SITE Centers (SITC) 8-K DDR Reports a 6.9% Increase In Operating Ffo Per Diluted Share to $0.31

Exhibit 99.2

DDR Corp.

Table of Contents

Section	Page
Earnings Release & Financial Statements
Press Release		1 - 9
Asset Summary
Portfolio Summary		10
Portfolio Detail		11
Leasing Summary		12
Top 50 Tenants		13
Top 50 Assets by ABR at DDR Share		14
Investments
Transactions		15
Developments/Redevelopments		16
Joint Ventures
Summary		17
Income Statement		18
Balance Sheet		19
Balance Sheet Summary
Capital Structure		20
Debt/EBITDA		21
Debt Summary		22
Consolidated Debt Detail		23 - 25
Unconsolidated Debt Detail		26 - 27
Analyst Information and Reporting Policies
Analyst Coverage		28
Notable Policies		29 - 30

Property list available online athttp://www.ddr.com

DDR 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 expectations 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 supply 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, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; ability to sell assets on commercially reasonable terms; ability to secure equity or debt financing on commercially acceptable terms or at all; or ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the finalization of the financial statements for the three months ended September 30, 2015. 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 for the year ended December 31, 2014, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For immediate release:

Media Contact:	Investor Contact:
Matt Schuler	Matt Lougee
mschuler@ddr.com	mlougee@ddr.com
216.755.5500	216.755.5500

DDR REPORTS A 6.9% INCREASE IN OPERATING FFO PER DILUTED SHARE TO $0.31

FOR THE QUARTER ENDED SEPTEMBER 30, 2015

BEACHWOOD, OHIO, October 27, 2015 – DDR Corp. (NYSE: DDR) today announced operating results for the third quarter ended September 30, 2015.

Financial Highlights

• Third quarter operating funds from operations attributable to common shareholders (“Operating FFO”) increased $7.3 million to $113.5 million, or $0.31 per diluted share, compared to $106.2 million, or $0.29 per diluted share, for theprior-year comparable period.

• Third quarter net income attributable to common shareholders was $54.0 million, or $0.15 per diluted share, compared to net income of $63.0 million, or $0.17 per diluted share, for the prior-year comparable period.

Significant Quarterly Activity

• Generated same store net operating income growth of 3.2% on a pro rata basis

• Executed 382 new leases and renewals for 2.9 million square feet

• Increased the annualized base rent per occupied square foot by 4.0% on a pro rata basis to $14.54 at September 30, 2015 from $13.98 at September 30, 2014

• Generated new leasing spreads of 12.3% and renewal leasing spreads of 7.1%, both on a pro rata basis

• The portfolio leased rate was 95.8% at September 30, 2015 and June 30, 2015 on a pro rata basis

• Sold 21 assets totaling $145 million at DDR’s share

• In October 2015, issued $400 million of 4.25% senior unsecured notes due February 2026

• In October 2015, called for redemption $350 million of senior convertible notes

“I am proud to report another strong and consistent quarter of same store NOI and earnings growth as our high quality portfolio and the efforts of our team continue to produce impressive results,” commented David J. Oakes, president and chief executive officer of DDR.

2015 Guidance

• The Company is revising its 2015 guidance for Operating FFO to a range of $1.21 to $1.24 per diluted share from a range of $1.20 to $1.25 per diluted share.

Non-GAAP Disclosures

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 and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”), is 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 and losses from disposition of depreciable real estate property, which are presented net of taxes, (iii) impairment charges on depreciable real estate property and related investments, (iv) extraordinary items and (v) 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 non-controlling interests and adding the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. The Company calculates Operating FFO by excluding the non-operating charges and gains described below. The Company computes FFO in accordance with the NAREIT definition. Other real estate companies may calculate FFO and Operating FFO in a different manner. Operating FFO is useful to investors as the Company removes these charges and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. A reconciliation of net income (loss) to FFO and Operating FFO is presented herein.

1

Safe Harbor

DDR Corp. considers portions of the information in this press release 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 our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as supply 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, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; the success of our capital recycling strategy; and the finalization of the financial statements for the three months ended September 30, 2015. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s Form 10-K for the year ended December 31, 2014, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

About DDR Corp.

DDR is an owner and manager of 378 value-oriented shopping centers representing 116 million square feet in 41 states and Puerto Rico. The Company’s portfolio is comprised primarily of large-format power centers located in top markets across the United States, and is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available atwww.ddr.com.

Conference Call and Supplemental Information

A copy of the Company’s Supplemental package is available upon request to Brooke Vanek at the Company’s corporate office, 3300 Enterprise Parkway, Beachwood, Ohio 44122 or atwww.ddr.com.

The Company will hold its quarterly conference call tomorrow, October 28, 2015, at 10:00 a.m. Eastern Time. To participate, please dial 877.249.1119 (domestic) or 412.542.4143 (international) at least ten minutes prior to the scheduled start of the call. The conference call webcast will be recorded and available for replay through the Investors portion of DDR’s website,http://ir.ddr.com/events.cfm.

2

DDR Corp.

Income Statement: Consolidated Interests

$ in thousands, except per share
	3Q15			3Q14			9M15			9M14
Revenues:
Minimum rents (1)	$	180,523		$	171,893		$	540,583		$	507,475
Percentage rent		835			507			3,592			2,772
Recoveries		61,915			58,116			188,016			171,947
Ancillary income		4,646			6,326			13,513			18,465
Other revenues (2)		968			919			2,866			4,552
		248,887			237,761			748,570			705,211
Expenses (3):
Operating and maintenance		35,963			36,404			110,718			106,982
Real estate taxes		37,385			34,981			112,811			104,042
		73,348			71,385			223,529			211,024
Net operating income		175,539			166,376			525,041			494,187
Other income (expense):
Fee income		8,248			7,594			24,713			23,696
Interest income		7,331			2,652			21,703			8,938
Interest expense (4)		(58,217	)		(56,774	)		(182,524	)		(176,106	)
Depreciation and amortization		(97,155	)		(97,270	)		(299,470	)		(296,093	)
General and administrative (5)		(17,596	)		(19,540	)		(55,462	)		(58,878	)
Other income (expense), net (6)		(240	)		(2,758	)		(1,300	)		(11,041	)
Impairment charges (7)		0			(1,448	)		(279,021	)		(18,119	)
Income (loss) before earnings from equity method investments and other items		17,910			(1,168	)		(246,320	)		(33,416	)
Equity in net income of joint ventures		648			3,620			2,351			10,241
Impairment of joint venture investments		0			0			0			(9,100	)
Gain on sale and change in control of interests, net		0			3,984			7,772			87,814
Income from discontinued operations (8)		0			57,569			0			67,926
Tax (expense) benefit		(528	)		214			(6,001	)		(1,113	)
Gain on disposition of real estate, net of tax		41,793			2,262			78,154			2,645
Net income (loss)		59,823			66,481			(164,044	)		124,997
Non-controlling interests (9)		(268	)		2,125			(1,590	)		2,985
Net income (loss) attributable to DDR		59,555			68,606			(165,634	)		127,982
Write-off of preferred share original issuance costs		0			0			0			(1,943	)
Preferred dividends		(5,594	)		(5,594	)		(16,781	)		(18,460	)
Net income (loss) attributable to Common Shareholders		53,961			63,012			(182,415	)		107,579
FFO:
Net income (loss) attributable to common shareholders		53,961			63,012			(182,415	)		107,579
Depreciation and amortization of real estate investments		95,159			99,542			293,265			304,286
Equity in net income of joint ventures		(648	)		(3,620	)		(2,351	)		(10,241	)
Joint ventures’ FFO		6,595			8,387			21,114			24,507
Non-controlling interests (OP units)		69			223			566			509
Impairment of depreciable real estate		0			365			179,748			11,856
Gain on disposition of depreciable real estate, net		(41,734	)		(57,105	)		(78,282	)		(159,753	)
FFO attributable to Common Shareholders		113,402			110,804			231,645			278,743
Non-operating items, net (10)		136			(4,589	)		100,423			29,445
Operating FFO	$	113,538		$	106,215		$	332,068		$	308,188
FFO per share – Diluted (11)	$	0.31		$	0.31		$	0.64		$	0.77
Operating FFO per share – Diluted (11)	$	0.31		$	0.29		$	0.91		$	0.85

3

DDR Corp.

Balance Sheet: Consolidated Interests

$ in thousands	At Period End
	3Q15			4Q14
Assets:
Land	$	2,187,720		$	2,208,468
Buildings		6,931,911			7,087,040
Fixtures and tenant improvements		709,548			645,035
		9,829,179			9,940,543
Less: Accumulated depreciation		(2,038,635	)		(1,909,585	)
		7,790,544			8,030,958
Construction in progress and land		326,196			395,242
Real estate, net		8,116,740			8,426,200
Investments in and advances to joint ventures		393,520			414,848
Cash		21,040			20,937
Restricted cash		41,920			11,375
Notes receivable, net		47,430			56,245
Receivables, including straight-line rent, net		131,209			132,661
Other assets, net (12)		403,620			479,629
Total Assets		9,155,479			9,541,895
Liabilities and Equity:
Revolving credit facilities		395,000			29,009
Unsecured debt		3,118,656			2,765,893
Unsecured term loan		300,000			350,000
Mortgage and other secured debt		1,409,921			2,089,805
		5,223,577			5,234,707
Dividends payable		68,059			61,468
Other liabilities (13)		425,507			448,192
Total Liabilities		5,717,143			5,744,367
Preferred shares		350,000			350,000
Common shares		36,223			36,071
Paid-in-capital		5,467,413			5,438,778
Accumulated distributions in excess of net income		(2,416,655	)		(2,047,212	)
Deferred compensation obligation		15,516			16,609
Accumulated other comprehensive income		(6,662	)		(7,352	)
Less: Common shares in treasury at cost		(16,039	)		(16,646	)
Non-controlling interests		8,540			27,280
Total Equity		3,438,336			3,797,528
Total Liabilities and Equity	$	9,155,479		$	9,541,895

4

DDR Corp.

Income Statement: Unconsolidated Interests at 100%

$ in thousands
	3Q15			3Q14			9M15			9M14
Revenues:
Minimum rents	$	95,218		$	78,647		$	297,392		$	260,122
Percentage rent		383			318			1,325			1,051
Recoveries		28,772			21,469			90,234			64,661
Other revenues		2,325			7,900			8,413			31,141
		126,698			108,334			397,364			356,975
Expenses:
Operating and maintenance		30,558			22,287			94,213			84,032
Real estate taxes		17,118			12,596			52,859			37,852
		47,676			34,883			147,072			121,884
Net operating income		79,022			73,451			250,292			235,091
Other income (expense):
Interest expense		(33,202	)		(37,667	)		(107,698	)		(129,514	)
Depreciation and amortization		(49,949	)		(31,435	)		(158,168	)		(107,165	)
Impairment charges		0			0			(448	)		(600	)
Tax expense		0			0			0			(6,565	)
Other income (expense), net		(589	)		(173	)		(1,173	)		(2,964	)
		(83,740	)		(69,275	)		(267,487	)		(246,808	)
(Loss) income from continuing operations		(4,718	)		4,176			(17,195	)		(11,717	)
Loss from discontinued operations		0			(12,906	)		0			(17,090	)
Gain on disposition of discontinued operations, net		0			4,713			0			28,224
(Loss) gain on disposition of real estate, net		(2,626	)		3,833			(4,197	)		3,833
Non-controlling interests		0			0			0			(2,023	)
Net (loss) income attributable to unconsolidated joint ventures		(7,344	)		(184	)		(21,392	)		1,227
Depreciation and amortization of real estate investments		49,949			35,574			158,168			118,020
Impairment of depreciable real estate		0			11,093			448			11,693
Loss (gain) on disposition of depreciable real estate, net		2,626			(8,546	)		4,197			(31,965	)
FFO		45,231			37,937			141,421			98,975
FFO at DDR’s ownership interests		6,595			8,387			21,114			24,507
Operating FFO at DDR’s ownership interests		6,639			8,387			21,162			24,643
Net income at DDR’s ownership interests		336			3,316			1,406			9,483
Basis differences		312			304			945			758
Equity in net income of joint ventures	$	648		$	3,620		$	2,351		$	10,241

5

DDR Corp.

Balance Sheet: Unconsolidated Interests at 100%

$ in thousands	At Period End
	3Q15			4Q14
Assets:
Land	$	1,319,519		$	1,439,849
Buildings		3,457,212			3,854,585
Fixtures and tenant improvements		183,108			200,696
		4,959,839			5,495,130
Less: Accumulated depreciation		(799,161	)		(773,256	)
		4,160,678			4,721,874
Land held for development and construction in progress		52,215			55,698
Real estate, net		4,212,893			4,777,572
Cash and restricted cash		62,751			100,812
Receivables, including straight-line rent, net		52,903			80,508
Other assets, net		299,625			394,751
Total Assets		4,628,172			5,353,643
Liabilities and Equity:
Mortgage debt		3,116,584			3,552,764
Notes and accrued interest payable to DDR		2,926			144,831
Other liabilities		198,804			276,998
Total Liabilities		3,318,314			3,974,593
Redeemable preferred equity		310,763			305,310
Accumulated equity		999,095			1,073,740
Total Liabilities and Equity	$	4,628,172		$	5,353,643

6

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
Includes discontinued operations		3Q15			3Q14			9M15			9M14
(1)	Minimum rents:
	Straight-line rent, net	$	1.6		$	1.5		$	3.8		$	4.0
	Below-market rent, net		1.0			0.3			2.2			0.8
	Ground lease revenue		9.5			8.5			27.9			24.5
(2)	Other revenues:
	Lease termination fees		0.7			0.7			2.3			4.1
	Other miscellaneous		0.3			0.2			0.6			0.5
(3)	Operating expenses:
	Recoverable expenses (2014 excludes sold assets)		(67.7	)		(64.0	)		(206.2	)		(189.3	)
	Non-recoverable expenses (2014 excludes sold assets)		(5.6	)		(7.4	)		(17.3	)		(21.7	)
	Straight-line ground rent expense		(0.1	)		(0.2	)		(0.4	)		(0.8	)
	Expensed costs of suspended developments		(0.1	)		(0.1	)		(0.4	)		(0.8	)
(4)	Non-cash interest expense:
	Convertible debt accretion		(3.0	)		(2.9	)		(8.9	)		(8.5	)
	Debt fair value amortization		3.0			4.1			12.7			12.5
	Loan cost amortization		(2.4	)		(3.1	)		(7.3	)		(9.5	)
	Interest expense (capitalized)		1.9			2.7			5.1			6.6
(5)	General and administrative expenses:
	Executive separation charges		(0.0	)		(0.0	)		(2.3	)		(0.0	)
	Stock compensation expenses		(1.5	)		(1.9	)		(5.2	)		(5.8	)
	Internal leasing expenses		(1.8	)		(1.7	)		(5.5	)		(5.6	)
	Construction administrative costs (capitalized)		2.3			2.5			7.0			7.3
(6)	Other income (expense):
	Transactions and other, net		(0.2	)		(1.6	)		(0.4	)		(8.8	)
	Litigation expenses		(0.0	)		(1.2	)		(0.0	)		(2.2	)
	Debt extinguishment, net		(0.0	)		(0.0	)		(0.9	)		(0.0	)
(7)	Impairment charges:
	Assets marketed for sale		(0.0	)		(0.4	)		(179.7	)		(11.9	)
	Land previously held for development		(0.0	)		(1.4	)		(99.3	)		(15.1	)

7

DDR Corp.

Financial Statements: Footnotes

$ in millions, except per share
Includes discontinued operations		3Q15			3Q14			9M15			9M14
(8)	Discontinued operations:
	Revenues		n/a		$	10.8			n/a		$	36.4
	Expenses		n/a			(5.4	)		n/a			(19.0	)
	Impairments		n/a			(0.4	)		n/a			(8.9	)
	Depreciation		n/a			(4.5	)		n/a			(14.9	)
	Gain on disposition of real estate, net		n/a			57.1			n/a			74.3
	Net income		n/a			57.6			n/a			67.9
	Note: Presented for 2014 only as DDR adopted the new accounting guidance on January 1, 2015, which changed the definition for reporting.
(9)	Non-controlling interests:
	FFO attributable to non-controlling interests		(0.2	)		2.3			(1.2	)		1.9
	Operating FFO attributable to non-controlling interests		(0.2	)		(0.3	)		(0.8	)		(0.7	)
(10)	Non-operating items excluded from Operating FFO:
	Non-cash impairment charges – non-depreciable assets		0.0			1.4			99.3			24.2
	Executive separation charges		0.0			0.0			2.3			0.0
	Transaction, debt extinguishment, litigation, other, net		0.1			2.8			1.6			12.1
	Joint ventures – transaction, currency, other		0.0			0.0			0.0			0.1
	Non-cash gain on sale and change in control of interests, net		0.0			(4.0	)		(7.8	)		(4.0	)
	Tax expense (primarily Puerto Rico restructuring)		0.0			0.0			4.4			0.0
	(Gain) loss on sale of non-depreciable real estate, net		0.0			(4.8	)		0.6			(4.9	)
	Non-cash write-off of preferred share original issuance costs		0.0			0.0			0.0			1.9
			0.1			(4.6	)		100.4			29.4
(11)	Outstanding per share information:
	Common shares (at quarter end)		362.1			360.2			362.1			360.2
	OP units (at quarter end)		0.4			1.4			0.4			1.4
	Total shares and units (at quarter end)		362.5			361.6			362.5			361.6
	Weighted average shares and units – Basic – EPS		361.1			358.0			360.3			357.8
	Assumed conversion of dilutive securities		2.5			0.5			0.0			0.5
	Weighted average shares and units – Diluted – EPS		363.6			358.5			360.3			358.3
	Weighted average shares and units – Basic – FFO & OFFO		362.5			361.0			362.4			360.2
	Assumed conversion of dilutive securities		0.4			0.5			0.5			0.5
	Weighted average shares and units – Diluted – FFO & OFFO		362.9			361.5			362.9			360.7
	Earnings per common share – Basic & Diluted	$	0.15		$	0.17		$	(0.51	)	$	0.30
	FFO per share – Basic & Diluted	$	0.31		$	0.31		$	0.64		$	0.77
	Operating FFO per share – Diluted	$	0.31		$	0.29		$	0.91		$	0.85
	Common stock dividends declared, per share	$	0.1725		$	0.155		$	0.5175		$	0.465
(12)	Intangible assets, net(at quarter and year end)								323.1			389.2
(13)	Below-market leases, net(at quarter and year end)								146.0			139.3

8

DDR Corp.

Financial Statements: Footnotes

		3Q15		3Q14		9M15		9M14
Additional financial information
	Capital expenditures (DDR share):
	Retenanting	$	13.4	$	9.8	$	36.1	$	30.5
	Maintenance – total		7.4		6.0		13.3		9.2
	Maintenance PSF of owned GLA – non reimbursable						0.09		0.10
	Miscellaneous (DDR share):
	Est. value of land owned adjacent to existing centers (at quarter end)						26.0
	Cost basis of headquarters (non-income producing at quarter end)						40.0

9

DDR Corp.

Portfolio Summary

$, GLA in millions, except PSF

				At 100%										At DDR Share
Portfolio Metrics
Operating Centers					378										378
Owned GLA					77.7										53.5
Ground Lease GLA					6.6										4.9
Additional Unowned					31.4										31.4
Base Rent PSF				$	14.23									$	14.54
Leased Rate					95.5	%									95.8	%
Commenced Rate					93.7	%									94.2	%
	Same Store NOI at 100%										Same Store NOI at DDR Share
	3Q15			3Q14			Change				3Q15			3Q14			Change
Same Store Leased Rate		96.0	%		95.9	%		0.1	%			96.3	%		96.2	%		0.1	%
Revenues:
Base Rents	$	216.7		$	211.8			2.3	%		$	170.5		$	166.4			2.5	%
Recoveries		72.5			70.1			3.4	%			59.2			57.2			3.4	%
Other		5.0			5.1			(2.4	)%			4.1			4.2			(2.3	)%
		294.2			287.0			2.5	%			233.8			227.8			2.6	%
Expenses:
Operating		(39.4	)		(39.5	)		(0.2	)%			(31.1	)		(31.0	)		0.4	%
Real Estate Taxes		(41.6	)		(40.8	)		2.1	%			(33.9	)		(33.3	)		1.8	%
		(81.1	)		(80.3	)		1.0	%			(65.0	)		(64.2	)		1.2	%
Same Store NOI	$	213.1		$	206.7			3.1	%		$	168.8		$	163.6			3.2	%
Non-Same Store NOI		41.4			33.1							18.5			16.4
	$	254.5		$	239.8						$	187.3		$	180.0
Same Store NOI Reconciliation to Income Statement
Consolidated at 100%:										Consolidated at DDR Share:
Revenues	$	248.8		$	237.8					DDR Share	$	175.5		$	166.4
Expenses		(73.3	)		(71.4	)				JV Share		(0.4	)		(0.4	)
	$	175.5		$	166.4						$	175.1		$	166.0
Unconsolidated at 100%:										Unconsolidated at DDR Share:
Revenues	$	126.7		$	108.3					Revenues	$	18.8		$	20.3
Expenses		(47.7	)		(34.9	)				Expenses		(6.6	)		(6.3	)
	$	79.0		$	73.4						$	12.2		$	14.0
Total	$	254.5		$	239.8					Total	$	187.3		$	180.0

10

DDR Corp.

Portfolio Detail (at 100% unless otherwise noted)

Lease Expiration Schedule

	Greater than 10,000 SF										Less than 10,000 SF
			ABR		Rent			% of					ABR			Rent			% of
Year	Leases		(mil)		PSF			ABR			Leases		(mil)			PSF			ABR
2015		15	$	4.5	$	10.18			0.4	%		168	$	9.1		$	24.41			0.9	%
2016		159		49.3		10.81			4.9	%		867		51.3			22.94			5.1	%
2017		211		79.2		10.87			7.9	%		902		54.5			23.41			5.4	%
2018		227		80.7		11.45			8.0	%		931		64.7			24.09			6.4	%
2019		232		90.0		11.38			8.9	%		670		45.3			23.75			4.5	%
2020		192		70.0		11.83			6.9	%		584		38.8			23.37			3.8	%
2021		167		69.1		10.77			6.9	%		254		20.9			24.37			2.1	%
2022		116		44.9		11.09			4.5	%		206		17.6			24.75			1.7	%
2023		115		42.8		10.49			4.2	%		174		16.2			24.14			1.6	%
2024		100		35.1		12.08			3.5	%		220		20.8			24.01			2.1	%
2015-2024		1,534	$	565.6	$	11.17			56.1	%		4,976	$	339.2		$	23.72			33.7	%
Total Rent Roll		1,680	$	643.8	$	11.51			63.9	%		5,330	$	364.0		$	23.68			36.1	%
	Annual Metrics										Leased Rate Breakdown at 100%
	Period Ending		Centers		Leased Rate			ABR PSF			SF		Leased Rate			% of GLA			% of Vacancy
		3Q 2015		378		95.5	%	$	14.23			< 5,000		86.5	%		14.8	%		44.0	%
		YE 2014		415		95.7	%		13.91			5,000-9,999		91.0	%		8.7	%		17.1	%
		YE 2013		406		95.0	%		13.35			> 10,000		97.7	%		76.5	%		38.9	%
		YE 2012		444		94.1	%		12.77			Total		95.5	%		100.0	%		100.0	%
		YE 2011		422		93.3	%		12.54
		YE 2010		476		92.3	%		12.46			Leased Rate Breakdown at DDR Share
		YE 2009		534		91.2	%		12.27
		YE 2008		611		92.6	%		12.34					Leased			% of			% of
		YE 2007		619		95.8	%		12.22			SF		Rate			GLA			Vacancy
		YE 2006		370		96.2	%		11.57			< 5,000		86.8	%		14.2	%		44.4	%
		YE 2005		379		96.3	%		11.30			5,000-9,999		91.4	%		8.7	%		17.6	%
		YE 2004		373		95.4	%		11.13			> 10,000		97.9	%		77.1	%		38.0	%
		YE 2003		274		95.1	%		10.82			Total		95.8	%		100.0	%		100.0	%
		YE 2002		189		95.9	%		10.58
		YE 2001		192		95.4	%		10.03			Portfolio Concentration at 100%
		YE 2000		190		96.9	%		9.66
		YE 1999		186		95.7	%		9.20					% of						% of
		YE 1998		159		96.5	%		8.99					ABR			MSF			GLA
		YE 1997		123		96.1	%		8.49			Florida		10.7	%		9.7			11.5	%
		YE 1996		112		94.8	%		7.85			Georgia		9.3	%		8.9			10.5	%
		YE 1995		106		96.3	%		7.60			Puerto Rico		7.6	%		4.8			5.7	%
		YE 1994		84		97.1	%		5.89			Ohio		7.5	%		6.9			8.2	%
		YE 1993		69		96.2	%		5.60			N. Carolina		6.7	%		5.3			6.3	%
		YE 1992		53		95.4	%		5.37			California		5.3	%		4.0			4.7	%
												New Jersey		4.7	%		3.2			3.8	%
												Illinois		4.6	%		2.7			3.2	%
												Texas		4.1	%		3.2			3.8	%
												New York		3.9	%		4.2			5.0	%

11

DDR Corp.

Leasing Summary

Leases, GLA, and net effective rents at 100%

All other figures at DDR share

Leasing Activity

	# of Leases		GLA (000)		New Rent PSF		Rent Spread			Wtd Avg Term (Years)				Vacant < 12 months
														# of		GLA
														Leases		(000)
New Leases
1Q15		124		680	$	16.88		26.9	%		9.3				58		325
2Q15		146		835		20.35		25.4	%		9.4				72		372
3Q15		139		693		19.70		12.3	%		10.1				65		261
		409		2,208	$	19.04		21.4	%		9.5				195		958
Renewals
1Q15		165		1,931	$	13.77		6.7	%		5.6				165		1,931
2Q15		223		2,030		15.04		7.2	%		5.6				223		2,030
3Q15		243		2,184		15.75		7.1	%		5.2				243		2,184
		631		6,145	$	14.83		7.0	%		5.5				631		6,145
New + Renewals
1Q15		289		2,611	$	14.61		9.7	%		6.6				223		2,256
2Q15		369		2,865		16.63		10.2	%		6.7				295		2,402
3Q15		382		2,877		16.87		7.9	%		6.5				308		2,445
		1,040		8,353	$	16.03		9.3	%		6.6				826		7,103
Net Effective Rents
			GLA (1) (000)		Base Rent PSF		Capex PSF			Net Effective Rent PSF		Wtd Avg Term (Years)
New Leases
1Q15				578	$	18.40	($	6.14	)	$	12.26		8.6
2Q15				624		19.51		(5.28	)		14.23		8.3
3Q15				547		19.73		(3.95	)		15.78		8.0
				1,749	$	19.21	($	5.14	)	$	14.07		8.3
Renewals
1Q15				1,931	$	13.78	($	0.03	)	$	13.75		5.5
2Q15				2,030		15.57		(0.01	)		15.56		5.4
3Q15				2,184		14.86		(0.05	)		14.81		5.2
				6,145	$	14.76	($	0.03	)	$	14.73		5.4

(1) New Leases GLA excludes development and redevelopment activity.

12

DDR Corp.

Top 50 Tenants

$, GLA in millions

		# of Units				Base Rent							Owned GLA							Credit Ratings
	Tenant	Owned		Total		at 100%		% of Total			Pro Rata		at 100%		% of Total			Pro Rata		(S&P/Moody’s/Fitch)
1	TJX Companies (1)		112		113	$	37.8		3.5	%	$	27.0		3.5		4.2	%		2.4	A+ / A2 / NR
2	Bed Bath & Beyond (2)		94		95		33.4		3.1	%		24.6		2.7		3.2	%		1.9	A- / Baa1 / NR
3	PetSmart		101		102		31.8		3.0	%		21.5		2.1		2.5	%		1.4	B+ / NR / NR
4	Walmart (3)		28		75		26.6		2.5	%		23.5		4.2		5.0	%		3.7	AA / Aa2 / AA
5	Dick’s Sporting Goods (4)		40		41		23.5		2.2	%		14.4		1.9		2.3	%		1.1	NR
6	Kohl’s		35		51		23.3		2.2	%		17.1		3.1		3.7	%		2.3	BBB / Baa1 / BBB+
7	Ross Stores (5)		72		72		22.8		2.1	%		14.2		2.1		2.5	%		1.3	A- / A3 / NR
8	Best Buy		38		44		22.0		2.0	%		15.8		1.5		1.8	%		1.1	BB+ / Baa1 / BBB-
9	AMC Theatres		11		12		19.7		1.8	%		14.5		0.9		1.1	%		0.6	B+ / NR / NR
10	Michaels		65		67		19.0		1.8	%		13.4		1.5		1.8	%		1.0	B+ / Ba3 / NR
11	Gap (6)		66		66		16.3		1.5	%		12.2		1.0		1.2	%		0.8	BBB- / Baa2 / BBB-
12	Office Depot (7)		50		54		15.3		1.4	%		10.8		1.1		1.3	%		0.8	B- / B2 / NR
13	Publix		35		38		15.1		1.4	%		3.6		1.7		2.0	%		0.4	NR
14	Ulta		56		58		13.6		1.3	%		9.3		0.6		0.7	%		0.4	NR
15	Ascena (8)		114		114		12.8		1.2	%		9.9		0.7		0.8	%		0.5	BB / Ba2 / NR
16	Kroger (9)		25		29		11.1		1.0	%		4.7		1.3		1.5	%		0.5	BBB / Baa2 / BBB
17	Barnes & Noble		24		26		10.6		1.0	%		7.7		0.6		0.7	%		0.4	NR
18	Jo-Ann		33		33		10.3		1.0	%		8.1		1.0		1.2	%		0.7	B / B3 / NR
19	Staples		34		35		9.7		0.9	%		6.4		0.7		0.8	%		0.5	BBB-/ Baa2 / BBB-
20	Toys “R” Us (10)		27		30		9.6		0.9	%		8.7		1.1		1.3	%		0.9	B- / B3 / CCC
21	Lowe’s		11		31		9.3		0.9	%		8.6		1.4		1.7	%		1.3	A- / A3 / NR
22	Dollar Tree Stores		80		83		9.2		0.9	%		6.3		0.8		0.9	%		0.6	BB / Ba2 / NR
23	Home Depot		10		40		9.2		0.9	%		9.0		1.1		1.3	%		1.0	A / A2 / A
24	Regal Cinemas		10		11		9.1		0.8	%		7.1		0.6		0.7	%		0.5	B+ / B1 / B+
25	DSW		26		27		9.0		0.8	%		6.1		0.6		0.7	%		0.4	NR
26	Petco		35		37		9.0		0.8	%		6.5		0.5		0.6	%		0.3	B / B3 / NR
27	Cinemark		10		10		8.9		0.8	%		7.1		0.6		0.7	%		0.5	BB / NR / NR
28	Hobby Lobby		20		22		8.4		0.8	%		4.9		1.1		1.3	%		0.7	NR
29	Sports Authority		15		16		8.1		0.8	%		8.1		0.6		0.7	%		0.6	NR / Caa1 / NR
30	Party City		41		41		8.0		0.7	%		5.9		0.5		0.6	%		0.4	NR
31	Royal Ahold (11)		9		9		7.6		0.7	%		3.0		0.5		0.6	%		0.2	BBB / Baa2 / BBB
32	LA Fitness		11		12		7.3		0.7	%		5.2		0.5		0.6	%		0.4	NR
33	Five Below		53		53		7.3		0.7	%		5.4		0.5		0.6	%		0.3	NR
34	Nordstrom Rack		11		12		7.2		0.7	%		6.2		0.4		0.5	%		0.3	A- / Baa1 / BBB+
35	Pier 1 Imports		32		36		7.1		0.7	%		5.3		0.3		0.4	%		0.2	B+ / NR / NR
36	Burlington		13		13		6.8		0.6	%		5.0		1.0		1.2	%		0.7	B+ / NR / NR
37	Whole Foods		6		6		6.3		0.6	%		4.7		0.3		0.4	%		0.2	BBB- / NR / NR
38	hhgregg		18		19		6.1		0.6	%		4.3		0.6		0.7	%		0.4	NR
39	Giant Eagle		6		7		6.0		0.6	%		3.3		0.5		0.6	%		0.3	NR
40	AT&T		67		68		5.9		0.5	%		4.6		0.2		0.2	%		0.1	BBB+ / Baa1 / A-
41	Panera		41		42		5.5		0.5	%		3.8		0.2		0.2	%		0.1	NR
42	Mattress Firm		44		45		5.3		0.5	%		3.8		0.2		0.2	%		0.1	B+ / NR / NR
43	Famous Footwear		38		38		5.3		0.5	%		4.2		0.3		0.4	%		0.2	BB / Ba3 / NR
44	Gamestop		102		102		5.1		0.5	%		3.8		0.2		0.2	%		0.1	BB+ / Ba1 / NR
45	Stein Mart		17		17		5.0		0.5	%		3.2		0.6		0.7	%		0.4	NR
46	Shoe Carnival		31		31		4.8		0.4	%		3.2		0.4		0.5	%		0.2	NR
47	Men’s Wearhouse		33		33		4.7		0.4	%		3.4		0.2		0.2	%		0.1	B+ / Ba3 / NR
48	24 Hour Fitness		6		6		4.6		0.4	%		2.1		0.2		0.2	%		0.1	B / NR / NR
49	Beall’s		17		17		4.6		0.4	%		1.9		0.6		0.7	%		0.3	NR
50	Sears (12)		13		14		4.6		0.4	%		3.3		1.3		1.5	%		0.8	CCC+ / Caa1 / CC
	Top 50 Total		1,886		2,053	$	589.6		54.9	%	$	416.7		50.1		59.4	%		34.5
	Total Portfolio					$	1,073.8		100.0	%	$	759.7		84.3		100.0	%		58.4

⁽¹⁾  T.J. Maxx (49) / Marshalls (44) / HomeGoods (18) / Sierra Trading (1)

⁽²⁾  Bed Bath (59) / World Market (22) / buybuy BABY (11) / CTS (2)

⁽³⁾   Walmart (23) / Sam’s Club (3) / Neighborhood Market (2)

⁽⁴⁾  Dick’s Sporting Goods (37) / Golf Galaxy (2) / Field & Stream (1)

⁽⁵⁾  Ross Dress for Less (69) / dd’s Discounts (3)

⁽⁶⁾  Gap (6) / Old Navy (57) / Banana Republic (3)

⁽⁷⁾  Office Depot (20) / OfficeMax (30)

⁽⁸⁾ Ann Taylor (3) / Catherine’s (9) / Dress Barn (31) / Justice (25) / Lane Bryant (29) / Maurice’s (17)

⁽⁹⁾  Kroger (17) / Harris Teeter (7) / King Soopers (1)

⁽¹⁰⁾  Toys “R” Us (7) / Babies “R” Us (15) / Toys-Babies Combo (5)

⁽¹¹⁾  Stop & Shop (4) / Martin’s (3) / Others (2)

⁽¹²⁾  Sears (5) / Kmart (8)

13

DDR Corp.

Top 50 Assets by ABR at DDR Share

$, GLA in thousands

					DDR	Base Rent					Total GLA
	Asset		Location	MSA	Own %	Pro Rata		% of Pro Rata			Pro Rata		% of Pro Rata
1	Shoppers World		Framingham, MA	Boston	100%	$	17,367		2.3	%		783		0.9	%
2	Plaza del Sol		Bayamon, PR	San Juan	100%		16,716		2.2	%		724		0.8	%
3	Winter Garden Village		Winter Garden, FL	Orlando	100%		13,343		1.8	%		1,120		1.2	%
4	Plaza Rio Hondo		Bayamon, PR	San Juan	100%		13,248		1.7	%		555		0.6	%
5	Plaza del Norte		Hatillo, PR	San Juan	100%		12,246		1.6	%		682		0.8	%
6	Wrangleboro Consumer Square		Mays Landing, NJ	Atlantic City	100%		10,327		1.4	%		842		0.9	%
7	Riverdale Village		Coon Rapids, MN	Minneapolis	100%		10,280		1.4	%		950		1.1	%
8	Ahwatukee Foothills		Phoenix, AZ	Phoenix	100%		10,153		1.3	%		694		0.8	%
9	Tucson Spectrum		Tucson, AZ	Tucson	100%		9,609		1.3	%		966		1.1	%
10	Nassau Park Pavilion		Princeton, NJ	Trenton	100%		9,499		1.3	%		1,106		1.2	%
11	Hamilton Marketplace		Hamilton, NJ	Trenton	100%		9,404		1.2	%		960		1.1	%
12	Woodfield Village Green		Schaumburg, IL	Chicago	100%		8,819		1.2	%		692		0.8	%
13	Carolina Pavilion		Charlotte, NC	Charlotte	100%		8,603		1.1	%		844		0.9	%
14	Plaza Escorial	��	Carolina, PR	San Juan	100%		8,506		1.1	%		636		0.7	%
15	The Shops at Midtown Miami		Miami, FL	Miami	100%		8,386		1.1	%		467		0.5	%
16	Great Northern Plaza		North Olmsted, OH	Cleveland	100%		8,353		1.1	%		669		0.7	%
17	Plaza Palma Real		Humacao, PR	San Juan	100%		7,783		1.0	%		449		0.5	%
18	Polaris Towne Center		Columbus, OH	Columbus	100%		7,420		1.0	%		725		0.8	%
19	Centennial Promenade		Centennial, CO	Denver	100%		7,073		0.9	%		827		0.9	%
20	Connecticut Commons		Plainville, CT	Hartford	100%		6,997		0.9	%		562		0.6	%
21	Peach Street Marketplace		Erie, PA	Erie	100%		6,707		0.9	%		995		1.1	%
22	Paseo Colorado		Pasadena, CA	Los Angeles	100%		6,366		0.8	%		541		0.6	%
23	Easton Market		Columbus, OH	Columbus	100%		6,272		0.8	%		502		0.6	%
24	Hamilton Commons		Mays Landing, NJ	Atlantic City	100%		6,205		0.8	%		397		0.4	%
25	Crossroads Center		Gulfport, MS	Gulfport	100%		6,183		0.8	%		555		0.6	%
26	Falcon Ridge Town Center		Fontana, CA	Los Angeles	100%		5,991		0.8	%		423		0.5	%
27	Belden Park Crossings		North Canton, OH	Cleveland	100%		5,927		0.8	%		596		0.7	%
28	Silver Springs Square		Mechanicsburg, PA	Harrisburg	100%		5,879		0.8	%		569		0.6	%
29	Ridge at Creekside		Roseville, CA	Sacramento	100%		5,736		0.8	%		275		0.3	%
30	The Maxwell		Chicago, IL	Chicago	100%		5,683		0.7	%		240		0.3	%
31	Aspen Grove		Littleton, CO	Denver	100%		5,671		0.7	%		272		0.3	%
32	The Fountains		Plantation, FL	Miami	100%		5,665		0.7	%		489		0.5	%
33	Cotswold Village		Charlotte, NC	Charlotte	100%		5,593		0.7	%		261		0.3	%
34	Perimeter Pointe		Atlanta, GA	Atlanta	100%		5,489		0.7	%		352		0.4	%
35	Merriam Village		Merriam, KS	Kansas City	100%		5,481		0.7	%		890		1.0	%
36	Bandera Pointe		San Antonio, TX	San Antonio	100%		5,467		0.7	%		890		1.0	%
37	Big Flats Consumer Square		Big Flats, NY	Elmira	100%		5,406		0.7	%		574		0.6	%
38	Meridian Crossroads		Meridian, ID	Boise	100%		5,335		0.7	%		732		0.8	%
39	Sycamore Crossing		Cincinnati, OH	Cincinnati	100%		5,260		0.7	%		386		0.4	%
40	Independence Commons		Independence, MO	Kansas City	100%		5,160		0.7	%		403		0.4	%
41	Mohawk Commons		Niskayuna, NY	Albany	100%		5,121		0.7	%		530		0.6	%
42	Beaver Creek Crossings		Apex, NC	Raleigh	100%		5,112		0.7	%		321		0.4	%
43	Homestead Pavilion		Homestead, FL	Miami	100%		5,047		0.7	%		397		0.4	%
44	The Promenade at Brentwood		Brentwood, MO	St. Louis	100%		4,984		0.7	%		338		0.4	%
45	Willowbrook Plaza		Houston, TX	Houston	100%		4,952		0.7	%		393		0.4	%
46	Fairfax Towne Center		Fairfax, VA	Balt-Wash DC	100%		4,926		0.6	%		253		0.3	%
47	Gateway Center		Everett, MA	Boston	100%		4,916		0.6	%		640		0.7	%
48	Arrowhead Crossing		Phoenix, AZ	Phoenix	100%		4,912		0.6	%		407		0.5	%
49	Deer Park Town Center		Deer Park, IL	Chicago	50%		4,895		0.6	%		202		0.2	%
50	Village at Stone Oak		San Antonio, TX	San Antonio	100%		4,837		0.6	%		211		0.2	%
	Top 50 Total					$	369,311		48.6	%		29,287		32.6	%
	Total Portfolio					$	759,697		100.0	%		89,825		100.0	%

14

DDR Corp.

Transactions

$ in millions, GLA in thousands

					Total
		DDR			Owned		At 100%				At DDR Share
		Own %			GLA		Price		Debt		Price		Debt		Anchors
Acquisitions
03/15	Los Angeles, CA		100	%		208	$	49.2	$	0.0	$	49.2	$	0.0	Kohl’s, Michaels, PetSmart
04/15	Wilmington, NC		100	%		6		3.3		0.0		3.3		0.0
04/15	Orlando, FL		100	%		186		33.3		0.0		33.3		0.0	Bed Bath & Beyond, T.J. Maxx, Ross
06/15	Houston, TX		100	%		385		74.3		0.0		74.3		0.0	AMC Theatres, Bed Bath & Beyond
	Total Year to Date					785	$	160.1	$	0.0	$	160.1	$	0.0
Dispositions
01/15	Morgantown, WV		100	%		122		13.9		0.0		13.9		0.0	Michaels, Shop ’N Save
02/15	Camden, SC		100	%		179		11.4		0.0		11.4		0.0	Belk
03/15	Charlotte, NC		100	%		70		11.8		0.0		11.8		0.0	Bi-Lo
03/15	Bedford, IN		100	%		223		6.8		0.0		6.8		0.0	Goody’s, JCPenney
03/15	Ashtabula, OH		100	%		58		0.6		0.0		0.6		0.0	-
03/15	Fayetteville, NC		100	%		226		26.2		0.0		26.2		0.0	Bed Bath & Beyond, T.J. Maxx
03/15	Northville, MI		5	%		16		4.3		0.0		0.2		0.0	-
03/15	Apex, NC		100	%		36		5.5		0.0		5.5		0.0	hhgregg
03/15	San Diego, CA		100	%		80		18.2		0.0		18.2		0.0	Regal
03/15	Frisco, TX		100	%		108		9.0		0.0		9.0		0.0	Kohl’s
03/15	Phoenix, AZ		20	%		851		106.0		64.6		21.2		12.9	Target, Walmart, Costco, JCPenney
03/15	Kirkland, WA		20	%		291		36.0		27.5		7.2		5.5	24 Hour Fitness, My Home Furniture
03/15	SM Portfolio (16 assets)		20	%		835		33.0		28.0		6.6		5.6	Various
03/15	Benton Harbor, MI		20	%		280		21.0		18.1		4.2		3.6	Dunham’s, T.J. Maxx, PetSmart, Michaels
03/15	Orange County, CA		20	%		741		99.0		73.0		19.8		14.6	Krikorian Premiere Theatres, T.J. Maxx
03/15	Bloomfield Hills, MI		20	%		0		0.0		0.0		0.0		0.0	-
	1Q Total					4,116	$	402.7	$	211.2	$	162.6	$	42.2
04/15	Middletown, RI		100	%		99		16.8		0.0		16.8		0.0	Barnes & Noble, Michaels, Sports Authority
04/15	Columbus, GA		100	%		117		20.2		0.0		20.2		0.0	Michaels, PetSmart, The Fresh Market
05/15	Napa, CA		5	%		76		26.9		20.0		1.4		1.0	Kohl’s
05/15	Clarence, NY		100	%		93		9.3		0.0		9.3		0.0	Big Lots, Jo-Ann, OfficeMax
05/15	Homosassa, FL		5	%		53		13.2		0.0		0.7		0.0	Publix
06/15	Macon, GA		100	%		82		7.9		0.0		7.9		0.0	hhgregg, PetSmart
06/15	Cleveland, OH		5	%		48		3.8		3.2		0.2		0.2	Toys “R” Us/Babies “R” Us
2Q	Land Sales					0		3.7		0.0		3.7		0.0
	2Q Total					568	$	101.8	$	23.2	$	60.2	$	1.2
07/15	Birmingham, AL		100	%		120		20.5		0.0		20.5		0.0	Jo-Ann
07/15	New Hartford, NY		100	%		111		9.4		0.0		9.4		0.0	Hannaford Brothers
07/15	McKinney, TX		100	%		119		17.2		0.0		17.2		0.0	Kohl’s
07/15	Chillicothe, OH		100	%		130		11.0		0.0		11.0		0.0	Lowe’s
07/15	BRE Portfolio (10 Assets)		5	%		1,084		164.8		121.7		8.2		6.1	Various
08/15	Clearwater, FL		100	%		134		17.8		0.0		17.8		0.0	Floor & Decor, LA Fitness
08/15	Apopka, FL		100	%		146		8.6		0.0		8.6		0.0	Bealls
09/15	Sterling, VA		100	%		102		17.6		0.0		17.6		0.0	Sports Authority, Staples
09/15	N. Charleston, SC		100	%		350		32.0		0.0		32.0		0.0	A.C. Moore, Walmart
09/15	Greenville, SC		100	%		11		1.0		0.0		1.0		0.0	-
3Q	Land Sales					0		1.8		0.0		1.8		0.0
	3Q Total					2,307	$	301.7	$	121.7	$	145.1	$	6.1
	Total Year to Date					6,991	$	806.2	$	356.1	$	367.9	$	49.5

15

DDR Corp.

Developments/Redevelopments

$ in millions, GLA in thousands

	Location	Owned SF		Est. Total Net Cost		Cost Incurred To Date		Est. Remain Costs		Placed In Service		CIP (a)		Est. Anchor Opening		Est. Stabilized Quarter		Key Tenants
Consolidated Summary
Developments in Progress (b)				$	288	$	257	$	31	$	108	$	149
Redevelopments - Major					221		72		149		33		39
Redevelopments - Minor					209		108		101		72		36
Retenanting					35		25		10		11		14
CIP and Land (c)					N/A		88		0		0		88
				$	753	$	550	$	291	$	224	$	326
Developments in Progress
Guilford Commons	New Haven, CT		132	$	67	$	59	$	8	$	0	$	59		4Q15		4Q16	Fresh Market, Michaels, Ulta, Bed Bath & Beyond, DSW
Lee Vista Promenade	Orlando, FL		208		63		54		9		0		54		2Q16		2Q16	Epic Theater, Five Below, Petco, HomeGoods, Michaels, Ulta, Ross
Other Developments (b) (Primarily placed in service)			0		158		144		14		108		36		N/A		N/A	-
			340	$	288	$	257	$	31	$	108	$	149
Redevelopments - Major
Paseo Colorado	Pasadena, CA			$	97	$	15	$	82	$	3	$	12		N/A		2Q18	Hyatt Place, H&M, West Elm, Victoria's Secret, Chico's
The Pike Outlets	Long Beach, CA				67		42		25		22		20		N/A		3Q16	Restoration Hardware, H&M, Forever 21, Nike, Gap Factory
Sycamore Crossing	Cincinnati, OH				30		3		27		0		3		N/A		2Q17	Dick's Sporting Goods, T.J. Maxx
Bermuda Square	Richmond, VA				17		11		6		8		3		N/A		3Q17	Martin's, Petco
Plaza del Sol	San Juan, PR				10		1		9		0		1		N/A		2Q17	Dave & Busters
				$	221	$	72	$	149	$	33	$	39

(a) This balance is in addition to DDR's pro rata share of joint venture CIP of $5.7 million.

(b) Removed a completed project with a total net cost of $19.6 million; as a result $4.4 million was placed in service during the quarter.

(c) This balance is in addition to owned land adjacent to existing centers that has an estimated value of $26 million.

16

DDR Corp.

Unconsolidated Joint Ventures

$, GLA in millions

	Partner	DDR Own %		Operating Properties		Owned GLA		ABR		Gross Book Value		Debt
BRE DDR Retail Holdings	Blackstone Real Estate Partners VII		5%(1)		56		10.0	$	130.6	$	1,547.1	$	1,090.3
DDRTC Core Retail Fund	TIAA-CREF		15%		26		8.4		105.7		1,557.6		815.0
DDR Domestic Retail Fund I	Various		20%		56		7.9		88.8		1,385.0		920.3
DDR-SAU Retail Fund	State of Utah		20%		23		2.1		22.4		283.5		152.5
Other	Various		Various		13		2.0		20.5		238.8		138.5
Total					174		30.4	$	368.0	$	5,012.0	$	3,116.6

(1) In addition to DDR’s 5% common equity, DDR has $310.8 million of Preferred Equity with an interest rate of 8.5%.

17

DDR Corp.

Joint Venture Income Statement

$ in millions

	At 100%						At DDR Share
	9M15			3Q15			3Q15
Revenues:
Minimum rents (1)	$	297.4		$	95.2		$	14.0
Percentage rent		1.3			0.4			0.1
Recoveries		90.2			28.8			4.3
Other revenues		8.4			2.3			0.4
		397.3			126.7			18.8
Expenses:
Operating and maintenance		94.2			30.6			4.0
Real estate taxes		52.8			17.1			2.6
		147.0			47.7			6.6
Net operating income		250.3			79.0			12.2
Other income (expense):
Interest expense (2)		(107.7	)		(33.2	)		(5.5	)
Depreciation and amortization		(158.2	)		(49.9	)		(6.2	)
Impairment charges		(0.4	)		0.0			0.0
Other expense, net		(1.2	)		(0.6	)		(0.1	)
		(267.5	)		(83.7	)		(11.8	)
(Loss) income from continuing operations		(17.2	)		(4.7	)		0.4
Loss on disposition of real estate, net		(4.2	)		(2.6	)		(0.1	)
Net (loss) income attributable to unconsolidated joint ventures		(21.4	)		(7.3	)		0.3
Depreciation and amortization of real estate investments		158.2			49.9			6.2
Impairment of depreciable real estate		0.4			0.0			0.0
Loss on disposition of depreciable real estate, net		4.2			2.6			0.1
Funds From Operations:	$	141.4		$	45.2		$	6.6
Net income at DDR ownership interests	$	1.4		$	0.3		$	0.3
Basis differences		1.0			0.3			0.3
Equity in net income of joint ventures		2.4			0.6			0.6
FFO at DDR’s ownership interests	$	21.1		$	6.6
Operating FFO at DDR’s ownership interests	$	21.1		$	6.6
(1)    Straight-line rent, net		2.3			0.3			(0.1	)
(2)    Non-cash interest expense		(2.4	)		(0.8	)		0.0

18

DDR Corp.

Joint Venture Balance Sheet

$ in millions

	At 100%
	3Q15			4Q14
Land	$	1,319.5		$	1,439.8
Buildings		3,457.2			3,854.6
Fixtures and tenant improvements		183.1			200.7
		4,959.8			5,495.1
Less: Accumulated depreciation		(799.1	)		(773.2	)
		4,160.7			4,721.9
Land held for development and construction in progress		52.2			55.7
Real estate, net		4,212.9			4,777.6
Cash and restricted cash		62.8			100.8
Receivables, including straight-line rent, net		52.9			80.5
Other assets, net		299.6			394.7
		4,628.2			5,353.6
Mortgage debt		3,116.6			3,552.8
Notes and accrued interest payable to DDR		2.9			144.8
Other liabilities		198.8			277.0
		3,318.3			3,974.6
Redeemable preferred equity		310.8			305.3
Accumulated equity		999.1			1,073.7
	$	4,628.2		$	5,353.6
	At DDR Share
	3Q15			4Q14
Land	$	185.5		$	202.5
Buildings		496.7			555.5
Fixtures and tenant improvements		30.9			33.3
		713.1			791.3
Less: Accumulated depreciation		(149.9	)		(150.2	)
		563.2			641.1
Land held for development and construction in progress		5.7			5.8
Real estate, net		568.9			646.9
Cash and restricted cash		8.8			16.8
Receivables, including straight-line rent, net		7.9			15.4
Other assets, net (1)		21.8			27.7
Disproportionate share of equity (2)		(2.2	)		(2.2	)
		605.2			704.6
Mortgage debt (3) (4)		445.2			503.5
Notes and accrued interest payable to DDR		0.6			14.7
Other liabilities		18.8			29.2
		464.6			547.4
Accumulated equity		127.3			144.1
Disproportionate share of equity (2)		13.3			13.1
	$	605.2		$	704.6
(1)    Intangible assets at DDR share		15.7			20.4
(2)    Adjustments represent promoted equity and minority interests
(3)    Fair market value of debt adjustment at DDR share (ASC 820)		0.9			1.0
(4)    Non-recourse mortgage debt with a zero basis at DDR share		0.0			17.4

19

DDR Corp.

Capital Structure

$, shares and units in millions, except per share

		September 30, 2015						September 30, 2014
Capital Structure		Amount			% of Total			Amount			% of Total
Common Shares Equity		$	5,575.6			50	%	$	6,050.4			52	%
Perpetual Preferred Stock			350.0			3	%		350.0			3	%
Unsecured Credit Facilities			395.0			3	%		23.5			0	%
Unsecured Term Loan			300.0			3	%		350.0			3	%
Unsecured Public Debt			3,119.7			28	%		2,775.8			24	%
Secured Term Loan			200.0			2	%		400.0			3	%
Fixed Rate Mortgage Debt			1,104.3			10	%		1,568.6			14	%
Variable Rate Mortgage Debt			91.1			1	%		95.5			1	%
			5,210.1			47	%		5,213.4			45	%
Total		$	11,135.7			100	%	$	11,613.8			100	%
Capital Structure Detail
Debt to Market Capitalization			46.8	%					44.9	%
Common Shares Outstanding			362.1						360.2
Operating Partnership Units			0.4						1.4
Market Value per Share		$	15.38					$	16.73
Accretion on Convertible Notes (excluded above)		$	1.0					$	12.9
Partners’ Share of Consolidated Debt (included above)	��	$	9.9					$	9.9
DDR Share of Unconsolidated Debt (excluded above)		$	445.2					$	479.4

Credit Ratings			Covenants
	Debt Rating	Outlook		Covenant Threshold			Actual Covenant
Moody’s	Baa2	Stable	Total Debt to Real Estate Assets Ratio	£	65	%		50	%
S&P	BBB-	Stable	Secured Debt to Assets Ratio	£	40	%		13	%
Fitch	BBB-	Stable	Unencumbered Assets to Unsecured Debt	³	135	%		198	%
			Fixed Charge Coverage Ratio	³	1.5x			2.3	x

20

DDR Corp.

Debt/EBITDA

$ in millions

	3Q15			3Q14
Consolidated
Net income to DDR	$	59.6		$	68.6
Impairments		0.0			1.4
Depreciation and amortization		97.2			97.3
Interest expense		58.2			56.8
Gain on sale and change in control of interests, net		0.0			(4.0	)
Other (income) expense, net		0.2			2.8
Equity in net income of JVs		(0.6	)		(3.6	)
Income tax expense		0.5			(0.2	)
EBITDA adjustments from discontinued operations		0.0			(49.6	)
Gain on disposition of real estate, net		(41.8	)		(2.3	)
Adjustments for non-controlling interests		(0.3	)		(2.7	)
JV FFO (at DDR share)		6.6			8.4
Other JV adjustments (at DDR share)		0.0			0.0
EBITDA - current quarter		179.6			172.9
EBITDA - annualized		718.4			691.6
Consolidated debt		5,223.6			5,236.1
Partner share of consolidated debt		(9.9	)		(9.9	)
Face value adjustments		(13.5	)		(22.7	)
Cash and restricted cash		(62.6	)		(141.7	)
Net adjusted debt	$	5,137.6		$	5,061.8
Debt/EBITDA - Consolidated		7.15x			7.32x
Pro rata including JVs
EBITDA - current quarter		185.4			179.3
EBITDA - annualized		741.6			717.2
Consolidated net debt		5,137.6			5,061.8
JV debt (at DDR share)		444.4			479.4
Cash and restricted cash		(8.8	)		(18.8	)
Net adjusted debt	$	5,573.2		$	5,522.4
Debt/EBITDA - Pro rata		7.52x			7.70x

21

DDR Corp.

Debt Summary

$ in millions

				Consolidated								Unconsolidated
				Total 100%		Total DDR Share			Interest Rate DDR Share			Total 100%			Total DDR Share			Interest Rate DDR Share
Debt Composition
Unsecured Credit Facilities				$	395.0	$	395.0			1.19	%
Unsecured Term Loan					300.0		300.0			1.29	%
Unsecured Public Debt					3,118.7		3,118.7			4.98	%
Secured Term Loan					200.0		200.0			1.54	%
Fixed Rate Mortgage Loans					1,104.3		1,094.4			5.00	%	$	2,059.9		$	351.1			5.34	%
Variable Rate Mortgage Loans					91.1		91.1			1.43	%		1,039.4			93.3			1.91	%
Subtotal					5,209.1		5,199.2			4.29	%		3,099.3			444.4			4.62	%
Fair Market Value Adjustment					14.5		14.5						17.3			0.8
Total				$	5,223.6	$	5,213.7			4.29	%	$	3,116.6		$	445.2			4.62	%
	Scheduled Principal Payments			Secured Debt Maturities		Unsecured Debt Maturities			Total 100%			Total Pro Rata			Cash Interest Rate Pro Rata			GAAP Interest Rate Pro Rata
Consolidated Maturity Schedule (1)
2015	$	8.4		$	0.0	$	350.0		$	358.4		$	358.4			1.75	%		5.25	%
2016		30.7			112.3		240.0			383.0			383.0			7.83	%		7.58	%
2017		29.8			203.2		300.0			533.0			533.0			6.58	%		5.83	%
2018		22.7			128.4		582.2			733.3			733.3			4.16	%		4.07	%
2019		16.5			169.3		0.0			185.8			185.8			5.33	%		5.24	%
2020		7.3			280.2		995.0			1,282.5			1,282.5			3.52	%		3.44	%
2021		4.4			126.5		300.0			430.9			430.9			3.91	%		3.82	%
2022		0.1			42.8		450.0			492.9			483.0			4.67	%		4.67	%
2023		0.0			0.0		300.0			300.0			300.0			3.38	%		3.38	%
2024 and beyond		0.0			12.8		500.0			512.8			512.8			3.54	%		3.54	%
Unsecured debt discount							(3.5	)		(3.5	)		(3.5	)
	$	119.9		$	1,075.5	$	4,013.7		$	5,209.1		$	5,199.2			4.29	%		4.39	%
Unconsolidated Maturity Schedule (1)
2015	$	1.9		$	0.0	$	0.0		$	1.9		$	0.0			0.00	%		0.00	%
2016		7.8			4.6		0.0			12.4			0.2			5.99	%		5.99	%
2017		7.4			1,358.2		0.0			1,365.6			263.4			5.46	%		5.46	%
2018		4.0			124.0		0.0			128.0			19.3			4.46	%		4.34	%
2019		4.0			655.9		0.0			659.9			32.9			2.13	%		2.08	%
2020		4.2			442.9		0.0			447.1			64.3			2.22	%		2.18	%
2021		3.4			80.5		0.0			83.9			35.6			5.40	%		5.40	%
2022		1.8			244.1		0.0			245.9			12.3			4.39	%		3.38	%
2023		1.8			80.7		0.0			82.5			4.0			3.93	%		4.31	%
2024 and beyond		0.5			71.6		0.0			72.1			12.4			4.30	%		4.30	%
Total	$	36.8		$	3,062.5	$	0.0		$	3,099.3		$	444.4			4.62	%		4.58	%
% of Total	Consolidated											Unconsolidated
Fixed		81.1	%										66.5	%
Variable		18.9	%										33.5	%
Recourse to DDR		77.8	%										0.0	%
Non-recourse to DDR		22.2	%										100.0	%

(1) Assumes borrower extension options are exercised.

22

DDR Corp.

Consolidated Debt Detail

$ in millions

	Balance 100%		Balance DDR Share		Maturity Date (1)		Cash Interest Rate (2) (3)
Senior Debt
Unsecured Revolver ($750m)	$	385.0	$	385.0		06/20		L + 100
Unsecured Revolver ($50m)		10.0		10.0		06/20		L + 100
Secured Term Loan ($200m)		200.0		200.0		04/18		L + 135
Unsecured Term Loan ($400m)		300.0		300.0		04/20		L + 110
	$	895.0	$	895.0
Public Debt
Convertible Notes (4)	$	349.0	$	349.0		11/15		1.75	%
Unsecured Notes		239.9		239.9		03/16		9.63	%
Unsecured Notes		300.0		300.0		04/17		7.50	%
Unsecured Notes		299.3		299.3		04/18		4.75	%
Unsecured Notes		82.2		82.2		07/18		7.50	%
Unsecured Notes		298.7		298.7		09/20		7.88	%
Unsecured Notes		298.5		298.5		01/21		3.50	%
Unsecured Notes		455.9		455.9		07/22		4.63	%
Unsecured Notes		298.6		298.6		05/23		3.38	%
Unsecured Notes		496.6		496.6		02/25		3.63	%
	$	3,118.7	$	3,118.7
Mortgage Debt
Tops Plaza, NY	$	0.6	$	0.6		01/16		8.00	%
Freedom Plaza, NY		0.4		0.4		09/16		7.85	%
Sycamore Crossing, OH		62.8		62.8		12/16		5.81	%
The Maxwell, IL		50.5		50.5		12/16		L + 160
Falcon Ridge Town Center, CA		43.5		43.5		01/17		5.68	%
Vista Village, CA		33.2		33.2		04/17		5.71	%
Walmart Supercenter, NC		2.6		2.6		08/17		6.00	%
Connecticut Commons, CT		46.7		46.7		10/17		5.01	%
Riverdale Village, MN		25.6		25.6		10/17		5.01	%
Riverdale Village Perimeter, MN		32.1		32.1		10/17		5.01	%
Lake Brandon Village, FL		9.2		9.2		10/17		5.01	%
Shoppers World Brookfield, WI		5.8		5.8		10/17		5.01	%
Marketplace of Brown Deer, WI		4.1		4.1		10/17		5.01	%
Brown Deer Center, WI		7.8		7.8		10/17		5.01	%
Thruway Plaza (Walmart), NY		1.2		1.2		10/17		6.78	%
Tops Plaza, NY		5.1		5.1		01/18		7.05	%
Falcon Ridge Town Center, CA		14.5		14.5		01/18		5.91	%
Walmart Supercenter, SC		2.8		2.8		01/18		6.00	%
Fortuna Center, VA		12.1		12.1		02/18		6.18	%
Johns Creek Town Center, GA		24.1		24.1		03/18		5.06	%
Southland Crossings, OH		24.1		24.1		03/18		5.06	%
The Promenade at Brentwood, MO		30.6		30.6		03/18		5.06	%
DDR Headquarters, OH		27.8		27.8		03/18		L + 105
Mohawk Commons, NY		8.1		8.1		12/18		5.75	%

23

DDR Corp.

Consolidated Debt Detail

$ in millions

	Balance 100%		Balance DDR Share		Maturity Date (1)		Cash Interest Rate (2) (3)
Lowe’s, TN		3.5		3.5		01/19		7.66	%
Nassau Park Pavilion, NJ		56.4		56.4		02/19		3.40	%
Bandera Pointe, TX		24.5		24.5		02/19		3.40	%
Presidential Commons, GA		21.0		21.0		02/19		3.40	%
Plaza Cayey, PR		20.7		20.7		06/19		7.59	%
Plaza Fajardo, PR		24.9		24.9		06/19		7.59	%
Plaza Isabela, PR		21.9		21.9		06/19		7.59	%
Plaza Walmart, PR		11.6		11.6		06/19		7.59	%
Mariner Square, FL		2.2		2.2		09/19		9.75	%
Northland Square, IA		4.5		4.5		01/20		9.38	%
Plaza Rio Hondo, PR		124.2		124.2		01/20		3.95	%
Easton Marketplace, OH		49.6		49.6		01/20		3.95	%
The Fountains, FL		45.3		45.3		01/20		3.95	%
Perimeter Pointe, GA		42.8		42.8		01/20		3.95	%
Polaris Towne Center, OH		43.2		43.2		04/20		6.76	%
Chapel Hills West, CO		12.2		12.2		06/21		5.49	%
West Valley Marketplace, PA		9.1		9.1		07/21		6.95	%
Plaza Escorial, PR		72.8		72.8		07/21		3.59	%
Wrangleboro Consumer Sq, NJ		59.6		59.6		10/21		5.41	%
Chapel Hills East, CO		8.3		8.3		12/21		5.24	%
Paradise Village Gateway, AZ		30.0		20.1		01/22		4.65	%
Macedonia Commons, OH		19.0		19.0		02/22		5.71	%
Gulfport Promenade, MS		12.8		12.8		12/37		S + 37
	$	1,195.4	$	1,185.5
FMV adjustment - assumed debt		14.5		14.5
Total	$	1,209.9	$	1,200.0
Rate Type
Fixed	$	4,223.0	$	4,213.1		4.4 years		4.98	%
Variable		986.1		986.1		4.2 years		1.32	%
	$	5,209.1	$	5,199.2		4.4 years		4.29	%

24

DDR Corp.

Consolidated Debt Detail

$ in millions

	Balance 100%		Balance DDR Share		Maturity Date (1)			Cash Interest Rate (2) (3)
Perpetual Preferred Stock
Class J	$	200.0	$	200.0		Perpetual			6.500	%
Class K		150.0		150.0		Perpetual			6.250	%
	Notional Amount		Rate Hedged		Fixed Rate			Termination Date
Interest Rate Swaps
Underlying Debt Hedged:
Mortgage Portfolio	$	78.8		1 mo. LIBOR		2.81	%		9/1/17

(1) Assumes borrower extension options are exercised.

(2) L = LIBOR, S = SIFMA.

(3) Does not include discounts or premiums.

(4) The Company commenced an offer to purchase the convertible notes for cash of $350.0 million on November 15, 2015. Additionally, the Company called for redemption all of the outstanding convertible notes to occur on November 20, 2015. This redemption triggered a right of conversion of cash and any premium, which DDR elected to settle in common shares, to the extent that the applicable conversion value exceeds the principal amount of the notes being converted. At September 30, 2015, the conversion rate was 69.2170 common shares per $1,000 principal amount of the convertible notes. No dilution assumed for purposes of calculating FFO or Operating FFO as of September 30, 2015, since the market trigger had not been achieved and the notes were not convertible.

25

DDR Corp.

Unconsolidated Debt Detail

$ in millions

	Balance 100%		Balance DDR Share		Maturity Date (1)		Cash Interest Rate (2) (3)
BRE DDR Retail Holdings III
Telegraph Plaza, MI	$	4.8	$	0.2		12/16		5.99	%
Camp Creek, GA		42.0		2.1		12/18		4.62	%
May 2019 Loan Pool (2 assets)		20.6		1.0		05/19		4.85	%
November 2019 Loan Pool (32 assets)		636.4		31.8		11/19		L + 185
Whittwood Town Center, CA		43.0		2.2		12/20		5.20	%
January 2022 Loan Pool (3 assets)		23.0		1.1		01/22		4.75	%
Kyle Marketplace, TX		24.8		1.2		03/22		4.09	%
March 2022 Loan Pool (3 assets)		23.4		1.2		03/22		5.49	%
Eastland Center, CA		90.0		4.5		07/22		4.50	%
Greenway Commons, TX		33.0		1.7		07/22		4.10	%
July 2022 Loan Pool (4 assets)		17.0		0.9		07/22		4.40	%
White Oak Village, VA		34.3		1.7		09/22		3.60	%
January 2023 Loan Pool (4 assets)		22.7		1.1		01/23		4.27	%
Kingsbury Center, IL		14.5		0.7		06/23		3.97	%
Valley Bend, AL		43.5		2.2		06/23		3.75	%
	$	1,073.0	$	53.6
DDR Domestic Retail Fund I
Village Center, WI	$	10.7	$	2.1		02/17		L + 140
West Falls Plaza, NJ		9.9		2.0		02/17		L + 140
52 Additional Assets		883.5		176.7		07/17		5.60	%
Heather Island, FL		4.5		0.9		02/18		3.56	%
Hilliard Rome, OH		11.7		2.3		02/18		3.56	%
	$	920.3	$	184.0
DDRTC Core Retail Fund
Pool 1 (9 assets)	$	350.2	$	52.5		03/17		5.45	%
Pool 5 (11 assets) (3)		217.0		32.6		07/20		L + 150
Pool 3 (6 assets) (3)		165.3		24.8		07/20		L + 175
Birkdale Village, NC		82.5		12.4		04/24		4.30	%
	$	815.0	$	122.3
DDR-SAU Retail Fund
DDR-SAU Retail Fund (14 assets)	$	82.6	$	16.5		09/17		4.74	%
DDR-SAU Retail Fund (9 assets)		69.9		14.0		04/18		4.65	%
	$	152.5	$	30.5
Other Joint Ventures
Lennox Town Center Limited, OH	$	1.0	$	0.5		07/17		6.44	%
Lennox Town Center Limited, OH		26.0		13.0		07/17		5.64	%
RO & SW Realty (9 assets)		19.2		4.9		10/20		5.25	%
Sun Center Limited, OH		22.0		17.5		05/21		5.99	%
RVIP IIIB, Deer Park, IL		70.3		18.1		09/21		4.84	%
	$	138.5	$	54.0

26

DDR Corp.

Unconsolidated Debt Detail

$ in millions

	Balance 100%		Balance DDR Share		Maturity Date (1)			Cash Interest Rate (2) (3)
Subtotal	$	3,099.3	$	444.4
FMV Adjustment - Assumed Debt		17.3		0.8
Total	$	3,116.6	$	445.2
Rate Type
Fixed	$	2,059.9	$	351.1		2.7 years			5.34	%
Variable		1,039.4		93.3		4.4 years			1.91	%
	$	3,099.3	$	444.4		3.1 years			4.62	%
	Notional Amount		Rate Hedged		Fixed Rate			Termination Date
Interest Rate Swaps
Underlying Debt Hedged:
Mortgage Loan	$	42.0		1 mo. LIBOR		1.87	%		12/1/18

(1) Assumes borrower extension options are exercised.

(2) L = LIBOR

(3)    Loans with floor interest rates:	Floor:
DDRTC Holdings Pool 5 (11 assets)	1 mo. LIBOR of 0.25%
DDRTC Holdings Pool 3 (6 assets)	1 mo. LIBOR of 0.25%

27

DDR Corp.

Analyst Coverage

Corporate Headquarters		Investor Relations
DDR Corp.		Matt Lougee
3300 Enterprise Parkway		Toll Free: (877) 225-5337
Beachwood, Ohio 44122		Main: (216) 755-5500
Website: www.ddr.com		Email: mlougee@ddr.com
Equity Research
Bank of America Merrill Lynch	Craig Schmidt	craig.schmidt@baml.com	(646) 855-3640
Canaccord Genuity	Paul Morgan	pmorgan@canaccordgenuity.com	(415) 229-7181
Capital One	Chris Lucas	christopher.lucas@capitalone.com	(571) 633-8151
Citigroup	Michael Bilerman	michael.bilerman@citi.com	(212) 816-1383
	Christy McElroy	christy.mcelroy@citi.com	(212) 816-6981
Cowen & Company	Jim Sullivan	james.sullivan@cowen.com	(646) 562-1380
Credit Suisse	Ian Weissman	ian.weissman@credit-suisse.com	(212) 538-6889
	George Auerbach	george.auerbach@credit-suisse.com	(212) 538-8082
Deutsche Bank	Vincent Chao	vincent.chao@db.com	(212) 250-6799
DISCERN	Dave Wigginton	dwigginton@discern.com	(646) 863-4177
Evercore ISI	Steve Sakwa	steve.sakwa@evercoreisi.com	(212) 446-9462
	Samir Khanal	samir.khanal@evercoreisi.com	(212) 888-3796
Goldman Sachs	Andrew Rosivach	andrew.rosivach@gs.com	(212) 902-2796
	Caitlin Burrows	caitlin.burrows@gs.com	(212) 902-4736
Green Street Advisors	Jason White	jwhite@greenstreetadvisors.com	(949) 640-8780
Hilliard Lyons	Carol Kemple	ckemple@hilliard.com	(502) 588-1839
Jefferies and Company	Tayo Okusanya	tokusanya@jefferies.com	(212) 336-7076
J.P. Morgan	Michael Mueller	michael.w.mueller@jpmorgan.com	(212) 622-6689
KeyBanc Capital Markets	Jordan Sadler	jsadler@keybanccm.com	(917) 368-2280
	Todd Thomas	tthomas@keybanccm.com	(917) 368-2286
Morgan Stanley	Haendel St. Juste	haendel.stjuste@morganstanley.com	(212) 761-0071
	Catherine Klinchuch	catherine.klinchuch@morganstanley.com	(212) 296-8581
RBC Capital Markets	Rich Moore	rich.moore@rbccm.com	(440) 715-2646
Sandler O’Neill	Alex Goldfarb	agoldfarb@sandleroneill.com	(212) 466-7937
SunTrust Robinson Humphrey	Ki Bin Kim	kibin.kim@suntrust.com	(212) 303-4124
UBS	Ross Nussbaum	ross.nussbaum@ubs.com	(212) 713-2484
	Jeremy Metz	jeremy.metz@ubs.com	(212) 713-2429
Wells Fargo	Jeff Donnelly	jeff.donnelly@wellsfargo.com	(617) 603-4262
	Tamara Fique	tamara.fique@wellsfargo.com	(443) 263-6568
Fixed Income Research
Barclays	Peter Troisi	peter.troisi@barclays.com	(212) 412-3695
Citigroup	Tom Cook	thomas.n.cook@citigroup.com	(212) 723-1112
J.P. Morgan	Mark Streeter	mark.streeter@jpmorgan.com	(212) 834-5086
Wells Fargo	Thierry Perrein	thierry.perrein@wellsfargo.com	(704) 715-8455

28

DDR Corp.

Notable Accounting and Supplemental Policies

Revenues

• Percentage and overage rents are recognized after the tenants’ reported sales have exceeded the applicable sales breakpoint.

• Tenant reimbursements are recognized in the period in which the expenses are incurred.

• Lease termination fees are recognized upon termination of a tenant’s lease when the Company has no further obligations under the lease.

General and Administrative Expenses

• General and administrative expenses include certain internal leasing salaries, legal salaries and related expenses associated with the leasing of space which are charged to operations as incurred.

• All internal and external acquisition costs are expensed as incurred.

• The Company does not capitalize any executive officer compensation.

• General and administrative expenses include executive property management compensation and related expenses. Property management services’ direct compensation is reflected in operating and maintenance expenses.

Deferred Financing Costs

• Costs incurred in obtaining financing are included in deferred charges and amortized on a straight-line basis over the term of the related debt agreement; 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.

• Construction in progress includes shopping center developments and significant expansions and redevelopments.

• Acquisitions of a partner’s interest in an unconsolidated joint venture in which a change of control has occurred are recorded at fair value.

• Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings	20 to 40 years
Building Improvements	5 to 20 years
Furniture/Fixtures/	Shorter of economic life or lease terms
Tenant Improvements

29

DDR Corp.

Notable Accounting and Supplemental Policies

Capitalization

• Expenditures for maintenance and repairs are charged to operations as incurred. Renovations and expenditures that improve or extend the life of the asset are capitalized.

• The Company capitalizes interest on funds used for the construction or expansion of shopping centers and certain construction administration costs. Capitalization of interest and administration costs ceases when construction activities are completed and the property is available for occupancy by tenants or when activities are suspended.

• Interest expense and real estate taxes incurred during construction are capitalized and depreciated over the building life. The Company does not capitalize interest on land held for development which is on hold and is not undergoing any development activities.

Gains on Sales of Real Estate

• Gains on sales of real estate generally related to the sale of outlots and land adjacent to existing shopping centers are recognized at closing when the earnings process is deemed to be complete.

• Effective in 2015, the operating activity and the gains or losses on the sales of operating shopping centers are generally no longer reflected as discontinued operations.

Leasing Spreads

• Leasing spreads are calculated by comparing the prior tenant’s annual base rent in the final year of the old lease to the new tenant’s annual base rent in the first year of the new lease. The reported calculation, “Comparable”, only includes deals executed within one year of the date that the prior tenant vacated. “Non-comp” deals consist of deals not executed within one year of the date the prior tenant vacated, deals which resulted in a significant difference in size, or deals for space which was vacant at acquisition.

Same Store NOI (“SSNOI”)

• Excludes development, major redevelopment, straight-line rental income and expenses, lease termination income, FMV of leases and provisions for uncollectible amounts and/or recoveries thereof; includes assets owned in comparable periods (15 months for quarter comparisons).

Net Effective Rents

• Net effective rents are calculated as a weighted average per rentable square foot over the lease term with full consideration for all costs associated with leasing the space rather than pro rata costs. Landlord work represents property level improvements associated with the lease transactions; however, those improvements are attributed to the landlord’s property value and typically extend the life of the asset in excess of the lease term.

30