14020 | SC | 1994 | 2004 | 14.50% | 37,140 | 115,161 | 435,154 | TOPS(NOT OWNED) | |||||||||||||||||||||||
222 | BIG FLATS, NY (CONSUMER SQUARE | BIG FLATS CONSUMER SQUARE 830 COUNTY ROUTE 64 | 14814 | SC | 1993/2001 | 2004 | 100.00% | 641,264 | 641,264 | 6,043,609 | Dicks Sporting Goods, Inc. #25(2008), Wal-Mart #10-1976(2013), Wal-Mart-Sams #6431(2013), Tops Markets #542(2013), Bed, Bath, and Beyond #448(2014), Michaels #2035(2010), Old Navy #02324(2009), Staples #279(2011), Barnes and Noble #2825(2011), T.J. Maxx #198 (2007) | |||||||||||||||||||||||
223 | BUFFALO, NY (DELAWARE CONSUMER | DELAWARE CONSUMER SQUARE 2636-2658 DELAWARE AVENUE | 14216 | SC | 1995 | 2004 | 100.00% | 237,297 | 237,297 | 2,058,982 | A.J. Wright #174(2012), OfficeMax #834(2012), Target Stores #T-1013A(2015) | |||||||||||||||||||||||
224 | BUFFALO, NY (ELMWOOD) | ELMWOOD REGAL CENTER 1951 — 2023 ELMWOOD AVENUE | 14207 | SC | 1997 | 2004 | 100.00% | 133,940 | 133,940 | 1,497,835 | Regal Cinema #330341(2017), Office Depot #412(2012) | |||||||||||||||||||||||
225 | BUFFALO, NY (MARSHALLS) | MARSHALLS PLAZA 2150 DELAWARE AVENUE | 14216 | SC | 1960/1975/1983/1995 | 2004 | 100.00% | 82,196 | 82,196 | 838,129 | Marshalls #331(2009) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 13 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
226 | CANANDAIGUA, NY | TOPS PLAZA 5150 North Street | 14424 | SC | 2002 | 2004 | 100.00 | % | 57,498 | 57,498 | 769,500 | Tops Markets #432(2023) | ||||||||||||||||||||||||
227 | CHEEKTOWAGA, NY (BORDERS) | BORDERS BOOKS 2015 WALDEN AVENUE | 14225 | SC | 1994 | 2004 | 14.50 | % | 26,500 | 26,500 | 609,500 | Borders #100(2015) | ||||||||||||||||||||||||
228 | CHEEKTOWAGA, NY (THRUWAY PLAZA | THRUWAY PLAZA 2195 HARLEM ROAD | 14225 | SC | 1965/1995/1997/2004 | 2004 | 100.00 | % | 369,202 | 501,534 | 2,598,758 | Wal-Mart #01-2586(2017), MovieLand 8 Theatres(2019), Tops Markets #131(2019), A.J. WRIGHT(2015), Value City Furniture #76(2009), M & T Bank(2007), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
229 | CHEEKTOWAGA, NY (TOPS UNION) | TOPS PLAZA — UNION ROAD 3825-3875 UNION ROAD | 14225 | SC | 1978/1989/1995/2004 | 2004 | 20.00 | % | 151,357 | 151,357 | 1,757,154 | Tops Markets #202(2013) | ||||||||||||||||||||||||
230 | CHEEKTOWAGA, NY (UNION CONSUME | UNION CONSUMER SQUARE 3733-3735 UNION ROAD | 14225 | SC | 1989/1998/2004 | 2004 | 14.50 | % | 386,548 | 386,548 | 4,227,104 | Marshalls #366(2009), Office Max #320(2010), Sam’s Club #6673(2024), Circuit City Stores #3151(2016), Jo-Ann ETC.#1931(2015) | ||||||||||||||||||||||||
231 | CHEEKTOWAGA, NY (UNION) | UNION ROAD PLAZA 3637 UNION ROAD | 14225 | SC | 1979/1982/1997/2003 | 2004 | 14.50 | % | 174,438 | 174,438 | 1,194,071 | Dicks Sporting Goods, Inc. #10(2015) | ||||||||||||||||||||||||
232 | CHEEKTOWAGA, NY (WALDEN PLACE) | WALDEN PLACE 2130-2190 WALDEN AVENUE | 14225 | SC | 1994/1999 | 2004 | 14.50 | % | 68,002 | 68,002 | 681,625 | Media Play #8290(2010) | ||||||||||||||||||||||||
233 | CHEEKTOWAGA, NY (WALDEN) | CONSUMER SQUARE 1700-1750 WALDEN AVENUE | 14225 | SC | 1997/1999/2004 | 2004 | 14.50 | % | 255,964 | 255,964 | 2,216,083 | Office Depot #00673(2009), Linens N Things(2015), Michaels #3862(2013), Target Stores #T-1014A(2015) | ||||||||||||||||||||||||
234 | CHILI, NY (KMART) | CHILI PLAZA 800 PAUL ROAD | 14606 | SC | 1998 | 2004 | 100.00 | % | 116,868 | 120,368 | 748,189 | Sears, Roebuck and Co.(2019) | ||||||||||||||||||||||||
235 | CICERO, NY (BEAR RD) | BEAR ROAD PLAZA 709-729 NORTH MAIN STREET | 13212 | SC | 1978/1988/1995 | 2004 | 100.00 | % | 59,483 | 59,483 | 477,788 | |||||||||||||||||||||||||
236 | CLARENCE, NY (BARNES) | BARNES & NOBLE 7370 TRANSIT ROAD | 14031 | SC | 1992 | 2004 | 14.50 | % | 16,030 | 16,030 | 304,249 | |||||||||||||||||||||||||
237 | CLARENCE, NY (EASTGATE PLAZA) | EASTGATE PLAZA TRANSIT & GREINER ROADS | 14031 | SC | 1995/1997/1999/2001/ 2004 | 2004 | 14.50 | % | 520,876 | 520,876 | 4,144,525 | BJS Wholesale Club, Inc.(2021), Dicks Sporting Goods #14(2011), Linens N Things(2015), Michaels #2014(2010), Wal-Mart #2355(2019) | ||||||||||||||||||||||||
238 | CLARENCE, NY (JOANN) | JOANN PLAZA 4101 TRANSIT ROAD | 14221 | SC | 1994 | 2004 | 14.50 | % | 92,720 | 202,720 | 743,588 | Office Max #81(2009), JO-ANN FABRICS(2015), BIG LOTS #01852(2015), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
239 | CLARENCE, NY (PREMIER) | PREMIER PLACE 7864-8020 TRANSIT ROAD | 14221 | SC | 1986/1994/1998 | 2004 | 14.50 | % | 142,536 | 142,536 | 1,375,325 | Premier Liquors — I(2010), Stein Mart #155(2008) | ||||||||||||||||||||||||
240 | CORTLAND, NY (TOPS PLAZA) | TOPS PLAZA — CORTLAND STAPLES 3836 ROUTE 281 | 13045 | SC | 1995 | 2004 | 100.00 | % | 134,223 | 134,223 | 1,687,565 | Tops Markets #517(2016), Staples #1235(2017) | ||||||||||||||||||||||||
241 | DANSVILLE, NY (TOPS) | TOPS PLAZA — DANSVILLE 23-65 FRANKLIN STREET | 14437 | SC | 2001 | 2004 | 100.00 | % | 62,400 | 62,400 | 626,969 | Tops Markets #520(2021) | ||||||||||||||||||||||||
242 | DEPEW, NY | TOPS PLAZA — DEPEW 5175 BROADWAY | 14043 | SC | 1980/1990/1996 | 2004 | 100.00 | % | 148,245 | 148,245 | 1,442,393 | Tops Markets #114(2016), Big Lots #00391 B(2011) | ||||||||||||||||||||||||
243 | DEWITT, NY (DEWITT COMMONS) | MARSHALLS PLAZA 3401 ERIE BOULEVARD EAST | 13214 | SC | 2001/2003 | 2004 | 100.00 | % | 318,612 | 318,612 | 2,389,186 | Toys R Us #7525(2018), Marshalls #217(2019), Bed, Bath & Beyond #515(2018), A.C. Moore(2014), Syracuse Orthopedic Specialist(2017) | ||||||||||||||||||||||||
244 | DEWITT, NY (MICHAELS/CHUCK E C | MICHAELS — DEWITT 3133 ERIE BOULEVARD | 13214 | SC | 2002 | 2004 | 100.00 | % | 49,713 | 49,713 | 570,166 | Michaels #2011(2010) | ||||||||||||||||||||||||
245 | ELMIRA, NY | TOPS PLAZA-ELMIRA HUDSON STREET | 14904 | SC | 1997 | 2004 | 10.00 | % | 98,330 | 98,330 | 1,117,100 | Tops Market #551(2017) | ||||||||||||||||||||||||
246 | GATES, NY (WESTGATE PLAZA) | WESTGATE PLAZA 2000 CHILI AVENUE | 14624 | SC | 1998 | 2004 | 100.00 | % | 335,199 | 335,199 | 3,087,394 | Wal-Mart #2859(2021), Staples the Office Superstore(2015) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 14 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
247 | GREECE, NY | WEST RIDGE PLAZA 3042 WEST RIDGE ROAD | 14626 | SC | 1993/1999 | 2004 | 100.00 | % | 75,916 | 75,916 | 799,191 | Petsmart #774(2008), Jo-Ann etc. #1949(2015) | ||||||||||||||||||||||||
248 | HAMBURG, NY (BJS) | BJS PLAZA — HAMBURG 4408 MILESTRIP ROAD | 14075 | SC | 1990/1997 | 2004 | 100.00 | % | 175,965 | 175,965 | 1,702,495 | OfficeMax #0027(2010), BJs Wholesale Club #35(2010) | ||||||||||||||||||||||||
249 | HAMBURG, NY(DICKS-MCKINLEY) | MCKINLEY PLACE 3701 MCKINLEY PARKWAY | 14075 | SC | 1990/2001 | 2004 | 100.00 | % | 128,944 | 128,944 | 1,380,410 | Dicks Sporting Goods #12(2011), Rosas Home Store(2009) | ||||||||||||||||||||||||
250 | HAMBURG, NY (HAMBURGVILLAGE) | HAMBURG VILLAGE SQUARE 140 PINE STREET | 14075 | SC | 1960/1972/1984/1996 | 2004 | 100.00 | % | 92,717 | 92,717 | 890,877 | |||||||||||||||||||||||||
251 | HAMBURG, NY (HOME DEPOT) | HOME DEPOT PLAZA — HAMBURG 4405 MILESTRIP ROAD | 14219 | SC | 1999/2000 | 2004 | 100.00 | % | 139,413 | 139,413 | 1,507,396 | Home Depot #1286(2012) | ||||||||||||||||||||||||
252 | HAMBURG, NY (MILESTRIP) | MCKINLEY MILESTRIP CENTER 3540 MCKINLEY PARKWAY | 14075 | SC | 1999 | 2004 | 100.00 | % | 106,774 | 106,774 | 1,421,108 | Old Navy #03046(2010), Jo-Ann Fabrics & Crafts #1932(2015) | ||||||||||||||||||||||||
253 | HAMBURG, NY (TOPS) | SOUTH PARK PLAZA-TOPS 6150 SOUTH PARK AVENUE | 14075 | SC | 1990/1992 | 2004 | 10.00 | % | 84,000 | 84,000 | 730,500 | Tops Markets #236(2015) | ||||||||||||||||||||||||
254 | HAMLIN, NY | TOPS PLAZA-HAMLIN 1800 LAKE ROAD | 14464 | SC | 1997 | 2004 | 10.00 | % | 60,488 | 60,488 | 490,070 | Tops Markets (B) #4(2017) | ||||||||||||||||||||||||
255 | IRONDEQUOIT, NY (CULVER RIDGE) | CULVER RIDGE PLAZA 2255 RIDGE ROAD EAST | 14622 | SC | 1972/1984/1997 | 2004 | 20.00 | % | 226,812 | 226,812 | 2,417,271 | Regal Cinemas, Inc. #330332(2022), A.J. WRIGHT #0211(2014) | ||||||||||||||||||||||||
256 | IRONDEQUOIT, NY (RIDGEVIEW) | RIDGEVIEW PLACE 1850 RIDGE ROAD EAST | 14617 | SC | 2000 | 2004 | 100.00 | % | 64,732 | 64,732 | 837,438 | |||||||||||||||||||||||||
257 | ITHACA, NY (TOPS PLAZA) | TOPS PLAZA — ITHACA 614 — 722 SOUTH MEADOW | 14850 | SC | 1990/1999/2003 | 2004 | 100.00 | % | 229,320 | 229,320 | 3,678,845 | OFFICE MAX #908(2014), Tops Markets #525(2021), Michaels #3718(2013), Barnes & Noble Booksellers2122(2018) | ||||||||||||||||||||||||
258 | JAMESTOWN, NY | TOPS PLAZA — JAMESTOWN 75 WASHINGTON STREET | 14702 | SC | 1997 | 2004 | 20.00 | % | 98,001 | 98,001 | 1,272,966 | Tops Markets (B) #2 — Jamestow(2018) | ||||||||||||||||||||||||
259 | JAMESTOWN, NY (SOUTHSIDE) | SOUTHSIDE PLAZA 708-744 FOOTE AVENUE | 14701 | SC | 1980/1997 | 2004 | 100.00 | % | 63,140 | 63,140 | 571,170 | Quality Market #6661(2017) | ||||||||||||||||||||||||
260 | LANCASTER, NY (REGAL) | REGAL CENTER 6703-6733 TRANSIT ROAD | 14221 | SC | 1997 | 2004 | 14.50 | % | 112,949 | 112,949 | 948,593 | Regal Cinema #33294(2017) | ||||||||||||||||||||||||
261 | LEROY, NY | TOPS PLAZAl — LEROY 128 WEST MAIN STREET | 14482 | SC | 1997 | 2004 | 20.00 | % | 62,747 | 62,747 | 564,043 | Tops Markets, Inc. #2 — Leroy(2017) | ||||||||||||||||||||||||
262 | LOCKPORT, NY | WAL-MART/TOPS PLAZA — LOCKPORT 5789 & 5839 TRANSIT RD & HAMM | 14094 | SC | 1993 | 2004 | 100.00 | % | 296,582 | 296,582 | 2,621,761 | Wal-Mart #10-2107(2015), Tops Markets #21(2021), Sears Hardware #5073(2006) | ||||||||||||||||||||||||
263 | MEDINA, NY (TOPS) | TOPS PLAZA — MEDINA 11200 MAPLE RIDGE ROAD | 14103 | SC | 1996 | 2004 | 100.00 | % | 80,028 | 80,028 | 526,400 | Tops Market #248(2016) | ||||||||||||||||||||||||
264 | NEW HARTFORD, NY | CONSUMER SQUARE 4725 — 4829 COMMERCIAL DRIVE | 13413 | SC | 2002 | 2004 | 14.50 | % | 516,497 | 516,497 | 5,917,485 | Barnes & Noble #2133(2013), Bed Bath & Beyond #511(2018), Best Buy #545(2013), Staples the Office Superstore(2018), Michaels #2770(2013), Wal-Mart #1677-02(2022), T.J. Maxx #865(2012) | ||||||||||||||||||||||||
265 | NEW HARTFORD, NY (TOPS) | TOPS PLAZA — NEW HARTFORD 40 KELLOPP ROAD | 13413 | SC | 1998 | 2004 | 100.00 | % | 127,740 | 127,740 | 1,243,912 | Tops Markets #570(2018) | ||||||||||||||||||||||||
266 | NIAGARA FALLS, NY (HOMEDEPOT) | HOME DEPOT PLAZA — N FALLS 720 & 750 BUILDERS WAY | 14304 | SC | 1994/2000 | 2004 | 100.00 | % | 154,510 | 154,510 | 1,461,852 | Home Depot #1287(2019), Regal Cinemas #330393(2019) | ||||||||||||||||||||||||
267 | NIAGARA FALLS, NY (PINEPLAZA) | PINE PLAZA 8207-8351 NIAGARA FALLS BLVD | 14304 | SC | 1980/1992/1998 | 2004 | 100.00 | % | 82,755 | 82,755 | 735,412 | OfficeMax #328(2015) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 15 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
268 | NIAGARA FALLS, NY (TOPS-PORTAG | TOPS — PORTAGE 1000 PORTAGE ROAD | 14301 | SC | 1991 | 2004 | 100.00 | % | 116,903 | 116,903 | 1,139,727 | Tops Markets/Eckerd Corp #009(2013) | ||||||||||||||||||||||||
269 | NIAGARA FALLS, NY (WEGMANS) | WEGMANS PLAZA — N FALLS 1575 — 1653 MILITARY ROAD | 14304 | SC | 1998 | 2004 | 100.00 | % | 122,876 | 122,876 | 705,141 | Wegmans Food Markets, Inc.(2023) | ||||||||||||||||||||||||
270 | NISKAYUNA, NY | MOHAWK COMMONS 402 — 442 BALLTOWN ROAD | 12121 | SC | 2002 | 2004 | 100.00 | % | 399,901 | 530,375 | 4,429,977 | Price Chopper # 191(2022), Lowes Home Centers #1612(2022), Marshalls #0528(2012), Barnes & Noble # 2180(2014), Bed, Bath and Beyond # 566(2019), TARGET(NOT OWNED) | ||||||||||||||||||||||||
271 | NORTH TONAWANDA, NY (MID-CITY | MID-CITY PLAZAza 955-987 PAYNE AVENUE | 14120 | SC | 1960/1976/1980/1995/ 2004 | 2004 | 100.00 | % | 212,418 | 212,418 | 2,168,532 | Sears, Roebuck and Company #50(2006), TOPS(2024) | ||||||||||||||||||||||||
272 | NORWICH, NY (TOPS) | TOPS PLAZA-NORWICH 54 EAST MAIN STREET | 13815 | SC | 1997 | 2004 | 10.00 | % | 85,453 | 85,453 | 1,101,525 | Tops Markets #560(2018) | ||||||||||||||||||||||||
273 | OLEAN, NY (WAL-MART) | WAL-MART PLAZA — OLEAN 3142 WEST STATE STREET | 14760 | SC | 1993/2004 | 2004 | 100.00 | % | 285,400 | 401,406 | 2,291,507 | Wal-Mart #2159(2014), Eastwynn Theatres, Inc.(2014), BJs Wholesale Club #302(2014), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
274 | ONTARIO, NY | TOPS PLAZA — ONTARIO BLOCKBUST 6254-6272 FURNACE ROAD | 14519 | SC | 1998 | 2004 | 20.00 | % | 77,040 | 77,040 | 757,947 | Tops Markets #4 — Ontario(2019) | ||||||||||||||||||||||||
275 | ORCHARD PARK, NY | CROSSROAD PLAZA 3245 SOUTHWESTERN BOULEVARD | 14127 | SC | 2000 | 2004 | 20.00 | % | 167,805 | 279,920 | 1,939,639 | Tops Markets #108 — Orchard(2022), Stein Mart #269(2012), LOWES(NOT OWNED) | ||||||||||||||||||||||||
276 | PLATTSBURGH, NY | CONSUMER SQUARE Rt. 3 — CORNELIA ROAD | 12901 | SC | 1993/2004 | 2004 | 100.00 | % | 491,506 | 491,506 | 3,415,479 | Wal-Mart-Sams #6456(2013), Wal-Mart #01-1994(2020), T.J. Maxx #423(2013), PetsMart #1290(2014), Michaels #1555(2011) | ||||||||||||||||||||||||
277 | ROCHESTER, NY (HEN-JEF) | HEN-JEF PLAZA 400 JEFFERSON RD @ HENRIETTA | 14620 | SC | 1983/1993 | 2004 | 100.00 | % | 159,517 | 159,517 | 1,118,833 | City Mattress(2009), Comp USA #1557(2008), PETsMART #773(2008), The Tile Shop(2015) | ||||||||||||||||||||||||
278 | ROCHESTER, NY (PANORAMA) | PANORAMA PLAZA 1601 PENFIELD ROAD | 14625 | SC | 1959/1965/1972/1980/ 1986/1994 | 2004 | 20.00 | % | 278,241 | 278,241 | 3,465,161 | Linens N Things #371(2008), Tops Markets #417(2014) | ||||||||||||||||||||||||
279 | ROCHESTER, NY(HENRIETTA PLAZA) | HENRIETTA PLAZA 1100 JEFFERSON ROAD | 14467 | SC | 1972/1980/1988/1999 | 2004 | 100.00 | % | 245,426 | 245,426 | 1,921,020 | Big Lots #01474 B(2010), Office Depot #2011(2009), Tops Markets #415(2013) | ||||||||||||||||||||||||
280 | ROME, NY (FREEDOM) | FREEDON PLAZA 205-211 ERIE BOULEVARD WEST | 13440 | SC | 1978/2000/2001 | 2004 | 100.00 | % | 161,967 | 161,967 | 853,212 | Staples the Office Superstore(2015), J.C. Penney #2008(2008), Tops Markets #572(2021) | ||||||||||||||||||||||||
281 | SPRINGVILLE, NY | SPRINGVILLE PLAZA 172 — 218 SOUTH CASCADE DRIVE | 14141 | SC | 1980/1999/2004 | 2004 | 100.00 | % | 107,924 | 107,924 | 904,715 | Tops Markets(2023), SALVATION ARMY(2009) | ||||||||||||||||||||||||
282 | TONAWANDA, NY (DEL-TON) | DEL-TON PLAZA 4220 DELAWARE AVENUE | 14150 | SC | 1985/1996 | 2004 | 100.00 | % | 55,473 | 55,473 | 364,512 | |||||||||||||||||||||||||
283 | TONAWANDA, NY (OFFICE DEPOT) | OFFICE DEPOT PLAZA 2309 EGGERT ROAD | 14150 | SC | 1976/1985/1996 | 2004 | 100.00 | % | 121,846 | 121,846 | 1,108,448 | CompUSA Inc., Stores LP. #29-4(2010), Office Depot #398(2011) | ||||||||||||||||||||||||
284 | TONAWANDA, NY (SHER/DELAWARE) | SHERIDAN/DELAWARE PLAZA 1692-1752 SHERIDAN DRIVE | 14223 | SC | 1950/1965/1975/1986/ 2000 | 2004 | 100.00 | % | 188,200 | 188,200 | 1,352,158 | The Bon Ton #63(2010), Bon-Ton Home Store(2010), Tops Markets #239(2020) | ||||||||||||||||||||||||
285 | TONAWANDA, NY (TOPS) | TOPS PLAZA-NIAGARA STREET 150 NIAGARA STREET | 14150 | SC | 1997 | 2004 | 10.00 | % | 97,014 | 97,014 | 1,236,230 | Tops Markets #228(2017) | ||||||||||||||||||||||||
286 | TONAWANDA, NY (TOPS/GANDER MTN | YOUNGMANN PLAZA 750 YOUNG STREET | 14150 | SC | 1985/2003 | 2004 | 10.00 | % | 310,921 | 310,921 | 2,281,267 | BJ’s Wholesale Club #6(2010), Big Lots #1629(2012), Gander Mountain Company #251(2015), Tops Markets #226(2021) | ||||||||||||||||||||||||
287 | UTICA, NY (TOPS MOHAWK ST.) | TOPS PLAZA — DOLLAR TREE 1154 MOHAWK STREET | 13501 | SC | 1961/1972/1988/1998 | 2004 | 100.00 | % | 191,047 | 191,047 | 1,664,513 | A.J. Wright #0208(2014), Tops Markets (B) #5(2019) | ||||||||||||||||||||||||
288 | VICTOR, NY | VICTOR SQUARE 2-10 COMMERCE DRIVE | 14564 | SC | 2000 | 2004 | 100.00 | % | 56,134 | 56,134 | 898,696 |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 16 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
289 | WARSAW, NY | TOPS PLAZA — WARSAW 2382 ROUTE 19 | 14569 | SC | 1998 | 2004 | 20.00 | % | 74,105 | 74,105 | 711,298 | Tops Markets (B) #2 — Warsaw(2015) | ||||||||||||||||||||||||
290 | WEST SENECA, NY (HOME DEPOT) | HOME DEPOT PLAZA 1881 RIDGE ROAD | 14224 | SC | 1975/1983/1987/1995 | 2004 | 100.00 | % | 139,453 | 139,453 | 1,340,342 | Home Depot #1231(2016) | ||||||||||||||||||||||||
291 | WEST SENECA, NY (SENECA RIDGE) | SENECA — RIDGE PLAZA 3531 SENECA STREET | 14224 | SC | 1980/1996/2004 | 2004 | 100.00 | % | 62,403 | 62,403 | 551,570 | Sears, Roebuck & Co. #5163(2006) | ||||||||||||||||||||||||
292 | WILLIAMSVILLE, NY | WILLIAMSVILLE PLACE 5395 SHERIDAN DRIVE | 14221 | SC | 1986/1995/2003 | 2004 | 100.00 | % | 92,382 | 92,382 | 969,268 | |||||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||||||||||||||
293 | APEX, NC | BEAVER CREEK COMMONS 1335 W WILLIAMS STREET | 27502 | SC | 2005 | 1 * | 100.00 | % | 110,433 | 439,315 | 2,183,106 | LINEN’S N THINGS #1180(2016), OFFICEMAX(2014), LOWE’S(NOT OWNED), SUPER TARGET(NOT OWNED) | ||||||||||||||||||||||||
294 | ASHEVILLE, NC | RIVER HILLS 299 SWANNANOA RIVER ROAD | 28805 | SC | 1996 | 2003 | 14.50 | % | 190,970 | 190,970 | 1,996,049 | Goody’s 20923 — #123(2007), Carmike Cinemas(2017), Circuit City(2017), Dick’s Sporting Goods #205(2017), Michael’s(2008), Officemax #577(2011) | ||||||||||||||||||||||||
295 | DURHAM, NC | OXFORD COMMONS 3500 OXFORD ROAD | 27702 | SC | 1990/2001 | 1/2 | 100.00 | % | 203,934 | 322,200 | 1,195,566 | FOOD LION #747-3(2010), BURLINGTON COAT FACTORY(2007), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
296 | FAYETTEVILLE, NC | CROSS POINTE CENTRE 5075 MORGANTON ROAD | 28314 | SC | 1985/2003 | 2003 | 100.00 | % | 196,279 | 196,279 | 1,551,651 | Dev Rlty(Ac Mre/Circcty/Stpls)(2012), T.J. Maxx #354(2006), Bed Bath and Beyond #560(2014) | ||||||||||||||||||||||||
297 | HENDERSONVILLE, NC | EASTRIDGE CROSSING 200 THOMPSON STREET | 28792 | SC | 1995/2004 | 2003 | 100.00 | % | 88,590 | 123,587 | 571,623 | EPIC THEATRES(2018), Ingles #112(2009), BIG LOTS(NOT OWNED) | ||||||||||||||||||||||||
298 | INDIAN TRAIL, NC | UNION TOWN CENTER INDEPENDENCE & FAITH CHURCH RD | 28079 | SC | 1999 | 2004 | 100.00 | % | 102,360 | 102,360 | 833,292 | Food Lion #1614(2020) | ||||||||||||||||||||||||
299 | MOORESVILLE, NC | MOORESVILLE CONSUMER SQUARE 355 WEST PLAZA DRIVE | 28117 | SC | 1999 | 2004 | 100.00 | % | 405,081 | 405,081 | 3,489,907 | Wal-Mart #1156(2019), Goodys #322(2010) | ||||||||||||||||||||||||
300 | NEW BERN, NC | RIVERTOWNE SQUARE 3003 CLAREDON BLVD | 28561 | SC | 1989/1999 | 1/2 | 100.00 | % | 68,130 | 200,228 | 593,786 | GOODY’S #4(2007), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
301 | WASHINGTON, NC | PAMLICO PLAZA 536 PAMLICO PLAZA | 27889 | SC | 1990/1999 | 1/2 | 100.00 | % | 93,527 | 278,311 | 465,600 | WAL-MART STORES #1354(2009), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
302 | WAYNESVILLE, NC | LAKESIDE PLAZA 201 PARAGON PARKWAY | 28721 | SC | 1990 | 2 * | 100.00 | % | 181,894 | 181,894 | 1,149,676 | WAL-MART STORE #1663(2011), FOOD LION #957-2(2011) | ||||||||||||||||||||||||
303 | WILMINGTON, NC | UNIVERSITY CENTRE S. COLLEGE RD & NEW CENTRE DR. | 28403 | SC | 1989/2001 | 1/2 | 100.00 | % | 411,349 | 518,197 | 3,071,106 | LOWE’S HOME CENTER #445 -4(2014), OLD NAVY #03841(2006), BED BATH & BEYOND #418(2012), ROSS DRESS FOR LESS(2012), GOODY’S #175-4(2006), BADCOCK FURNITURE(2014), SAM’S(NOT OWNED) | ||||||||||||||||||||||||
North Dakota | ||||||||||||||||||||||||||||||||||||
304 | DICKINSON, ND | PRAIRIE HILLS MALL 1681 THIRD AVENUE | 58601 | MM | 1978 | 1/2 | 100.00% | 266,502 | 266,502 | 1,081,195 | K MART #9564(2008), HERBERGER’S #330(2010), J.C. PENNEY #1628-7(2008) | |||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||||
305 | ASHTABULA, OH (TOPS) | TOPS PLAZA — ASHTABULA 1144 WEST PROSPECT ROAD | 44004 | SC | 2000 | 2004 | 100.00% | 57,874 | 57,874 | 900,712 | Tops Markets #884(2021) | |||||||||||||||||||||||||
306 | AURORA, OH | BARRINGTON TOWN SQUARE 70-130 BARRINGTON TOWN SQUARE | 44202 | SC | 1996/2004 | 1 * | 100.00% | 64,700 | 159,982 | 1,284,589 | MARQUEE CINEMAS(NOT OWNED), HEINEN’S(NOT OWNED) | |||||||||||||||||||||||||
307 | BELLEFONTAINE, OH | SOUTH MAIN STREET PLAZA 2250 SOUTH MAIN STREET | 43311 | SC | 1995 | 1998 | 100.00% | 52,399 | 52,399 | 445,579 | GOODY’S STORE # 314(2010), STAPLES # 1146(2010) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 17 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
308 | BOARDMAN, OH | SOUTHLAND CROSSING I-680 & US ROUTE 224 | 44514 | SC | 1997 | 1 * | 100.00 | % | 506,254 | 511,654 | 4,117,827 | 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 # 4075(2018) | ||||||||||||||||||||||||
309 | CANTON, OH (PHASE I & II) | BELDEN PARK CROSSINGS 5496 DRESSLER ROAD | 44720 | SC | 1995/2001/2003 | 1 * | 14.50 | % | 478,106 | 593,610 | 5,026,339 | AMERICAN SIGNATURE(2011), H.H. GREGG APPLIANCES(2011), JO-ANN STORES #1900 (2008), PETSMART #523(2013), DICK’S CLOTHING & SPORTING #64(2010), DSW SHOE WAREHOUSE(2012), KOHL’S DEPARTMENT STORE#239(2016), TARGET(NOT OWNED) | ||||||||||||||||||||||||
310 | CHILLICOTHE, OH | CHILLICOTHE PLACE 867 N BRIDGE STREET | 45601 | SC | 1974/1998 | 1/2 | 20.00 | % | 105,512 | 105,512 | 1,017,930 | KROGER #348(2041), OFFICE MAX #617(2013) | ||||||||||||||||||||||||
311 | CHILLICOTHE, OH(LOWES) | CHILLICOTHE PLACE (LOWES) 867 N BRIDGE STREET | 45601 | SC | 1974/1998 | 1/2 | 100.00 | % | 130,497 | 130,497 | 822,132 | LOWE’S HOME CENTERS #472-2(2015) | ||||||||||||||||||||||||
312 | CINCINNATI, OH | GLENWAY CROSSING 5100 GLENCROSSING WAY | 45238 | SC | 1990 | 2 * | 100.00 | % | 164,544 | 164,544 | 1,307,271 | MICHAEL’S(2006) | ||||||||||||||||||||||||
313 | COLUMBUS, OH (CONSUMER SQUARE) | CONSUMER SQUARE WEST COLUMBUS 3630 SOLDANO BLVD | 43228 | SC | 1989/2003 | 2004 | 100.00 | % | 356,515 | 356,515 | 2,376,306 | Office Max #282(2010), Kroger Store #598(2014), Target Stores #T-668(2011) | ||||||||||||||||||||||||
314 | COLUMBUS, OH (DUBLIN VILLAGE) | DUBLIN VILLAGE CENTER 6561-6815 DUBLIN CENTER DRIVE | 43017 | SC | 1987 | 1998 | 80.01 | % | 326,912 | 435,993 | 1,688,832 | AMC THEATRE(2007), MAX SPORTS CENTER(2006), B.J.’S WHOLESALE CLUB(NOT OWNED) | ||||||||||||||||||||||||
315 | COLUMBUS, OH (EASTON MARKET) | EASTON MARKET 3740 EASTON MARKET | 43230 | SC | 1998 | 1998 | 100.00 | % | 509,611 | 509,611 | 6,211,183 | COMPUSA, INC #533(2013), STAPLES, INC. #603(2013), PETSMART, INC. #550(2014), GOLFSMITH GOLF CENTER(2013), MICHAEL’S #9876(2008), DICK’S #410(2013), DSW SHOE WAREHOUSE(2012), KITTLE’S HOME FURNISHINGS(2012), BED BATH & BEYOND, INC. #195 (2014), T.J. MAXX#447(2008) | ||||||||||||||||||||||||
316 | COLUMBUS, OH (LENNOX TOWN) | LENNOX TOWN CENTER 1647 OLENTANGY RIVER ROAD | 43212 | SC | 1997 | 1998 | 50.00 | % | 352,913 | 352,913 | 3,373,193 | TARGET#1058(2016), BARNES & NOBLE#2860(2007), STAPLES #451(2011), AMC THEATRES LENNOX 24(2021) | ||||||||||||||||||||||||
317 | COLUMBUS, OH (SUN CENTER) | SUN CENTER 3622-3860 DUBLIN GRANVILLE RD | 43017 | SC | 1995 | 1998 | 79.45 | % | 305,428 | 305,428 | 3,547,945 | BABIES R US #9242(2011), MICHAEL’S #2873(2013), ASHLEY FURNITURE HOMESTORE(2012), STEIN MART #130(2007), WHOLE FOOD MARKETS(2016), STAPLES #403 (2010) | ||||||||||||||||||||||||
318 | DUBLIN, OH (PERIMETER CENTER) | PERIMETER CENTER 6644-6804 PERIMETER LOOP ROAD | 43017 | SC | 1996 | 1998 | 100.00 | % | 137,556 | 137,556 | 1,523,113 | GIANT EAGLE(2014) | ||||||||||||||||||||||||
319 | ELYRIA, OH | ELYRIA SHOPPING CENTER 825 CLEVELAND | 44035 | SC | 1977 | 1/2 | 100.00 | % | 85,125 | 85,125 | 626,445 | TOPS MARKETS #811(2010) | ||||||||||||||||||||||||
320 | GALLIPOLIS, OH | GALLIPOLIS MARKETPLACE 2145 EASTERN AVENUE | 45631 | SC | 1998 | 2003 | 100.00 | % | 25,950 | 205,908 | 346,350 | WAL MART(NOT OWNED) | ||||||||||||||||||||||||
321 | GROVE CITY, OH (DERBY SQUARE) | DERBY SQUARE SHOPPING CENTER 2161-2263 STRINGTOWN ROAD | 43123 | SC | 1992 | 1998 | 20.00 | % | 128,210 | 128,210 | 830,014 | |||||||||||||||||||||||||
322 | HAMILTON, OH | H.H. GREGG 1371 MAIN STREET | 43450 | SC | 1986 | 1998 | 100.00 | % | 40,000 | 40,000 | 230,000 | ROUNDY’S(2006) | ||||||||||||||||||||||||
323 | HUBER HTS., OH | NORTH HEIGHTS PLAZA 8280 OLD TROY PIKE | 45424 | SC | 1990 | 1993 | 100.00 | % | 163,819 | 278,376 | 1,368,206 | CUB FOODS(2011), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
324 | LEBANON, OH | COUNTRYSIDE PLACE 1879 DEERFIELD ROAD | 45036 | SC | 1990/2002 | 1993 | 100.00 | % | 17,000 | 110,480 | 176,581 | WALMART #1407(NOT OWNED), ERB LUMBER(NOT OWNED) | ||||||||||||||||||||||||
325 | MACEDONIA, OH | MACEDONIA COMMONS MACEDONIA COMMONS BLVD. | 44056 | SC | 1994 | 1994 | 50.00 | % | 233,639 | 374,506 | 3,023,398 | FIRST NATL. SUPERMARKETS #826(2018), KOHL’S #235(2016), WAL-MART(NOT OWNED) | ||||||||||||||||||||||||
326 | MACEDONIA, OH (PHASE II) | MACEDONIA COMMONS (PHASE II) 8210 MACEDONIA COMMONS | 44056 | SC | 1999 | 1 * | 100.00 | % | 169,481 | 169,481 | 1,601,734 | CINEMARK(2019), HOME DEPOT #3824(2020) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 18 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
327 | NORTH OLMSTED, OH | GREAT NORTHERN PLAZA NORTH 25859-26437 GREAT NORTHERN | 44070 | SC | 1958/1998/2003 | 1997 | 14.50% | 624,587 | 665,487 | 7,793,104 | BEST BUY #279(2010), DSW(2015), BED BATH & BEYOND, INC. #458(2012), MARSHALLS (2008), PETSMART #529(2008), HOME DEPOT #3803(2019), K & G MEN’S #267 COMPANY, INC.(2008), JO-ANN STORES #1923(2009), MARC’S(2012), COMPUSA INC. #577(2008), TOPS SUPERMARKET(NOT OWNED) | |||||||||||||||||||||||
328 | PATASKALA, OH | VILLAGE MARKET/RITE AID CENTER 78-80 OAK MEADOW DRIVE | 43062 | SC | 1980 | 1998 | 100.00% | 33,270 | 33,270 | 201,200 | CARDINAL (GARDNERS/LANCASTER)(2007) | |||||||||||||||||||||||
329 | PICKERINGTON, OH | SHOPPES AT TURNBERRY 1701-1797 HILL ROAD NORTH | 43147 | SC | 1990 | 1998 | 100.00% | 59,495 | 61,872 | 545,809 | ||||||||||||||||||||||||
330 | SOLON, OH | UPTOWN SOLON KRUSE DRIVE | 44139 | SC | 1998 | 1 * | 100.00% | 183,255 | 183,255 | 2,613,206 | MUSTARD SEED MKT & CAFE(2019), BED, BATH AND BEYOND#204(2009), BORDERS #286 (2018) | |||||||||||||||||||||||
331 | STOW, OH | STOW COMMUNITY SHOPPING CENTER KENT ROAD | 44224 | SC | 1997/2000 | 1 * | 100.00% | 404,480 | 506,563 | 2,889,695 | K MART #4264(2006), BED BATH AND BEYOND #360(2011), GIANT EAGLE, INC. (2017), KOHL’S #331(2019), OFFICE MAX #626(2011), BORDERS OUTLET # 4096 #249(2003), TARGET(NOT OWNED) | |||||||||||||||||||||||
332 | TIFFIN, OH | TIFFIN MALL 870 WEST MARKET STREET | 44883 | MM | 1980/2004 | 1/2 | 100.00% | 170,868 | 170,868 | 781,545 | MARQUEE CINEMAS(2018), J.C. PENNEY #324-4(2010) | |||||||||||||||||||||||
333 | TOLEDO, OH | SPRINGFIELD COMMONS SHOPPING S. HOLLAND-SYLVANIA ROAD | 43528 | SC | 1999 | 1 * | 20.00% | 241,129 | 271,729 | 2,751,314 | KOHL’S #324(2019), GANDER MOUNTAIN, L.L.C.(2014), BED BATH & BEYOND #240(2010), OLD NAVY #03786(2010) | |||||||||||||||||||||||
334 | TOLEDO, OH (DICKS) | DICKS — TOLEDO 851 WEST ALEXIS ROAD | 43612 | SC | 1995 | 2004 | 100.00% | 80,160 | 80,160 | 501,000 | Dicks Sporting Goods #49(2016) | |||||||||||||||||||||||
335 | WESTLAKE, OH | WEST BAY PLAZA 30100 DETROIT ROAD | 44145 | SC | 1974/1997/2000 | 1/2 | 100.00% | 162,330 | 162,330 | 1,380,354 | MARC’S #37(2009), K MART #3234(2009) | |||||||||||||||||||||||
336 | XENIA, OH | WEST PARK SQUARE 1700 WEST PARK SQUARE | 45385 | SC | 1994/1997/2001 | 1 * | 100.00% | 104,873 | 203,282 | 763,736 | KROGER #829(2019), WAL-MART(NOT OWNED) | |||||||||||||||||||||||
Oregon | ||||||||||||||||||||||||||||||||||
337 | PORTLAND, OR | TANASBOURNE TOWN CENTER NW EVERGREEN PKWY & NW RING RD | 97006 | SC | 1995/2001 | 1996 | 50.00% | 309,617 | 566,457 | 5,173,392 | LINENS N THINGS(2012), ROSS DRESS FOR LESS #399(2008), BARNES & NOBLE (2011), MICHAEL’S #9887(2009), OFFICE DEPOT-#00954(2010), NORDSTROM(NOT OWNED), TARGET(NOT OWNED), MERVYN’S(NOT OWNED) # 2748 HAGGAN’S(2021), | |||||||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||||
338 | ALLENTOWN, PA (WEST) | WEST VALLEY MARKETPLACE 1091 MILL CREEK ROAD | 18106 | SC | 2001/2004 | 2003 | 100.00% | 257,177 | 257,177 | 2,630,617 | Wal-Mart #2641(2021) | |||||||||||||||||||||||
339 | E. NORRITON, PA | KMART PLAZA 2692 DEKALB PIKE | 19401 | SC | 1975/1997 | 1/2 | 100.00% | 173,876 | 179,376 | 1,324,809 | K MART #3026(2010), BIG LOTS #1713(2010) | |||||||||||||||||||||||
340 | ERIE (PEACHSTREET), PA | PEACH STREET SQUARE 1902 KEYSTONE DRIVE | 16509 | SC | 1995/1998/2003 | 1 * | 100.00% | 557,769 | 679,074 | 5,093,274 | LOWE’S HOME CTR #226(2015), PETSMART #556(2015), CIRCUIT CITY SUPERSTORE (2020), MEDIA PLAY-4 #8158(2011), KOHL’S-#221-4(2016), 3744 WAL-MART STORES (2015), CINEMARK #186(2011), HOME #2278 DEPOT(NOT OWNED) | |||||||||||||||||||||||
341 | ERIE, PA (MARKET) | ERIE MARKETPLACE 6660-6750 PEACH STREET | 16509 | SC | 2003 | 2003 | 14.50% | 107,537 | 238,387 | 1,051,339 | Marshalls(2013), Bed Bath & Beyond #447(2013), BABIES R US(2015), TARGET(NOT OWNED) | |||||||||||||||||||||||
342 | ERIE, PA (TOPS-ERIE) | TOPS PLAZA — ERIE 1520 WEST 25TH STREET | 16505 | SC | 1995 | 2004 | 100.00% | 99,631 | 99,631 | 1,253,532 | Tops Markets (B) #602(2016) | |||||||||||||||||||||||
343 | HANOVER, PA (BJS) | BJS — HANOVER 1785 AIRPORT ROAD SOUTH | 18109 | SC | 1991 | 2004 | 100.00% | 112,230 | 112,230 | 784,631 | BJs Wholesale Club #21(2011) | |||||||||||||||||||||||
344 | MONACA, PA | TOWNSHIP MARKETPLACE 115 WAGNER ROAD | 15061 | SC | 1999/2004 | 2003 | 14.50% | 253,110 | 253,110 | 1,999,010 | Lowe’s #500(2027), Shop N Save(2019) | |||||||||||||||||||||||
345 | MONACA, PA (CINEMARK) | TOWNSHIP MARKETPLACE 115 WAGNER ROAD | 15061 | SC | 1999 | 2003 | 100.00% | 45,651 | 45,651 | 672,024 | CINEMARK #344(2019) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 19 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||||
Puerto Rico | ||||||||||||||||||||||||||||||||||||
346 | ARECIBO, PR (ATLANTICO) | PLAZA DEL ATLANTICO PR #KM 80.3 | 00612 | MM | 1980/1993 | 2005 | 100.00 | % | 215,346 | 224,845 | 3,307,164 | K MART #7566(2013), CAPRI DEL ATLANTICO(2013) | ||||||||||||||||||||||||
347 | BAYAMON, PR (PLAZA DEL SOL) | PLAZA DEL SOL RD PR#29 & PR#167, HATO TEJAS | 00961 | MM | 1998/2003/2004 | 2005 | 100.00 | % | 526,150 | 675,371 | 15,276,061 | WAL*MART #2501(2022), OLD NAVY #5830(2007), SCIENCE PARK CINEMA CORP.(2019), BED BATH & BEYOND, STORE #381(2017), HOME DEPOT(NOT OWNED) | ||||||||||||||||||||||||
348 | BAYAMON, PR (REXVILLE PLAZA) | REXVILLE PLAZA PR #167, KM 18.8 | 00961 | SC | 1980/2002 | 2005 | 100.00 | % | 126,098 | 132,384 | 1,313,348 | PUEBLO XTRA #156(2009), TIENDAS CAPRI(2013) | ||||||||||||||||||||||||
349 | BAYAMON, PR (RIO HONDO) | RIO HONDO PR #22, PR #167 | 00961 | MM | 1982/2001 | 2005 | 100.00 | % | 396,556 | 461,858 | 10,033,101 | TIENDAS CAPRI(2009), MARSHALLS #749(2009), K MART #7570(2013), XTRA #159(2012), RIO HONDO CINEMA(NOT OWNED) | ||||||||||||||||||||||||
350 | CAROLINA, PR (PLAZA ESCORIAL) | PLAZA ESCORIAL CARRETERA #3, KM 6.1 | 00987 | SC | 1997 | 2005 | 100.00 | % | 385,665 | 601,535 | 7,414,354 | OFFICEMAX STORE #1117(2015), WAL*MART PUERTO RICO, INC.(2024), BORDERS #482(2017), OLD NAVY(2009), SAM’S WHOLESALE CLUB(2024), HOME DEPOT(NOT OWNED), CARIBBEAN CINEMAS(NOT OWNED) | ||||||||||||||||||||||||
351 | CAYEY, PR (PLAZA CAYEY) | PLAZA CAYEY STATE RD #1 & PR #735 | 00736 | SC | 1999/2004 | 2005 | 100.00 | % | 261,126 | 339,840 | 2,732,023 | WAL*MART #2721(2021), CAYEY CINEMA CORP.(NOT OWNED) | ||||||||||||||||||||||||
352 | FAJARDO, PR (PLAZA FAJARDO) | PLAZA FAJARDO ROAD PR #3 INT PR #940 | 00738 | SC | 1992 | 2005 | 100.00 | % | 245,319 | 251,319 | 3,823,351 | Wal*Mart #1822(2012), Pueblo Xtra #171(2012) | ||||||||||||||||||||||||
353 | GUAYAMA, PR (PLAZA WAL-MART) | PLAZA WAL-MART ROAD PR #3 KM 135.0 | 00784 | SC | 1994 | 2005 | 100.00 | % | 163,598 | 163,598 | 1,671,794 | Wal*Mart #2072(2018) | ||||||||||||||||||||||||
354 | HATILLO, PR (PLAZA DEL NORTE) | PLAZA DEL NORTE ROAD #2,KM 81.9 | 00659 | MM | 1992 | 2005 | 100.00 | % | 505,591 | 671,020 | 10,564,599 | Almacenes Pitusa(2003), J.C. Penney #651(2012), Pueblo Xtra #166(2012), Wal*Mart #1854(2012), TOYS R’ US/KID’SRUS(NOT OWNED) | ||||||||||||||||||||||||
355 | HUMACAO, PR (PALMA REAL) | PALMA REAL STATE ROAD #3, KM 78.20 | 00791 | SC | 1995 | 2005 | 100.00 | % | 340,608 | 442,614 | 6,112,050 | CAPRI STORES(2011), XTRA/PUEBLO INTERNATIONAL, INC(2020), CINEVISTA THEATRES(2005), WAL*MART #2240(2020), PEP BOYS(NOT OWNED), J C PENNY(NOT OWNED) | ||||||||||||||||||||||||
356 | ISABELA, PR (PLAZA ISABELA) | PLAZA ISABELA STATE RD #2 & #454,KM 111.6 | 00662 | SC | 1994 | 2005 | 100.00 | % | 238,410 | 259,016 | 3,317,891 | PUEBLO INTERNATONAL, LLC(2014), WAL-MART PUERTO RICO, INC#2085(2019) | ||||||||||||||||||||||||
357 | SAN GERMAN, PR (CAMINO REAL) | CAMINO REAL STATE RD PR #122 | 00683 | SC | 1991 | 2005 | 100.00 | % | 22,356 | 49,172 | 315,950 | PEP BOYS #907(2015) | ||||||||||||||||||||||||
358 | SAN GERMAN, PR (DEL OESTE) | DEL OESTE ROAD PR #2 INT PR #122 | 00683 | SC | 1991 | 2005 | 100.00 | % | 174,172 | 184,746 | 2,259,765 | K Mart #3896(2016), Pueblo Xtra #163(2011) | ||||||||||||||||||||||||
359 | SAN JUAN, PR (SENORIAL PLAZA) | SENORIAL PLAZA PR #53 & PR #177 | 00926 | MM | 1978/Mutiple | 2005 | 100.00 | % | 168,607 | 209,067 | 2,506,555 | K MART #9789(2005), PUEBLO EXT(NOT OWNED) | ||||||||||||||||||||||||
360 | VEGA BAJA, PR (PLZA VEGA BAJA) | PLAZA VEGA BAJA ROAD PR #2 INT PR #155 | 00693 | SC | 1990 | 2005 | 100.00 | % | 174,728 | 184,938 | 2,099,309 | K Mart Corp #3679(2015), Pueblo Xtra #158(2010) | ||||||||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||||||||||||
361 | CAMDEN, SC | SPRINGDALE PLAZA 1671 SPRINGDALE DRIVE | 29020 | SC | 1990/2000 | 1993 | 100.00 | % | 180,127 | 363,405 | 996,649 | BELK #227(2015), WAL-MART SUPER CENTER(NOT OWNED) | ||||||||||||||||||||||||
362 | CHARLESTON, SC | ASHLEY CROSSING 2245 ASHLEY CROSSING DRIVE | 29414 | SC | 1991 | 2003 | 100.00 | % | 188,883 | 196,048 | 1,592,156 | Food Lion #933(2011), Wal-Mart #1748(2011) | ||||||||||||||||||||||||
363 | COLUMBIA, SC (HARBISON) | HARBISON COURT HARBISON BLVD | 29212 | SC | 1991 | 2002 | 14.50 | % | 259,551 | 319,040 | 2,714,644 | Barnes & Noble #2688(2011), ROSS DRESS FOR LESS #712(2014), Marshall’s #458(2012), OfficeMax #640(2011), BABIES ‘R’ US #8890(NOT OWNED) | ||||||||||||||||||||||||
364 | MT. PLEASANT, SC | WANDO CROSSING 1500 HIGHWAY 17 NORTH | 29465 | SC | 1992/2000 | 1995 | 100.00 | % | 209,139 | 325,236 | 1,715,260 | OFFICE DEPOT # 2002(2010), T.J. MAXX #780 -3(2007), MARSHALL’S OF MA, INC.(2011), WAL-MART(NOT OWNED) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 20 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
365 | N. CHARLESTON, SC | NORTH POINTE PLAZA 7400 RIVERS AVENUE | 29406 | SC | 1989/2001 | 2 * | 100.00% | 294,471 | 375,451 | 2,053,568 | WAL-MART STORES #1359(2009), OFFICE MAX #342(2007), HELIG MEYERS(NOT OWNED) | |||||||||||||||||||||||
366 | N. CHARLESTON, SC(N CHARL CTR) | NORTH CHARLESTON CENTER 5900 RIVERS AVENUE | 29406 | SC | 1980/1993 | 2004 | 100.00% | 235,501 | 235,501 | 1,237,408 | Babies R Us(2005), Big Lots #00004 B(2009) | |||||||||||||||||||||||
367 | ORANGEBURG, SC | NORTH ROAD PLAZA 2795 NORTH ROAD | 29115 | SC | 1994/1999 | 1995 | 100.00% | 50,760 | 247,434 | 526,479 | GOODY’S #282(2008), WAL-MART(NOT OWNED) | |||||||||||||||||||||||
368 | S. ANDERSON, SC | CROSSROADS PLAZA 406 HIGHWAY 28 BY-PASS | 29624 | SC | 1990 | 1994 | 100.00% | 22,050 | 22,050 | 94,462 | ||||||||||||||||||||||||
369 | SIMPSONVILLE, SC | FAIRVIEW STATION 621 FAIRVIEW ROAD | 29681 | SC | 1990 | 1994 | 100.00% | 142,080 | 142,080 | 836,512 | INGLES MARKETS #41(2011), KOHL’S DEPARTMENT STORES #673(2015) | |||||||||||||||||||||||
370 | UNION, SC | WEST TOWNE PLAZA U.S.HWY 176 BY-PASS #1 | 29379 | SC | 1990 | 1993 | 100.00% | 184,331 | 184,331 | 783,522 | WAL-MART STORES #629(2009), BELK STORES SERVICES, INC.(2010) | |||||||||||||||||||||||
South Dakota | ||||||||||||||||||||||||||||||||||
371 | WATERTOWN, SD | WATERTOWN MALL 1300 9TH AVENUE | 56401 | MM | 1977 | 1/2 | 100.00% | 285,372 | 327,372 | 1,291,948 | HERBERGER’S #315(2009), J.C. PENNEY #0495-2 -4(2008), HY VEE SUPERMARKET(NOT OWNED) | |||||||||||||||||||||||
Tennessee | ||||||||||||||||||||||||||||||||||
372 | BRENTWOOD, TN | COOL SPRINGS POINTE I-65 AND MOORE’S LANE | 37027 | SC | 1999/2004 | 2000 | 14.50% | 201,414 | 201,414 | 2,568,734 | BEST BUY #170(2014), ROSS DRESS FOR LESS #823(2015), LINENS ‘N THINGS #521(2014), DSW SHOE WAREHOUSE #29103(2008) | |||||||||||||||||||||||
373 | CHATTANOOGA, TN | OVERLOOK AT HAMILTON PLACE 2288 GUNBARREL ROAD | 37421 | SC | 1992/2004 | 2003 | 100.00% | 214,918 | 214,918 | 1,665,415 | Best Buy #4720(2014), Hobby Lobby #317(2014), Fresh Market(2014) | |||||||||||||||||||||||
374 | COLUMBIA, TN | COLUMBIA SQUARE 845 NASHVILLE HIGHWAY | 38401 | SC | 1993 | 2003 | 10.00% | 68,948 | 68,948 | 498,289 | KROGER #538(2022) | |||||||||||||||||||||||
375 | FARRAGUT, TN | FARRAGUT POINTE 11132 KINGSTON PIKE | 37922 | SC | 1991 | 2003 | 10.00% | 71,311 | 71,311 | 472,039 | Bi-Lo #367(2011) | |||||||||||||||||||||||
376 | GOODLETTSVILLE, TN | NORTHCREEK COMMONS 101-139 NORTHCREEK BOULEVARD | 37072 | SC | 1987 | 2003 | 20.00% | 84,441 | 84,441 | 711,346 | Kroger #541(2012) | |||||||||||||||||||||||
377 | HENDERSONVILLE, TN | HENDERSONVILLE LOWE’S 1050LOWE’S ROAD | 37075 | SC | 1999 | 2003 | 100.00% | 133,144 | 133,144 | 1,222,439 | Lowe’s(2019) | |||||||||||||||||||||||
378 | JOHNSON CITY, TN | JOHNSON CITY MARKETPLACE FRANKLIN & KNOB CREEK ROADS | 37604 | SC | 2005 | 2003 | 100.00% | 0 | 88,248 | 352,992 | KOHL’S(NOT OWNED) | |||||||||||||||||||||||
379 | MEMPHIS, TN | COUNTRY BRIDGE 9020 US HIGHWAY 64 | 38002 | SC | 1993 | 2003 | 100.00% | 64,223 | 64,223 | 549,818 | Kroger #436(2012) | |||||||||||||||||||||||
380 | MURFREESBORO, TN (MEMORIAL) | MEMORIAL VILLAGE 710 MEMORIAL BOULEVARD | 37130 | SC | 1993 | 2003 | 100.00% | 117,750 | 117,750 | 700,043 | Murfreesboro Athletic Club(2014) | |||||||||||||||||||||||
381 | MURFREESBORO, TN (TOWNE) | TOWNE CENTRE OLD FORT PARKWAY | 37129 | SC | 1998 | 2003 | 14.50% | 108,180 | 390,802 | 1,310,610 | T.J. Maxx #579(2008), Books-A-Million(2009), LOWE’S(NOT OWNED), TOYS R US(NOT OWNED), TARGET(NOT OWNED) | |||||||||||||||||||||||
382 | NASHVILLE, TN | THE MARKETPLACE CHARLOTTE PIKE | 37209 | SC | 1998 | 2003 | 14.50% | 167,795 | 367,879 | 1,655,391 | Lowe’s(2019), WAL MART(NOT OWNED) | |||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||
383 | AUSTIN, TX | SHOPS AT TECH RIDGE CENTER RIDGE DRIVE | 78728 | SC | 2003 | 2003 | 24.75 % | 281,231 | 570,469 | 3,831,757 | ROSS DRESS FOR LESS #706(2014), LINEN N THINGS #291(2014), HOBBY LOBBY #306(2018), TOYS R US(NOT OWNED), SUPER TARGET(NOT OWNED), CHICK-FIL-A(NOT OWNED) |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | ||
Run Date: 10/19/2005 Time:11:38:12AM Page 21 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
384 | FRISCO, TX | FRISCO MARKETPLACE 7010 PRESTON ROAD, | 75035 | SC | 2003 | 2003 | 100.00% | 19,759 | 106,343 | 626,106 | KOHL’S(NOT OWNED) | |||||||||||||||||||||||
385 | FT. WORTH, TX | EASTCHASE MARKET SWC EASTCHASE PKWY & I-30 | 76112 | SC | 1995 | 1996 | 50.00% | 205,017 | 385,039 | 2,123,252 | UNITED ARTISTS THEATRE #33306(2012), PETSMART #182(2011), ROSS DRESS FOR LESS #351-1(2011), TARGET(NOT OWNED), TOYS R US(NOT OWNED), OFFICE DEPOT(NOT OWNED) | |||||||||||||||||||||||
386 | FT. WORTH, TX (FOSSIL CREEK) | FOSSIL CREEK WESTERN CENTER BLVD | 76137 | SC | 1991 | 2002 | 100.00% | 68,492 | 68,492 | 877,035 | ||||||||||||||||||||||||
387 | IRVING, TX | MACARTHUR MARKETPLACE MARKET PLACE BOULEVARD | 75063 | SC | 2004 | 2003 | 14.50% | 146,941 | 598,651 | 2,609,714 | Marquee Cinema(2018), OFFICE MAX(2014), KOHL’S(NOT OWNED), SAM’S CLUB(NOT OWNED), WAL MART(NOT OWNED) | |||||||||||||||||||||||
388 | LEWISVILLE, TX (LAKEPOINTE) | LAKEPOINTE CROSSINGS S STEMMONS FREEWAY | 75067 | SC | 1991 | 2002 | 14.50% | 311,039 | 567,069 | 3,551,446 | 99 CENTS ONLY STORE(2009), THE ROOMSTORE #1055(2007), PETsMART #176(2009), BEST BUY #258(2010), ACADEMY SPORTS(2016), MARDEL CHRISTIAN BOOKSTORE(2012), TOYS R’ US(NOT OWNED), CONN’S APPLIANCE(NOT OWNED), GARDEN RIDGE(NOT OWNED) | |||||||||||||||||||||||
389 | MCKINNEY, TX | MCKINNEY MARKETPLACE US HWY 75 & EL DORADO PKWY | 75070 | SC | 2000 | 2003 | 100.00% | 118,970 | 183,813 | 1,267,690 | Kohl’s #416(2021), ALBERTSON’S(NOT OWNED) | |||||||||||||||||||||||
390 | MESQUITE, TX | THE MARKETPLACE AT TOWN CENTER SOUTHBOUND FRONTAGE RD I 635 | 75150 | SC | 2001 | 2003 | 100.00% | 164,625 | 260,775 | 1,950,936 | Linen ‘N Things #267(2013), Michael’s(2012), Ross Dress For Less #603(2013), KOHL’S(NOT OWNED) | |||||||||||||||||||||||
391 | SAN ANTONIO, TX (BANDERA PT) | BANDERA POINT NORTH STATE LOOP 1604/BANDERA ROAD | 78227 | SC | 2001/2002 | 1 * | 100.00% | 278,706 | 887,896 | 4,299,392 | T.J. MAXX #0808(2011), LINENS ‘N THINGS # 594(2012), OLD NAVY #6499(2011), ROSS DRESS FOR LESS #509(2012), BARNES & NOBLE # 2055(2011), TARGET(NOT OWNED), LOWE’S(NOT OWNED), KOHL’S(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CHUCK E CHEESE(NOT OWNED), CREDIT UNION(NOT OWNED), RAQUETBALL & FITNESS(NOT OWNED) | |||||||||||||||||||||||
392 | SAN ANTONIO, TX (INGRAM) | INGRAM PARK 6157 NW LOOP 410 | 78238 | SC | 1985 | 2005 | 50.00% | 76,597 | 76,597 | 422,000 | MERVYN’S(2020) | |||||||||||||||||||||||
Utah | ||||||||||||||||||||||||||||||||||
393 | LOGAN, UT | FAMILY PLACE @ LOGAN 400 NORTH STREET | 84321 | SC | 1975 | 1998 | 100.00% | 19,200 | 44,200 | 208,422 | RITE AID(NOT OWNED) | |||||||||||||||||||||||
394 | MIDVALE, UT | FAMILY CENTER AT FORT UNION 50 900 EAST FT UNION BLVD | 84047 | SC | 1973/2000 | 1998 | 100.00% | 741,469 | 741,469 | 8,009,441 | MERVYN’S #M-0065A(2020), 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) | |||||||||||||||||||||||
395 | OGDEN, UT | FAMILY CENTER AT OGDEN 5-POINT 21-129 HARRISVILLE ROAD | 84404 | SC | 1977 | 1998 | 100.00% | 162,316 | 162,316 | 722,162 | HARMONS(2012) | |||||||||||||||||||||||
396 | OREM, UT | FAMILY CENTER AT OREM 1300 SOUTH STREET | 84058 | SC | 1991 | 1998 | 100.00% | 150,667 | 281,931 | 1,595,890 | 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) | |||||||||||||||||||||||
397 | RIVERDALE, UT | FAMILY CENTER AT RIVERDALE 510 1050 WEST RIVERDALE ROAD | 84405 | SC | 1995/2003 | 1998 | 100.00% | 593,113 | 596,198 | 4,444,841 | MEIER & FRANK(2011), OFFICE MAX #76(2008), GART SPORTS #326(2012), SPORTMAN’S WAREHOUSE(2009), TARGET SUPERSTORE #1753(2017), MEDIA PLAY(2016), CIRCUIT CITY#3349(2016) | |||||||||||||||||||||||
398 | SALT LAKE CITY, UT (33RD) | FAMILY PLACE @ 33RD SOUTH 3300 SOUTH STREET | 84115 | SC | 1978 | 1998 | 100.00% | 34,209 | 34,209 | 245,015 | ||||||||||||||||||||||||
399 | TAYLORSVILLE, UT | FAMILY CENTER AT MIDVALLEY 503 5600 SOUTH REDWOOD | 84123 | SC | 1982/2003 | 1998 | 100.00% | 746,890 | 818,890 | 7,349,091 | SHOPKO #085(2014), Jo-Ann Stores #2074(2015), GART SPORTS #324(2017), 24 HOUR FITNESS(2017), BED, BATH & BEYOND #270(2015), ROSS DRESS FOR LESS #658(2014), HOME USA WAREHOUSE(2012), MEDIA PLAY #8121(2015), OFFICE MAX #127(2008), CIRCUIT CITY #3353(2016), PETSMART #168(2012), HARMONS SUPERSTORE(NOT OWNED) | |||||||||||||||||||||||
Vermont | ||||||||||||||||||||||||||||||||||
400 | BERLIN, VT | BERLIN MALL 282 BERLIN MALL RD., UNIT #28 | 05602 | MM | 1986/1999 | 2 * | 100.00% | 174,515 | 174,515 | 1,614,962 | WAL-MART STORES #2682(2014), J.C. PENNEY #2342(2009) | |||||||||||||||||||||||
Virginia |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
![]() | Run Date: 10/19/2005 Time:11:38:12AM Page 22 of 22 Quarter: 3Q05 |
Year | DDR | Owned | Owned/Unowned | Total | ||||||||||||||||||||||||||||||
Zip | Type of | Developed/ | Year | Ownership | Gross | Gross | Annualized | |||||||||||||||||||||||||||
Center/Property | Location | Code | Property | Redeveloped | Acquired | Interest | Leasable Area | Leasable Area | Rent | Anchor Tenants(Lease Expiration) | ||||||||||||||||||||||||
401 | CHESTER, VA | BERMUDA SQUARE 12607-12649 JEFFERSON DAVIS | 23831 | SC | 1978 | 2003 | 100.00% | 116,310 | 116,310 | 1,191,148 | Ukrop’s(2008) | |||||||||||||||||||||||
402 | FAIRFAX, VA | FAIRFAX TOWNE CENTER 12210 FAIRFAX TOWNE CENTER | 22033 | SC | 1994 | 1995 | 14.50% | 253,392 | 253,392 | 4,732,451 | SAFEWAY #1431(2019), T.J. MAXX #106(2009), TOWER RECORDS #822(2009), BED, BATH & BEYOND #65(2010), UNITED ARTISTS #33191(2014) | |||||||||||||||||||||||
403 | LYNCHBURG, VA | CANDLERS STATION 3700 CANDLERS MOUNTAIN ROAD | 24502 | SC | 1990 | 2003 | 100.00% | 270,765 | 337,765 | 2,049,967 | Goody’s #174(2006), Movies 10 #113(2015), Circuit City(2009), Staples #0319(2013), T.J. Maxx #797(2009), TOYS “R” US(NOT OWNED) | |||||||||||||||||||||||
404 | LYNCHBURG, VA (FAIRVIEW) | FAIRVIEW SQUARE 2215 FLORIDA AVENUE | 24501 | SC | 1992 | 2004 | 100.00% | 85,209 | 85,209 | 338,376 | Food Lion #992(2012) | |||||||||||||||||||||||
405 | MARTINSVILLE, VA | LIBERTY FAIR MALL 240 COMMONWEALTH BOULEVARD | 24112 | MM | 1989/1997 | 1/2 | 50.00% | 435,057 | 435,057 | 2,732,846 | GOODY’S #166(2006), BELK/LEGGETTS(2009), J.C. PENNEY #3010(2009), SEARS #2094 - (2009), OFFICEMAX #744(2012), KROGER 4 #R-350(2017) | |||||||||||||||||||||||
406 | MIDLOTHIAN, VA | GENITO CROSSING HULL STREET ROAD | 23112 | SC | 1985 | 2003 | 100.00% | 79,407 | 79,407 | 703,017 | Food Lion #299(2010) | |||||||||||||||||||||||
407 | PULASKI, VA | MEMORIAL SQUARE 1000 MEMORIAL DRIVE | 24301 | SC | 1990 | 1993 | 100.00% | 143,299 | 143,299 | 888,123 | WAL-MART STORES #1652(2011), FOOD LION #799-2(2011) | |||||||||||||||||||||||
408 | WINCHESTER, VA | APPLE BLOSSOM CORNERS 2190 S. PLEASANT VALLEY | 22601 | SC | 1990/1997 | 2 * | 20.00% | 240,560 | 240,560 | 2,431,382 | MARTIN’S FOOD STORE #78(2040), KOHL’S #283(2018), OFFICE MAX #844(2012), BOOKS-A- MILLION #954(2008) | |||||||||||||||||||||||
Washington | ||||||||||||||||||||||||||||||||||
409 | EVERETT, WA | PUGET PARK 520 128TH STREET SW | 98204 | SC | 1981 | 2001 | 20.00% | 41,065 | 88,961 | 481,270 | ALBERTSON’S(NOT OWNED) | |||||||||||||||||||||||
410 | KIRKLAND, WA | TOTEM LAKES UPPER TOTEM LAKES BOULEVARD | 98034 | SC | 1999/2004 | 2004 | 20.00% | 178,205 | 224,184 | 2,759,280 | GUITAR CENTER(2007), ROSS DRESS FOR LESS(2010), COMPUSA(2006), RITE AID(NOT OWNED) | |||||||||||||||||||||||
West Virginia | ||||||||||||||||||||||||||||||||||
411 | BARBOURSVILLE, WV | OFFICE MAX CENTER 5-13 MALL ROAD | 25504 | SC | 1985 | 1998 | 100.00% | 70,900 | 133,396 | 383,825 | DISCOUNT EMPORIUM(2006), GOODY’S(2014), VALUE CITY(NOT OWNED) | |||||||||||||||||||||||
Wisconsin | ||||||||||||||||||||||||||||||||||
412 | BROOKFIELD, WI (CARX) | SW OF BROOKFIELD (CARX) NORTH 124TH STREET AND WEST CA | 53005 | SC | 1967 | 2003 | 100.00% | 7,420 | 7,420 | 133,560 | ||||||||||||||||||||||||
413 | BROOKFIELD, WI (SW) | SHOPPERS WORLD OF BROOKFIELD NORTH 124TH STREET AND WEST CA | 53005 | SC | 1967 | 2003 | 14.50% | 182,722 | 190,142 | 1,383,239 | T.J. Maxx #202(2005), Marshall’s Mega Store # 737(2009), Officemax #16(2010), Burlington Coat Factory #112(2007) | |||||||||||||||||||||||
414 | BROWN DEER, WI (CENTER) | BROWN DEER CENTER NORTH GREEN BAY ROAD | 53209 | SC | 1967 | 2003 | 14.50% | 266,716 | 266,716 | 1,935,459 | Kohl’s #44(2023), Michael’s(2012), Officemax #17(2010), T.J. Maxx/Burlington#201(2007), Old Navy # 3792 (2012) | |||||||||||||||||||||||
415 | BROWN DEER, WI (MARKET) | MARKET PLACE OF BROWN DEER NORTH GREEN BAY ROAD | 53209 | SC | 1989 | 2003 | 14.50% | 143,372 | 143,372 | 1,159,492 | ANNA’S LINEN(2008), Marshall’s Mega Store #736(2009), Pick ‘N Save #6867(2005) | |||||||||||||||||||||||
416 | MILWAUKEE, WI | POINT LOOMIS SOUTH 27TH STREET | 53221 | SC | 1962 | 2003 | 100.00% | 160,533 | 160,533 | 707,571 | Kohl’s #43(2007), Pick ‘N Save # 6845(2007) | |||||||||||||||||||||||
417 | WEST ALLIS, WI (WEST) | WEST ALLIS CENTER WEST CLEVELAND AVE. AND S. 108 | 53214 | SC | 1968 | 2003 | 100.00% | 246,081 | 259,981 | 1,421,496 | Kohl’s #41(2008), Marshall’s Mega Store #738(2009), Pick ‘N Save #6846(2008) | |||||||||||||||||||||||
Grand Total: | 74,412,045 | 99,752,567 | 811,809,417 |
* 1. Property Developed by the Company | * SC — Shopping Center | |
* 2. Original IPO Property | * MM — Mall | |
* LC — Lifestyle Center |
Research Coverage | ||
Citigroup Smith Barney | ||
Michael Bilerman | (212) 816-1383 | |
David Carlisle | (212) 816-1382 | |
Deutsche Bank Securities | ||
Lou Taylor | (212) 250-4912 | |
Chris Capolongo | (212) 250-7726 | |
AG Edwards | ||
David AuBuchon | (314) 955-5452 | |
Goldman Sachs | ||
Carey Callaghan | (212) 902-4351 | |
Deron Kennedy | (212) 357-2482 | |
Green Street Advisors | ||
Greg Andrews | (949) 640-8780 | |
Thomas Youn | (949) 640-8780 | |
Hilliard Lyons | ||
Tony Howard | (502) 588-1142 | |
KeyBanc Capital Markets | ||
Richard Moore | (216) 443-2815 | |
Mike Salinsky | (216) 563-2348 | |
Lehman Brothers | ||
David Harris | (212) 526-1790 | |
Alexander Goldfarb | (212) 526-5232 |
Research Coverage, continued | ||
Merrill Lynch | ||
Steve Sakwa | (212) 449-0335 | |
Craig Schmidt | (212) 449-1944 | |
JP Morgan | ||
Michael Mueller | (212) 622-6689 | |
Joe Dazio | (212) 622-6416 | |
Morgan Stanley | ||
Matthew Ostrower | (212) 761-6284 | |
Mickey Chiang | (212) 761-6385 | |
Prudential Equity Group | ||
Jim Sullivan | (212) 778-2515 | |
Michael Gorman | (212) 778-1417 | |
Wachovia Securities | ||
Jeff Donnelly | (617) 603-4262 | |
Eric Rothman | (617) 603-4263 |