Exhibit 99.2
Quarterly Financial Supplement
For the six months ended
June 30, 2008
Investor Relations Department
3300 Enterprise Parkway• Beachwood, Ohio 44122
(216) 755-5500• (216) 755-1500 (fax)
www.ddr.com
(216) 755-5500• (216) 755-1500 (fax)
www.ddr.com
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Section | Page | |||
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 | |||
Other Real Estate Information | 2.5 | |||
Reconciliation of Non-GAAP Financial Measures | 2.6 | |||
Joint Venture Financial Summary | 3.0 | |||
Joint Venture Investment Summary | 3.1 | |||
Joint Venture Combining Financial Statements | 3.2 | |||
Investment Summary | 4.0 | |||
Capital Transactions | 4.1 | |||
Acquisitions | 4.2 | |||
Dispositions | 4.3 | |||
Development Projects | 4.4 | |||
Development Delivery and Funding Schedules | 4.5 | |||
Expansion and Redevelopment Projects | 4.6 | |||
Portfolio Summary | 5.0 | |||
Debt Summary | 6.0 | |||
Consolidated Debt | 6.1 | |||
Joint Venture Debt | 6.2 | |||
Consolidated and Joint Venture Maturities | 6.3 | |||
Investor Contact Information | 7.0 |
(Property list available atwww.ddr.com under Investor Relations)
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For more details on the risk factors, please refer to the Company’s Form on 10-K as of December 31, 2007.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
For Immediate Release:
Contact: | Scott A. Wolstein | Michelle M. Dawson | ||
Chairman and | Vice President of Investor Relations | |||
Chief Executive Officer | 216-755-5500 | |||
216-755-5500 | mdawson@ddr.com |
DEVELOPERS DIVERSIFIED REALTY REPORTS FFO PER
DILUTED SHARE OF $0.82 FOR THE QUARTER ENDED JUNE 30, 2008
DILUTED SHARE OF $0.82 FOR THE QUARTER ENDED JUNE 30, 2008
CLEVELAND, OHIO, July 24, 2008- Developers Diversified Realty Corporation (NYSE: DDR), the nation’s leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the second quarter ended June 30, 2008.
• | Funds From Operations (“FFO”) per diluted share was $0.82 and net income per diluted share was $0.25 for the three-month period ended June 30, 2008, as compared to the prior-year comparable period of $1.26 and $0.89, respectively. The decrease in FFO and net income per share for the three-month period ended June 30, 2008, is primarily related to a reduction in the amount of transactional income associated with gains on sale of real estate in 2008 as compared to 2007. |
• | FFO per diluted share was $1.65 and net income per diluted share was $0.52 for the six-month period ended June 30, 2008, as compared to the prior-year comparable period of $2.18 and $1.33, respectively. The decrease in FFO and net income per share for the six-month period ended June 30, 2008, is primarily related to the release of certain tax reserves in the first quarter of 2007 and a reduction in the amount of transactional income described above. |
• | Executed leases during the second quarter totaled approximately 2.2 million square feet, including 173 new leases and 271 renewals. |
• | On a cash basis, base rental rates increased 10.2% on new leases, 8.6% on renewals and 8.9% overall. |
• | Core portfolio leased percentage at June 30, 2008 was 95.5%. |
• | Same store net operating income (“NOI”) for the quarter increased 2.5% over the prior-year comparable period. |
Scott Wolstein, Developers Diversified’s Chairman of the Board and Chief Executive Officer, commented, “We are pleased to announce this quarter’s financial results, which reflect the consistency and stability of our portfolio and operating platform. Despite a challenging macro environment, the fundamentals of our business remain sound. We have addressed virtually all of our
2008 consolidated and joint venture maturities and are in discussions with lenders regarding our 2009 maturities as well.”
Mr. Wolstein continued, “While we have refined our leasing development, investment and financing strategies to reflect a more conservative stance given current market conditions, we continue to see increasingly attractive investment opportunities. We are concentrating our investments in the highest yielding opportunities on a risk-adjusted basis with a focus towards maintaining considerable balance sheet strength at the same time. With that in mind, we are reaffirming our 2008 FFO per share guidance of $3.95 to $4.05 per share.”
Financial Results:
Net income applicable to common shareholders was $29.4 million, or $0.25 per share (diluted and basic), for the three-month period ended June 30, 2008, as compared to $111.4 million, or $0.89 per share (diluted) and $0.90 per share (basic), for the prior-year comparable period. The decrease in net income for the three-month period ended June 30, 2008, is primarily related to a reduction in the amount of transactional income (gains on disposition of real estate of approximately $62.8 million and promoted income from joint venture interests of approximately $14.3 million) earned during the same period in 2007 and the transfer of 62 assets to unconsolidated joint venture interests and the sale of 61 assets to third parties in 2007.
Net income applicable to common shareholders was $29.4 million, or $0.25 per share (diluted and basic), for the three-month period ended June 30, 2008, as compared to $111.4 million, or $0.89 per share (diluted) and $0.90 per share (basic), for the prior-year comparable period. The decrease in net income for the three-month period ended June 30, 2008, is primarily related to a reduction in the amount of transactional income (gains on disposition of real estate of approximately $62.8 million and promoted income from joint venture interests of approximately $14.3 million) earned during the same period in 2007 and the transfer of 62 assets to unconsolidated joint venture interests and the sale of 61 assets to third parties in 2007.
For the three-month periods ended June 30, 2008 and 2007, FFO per share was $0.82 (diluted and basic) and $1.26 (diluted) and $1.27 (basic), respectively. FFO applicable to common shareholders was $99.1 million for the three-month period ended June 30, 2008, as compared to $159.3 million for the three-month period ended June 30, 2007. The decrease in FFO for the three-month period ended June 30, 2008, is primarily a result of the same factors impacting net income as described above.
Net income applicable to common shareholders was $62.2 million, or $0.52 per share (diluted and basic), for the six-month period ended June 30, 2008, as compared to $160.2 million, or $1.33 per share (diluted) and $1.34 per share (basic), for the prior-year comparable period. The decrease in net income for the six-month period ended June 30, 2008, is primarily related to the release of certain tax reserves in the first quarter of 2007, a reduction in the amount of transactional and promoted income and 2007 asset sales as described above.
For the six-month periods ended June 30, 2008 and 2007, FFO per share was $1.65 (diluted and basic) and $2.18 (diluted) and $2.19 (basic), respectively. FFO applicable to common shareholders was $198.7 million for the six-month period ended June 30, 2008, as compared to $265.4 million for the six-month period ended June 30, 2007. The decrease in FFO for the six-month period ended June 30, 2008, is primarily a result of the same factors impacting net income as described above.
FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company’s
operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company’s merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.
Leasing:
The following results from the second quarter ended June 30, 2008 highlight continued strong leasing activity throughout the portfolio:
The following results from the second quarter ended June 30, 2008 highlight continued strong leasing activity throughout the portfolio:
• | Executed 173 new leases aggregating 0.7 million square feet and 271 renewals aggregating 1.5 million square feet. | ||
• | On a cash basis, rental rates on new leases increased 10.2% and rental rates on renewals increased 8.6%. Overall, rental rates for new leases and renewals increased 8.9%. | ||
• | Total portfolio average annualized base rent per occupied square foot, excluding Brazil, as of June 30, 2008 was $12.41, as compared to $12.16 at June 30, 2007. | ||
• | Core portfolio leased rate was 95.5% as of June 30, 2008, as compared to 95.9% at June 30, 2007. |
Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $29 million ($0.25 per square foot of owned GLA) in 2008 calculated based on 100% of the funding.
Dispositions:
In the second quarter of 2008, the Company sold two shopping center assets, aggregating approximately 0.2 million square feet for aggregate sales proceeds of $19 million and recorded an aggregate gain of approximately $1.1 million.
In the second quarter of 2008, the Company sold two shopping center assets, aggregating approximately 0.2 million square feet for aggregate sales proceeds of $19 million and recorded an aggregate gain of approximately $1.1 million.
Macquarie DDR Trust Share Purchase:
In February 2008, the Company began purchasing units of Macquarie DDR Trust (“MDT”), an Australian-based Listed Property Trust sponsored by Macquarie Bank Limited (ASX: MBL), an international investment bank, advisor and manager of specialized real estate funds. MDT is DDR’s joint venture partner in the DDR Macquarie Fund LLC joint venture (the “Fund”). Through the combination of its purchase of the units in MDT and its direct and indirect ownership of the Fund, DDR has an approximate 20.3% economic interest in the Fund at June 30, 2008. Through June 30, 2008, the Company has purchased 62.9 million MDT units in open market transactions at an aggregate cost of approximately $29.3 million.
In February 2008, the Company began purchasing units of Macquarie DDR Trust (“MDT”), an Australian-based Listed Property Trust sponsored by Macquarie Bank Limited (ASX: MBL), an international investment bank, advisor and manager of specialized real estate funds. MDT is DDR’s joint venture partner in the DDR Macquarie Fund LLC joint venture (the “Fund”). Through the combination of its purchase of the units in MDT and its direct and indirect ownership of the Fund, DDR has an approximate 20.3% economic interest in the Fund at June 30, 2008. Through June 30, 2008, the Company has purchased 62.9 million MDT units in open market transactions at an aggregate cost of approximately $29.3 million.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
Expected | Initial | |||||||||||
Owned | Net Cost | Anchor | ||||||||||
Location | GLA | ($ Millions) | Opening * | Description | ||||||||
Ukiah (Mendocino), California ** | 227,500 | $ | 66.2 | 2H 10 | Mixed Use | |||||||
Guilford, Connecticut | 146,396 | 47.6 | 2H 09 | Lifestyle Center | ||||||||
Miami (Homestead), Florida | 275,839 | 74.9 | 2H 08 | Community Center | ||||||||
Miami, Florida | 400,685 | 142.6 | 2H 06 | Mixed Use | ||||||||
Boise (Nampa), Idaho | 450,855 | 123.1 | 2H 07 | Community Center | ||||||||
Boston (Norwood), Massachusetts | 72,340 | 25.5 | 2H 09 | Community Center | ||||||||
Boston, Massachusetts (Seabrook, New Hampshire) | 215,905 | 57.5 | 2H 09 | Community Center | ||||||||
Elmira (Horseheads), New York | 350,987 | 53.0 | 1H 07 | Community Center | ||||||||
Raleigh (Apex), North Carolina (Promenade) | 81,780 | 17.9 | 2H 09 | Community Center | ||||||||
Austin (Kyle), Texas ** | 443,092 | 77.2 | 2H 09 | Community Center | ||||||||
Total | 2,665,379 | $ | 685.5 | |||||||||
* | 1H = First Half, 2H = Second Half; either actual or anticipated | |
** | Consolidated 50% Joint Venture |
At June 30, 2008, approximately $423.9 million of costs were incurred in relation to the Company’s ten wholly-owned and consolidated joint venture development projects under construction.
In addition to these current developments, the Company and its joint ventures intend to commence construction on various other developments, including several international projects. The Company has also identified several additional potential development opportunities. While there are no assurances any of these projects will be undertaken, they provide a source of potential development projects over the next several years. As of June 30, 2008, the projected unleveraged GAAP return on the Company’s aggregate development and redevelopment pipeline is approximately 10%.
Unconsolidated Joint Venture Development:
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At June 30, 2008, approximately $349.2 million of costs had been incurred in relation to these development projects.
The Company’s unconsolidated joint ventures have the following shopping center projects under construction. At June 30, 2008, approximately $349.2 million of costs had been incurred in relation to these development projects.
DDR's | ||||||||||||||
Effective | Expected | Initial | ||||||||||||
Ownership | Owned | Net Cost | Anchor | |||||||||||
Location | Percentage | GLA | ($ Millions) | Opening* | Description | |||||||||
Kansas City (Merriam), Kansas | 20.0% | 202,116 | $ | 46.8 | 2H 08 | Community Center | ||||||||
Detroit (Bloomfield Hills), Michigan | 10.0% | 882,197 | 192.5 | 2H 09 | Lifestyle Center | |||||||||
Dallas (Allen), Texas | 10.0% | 797,665 | 171.2 | 1H 08 | Lifestyle Center | |||||||||
Manaus, Brazil | 47.4% | 477,630 | 119.3 | 1H 09 | Enclosed Mall | |||||||||
Total | 2,359,608 | $ | 529.8 | |||||||||||
* | 1H = First Half, 2H = Second Half; either actual or anticipated |
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $122.1 million. At June 30, 2008, approximately $79.5 million of costs had been incurred in relation to these projects.
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $122.1 million. At June 30, 2008, approximately $79.5 million of costs had been incurred in relation to these projects.
Property | Description | |
Miami (Plantation), Florida | Redevelop shopping center to include Kohl’s and additional junior tenants | |
Chesterfield, Michigan | Construct 25,400 sf of small shop space and retail space | |
Fayetteville, North Carolina | Redevelop 18,000 sf of small shop space and construct an outparcel building | |
Akron (Stow), Ohio | Redevelop former K-Mart space and develop new outparcels |
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $453.1 million, which includes original acquisition costs related to assets acquired for redevelopment. At June 30, 2008, approximately $396.4 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:
The Company’s unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $453.1 million, which includes original acquisition costs related to assets acquired for redevelopment. At June 30, 2008, approximately $396.4 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:
DDR's | ||||||
Effective | ||||||
Ownership | ||||||
Property | Percentage | Description | ||||
Buena Park, California | 20.0 | % | Large-scale re-development of enclosed mall to open-air format | |||
Los Angeles (Lancaster), California | 21.0 | % | Relocate Wal-Mart and redevelop former Wal-Mart space | |||
Chicago (Deer Park), Illinois | 25.75 | % | Re-tenant former retail shop space with junior tenant and construct 13,500 sf multi-tenant outparcel building | |||
Benton Harbor, Michigan | 20.0 | % | Construct 89,000 sf of anchor space and retail shops | |||
Kansas City, Missouri | 20.0 | % | Relocate retail shops and re-tenant former retail shop space | |||
Cincinnati, Ohio | 18.0 | % | Redevelop former JCPenney space |
Developers Diversified Realty Corporation currently owns and manages approximately 730 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling approximately 157 million square feet. Developers Diversified Realty Corporation is a self-
administered and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.
A copy of the Company’s Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Michelle M. Dawson, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Web site which is located at http://www.ddr.com.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company’s Form 10-K as of December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
Financial Highlights
(In thousands — except per share data)
Three-Month Periods | Six-Month Periods | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Revenues: | ||||||||||||||||
Minimum rents (A) | $ | 159,452 | $ | 174,761 | $ | 319,870 | $ | 324,355 | ||||||||
Percentage and overage rents (A) | 1,100 | 1,547 | 4,083 | 3,531 | ||||||||||||
Recoveries from tenants | 48,498 | 55,832 | 102,036 | 101,499 | ||||||||||||
Ancillary and other property income | 6,328 | 4,250 | 10,982 | 8,940 | ||||||||||||
Management, development and other fee income | 15,637 | 11,996 | 31,924 | 21,078 | ||||||||||||
Other (B) | 1,691 | 3,717 | 5,178 | 11,426 | ||||||||||||
232,706 | 252,103 | 474,073 | 470,829 | |||||||||||||
Expenses: | ||||||||||||||||
Operating and maintenance | 34,985 | 34,658 | 71,738 | 61,884 | ||||||||||||
Real estate taxes | 28,138 | 30,233 | 55,740 | 55,986 | ||||||||||||
General and administrative (C) | 21,333 | 19,161 | 42,047 | 40,678 | ||||||||||||
Depreciation and amortization | 59,809 | 54,313 | 116,769 | 106,350 | ||||||||||||
144,265 | 138,365 | 286,294 | 264,898 | |||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 552 | 2,500 | 1,135 | 6,182 | ||||||||||||
Interest expense | (61,174 | ) | (73,554 | ) | (123,249 | ) | (133,947 | ) | ||||||||
Other income (expense) (D) | 98 | (225 | ) | (400 | ) | (450 | ) | |||||||||
(60,524 | ) | (71,279 | ) | (122,514 | ) | (128,215 | ) | |||||||||
Income before equity in net income of joint ventures, minority equity interests, income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes, discontinued operations and gain on disposition of real estate, net of tax | 27,917 | 42,459 | 65,265 | 77,716 | ||||||||||||
Equity in net income of joint ventures (E) | 12,555 | 21,602 | 19,943 | 27,883 | ||||||||||||
Minority equity interests (F) | (2,025 | ) | (7,876 | ) | (4,396 | ) | (13,715 | ) | ||||||||
Income tax (expense) benefit of taxable REIT subsidiaries and franchise taxes (G) | (307 | ) | 711 | (1,353 | ) | 15,771 | ||||||||||
Income from continuing operations | 38,140 | 56,896 | 79,459 | 107,655 | ||||||||||||
Income from discontinued operations (H) | 879 | 16,529 | 617 | 22,296 | ||||||||||||
Income before gain on disposition of real estate | 39,019 | 73,425 | 80,076 | 129,951 | ||||||||||||
Gain on disposition of real estate, net of tax | 908 | 54,012 | 3,275 | 60,022 | ||||||||||||
Net income | $ | 39,927 | $ | 127,437 | $ | 83,351 | $ | 189,973 | ||||||||
Net income applicable to common shareholders | $ | 29,360 | $ | 111,429 | $ | 62,217 | $ | 160,173 | ||||||||
Funds From Operations (“FFO”): | ||||||||||||||||
Net income applicable to common shareholders | $ | 29,360 | $ | 111,429 | $ | 62,217 | $ | 160,173 | ||||||||
Depreciation and amortization of real estate investments | 57,279 | 54,136 | 111,641 | 106,584 | ||||||||||||
Equity in net income of joint ventures (E) | (12,555 | ) | (21,602 | ) | (19,943 | ) | (27,883 | ) | ||||||||
Joint ventures’ FFO (E) | 25,908 | 31,313 | 45,088 | 44,872 | ||||||||||||
Minority equity interests (OP Units) (F) | 290 | 569 | 884 | 1,138 | ||||||||||||
Gain on disposition of depreciable real estate | (1,133 | ) | (16,587 | ) | (1,151 | ) | (19,443 | ) | ||||||||
FFO applicable to common shareholders | 99,149 | 159,258 | 198,736 | 265,441 | ||||||||||||
Preferred dividends | 10,567 | 16,008 | 21,134 | 29,800 | ||||||||||||
FFO | $ | 109,716 | $ | 175,266 | $ | 219,870 | $ | 295,241 | ||||||||
Per share data: | ||||||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.25 | $ | 0.90 | $ | 0.52 | $ | 1.34 | ||||||||
Diluted | $ | 0.25 | $ | 0.89 | $ | 0.52 | $ | 1.33 | ||||||||
Dividends Declared | $ | 0.69 | $ | 0.66 | $ | 1.38 | $ | 1.32 | ||||||||
Funds From Operations — Basic (I) | $ | 0.82 | $ | 1.27 | $ | 1.65 | $ | 2.19 | ||||||||
Funds From Operations — Diluted (I) | $ | 0.82 | $ | 1.26 | $ | 1.65 | $ | 2.18 | ||||||||
Basic — average shares outstanding (I) | 119,390 | 124,455 | 119,269 | 119,681 | ||||||||||||
Diluted — average shares outstanding (I) | 119,568 | 125,926 | 119,481 | 121,317 | ||||||||||||
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
Financial Highlights
(In thousands — except per share data)
(A) | Increases in base and percentage rental revenues for the six-month period ended June 30, 2008, as compared to the prior-year period, aggregated $2.6 million, consisting of $4.1 million related to leasing of core portfolio properties (an increase of 1.5% over the comparable period in 2007), $18.4 million from the acquisition of assets and the merger with Inland Retail Real Estate Trust, Inc. (“IRRETI”), $2.6 million related to developments and redevelopments and $0.7 million from an increase in occupancy at the Company’s business centers. These amounts were offset by a decrease of $28.4 million due to the disposition of properties in 2007 and 2008. Included in the rental revenues for the six-month periods ended June 30, 2008 and 2007, is approximately $4.9 million and $6.5 million, respectively, of revenue resulting from the recognition of straight-line rents. | |
(B) | Other income for the three- and six-month periods ended June 30, 2008 and 2007 was comprised of the following (in millions): |
Three-Month Periods | Six-Month Periods | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Acquisition fees | $ | — | $ | — | $ | — | $ | 6.3 | ||||||||
Lease termination fees | 1.4 | 2.2 | 4.7 | 3.5 | ||||||||||||
Financing fees | — | 1.4 | — | 1.4 | ||||||||||||
Other miscellaneous | 0.3 | 0.1 | 0.5 | 0.3 | ||||||||||||
$ | 1.7 | $ | 3.7 | $ | 5.2 | $ | 11.5 | |||||||||
(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 six-month periods ended June 30, 2008 and 2007, general and administrative expenses were approximately 4.4% and 4.8%, respectively, of total revenues, including joint venture revenues. For the six-month period ended June 30, 2007, the Company recorded a charge of approximately $4.1 million to general and administrative expense in connection with the Company’s former president’s resignation as an executive officer. Excluding this charge, general and administrative expenses were 4.3% of total revenues for the six-month period ended June 30, 2007. | |
(D) | Other income/expense primarily relates to a gain of $0.2 million from the retirement of $3.425 million of the Company’s Senior Notes offset by abandoned acquisition and development project costs. |
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
Financial Highlights
(In thousands — except per share data)
(E) | The following is a summary of the combined operating results of the Company’s joint ventures: |
Three-Month Periods | Six-Month Periods | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Revenues from operations (a) | $ | 236,506 | $ | 201,896 | $ | 474,703 | $ | 346,942 | ||||||||
Operating expense | 79,648 | 65,217 | 160,591 | 113,638 | ||||||||||||
Depreciation and amortization of real estate investments | 59,845 | 49,204 | 116,449 | 79,640 | ||||||||||||
Interest expense | 71,989 | 66,428 | 149,283 | 112,216 | ||||||||||||
211,482 | 180,849 | 426,323 | 305,494 | |||||||||||||
Income from operations before tax expense and discontinued operations | 25,024 | 21,047 | 48,380 | 41,448 | ||||||||||||
Income tax expense | (2,865 | ) | (2,297 | ) | (6,645 | ) | (4,545 | ) | ||||||||
(Loss) gain on disposition of real estate | (11 | ) | 93,089 | (13 | ) | 93,089 | ||||||||||
Income (loss) from discontinued operations, net of tax | 101 | (284 | ) | 115 | (198 | ) | ||||||||||
Income on disposition of discontinued operations, net of tax | — | 1,080 | — | 738 | ||||||||||||
Other income, net (b) | 50,100 | — | 56,539 | — | ||||||||||||
Net income | $ | 72,349 | $ | 112,635 | $ | 98,376 | $ | 130,532 | ||||||||
DDR ownership interests (c) | $ | 12,740 | $ | 21,747 | $ | 20,214 | $ | 28,257 | ||||||||
FFO from joint ventures are summarized as follows: | ||||||||||||||||
Net income | $ | 72,349 | $ | 112,635 | $ | 98,376 | $ | 130,532 | ||||||||
Loss (gain) on disposition of real estate, including discontinued operations | 11 | (91,441 | ) | 13 | (91,441 | ) | ||||||||||
Depreciation and amortization of real estate investments | 59,845 | 49,215 | 116,449 | 79,837 | ||||||||||||
$ | 132,205 | $ | 70,409 | $ | 214,838 | $ | 118,928 | |||||||||
DDR ownership interests (c) | $ | 25,908 | $ | 31,313 | $ | 45,088 | $ | 44,872 | ||||||||
DDR joint venture distributions received, net (d) | $ | 12,601 | $ | 55,476 | $ | 26,301 | $ | 65,694 | ||||||||
(a) | Revenues for the three-month periods ended June 30, 2008 and 2007 included approximately $1.8 million and $2.1 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.3 million in both 2008 and 2007. Revenues for the six-month periods ended June 30, 2008 and 2007 included approximately $4.1 million and $3.7 million, respectively, resulting from the recognition of straight-line rents of which the Company’s proportionate share was $0.5 million in both 2008 and 2007. | |
(b) | Amount reflects equity in net income associated with a 50% owned joint venture that owns 37 Mervyn’s stores including the effects of certain derivative instruments that are marked to market through earnings from the Company’s equity investment in MDT. |
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
Financial Highlights
(In thousands — except per share data)
(c) | The Company’s share of joint venture net income was decreased by $0.2 million and $0.1 million for the three-month periods ended June 30, 2008 and 2007, respectively. The Company’s share of joint venture net income was decreased by $0.3 million and $0.4 million for the six-month periods ended June 30, 2008 and 2007, respectively. These adjustments reflect basis differences impacting amortization and depreciation and gain on dispositions. During the three-month period ended June 30, 2007, the Company received $13.6 million of promoted income relating to the sale of assets from the DDR Markaz Joint Venture which is included in the Company’s proportionate share of net income and FFO. | |
At June 30, 2008 and 2007, the Company owned joint venture interests, excluding consolidated joint ventures, in 273 and 269 shopping center properties, respectively. In addition, at June 30, 2008 and 2007, the Company owned 44 and 46 shopping center sites formerly owned by Service Merchandise, respectively, through its 20% owned joint venture with Coventry II. | ||
(d) | Distributions may include funds received from asset sales and refinancings in addition to ongoing operating distributions. |
(F) | Minority equity interests are comprised of the following: |
Three-Month Periods | Six-Month Periods | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Minority equity interests | $ | 1,735 | $ | 1,399 | $ | 3,512 | $ | 2,887 | ||||||||
Operating partnership units | 290 | 569 | 884 | 1,138 | ||||||||||||
Preferred operating partnership units | — | 5,908 | — | 9,690 | ||||||||||||
$ | 2,025 | $ | 7,876 | $ | 4,396 | $ | 13,715 | |||||||||
The preferred operating partnership units were redeemed in June 2007. In June 2008, 0.5 million operating partnership units were converted into an equivalent number of common shares of the Company. |
(G) | During the first quarter of 2007, the Company released to income approximately $15.0 million of previously established valuation allowances against certain deferred tax assets as management had determined, due to several factors, that it is more likely than not that the deferred tax asset will be realized. The release was primarily due to the Company’s increased use of its taxable REIT subsidiaries relating to its merchant building program. |
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands — except per share data)
Financial Highlights
(In thousands — except per share data)
(H) | The operating results relating to assets classified as discontinued operations are summarized as follows: |
Three-Month Periods | Six-Month Periods | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Revenues | $ | 354 | $ | 15,909 | $ | 1,003 | $ | 28,145 | ||||||||
Expenses: | ||||||||||||||||
Operating | 335 | 3,897 | 658 | 7,328 | ||||||||||||
Interest, net | 98 | 3,681 | 248 | 6,980 | ||||||||||||
Depreciation | 120 | 2,617 | 366 | 5,175 | ||||||||||||
Total expenses | 553 | 10,195 | 1,272 | 19,483 | ||||||||||||
(Loss) income before gain on disposition of real estate | (199 | ) | 5,714 | (269 | ) | 8,662 | ||||||||||
Gain on disposition of real estate | 1,078 | 10,815 | 886 | 13,634 | ||||||||||||
Net income | $ | 879 | $ | 16,529 | $ | 617 | $ | 22,296 | ||||||||
(I) | For purposes of computing FFO per share (basic), the weighted average shares outstanding were adjusted to reflect the assumed conversion of approximately 0.4 million and 0.9 million Operating Partnership Units (“OP Units”) outstanding at June 30, 2008 and 2007, respectively, into 0.8 million and 0.9 million common shares of the Company for the three and six-month periods ended June 30, 2008 and 2007, respectively, on a weighted average basis. The weighted average diluted shares and OP Units outstanding, for purposes of computing FFO, were approximately 120.8 million and 126.4 million for the three-month periods ended June 30, 2008 and 2007, respectively, and 120.7 million and 121.6 million for the six-month periods ended June 30, 2008 and 2007, respectively. |
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
June 30, 2008 (A) | December 31, 2007 (A) | |||||||
Assets: | ||||||||
Real estate and rental property: | ||||||||
Land | $ | 2,099,882 | $ | 2,142,942 | ||||
Buildings | 5,958,173 | 5,933,890 | ||||||
Fixtures and tenant improvements | 259,515 | 237,117 | ||||||
8,317,570 | 8,313,949 | |||||||
Less: Accumulated depreciation | (1,125,477 | ) | (1,024,048 | ) | ||||
7,192,093 | 7,289,901 | |||||||
Construction in progress | 898,161 | 664,926 | ||||||
Assets held for sale | — | 5,796 | ||||||
Real estate, net | 8,090,254 | 7,960,623 | ||||||
Investments in and advances to joint ventures | 689,313 | 638,111 | ||||||
Cash | 47,847 | 49,547 | ||||||
Restricted cash | 49,179 | 58,958 | ||||||
Notes receivable | 40,423 | 18,557 | ||||||
Receivables, including straight-line rent, net | 206,752 | 199,354 | ||||||
Other assets, net | 149,985 | 164,666 | ||||||
$ | 9,273,753 | $ | 9,089,816 | |||||
Liabilities: | ||||||||
Indebtedness: | ||||||||
Revolving credit facilities | $ | 878,006 | $ | 709,459 | ||||
Unsecured debt | 2,519,225 | 2,622,219 | ||||||
Mortgage and other secured debt | 2,414,051 | 2,259,336 | ||||||
5,811,282 | 5,591,014 | |||||||
Dividends payable | 89,951 | 85,851 | ||||||
Other liabilities | 291,836 | 285,245 | ||||||
6,193,069 | 5,962,110 | |||||||
Minority equity interests | 148,658 | 128,881 | ||||||
Shareholders’ equity | 2,932,026 | 2,998,825 | ||||||
$ | 9,273,753 | $ | 9,089,816 | |||||
(A) | Amounts include the consolidation of a 50% owned joint venture that owns 37 sites occupied by DDR MDT MV LLC, which includes $405.8 million of real estate assets at June 30, 2008 and December 31, 2007, $258.5 million of mortgage debt at June 30, 2008 and December 31, 2007, and $73.0 million and $74.6 million of minority equity interest at June 30, 2008 and December 31, 2007, respectively. |
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)
Financial Highlights
(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company’s joint ventures are as follows:
June 30, 2008 | December 31, 2007 | |||||||
Land | $ | 2,394,627 | $ | 2,384,069 | ||||
Buildings | 6,319,326 | 6,253,167 | ||||||
Fixtures and tenant improvements | 125,567 | 101,115 | ||||||
8,839,520 | 8,738,351 | |||||||
Less: Accumulated depreciation | (517,321 | ) | (412,806 | ) | ||||
8,322,199 | 8,325,545 | |||||||
Construction in progress | 309,291 | 207,387 | ||||||
Real estate, net | 8,631,490 | 8,532,932 | ||||||
Receivables, including straight-line rent, net | 144,490 | 124,540 | ||||||
Leasehold interests | 13,195 | 13,927 | ||||||
Other assets | 437,412 | 365,925 | ||||||
$ | 9,226,587 | $ | 9,037,324 | |||||
Mortgage debt (a) | $ | 5,697,730 | $ | 5,551,839 | ||||
Notes and accrued interest payable to DDR | 8,334 | 8,492 | ||||||
Other liabilities | 224,583 | 201,083 | ||||||
5,930,647 | 5,761,414 | |||||||
Accumulated equity | 3,295,940 | 3,275,910 | ||||||
$ | 9,226,587 | $ | 9,037,324 | |||||
(a) | The Company’s proportionate share of joint venture debt aggregated approximately $1,124.4 million and $1,034.1 million at June 30, 2008 and December 31, 2007, respectively. |
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Information)
(In Thousands Except Per Share Information)
Six-Month | Six-Month | |||||||||||||||||||||||
Period Ended | Period Ended | |||||||||||||||||||||||
June 30, | June 30, | Year Ended December 31, | ||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
FUNDS FROM OPERATIONS: | ||||||||||||||||||||||||
Net Income Applicable to Common Shareholders | $ | 62,217 | $ | 160,173 | $ | 225,113 | (6) | $ | 198,095 | $ | 227,474 | $ | 219,056 | |||||||||||
Depreciation and Amortization of Real Estate Investments | $ | 111,641 | $ | 106,585 | $ | 214,396 | $ | 185,449 | $ | 169,117 | $ | 130,537 | ||||||||||||
Equity in Net Income From Joint Ventures | ($19,943 | ) | ($27,883 | ) | ($43,229 | ) | ($30,337 | ) | ($34,873 | ) | ($40,896 | ) | ||||||||||||
Joint Venture Funds From Operations | $ | 45,088 | $ | 44,872 | $ | 84,423 | $ | 44,473 | $ | 49,302 | $ | 46,209 | ||||||||||||
Operating Partnership Minority Equity Interest Expense | $ | 884 | $ | 1,138 | $ | 2,275 | $ | 2,116 | $ | 2,916 | $ | 2,607 | ||||||||||||
Cumulative Effect of Adoption of a New Accounting Standard | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 3,001 | ||||||||||||
Gain on Disposition of Real Estate | ($1,151 | ) | ($19,443 | ) | ($17,956 | ) | ($21,987 | ) | ($58,834 | ) | ($68,179 | ) | ||||||||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 198,736 | $ | 265,441 | $ | 465,021 | $ | 377,809 | $ | 355,102 | $ | 292,335 | ||||||||||||
PREFERRED DIVIDENDS | $ | 21,134 | $ | 29,800 | $ | 50,934 | (6) | $ | 55,169 | $ | 55,169 | $ | 50,706 | |||||||||||
FUNDS FROM OPERATIONS | $ | 219,870 | $ | 295,241 | $ | 515,956 | $ | 432,978 | $ | 410,271 | $ | 343,041 | ||||||||||||
PER SHARE INFORMATION: | ||||||||||||||||||||||||
Funds From Operations — Diluted | $ | 1.65 | $ | 2.18 | $ | 3.79 | $ | 3.41 | $ | 3.21 | $ | 2.95 | ||||||||||||
Net Income — Diluted | $ | 0.52 | $ | 1.33 | $ | 1.85 | $ | 1.81 | $ | 2.08 | $ | 2.24 | ||||||||||||
Cash Dividends | $ | 1.38 | $ | 1.32 | $ | 2.64 | $ | 2.36 | $ | 2.16 | $ | 1.94 | ||||||||||||
WEIGHTED AVERAGE SHARES AND OPERATING PARTNERSHIP UNITS, FFO | 120,724 | 121,629 | 122,716 | 110,826 | 110,700 | 99,147 | ||||||||||||||||||
TOTAL MARKET CAPITALIZATION (1) | $ | 10,554,568 | $ | 12,306,962 | $ | 10,755,742 | $ | 11,869,415 | $ | 9,781,900 | $ | 8,276,943 | ||||||||||||
DEBT TO TOTAL MARKET CAPITALIZATION (1) | 55.06 | % | 41.59 | % | 51.98 | % | 35.80 | % | 39.77 | % | 32.82 | % | ||||||||||||
DEBT TO TOTAL UNDEPRECIATED ASSETS, INVESTMENTS, CASH & NOTES REC. | 57.45 | % | 54.12 | % | 56.92 | % | 54.36 | % | 52.67 | % | 45.37 | % | ||||||||||||
DIVIDEND PAYOUT RATIO (1) | 83.78 | % | 61.32 | % | 69.55 | % | 68.84 | % | 66.98 | % | 67.28 | % | ||||||||||||
GEN. & ADMIN. EXPENSES AS A PERCENTAGE OF TOTAL REVENUES (2) | 4.43 | % | 4.80 | %(7) | 4.53 | %(7) | 4.80 | % | 4.55 | % | 4.94 | % | ||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | $ | 42,047 | $ | 40,678 | (7) | $ | 81,244 | (7) | $ | 60,679 | $ | 54,048 | $ | 47,126 | ||||||||||
REVENUES: | ||||||||||||||||||||||||
DDR Revenues | $ | 475,076 | $ | 498,973 | $ | 973,690 | $ | 824,725 | $ | 748,571 | $ | 605,246 | ||||||||||||
Joint Venture Revenues | $ | 474,703 | $ | 348,415 | $ | 818,029 | $ | 438,885 | $ | 438,103 | $ | 348,740 | ||||||||||||
TOTAL REVENUES (3) | $ | 949,779 | $ | 847,388 | $ | 1,791,719 | $ | 1,263,610 | $ | 1,186,675 | $ | 953,987 | ||||||||||||
NET OPERATING INCOME: | ||||||||||||||||||||||||
DDR Net Operating Income | $ | 346,943 | $ | 373,803 | $ | 723,196 | $ | 615,007 | $ | 555,291 | $ | 453,501 | ||||||||||||
Joint Venture Net Operating Income | $ | 314,112 | $ | 229,455 | $ | 544,732 | $ | 288,699 | $ | 280,617 | $ | 228,358 | ||||||||||||
TOTAL NET OPERATING INCOME (4) | $ | 661,056 | $ | 603,259 | $ | 1,267,928 | $ | 903,706 | $ | 835,907 | $ | 681,859 | ||||||||||||
REAL ESTATE AT COST: | ||||||||||||||||||||||||
DDR Real Estate at Cost | $ | 9,215,731 | $ | 8,758,517 | $ | 8,984,738 | $ | 7,450,693 | $ | 7,029,337 | $ | 5,603,424 | ||||||||||||
Joint Venture Real Estate at Cost | $ | 9,148,811 | $ | 8,766,422 | $ | 8,945,738 | $ | 3,939,707 | $ | 3,470,112 | $ | 3,165,335 | ||||||||||||
TOTAL REAL ESTATE AT COST (5) | $ | 18,364,543 | $ | 17,524,939 | $ | 17,930,476 | $ | 11,390,400 | $ | 10,499,449 | $ | 8,768,759 | ||||||||||||
(1) | See Market Capitalization and Financial Ratio section for detailed calculation. | |
(2) | The calculation includes joint venture revenues from discontinued operations. | |
(3) | Includes revenues from discontinued operations. | |
(4) | Includes NOI associated with acquisitions, expansions and developments from completion date of said capital transactions. | |
(5) | Includes construction in progress (CIP) at June 30, 2008 of $1,207.5 million (includes $309.3 million of CIP included in joint ventures, of which $71.5 million represents the Company’s proportionate share), and at December 31, 2007, 2006, 2005, 2004, CIP aggregated $872.3 million, $611.2 million, $386.2 million and $271.0 million, respectively. | |
(6) | Amounts were adjusted to include original issuance costs associated with the redemption of preferred stock of $5.4 million for the year ended December 31, 2007. | |
(7) | The 2007 general and administrative expenses include the former president’s resignation as an executive officer of the company charge of $4.1 million. Excluding this charge, general and administrative expenses were approximately 4.3% of total revenue for the periods ended June 30, 2007 and December 31, 2007. |
Financial Highlights 2.1
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
MARKET CAPITALIZATION & FINANCIAL RATIOS
Six-Month | ||||||||||||||||||||
Period Ended | ||||||||||||||||||||
June 30, | Year Ended December 31, | |||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
DDR RATIO OF DEBT TO TOTAL MARKET CAP: | ||||||||||||||||||||
Total Debt | $ | 5,811,282 | $ | 5,591,014 | $ | 4,248,812 | $ | 3,890,709 | $ | 2,716,426 | ||||||||||
Total Market Capitalization * | $ | 10,554,568 | $ | 10,755,742 | $ | 11,869,415 | $ | 9,781,900 | $ | 8,276,943 | ||||||||||
55.06 | % | 51.98 | % | 35.80 | % | 39.77 | % | 32.82 | % | |||||||||||
DDR DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS AND NOTES RECEIVABLE | 57.45 | % | 56.92 | % | 54.36 | % | 52.67 | % | 45.37 | % | ||||||||||
DDR, INCLUDING PROPORTIONATE SHARE OF JV DEBT, TOTAL MARKET CAPITALIZATION: | ||||||||||||||||||||
Total Debt * | $ | 6,935,729 | $ | 6,625,086 | $ | 4,774,407 | $ | 4,401,169 | $ | 3,137,184 | ||||||||||
Total Market Capitalization * | $ | 11,679,015 | $ | 11,789,814 | $ | 12,395,010 | $ | 10,292,361 | $ | 8,697,701 | ||||||||||
59.39 | % | 56.19 | % | 38.52 | % | 42.76 | % | 36.07 | % | |||||||||||
DDR & JV DEBT TO UNDEPRECIATED REAL ESTATE ASSETS, INVESTMENTS & NOTES RECEIVABLE | 61.53 | % | 61.01 | % | 57.20 | % | 55.44 | % | 48.67 | % | ||||||||||
INTEREST COVERAGE RATIO: | ||||||||||||||||||||
Interest Expense (1) | $ | 119,760 | $ | 261,002 | $ | 215,438 | $ | 184,281 | $ | 130,447 | ||||||||||
FFO Before Interest and Preferred Dividends * | $ | 339,631 | $ | 776,958 | $ | 648,416 | $ | 594,551 | $ | 473,488 | ||||||||||
2.84 | 2.98 | 3.01 | 3.23 | 3.63 | ||||||||||||||||
DEBT SERVICE COVERAGE RATIO: | ||||||||||||||||||||
Debt Service * (1) | $ | 133,079 | $ | 291,585 | $ | 247,464 | $ | 217,434 | $ | 152,927 | ||||||||||
FFO Before Interest and Preferred Dividends * | $ | 339,631 | $ | 776,958 | $ | 648,416 | $ | 594,551 | $ | 473,488 | ||||||||||
2.55 | 2.66 | 2.62 | 2.73 | 3.10 | ||||||||||||||||
FIXED CHARGES (INCLUDING PREFERRED DIVIDENDS) COVERAGE RATIO | ||||||||||||||||||||
Fixed Charges (1) | $ | 154,213 | $ | 337,114 | $ | 302,632 | $ | 272,603 | $ | 203,633 | ||||||||||
FFO Before Interest and Preferred Dividends * | $ | 339,631 | $ | 776,958 | $ | 648,416 | $ | 594,551 | $ | 473,488 | ||||||||||
2.20 | 2.30 | 2.14 | 2.18 | 2.33 | ||||||||||||||||
DIVIDEND PAYOUT RATIO | ||||||||||||||||||||
Common Share Dividends and Operating Partnership Interest | $ | 166,507 | $ | 327,183 | $ | 260,069 | $ | 237,856 | $ | 196,685 | ||||||||||
FFO exclusive of charge associated with preferred stock redemption | $ | 198,737 | $ | 470,426 | $ | 377,809 | $ | 355,102 | $ | 292,335 | ||||||||||
0.84 | 0.70 | 0.69 | 0.67 | 0.67 |
* | See Attached for Detail Calculation | |
(1) | Amounts have been adjusted to eliminate interest and debt service costs of joint ventures consolidated due to FIN 46 as FFO does not include the joint venture partners’ proportionate share. |
Market Capitalization and Financial Ratios 2.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Six-Month | ||||||||||||||||||||
Period Ended | ||||||||||||||||||||
June 30, | As of December 31, | |||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
DDR TOTAL MARKET CAPITALIZATION | ||||||||||||||||||||
Common Shares Outstanding | 120,266 | 119,528 | 108,986 | 108,948 | 108,083 | |||||||||||||||
Operating Partnership Units Outstanding | 399 | 862 | 872 | 1,350 | 1,350 | |||||||||||||||
Total | 120,665 | 120,390 | 109,859 | 110,298 | 109,432 | |||||||||||||||
Share Price at Period End | $ | 34.71 | $ | 38.29 | $ | 62.95 | $ | 47.02 | $ | 44.37 | ||||||||||
Market Value of Common Shares | $ | 4,188,286 | $ | 4,609,728 | $ | 6,915,603 | $ | 5,186,192 | $ | 4,855,516 | ||||||||||
Preferred Shares at Book Value | $ | 555,000 | $ | 555,000 | $ | 705,000 | $ | 705,000 | $ | 705,000 | ||||||||||
Total Debt | $ | 5,811,282 | (1) | $ | 5,591,014 | (1) | $ | 4,248,812 | (1) | $ | 3,890,709 | $ | 2,716,426 | |||||||
TOTAL MARKET CAPITALIZATION | $ | 10,554,568 | $ | 10,755,742 | $ | 11,869,415 | $ | 9,781,900 | $ | 8,276,943 | ||||||||||
DDR TOTAL MARKET CAPITALIZATION — INCLUDING PROPORTIONATE SHARE OF JV DEBT | ||||||||||||||||||||
Common Shares Outstanding | 120,266 | 119,528 | 108,986 | 108,948 | 108,083 | |||||||||||||||
Operating Partnership Units Outstanding | 399 | 862 | 872 | 1,350 | 1,350 | |||||||||||||||
Total | 120,665 | 120,390 | 109,859 | 110,298 | 109,432 | |||||||||||||||
Share Price at Period End | $ | 34.71 | $ | 38.29 | $ | 62.95 | $ | 47.02 | $ | 44.37 | ||||||||||
Market Value of Common Shares | $ | 4,188,286 | $ | 4,609,728 | $ | 6,915,603 | $ | 5,186,192 | $ | 4,855,516 | ||||||||||
Preferred Shares at Book Value | $ | 555,000 | $ | 555,000 | $ | 705,000 | $ | 705,000 | $ | 705,000 | ||||||||||
Total Debt | $ | 5,811,282 | (1) | $ | 5,591,014 | (1) | $ | 4,248,812 | (1) | $ | 3,890,709 | $ | 2,716,426 | |||||||
Proportionate Share of JV Debt | $ | 1,124,447 | $ | 1,034,072 | $ | 525,595 | $ | 510,460 | $ | 420,758 | ||||||||||
TOTAL MARKET CAPITALIZATION | $ | 11,679,015 | $ | 11,789,814 | $ | 12,395,010 | $ | 10,292,361 | $ | 8,697,701 | ||||||||||
(1) | Includes $326.4 million of consolidated joint venture debt at June 30, 2008 (of which $140.6 million represents the joint venture partners’ share) and $327.6 million and $275.2 million at December 31, 2007 and 2006, respectively. |
Market Capitalization and Financial Ratios 2.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Six-Month | ||||||||||||||||||||
Period Ended | ||||||||||||||||||||
June 30, | Year Ended December 31, | |||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE | ||||||||||||||||||||
Undepreciated Real Estate Assets | $ | 9,215,731 | $ | 8,984,738 | $ | 7,450,693 | $ | 7,029,337 | $ | 5,603,424 | ||||||||||
Undepreciated Real Estate Intangible Assets | $ | 72,813 | $ | 72,443 | $ | 27,408 | $ | 26,345 | $ | 27,841 | ||||||||||
Cash and Cash Equivalents | $ | 97,026 | $ | 108,505 | $ | 28,378 | $ | 30,655 | $ | 49,871 | ||||||||||
Notes Receivable | $ | 40,423 | $ | 18,557 | $ | 18,161 | $ | 24,996 | $ | 17,823 | ||||||||||
Investments in and Advances to Joint Ventures | $ | 689,313 | $ | 638,111 | $ | 291,685 | $ | 275,136 | $ | 288,020 | ||||||||||
$ | 10,115,306 | $ | 9,822,354 | $ | 7,816,325 | $ | 7,386,469 | $ | 5,986,979 | |||||||||||
DDR & JV UNDEPRECIATED REAL ESTATE ASSETS, CASH, INVESTMENTS & NOTES RECEIVABLE | ||||||||||||||||||||
Undepreciated Real Estate Assets | $ | 9,215,731 | $ | 8,984,738 | $ | 7,450,693 | $ | 7,029,337 | $ | 5,603,424 | ||||||||||
Undepreciated Real Estate Intangible Assets | $ | 72,813 | $ | 72,443 | $ | 27,408 | $ | 26,345 | $ | 27,841 | ||||||||||
Cash and Cash Equivalents | $ | 97,026 | $ | 108,505 | $ | 28,378 | $ | 30,655 | $ | 49,871 | ||||||||||
Notes Receivable or Proportionate Share Thereof | $ | 42,523 | $ | 19,487 | $ | 35,443 | $ | 116,212 | $ | 44,536 | ||||||||||
Proportionate Share of JV Undepreciated Real Estate Assets | $ | 1,843,784 | $ | 1,673,987 | $ | 804,738 | $ | 736,109 | $ | 719,619 | ||||||||||
$ | 11,271,878 | $ | 10,859,160 | $ | 8,346,659 | $ | 7,938,658 | $ | 6,445,290 | |||||||||||
FUNDS FROM OPERATIONS BEFORE INTEREST AND PREFERRED DIVIDENDS | ||||||||||||||||||||
FFO | $ | 198,737 | $ | 465,021 | $ | 377,809 | $ | 355,102 | $ | 292,335 | ||||||||||
Interest Expense | $ | 123,497 | $ | 268,526 | $ | 222,867 | $ | 186,196 | $ | 130,447 | ||||||||||
Adjustment to interest expense for consolidated joint ventures due to FIN 46 | ($3,738 | ) | ($7,524 | ) | ($7,429 | ) | ($1,915 | ) | $ | 0 | ||||||||||
Preferred Dividends, Including Preferred Operating Minority Interest & Non-Cash D-42 Dividend | $ | 21,134 | $ | 50,934 | $ | 55,169 | $ | 55,169 | $ | 50,706 | ||||||||||
$ | 339,631 | $ | 776,958 | $ | 648,416 | $ | 594,551 | $ | 473,488 | |||||||||||
DEBT SERVICE | ||||||||||||||||||||
Interest Expense | $ | 123,497 | $ | 268,526 | $ | 222,867 | $ | 186,196 | $ | 130,447 | ||||||||||
Adjustment to interest expense for consolidated joint ventures due to FIN 46 | ($3,738 | ) | ($7,524 | ) | ($7,429 | ) | ($1,915 | ) | $ | 0 | ||||||||||
Recurring Principal Amortization | $ | 13,320 | $ | 30,583 | $ | 32,026 | $ | 33,154 | $ | 22,480 | ||||||||||
$ | 133,079 | $ | 291,585 | $ | 247,464 | $ | 217,434 | $ | 152,927 | |||||||||||
FIXED CHARGES | ||||||||||||||||||||
Debt Service | $ | 133,079 | $ | 291,585 | $ | 247,464 | $ | 217,434 | $ | 152,927 | ||||||||||
Preferred Dividends, Including Preferred Operating Minority Interest and excluding Non-Cash | $ | 21,134 | $ | 45,529 | $ | 55,169 | $ | 55,169 | $ | 50,706 | ||||||||||
D-42 Dividend | $ | 154,213 | $ | 337,114 | $ | 302,632 | $ | 272,603 | $ | 203,633 | ||||||||||
Market Capitalization and Financial Ratios 2.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
$10.6 Billion Total Capitalization as of June 30, 2008
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Significant Accounting Policies
Revenues
• | Percentage and overage rents are recognized after the tenants reported sales have exceeded the applicable sales breakpoint. |
• | Revenues associated with tenant reimbursements are recognized in the period in which the expenses are incurred based upon the provisions of tenants’ leases. |
• | Lease termination fees are included in other income and recognized upon termination of a tenant’s lease, which generally coincides with the receipt of cash. |
General and Administrative Expenses
• | General and administrative expenses include internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred. All indirect internal costs associated with acquisitions are expensed as incurred. |
Deferred Financing Costs
• | Costs incurred in obtaining long-term financing are included in deferred charges and are amortized over the terms of the related debt agreements; such amortization is reflected as interest expense in the consolidated statements of operations. |
Real Estate
• | Real estate assets are stated at cost less accumulated depreciation, which, in the opinion of management, is not in excess of the individual property’s estimated undiscounted future cash flows, including estimated proceeds from disposition. |
• | Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows: |
Buildings | 18 to 31 years | |
Furniture/Fixtures | Useful lives, which approximate lease | |
and Tenant Improvements | terms, where applicable |
Significant Accounting Policies 2.4
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Significant Accounting Policies (Continued)
• | Expenditures for maintenance and repairs are charged to operations as incurred. Renovations that improve or extend the life of the asset are capitalized. |
• | Construction in progress includes shopping center developments and significant expansions and redevelopments. |
Capitalization
• | The Company capitalizes interest on funds used for the construction or expansion of shopping centers. Capitalization of interest ceases when construction activities are completed and the property is available for occupancy by tenants. |
• | For the six-month period ended June 30, 2008 and for the years ended December 31, 2007, 2006, 2005 and 2004, the Company capitalized interest of $18.4 million, $26.9 million, $20.1 million, $12.5 million and $10.0 million, respectively. |
• | In addition, the Company capitalized certain construction administration costs of $7.5 million for the six-month period ended June 30, 2008 and $10.9 million, $10.1 million, $6.2 million and $5.5 million for the years ended December 31, 2007, 2006, 2005, and 2004, respectively. |
• | Interest and real estate taxes incurred during the construction period are capitalized and depreciated over the building life. |
Gain on Sales of Real Estate
• | Gain on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers is recognized at closing when the earnings process is deemed to be complete. |
Significant Accounting Policies 2.4
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Other Real Estate Information
Total Recurring Capital Expenditures
• | The Company and its joint ventures (at 100%) currently estimate total annual recurring leasing capital expenditures to be approximately $29 million ($0.25 psf of owned GLA) in 2008. |
Undeveloped Land
• | Included in land is undeveloped real estate, comprised primarily of outlots or expansion pads adjacent to the shopping centers owned by the Company. Land held for development is included in the Company’s CIP amount. |
• | At December 31, 2007, the Company estimated the value of this undeveloped land to be approximately $60 million. This value has not been adjusted to reflect changes in land sales or acquisitions subsequent to December 31, 2007. |
Non-Income Producing Assets
• | The Company currently estimates the undepreciated cost of its non-income producing real estate assets and furniture, fixtures and equipment to be approximately $100 million at June 30, 2008. |
Other Real Estate Information 2.5
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Reconciliation of Supplemental
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Table 1 — Developers Diversified Realty Corporation and the Company’s Joint Ventures Combined
Same Store Net Operating Income (NOI) represents shopping center assets owned in comparable periods, excluding those under redevelopment. NOI generally includes revenues and expenses for each comparable asset, but excludes straight-line rent, lease termination income and provisions for uncollectible amounts and/or recoveries thereof. Reconciliation of Same Store NOI to Total Revenues and Certain Expenses is as follows:
Six Months Ended | ||||||||||||
June 30, | ||||||||||||
2008 | 2007 | |||||||||||
Total Revenues DDR | $ | 474,073 | $ | 470,829 | ||||||||
Total Revenues — Combined Joint Ventures | 474,703 | 346,942 | ||||||||||
Operating and Maintenance — DDR | (71,738 | ) | (61,884 | ) | ||||||||
Real Estate Taxes — DDR | (55,740 | ) | (55,986 | ) | ||||||||
Operating and Maintenance and Real Estate Taxes- Combined Joint Ventures | (160,591 | ) | (113,638 | ) | ||||||||
Combined NOI | $ | 660,707 | $ | 586,263 | ||||||||
Total Same Store NOI | $ | 441,872 | $ | 431,287 | 2.5 | % | ||||||
Property NOI from other operating segments | 218,835 | 154,976 | ||||||||||
Combined NOI | $ | 660,707 | $ | 586,263 | ||||||||
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Reconciliation of Supplemental
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Table 2 — Developers Diversified Realty Corporation
Reconciliation of Funds From Operations (FFO):
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FUNDS FROM OPERATIONS: | ||||||||||||||||
Net Income Applicable to Common Shareholders | $ | 29,360 | $ | 111,429 | $ | 62,217 | $ | 160,173 | ||||||||
Depreciation and Amortization of Real Estate Investments | 57,279 | 54,136 | 111,641 | 106,584 | ||||||||||||
Equity in Net Income From Joint Ventures | (12,555 | ) | (21,602 | ) | (19,943 | ) | (27,883 | ) | ||||||||
Joint Venture Funds From Operations | 25,908 | 31,313 | 45,088 | 44,872 | ||||||||||||
Minority Equity Interests (OP Units) | 290 | 569 | 884 | 1,138 | ||||||||||||
Gain on Sales of Real Estate | (1,133 | ) | (16,587 | ) | (1,151 | ) | (19,443 | ) | ||||||||
FUNDS FROM OPERATIONS AVAILABLE TO COMMON SHAREHOLDERS | $ | 99,149 | $ | 159,258 | $ | 198,736 | $ | 265,441 | ||||||||
Preferred Dividend Charges | 10,567 | 16,008 | 21,134 | 29,800 | ||||||||||||
FUNDS FROM OPERATIONS | $ | 109,716 | $ | 175,266 | $ | 219,870 | $ | 295,241 | ||||||||
ADDITIONAL SFAS 141 DISCLOSURES: | ||||||||||||||||
Below (Above) Market Rent Amortization | $ | 242 | $ | 336 | $ | 479 | $ | 673 | ||||||||
Pro Rata Share of JV Below (Above) Market Rent Amortization | 45 | 39 | 77 | (37 | ) | |||||||||||
Debt Premium Amortization Income (Expense) | $ | 1,240 | $ | 1,981 | $ | 2,777 | $ | 4,104 | ||||||||
Pro Rata Share of JV Debt Premium Amortization Income (Expense) | (7 | ) | 19 | (14 | ) | 28 |
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Reconciliation of Supplemental
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Table 3 — Developers Diversified Realty Corporation
Summary of Consolidated Transactional Income
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | Income Statement Caption | ||||||||||||||||
Transactional Income Included in FFO | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||
Merchant Building Gains, Net of Tax | $ | 242 | $ | 45,676 | $ | 292 | $ | 46,209 | Gain on Disposition of Real Estate | |||||||||||
Land Sale Gains | 611 | 2,564 | 2,718 | 8,004 | Gain on Disposition of Real Estate | |||||||||||||||
$ | 853 | $ | 48,240 | $ | 3,010 | $ | 54,213 | |||||||||||||
Transactional Income NOT Included in FFO | ||||||||||||||||||||
Consolidated | ||||||||||||||||||||
Gain on Dispositions | $ | 55 | $ | 5,772 | $ | 265 | $ | 5,809 | Gain on Disposition of Real Estate | |||||||||||
Gain on Sales from Discontinued Operations | $ | 1,078 | $ | 10,815 | $ | 886 | $ | 13,634 | Gain on Disposition of Discontinued Operations | |||||||||||
$ | 1,133 | $ | 16,587 | $ | 1,151 | $ | 19,443 | FFO Reconciliation | ||||||||||||
Gain on Sales of Real Estate | ||||||||||||||||||||
Merchant Building Gains, Net of Tax | $ | 242 | $ | 45,676 | $ | 292 | $ | 46,209 | ||||||||||||
Land Sale Gains | 611 | 2,564 | 2,718 | 8,004 | ||||||||||||||||
Gain on Dispositions | 55 | 5,772 | 265 | 5,809 | ||||||||||||||||
$ | 908 | $ | 54,012 | $ | 3,275 | $ | 60,022 | Consolidated Income Statement | ||||||||||||
Gain on Sales of Real Estate From Discontinued Operations | ||||||||||||||||||||
Gain on Sales from Discontinued Operations | $ | 1,078 | $ | 10,815 | $ | 886 | $ | 13,634 | Consolidated Income Statement | |||||||||||
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Reconciliation of Supplemental
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Table 4 — Developers Diversified Realty Corporation
Summary of Joint Venture Transactional Income
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | Income Statement Caption | ||||||||||||||||
Transactional Income Included in FFO | ||||||||||||||||||||
Joint Ventures | ||||||||||||||||||||
Loss on Sales from Discontinued Operations | $ | — | $ | (193 | ) | $ | — | $ | (535 | ) | Loss on Disposition of Real Estate, Net of Tax | |||||||||
Land Sale Gains | — | 2,920 | — | 2,920 | Gain on Disposition of Real Estate, Net of Tax | |||||||||||||||
$ | — | $ | 2,727 | $ | — | $ | 2,385 | |||||||||||||
DDR’s Proportionate Share | $ | — | $ | 703 | $ | — | $ | 635 | ||||||||||||
Promoted Income (a) | — | 14,333 | — | 14,333 | ||||||||||||||||
DDR’s Proportionate Share | $ | — | $ | 15,036 | $ | — | $ | 14,968 | ||||||||||||
Transactional Income NOT Included in FFO | ||||||||||||||||||||
Joint Ventures | ||||||||||||||||||||
Gain on Sales from Discontinued Operations | $ | — | $ | 1,273 | $ | — | $ | 1,273 | Gain on Disposition of Real Estate | |||||||||||
Other (Loss) Gain on Sales | (11 | ) | 90,169 | (13 | ) | 90,169 | (Loss) Gain on Disposition of Real Estate | |||||||||||||
$ | (11 | ) | $ | 91,442 | $ | (13 | ) | $ | 91,442 | FFO Reconciliation | ||||||||||
DDR’s Proportionate Share | $ | — | $ | 4,739 | $ | — | $ | 4,739 | ||||||||||||
Gain on Sales of Real Estate, Net of Tax | ||||||||||||||||||||
Land Sale Gains | $ | — | $ | 2,920 | $ | — | $ | 2,920 | ||||||||||||
Other (Loss) Gain on Sales | (11 | ) | 90,169 | (13 | ) | 90,169 | ||||||||||||||
$ | (11 | ) | $ | 93,089 | $ | (13 | ) | $ | 93,089 | (Loss) Gain on Disposition of Real Estate | ||||||||||
Gain on Sales of Real Estate From Discontinued Operations | ||||||||||||||||||||
Loss on Sales from Discontinued Operations included in FFO | $ | — | $ | (193 | ) | $ | — | $ | (535 | ) | ||||||||||
Gain on Sales from Discontinued Operations NOT included in FFO | — | 1,273 | — | 1,273 | ||||||||||||||||
$ | — | $ | 1,080 | $ | — | $ | 738 | Gain on Disposition of Discontinued Operations | ||||||||||||
(a) | Included in gain on disposition of discontinued operations for the three-months and six-months ended June 30, 2007 is the sale of the KFC I joint venture assets. | |
DDR received promoted income of approximately $13.6 million which is included in DDR’s proportionate share. |
Reconciliation of Supplemental Non-GAAP Financial Measures 2.6
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Joint Venture Investment Summary
(in millions)
as of June 30, 2008
(in millions)
as of June 30, 2008
Promoted | ||||||||||||||||||||||||||||
DDR | Consolidated | Number of | Gross Book | Interest | ||||||||||||||||||||||||
Legal Name | Partner(s) | Ownership % | (Yes/No) | Properties | Value | Debt | (Yes/No) | |||||||||||||||||||||
1 | DDRTC Core Retail Fund, LLC | TREA Retail Property Portfolio 2006, LLC (TIAA) (85%) | 15.0 | % | No | 66 | $ | 2,950.9 | $ | 1,772.3 | Yes | |||||||||||||||||
2 | DDR Domestic Retail Fund I | DDR Domestic Retail Fund I (80%) | 20.0 | % | No | 63 | $ | 1,464.4 | $ | 968.1 | Yes | |||||||||||||||||
3 | Investments with Macquarie (DDR Macquarie Fund LLC, Management LLC, U.S. Trust Inc. and MDT PS LLC ) | Macquarie Bank Ltd (MBL) / Macquarie DDR Trust (MDT) (B) | Various | No | 57 | $ | 1,929.4 | $ | 1,279.6 | Yes | ||||||||||||||||||
4 | DDR MDT MV LLC (Mervyns) (C) | Macquarie DDR Trust (MDT) (49.98%) | 50.02 | % | Yes | 37 | $ | 405.8 | $ | 258.5 | Yes | |||||||||||||||||
5 | Coventry II DDR Bloomfield LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | (A) | $ | 130.9 | $ | 48.0 | Yes | ||||||||||||||||
6 | Coventry II DDR Buena Park LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 101.9 | $ | 61.0 | Yes | |||||||||||||||||
7 | Coventry II DDR Fairplain LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 30.5 | $ | 16.0 | Yes | |||||||||||||||||
8 | Coventry II DDR Marley Creek LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 13.2 | $ | 10.8 | Yes | |||||||||||||||||
9 | Coventry II DDR Merriam Village LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | (A) | $ | 38.7 | $ | 18.5 | Yes | ||||||||||||||||
10 | Coventry II DDR Montgomery Farm LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | (A) | $ | 120.9 | $ | 86.1 | Yes | ||||||||||||||||
11 | Coventry II DDR Phoenix Spectrum LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 86.4 | $ | 46.0 | Yes | |||||||||||||||||
12 | Coventry II DDR SM LLC | Coventry II Fund (80%) | 20.0 | % | No | 44 | $ | 148.0 | $ | 117.4 | Yes | |||||||||||||||||
13 | Coventry II DDR Totem Lakes LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 41.6 | $ | 29.4 | Yes | |||||||||||||||||
14 | Coventry II DDR Tri County LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 225.2 | $ | 167.3 | Yes | |||||||||||||||||
15 | Coventry II DDR Ward Parkway LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 65.6 | $ | 36.0 | Yes | |||||||||||||||||
16 | Coventry II DDR Westover LLC | Coventry II Fund (80%) | 20.0 | % | No | 1 | $ | 29.4 | $ | 20.8 | Yes | |||||||||||||||||
17 | RVIP IIIB LP | Prudential Real Estate Advisors (74.25%) | 25.75 | % | No | 1 | $ | 89.4 | $ | 60.0 | Yes | |||||||||||||||||
18 | RVIP VII LLC | Prudential Real Estate Advisors (79%) | 21.0 | % | No | 2 | $ | 122.3 | $ | 72.1 | Yes | |||||||||||||||||
19 | RVIP VIII LP | Prudential Real Estate Advisors (74.25%) | 25.75 | % | No | 1 | $ | 33.6 | $ | 23.4 | Yes | |||||||||||||||||
20 | DPG Realty Holdings LLC | Prudential Insurance Co. of America (90%) | 10.0 | % | No | 12 | $ | 130.8 | $ | 9.9 | No | |||||||||||||||||
21 | TRT DDR Venture I General Partnership | TRT-DDR Joint Venture I Owner LLC (90%) | 10.0 | % | No | 3 | $ | 160.0 | $ | 110.0 | Yes | |||||||||||||||||
22 | Sonae Sierra Brazil BV Sarl | Sonae Sierra, SGPS, SA (50%) | 50.0 | % | No | 9 | $ | 399.2 | $ | 17.3 | No | |||||||||||||||||
23 | DDR-SAU Retail Fund, LLC | Special Account — U, L.P. (State of Utah) (80%) | 20.0 | % | No | 29 | $ | 309.1 | $ | 226.2 | No | |||||||||||||||||
24 | DDRA Comm. Ctrs Five, L.P. | DRA Advisors (50%) | 50.0 | % | No | 5 | $ | 241.5 | $ | 280.0 | No | |||||||||||||||||
25 | DDR Markaz II LLC (Kuwait Financial Centre II) | Kuwait Financial Centre S.A.K., Bank of Bahrain and Kuwait B.S.C. (80%) | 20.0 | % | No | 13 | $ | 204.9 | $ | 150.5 | Yes | |||||||||||||||||
26 | Lennox Town Center LTD. | Casto Properties (50%) | 50.0 | % | No | 1 | $ | 21.0 | $ | 27.0 | No | |||||||||||||||||
27 | Sun Center Limited | Casto Properties (20.55%) | 79.45 | % | No | 1 | $ | 26.0 | $ | 19.1 | No | |||||||||||||||||
28 | Dublin Village | Casto Properties (36.6%) | 63.4 | % | No | — | $ | 0.1 | $ | 0.0 | No | |||||||||||||||||
29 | DOTRS LLC | State Teachers Retirement Board of Ohio (50%) | 50.0 | % | No | 1 | $ | 26.5 | $ | 21.0 | No | |||||||||||||||||
30 | Jefferson County Plaza LLC | The Sansone Group (50%) | 50.0 | % | No | 1 | $ | 7.0 | $ | 3.7 | No | |||||||||||||||||
31 | Sansone Group/ DDRC LLC | The Sansone Group (50%) | 50.0 | % | No | — | $ | 0.4 | $ | 0.0 | No | |||||||||||||||||
32 | Shea & Tatum Assoc. LP (Paradise Village) (C) | Churchill Family Trust (33%) | 67.0 | % | Yes | 1 | $ | 27.9 | $ | 30.0 | No | |||||||||||||||||
33 | Other Consolidated Development Joint | |||||||||||||||||||||||||||
Ventures | Various | Yes | 12 | $ | 355.5 | $ | 37.9 | Yes | ||||||||||||||||||||
TOTALS | 370 | $ | 9,938.0 | $ | 6,023.9 | |||||||||||||||||||||||
(A) | Property is under development | |
(B) | The Company owns an effective ownership of 20.3% in DDR Macquarie Fund LLC, 6.7% in Macquarie DDR Trust and 6.7% in MDT PS LLC. | |
(C) | Joint Venture is included in consolidated operating results of DDR |
Joint Venture Investment Summary 3.1
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2008
(in millions)
Combining Balance Sheets
as of June 30, 2008
DDRTC Core | DDR Domestic | Investments | Coventry II | Coventry II | Coventry II | Coventry II | Coventry II | |||||||||||||||||||||||||
Retail | Retail | with | DDR | DDR Buena | DDR Fairplain | DDR Marley | DDR Merriam | |||||||||||||||||||||||||
Fund LLC | Fund I | Macquarie | Bloomfield LLC | Park LLC | Plaza LLC | Creek LLC | Village LLC | |||||||||||||||||||||||||
Real estate assets | $ | 2,950.9 | $ | 1,464.4 | $ | 1,929.4 | $ | 130.9 | $ | 101.9 | $ | 30.5 | $ | 13.2 | $ | 38.7 | ||||||||||||||||
Accumulated depreciation | (93.4 | ) | (36.9 | ) | (145.7 | ) | 0.0 | (6.9 | ) | (1.0 | ) | (0.4 | ) | 0.0 | ||||||||||||||||||
Real estate, net | 2,857.5 | 1,427.5 | 1,783.7 | 130.9 | 95.0 | 29.5 | 12.8 | 38.7 | ||||||||||||||||||||||||
Receivables, net | 23.5 | 15.6 | 37.0 | 0.0 | 2.9 | 0.4 | (0.1 | ) | 0.0 | |||||||||||||||||||||||
Other assets | 112.6 | 60.8 | 124.9 | 1.8 | 1.0 | 0.2 | 0.4 | 2.5 | ||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 2,993.6 | $ | 1,503.9 | $ | 1,945.6 | $ | 132.7 | $ | 98.9 | $ | 30.1 | $ | 13.1 | $ | 41.2 | |||||||||||||||||
Mortgage debt | $ | 1,772.3 | $ | 968.1 | $ | 1,279.6 | $ | 48.0 | $ | 61.0 | $ | 16.0 | $ | 10.8 | $ | 18.5 | ||||||||||||||||
Amounts payable to DDR | 1.3 | 2.5 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Other liabilities | 40.8 | 20.9 | 63.3 | 4.4 | 1.5 | 0.4 | 0.1 | 0.6 | ||||||||||||||||||||||||
1,814.4 | 991.5 | 1,343.2 | 52.4 | 62.5 | 16.4 | 10.9 | 19.1 | |||||||||||||||||||||||||
Accumulated equity (deficit) | 1,179.2 | 512.4 | 602.4 | 80.3 | 36.4 | 13.7 | 2.2 | 22.1 | ||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 2,993.6 | $ | 1,503.9 | $ | 1,945.6 | $ | 132.7 | $ | 98.9 | $ | 30.1 | $ | 13.1 | $ | 41.2 | |||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 14.3 | $ | 11.1 | $ | 12.3 | ($0.3 | ) | $ | 0.5 | $ | 0.0 | $ | 0.0 | $ | 0.4 | ||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||
Combining Statements of Operations
for the six months ended June 30, 2008
for the six months ended June 30, 2008
DDRTC Core | DDR Domestic | Investments | Coventry II | Coventry II | Coventry II | Coventry II | Coventry II | |||||||||||||||||||||||||
Retail | Retail | with | DDR | DDR Buena | DDR Fairplain | DDR Marley | DDR Merriam | |||||||||||||||||||||||||
Fund LLC | Fund I | Macquarie | Bloomfield LLC | Park LLC | Plaza LLC | Creek LLC | Village LLC | |||||||||||||||||||||||||
Revenues from operations | $ | 130.0 | $ | 69.9 | $ | 107.4 | $ | 0.0 | $ | 7.2 | $ | 1.6 | $ | 0.5 | $ | 0.0 | ||||||||||||||||
Rental operation expenses | (41.9 | ) | (24.8 | ) | (39.1 | ) | (0.0 | ) | (3.1 | ) | (0.6 | ) | (0.3 | ) | (0.0 | ) | ||||||||||||||||
Net operating income | 88.1 | 45.1 | 68.3 | 0.0 | 4.1 | 1.0 | 0.2 | 0.0 | ||||||||||||||||||||||||
Depreciation and amortization expense | (39.5 | ) | (19.7 | ) | (21.4 | ) | 0.0 | (1.2 | ) | (0.3 | ) | (0.1 | ) | 0.0 | ||||||||||||||||||
Interest expense | (47.6 | ) | (27.8 | ) | (30.9 | ) | 0.0 | (1.3 | ) | (0.4 | ) | (0.3 | ) | 0.0 | ||||||||||||||||||
Income (loss) before gain on sale of real estate | 1.0 | (2.4 | ) | 16.0 | (0.0 | ) | 1.6 | 0.3 | (0.2 | ) | 0.0 | |||||||||||||||||||||
Tax expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Other gain, net | 0.0 | 0.0 | 56.5 | 0.0 | 0.0 | 0.0 | 0.0 | 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 | ||||||||||||||||||||||||
Discontinued operations | 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 | ||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income (loss) | $ | 1.0 | ($2.4 | ) | $ | 72.5 | ($0.0 | ) | $ | 1.6 | $ | 0.3 | ($0.2 | ) | $ | 0.0 | ||||||||||||||||
DDR ownership interest | 15 | % | 20 | % | * | ** | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | ||||||||||||||||
$ | 0.2 | ($0.5 | ) | $ | 8.3 | ($0.0 | ) | $ | 0.3 | $ | 0.1 | ($0.0 | ) | $ | 0.0 | |||||||||||||||||
Amortization of basis differential | 0.2 | 0.4 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
$ | 0.4 | ($0.1 | ) | $ | 8.8 | ($0.0 | ) | $ | 0.3 | $ | 0.1 | ($0.0 | ) | $ | 0.0 | |||||||||||||||||
Proportionate share of net operating income (4) | $ | 13.2 | $ | 9.0 | $ | 12.1 | ($0.0 | ) | $ | 0.8 | $ | 0.2 | $ | 0.0 | $ | 0.0 | ||||||||||||||||
Proportionate share of interest expense (4) | $ | 7.1 | $ | 5.6 | $ | 5.0 | $ | 0.0 | $ | 0.3 | $ | 0.1 | $ | 0.1 | $ | 0.0 | ||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1.0 | ($2.4 | ) | $ | 72.5 | ($0.0 | ) | $ | 1.6 | $ | 0.3 | ($0.2 | ) | $ | 0.0 | ||||||||||||||||
Depreciation of real property | 39.5 | 19.7 | 21.4 | 0.0 | 1.2 | 0.3 | 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 | ||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 40.5 | $ | 17.3 | $ | 93.9 | ($0.0 | ) | $ | 2.8 | $ | 0.6 | ($0.1 | ) | $ | 0.0 | |||||||||||||||||
DDR ownership interest | * | ** | 20 | % | * | ** | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | ||||||||||||||||
DDR FFO | $ | 6.3 | $ | 3.5 | $ | 11.8 | ($0.0 | ) | $ | 0.6 | $ | 0.1 | ($0.0 | ) | $ | 0.0 | ||||||||||||||||
Joint Venture Financial Summary 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2008
(in millions)
Combining Balance Sheets
as of June 30, 2008
Coventry II | Coventry II DDR | Coventry II | Coventry II | Coventry II | Coventry II | |||||||||||||||||||||||||||
DDR Montgomery | Phoenix | Service | DDR Totem | DDR Tri-County | DDR Ward | Coventry II DDR | RVIP IIIB LP | |||||||||||||||||||||||||
Farm LLC | Spectrum LLC | Holdings LLC | Lakes LLC | Mall LLC | Parkway LLC | Westover LLC | Deer Park, IL | |||||||||||||||||||||||||
Real estate assets | $ | 120.9 | $ | 86.4 | $ | 148.0 | $ | 41.6 | $ | 225.2 | $ | 65.6 | $ | 29.4 | $ | 89.4 | ||||||||||||||||
Accumulated depreciation | (0.2 | ) | (5.3 | ) | (5.0 | ) | (2.9 | ) | (9.3 | ) | (5.1 | ) | (1.3 | ) | (15.2 | ) | ||||||||||||||||
Real estate, net | 120.7 | 81.1 | 143.0 | 38.7 | 215.9 | 60.5 | 28.1 | 74.2 | ||||||||||||||||||||||||
Receivables, net | 0.3 | 2.5 | 6.7 | 0.0 | 3.3 | 2.5 | 1.0 | 3.2 | ||||||||||||||||||||||||
Other assets | 1.1 | 1.4 | 16.2 | 9.1 | 6.4 | 0.8 | 1.1 | 2.1 | ||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 122.1 | $ | 85.0 | $ | 165.9 | $ | 47.8 | $ | 225.6 | $ | 63.8 | $ | 30.2 | $ | 79.5 | |||||||||||||||||
Mortgage debt | $ | 86.1 | $ | 46.0 | $ | 117.4 | $ | 29.4 | $ | 167.3 | $ | 36.0 | $ | 20.8 | $ | 60.0 | ||||||||||||||||
Amounts payable to DDR | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Other liabilities | 0.2 | 3.3 | 6.3 | 0.5 | 9.2 | 1.8 | 0.6 | 3.3 | ||||||||||||||||||||||||
86.3 | 49.3 | 123.7 | 29.9 | 176.5 | 37.8 | 21.4 | 63.3 | |||||||||||||||||||||||||
Accumulated equity (deficit) | 35.8 | 35.7 | 42.2 | 17.9 | 49.1 | 26.0 | 8.8 | 16.2 | ||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 122.1 | $ | 85.0 | $ | 165.9 | $ | 47.8 | $ | 225.6 | $ | 63.8 | $ | 30.2 | $ | 79.5 | |||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 0.1 | $ | 0.1 | $ | 3.3 | $ | 1.7 | $ | 0.1 | $ | 0.3 | $ | 0.3 | $ | 0.5 | ||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||
Combining Statements of Operations
for the six months ended June 30, 2008
for the six months ended June 30, 2008
Coventry II | Coventry II DDR | Coventry II | Coventry II | Coventry II | Coventry II | Coventry II | ||||||||||||||||||||||||||
DDR Montgomery | Phoenix | Service | DDR Totem | DDR Tri-County | DDR Ward | DDR | RVIP IIIB LP | |||||||||||||||||||||||||
Farm LLC | Spectrum LLC | Holdings LLC | Lakes LLC | Mall LLC | Parkway LLC | Westover LLC | Deer Park, IL | |||||||||||||||||||||||||
Revenues from operations | $ | 0.6 | $ | 5.0 | $ | 13.0 | $ | 1.4 | $ | 10.3 | $ | 4.5 | $ | 2.3 | $ | 6.9 | ||||||||||||||||
Rental operation expenses | (0.5 | ) | (1.8 | ) | (5.9 | ) | (0.6 | ) | (4.5 | ) | (2.2 | ) | (0.8 | ) | (2.5 | ) | ||||||||||||||||
Net operating income | 0.1 | 3.2 | 7.1 | 0.8 | 5.8 | 2.3 | 1.5 | 4.4 | ||||||||||||||||||||||||
Depreciation and amortization expense | (0.2 | ) | (0.7 | ) | (2.0 | ) | (0.3 | ) | (2.2 | ) | (0.6 | ) | (0.3 | ) | (1.2 | ) | ||||||||||||||||
Interest expense | 0.0 | (0.9 | ) | (5.1 | ) | (0.5 | ) | (5.1 | ) | (0.8 | ) | (0.5 | ) | (1.7 | ) | |||||||||||||||||
Income (loss) before gain on sale of real estate | (0.1 | ) | 1.6 | 0.0 | 0.0 | (1.5 | ) | 0.9 | 0.7 | 1.5 | ||||||||||||||||||||||
Tax expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Other gain, net | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 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 | ||||||||||||||||||||||||
Discontinued operations | 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 | ||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income (loss) | ($0.1 | ) | $ | 1.6 | $ | 0.0 | $ | 0.0 | ($1.5 | ) | $ | 0.9 | $ | 0.7 | $ | 1.5 | ||||||||||||||||
DDR ownership interest | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | *** | |||||||||||||||||
($0.0 | ) | $ | 0.3 | $ | 0.0 | $ | 0.0 | ($0.3 | ) | $ | 0.2 | $ | 0.1 | $ | 0.7 | |||||||||||||||||
Amortization of basis differential | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
$ | 0.0 | $ | 0.3 | $ | 0.0 | $ | 0.0 | ($0.3 | ) | $ | 0.2 | $ | 0.1 | $ | 0.7 | |||||||||||||||||
Proportionate share of net operating income (4) | $ | 0.0 | $ | 0.6 | $ | 1.4 | $ | 0.2 | $ | 1.1 | $ | 0.5 | $ | 0.3 | $ | 1.1 | ||||||||||||||||
Proportionate share of interest expense (4) | $ | 0.0 | $ | 0.2 | $ | 1.0 | $ | 0.1 | $ | 1.0 | $ | 0.2 | $ | 0.1 | $ | 0.4 | ||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||
Net income (loss) | ($0.1 | ) | $ | 1.6 | $ | 0.0 | $ | 0.0 | ($1.5 | ) | $ | 0.9 | $ | 0.7 | $ | 1.5 | ||||||||||||||||
Depreciation of real property | 0.2 | 0.7 | 2.0 | 0.3 | 2.2 | 0.6 | 0.3 | 1.2 | ||||||||||||||||||||||||
(Gain) loss on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 0.1 | $ | 2.3 | $ | 2.0 | $ | 0.3 | $ | 0.7 | $ | 1.5 | $ | 1.0 | $ | 2.7 | |||||||||||||||||
DDR ownership interest | 20 | % | *** | 20 | % | 20 | % | 20 | % | 20 | % | 20 | % | *** | ||||||||||||||||||
DDR FFO | $ | 0.0 | $ | 0.5 | $ | 0.4 | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | 1.3 | ||||||||||||||||
Joint Venture Financial Summary 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2008
(in millions)
Combining Balance Sheets
as of June 30, 2008
RVIP VII | RVIP VIII | DPG Realty | TRT DDR | Sonae Sierra | DDR-SAU Retail | DDRA Community | DDR Markaz | |||||||||||||||||||||||||
LLC | Tech Ridge LLC | Holdings LLC | Venture I GP | Brazil BV Sarl (2) | Fund LLC (2) | Centers Five LP | II LLC | |||||||||||||||||||||||||
Real estate assets | $ | 122.3 | $ | 33.6 | $ | 130.8 | $ | 160.0 | $ | 399.2 | $ | 309.1 | $ | 241.5 | $ | 204.9 | ||||||||||||||||
Accumulated depreciation | (20.3 | ) | (4.1 | ) | (11.2 | ) | (4.9 | ) | (39.4 | ) | (19.4 | ) | (50.4 | ) | (19.0 | ) | ||||||||||||||||
Real estate, net | 102.0 | 29.5 | 119.6 | 155.1 | 359.8 | 289.7 | 191.1 | 185.9 | ||||||||||||||||||||||||
Receivables, net | 3.3 | 1.5 | 1.8 | 2.0 | 15.0 | 6.6 | 6.4 | 1.6 | ||||||||||||||||||||||||
Other assets | 8.4 | 1.0 | 2.3 | 4.4 | 36.0 | 39.2 | 5.7 | 6.2 | ||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 113.7 | $ | 32.0 | $ | 123.7 | $ | 161.5 | $ | 410.8 | $ | 335.5 | $ | 203.2 | $ | 193.7 | |||||||||||||||||
Mortgage debt | $ | 72.1 | $ | 23.4 | $ | 9.9 | $ | 110.0 | $ | 17.3 | $ | 226.2 | $ | 280.0 | $ | 150.5 | ||||||||||||||||
Amounts payable to DDR | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.3 | ||||||||||||||||||||||||
Other liabilities | 15.7 | 1.1 | 2.1 | 0.6 | 34.0 | 6.1 | 3.4 | 0.4 | ||||||||||||||||||||||||
87.8 | 24.5 | 12.0 | 110.6 | 51.3 | 232.5 | 283.4 | 151.2 | |||||||||||||||||||||||||
Accumulated equity (deficit) | 25.9 | 7.5 | 111.7 | 50.9 | 359.5 | 103.0 | (80.2 | ) | 42.5 | |||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 113.7 | $ | 32.0 | $ | 123.7 | $ | 161.5 | $ | 410.8 | $ | 335.5 | $ | 203.2 | $ | 193.7 | |||||||||||||||||
Proportionate share of other assets/liabilities, net | ($0.8 | ) | $ | 0.4 | $ | 0.2 | $ | 0.6 | $ | 8.6 | $ | 8.0 | $ | 4.4 | $ | 1.5 | ||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||
Combining Statements of Operations
for the six months ended June 30, 2008
for the six months ended June 30, 2008
RVIP VII | RVIP VIII | DPG Realty | TRT DDR | Sonae Sierra | DDR-SAU Retail | DDRA Community | DDR Markaz | |||||||||||||||||||||||||
LLC | Tech Ridge LLC | Holdings LLC | Venture I GP | Brazil BV Sarl (2) | Fund LLC (2) | Centers Five LP | II LLC | |||||||||||||||||||||||||
Revenues from operations | $ | 6.7 | $ | 3.3 | $ | 6.3 | $ | 7.8 | $ | 35.5 | $ | 17.7 | $ | 18.3 | $ | 10.6 | ||||||||||||||||
Rental operation expenses | (2.3 | ) | (1.2 | ) | (1.8 | ) | (2.7 | ) | (7.0 | ) | (5.6 | ) | (5.2 | ) | (4.0 | ) | ||||||||||||||||
Net operating income | 4.4 | 2.1 | 4.5 | 5.1 | 28.5 | 12.1 | 13.1 | 6.6 | ||||||||||||||||||||||||
Depreciation and amortization expense | (1.4 | ) | (0.6 | ) | (1.5 | ) | (2.2 | ) | (5.7 | ) | (8.3 | ) | (3.2 | ) | (2.7 | ) | ||||||||||||||||
Interest expense | (2.0 | ) | (0.5 | ) | (0.3 | ) | (3.1 | ) | 0.0 | (6.1 | ) | (7.8 | ) | (4.0 | ) | |||||||||||||||||
Income (loss) before gain on sale of real estate | 1.0 | 1.0 | 2.7 | (0.2 | ) | 22.8 | (2.3 | ) | 2.1 | (0.1 | ) | |||||||||||||||||||||
Tax expense | 0.0 | 0.0 | 0.0 | 0.0 | (6.6 | ) | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
Other gain, net | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 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 | ||||||||||||||||||||||||
Discontinued operations | 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 | ||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income (loss) | $ | 1.0 | $ | 1.0 | $ | 2.7 | ($0.2 | ) | $ | 16.2 | ($2.3 | ) | $ | 2.1 | ($0.1 | ) | ||||||||||||||||
DDR ownership interest | * | ** | * | ** | 10 | % | 10 | % | 50 | % | 20 | % | 50 | % | 20 | % | ||||||||||||||||
$ | 0.2 | $ | 0.4 | $ | 0.3 | ($0.0 | ) | $ | 8.1 | ($0.5 | ) | $ | 1.1 | ($0.0 | ) | |||||||||||||||||
Amortization of basis differential | (0.2 | ) | 0.0 | 0.0 | 0.1 | (1.3 | ) | (0.1 | ) | 0.2 | 0.1 | |||||||||||||||||||||
$ | 0.0 | $ | 0.4 | $ | 0.3 | $ | 0.1 | $ | 6.8 | ($0.6 | ) | $ | 1.3 | $ | 0.1 | |||||||||||||||||
Proportionate share of net operating income (4) | $ | 0.9 | $ | 0.5 | $ | 0.5 | $ | 0.5 | $ | 14.3 | $ | 2.4 | $ | 6.5 | $ | 1.3 | ||||||||||||||||
Proportionate share of interest expense (4) | $ | 0.4 | $ | 0.1 | $ | 0.0 | $ | 0.3 | $ | 0.0 | $ | 1.2 | $ | 3.9 | $ | 0.8 | ||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1.0 | $ | 1.0 | $ | 2.7 | ($0.2 | ) | $ | 16.2 | ($2.3 | ) | $ | 2.1 | ($0.1 | ) | ||||||||||||||||
Depreciation of real property | 1.4 | 0.6 | 1.5 | 2.2 | 5.7 | 8.3 | 3.2 | 2.7 | ||||||||||||||||||||||||
(Gain) loss on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 2.4 | $ | 1.6 | $ | 4.2 | $ | 2.0 | $ | 21.9 | $ | 6.0 | $ | 5.3 | $ | 2.6 | |||||||||||||||||
DDR ownership interest | * | ** | * | ** | * | ** | 10 | % | * | ** | 20 | % | 50 | % | * | ** | ||||||||||||||||
DDR FFO | $ | 0.9 | $ | 0.7 | $ | 0.4 | $ | 0.2 | $ | 11.0 | $ | 1.2 | $ | 2.7 | $ | 0.6 | ||||||||||||||||
Joint Venture Financial Summary 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Joint Ventures (Combining Financial Information) (1)
(in millions)
Combining Balance Sheets
as of June 30, 2008
(in millions)
Combining Balance Sheets
as of June 30, 2008
Lennox Town | Jefferson | Sansone | Sold/Acquired | DDR's | ||||||||||||||||||||||||||||||||
Center | Sun Center | Dublin | DOTRS | County | Group / | and | Proportionate | |||||||||||||||||||||||||||||
Limited (2) | Limited (2) | Village (3) | LLC | Plaza LLC | DDRC LLC | Other JVs (5) | Total | Share | ||||||||||||||||||||||||||||
Real estate assets | $ | 21.0 | $ | 26.0 | $ | 0.1 | $ | 26.5 | $ | 7.0 | $ | 0.4 | $ | 0.0 | $ | 9,148.8 | $ | 1,843.8 | ||||||||||||||||||
Accumulated depreciation | (5.0 | ) | (8.1 | ) | 0.0 | (5.6 | ) | (1.0 | ) | (0.2 | ) | 0.0 | (517.3 | ) | (133.3 | ) | ||||||||||||||||||||
Real estate, net | 16.0 | 17.9 | 0.1 | 20.9 | 6.0 | 0.2 | 0.0 | 8,631.5 | 1,710.5 | |||||||||||||||||||||||||||
Receivables, net | 2.2 | 1.0 | 0.0 | 1.1 | 0.1 | 2.3 | 0.7 | 144.5 | 36.1 | |||||||||||||||||||||||||||
Other assets | 0.8 | 0.8 | 0.0 | 0.9 | 0.0 | 1.5 | 1.0 | 450.6 | 87.9 | |||||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | 11.9 | (6) | ||||||||||||||||||||||||||
$ | 19.0 | $ | 19.7 | $ | 0.1 | $ | 22.9 | $ | 6.1 | $ | 4.0 | $ | 1.7 | $ | 9,226.6 | $ | 1,846.4 | |||||||||||||||||||
Mortgage debt | $ | 27.0 | $ | 19.1 | $ | 0.0 | $ | 21.0 | $ | 3.7 | $ | 0.0 | $ | 0.0 | $ | 5,697.7 | $ | 1,124.4 | ||||||||||||||||||
Amounts payable to DDR | 0.0 | 0.0 | (0.0 | ) | 0.0 | 3.6 | 0.0 | 0.0 | 8.3 | 2.7 | ||||||||||||||||||||||||||
Other liabilities | 1.2 | 0.7 | 0.0 | 0.5 | 0.1 | 1.0 | 0.9 | 224.6 | 52.4 | |||||||||||||||||||||||||||
28.2 | 19.8 | 0.0 | 21.5 | 7.4 | 1.0 | 0.9 | 5,930.6 | 1,179.5 | ||||||||||||||||||||||||||||
Accumulated equity (deficit) | (9.2 | ) | (0.1 | ) | 0.1 | 1.4 | (1.3 | ) | 3.0 | 0.8 | 3,296.0 | 655.0 | ||||||||||||||||||||||||
Disproportionate share of equity | — | — | — | — | — | — | — | — | 11.9 | (6) | ||||||||||||||||||||||||||
$ | 19.0 | $ | 19.7 | $ | 0.1 | $ | 22.9 | $ | 6.1 | $ | 4.0 | $ | 1.7 | $ | 9,226.6 | $ | 1,846.4 | |||||||||||||||||||
Proportionate share of other assets/liabilities, net | $ | 0.9 | $ | 0.9 | ($0.0 | ) | $ | 0.8 | ($0.0 | ) | $ | 1.4 | $ | 0.2 | $ | 71.3 | ||||||||||||||||||||
Disproportionate amount payable to DDR | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 1.8 | $ | 0.0 | $ | 0.0 | $ | 1.8 | ||||||||||||||||||||
Combining Statements of Operations
for the six months ended June 30, 2008
for the six months ended June 30, 2008
Lennox Town | Jefferson | Sansone | Sold/Acquired | DDR's | ||||||||||||||||||||||||||||||||
Center | Sun Center | Dublin | DOTRS | County | Group / | and | Proportionate | |||||||||||||||||||||||||||||
Limited (2) | Limited (2) | Village (3) | LLC | Plaza LLC | DDRC LLC | Other JVs (5) | Total | Share | ||||||||||||||||||||||||||||
Revenues from operations | $ | 2.5 | $ | 2.4 | $ | 0.0 | $ | 2.1 | $ | 0.5 | ($0.1 | ) | $ | 0.2 | $ | 474.7 | $ | 103.9 | ||||||||||||||||||
Rental operation expenses | (0.7 | ) | (0.6 | ) | (0.0 | ) | (0.5 | ) | (0.3 | ) | 0.0 | (0.1 | ) | (160.6 | ) | (33.0 | ) | |||||||||||||||||||
Net operating income | 1.8 | 1.8 | 0.0 | 1.6 | 0.2 | (0.1 | ) | 0.1 | 314.1 | 70.9 | ||||||||||||||||||||||||||
Depreciation and amortization expense | (0.2 | ) | (0.3 | ) | 0.0 | (0.5 | ) | (0.1 | ) | 0.0 | 0.0 | (116.4 | ) | (23.6 | ) | |||||||||||||||||||||
Interest expense | (0.8 | ) | (0.8 | ) | (0.0 | ) | (0.7 | ) | (0.3 | ) | 0.0 | 0.0 | (149.3 | ) | (29.4 | ) | ||||||||||||||||||||
Income (loss) before gain on sale of real estate | 0.8 | 0.7 | (0.0 | ) | 0.4 | (0.2 | ) | (0.1 | ) | 0.1 | 48.4 | 17.9 | ||||||||||||||||||||||||
Tax expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (6.6 | ) | (3.3 | ) | |||||||||||||||||||||||||
Other gain, net | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 56.5 | 2.0 | |||||||||||||||||||||||||||
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 | 0.1 | 0.1 | 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 | |||||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | 3.6 | (7) | ||||||||||||||||||||||||||
Net income (loss) | $ | 0.8 | $ | 0.7 | $ | 0.0 | $ | 0.4 | ($0.2 | ) | ($0.1 | ) | $ | 0.2 | $ | 98.4 | $ | 20.2 | ||||||||||||||||||
DDR ownership interest | * | ** | * | ** | 63 | % | 50 | % | 50 | % | * | ** | * | ** | * | ** | * | ** | ||||||||||||||||||
$ | 0.4 | $ | 0.5 | ($0.0 | ) | $ | 0.2 | ($0.1 | ) | $ | 0.2 | $ | 0.1 | $ | 20.2 | $ | 20.2 | |||||||||||||||||||
Amortization of basis differential | 0.0 | (0.1 | ) | 0.0 | 0.0 | 0.0 | (0.2 | ) | 0.1 | (0.3 | ) | (0.3 | ) | |||||||||||||||||||||||
$ | 0.4 | $ | 0.4 | $ | 0.0 | $ | 0.2 | ($0.1 | ) | $ | 0.0 | $ | 0.2 | $ | 19.9 | $ | 19.9 | |||||||||||||||||||
Proportionate share of net operating income (4) | $ | 0.9 | $ | 1.4 | ($0.0 | ) | $ | 0.8 | $ | 0.1 | ($0.0 | ) | $ | 0.1 | $ | 70.9 | ||||||||||||||||||||
Proportionate share of interest expense (4) | $ | 0.4 | $ | 0.6 | $ | 0.0 | $ | 0.3 | $ | 0.1 | $ | 0.0 | $ | 0.0 | $ | 29.4 | ||||||||||||||||||||
Funds From Operations (“FFO”): | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 0.8 | $ | 0.7 | $ | 0.0 | $ | 0.4 | ($0.2 | ) | ($0.1 | ) | $ | 0.2 | $ | 98.4 | $ | 20.2 | ||||||||||||||||||
Depreciation of real property | 0.2 | 0.3 | 0.0 | 0.5 | 0.1 | 0.0 | 0.0 | 116.4 | 23.6 | |||||||||||||||||||||||||||
(Gain) loss on sale of real estate | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
Disproportionate share of income | — | — | — | — | — | — | — | — | 1.3 | (8) | ||||||||||||||||||||||||||
$ | 1.0 | $ | 1.0 | ($0.0 | ) | $ | 0.9 | ($0.1 | ) | ($0.1 | ) | $ | 0.2 | $ | 214.8 | $ | 45.1 | |||||||||||||||||||
DDR ownership interest | * | ** | * | ** | 63 | % | 50 | % | 50 | % | * | ** | * | ** | * | ** | ||||||||||||||||||||
DDR FFO | $ | 0.5 | $ | 0.8 | ($0.0 | ) | $ | 0.5 | ($0.1 | ) | $ | 0.2 | $ | 0.4 | $ | 45.1 | ||||||||||||||||||||
Joint Venture Financial Summary 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
(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) | Does not include proportionate share of net operating income or interest expense for properties classified as discontinued operations. | |
(5) | Represents residual joint venture interests sold in 2007 and other small joint venture investments and land developments. Note: To the extent that DDR is entitled to receive promoted income, DDR’s share of income could exceed the total income recorded by certain joint ventures as assets continue to be liquidated. | |
(6) | Adjustments represent the effect of promoted equity structures and minority interests. These adjustments are primarily at the RVIP IIIB, RVIP VII, RVIP VIII, Coventry II DDR Bloomfield, Coventry II DDR Marley Creek, Coventry II DDR Montgomery Farm and Coventry II DDR Tri-County Mall joint ventures as well as investments with Macquarie. | |
(7) | Adjustments represent the effect of promoted equity structures on DDR’s share of the income primarily from an asset management promote from RVIP IIIB and investments with Macquarie. | |
(8) | Adjustments associated with Coventry’s promoted interests primarily at RVIP IIIB and RVIP VII joint ventures as well as investments with Macquarie and additional promoted interest from joint venture investments sold in 2007. | |
*** | See Section 3.1- Joint Venture Investment Summary, disclosing respective ownership percentage, as ownership percentage may have changed during the year, or the promoted interest is in effect. |
Joint Venture Financial Summary 3.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Wholly-Owned and Consolidated Capital Transactions
Acquisitions, Dispositions, Developments & Expansions
For The Six Months Ended June 30, 2008
(In Millions)
For The Six Months Ended June 30, 2008
(In Millions)
Six Months | ||||||||||||||||||||
Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
June 30, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Acquisitions/Transfers | $ | 0.7 | $ | 3,048.7 | (3) | $ | 370.2 | (5) | $ | 1,610.8 | (7) | $ | 2,170.8 | (10) | ||||||
Completed Expansions | 27.7 | 32.7 | 73.1 | 41.6 | 25.2 | |||||||||||||||
Developments & Construction in Progress | 228.9 | 428.5 | 246.0 | 246.1 | 203.8 | |||||||||||||||
Recurring Tenant Improvements & Third Party Leasing Commissions | 5.9 | (1) | 12.5 | 11.7 | 7.5 | 6.6 | ||||||||||||||
Furniture, Fixtures & Equipment | 3.3 | 13.0 | 10.2 | 10.7 | (8) | 1.3 | ||||||||||||||
Foreign Currency Adjustments | 2.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
268.7 | 3,535.4 | 711.2 | 1,916.7 | 2,407.7 | ||||||||||||||||
Less: Real Estate Sales & Joint Venture Transfers | (37.7 | )(2) | (2,001.3 | )(4) | (289.8 | )(6) | (490.8 | )(9) | (689.2 | )(11) | ||||||||||
Total DDR Net Additions | $ | 231.0 | $ | 1,534.1 | $ | 421.4 | $ | 1,425.9 | $ | 1,718.5 | ||||||||||
(1) | The Company anticipates recurring leasing capital expenditures of approximately $14.0 million associated with its wholly-owned and consolidated portfolio during 2008. | |
(2) | In addition to the asset sales listed on Schedule 4.3, this balance includes the sale of five outparcels. | |
(3) | Includes the acquisition of the IRRETI portfolio of 222 properties aggregating $3,017.7 million, the acquisition of a property in Terrell, TX aggregating $16.9 million, the redemption of OP units for a previous acquisition, and the acquisition of an additional interest in a property located in San Francisco, CA. | |
(4) | In addition to the asset sales which had an aggregate cost of $609.6 million, this balance includes the sale to Dividend Capital Total Realty Trust Joint Venture of three assets with an aggregate cost of $99.0 million, the sale to DDR Domestic Retail Fund I Joint Venture of 56 assets with an aggregate cost of $1,229.3 million, the sale to Macquarie DDR Trust Joint Venture of three assets with an aggregate cost of $49.5 million and the sale of 11 outparcels. | |
(5) | Includes the acquisition of three properties located in Pasadena, CA; San Diego, CA and Phoenix, AZ aggregating $199.7 million, plus the transfer to DDR from a joint venture of the Service Merchandise portfolio and Salisbury, MD shopping center, aggregating $111.9 million and $4.0 million, respectively, the consolidation of joint venture assets for a shopping center located in Phoenix, AZ aggregating $41.4 million pursuant to EITF 04-05 and the redemption of OP units and other acquisition costs aggregating $13.2 million. | |
(6) | In addition to the asset sales which had an aggregate cost of $73.1 million, this balance includes the sale of the Service Merchandise Portfolio to Coventry II which had an aggregate cost of $112.6 million, the sale to Macquarie DDR Trust Joint Venture of seven assets with an aggregate cost of $80.5 million, plus four earnout parcels with an aggregate cost of $12.5 million, and the sale of several land parcels and outparcels. | |
(7) | Includes the acquisition of the Caribbean Property Group portfolio and the Mervyns portfolio aggregating $1,160.1 million and $409.1 million, respectively, the transfer to DDR from a joint venture of the Dublin, OH shopping center, which had an aggregate cost of $36.2 million and a $5.4 million basis adjustment to the Benderson acquisition relating to master lease adjustments. | |
(8) | The large proportionate increase in FF&E in 2005 is primarily attributed to certain IT projects, expansion of the corporate headquarters, and fractional ownership interest in corporate jets. | |
(9) | In addition to the asset sales which had an aggregate cost of $219.1 million, this balance includes the transfer of 12 assets with an aggregate cost of $258.6 million to the Macquarie DDR Trust Joint Venture and the sale of several outparcels. | |
(10) | 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. | |
(11) | 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 12 assets with an aggregate cost of $258.3 million to the Macquarie DDR Trust Joint Venture, the transfer of 12 assets with an aggregate cost of $124.0 million to the DPG Realty Holdings Joint Venture and the transfer of 13 assets with an aggregate cost of $203.2 million to the DDR Markaz II Joint Venture. |
Summary of Wholly Owned Capital Transactions 4.1
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Joint Venture Capital Transactions
Acquisitions, Dispositions, Developments & Expansions
For The Six Months Ended June 30, 2008
(In Millions)
For The Six Months Ended June 30, 2008
(In Millions)
Six Months | ||||||||||||||||||||
Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
June 30, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Acquisitions/Transfers | $ | 0.0 | $ | 4,987.4 | (2) | $ | 729.9 | (4) | $ | 350.0 | $ | 1,147.0 | (8) | |||||||
Completed Expansions | 0.0 | 21.9 | 0.0 | 9.3 | 10.3 | |||||||||||||||
Developments & Construction in Progress | 155.4 | 142.7 | 139.6 | (5) | 87.5 | 38.9 | ||||||||||||||
Recurring Tenant Improvements & Third Party Leasing Commissions | 7.8 | (1) | 9.8 | 9.1 | 6.8 | 0.6 | ||||||||||||||
Foreign Currency Adjustments | 39.8 | 48.5 | 0.0 | 0.0 | 0.0 | |||||||||||||||
$ | 203.0 | $ | 5,210.3 | $ | 878.6 | $ | 453.6 | $ | 1,196.8 | |||||||||||
Less: Real Estate Sales and Dispositions | $ | 0.0 | ($204.3 | )(3) | ($409.0 | )(6) | ($148.8 | )(7) | ($306.7 | )(9) | ||||||||||
Joint Venture Totals | $ | 203.0 | $ | 5,006.0 | $ | 469.6 | $ | 304.8 | $ | 890.1 | ||||||||||
(1) | The Company estimates recurring leasing capital expenditures of $15.0 million for its joint venture portfolio during 2008. | |
(2) | Includes the acquisition of assets from DDR by DDR Domestic Retail Fund aggregating $1,463.0 million, Dividend Capital Total Realty Trust aggregating $159.8 million and DDR Macquire Fund LLC aggregating $50.4 million. In addition the formation of DDRTC Core Retail Fund aggregating $2,941.6 million, the acquisition of the SAU Retail Fund aggregating $308.6 million, and the acquisition of an additional 73% interest in Metropole Shopping Center by Sonae Sierra Brazil BV Sarl. | |
(3) | Includes the sale of seven shopping centers, with an aggregate cost of $168.0 million, previously owned by a joint venture with Kuwait Financial Centre to the DDR Domestic Retail Fund I, the sale of vacant land at the Techridge, TX shopping center (owned by RVIP VIII), and the sale of vacant land in Littleton, CO. | |
(4) | Includes the formation of Sonae Sierra Brazil BV Sarl and DDR MDT PS LLC, plus acquisitions of the Service Merchandise portfolio and properties located in Cincinnati, OH; Benton Harbor, MI and Orland, IL by joint ventures with Coventry II. | |
(5) | Includes the acquisition of 34 acres of land in Allen, TX for the development of a 435,061 square foot shopping center and 88 acres of land in Bloomfield Hills, MI for the development of a 758,750 square foot shopping center. Both of these shopping centers are being developed with Coventry II. | |
(6) | In addition to asset sales, which had an aggregate cost of $88.9 million, the balance includes the transfer to DDR of the Service Merchandise portfolio and five assets located in Pasadena, CA; Phoenix, AZ (two properties); Salisbury, MD and Apex, NC. These assets had an aggregate cost of $320.1 million. | |
(7) | In addition to asset sales, which had an aggregate cost of $111.1 million, this balance includes the transfer to DDR of the Dublin, OH shopping center, which had an aggregate cost of $30.0 million, and the sale of five outparcels at Plaza at Puente Hills, CA, which were owned by RVIP VII. | |
(8) | Balance includes the acquisition of three Coventry II assets aggregating $174.1 million, the formation of DPG and DDR Markaz II aggregating $128.7 million and $201.6 million, respectively, Macquarie DDR Trust’s acquisition of an additional $619.5 million of assets, plus the acquisition of 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. | |
(9) | In addition to asset sales, which had an aggregate cost of $141.7 million, 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. |
Summary of Wholly Owned Capital Transactions 4.1
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Wholly-Owned and Consolidated Acquisitions
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
There were no significant third party acquisitions for the six-month period ended June 30, 2008.
Joint Venture Acquisitions
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
There were no significant third party acquisitions for the six-month period ended June 30, 2008.
Consolidated and Joint Venture Acquisitions 4.2
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Wholly-Owned and Consolidated Dispositions
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
Gross Sale | ||||||||||||
Proceeds | ||||||||||||
Property Location | GLA | (Millions) | Sale Date | |||||||||
Brandon, FL | 78,686 | $ | 6.4 | 1/10/2008 | ||||||||
Gadsden, AL | 85,196 | $ | 1.6 | 3/7/2008 | ||||||||
Hutchinson, MN | 121,001 | $ | 2.5 | 6/12/2008 | ||||||||
Charlotte, NC | 99,792 | $ | 16.6 | 6/23/2008 | ||||||||
Total | 384,675 | $ | 27.1 | |||||||||
Joint Venture Dispositions
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
There were no significant third party dispositions for the six-month period ended June 30, 2008.
Consolidated and Joint Venture Dispositions 4.3
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Wholly-Owned and Consolidated Development Projects
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
Cost | Assets | Estimated | ||||||||||||||||||||||||||
Estimated | Incurred | Placed in | Initial | |||||||||||||||||||||||||
Total | Owned | Net Cost | To Date | Service | Anchor | |||||||||||||||||||||||
Location | Project | Description | GLA | GLA | (Millions) | (Millions) | (Millions) | Opening | Major Anchors | |||||||||||||||||||
Projects in Progress | ||||||||||||||||||||||||||||
Ukiah (Mendocino), CA (1) | Mendocino Crossings | Community Center | 755,188 | 227,500 | $ | 66.2 | $ | 13.6 | $ | 0.0 | 2H10 | |||||||||||||||||
New Haven (Guilford), CT | Guilford Commons | Lifestyle Center | 146,396 | 146,396 | $ | 47.6 | $ | 10.1 | $ | 0.0 | 2H09 | Coldwater Creek, Joseph Banks, J.Crew | ||||||||||||||||
Homestead, FL | Homestead Pavilion | Community Center | 397,743 | 275,839 | $ | 74.9 | $ | 69.8 | $ | 0.0 | 2H08 | Kohl’s, Sports Authority, Ross Dress for Less, Michaels, Staples | ||||||||||||||||
Miami, FL | Shops at Midtown | Mixed-Use | 644,999 | 400,685 | $ | 142.6 | $ | 128.1 | $ | 102.7 | 2H06 | Target, Marshalls, West Elm, Loehmann’s, Ross Dress for Less, Linens ‘n Things, Circuit City | ||||||||||||||||
Boise (Nampa), ID | Nampa Gateway Center | Community Center | 948,150 | 450,855 | $ | 123.1 | $ | 67.3 | $ | 10.0 | 2H07 | JCPenney, Macy’s, The Sports Authority | ||||||||||||||||
Boston (Norwood), MA | The Shoppes at Elmway Farms | Community Center | 72,340 | 72,340 | $ | 25.5 | $ | 10.6 | $ | 0.0 | 2H09 | |||||||||||||||||
Boston, MA (Seabrook, NH) | Seabrook Town Center | Community Center | 471,480 | 215,905 | $ | 57.5 | $ | 32.4 | $ | 0.0 | 2H09 | |||||||||||||||||
Elmira (Horseheads), NY | Southern Tier Crossings | Community Center | 689,395 | 350,987 | $ | 53.0 | $ | 39.9 | $ | 8.9 | 1H07 | Kohl’s, Wal-Mart, Dick’s, Circuit City, PetsMart, Ulta, Mens Warehouse | ||||||||||||||||
Raleigh (Apex), NC | Apex Promenade | Community Center | 87,780 | 81,780 | $ | 17.9 | $ | 8.0 | $ | 0.0 | 2H09 | HH Gregg, Outback Steakhouse | ||||||||||||||||
Austin (Kyle), TX (1) | Kyle Marketplace | Community Center | 805,618 | 443,092 | $ | 77.2 | $ | 44.1 | $ | 0.0 | 2H09 | Target, Kohl’s, City Lights Theater | ||||||||||||||||
Wholly-Owned and Consolidated Development Totals | 5,019,089 | 2,665,379 | $ | 685.5 | $ | 423.9 | $ | 121.6 | ||||||||||||||||||||
(1) | Consolidated joint venture. DDR has a 50% interest. |
Summary of Wholly-Owned and Consolidated Land Held for Development
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
DDR’s | ||||||||
Effective | ||||||||
Ownership | Total | |||||||
Location | Interest | Acreage | ||||||
Tampa (Brandon), FL | 100 | % | 46.3 | |||||
Tampa (Wesley Chapel), FL | 100 | % | 10.0 | |||||
Atlanta (Douglasville), GA | 100 | % | 30.2 | |||||
Atlanta (Union City), GA | 100 | % | 85.0 | |||||
Chicago (Grayslake), IL | 50 | % | 106.0 | |||||
Gulfport, MS | 100 | % | 86.2 | |||||
Raleigh (Apex), NC | 100 | % | 52.6 | |||||
San Antonio (Schertz), TX | 50 | % | 85.0 | |||||
Isabela, Puerto Rico | 80 | % | 11.1 | |||||
Oconomowoc, WI | 50 | % | 121.6 | |||||
Toronto (Brampton, ON), Canada | 50 | % | 43.0 | |||||
Toronto (East Gwillinbury, ON, Bayview and Greenlane), Canada | 50 | % | 39.0 | |||||
Toronto (East Gwillinbury, ON, Hghwy 404 and Greenlane East), Canada | 50 | % | 44.0 | |||||
Toronto (East Gwillinbury,ON, Hghwy 404 and Greenlane West), Canada | 50 | % | 29.0 | |||||
Toronto (Richmond Hill, ON), Canada | 50 | % | 52.0 | |||||
Togliatti, Russia | 75 | % | 61.2 | |||||
Yaroslavl, Russia | 75 | % | 8.04 | |||||
Other Misc. Land (13 sites) | 100 | % | Various | |||||
Wholly-Owned & Consolidated Total Net Cost | $ | 259.8 | (1) | 910.2 | ||||
(1) | Amount excludes the joint venture partner’s ownership interest in the land, which was $117.4 million as of June 30, 2008 and was reflected on the Company’s balance sheet in construction in progress. |
Consolidated and Wholly Owned Developments 4.4
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Joint Venture Development Projects
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
DDR’s | Estimated | Cost | Assets | DDR’s | Estimated | |||||||||||||||||||||||||||||||||
Effective | Joint | Net | Incurred | Placed in | Proportionate | Initial | ||||||||||||||||||||||||||||||||
Total | Owned | Ownership | Venture | Cost | To Date | Service | Cost | Anchor | ||||||||||||||||||||||||||||||
Location | Project | Description | GLA | GLA | Percentage | Partner | (Millions) | (Millions) | (Millions) | (Millions) | Opening | Major Anchors | ||||||||||||||||||||||||||
Projects in Progress | ||||||||||||||||||||||||||||||||||||||
Kansas City (Merriam), KS | Merriam Village | Community Center | 280,516 | 202,116 | 20.0 | % | Coventry II | $ | 46.8 | $ | 38.7 | $ | 0.0 | $ | 9.4 | 2H08 | Circuit City | |||||||||||||||||||||
Detroit (Bloomfield Hills), MI | Bloomfield Park | Lifestyle Center | 882,197 | 882,197 | 10.0 | % | Coventry II/ BP I, LLC | $ | 192.5 | $ | 130.9 | $ | 0.0 | $ | 19.2 | 2H09 | Barnes and Noble, The Park Theater | |||||||||||||||||||||
Dallas (Allen), TX | Watters Creek | Lifestyle Center | 831,413 | 797,665 | 10.0 | % | Coventry II/Trademark Property Company | $ | 171.2 | $ | 120.9 | $ | 38.5 | $ | 17.1 | 1H08 | Market Street United, Borders | |||||||||||||||||||||
Manaus, Brazil (1) | Manauara | Enclosed Mall | 477,630 | 477,630 | 47.2 | % | Sonae Sierra | $ | 119.3 | $ | 58.7 | $ | 0.0 | $ | 56.3 | 1H09 | Riachuelo, Renner, Bemol, Marisa | |||||||||||||||||||||
Joint Venture Development Totals | 2,471,756 | 2,359,608 | $ | 529.8 | $ | 349.2 | $ | 38.5 | $ | 102.0 | ||||||||||||||||||||||||||||
(1) | The majority of the increase in the estimated net cost is due to foreign currency translation rates. |
Joint Venture Developments 4.4
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Development Assets Placed in Service
as of June 30, 2008
as of June 30, 2008
Joint Venture Assets | ||||||||||||
Wholly-Owned and | DDR’s | |||||||||||
Consolidated | Proportionate | |||||||||||
Assets | Total | Share | ||||||||||
Date | (Millions) | (Millions) | (Millions) | |||||||||
As of June 30, 2008 | $ | 121.6 | $ | 38.5 | $ | 3.8 | ||||||
3rd Quarter 2008 | $ | 17.9 | $ | 30.8 | $ | 3.1 | ||||||
4th Quarter 2008 | $ | 46.0 | $ | 27.9 | $ | 3.4 | ||||||
Projected Thereafter | $ | 500.0 | $ | 432.6 | $ | 91.7 | ||||||
Total | $ | 685.5 | $ | 529.8 | $ | 102.0 | ||||||
Development Funding Schedule
as of June 30, 2008
as of June 30, 2008
Joint Venture Funding | ||||||||||||||||||||||
Wholly-Owned and | DDR’s | JV Partners’ | Proceeds from | |||||||||||||||||||
Consolidated | Proportionate | Proportionate | Construction | Total | ||||||||||||||||||
Funding | Share | Share | Loans | JV Funding | ||||||||||||||||||
(Millions) | (Millions) | (Millions) | (Millions) | (Millions) | ||||||||||||||||||
Funded as of June 30, 2008 | $ | 423.8 | $ | 61.2 | $ | 145.3 | $ | 142.7 | $ | 349.2 | ||||||||||||
Projected Net Funding During 2008 | $ | 48.9 | 15.5 | 35.8 | 120.7 | $ | 172.0 | |||||||||||||||
Projected Net Funding Thereafter | $ | 212.8 | 5.3 | (15.3 | ) | 18.6 | $ | 8.6 | ||||||||||||||
Total | $ | 685.5 | $ | 82.0 | $ | 165.8 | $ | 282.0 | $ | 529.8 | ||||||||||||
Consolidated and Joint Venture Development Delivery and
Funding Schedules 4.5
Funding Schedules 4.5
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Significant Wholly-Owned and Consolidated
Expansion and Redevelopment Projects
For The Six Months Ended June 30, 2008
Expansion and Redevelopment Projects
For The Six Months Ended June 30, 2008
Location | Project | Description | ||||
Projects Completed | ||||||
Olean, NY | Wal-Mart Plaza | Relocate two tenants to accommodate Wal-Mart expansion to a Supercenter. | ||||
Dayton (Huber Hts.), OH | North Heights Plaza | Expansion of the shopping center to construct a 45,000 sf Dick’s (opened 4/08). | ||||
Total Net Cost (Millions) | $27.7 | |||||
Projects in Progress | ||||||
Miami (Plantation), FL | The Fountains | Redevelopment of shopping center to include Kohl’s and other junior anchor tenants. | ||||
Chesterfield, MI | Chesterfield Corners | Sportsman Warehouse, Dollar Galaxy (opened 8/07) and 20,300 sf of small shop retail and additional retail space to be announced. | ||||
Fayetteville, NC | Cross Pointe Center | Reconfigure 18,000 sf of in-line space. Construct multi-tenant outparcel building. | ||||
Akron (Stow), OH | Stow Community | Recapture 116,000 sf Kmart and release to junior anchor stores. Create outparcels. | ||||
Total Net Cost (Millions) | $122.1(1) | |||||
(1) | At June 30, 2008, approximately $79.5 million of costs had been incurred in relation to the projects in progress. |
Wholly Owned Expansions and Redevelopments 4.6
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Significant Joint Venture Expansion and Redevelopment Projects
For The Six Months Ended June 30, 2008
For The Six Months Ended June 30, 2008
DDR’s | Joint | |||||||||
Ownership | Venture | |||||||||
Location | Project | Percentage | Partner | Description | ||||||
Projects in Progress | ||||||||||
Buena Park, CA | Buena Park Mall & Entertainment | 20.00 | % | Coventry II | Redevelopment of the lower level of the mall to include John’s Incredible Pizza. | |||||
Los Angeles (Lancaster), CA | Valley Central Discount | 21.00 | % | 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) for development of a Wal-Mart Supercenter (opened 7/07). Recaptured and will redemise the former Wal-Mart for four junior anchors and three outparcels when Wal-Mart vacates. | |||||
Chicago (Deer Park), IL | Deer Park Town Center | 25.75 | % | Prudential Real Estate Investors | Construction of a 13,500 sf multi-tenant outparcel building. | |||||
Benton Harbor, MI | Fairplain Plaza | 20.00 | % | Coventry II | Expansion of the existing shopping center to include an 89,000 sf Kohl’s (opened 10/06), a 20,087 sf PETsMART (opened 2/08) and additional retail tenants to be announced. | |||||
Kansas City, MO | Ward Parkway | 20.00 | % | Coventry II | Redevelopment of the lower level of the mall to include Staples (opened 5/08), other tenants that have opened and other retail tenants to be announced. | |||||
Cincinnati, OH | Tri-County Mall | 18.00 | % | Coventry II/ Thor Equities | Redevelopment of the former JCPenney store to include Krazy City and Ethan Allen (opened 4th quarter 2007), and several other new retail tenants and restaurants to be announced. | |||||
Total Net Cost/DDR’s Proportionate Share (Millions) | $ | 453.1 | (1)(2) | |||||||
DDR’s Proportionate Share (Millions) | $ | 86.5 | ||||||||
(1) | Total cost includes the acquisition costs for the Coventry II redevelopments. | |
(2) | At June 30, 2008, approximately $396.4 million of costs had been incurred in relation to the projects in progress and DDR’s pro-rata share was $74.9 million. |
Joint Venture Expansions and Redevelopments 4.6
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Company Features
730 | Shopping Centers and Interests in Retail Assets | |||
12 | Managed Shopping Centers | |||
45 | States (Plus Puerto Rico, Brazil, Russia and Canada) | |||
117 | Million Sq. Ft. Owned(1) | |||
157 | Million Sq. Ft. Owned and Managed(1) (2) | |||
95.5 | % | Core Portfolio % Leased |
(1) | Assumes 100% ownership of joint venture assets. Based on actual pro rata ownership of joint venture assets and excluding developments and redevelopments in process and scheduled to commence in 2008, total owned GLA was 66.4 million square feet. | |
(2) | Includes unowned anchors at Company-owned operating and development retail properties. |
Portfolio Summary 5.0
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
National portfolio creates efficiencies and strengthens tenant relationships
Portfolio Summary 5.0
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Average Annualized Base Rental Rates PSF
Number of | Total Annualized Base Rent / S.F. | |||||||||||
Period Ending | Properties | Total | Shop Space | |||||||||
Jun. 30, 2008 | 655 | $ | 12.41 | $ | 18.32 | |||||||
Dec. 31, 2007 | 657 | $ | 12.33 | $ | 18.14 | |||||||
Dec. 31, 2006 | 409 | $ | 11.74 | $ | 17.46 | |||||||
Dec. 31, 2005 | 380 | $ | 11.30 | $ | 16.62 | |||||||
Dec. 31, 2004 | 373 | $ | 11.13 | $ | 16.14 | |||||||
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 |
(1) | Figures exclude Brazilian portfolio, Service Merchandise portfolio, development properties and managed properties. |
Portfolio Summary 5.0
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Lease Expirations by Year as of June 30, 2008
Anchor Base Rent | Shop Space Base Rent | ||||||||||||||||||||||||||||||||
Revenues | % of | Revenues | % of | ||||||||||||||||||||||||||||||
Year | Leases | ($M) | Avg. PSF | Revenue | Leases | ($M) | Avg. PSF | Revenue | |||||||||||||||||||||||||
2008 | 20 | $ | 5.2 | $ | 8.24 | 0.8 | % | 816 | $ | 35.6 | $ | 16.86 | 6.4 | % | |||||||||||||||||||
2009 | 87 | $ | 26.2 | $ | 7.92 | 4.0 | % | 1,461 | $ | 73.9 | $ | 16.54 | 13.3 | % | |||||||||||||||||||
2010 | 122 | $ | 39.2 | $ | 8.45 | 6.0 | % | 1,442 | $ | 79.6 | $ | 17.45 | 14.3 | % | |||||||||||||||||||
2011 | 155 | $ | 54.4 | $ | 10.06 | 8.3 | % | 1,425 | $ | 90.2 | $ | 18.60 | 16.2 | % | |||||||||||||||||||
2012 | 156 | $ | 56.5 | $ | 8.97 | 8.6 | % | 1,204 | $ | 80.4 | $ | 19.13 | 14.4 | % | |||||||||||||||||||
2013 | 149 | $ | 51.1 | $ | 8.74 | 7.8 | % | 848 | $ | 61.3 | $ | 17.57 | 11.0 | % | |||||||||||||||||||
2014 | 150 | $ | 57.6 | $ | 9.81 | 8.8 | % | 254 | $ | 22.6 | $ | 18.60 | 4.1 | % | |||||||||||||||||||
2015 | 103 | $ | 47.7 | $ | 9.55 | 7.3 | % | 217 | $ | 21.2 | $ | 18.91 | 3.8 | % | |||||||||||||||||||
2016 | 105 | $ | 48.6 | $ | 9.69 | 7.4 | % | 200 | $ | 20.7 | $ | 20.75 | 3.7 | % | |||||||||||||||||||
2017 | 99 | $ | 51.2 | $ | 10.43 | 7.8 | % | 197 | $ | 22.3 | $ | 19.78 | 4.0 | % | |||||||||||||||||||
2008 - 2017 Subtotal | 1,146 | $ | 437.7 | $ | 9.33 | 67.0 | % | 8,064 | $ | 507.8 | $ | 18.04 | 91.2 | % | |||||||||||||||||||
Total Rent Roll | 1,481 | $ | 653.6 | $ | 9.59 | 100.0 | % | 8,411 | $ | 556.5 | $ | 18.09 | 100.0 | % | |||||||||||||||||||
Portfolio Summary 5.0
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Largest Tenants by Owned and Managed GLA
Total | Total | Owned | Owned | Unowned | Unowned | |||||||||||||||||||
Units | GLA (msf) | Units | GLA (msf) | Units | GLA (msf) | |||||||||||||||||||
1. Wal-Mart / Sam’s Club | 104 | 16.3 | 45 | 6.7 | 59 | 9.5 | ||||||||||||||||||
2. Target | 66 | 7.9 | 11 | 1.4 | 55 | 6.5 | ||||||||||||||||||
3. Lowe’s Home Improvement | 41 | 5.3 | 21 | 2.7 | 20 | 2.6 | ||||||||||||||||||
4. Home Depot | 42 | 4.4 | 13 | 1.3 | 29 | 3.1 | ||||||||||||||||||
5. Kohl’s | 42 | 3.6 | 36 | 3.2 | 6 | 0.4 | ||||||||||||||||||
6. T.J. Maxx / Marshalls | 100 | 3.3 | 100 | 3.3 | 0 | 0.0 | ||||||||||||||||||
7. Mervyns | 38 | 2.9 | 38 | 2.9 | 0 | 0.0 | ||||||||||||||||||
8. Kmart / Sears | 27 | 2.4 | 23 | 1.7 | 4 | 0.7 | ||||||||||||||||||
9. Publix Supermarkets | 56 | 2.5 | 56 | 2.5 | 0 | 0.0 | ||||||||||||||||||
10. PetSmart | 105 | 2.4 | 104 | 2.3 | 1 | 0.1 |
Portfolio Summary 5.0
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Largest Tenants by GLA and Base Rental Revenues(1)
Owned | % of | Credit Ratings | ||||||||||
Major Tenant (units) | GLA | Total GLA | (S&P/Moody’s) | |||||||||
1. Wal-Mart / Sam’s Club (45) | 5.0 | 7.5 | % | AA / Aa2 | ||||||||
2. Lowe’s Home Improvement (21) | 2.2 | 3.4 | % | A+ / A1 | ||||||||
3. Kmart / Sears (23) | 1.7 | 2.6 | % | BB / Ba1 | ||||||||
4. T.J. Maxx / Marshall’s (100) | 1.6 | 2.3 | % | A / A3 | ||||||||
5. Mervyns (38) | 1.5 | 2.2 | % | NR / NR | ||||||||
6. Kohl’s (36) | 1.4 | 2.1 | % | BBB / Baa1 | ||||||||
7. Target (11) | 1.1 | 1.7 | % | A+ / A2 | ||||||||
8. PetSmart (104) | 1.1 | 1.7 | % | BB / NR | ||||||||
9. Home Depot (13) | 1.0 | 1.6 | % | BBB+ / Baa1 | ||||||||
10. Kroger (40) | 1.0 | 1.5 | % | BBB- / Baa2 | ||||||||
Subtotal 1-10 | 17.6 | 26.5 | % | |||||||||
Total Portfolio | 66.4 | 100.0 | % | |||||||||
Base Rental | % of Total | Credit Ratings | ||||||||||
Major Tenant (units) | Rev. ($M) | Base Rent | (S&P/Moody’s) | |||||||||
1. Wal-Mart / Sam’s Club (45) | $ | 32.0 | 4.5 | % | AA / Aa2 | |||||||
2. Mervyn’s (38) | $ | 17.3 | 2.4 | % | NR / NR | |||||||
3. PetSmart (104) | $ | 14.7 | 2.0 | % | BB / NR | |||||||
4. T.J. Maxx / Marshalls (100) | $ | 14.6 | 2.0 | % | A / A3 | |||||||
5. Lowe’s Home Improvement (21) | $ | 13.8 | 1.9 | % | A+ / A1 | |||||||
6. Circuit City (44) | $ | 12.0 | 1.7 | % | NR / NR | |||||||
7. Bed Bath & Beyond (60) | $ | 11.8 | 1.6 | % | BBB / NR | |||||||
8. Kohl’s (36) | $ | 9.9 | 1.4 | % | BBB / Baa1 | |||||||
9. Rite Aid (41) | $ | 9.8 | 1.4 | % | B / Caa2 | |||||||
10. Michael’s (74) | $ | 9.8 | 1.4 | % | B- / B2 | |||||||
Subtotal 1-10 | $ | 145.7 | 20.3 | % | ||||||||
Total Portfolio | $ | 718.9 | 100.0 | % | ||||||||
(1) | Based on pro rata ownership of joint venture properties. |
Portfolio Summary 5.0
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Consolidated Debt
as of June 30, 2008
as of June 30, 2008
Loan | Maturity | Interest | ||||||||||||||
Balance(000’s) | Date | Rate (1) | ||||||||||||||
SENIOR DEBT: | ||||||||||||||||
Unsecured Credit Facilities: | ||||||||||||||||
$1.25 Billion Revolving Credit Facility | $ | 856,506 | (2) | 06/10 | 3.557 | |||||||||||
$75 Million Revolving Credit Facility | 21,500 | 06/10 | 3.091 | |||||||||||||
Secured Credit Facility: | ||||||||||||||||
$800 Million Term Loan | 800,000 | (3) | 02/11 | 4.756 | ||||||||||||
Total Term and Credit Facility Debt | 1,678,006 | |||||||||||||||
PUBLIC DEBT: | ||||||||||||||||
Medium Term Notes | F | 274,867 | 01/09 | 3.875 | ||||||||||||
Medium Term Notes | F | 199,858 | 05/10 | 5.000 | ||||||||||||
Medium Term Notes | F | 299,860 | 08/10 | 4.625 | ||||||||||||
Medium Term Notes | F | 249,575 | 04/11 | 5.250 | ||||||||||||
Convertible Notes | F | 250,000 | (4) | 08/11 | 3.500 | |||||||||||
Convertible Notes | F | 600,000 | (5) | 03/12 | 3.000 | |||||||||||
Medium Term Notes | F | 345,555 | 10/12 | 5.375 | ||||||||||||
Medium Term Notes | F | 199,511 | 05/15 | 5.500 | ||||||||||||
Medium Term Notes | F | 100,000 | 07/18 | 7.500 | ||||||||||||
Total Public Debt | 2,519,225 | |||||||||||||||
MORTGAGE DEBT: | ||||||||||||||||
DDR MDT MV, LLC | V | 45,923 | (6) | 10/08 | 3.183 | |||||||||||
Glenmark Ctr, Morgantown, WV | F | 7,000 | 10/08 | 4.775 | ||||||||||||
Bi-Lo — Shelmore, Mt Pleasant, SC | F | 6,350 | 10/08 | 4.775 | ||||||||||||
Terrell, TX | V | 12,774 | (7) | 11/08 | 3.963 | |||||||||||
Loisdale Center, Springfield, VA | F | 15,950 | 12/08 | 4.580 | ||||||||||||
Cascade Marketplace, Sterling, VA | F | 9,240 | 12/08 | 4.510 | ||||||||||||
Kyle, TX | V | 18,627 | (7) | 12/08 | 3.963 | |||||||||||
Schertz, TX | V | 6,480 | (7) | 01/09 | 3.963 | |||||||||||
Silver Springs, MD (Tech 29-1) | F | 6,272 | 02/09 | 7.330 | ||||||||||||
Middletown Village, Middletown, RI | F | 10,000 | 02/09 | 4.531 | ||||||||||||
Abernathy Square, Atlanta, GA | F | 13,392 | 03/09 | 6.285 | ||||||||||||
Shoppes at Wendover Village, Greensboro, NC | F | 5,450 | 06/09 | 4.222 | ||||||||||||
Leawood, KS | F | 47,143 | 07/09 | 7.310 | ||||||||||||
Mill Pond Village, Cary, NC | F | 8,500 | 07/09 | 4.758 | ||||||||||||
Adams Farm, Greensboro, NC | F | 6,700 | 08/09 | 4.652 | ||||||||||||
Martinsville, VA | F | 19,068 | 12/09 | 8.460 | ||||||||||||
Plant City Crossing, Plant City, FL | F | 5,900 | 05/10 | 4.700 | ||||||||||||
Brick Ctr Plaza, Brick, NJ | F | 10,300 | 06/10 | 4.375 | ||||||||||||
Windsor Court SC, Windsor, CT | F | 8,015 | 06/10 | 4.390 | ||||||||||||
Edgewater Town Ctr, Edgewater, NJ | F | 14,000 | 06/10 | 4.685 | ||||||||||||
Valley Park Commons, Hagerstown, MD | F | 6,770 | 07/10 | 4.440 | ||||||||||||
East Hanover Plaza, East Hanover, NJ | F | 9,280 | 07/10 | 4.685 |
Summary of Consolidated Debt 6.1
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Consolidated Debt
as of June 30, 2008 (con’t)
as of June 30, 2008 (con’t)
Loan | Maturity | Interest | ||||||||||||||
Balance(000’s) | Date | Rate (1) | ||||||||||||||
Sony Theatre, East Hanover, NJ | F | $ | 6,445 | 07/10 | 4.685 | |||||||||||
Oakley Plaza, Asheville, NC | F | 5,175 | 08/10 | 4.290 | ||||||||||||
Deer Valley — Phoenix, AZ | F | 16,851 | 09/10 | 8.010 | ||||||||||||
Capital Crossing, Raleigh, NC | F | 5,478 | 09/10 | 4.300 | ||||||||||||
Downtown Short Pump, Richmond, VA | F | 18,480 | 09/10 | 4.900 | ||||||||||||
DDR MDT MV, LLC | F | 212,550 | (6) | 10/10 | 5.211 | |||||||||||
Tequesta Shops Plaza, Tequesta, FL | F | 5,200 | 10/10 | 5.300 | ||||||||||||
Shops on the Circle, Dothan, AL | F | 11,489 | 11/10 | 7.920 | ||||||||||||
Big Flats, NY (Big Flats I) | F | 5,597 | 12/10 | 8.011 | ||||||||||||
Plattsburgh, NY | F | 5,464 | 12/10 | 8.000 | ||||||||||||
Denbigh Village, Newport News, VA | F | 11,457 | 12/10 | 4.940 | ||||||||||||
Camfield Corners, Charlotte, NC | F | 5,150 | 12/10 | 5.040 | ||||||||||||
Homestead, FL | V | 49,560 | 03/11 | 3.663 | ||||||||||||
Erie, PA | F | 24,546 | 04/11 | 6.884 | ||||||||||||
Erie, PA | F | 2,832 | 04/11 | 6.884 | ||||||||||||
Boardman, OH | F | 25,490 | 04/11 | 6.884 | ||||||||||||
St. Louis, MO (Sunset) | F | 33,043 | 04/11 | 6.884 | ||||||||||||
St. Louis, MO (Brentwood) | F | 24,546 | 04/11 | 6.884 | ||||||||||||
Denver, CO (Centennial) | F | 36,819 | 04/11 | 6.884 | ||||||||||||
Beachwood, OH | V | 9,148 | 04/11 | 3.563 | ||||||||||||
Indian Train, NC (Union TC Ph I) | F | 6,686 | 10/11 | 7.000 | ||||||||||||
Gates, NY (Westgate) | F | 23,959 | 10/11 | 7.240 | ||||||||||||
Ashtabula, OH | F | 6,659 | 12/11 | 7.000 | ||||||||||||
Phoenix, AZ (Paradise Valley) | F | 30,000 | (8) | 03/12 | 5.385 | |||||||||||
St. Louis, MO (Gravois) | F | 662 | 07/12 | 8.625 | ||||||||||||
Denver, CO (University Hills) | F | 26,876 | 07/12 | 7.300 | ||||||||||||
N. Charleston, SC | F | 10,141 | 07/12 | 7.370 | ||||||||||||
Cortez Plaza, Bradenton, FL | F | 12,438 | 07/12 | 7.150 | ||||||||||||
Duvall Village, Bowie, MD | F | 8,530 | 10/12 | 7.040 | ||||||||||||
Walgreen’s — Rockford, IL | F | 3,223 | 11/12 | 4.863 | ||||||||||||
Walgreen’s — Dearborn Hts, MI | F | 3,550 | 11/12 | 4.863 | ||||||||||||
Walgreen’s — Livonia, MI | F | 2,477 | 11/12 | 4.863 | ||||||||||||
Mooresville, NC | F | 23,031 | 12/12 | 6.930 | ||||||||||||
Big Flats, NY (Big Flats IV) | F | 860 | 01/13 | 7.600 | ||||||||||||
Big Flats, NY (Big Flats II & III) | F | 3,176 | 01/13 | 8.010 | ||||||||||||
Buffalo, NY (Delaware Commons) | F | 789 | 01/13 | 6.960 | ||||||||||||
Walgreen’s — Oshkosh, WI | F | 2,817 | 02/13 | 4.863 | ||||||||||||
Walgreen’s — Westland, MI | F | 2,625 | 03/13 | 4.863 | ||||||||||||
Paseo Colorado | F | 79,100 | 04/13 | 5.000 | ||||||||||||
Meridian, ID | F | 7,440 | 04/13 | 5.000 | ||||||||||||
Meridian, ID | F | 29,760 | 04/13 | 5.000 | ||||||||||||
Wilmington, NC (University Center) | F | 24,500 | 04/13 | 5.000 | ||||||||||||
Aspen Grove | F | 42,200 | 04/13 | 5.000 | ||||||||||||
Plaza Escorial | F | 57,500 | 04/13 | 5.000 |
Summary of Consolidated Debt 6.1
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Consolidated Debt
as of June 30, 2008 (con’t)
as of June 30, 2008 (con’t)
Loan | Maturity | Interest | ||||||||||||||
Balance(000’s) | Date | Rate (1) | ||||||||||||||
Bayamon, PR (Rio Hondo) | F | $ | 109,500 | 04/13 | 5.000 | |||||||||||
Victor, NY (Victor Square) | F | 6,351 | 04/13 | 5.800 | ||||||||||||
Mays Landing, NJ (Wrangleboro) | F | 44,699 | 05/13 | 6.990 | ||||||||||||
W. Long Branch, NJ (Monmouth) | F | 10,434 | 07/13 | 8.570 | ||||||||||||
Englewood, FL (Rotonda) | F | 1,479 | 07/13 | 5.800 | ||||||||||||
Reno, NV | V | 3,352 | 02/15 | 6.700 | ||||||||||||
Olean, NY | F | 3,862 | 07/15 | 8.995 | ||||||||||||
Mays Landing, NJ (Hamilton) | F | 12,055 | 09/15 | 4.700 | ||||||||||||
Columbus, OH (Consumer II West) | F | 12,807 | 11/15 | 10.188 | ||||||||||||
Amherst, NY (Kmart/Blvd Cons. II) | F | 10,198 | 11/15 | 7.850 | ||||||||||||
Lockport, NY (Wal-Mart/Tops) | F | 10,645 | 01/16 | 8.000 | ||||||||||||
Merriam, KS (TIF) | F | 4,775 | 02/16 | 6.900 | ||||||||||||
Rome, NY (Freedom) | F | 3,732 | 09/16 | 7.850 | ||||||||||||
Amherst, NY (Tops Transit + French) | F | 4,391 | 12/16 | 7.680 | ||||||||||||
Cheektowaga, NY (Wal-Mart Thruway) | F | 4,225 | 10/17 | 6.780 | ||||||||||||
Ithaca, NY | F | 16,549 | 01/18 | 7.050 | ||||||||||||
Amherst, NY (Target/Blvd Cons. II) | F | 11,628 | 07/18 | 5.670 | ||||||||||||
Niskayuna, NY (Mohawk) | F | 21,563 | 12/18 | 5.750 | ||||||||||||
Henderson, TN | F | 7,925 | 01/19 | 7.660 | ||||||||||||
Spring Hill, FL | F | 4,638 | 09/19 | 9.750 | ||||||||||||
Cedar Rapids, IA | F | 8,822 | 01/20 | 9.375 | ||||||||||||
Plainville, CT | F | 6,675 | 04/21 | 7.125 | ||||||||||||
Allentown, PA | F | 16,288 | 07/21 | 6.950 | ||||||||||||
Gulfport, MS | V | 60,000 | 12/37 | 1.550 | ||||||||||||
Total Mortgage Debt | 1,614,051 | |||||||||||||||
Total Consolidated Debt | $ | 5,811,282 | ||||||||||||||
Wtd. Avg. | Wtd. Avg. | |||||||||||||||
Maturity | Interest Rate | |||||||||||||||
Fixed Rate | $ | 4,527,413 | 3.40 years | 5.1 | % | |||||||||||
Variable Rate | $ | 1,283,869 | 3.29 years | 3.4 | % | |||||||||||
$ | 5,811,282 | 3.38 years | 4.7 | % | ||||||||||||
Summary of Consolidated Debt 6.1
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Consolidated Debt
as of June 30, 2008 (con’t)
as of June 30, 2008 (con’t)
CUMULATIVE REDEEMABLE PREFERRED SHARES | Outstanding Amount | First Call Date | ||||||
Class G — 8.0% | $ | 180,000 | March 28, 2008 | |||||
Class H — 7.375% | $ | 205,000 | July 28, 2008 | |||||
Class I — 7.5% | $ | 170,000 | May 7, 2009 |
Notes:
F — Fixed-Rate Debt V — Variable-Rate Debt
1. | Interest rate figures reflect coupon rates of interest and do not include discounts or premiums. Annualized 2008 deferred finance cost amortization of approximately $9.2 million net, is offset by approximately $5.6 million of annualized fair market value adjustments in 2008. | |
2. | The LIBOR rate on $100 million of the $1.25 billion Revolving Credit Facility has been fixed at 4.942% through September 2010 via an interest rate swap. The spread on this $100 million borrowing was 0.579% at June 30, 2008 resulting in a fixed rate of 5.521% on this borrowing. | |
3. | Secured term loan debt of $200 million has been converted to a fixed rate of 5.85% until June 28, 2010. Secured term loan debt of $100 million has been converted to a fixed rate of 5.63%. Secured term loan debt of $50 million has been converted to a fixed rate of 5.66%, and $50 million has been converted to a fixed rate of 5.67% until October 18, 2009. Secured term loan debt of $100 million has been converted to a fixed rate of 5.515% until February 20, 2012. The weighted average rate of all tranches, reflecting the rates fixed by interest rate swaps is 4.756%. | |
4. | The convertible notes may be net settled with DDR’s common stock once the stock price rises above $64.42 per share, however, this conversion price has been increased to $73.63 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash. | |
5. | The convertible notes may be net settled with DDR’s common stock once the stock price rises above $74.63 per share, however, this conversion price has been increased to $87.07 per share through the purchase of a convertible note hedge. The principal balance on these notes is to be settled in cash. | |
6. | The company’s 50% joint venture with MDT is consolidated within DDR’s accounts pursuant to FIN 46. | |
7. | The company’s 50% joint venture with David Berndt Interests is consolidated within DDR’s accounts pursuant to FIN 46. | |
8. | The company’s 67% joint venture with Shea and Tatum Associates is consolidated within DDR’s accounts pursuant to EITF 04-05. |
Summary of Consolidated Debt 6.1
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Joint Venture Debt
as of June 30, 2008
as of June 30, 2008
Mortgage | ||||||||||||||||
Property/Entity | Balance (000’s) | Maturity Date | Interest Rate | |||||||||||||
DDRTC Core Retail Fund, LLC | ||||||||||||||||
DDRTC Holdings Pool 1, LLC | F | $ | 736,559 | (1) | 03/17 | 5.4475 | ||||||||||
DDRTC Holdings Pool 3, LLC | F | 555,034 | (2) | 03/12 | 5.480 | |||||||||||
DDRTC Holdings Pool 5, LLC | V | 197,300 | (3) | 02/10 | Libor + 65 | |||||||||||
DDRTC Holdings Pool 6, LLC Walks at Highwood Preserve I & II | F | 3,700 | 05/09 | 4.372 | ||||||||||||
Aiken Exchange | F | 7,350 | 05/09 | 4.372 | ||||||||||||
Oak Summit | F | 8,200 | 06/09 | 4.272 | ||||||||||||
Wytheville Commons | F | 5,590 | 06/09 | 4.302 | ||||||||||||
Heritage Pavilion | F | 21,500 | 07/09 | 4.460 | ||||||||||||
Columbiana Station | F | 25,900 | 06/10 | 4.040 | ||||||||||||
Warwick Center | F | 16,939 | 06/10 | 4.130 | ||||||||||||
Fayette Pavilion I & II | F | 53,250 | 07/10 | 5.620 | ||||||||||||
North Hill Commons | F | 2,475 | 11/10 | 5.240 | ||||||||||||
Cox Creek Shopping Center | F | 14,314 | 03/12 | 7.090 | ||||||||||||
Cypress Trace | F | 16,000 | 04/12 | 5.000 | ||||||||||||
Waterfront Marketplace | F | 29,225 | 08/12 | 6.350 | ||||||||||||
Waterfront Town Center | F | 38,503 | 08/12 | 6.350 | ||||||||||||
Creeks at Virginia Center | F | 25,986 | 08/12 | 6.370 | ||||||||||||
Willoughby Hills Shopping Center | F | 14,480 | 07/18 | 6.980 | ||||||||||||
DDR Domestic Retail Fund I | ||||||||||||||||
Paradise Promenade, Davie, FL | F | 6,400 | 06/09 | 4.322 | ||||||||||||
Village Ctr, Racine, WI | F | 13,200 | 04/10 | 4.440 | ||||||||||||
West Falls Plaza, West Patterson, NJ | F | 11,075 | 06/10 | 4.685 | ||||||||||||
Southampton Village, Tyrone, GA | F | 6,700 | 05/11 | 4.663 | ||||||||||||
Village Center Outlot, Racine, WI | F | 2,070 | 07/11 | 5.170 | ||||||||||||
Center Pointe Plaza, Easley, SC | F | 4,250 | 08/11 | 5.320 | ||||||||||||
Shoppes on the Ridge, Lake Wales, FL | F | 9,628 | 12/11 | 4.740 | ||||||||||||
Publix Brooker Creek, Palm Harbor, FL | F | 5,000 | 12/11 | 4.610 | ||||||||||||
Watercolor Crossing, Santa Rosa, FL | F | 4,355 | 01/12 | 4.760 | ||||||||||||
Heather Island Plaza, Ocala, FL | F | 6,155 | 12/12 | 5.001 | ||||||||||||
Hilliard Rome, Columbus, OH | F | 11,127 | 01/13 | 5.870 | ||||||||||||
Boynton Beach, FL (Meadows Square) | F | 3,186 | 07/13 | 6.720 | ||||||||||||
DDR Domestic Retail Fund I | F | 885,000 | (4) | 07/17 | 5.600 | |||||||||||
DDR Macquarie(5) | ||||||||||||||||
$305 Million Revolving Credit Facility | V | 244,400 | (6) | 04/10 | Libor + 40 | |||||||||||
F | 9,100 | (6) | 04/10 | 3.938 | ||||||||||||
F | 20,000 | (6) | 04/10 | 4.360 | ||||||||||||
Secured Portfolio Financing | F | 290,500 | (7) | 12/08 | 4.225 | |||||||||||
V | 50,000 | (7) | 12/08 | Libor + 130 | ||||||||||||
F | 165,250 | (8) | 06/09 | 4.180 | ||||||||||||
V | 7,660 | (8) | 06/09 | Libor + 84 | ||||||||||||
BJ’s Clarence | F | 4,434 | 03/22 | 7.070 | ||||||||||||
Joann Transit | F | 2,374 | 08/13 | 6.250 | ||||||||||||
New Hartford Consumer Square | F | 31,183 | 11/18 | 5.750 | ||||||||||||
Birmingham, AL (Riverchase) | F | 7,561 | 01/13 | 5.500 | ||||||||||||
DDR Macquarie Longhorn Holdings | F | 85,000 | (9) | 01/12 | 4.910 |
Summary of Joint Venture Debt 6.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Joint Venture Debt
as of June 30, 2008 (con’t)
as of June 30, 2008 (con’t)
Mortgage | ||||||||||||||||
Property/Entity | Balance (000’s) | Maturity Date | Interest Rate | |||||||||||||
DDR Macquarie(5) | ||||||||||||||||
DDR Macquarie Longhorn Holdings II | F | $ | 157,250 | (10) | 04/10 | 4.822 | ||||||||||
V | 3,570 | (10) | 04/10 | Libor + 85 | ||||||||||||
DDR Macquarie Longhorn Holdings III | F | 39,300 | (11) | 04/10 | 5.098 | |||||||||||
Macquarie DDR US Trust Credit Facility | V | 76,047 | 03/10 | Libor + 100 | ||||||||||||
DDR MDT PS, LLC | F | 86,000 | (12) | 07/13 | 6.004 | |||||||||||
Coventry II DDR Bloomfield | V | 48,000 | 12/08 | Libor + 250 | ||||||||||||
Coventry II DDR Buena Park | V | 61,000 | 03/10 | Libor + 115 | ||||||||||||
Coventry II DDR Fairplain | V | 16,000 | 09/08 | Libor + 210 | ||||||||||||
Coventry II DDR Marley Creek | V | 10,750 | 07/10 | Libor + 125 | ||||||||||||
Coventry II DDR Merriam Village | V | 18,539 | 08/08 | Libor + 150 | ||||||||||||
Coventry II DDR Montgomery Farm | V | 86,138 | 07/10 | Libor + 150 | ||||||||||||
Coventry II DDR Phoenix Spectrum | V | 46,000 | 01/09 | Libor + 70 | ||||||||||||
Coventry II DDR SM | V | 84,725 | 01/09 | Libor + 70 | ||||||||||||
V | 32,695 | 01/09 | Libor + 195.7 | |||||||||||||
Coventry II DDR Totem Lakes | V | 29,437 | 12/08 | Libor + 250 | ||||||||||||
Coventry II DDR Tri County | F | 155,536 | 02/15 | 5.655 | ||||||||||||
F | 11,813 | 02/15 | 10.304 | |||||||||||||
Coventry II DDR Ward Parkway | V | 36,000 | 08/08 | Libor + 125 | ||||||||||||
Coventry II DDR Westover Marketplace | V | 20,780 | 07/09 | Libor + 125 | ||||||||||||
RVIP III B | ||||||||||||||||
Deer Park, IL | F | 60,000 | 10/11 | 5.590 | ||||||||||||
RVIP VII | V | 72,120 | (13) | 04/10 | Libor + 125 | |||||||||||
RVIP VIII | V | 23,356 | 01/09 | Libor + 100 | ||||||||||||
DPG Realty Holdings, LLC | ||||||||||||||||
Tonawanda, NY | F | 5,191 | 05/17 | 7.630 | ||||||||||||
Tonawanda, NY | F | 4,744 | 06/21 | 7.660 | ||||||||||||
TRT DDR Holdings I LLC | F | 110,000 | (14) | 05/17 | 5.510 | |||||||||||
Inland SAU Retail Fund, LLC | ||||||||||||||||
Blockbuster | F | 993 | 10/10 | 4.890 | ||||||||||||
Cascade Crossing | F | 4,954 | 10/10 | 4.890 | ||||||||||||
Hickory Flat Village | F | 8,689 | 10/10 | 4.890 | ||||||||||||
Flat Shoals Crossing | F | 6,063 | 10/10 | 4.760 | ||||||||||||
Deshon Plaza | F | 6,038 | 10/10 | 4.760 |
Summary of Joint Venture Debt 6.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Joint Venture Debt
as of June 30, 2008 (con’t)
as of June 30, 2008 (con’t)
Mortgage | ||||||||||||||||
Property/Entity | Balance (000’s) | Maturity Date | Interest Rate | |||||||||||||
Inland SAU Retail Fund, LLC | ||||||||||||||||
Shops at John’s Creek | F | $ | 2,762 | 10/10 | 4.890 | |||||||||||
Waynesboro Commons | F | 3,178 | 10/10 | 4.890 | ||||||||||||
Brookhaven | F | 10,397 | 12/10 | 4.890 | ||||||||||||
Lewandowski Commons | F | 12,465 | 03/11 | 5.770 | ||||||||||||
South Square | F | 12,597 | 10/12 | 5.060 | ||||||||||||
North Hampton Market (Phase I & II) | F | 10,501 | 10/12 | 5.080 | ||||||||||||
The Point | F | 15,800 | 10/12 | 5.640 | ||||||||||||
Oakland Market Place | F | 3,560 | 10/12 | 5.040 | ||||||||||||
Crossroads Square | F | 4,869 | 12/12 | 5.310 | ||||||||||||
Cascade Corners | F | 3,979 | 12/12 | 5.420 | ||||||||||||
Hilander Village | F | 9,404 | 12/12 | 5.410 | ||||||||||||
Glenlake Plaza | F | 8,234 | 12/12 | 5.440 | ||||||||||||
Broadmoor Plaza | F | 11,048 | 12/12 | 5.440 | ||||||||||||
Milan Plaza | F | 2,161 | 12/12 | 5.490 | ||||||||||||
West Towne Commons | F | 4,797 | 12/12 | 5.440 | ||||||||||||
American Way | F | 6,662 | 12/12 | 5.440 | ||||||||||||
Kroger Junction | F | 3,827 | 12/12 | 5.440 | ||||||||||||
Kroger Plaza | F | 1,806 | 12/12 | 5.440 | ||||||||||||
Willowbrook Commons | F | 6,998 | 03/13 | 5.410 | ||||||||||||
Shoppes at Wendover II | F | 14,382 | 04/13 | 5.060 | ||||||||||||
Harper Hill Commons | F | 10,350 | 04/13 | 5.790 | ||||||||||||
Plaza at Carolina Forest | F | 14,203 | 05/13 | 5.970 | ||||||||||||
Alexander Pointe | F | 5,129 | 08/13 | 5.920 | ||||||||||||
Patterson Place | F | 20,338 | 12/13 | 5.670 | ||||||||||||
DDRA Community Centers Five | F | 280,000 | (15) | 08/10 | 5.295 | |||||||||||
DDR Markaz II | F | 150,480 | (16) | 11/14 | 5.147 | |||||||||||
Lennox Town Center Limited | F | 1,000 | 06/17 | 6.440 | ||||||||||||
Columbus, OH | F | 26,000 | 06/17 | 5.640 | ||||||||||||
Sun Center Limited | F | 5,900 | 05/11 | 5.420 | ||||||||||||
Columbus, OH | F | 13,224 | 04/11 | 8.480 | ||||||||||||
DOTRS LLC | ||||||||||||||||
Macedonia, OH | F | 21,000 | 08/11 | 6.050 | ||||||||||||
Jefferson County Plaza, LLC | ||||||||||||||||
Arnold, MO | V | 3,709 | 08/08 | Libor + 175 | ||||||||||||
Sonae Sierra Brazil Limitadas | V | 17,331 | 02/09 | CDI + 45 | ||||||||||||
Total | $ | 5,697,730 | ||||||||||||||
Wtd. Avg. | Wtd. Avg. | |||||||||||||||
Total Joint Venture Debt: | Maturity | Interest Rate | ||||||||||||||
Fixed Rate | $ | 4,512,175 | 5.37 years | 5.3 | % | |||||||||||
Variable Rate | $ | 1,185,555 | 1.28 years | 3.6 | % | |||||||||||
$ | 5,697,730 | 4.52 years | 5.0 | % | ||||||||||||
DDR’s Proportionate Share: | ||||||||||||||||
Fixed Rate | $ | 912,503 | ||||||||||||||
Variable Rate | $ | 211,945 | ||||||||||||||
$ | 1,124,447 | |||||||||||||||
Summary of Joint Venture Debt 6.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Notes: | ||
(1) Encumbers twenty five shopping center properties as follows: | ||
Anderson Central (Anderson, SC) | Barrett Pavilion (Kennesaw, GA) | |
Boynton Commons (Boynton Beach, FL) | City Crossing (Warner Robins, GA) | |
Fayette Pavilion III & IV (Fayetteville, GA) | Gateway Market Center (St. Petersburg, FL) | |
Gateway Plaza (Jacksonville, NC) | Hiram Pavilion (Hiram, GA) | |
Marketplace at Mill Creek (Buford, GA) | Overlook at King of Prussia (King of Prussia, PA) | |
Sand Lake Corners (Orlando, FL) | Paradise Place (West Palm Beach, FL) | |
Stonecrest Marketplace (Lithonia, GA) | Pleasant Hill (Duluth, GA) | |
Universal Plaza (Lauderhill, FL) | River Ridge (Birmingham, AL) | |
Venture Pointe (Duluth, GA) | Sarasota Pavilion (Sarasota, FL) | |
Ward’s Crossing (Lynchburg, VA) | Sycamore Commons (Matthews, NC) | |
Winslow Bay Commons (Mooresville, NC) | Bartow Marketplace (Cartersville, GA) | |
Woodstock Square (Woodstock, GA) | Columbiana Station II (Columbia, SC) | |
Market Place (Ft. Myers, FL) | ||
(2) Encumbers seventeen shopping center properties as follows: | ||
Bellevue Place (Nashville, TN) | Village Crossing (Skokie, IL) | |
Capital Plaza (Wake Forest, NC) | Birkdale Village Retail & Apts (Huntersville, NC) | |
Carlisle Commons (Carlisle, PA) | CompUSA Retail Center (Newport News, VA) | |
Chesterfield Crossings (Richmond, VA) | Douglasville Pavilion (Douglasville, GA) | |
Commonwealth Center II (Richmond, VA) | Stonebridge Square (Roswell, GA) | |
Costco Plaza (White Marsh, MD) | Town & Country (Knoxville, TN) | |
Naugatuck Valley Shopping Center (Waterbury, CT) | Turkey Creek I (Knoxville, TN) | |
Newnan Pavilion (Newnan, GA) | Walks at Highwood Preserve I (Tampa, FL) | |
Suwannee Crossroads (Suwannee, GA) | ||
(3) Encumbers twelve shopping center properties as follows: | ||
Westside Centre (Huntsville, AL) | Chatham Crossing (Siler City, NC) | |
McFarland Plaza (Tuscaloosa, AL) | Southern Pines Marketplace (Southern Pines, NC) | |
Circuit City Plaza (Orlando, FL) | Alexander Place (Raleigh, NC) | |
Shoppes at Lake Mary (Lake Mary, FL) | Target Center (Columbia, SC) | |
Eisenhower Crossing I & II (Macon, GA) | Hillsboro Square (Deerfield Beach, FL) | |
Southlake Pavilion (Morrow, GA) | ||
Goody’s Shopping Center (Augusta, GA) | ||
(4) Encumbers fifty two shopping center properties as follows: | ||
Countryside (Naples, FL) | Meadowmont Village Center (Chapel Hill, NC) | |
Shoppes of Golden Acres (New Port Richey, FL) | Clayton Corners (Clayton, NC) | |
Conway Plaza (Orlando, FL) | Sexton Commons (Fuquay Varina, NC) | |
Chickasaw Trails Shopping Center (Orlando, FL) | Rosedale Shopping Center (Huntersville, NC) | |
Flamingo Falls (Pembroke Pines, FL) | Shops at Oliver’s Crossing (Winston-Salem, NC) | |
Killearn Shopping Center (Tallahassee, FL) | Cofer Crossing (Tucker, GA) | |
Southwood Plantation (Tallahassee, FL) | Oviedo Park Crossing (Oviedo, FL) | |
Shoppes of Lithia (Valrico, FL) | Hilltop Plaza (Richmond, CA) | |
Sharon Greens (Cumming, GA) | Springfield Commons (Toledo, OH) | |
Hairston Crossing (Decatur, GA) | Derby Square (Grove City, OH) | |
Shoppes of Ellenwood (Ellenwood, GA) | North Pointe Plaza (Tampa, FL) | |
Clearwater Crossing (Flowery Branch, GA) | Highland Grove (Highland, IN) | |
Shoppes at Lake Dow (McDonough, GA) | Apple Blossom Corners (Winchester, VA) | |
Aberdeen Square (Boynton Beach, FL) | Harundale Plaza (Glen Burnie, MD) | |
Creekwood Crossing (Bradenton, FL) | Largo Town Center (Upper Marlboro, MD) | |
Northlake Commons (Palm Beach Gardens, FL) | Fayetteville Pavilion (Fayetteville, NC) | |
Riverstone Plaza (Canton, GA) | Crossroads Plaza (Philadelphia, PA) | |
Casselberry Commons (Casselberry, FL) | Village Square at Golf (Boynton Beach, FL) | |
Bardmoor Shopping Center (Largo, FL) | Lakewood Ranch (Bradenton, FL) | |
Melbourne Shopping Center (Melbourne, FL) | Crystal Springs Shopping Center (Crystal River, FL) | |
West Oaks Towne Center (Orlando, FL) | Sheridan Square (Dania, FL) | |
Skyview Plaza (Orlando, FL) | Shoppes at Paradise Pointe (Fort Walton Beach, FL) | |
Midway Plaza (Tamarac, FL) | Citrus Hills (Hernando, FL) | |
Shoppes at New Tampa (Wesley Chapel, FL) | Paraiso Plaza (Hialeah, FL) | |
Market Square (Douglasville, GA) | Plaza Del Paraiso (Miami, FL) | |
Riverdale Shops (West Springfield, MA) | River Run (Miramar, FL) |
Summary of Joint Venture Debt 6.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Notes: (con’t) | ||||
(5) The company’s 50% joint venture associated with the Mervyns Portfolio acquisition is not reflected as it is | ||||
consolidated within DDR’s accounts pursuant to FIN 46. | ||||
(6) Encumbers ten shopping center properties as follows: | ||||
Canton, OH | St. Paul, MN | North Olmsted, OH | ||
Brentwood, TN | Monaca, PA | Coon Rapids, MN | ||
Merriam, KS | Plant City, FL | Winter Park, FL | ||
Apopka, FL | ||||
(7) Encumbers seven shopping center properties as follows: | ||||
Independence, MO | Framingham, MA | Fairfax, VA | ||
Schaumburg, IL | Atlanta, GA | Naples, FL | ||
Marietta, GA | ||||
(8) Encumbers eight shopping center properties as follows: | ||||
Clarence, NY | Fayetteville, AR | Nashville, TN | ||
Cheektowaga, NY | Erie, PA | Ashville, NC | ||
Batavia, NY | Murfreesboro, TN | |||
(9) Encumbers four shopping center properties as follows: | ||||
Pioneer Hills (Aurora, CO) | Harbison Court (Columbia, SC) | |||
MacArthur Marketplace (Irving, TX) | Lakepointe Crossing (Lewisville, TX) | |||
(10) Encumbers seven shopping center properties as follows: | ||||
Plainville Commons (Plainville, CT) | Shoppers World of Brookfield (Brookfield, WI) | |||
Riverdale Village (Coon Rapids, MN) | Brown Deer Center (Brown Deer, WI) | |||
Brandon Village (Brandon, FL) | Brown Deer Marketplace (Brown Deer, WI) | |||
Brandon Plaza (Brandon, FL) | ||||
(11) Encumbers three shopping center properties as follows: | ||||
Grandville Marketplace (Grandville, MI) | Parker Pavilions (Parker, CO) | |||
McDonough Marketplace (McDonough, GA) | ||||
(12) Encumbers seven shopping center properties as follows: | ||||
Shops at Turner Hill (Lithonia, GA) | McKinney Marketplace (McKinney, TX) | |||
Turner Hill Marketplace (Lithonia, GA) | Marketplace at Town Center (Mesquite, TX) | |||
Flatacres Marketcenter (Parker, CO) | Frisco Marketplace (Frisco, TX) | |||
Overland Pointe Marketplace (Overland Park, KS) | ||||
(13) Encumbers two shopping center properties located in California. | ||||
(14) Encumbers three shopping center properties as follows: | ||||
Centerton Square (Mt. Laurel, NJ) | Beaver Creek Commons (Apex, NC) | |||
Mt. Nebo Pointe (Pittsburgh, PA) | ||||
(15) Encumbers five shopping center properties as follows: | ||||
Ahwatukee, AZ | Maple Grove, MN | Eagan, MN | ||
Phoenix, AZ | Portland, OR | |||
(16) 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 | ||||
Amounts may differ slightly from actual results, due to rounding. |
Summary of Joint Venture Debt 6.2
Developers Diversified Realty Corporation
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Summary of Consolidated Mortgage Principal Payments, Corporate Debt Maturities
and Joint Venture Debt Payments and Maturities(1)
as of June 30, 2008
(000’s)
and Joint Venture Debt Payments and Maturities(1)
as of June 30, 2008
(000’s)
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||||||||||||||||||||||
Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Payments | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
CONSOLIDATED DEBT | ||||||||||||||||||||||||||||||||||||||||||||||||
Property Mortgages | $ | 50,809 | $ | 142,447 | $ | 426,284 | $ | 199,991 | $ | 112,964 | $ | 432,343 | $ | 16,593 | $ | 26,625 | $ | 17,230 | $ | 10,559 | $ | 81,618 | $ | 1,517,463 | ||||||||||||||||||||||||
Construction Loans | 31,400 | 6,480 | 0 | 0 | 0 | 58,708 | 0 | 0 | 0 | 0 | 0 | 96,588 | ||||||||||||||||||||||||||||||||||||
Public Debt | 0 | 274,867 | 499,718 | 499,575 | 945,555 | 0 | 0 | 199,511 | 0 | 0 | 100,000 | 2,519,225 | ||||||||||||||||||||||||||||||||||||
Subtotal | 82,210 | 423,794 | 926,002 | 699,566 | 1,058,520 | 491,050 | 16,593 | 226,136 | 17,230 | 10,559 | 181,618 | 4,133,276 | ||||||||||||||||||||||||||||||||||||
Revolving Credit Facilities & Term Loan(2) | 0 | 0 | 0 | 878,005 | 800,000 | 0 | 0 | 0 | 0 | 0 | 0 | 1,678,006 | ||||||||||||||||||||||||||||||||||||
Total Consolidated Debt | $ | 82,210 | $ | 423,794 | $ | 926,002 | $ | 1,577,572 | $ | 1,858,520 | $ | 491,050 | $ | 16,593 | $ | 226,136 | $ | 17,230 | $ | 10,559 | $ | 181,618 | $ | 5,811,282 | ||||||||||||||||||||||||
JOINT VENTURE DEBT | ||||||||||||||||||||||||||||||||||||||||||||||||
Total JV Debt | $ | 419,554 | $ | 330,727 | $ | 1,361,765 | $ | 428,949 | $ | 852,625 | $ | 184,047 | $ | 159,910 | $ | 157,970 | $ | 7,369 | $ | 1,765,944 | $ | 28,870 | $ | 5,697,730 | ||||||||||||||||||||||||
DDR’s Proportionate Share | 86,084 | 64,904 | 323,363 | 107,593 | 138,150 | 25,217 | 31,729 | 28,364 | 1,249 | 313,267 | 4,528 | 1,124,447 | ||||||||||||||||||||||||||||||||||||
Total Consolidated Debt & Proportionate Share JV Debt | $ | 168,293 | $ | 488,698 | $ | 1,249,365 | $ | 1,685,165 | $ | 1,996,669 | $ | 516,267 | $ | 48,321 | $ | 254,499 | $ | 18,479 | $ | 323,825 | $ | 186,146 | $ | 6,935,729 | ||||||||||||||||||||||||
Notes:
(1) | In situations where the company has options to extend the maturity of a loan, the maturity of the extension period(s) has been assumed for this schedule. | |
(2) | Balance at June 30, 2008 on credit facilities and term loan. The $1.25 billion JPMorgan Chase facility has one one-year extension option to 2011. The $800 million Key Bank term loan has one one-year extension option to 2012. The $75 million National City Bank facility has one one-year extension option to 2011. |
Amounts may differ slightly from actual results, due to rounding.
Summary of Consolidated and Joint Venture Debt Payments and Maturities 6.3
Developers Diversified Realty
Quarterly Financial Supplement
For the six months ended June 30, 2008
Quarterly Financial Supplement
For the six months ended June 30, 2008
Investor Information
Research Coverage | ||
Banc of America Securities | ||
Christine McElroy | (212) 847-5658 | |
Citigroup | ||
Michael Bilerman | (212) 816-1383 | |
Ambika Goel | (212) 816-6981 | |
Deutsche Bank Securities | ||
Lou Taylor | (212) 250-4912 | |
Christeen Kim | (415) 617-4221 | |
Goldman Sachs | ||
Jay Habermann | (917) 343-4260 | |
Green Street Advisors | ||
Jim Sullivan | (949) 640-8780 | |
Nick Vedder | (949) 640-8780 | |
Hilliard Lyons | ||
Carol Kemple | (502) 588-1142 | |
Merrill Lynch | ||
Steve Sakwa | (212) 449-0335 | |
Craig Schmidt | (212) 449-1944 | |
JP Morgan | ||
Michael Mueller | (212) 622-6689 | |
RBC Capital Markets | ||
Rich Moore | (216) 378-7625 | |
UBS | ||
Jeff Spector | (212) 713-6144 | |
Lindsay Schroll | (212) 713-3402 | |
Wachovia Securities | ||
Jeff Donnelly | (617) 603-4262 | |
Robert Laquaglia | (617) 603-4280 |
Corporate Headquarters
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500
Website: www.ddr.com
3300 Enterprise Parkway
Beachwood, Ohio 44122
Phone: (216) 755-5500
Fax: (216) 755-1500
Website: www.ddr.com
Investor Relations
Michelle M. Dawson
Phone: (216) 755-5455
Email: mdawson@ddr.com
Michelle M. Dawson
Phone: (216) 755-5455
Email: mdawson@ddr.com