Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'DDR CORP | ' |
Entity Central Index Key | '0000894315 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 360,458,592 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Land | $2,251,513 | $2,209,970 |
Buildings | 7,167,118 | 6,949,440 |
Fixtures and tenant improvements | 628,407 | 599,221 |
Total real estate rental property | 10,047,038 | 9,758,631 |
Less: Accumulated depreciation | -1,893,315 | -1,823,199 |
Real estate rental property, net | 8,153,723 | 7,935,432 |
Land held for development and construction in progress | 449,822 | 452,980 |
Real estate held for sale, net | 0 | 12,670 |
Total real estate assets, net | 8,603,545 | 8,401,082 |
Investments in and advances to joint ventures | 161,737 | 448,008 |
Cash and cash equivalents | 134,320 | 86,664 |
Restricted cash | 8,250 | 33,476 |
Notes receivable, net | 57,645 | 78,338 |
Other assets, net | 660,194 | 645,505 |
Total assets | 9,625,691 | 9,693,073 |
Unsecured indebtedness: | ' | ' |
Senior notes | 2,762,893 | 2,754,120 |
Unsecured term loan | 350,000 | 350,000 |
Revolving credit facilities | 23,457 | 29,133 |
Total unsecured indebtedness | 3,136,350 | 3,133,253 |
Secured indebtedness: | ' | ' |
Secured term loan | 400,000 | 400,000 |
Mortgage indebtedness | 1,699,694 | 1,761,421 |
Total secured indebtedness | 2,099,694 | 2,161,421 |
Total indebtedness | 5,236,044 | 5,294,674 |
Accounts payable and other liabilities | 459,787 | 415,413 |
Dividends payable | 61,323 | 55,107 |
Total liabilities | 5,757,154 | 5,765,194 |
Commitments and contingencies (Note 8) | ' | ' |
DDR Equity: | ' | ' |
Common shares, with par value, $0.10 stated value; 600,000,000 shares authorized; 360,338,486 and 359,378,751 shares issued at September 30, 2014 and December 31, 2013, respectively | 36,034 | 35,938 |
Paid-in capital | 5,434,217 | 5,417,363 |
Accumulated distributions in excess of net income | -1,975,043 | -1,915,638 |
Deferred compensation obligation | 17,057 | 16,702 |
Accumulated other comprehensive loss | -8,445 | -36,493 |
Less: Common shares in treasury at cost: 1,038,474 and 1,030,053 shares at September 30, 2014 and December 31, 2013, respectively | -18,475 | -18,211 |
Total DDR shareholders' equity | 3,835,345 | 3,904,661 |
Non-controlling interests | 33,192 | 23,218 |
Total equity | 3,868,537 | 3,927,879 |
Total liabilities and equity | 9,625,691 | 9,693,073 |
Class H Preferred Shares [Member] | ' | ' |
DDR Equity: | ' | ' |
Cumulative redeemable preferred shares | 0 | 55,000 |
Class J Preferred Shares [Member] | ' | ' |
DDR Equity: | ' | ' |
Cumulative redeemable preferred shares | 200,000 | 200,000 |
Class K Preferred Shares [Member] | ' | ' |
DDR Equity: | ' | ' |
Cumulative redeemable preferred shares | $150,000 | $150,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common shares, par value | $0.10 | $0.10 |
Common shares, shares authorized | 600,000,000 | 600,000,000 |
Common shares, shares issued | 360,338,486 | 359,378,751 |
Treasury at cost | 1,038,474 | 1,030,053 |
Class H Preferred Shares [Member] | ' | ' |
Cumulative redeemable preferred shares, liquidation value | $500 | $500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | ' | 110,000 |
Cumulative redeemable preferred shares, shares outstanding | ' | 110,000 |
Preferred stock dividend rate | 7.38% | 7.38% |
Cumulative redeemable preferred shares, par value | ' | ' |
Class J Preferred Shares [Member] | ' | ' |
Cumulative redeemable preferred shares, liquidation value | $500 | $500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 400,000 | 400,000 |
Cumulative redeemable preferred shares, shares outstanding | 400,000 | 400,000 |
Preferred stock dividend rate | 6.50% | 6.50% |
Cumulative redeemable preferred shares, par value | ' | ' |
Class K Preferred Shares [Member] | ' | ' |
Cumulative redeemable preferred shares, liquidation value | $500 | $500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 300,000 | 300,000 |
Cumulative redeemable preferred shares, shares outstanding | 300,000 | 300,000 |
Preferred stock dividend rate | 6.25% | 6.25% |
Cumulative redeemable preferred shares, par value | ' | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues from operations: | ' | ' | ' | ' |
Minimum rents | $175,771 | $140,389 | $518,838 | $406,274 |
Percentage and overage rents | 519 | 854 | 2,810 | 3,116 |
Recoveries from tenants | 59,261 | 45,963 | 175,353 | 133,234 |
Fee and other income | 14,992 | 19,194 | 47,928 | 58,519 |
Total revenue from operations | 250,543 | 206,400 | 744,929 | 601,143 |
Rental operation expenses: | ' | ' | ' | ' |
Operating and maintenance | 37,311 | 33,107 | 109,448 | 96,257 |
Real estate taxes | 35,681 | 26,694 | 106,132 | 77,434 |
Impairment charges | 1,813 | 9,260 | 18,898 | 22,902 |
General and administrative | 19,540 | 19,246 | 58,878 | 59,123 |
Depreciation and amortization | 99,480 | 70,015 | 302,901 | 198,609 |
Total rental operation expenses | 193,825 | 158,322 | 596,257 | 454,325 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 2,652 | 6,692 | 8,937 | 20,365 |
Interest expense | -58,115 | -54,740 | -179,908 | -157,346 |
Other income (expense), net | -2,758 | -2,282 | -11,881 | -3,287 |
Total other income (expense) | -58,221 | -50,330 | -182,852 | -140,268 |
(Loss) income before earnings from equity method investments and other items | -1,503 | -2,252 | -34,180 | 6,550 |
Equity in net income of joint ventures | 3,620 | 3,780 | 10,241 | 5,543 |
Impairment of joint venture investments | 0 | 0 | -9,100 | 0 |
Gain on sale and change in control of interests, net | 3,984 | 0 | 87,814 | 1,066 |
Income before tax benefit (expense) of taxable REIT subsidiaries and state franchise and income taxes | 6,101 | 1,528 | 54,775 | 13,159 |
Tax benefit (expense) of taxable REIT subsidiaries and state franchise and income taxes | 212 | -404 | -1,120 | -2,463 |
Income from continuing operations | 6,313 | 1,124 | 53,655 | 10,696 |
Income (loss) from discontinued operations | 57,906 | -3,258 | 68,697 | -27,872 |
Income (loss) before gain on disposition of real estate | 64,219 | -2,134 | 122,352 | -17,176 |
Gain on disposition of real estate, net of tax | 2,262 | 1,929 | 2,645 | 347 |
Net income (loss) | 66,481 | -205 | 124,997 | -16,829 |
Non-controlling interests | 2,125 | -170 | 2,985 | -556 |
Net income (loss) attributable to DDR | 68,606 | -375 | 127,982 | -17,385 |
Write-off of preferred share original issuance costs | 0 | 0 | -1,943 | -5,246 |
Preferred dividends | -5,594 | -6,608 | -18,460 | -21,113 |
Net income (loss) attributable to DDR common shareholders | $63,012 | ($6,983) | $107,579 | ($43,744) |
Basic earnings per share data: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to DDR common shareholders | $0.01 | ($0.01) | $0.10 | ($0.05) |
Income (loss) from discontinued operations attributable to DDR common shareholders | $0.16 | ($0.01) | $0.20 | ($0.09) |
Net income (loss) attributable to DDR common shareholders | $0.17 | ($0.02) | $0.30 | ($0.14) |
Diluted earnings per share data: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to DDR common shareholders | $0.01 | ($0.01) | $0.10 | ($0.05) |
Income (loss) from discontinued operations attributable to DDR common shareholders | $0.16 | ($0.01) | $0.20 | ($0.09) |
Net income (loss) attributable to DDR common shareholders | $0.17 | ($0.02) | $0.30 | ($0.14) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $66,481 | ($205) | $124,997 | ($16,829) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation | -1,729 | -429 | 6,654 | -16,364 |
Reclassification adjustment for foreign currency translation included in net income | 5,609 | 0 | 25,324 | 0 |
Change in fair value of interest-rate contracts | 2,999 | -1,537 | 535 | 11,107 |
Amortization of interest-rate contracts | 118 | 118 | 354 | 354 |
Reclassification adjustment for realized gains on available-for-sale securities included in net income | 0 | 0 | -840 | 0 |
Unrealized (losses) gains on available-for-sale securities | -182 | 2,639 | -649 | 2,639 |
Total other comprehensive income (loss) | 6,815 | 791 | 31,378 | -2,264 |
Comprehensive income (loss) | 73,296 | 586 | 156,375 | -19,093 |
Comprehensive loss (income) attributable to non-controlling interests: | ' | ' | ' | ' |
Allocation of net loss (income) | 2,125 | -170 | 2,985 | -556 |
Foreign currency translation | 647 | -290 | 634 | 323 |
Reclassification adjustment for foreign currency translation included in net income | -3,964 | 0 | -3,964 | 0 |
Total comprehensive income attributable to non-controlling interests | -1,192 | -460 | -345 | -233 |
Total comprehensive income (loss) attributable to DDR | $72,104 | $126 | $156,030 | ($19,326) |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Total | Preferred Shares | Common Shares | Paid-in Capital | Accumulated Distributions in Excess of Net Income | Deferred Compensation Obligation | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Non-Controlling Interests |
In Thousands | |||||||||
Balance at Dec. 31, 2013 | $3,927,879 | $405,000 | $35,938 | $5,417,363 | ($1,915,638) | $16,702 | ($36,493) | ($18,211) | $23,218 |
Issuance of common shares related to stock plans | 2,235 | ' | 12 | 1,399 | ' | ' | ' | 824 | ' |
Issuance of common shares for cash offering | 11,698 | ' | 66 | 11,632 | ' | ' | ' | ' | ' |
Issuance of restricted stock | 0 | ' | 14 | -4,920 | ' | 855 | ' | 4,051 | ' |
Vesting of restricted stock | -1,616 | ' | 4 | 4,019 | ' | -500 | ' | -5,139 | ' |
Stock-based compensation | 2,807 | ' | ' | 2,807 | ' | ' | ' | ' | ' |
Issuance of OP Units | 18,256 | ' | ' | ' | ' | ' | ' | ' | 18,256 |
Contributions from non-controlling interests | 93 | ' | ' | ' | ' | ' | ' | ' | 93 |
Distributions to non-controlling interests | -8,720 | ' | ' | ' | ' | ' | ' | ' | -8,720 |
Redemption of preferred shares | -55,026 | -55,000 | ' | 1,917 | -1,943 | ' | ' | ' | ' |
Dividends declared-common shares | -167,142 | ' | ' | ' | -167,142 | ' | ' | ' | ' |
Dividends declared-preferred shares | -18,302 | ' | ' | ' | -18,302 | ' | ' | ' | ' |
Comprehensive income | 156,375 | ' | ' | ' | 127,982 | ' | 28,048 | ' | 345 |
Balance at Sep. 30, 2014 | $3,868,537 | $350,000 | $36,034 | $5,434,217 | ($1,975,043) | $17,057 | ($8,445) | ($18,475) | $33,192 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net cash flow provided by operating activities: | ' | ' |
Net income (loss) | $124,997 | ($16,829) |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ' | ' |
Depreciation and amortization | 310,984 | 214,141 |
Stock-based compensation | 6,706 | 6,524 |
Amortization of deferred finance costs | 9,597 | 11,065 |
Accretion of convertible debt discount | 8,476 | 8,038 |
Equity in net income of joint ventures | -10,241 | -5,543 |
Impairment of joint venture investments | 9,100 | 0 |
Net gain on sale and change in control of interests | -87,814 | -1,066 |
Operating cash distributions from joint ventures | 6,358 | 10,533 |
Realized gain on sale of available-for-sale securities | -840 | 0 |
Gain on disposition of real estate | -76,932 | -7,587 |
Impairment charges | 26,996 | 66,795 |
Change in notes receivable accrued interest | -2,583 | -3,797 |
Change in restricted cash | 9,440 | 530 |
Net change in accounts receivable | 319 | 3,238 |
Net change in accounts payable and accrued expenses | 14,387 | -1,540 |
Net change in other operating assets and liabilities | -33,525 | -7,824 |
Total adjustments | 190,428 | 293,507 |
Net cash flow provided by operating activities | 315,425 | 276,678 |
Cash flow from investing activities: | ' | ' |
Real estate acquired, net of liabilities and cash assumed | -315,329 | -326,661 |
Real estate developed and improvements to operating real estate | -183,999 | -158,909 |
Proceeds from disposition of real estate and joint venture interest | 773,445 | 156,654 |
Equity contributions to joint ventures | -4,221 | -20,143 |
Repayment (issuance) of joint venture advances, net | 2,946 | -41,000 |
Distributions of proceeds from sale and refinancing of joint venture interests | 9,600 | 1,696 |
Return of investments in joint ventures | 7,649 | 5,479 |
Purchase of available-for-sale securities | 0 | -1,800 |
Proceeds from sale of available-for-sale securities | 1,740 | 0 |
Issuance of notes receivable | 0 | -22,014 |
Repayment of notes receivable | 341 | 13,715 |
Change in restricted cash b capital improvements | 18,235 | -2,526 |
Net cash flow provided by (used for) investing activities | 310,407 | -395,509 |
Cash flow from financing activities: | ' | ' |
Repayments of revolving credit facilities, net | -4,390 | -104,340 |
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses of $650 in 2013 | 0 | 295,591 |
Proceeds from mortgages and other secured debt | 92,063 | 45,042 |
Repayment of term loans and mortgage debt | -434,074 | -112,835 |
Payment of debt issuance costs | -699 | -3,921 |
Redemption of preferred shares | -55,000 | -150,000 |
Proceeds from issuance of common shares, net of underwriting commissions and offering expenses of $123 and $473 in 2014 and 2013, respectively | 11,698 | 158,048 |
Proceeds from issuance of preferred shares, net of underwriting commissions and offering expenses of $412 in 2013 | 0 | 144,863 |
Repurchase of common shares in conjunction with equity award plans | -4,161 | -4,060 |
Contributions from non-controlling interests | 93 | 281 |
Distributions to non-controlling interests and redeemable operating partnership units | -3,982 | -1,057 |
Dividends paid | -179,229 | -144,671 |
Net cash flow (used for) provided by financing activities | -577,681 | 122,941 |
Cash and cash equivalents | ' | ' |
Increase in cash and cash equivalents | 48,151 | 4,110 |
Effect of exchange rate changes on cash and cash equivalents | -495 | 67 |
Cash and cash equivalents, beginning of period | 86,664 | 31,174 |
Cash and cash equivalents, end of period | $134,320 | $35,351 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Senior notes, issuance cost | ' | $650 |
Common Shares | ' | ' |
Shares issuance cost | 123 | 473 |
Preferred Shares | ' | ' |
Shares issuance cost | ' | $412 |
Nature_of_Business_and_Financi
Nature of Business and Financial Statement Presentation | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |||||||
Nature of Business and Financial Statement Presentation | ' | |||||||
1 | NATURE OF BUSINESS AND FINANCIAL STATEMENT PRESENTATION | |||||||
DDR Corp. and its related real estate subsidiaries (collectively, the “Company” or “DDR”) and unconsolidated joint ventures are primarily engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. In addition, the Company engages in the origination and acquisition of loans and debt securities, which are generally collateralized directly or indirectly by shopping centers. Unless otherwise provided, references herein to the Company or DDR include DDR Corp., its wholly-owned and majority-owned subsidiaries and its consolidated and unconsolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local retailers. Consequently, the Company’s credit risk is concentrated in the retail industry. | ||||||||
Use of Estimates in Preparation of Financial Statements | ||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. | ||||||||
Unaudited Interim Financial Statements | ||||||||
These financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three- and nine-month periods ended September 30, 2014 and 2013, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended. | ||||||||
Principles of Consolidation | ||||||||
The condensed consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). All significant inter-company balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures and companies in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures and companies is included in consolidated net income. | ||||||||
Statement of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information | ||||||||
Non-cash investing and financing activities are summarized as follows (in millions): | ||||||||
Nine Month Periods Ended September 30, | ||||||||
2014 | 2013 | |||||||
Mortgages assumed from acquisitions | $ | 293.3 | $ | 148.5 | ||||
Issuance of Operating Partnership Units ("OP Units") in | 18.3 | — | ||||||
connection with acquisitions | ||||||||
Preferred equity interest and mezzanine loan applied to purchase price | 51.8 | — | ||||||
Elimination of the previously held equity interest in | 2.8 | 15.4 | ||||||
unconsolidated joint ventures acquired | ||||||||
Reclassification adjustment of foreign currency translation (Note 10) | 21.4 | — | ||||||
Accounts payable related to construction in progress | 31.3 | 25.1 | ||||||
Dividends declared | 61.3 | 49.8 | ||||||
Write-off of preferred share original issuance costs | 1.9 | 5.2 | ||||||
The transactions above did not provide or use cash in the periods presented and, accordingly, are not reflected in the consolidated statements of cash flows. | ||||||||
New Accounting Standards | ||||||||
Revenue Recognition | ||||||||
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers. The objective of ASU 2014-19 is to establish a single comprehensive five-step model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016, for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently assessing the impact, if any, the adoption of this standard will have on its financial statements and has not decided upon the method of adoption. | ||||||||
Discontinued Operations | ||||||||
In April 2014, the FASB issued a final standard that changed the criteria for determining which disposals are presented as discontinued operations. The revised definition of a discontinued operation is “a component or group of components that has been disposed of or is classified as held for sale, together as a group in a single transaction,” and “represents a strategic shift that has (or will have) a major effect on an entity’s financial results.” The FASB agreed that a strategic shift includes “a disposal of (i) a separate major line of business, (ii) a separate major geographical area of operations, or (iii) a combination of parts of (i) or (ii) that make up a major part of an entity’s operations and financial results.” A business that, upon acquisition, qualifies as held for sale will also be a discontinued operation. The FASB also reaffirmed its decision to no longer preclude presentation of a disposal as a discontinued operation if (a) there is significant continuing involvement with a component after its disposal, or (b) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations. The guidance may be applied prospectively to new disposals and new classifications of disposal groups classified as held for sale after the effective date. Public entities will be required to apply the standard in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption of this standard is permitted. Beginning in 2015, the Company will apply the new guidance, as applicable, to future disposals of its shopping centers or classifications as held for sale. The Company believes that a significant portion of its ordinary course shopping center disposals will not qualify for discontinued operations presentation under this new standard upon adoption. |
Investments_in_and_Advances_to
Investments in and Advances to Joint Ventures | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in and Advances to Joint Ventures | ' | |||||||||||||||
2 | INVESTMENTS IN AND ADVANCES TO JOINT VENTURES | |||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 147 and 170 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Condensed Combined Balance Sheets | ||||||||||||||||
Land | $ | 1,080,086 | $ | 1,275,232 | ||||||||||||
Buildings | 2,917,565 | 3,940,806 | ||||||||||||||
Fixtures and tenant improvements | 168,575 | 266,851 | ||||||||||||||
4,166,226 | 5,482,889 | |||||||||||||||
Less: Accumulated depreciation | (814,365 | ) | (839,867 | ) | ||||||||||||
3,351,861 | 4,643,022 | |||||||||||||||
Land held for development and construction in progress | 56,713 | 116,088 | ||||||||||||||
Real estate, net | 3,408,574 | 4,759,110 | ||||||||||||||
Cash and restricted cash | 95,768 | 282,866 | ||||||||||||||
Receivables, net | 68,951 | 101,003 | ||||||||||||||
Other assets | 97,959 | 196,615 | ||||||||||||||
$ | 3,671,252 | $ | 5,339,594 | |||||||||||||
Mortgage debt | $ | 2,572,521 | $ | 3,282,643 | ||||||||||||
Notes and accrued interest payable to DDR(A) | 142,502 | 127,679 | ||||||||||||||
Other liabilities | 142,521 | 245,368 | ||||||||||||||
2,857,544 | 3,655,690 | |||||||||||||||
Redeemable preferred equity | 38,635 | 71,771 | ||||||||||||||
Accumulated equity | 775,073 | 1,612,133 | ||||||||||||||
$ | 3,671,252 | $ | 5,339,594 | |||||||||||||
Company's share of Accumulated Equity | $ | 116,711 | $ | 365,297 | ||||||||||||
(A) | The Company had net amounts receivable from several joint ventures aggregating $4.4 million and $2.7 million at September 30, 2014 and December 31, 2013, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining receivables on the joint ventures’ books were fully reserved by the Company in prior years. | |||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Condensed Combined Statements of Operations | ||||||||||||||||
Revenues from operations | $ | 119,973 | $ | 176,001 | $ | 392,523 | $ | 527,799 | ||||||||
Operating expenses | 40,024 | 61,099 | 137,787 | 182,130 | ||||||||||||
Impairment charges | 11,093 | 13,390 | 11,693 | 51,713 | ||||||||||||
Depreciation and amortization | 35,579 | 56,502 | 119,641 | 173,333 | ||||||||||||
Interest expense | 41,764 | 56,453 | 141,776 | 169,935 | ||||||||||||
Other expense, net | 188 | 1,916 | 3,024 | 2,229 | ||||||||||||
128,648 | 189,360 | 413,921 | 579,340 | |||||||||||||
Loss before tax expense and discontinued operations | (8,675 | ) | (13,359 | ) | (21,398 | ) | (51,541 | ) | ||||||||
Income tax expense (primarily SSB), net | — | (6,446 | ) | (6,565 | ) | (20,299 | ) | |||||||||
Loss from continuing operations | (8,675 | ) | (19,805 | ) | (27,963 | ) | (71,840 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
Loss from discontinued operations | (55 | ) | (11,196 | ) | (844 | ) | (22,604 | ) | ||||||||
Gain (loss) on disposition of real estate, net of tax | 4,713 | (21,228 | ) | 28,224 | (27,133 | ) | ||||||||||
Loss before gain on disposition of real estate, net | (4,017 | ) | (52,229 | ) | (583 | ) | (121,577 | ) | ||||||||
Gain on disposition of real estate, net | 3,833 | 151 | 3,833 | 794 | ||||||||||||
Net (loss) income | $ | (184 | ) | $ | (52,078 | ) | $ | 3,250 | $ | (120,783 | ) | |||||
Non-controlling interests | — | (5,800 | ) | (2,023 | ) | (19,715 | ) | |||||||||
Net (loss) income attributable to unconsolidated joint ventures | $ | (184 | ) | $ | (57,878 | ) | $ | 1,227 | $ | (140,498 | ) | |||||
Company's share of equity in net income of joint | $ | 3,316 | $ | 2,800 | $ | 9,483 | $ | 4,328 | ||||||||
ventures | ||||||||||||||||
Amortization of basis differentials(A) | 304 | 980 | 758 | 1,215 | ||||||||||||
Equity in net income of joint ventures(B) | $ | 3,620 | $ | 3,780 | $ | 10,241 | $ | 5,543 | ||||||||
(A) | Related to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. | |||||||||||||||
(B) | The Company is not recording income or loss from those investments in which its investment basis is zero, as the Company does not have the obligation or intent to fund any additional capital in the joint ventures. | |||||||||||||||
Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment basis and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Company's share of accumulated equity | $ | 116.7 | $ | 365.3 | ||||||||||||
Redeemable preferred equity and other(A) | 39.1 | 72.2 | ||||||||||||||
Basis differentials | 4.2 | 10.6 | ||||||||||||||
Deferred development fees, net of portion related to the Company's interest | (2.7 | ) | (2.8 | ) | ||||||||||||
Amounts payable to DDR | 4.4 | 2.7 | ||||||||||||||
Investments in and Advances to Joint Ventures | $ | 161.7 | $ | 448 | ||||||||||||
(A) | Primarily related to $38.6 million and $71.8 million in preferred equity investments in joint ventures with affiliates of The Blackstone Group L.P. (collectively, “Blackstone”) at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Management and other fees | $ | 5.9 | $ | 7.4 | $ | 18.2 | $ | 22.6 | ||||||||
Development fees and leasing commissions | 1.4 | 2.7 | 4.9 | 7.9 | ||||||||||||
Interest income | 1.7 | 5.3 | 5 | 14.4 | ||||||||||||
BRE DDR Retail Holdings II Joint Venture | ||||||||||||||||
In 2013, a joint venture between consolidated affiliates of the Company and Blackstone acquired a portfolio of seven shopping centers (“BRE DDR Retail Holdings II”), aggregating approximately 2.3 million square feet of total gross leasable area (“GLA”). In September 2014, the Company acquired Blackstone’s 95% interest in the seven assets (the “Blackstone II Acquisition”) (Note 3). The Company invested $30.0 million in preferred equity in the joint venture in 2013, all of which was repaid upon the closing of the Blackstone II Acquisition. | ||||||||||||||||
Sonae Sierra Brazil BV SARL (“SSB”) | ||||||||||||||||
On April 28, 2014, affiliates of DDR (the “Sellers”) sold to Mr. Alexander Otto (the “Investor”) and certain of his affiliates (collectively with the Investor, the “Purchasers”) the Company’s 50% ownership interest in SSB for approximately $343.6 million, which represented the Company’s entire investment in Brazil. SSB owned an approximate 66% interest in a publicly traded company in Brazil, Sonae Sierra Brasil, S.A., and an indirect interest in the Parque Dom Pedro shopping center. Sonae Sierra Brasil, S.A. owned 10 shopping centers in Brazil and is headquartered in Sao Paulo. The Company’s effective economic ownership in this investment was 33%. The Company recorded a Gain on Sale of Interests of $83.8 million in the second quarter of 2014, which included the reclassification of $19.7 million of foreign currency translation from accumulated other comprehensive income (Note 10). The weighted-average exchange rate used for recording the equity in net income into U.S. dollars was 2.26 for the Company’s ownership period, January 1, 2014 to April 28, 2014, and 2.10 for the nine-month period ended September 30, 2013. | ||||||||||||||||
The Investor is deemed to be a related party as a result of his common stock ownership in DDR. Furthermore, Dr. Finne, a director of DDR, is a Managing Director of certain entities affiliated with the Investor that agreed to purchase a portion of the Company’s ownership interest in SSB. The Company believes that the sales price and other terms of the transaction were negotiated on terms equivalent to those prevailing in an arms’ length transaction. The transaction was approved by a special committee of the Company’s Board of Directors, which committee included all directors except for the two board members recommended for nomination by the Investor. | ||||||||||||||||
Other Joint Venture Interests | ||||||||||||||||
For the nine months ended September 30, 2014, the Company’s unconsolidated joint ventures sold eight assets and received aggregate proceeds of $106.1 million, of which $21.1 million was the Company’s proportionate share. For the 2014 disposition activity, the joint ventures recorded an aggregate gain of $32.1 million, of which $7.7 million was the Company’s proportionate share. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
3 | ACQUISITIONS | |||||||||||||||
In the nine-month period ended September 30, 2014, the Company acquired the following shopping centers (in millions): | ||||||||||||||||
Location or Transaction | Date Acquired | Gross | Face Value of | |||||||||||||
Purchase | Mortgage Debt | |||||||||||||||
Price | Assumed | |||||||||||||||
Colorado Springs, Colorado | Apr-14 | $ | 29.4 | $ | 12.9 | |||||||||||
Roseville, California | May-14 | 89.5 | — | |||||||||||||
Cincinnati, Ohio | May-14 | 29.5 | — | |||||||||||||
Chicago, Illinois | Jun-14 | 98 | 35.5 | |||||||||||||
Philadelphia, Pennsylvania | Aug-14 | 31.5 | — | |||||||||||||
Blackstone II Acquisition | Sep-14 | 395.3 | 233.3 | |||||||||||||
$ | 673.2 | $ | 281.7 | |||||||||||||
The Company accounted for the acquisitions utilizing the purchase method of accounting. The fair value of acquisitions was allocated as follows (in thousands): | ||||||||||||||||
Weighted Average | ||||||||||||||||
Amortization Period | ||||||||||||||||
(in Years) | ||||||||||||||||
Land | $ | 144,587 | N/A | |||||||||||||
Buildings | 386,889 | (B) | ||||||||||||||
Tenant improvements | 9,205 | (B) | ||||||||||||||
Construction in progress | 76,213 | N/A | ||||||||||||||
In-place leases (including lease origination costs and fair market value of | 58,092 | 7.2 | ||||||||||||||
leases)(A) | ||||||||||||||||
Tenant relations | 34,424 | 7.6 | ||||||||||||||
Other assets | 4,402 | N/A | ||||||||||||||
713,812 | ||||||||||||||||
Less: Mortgage debt assumed at fair value | (293,288 | ) | N/A | |||||||||||||
Less: Below-market leases | (25,017 | ) | 19.1 | |||||||||||||
Less: Other liabilities | (3,403 | ) | ||||||||||||||
Net assets acquired | $ | 392,104 | ||||||||||||||
(A) | Includes above-market value of leases of $8.8 million. | |||||||||||||||
(B) | Depreciated in accordance with the Company’s policy. | |||||||||||||||
Consideration: | ||||||||||||||||
Cash | $ | 315,329 | ||||||||||||||
Repayment of preferred equity interest and mezzanine loan | 51,775 | |||||||||||||||
Issuance of OP Units | 18,256 | |||||||||||||||
Gain on Sale and Change in Control of Interests | 3,977 | |||||||||||||||
Fair value of previously held equity interest | 2,767 | |||||||||||||||
Total consideration | $ | 392,104 | ||||||||||||||
The Company incurred $2.1 million of costs related to the acquisition of these assets. These costs were expensed as incurred and included in other income (expense), net. Included in the Company’s condensed consolidated statements of operations are $7.7 million and $13.9 million in total revenues from the date of acquisition through September 30, 2014 and 2013, respectively. | ||||||||||||||||
Blackstone II Acquisition | ||||||||||||||||
In September 2014, the Company acquired sole ownership of a portfolio of seven power centers through the Blackstone II Acquisition. The transaction was valued at $395.3 million at 100%. In connection with the closing, the Company assumed Blackstone’s 95% share of $233.3 million of mortgage debt, at face value, of which $28.0 million was repaid upon closing. In addition, $31.2 million of preferred equity interest previously funded by the Company was repaid upon closing and the remaining was paid in cash. The Company accounted for this transaction as a step acquisition. Due to the change in control that occurred, the Company recorded a Gain on Sale and Change in Control of $4.0 million related to the difference between the Company’s carrying value and fair value of the previously held equity interest. | ||||||||||||||||
Pro Forma Information | ||||||||||||||||
The following unaudited supplemental pro forma operating data is presented for the three- and nine-month periods ended September 30, 2014 and 2013, as if the acquisition of the interests in the properties acquired in 2014 and 2013 was completed on January 1, 2013 (in thousands, except per share amounts). The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods. | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma revenues | $ | 259,611 | $ | 253,726 | $ | 777,301 | $ | 757,434 | ||||||||
Pro forma (loss) income from continuing operations | $ | (452 | ) | $ | (22,938 | ) | $ | 41,469 | $ | (57,111 | ) | |||||
Pro forma net income (loss) attributable to DDR common | $ | 56,247 | $ | (31,045 | ) | $ | 95,393 | $ | (111,551 | ) | ||||||
shareholders | ||||||||||||||||
Basic earnings per share data: | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.16 | $ | (0.09 | ) | $ | 0.26 | $ | (0.31 | ) | ||||||
Diluted earnings per share data: | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.16 | $ | (0.09 | ) | $ | 0.26 | $ | (0.31 | ) | ||||||
Notes_Receivable
Notes Receivable | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Notes Receivable | ' | |||||||
4 | NOTES RECEIVABLE | |||||||
The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and/or real estate assets, some of which are subordinate to other financings. | ||||||||
Notes receivable consisted of the following (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Loans receivable | $ | 52,820 | $ | 72,218 | ||||
Other notes | 1,016 | 1,034 | ||||||
Tax Increment Financing Bonds ("TIF Bonds")(A) | 3,809 | 5,086 | ||||||
$ | 57,645 | $ | 78,338 | |||||
(A) | Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement. | |||||||
As of September 30, 2014 and December 31, 2013, the Company had six and seven loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the nine-month periods ended September 30, 2014 and 2013 (in thousands): | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 72,218 | $ | 60,378 | ||||
Additions: | ||||||||
New mortgage loans | — | 21,967 | ||||||
Interest | 810 | 319 | ||||||
Accretion of discount | 689 | 651 | ||||||
Deductions: | ||||||||
Payments of principal and interest | (347 | ) | (11,670 | ) | ||||
Other(A) | (20,550 | ) | — | |||||
Balance at September 30 | $ | 52,820 | $ | 71,645 | ||||
(A) | Loan applied toward the purchase price of the asset acquired in Chicago, Illinois (Note 3). | |||||||
At September 30, 2014, the Company had one loan outstanding aggregating $9.8 million that matured, was more than 90 days past due and partially reserved and one loan that was fully reserved. No other loans outstanding are past due. The Company is no longer accruing interest income on these notes as no payments have been received. |
Other_Assets_Net
Other Assets, Net | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets, Net | ' | |||||||
5 | OTHER ASSETS, NET | |||||||
Other assets consist of the following (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Intangible assets: | ||||||||
In-place leases, net | $ | 175,340 | $ | 159,357 | ||||
Above-market rent, net | 62,355 | 59,211 | ||||||
Tenant relations, net | 190,406 | 191,045 | ||||||
Total intangible assets, net(A) | 428,101 | 409,613 | ||||||
Other assets: | ||||||||
Accounts receivable, net(B) | 128,414 | 129,513 | ||||||
Deferred charges, net | 30,124 | 38,124 | ||||||
Prepaid expenses | 23,162 | 14,082 | ||||||
Other assets | 42,273 | 45,403 | ||||||
Deposits | 8,120 | 8,770 | ||||||
Total other assets, net | $ | 660,194 | $ | 645,505 | ||||
(A) | The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $25.2 million and $8.6 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $79.1 million and $22.4 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | |||||||
(B) | Includes straight-line rents receivable, net, of $62.7 million and $61.9 million at September 30, 2014 and December 31, 2013, respectively. |
Revolving_Credit_Facilities_an
Revolving Credit Facilities and Term Loans | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Revolving Credit Facilities and Term Loans | ' | ||||||||||
6 | REVOLVING CREDIT FACILITIES AND TERM LOANS | ||||||||||
The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) and term loans (in millions): | |||||||||||
Carrying Value at | Weighted-Average | Maturity Date | |||||||||
30-Sep-14 | Interest Rate at | ||||||||||
30-Sep-14 | |||||||||||
Unsecured indebtedness: | |||||||||||
Unsecured Credit Facility | $ | 23.5 | 2.4 | % | Apr-17 | ||||||
PNC Facility | — | N/A | Apr-17 | ||||||||
Unsecured term loan – Tranche 1 | 50 | 2.1 | % | Jan-17 | |||||||
Unsecured term loan – Tranche 2 | 300 | 3.2 | % | Jan-19 | |||||||
Secured indebtedness: | |||||||||||
Secured term loan | 400 | 1.6 | % | Apr-17 | |||||||
Revolving Credit Facilities | |||||||||||
The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, and an accordion feature for expansion of availability up to $1.25 billion upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level and the ability to extend the maturity for one year to April 2018, at the Company’s option. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at September 30, 2014. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At September 30, 2014, the outstanding balance consisted solely of Canadian dollar-denominated borrowings (Note 7). | |||||||||||
The Company also maintains a $65 million unsecured revolving credit facility with PNC Bank, National Association (the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility reflects terms consistent with those contained in the Unsecured Credit Facility. | |||||||||||
The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either (i) the prime rate plus a specified spread (0.15% at September 30, 2014), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.15% at September 30, 2014). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard and Poor’s. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The covenants also require that the Company cannot exceed a total dividend payout ratio of 95% of the Company’s pro rata share of Funds From Operations (as defined in the agreements governing the Revolving Credit Facilities) for the prior twelve-month period unless required to maintain Real Estate Investment Trust (“REIT”) status. The Company was in compliance with these covenants at September 30, 2014. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||||||||||||
7 | FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||||||||
Measurement of Fair Value | ||||||||||||||||||||||||||||||||||
At September 30, 2014, the Company used pay-fixed interest rate swaps to manage its exposure to changes in benchmark interest rates (the “Swaps”). The estimated fair values were determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential non-performance risk, including the Company’s own non-performance risk and the respective counterparty’s non-performance risk. The Company determined that the significant inputs used to value its derivatives fell within Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||||
The Company maintains interest rate swap agreements (included in Other Assets and Other Liabilities) and marketable securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan and investments in securities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013. The following table presents information about the Company’s financial assets and liabilities and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions): | ||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||
Assets (Liabilities): | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | $ | — | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | ||||||||||||||||||||||||
Marketable Securities | $ | 5 | $ | — | $ | — | $ | 5 | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | $ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | ||||||||||||||||||||||||
Marketable Securities | $ | 7.4 | $ | — | $ | — | $ | 7.4 | ||||||||||||||||||||||||||
The unrealized gain of $0.5 million included in other comprehensive income (loss) (“OCI”) is attributable to the net change in fair value during the nine-month period ended September 30, 2014, related to derivative financial instruments, none of which were reported in the Company’s condensed consolidated statements of operations because the Swaps are documented and qualify as hedging instruments. | ||||||||||||||||||||||||||||||||||
Other Fair Value Instruments | ||||||||||||||||||||||||||||||||||
Investments in unconsolidated joint ventures are considered financial assets. See discussion of related fair value considerations in Note 12. | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Marketable Equitable Securities, Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||||||||||||||||
The carrying amounts reported in the consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. The Company’s marketable equity securities have been classified as available-for-sale and are recorded at fair value. | ||||||||||||||||||||||||||||||||||
Notes Receivable and Advances to Affiliates | ||||||||||||||||||||||||||||||||||
The fair value is estimated using a discounted cash flow analysis, in which the Company used unobservable inputs such as market interest rates determined by the loan to value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as Level 3 in the fair value hierarchy. The fair value of these notes was approximately $95.7 million and $148.2 million at September 30, 2014 and December 31, 2013, respectively, as compared to the carrying amounts of $92.9 million and $145.5 million, respectively. The carrying value of the TIF bonds, which was $3.8 million and $5.1 million at September 30, 2014 and December 31, 2013, respectively, approximated their fair value as of both dates. | ||||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||||
The fair market value of senior notes, except senior convertible notes, is determined using the trading price of the Company’s public debt. The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile including the Company’s non-performance risk and loan to value. The Company’s senior notes, except senior convertible notes, and all other debt including senior convertible notes are classified as Level 2 and Level 3, respectively, in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||
Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. | ||||||||||||||||||||||||||||||||||
Debt instruments at September 30, 2014 and December 31, 2013, with carrying values that are different than estimated fair values, are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||||
Senior Notes | $ | 2,762,893 | $ | 3,000,255 | $ | 2,754,120 | $ | 2,991,698 | ||||||||||||||||||||||||||
Revolving Credit Facilities and term loans | 773,457 | 781,530 | 779,133 | 787,772 | ||||||||||||||||||||||||||||||
Mortgage indebtedness | 1,699,694 | 1,730,030 | 1,761,421 | 1,779,375 | ||||||||||||||||||||||||||||||
$ | 5,236,044 | $ | 5,511,815 | $ | 5,294,674 | $ | 5,558,845 | |||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | ||||||||||||||||||||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. | ||||||||||||||||||||||||||||||||||
The Company has interests in consolidated joint ventures that own real estate assets in Canada. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company uses non-derivative financial instruments to economically hedge a portion of this exposure. The Company manages its currency exposure related to the net assets of its Canadian subsidiaries through foreign currency-denominated debt agreements. | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||||||||||||||||||
The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company generally uses Swaps as part of its interest rate risk management strategy. The Swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, the notional amount of the Swaps was $530.4 million and $631.4 million, respectively. The following table discloses certain information regarding the Company’s Swaps (nine at September 30, 2014), not including the specified spreads, as well as their classification on the condensed consolidated balance sheets, as of September 30, 2014 and December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||||||||||||
Notional | Counterparty | DDR Pays | Fair Value | |||||||||||||||||||||||||||||||
Amount at | Pays Variable | Fixed | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Maturity Date | 30-Sep-14 | Rate | Rate | Asset | Liability | Asset | Liability | |||||||||||||||||||||||||||
Jun-14 | N/A | 1 Month LIBOR | 1 | % | N/A | N/A | $ | — | $ | (0.4 | ) | |||||||||||||||||||||||
Jun-15 | $ | 50 | 1 Month LIBOR | 0.6 | % | $ | — | $ | (0.1 | ) | — | (0.2 | ) | |||||||||||||||||||||
Jul-15 | $ | 100 | 1 Month LIBOR | 0.5 | % | — | (0.3 | ) | — | (0.4 | ) | |||||||||||||||||||||||
Sep-17 | $ | 80.4 | 1 Month LIBOR | 2.8 | % | — | (3.9 | ) | — | (5.0 | ) | |||||||||||||||||||||||
Jan-18 | $ | 100 | 1 Month LIBOR | 0.9 | % | 1.2 | — | 1.4 | — | |||||||||||||||||||||||||
Feb-19 | $ | 100 | 1 Month LIBOR | 1.6 | % | — | — | 0.5 | — | |||||||||||||||||||||||||
Feb-19 | $ | 100 | 1 Month LIBOR | 1.5 | % | 0.4 | — | 0.9 | — | |||||||||||||||||||||||||
Other Assets | $ | 1.6 | N/A | $ | 2.8 | N/A | ||||||||||||||||||||||||||||
Accounts Payable | N/A | $ | (4.3 | ) | N/A | $ | (6.0 | ) | ||||||||||||||||||||||||||
All components of the Swaps were included in the assessment of hedge effectiveness. The Company expects that within the next 12 months it will reflect an increase to interest expense (and a corresponding decrease to earnings) of approximately $5.9 million, which includes amortization of previously settled interest rate contracts. | ||||||||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in accumulated OCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2014, such derivatives were used to hedge the forecasted variable cash flows associated with existing or probable future obligations. The ineffective portion of the change in the fair value of derivatives is recognized directly in earnings. During the nine-month periods ended September 30, 2014 and 2013, the amount of hedge ineffectiveness recorded was not material. | ||||||||||||||||||||||||||||||||||
The Company is exposed to credit risk in the event of non-performance by the counterparties to the Swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into Swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. | ||||||||||||||||||||||||||||||||||
Credit Risk-Related Contingent Features | ||||||||||||||||||||||||||||||||||
The Company has agreements with each of its Swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its Swaps, resulting in an acceleration of payment under the Swaps. | ||||||||||||||||||||||||||||||||||
Net Investment Hedges | ||||||||||||||||||||||||||||||||||
The Company is exposed to foreign exchange risk from its consolidated and unconsolidated international investments. The Company has foreign currency-denominated debt agreements that expose the Company to fluctuations in foreign exchange rates. The Company has designated these foreign currency borrowings as a hedge of its net investment in its Canadian subsidiaries. Changes in the spot rate value are recorded as adjustments to the debt balance with offsetting unrealized gains and losses recorded in OCI. Because the notional amount of the non-derivative instrument substantially matches the portion of the net investment designated as being hedged, and the non-derivative instrument is denominated in the functional currency of the hedged net investment, the hedge ineffectiveness recognized in earnings is not material. The Company repaid all of its Euro-denominated borrowings at September 30, 2014 (Note 6). | ||||||||||||||||||||||||||||||||||
Effect on Net Income (Loss) and OCI | ||||||||||||||||||||||||||||||||||
The effect of the Company’s cash flow hedges and net investment hedge instruments on net income (loss) and OCI is as follows (in millions): | ||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of | Amount of Gain (Loss) | ||||||||||||||||||||||||||||||||
Recognized in OCI | Gain (Loss) | Reclassified from | ||||||||||||||||||||||||||||||||
(Effective Portion) | Reclassified | Accumulated OCI | ||||||||||||||||||||||||||||||||
from | (Effective Portion) | |||||||||||||||||||||||||||||||||
Three-Month | Nine-Month | Accumulated | Three-Month | Nine-Month | ||||||||||||||||||||||||||||||
Periods Ended | Periods Ended | OCI | Periods Ended | Periods Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | (Effective | September 30, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Portion) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3 | $ | (1.5 | ) | $ | 0.5 | $ | 11.1 | Interest Expense | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.3 | ) | $ | (0.3 | ) | ||||||||||||
Net investment hedges: | ||||||||||||||||||||||||||||||||||
Euro-denominated | $ | 0.2 | $ | (0.2 | ) | $ | 0.3 | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Canadian dollar-denominated | 1.1 | (0.5 | ) | 1 | 0.8 | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 1.3 | $ | (0.7 | ) | $ | 1.3 | $ | 0.7 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
8 | COMMITMENTS AND CONTINGENCIES | |
Legal Matters | ||
Coventry II | ||
The Company is a party to various joint ventures with the Coventry II Fund, through which 10 existing or proposed retail properties, along with a portfolio of former Service Merchandise locations, were acquired at various times from 2003 through 2006. The Company was generally responsible for day-to-day management of the properties through December 2011. On November 4, 2009, Coventry Real Estate Advisors L.L.C., Coventry Real Estate Fund II, L.L.C. and Coventry Fund II Parallel Fund, L.L.C. (collectively, “Coventry”) filed suit against the Company and certain of its affiliates and officers in the Supreme Court of the State of New York, County of New York. The complaint contained allegations including breach of contract, breach of fiduciary duty, fraudulent inducement, misrepresentation, and economic duress. The complaint sought compensatory, consequential and punitive damages. | ||
In response to this action, the Company filed a motion to dismiss the complaint. In June 2010, the court granted the motion in part (which was affirmed on appeal), dismissing Coventry’s claim that the Company breached a fiduciary duty owed to Coventry. The Company also filed an answer to the complaint, and asserted various counterclaims against Coventry. On October 10, 2011, the Company filed a motion for summary judgment, seeking dismissal of all of Coventry’s remaining claims. On April 18, 2013, the court issued an order dismissing most of Coventry’s remaining claims against the Company. The court’s decision denied the Company’s motion solely with respect to several claims for breach of contract under the Company’s prior management agreements in connection with certain assets. Coventry appealed the court’s ruling dismissing its claims. On June 14, 2014, the appellate court issued an opinion affirming the dismissal of most of Coventry’s remaining claims. | ||
On October 10, 2014, the Company and Coventry entered into a settlement agreement. The agreement, which is subject to various contingencies, provides for mutual releases of all claims and for the dismissal of the pending litigation. The Company does not expect the settlement to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. | ||
Contract Termination | ||
In January 2008, the Company entered into a Services Agreement (the “Agreement”) with Oxford Building Services, Inc. (“Oxford”), whose obligations were guaranteed by certain affiliates of Oxford. The Agreement required that Oxford identify and contract directly with various service providers (“Vendors”) to provide maintenance, repairs, supplies and a variety of on-site services to certain properties in the Company’s portfolio, in exchange for which Oxford would pay such Vendors for the services. Under the Agreement, the Company remitted funds to Oxford to pay the Vendors under the Vendors’ contracts with Oxford. | ||
On or about January 23, 2013, Oxford advised the Company that Oxford had misapplied approximately $11 million paid by the Company to Oxford and, as a result, Oxford had insufficient funds to pay the Vendors in accordance with the Agreement. On January 28, 2013, the Company terminated the Agreement based upon Oxford’s violations of the Agreement, principally due to its insolvency. Oxford and several affiliates subsequently filed bankruptcy petitions in the United States Bankruptcy Court for the District of New Jersey and are in liquidation under Chapter 7 of the United States Bankruptcy Code. | ||
In its initial filings in the bankruptcy case, Oxford had threatened litigation alleging certain claims against the Company which the Company vigorously denied; however, to date, no such claims have been asserted by Oxford against the Company. On March 18, 2013, the Company filed suit in the Court of Common Pleas, Cuyahoga County, Ohio, which was subsequently removed to the federal district court in Cleveland, Ohio, against certain affiliates and the individual principals of Oxford asserting claims for, among other things, breach of guaranty, fraud, conversion and civil conspiracy. | ||
In July 2014, the Company and the defendants in the Ohio litigation reached an agreement to settle all claims asserted in the Ohio litigation. | ||
Other | ||
In addition to the litigation discussed above, the Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. |
Equity
Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
9 | EQUITY | ||||||||||||||||
Common Shares | |||||||||||||||||
In the third quarter of 2014, the Company issued 0.7 million common shares at a weighted-average price of $17.81 per share, generating net proceeds of $11.8 million. The net proceeds primarily were used to acquire shopping center assets (Note 3). | |||||||||||||||||
Common share dividends declared per share were as follows: | |||||||||||||||||
Three-Month Periods | Nine-Month Periods | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Common share dividends declared per share | $ | 0.155 | $ | 0.135 | $ | 0.465 | $ | 0.405 | |||||||||
Preferred Shares | |||||||||||||||||
In May 2014, the Company redeemed the remaining $55.0 million of its Class H cumulative redeemable preferred shares (“Class H Preferred Shares”) at a redemption price of $504.6094 per Class H Preferred Share (the sum of $500.00 per Class H Preferred Share and dividends per Class H Preferred Share of $4.6094 prorated to the redemption date of May 30, 2014) or $25.2305 per depositary share (the sum of $25.00 per depositary share and dividends per depositary share of $0.2305 prorated to the redemption date of May 30, 2014). The Company recorded a charge of $1.9 million in the second quarter of 2014 related to the write-off of the Class H Preferred Shares’ original issuance costs. | |||||||||||||||||
Non-Controlling Interests | |||||||||||||||||
In June 2014, the Company issued 1.0 million OP Units in conjunction with the purchase of an asset in Chicago, Illinois (Note 3). |
Other_Comprehensive_Loss
Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Other Comprehensive Loss | ' | |||||||||||||||
10 | OTHER COMPREHENSIVE LOSS | |||||||||||||||
The changes in Accumulated Other Comprehensive Loss by component are as follows (in thousands): | ||||||||||||||||
Gains and | Foreign | Net | Total | |||||||||||||
Losses on | Currency | Unrealized | ||||||||||||||
Cash | Items | Gains on | ||||||||||||||
Flow | Marketable | |||||||||||||||
Hedges | Securities | |||||||||||||||
Balance, December 31, 2013 | $ | (7,912 | ) | $ | (30,624 | ) | $ | 2,043 | $ | (36,493 | ) | |||||
Other comprehensive income (loss) before reclassifications | 535 | 7,288 | (649 | ) | 7,174 | |||||||||||
Reclassification adjustment for foreign currency translation(A) | — | 21,360 | — | 21,360 | ||||||||||||
Reclassification adjustment for realized gains on | — | — | (840 | ) | (840 | ) | ||||||||||
available-for-sale securities(B) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive | 354 | — | — | 354 | ||||||||||||
loss(C) | ||||||||||||||||
Net current-period other comprehensive income (loss) | 889 | 28,648 | (1,489 | ) | 28,048 | |||||||||||
Balance, September 30, 2014 | $ | (7,023 | ) | $ | (1,976 | ) | $ | 554 | $ | (8,445 | ) | |||||
(A) | Includes a gain of $19.7 million related to the Company’s sale of its interest in the SSB joint venture (Note 2) classified as Gain on Sale and Change in Control of Interests in the Company’s condensed consolidated statement of operations for the nine-month period ended September 30, 2014, which was previously recognized in Accumulated Other Comprehensive Loss. Also, includes a gain of $1.7 million related to the Company’s substantial liquidation of its investment in Russia, classified on the Gain on Sale as well as Non-Controlling Interests lines in the Company’s condensed consolidated statement of operations for the three- and nine-month periods ended September 30, 2014, which was previously recognized in Accumulated Other Comprehensive Loss. | |||||||||||||||
(B) | Realized gains are included in the condensed consolidated statement of operations within Fee and Other Income for the nine months ended September 30, 2014. | |||||||||||||||
(C) | Reflects amortization classified in Interest Expense of $0.4 million, partially offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, in the Company’s condensed consolidated statement of operations for the nine months ended September 30, 2014, which was previously recognized in Accumulated Other Comprehensive Loss. |
Fee_and_Other_Income
Fee and Other Income | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Fee and Other Income | ' | |||||||||||||||
11 | FEE AND OTHER INCOME | |||||||||||||||
Fee and other income from continuing operations was composed of the following (in millions): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Management, development and other fee income | $ | 7.6 | $ | 10.3 | $ | 23.7 | $ | 31.2 | ||||||||
Ancillary and other property income | 6.5 | 7.8 | 18.8 | 20.7 | ||||||||||||
Lease termination fees | 0.7 | 1 | 4.1 | 6.2 | ||||||||||||
Other | 0.2 | 0.1 | 1.3 | 0.4 | ||||||||||||
Total fee and other income | $ | 15 | $ | 19.2 | $ | 47.9 | $ | 58.5 | ||||||||
Impairment_Charges_and_Impairm
Impairment Charges and Impairment of Joint Venture Investments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Impairment Charges and Impairment of Joint Venture Investments | ' | ||||||||||||||||||||
12 | IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS | ||||||||||||||||||||
The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2014 and 2013, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): | |||||||||||||||||||||
Three-Month Periods | Nine-Month Periods | ||||||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Land held for development(A) | $ | — | $ | — | $ | 13.2 | $ | — | |||||||||||||
Undeveloped land | 1.4 | — | 1.9 | 2.6 | |||||||||||||||||
Assets marketed for sale(B) | 0.4 | 9.2 | 3.8 | 20.3 | |||||||||||||||||
Total continuing operations | $ | 1.8 | $ | 9.2 | $ | 18.9 | $ | 22.9 | |||||||||||||
Sold assets – discontinued operations | — | 14.9 | 8.1 | 43.9 | |||||||||||||||||
Joint venture investments(C) | — | — | 9.1 | — | |||||||||||||||||
Total impairment charges | $ | 1.8 | $ | 24.1 | $ | 36.1 | $ | 66.8 | |||||||||||||
(A) | Amounts reported in the nine-month period ended September 30, 2014, primarily related to land held for development in Canada that is owned through a consolidated joint venture. The asset impairment was triggered primarily by the Company’s decision to sell the land. | ||||||||||||||||||||
(B) | The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions. | ||||||||||||||||||||
(C) | Amount recorded in 2014 represents an “other than temporary impairment” charge on a development project in Canada that is owned through an unconsolidated joint venture. The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014. | ||||||||||||||||||||
Items Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
For a description of the Company’s methodology on determining fair value, refer to Note 12 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2013, as amended. | |||||||||||||||||||||
The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the nine-month period ended September 30, 2014, and the year ended December 31, 2013. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||
Losses | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Long-lived assets held and used | $ | — | $ | — | $ | 111.6 | $ | 111.6 | $ | 27 | |||||||||||
Unconsolidated joint venture investments | — | — | 26.8 | 26.8 | 9.1 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Long-lived assets held and used and held for sale | — | — | 164.2 | 164.2 | 72.6 | ||||||||||||||||
Unconsolidated joint venture investments | — | — | 35.3 | 35.3 | 1 | ||||||||||||||||
The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions): | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Fair Value at | Range | ||||||||||||||||||||
Description | September 30, | December 31, | Valuation | Unobservable | 2014 | 2013 | |||||||||||||||
2014 | 2013 | Technique | Inputs | ||||||||||||||||||
Impairment of consolidated assets | $ | 44.6 | $ | 88.7 | Indicative Bid(A)/ | Indicative Bid(A)/ | N/A | N/A | |||||||||||||
Contracted Price | Contracted Price | ||||||||||||||||||||
67 | 75.5 | Income | Market | 8% | 8% – 10% | ||||||||||||||||
Capitalization | Capitalization | ||||||||||||||||||||
Approach(B) | Rate | ||||||||||||||||||||
Price Per | N/A | $12 – $117 | |||||||||||||||||||
Square Foot | |||||||||||||||||||||
Impairment of joint venture investments | 26.8 | 35.3 | Discounted | Discount | 8% – 15% | 8% – 15% | |||||||||||||||
Cash Flow | Rate | ||||||||||||||||||||
Terminal | 6% | 6% | |||||||||||||||||||
Capitalization | |||||||||||||||||||||
Rate | |||||||||||||||||||||
(A) | Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s determination of reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values. | ||||||||||||||||||||
(B) | Vacant space in certain assets was valued based on a price per square foot. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
13 | DISCONTINUED OPERATIONS | |||||||||||||||
The Company sold 23 properties (including two properties held for sale at December 31, 2013) during the nine-month period ended September 30, 2014. In addition, the Company sold 39 properties in 2013. These asset sales are included in discontinued operations for the three- and nine-month periods ended September 30, 2014 and 2013. The operating results related to assets sold as of September 30, 2014, are as follows (in thousands): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 5,596 | $ | 15,136 | $ | 21,185 | $ | 50,853 | ||||||||
Operating expenses | 1,164 | 4,031 | 5,220 | 14,285 | ||||||||||||
Impairment charges | — | 14,875 | 8,098 | 43,893 | ||||||||||||
Interest, net | 1,328 | 3,609 | 5,374 | 12,254 | ||||||||||||
Depreciation and amortization | 2,303 | 4,580 | 8,083 | 15,533 | ||||||||||||
4,795 | 27,095 | 26,775 | 85,965 | |||||||||||||
Income (loss) from discontinued operations | 801 | (11,959 | ) | (5,590 | ) | (35,112 | ) | |||||||||
Gain on disposition of real estate, net of tax | 57,105 | 8,701 | 74,287 | 7,240 | ||||||||||||
Income (loss) from discontinued operations | $ | 57,906 | $ | (3,258 | ) | $ | 68,697 | $ | (27,872 | ) | ||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
14 | EARNINGS PER SHARE | |||||||||||||||
The following table calculates the Company’s earnings per share (“EPS”) and provides a reconciliation of net income from continuing operations and the number of common shares used in the computations of “basic” EPS, which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerators – Basic and Diluted: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Income from continuing operations | $ | 6,313 | $ | 1,124 | $ | 53,655 | $ | 10,696 | ||||||||
Plus: Gain on disposition of real estate | 2,262 | 1,929 | 2,645 | 347 | ||||||||||||
Plus: Income (loss) attributable to non-controlling interests | 2,125 | (136 | ) | 1,623 | (443 | ) | ||||||||||
Write-off of preferred share original issuance costs | — | — | (1,943 | ) | (5,246 | ) | ||||||||||
Preferred dividends | (5,594 | ) | (6,608 | ) | (18,460 | ) | (21,113 | ) | ||||||||
Less: Earnings attributable to unvested shares and operating | (463 | ) | (330 | ) | (1,238 | ) | (1,052 | ) | ||||||||
partnership units | ||||||||||||||||
Income (loss) from continuing operations | 4,643 | (4,021 | ) | 36,282 | (16,811 | ) | ||||||||||
Discontinued Operations: | ||||||||||||||||
Income (loss) from discontinued operations | 57,906 | (3,258 | ) | 68,697 | (27,872 | ) | ||||||||||
Plus: (Loss) income attributable to non-controlling interests | — | (34 | ) | 1,362 | (113 | ) | ||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 62,549 | $ | (7,313 | ) | $ | 106,341 | $ | (44,796 | ) | ||||||
after allocation to participating securities | ||||||||||||||||
Denominators – Number of Shares: | ||||||||||||||||
Basic—Average shares outstanding | 358,025 | 318,184 | 357,824 | 316,146 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 487 | — | 468 | — | ||||||||||||
Diluted—Average shares outstanding | 358,512 | 318,184 | 358,292 | 316,146 | ||||||||||||
Basic Earnings Per Share: | ||||||||||||||||
Income (loss) from continuing operations attributable to DDR | $ | 0.01 | $ | (0.01 | ) | $ | 0.1 | $ | (0.05 | ) | ||||||
common shareholders | ||||||||||||||||
Income (loss) from discontinued operations attributable to DDR | 0.16 | (0.01 | ) | 0.2 | (0.09 | ) | ||||||||||
common shareholders | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.17 | $ | (0.02 | ) | $ | 0.3 | $ | (0.14 | ) | ||||||
Diluted Earnings Per Share: | ||||||||||||||||
Income (loss) from continuing operations attributable to DDR | $ | 0.01 | $ | (0.01 | ) | $ | 0.1 | $ | (0.05 | ) | ||||||
common shareholders | ||||||||||||||||
Income (loss) from discontinued operations attributable to DDR | 0.16 | (0.01 | ) | 0.2 | (0.09 | ) | ||||||||||
common shareholders | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.17 | $ | (0.02 | ) | $ | 0.3 | $ | (0.14 | ) | ||||||
The following potentially dilutive securities are considered in the calculation of EPS as described below: | ||||||||||||||||
Potentially Dilutive Securities: | ||||||||||||||||
— | The Company’s senior convertible notes due 2040, which are convertible into common shares of the Company with a conversion price of $14.96 at September 30, 2014, were not included in the computation of diluted EPS for all periods presented because the Company’s common share price did not exceed 125% of the conversion price in these periods and would therefore be anti-dilutive. | |||||||||||||||
— | Shares subject to issuance under the Company’s 2013 Value Sharing Equity Program were not considered in the computation of diluted EPS for the three- and nine-month periods ended September 30, 2014, because the calculation was anti-dilutive. | |||||||||||||||
— | At September 30, 2014 and 2013, the Company had 1,441,890 and 398,701 OP Units, respectively, outstanding. The exchange into common shares associated with the OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
15 | SEGMENT INFORMATION | |||||||||||||||
At September 30, 2014, the Company has two reportable operating segments, shopping centers and loan investments. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of the revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard. Effective April 1, 2014, the Company’s equity method investment in the Brazil equity investment is no longer considered a reportable segment due to the Company’s sale of its entire ownership interest in SSB (Note 2). The operating segment information for the three- and nine-month periods ended September 30, 2013, has been restated to conform to the current presentation. | ||||||||||||||||
The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 13) (in thousands): | ||||||||||||||||
Three-Month Period Ended September 30, 2014 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 250,507 | $ | 36 | $ | 250,543 | ||||||||||
Operating expenses(A) | (74,805 | ) | — | (74,805 | ) | |||||||||||
Net operating income | 175,702 | 36 | 175,738 | |||||||||||||
Depreciation and amortization | (99,480 | ) | (99,480 | ) | ||||||||||||
Interest income | 2,652 | 2,652 | ||||||||||||||
Other income (expense), net | $ | (2,758 | ) | (2,758 | ) | |||||||||||
Gain on sale and change in control of interests, net | 3,984 | 3,984 | ||||||||||||||
Unallocated expenses(B) | (77,443 | ) | (77,443 | ) | ||||||||||||
Equity in net income of joint ventures | 3,620 | — | 3,620 | |||||||||||||
Income from continuing operations | $ | 6,313 | ||||||||||||||
Three-Month Period Ended September 30, 2013 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 206,386 | $ | 14 | $ | 206,400 | ||||||||||
Operating expenses(A) | (68,986 | ) | (75 | ) | (69,061 | ) | ||||||||||
Net operating income (loss) | 137,400 | (61 | ) | 137,339 | ||||||||||||
Depreciation and amortization | (70,015 | ) | (70,015 | ) | ||||||||||||
Interest income | 6,692 | 6,692 | ||||||||||||||
Other income (expense), net | $ | (2,282 | ) | (2,282 | ) | |||||||||||
Unallocated expenses(B) | (74,390 | ) | (74,390 | ) | ||||||||||||
Equity in net (loss) income of joint ventures | (660 | ) | 4,440 | 3,780 | ||||||||||||
Income from continuing operations | $ | 1,124 | ||||||||||||||
Nine-Month Period Ended September 30, 2014 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 744,765 | $ | 164 | $ | 744,929 | ||||||||||
Operating expenses(A) | (234,427 | ) | (51 | ) | (234,478 | ) | ||||||||||
Net operating income | 510,338 | 113 | 510,451 | |||||||||||||
Depreciation and amortization | (302,901 | ) | (302,901 | ) | ||||||||||||
Interest income | 8,937 | 8,937 | ||||||||||||||
Other income (expense), net | $ | (11,881 | ) | (11,881 | ) | |||||||||||
Gain on sale and change in control of interests, net | 87,814 | 87,814 | ||||||||||||||
Unallocated expenses(B) | (239,906 | ) | (239,906 | ) | ||||||||||||
Equity in net income of joint ventures | 9,755 | 486 | 10,241 | |||||||||||||
Impairment of joint venture investments | (9,100 | ) | (9,100 | ) | ||||||||||||
Income from continuing operations | $ | 53,655 | ||||||||||||||
As of September 30, 2014: | ||||||||||||||||
Total gross real estate assets | $ | 10,496,860 | $ | 10,496,860 | ||||||||||||
Notes receivable, net(C) | $ | 91,455 | $ | (33,810 | ) | $ | 57,645 | |||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 601,114 | $ | 29 | $ | 601,143 | ||||||||||
Operating expenses(A) | (196,217 | ) | (376 | ) | (196,593 | ) | ||||||||||
Net operating income (loss) | 404,897 | (347 | ) | 404,550 | ||||||||||||
Depreciation and amortization | (198,609 | ) | (198,609 | ) | ||||||||||||
Interest income | 20,365 | 20,365 | ||||||||||||||
Other income (expense), net | $ | (3,287 | ) | (3,287 | ) | |||||||||||
Gain on sale and change in control of interests, net | 1,066 | 1,066 | ||||||||||||||
Unallocated expenses(B) | (218,932 | ) | (218,932 | ) | ||||||||||||
Equity in net (loss) income of joint ventures | (7,677 | ) | 13,220 | 5,543 | ||||||||||||
Income from continuing operations | $ | 10,696 | ||||||||||||||
As of September 30, 2013: | ||||||||||||||||
Total gross real estate assets | $ | 8,921,305 | $ | 8,921,305 | ||||||||||||
Notes receivable, net(C) | $ | 302,130 | $ | (224,273 | ) | $ | 77,857 | |||||||||
(A) | Includes impairment charges of $1.8 million and $9.2 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $18.9 million and $22.9 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(B) | Unallocated expenses consist of general and administrative expenses, interest expense and tax expense as listed in the condensed consolidated statements of operations. | |||||||||||||||
(C) | Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheet. | |||||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
16 | SUBSEQUENT EVENTS | |
In October 2014, a newly formed joint venture between a consolidated subsidiary of the Company and an affiliate of Blackstone acquired a portfolio of 71 shopping centers (“BRE DDR Retail Holdings III”), aggregating approximately 11.4 million square feet of owned-GLA for $1.93 billion. DDR invested $19.6 million in common equity and $300.0 million in preferred equity in the joint venture with a fixed preferred dividend rate of 8.5% per annum. The joint venture was funded through assumed debt of $436.8 million and new financing of $800.0 million. An affiliate of Blackstone owns 95% of the common equity of the joint venture and a consolidated subsidiary of DDR owns the remaining 5%. |
Nature_of_Business_and_Financi1
Nature of Business and Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Use of Estimates in Preparation of Financial Statements | ' |
Use of Estimates in Preparation of Financial Statements | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. | |
Unaudited Interim Financial Statements | ' |
Unaudited Interim Financial Statements | |
These financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three- and nine-month periods ended September 30, 2014 and 2013, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The condensed consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). All significant inter-company balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures and companies in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures and companies is included in consolidated net income. | |
New Accounting Standards | ' |
New Accounting Standards | |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers. The objective of ASU 2014-19 is to establish a single comprehensive five-step model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016, for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently assessing the impact, if any, the adoption of this standard will have on its financial statements and has not decided upon the method of adoption. | |
Discontinued Operations | |
In April 2014, the FASB issued a final standard that changed the criteria for determining which disposals are presented as discontinued operations. The revised definition of a discontinued operation is “a component or group of components that has been disposed of or is classified as held for sale, together as a group in a single transaction,” and “represents a strategic shift that has (or will have) a major effect on an entity’s financial results.” The FASB agreed that a strategic shift includes “a disposal of (i) a separate major line of business, (ii) a separate major geographical area of operations, or (iii) a combination of parts of (i) or (ii) that make up a major part of an entity’s operations and financial results.” A business that, upon acquisition, qualifies as held for sale will also be a discontinued operation. The FASB also reaffirmed its decision to no longer preclude presentation of a disposal as a discontinued operation if (a) there is significant continuing involvement with a component after its disposal, or (b) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations. The guidance may be applied prospectively to new disposals and new classifications of disposal groups classified as held for sale after the effective date. Public entities will be required to apply the standard in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. Early adoption of this standard is permitted. Beginning in 2015, the Company will apply the new guidance, as applicable, to future disposals of its shopping centers or classifications as held for sale. The Company believes that a significant portion of its ordinary course shopping center disposals will not qualify for discontinued operations presentation under this new standard upon adoption. |
Nature_of_Business_and_Financi2
Nature of Business and Financial Statement Presentation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |||||||
Non-cash Investing and Financing Activities | ' | |||||||
Non-cash investing and financing activities are summarized as follows (in millions): | ||||||||
Nine Month Periods Ended September 30, | ||||||||
2014 | 2013 | |||||||
Mortgages assumed from acquisitions | $ | 293.3 | $ | 148.5 | ||||
Issuance of Operating Partnership Units ("OP Units") in | 18.3 | — | ||||||
connection with acquisitions | ||||||||
Preferred equity interest and mezzanine loan applied to purchase price | 51.8 | — | ||||||
Elimination of the previously held equity interest in | 2.8 | 15.4 | ||||||
unconsolidated joint ventures acquired | ||||||||
Reclassification adjustment of foreign currency translation (Note 10) | 21.4 | — | ||||||
Accounts payable related to construction in progress | 31.3 | 25.1 | ||||||
Dividends declared | 61.3 | 49.8 | ||||||
Write-off of preferred share original issuance costs | 1.9 | 5.2 | ||||||
The transactions above did not provide or use cash in the periods presented and, accordingly, are not reflected in the consolidated statements of cash flows. |
Investments_in_and_Advances_to1
Investments in and Advances to Joint Ventures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments in and Advances to Joint Ventures | ' | |||||||||||||||
Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment basis and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Company's share of accumulated equity | $ | 116.7 | $ | 365.3 | ||||||||||||
Redeemable preferred equity and other(A) | 39.1 | 72.2 | ||||||||||||||
Basis differentials | 4.2 | 10.6 | ||||||||||||||
Deferred development fees, net of portion related to the Company's interest | (2.7 | ) | (2.8 | ) | ||||||||||||
Amounts payable to DDR | 4.4 | 2.7 | ||||||||||||||
Investments in and Advances to Joint Ventures | $ | 161.7 | $ | 448 | ||||||||||||
(A) | Primarily related to $38.6 million and $71.8 million in preferred equity investments in joint ventures with affiliates of The Blackstone Group L.P. (collectively, “Blackstone”) at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||
Unconsolidated Joint Ventures [Member] | ' | |||||||||||||||
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | ' | |||||||||||||||
At September 30, 2014 and December 31, 2013, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 147 and 170 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||
Condensed Combined Balance Sheets | ||||||||||||||||
Land | $ | 1,080,086 | $ | 1,275,232 | ||||||||||||
Buildings | 2,917,565 | 3,940,806 | ||||||||||||||
Fixtures and tenant improvements | 168,575 | 266,851 | ||||||||||||||
4,166,226 | 5,482,889 | |||||||||||||||
Less: Accumulated depreciation | (814,365 | ) | (839,867 | ) | ||||||||||||
3,351,861 | 4,643,022 | |||||||||||||||
Land held for development and construction in progress | 56,713 | 116,088 | ||||||||||||||
Real estate, net | 3,408,574 | 4,759,110 | ||||||||||||||
Cash and restricted cash | 95,768 | 282,866 | ||||||||||||||
Receivables, net | 68,951 | 101,003 | ||||||||||||||
Other assets | 97,959 | 196,615 | ||||||||||||||
$ | 3,671,252 | $ | 5,339,594 | |||||||||||||
Mortgage debt | $ | 2,572,521 | $ | 3,282,643 | ||||||||||||
Notes and accrued interest payable to DDR(A) | 142,502 | 127,679 | ||||||||||||||
Other liabilities | 142,521 | 245,368 | ||||||||||||||
2,857,544 | 3,655,690 | |||||||||||||||
Redeemable preferred equity | 38,635 | 71,771 | ||||||||||||||
Accumulated equity | 775,073 | 1,612,133 | ||||||||||||||
$ | 3,671,252 | $ | 5,339,594 | |||||||||||||
Company's share of Accumulated Equity | $ | 116,711 | $ | 365,297 | ||||||||||||
(A) | The Company had net amounts receivable from several joint ventures aggregating $4.4 million and $2.7 million at September 30, 2014 and December 31, 2013, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining receivables on the joint ventures’ books were fully reserved by the Company in prior years. | |||||||||||||||
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | ' | |||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Condensed Combined Statements of Operations | ||||||||||||||||
Revenues from operations | $ | 119,973 | $ | 176,001 | $ | 392,523 | $ | 527,799 | ||||||||
Operating expenses | 40,024 | 61,099 | 137,787 | 182,130 | ||||||||||||
Impairment charges | 11,093 | 13,390 | 11,693 | 51,713 | ||||||||||||
Depreciation and amortization | 35,579 | 56,502 | 119,641 | 173,333 | ||||||||||||
Interest expense | 41,764 | 56,453 | 141,776 | 169,935 | ||||||||||||
Other expense, net | 188 | 1,916 | 3,024 | 2,229 | ||||||||||||
128,648 | 189,360 | 413,921 | 579,340 | |||||||||||||
Loss before tax expense and discontinued operations | (8,675 | ) | (13,359 | ) | (21,398 | ) | (51,541 | ) | ||||||||
Income tax expense (primarily SSB), net | — | (6,446 | ) | (6,565 | ) | (20,299 | ) | |||||||||
Loss from continuing operations | (8,675 | ) | (19,805 | ) | (27,963 | ) | (71,840 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
Loss from discontinued operations | (55 | ) | (11,196 | ) | (844 | ) | (22,604 | ) | ||||||||
Gain (loss) on disposition of real estate, net of tax | 4,713 | (21,228 | ) | 28,224 | (27,133 | ) | ||||||||||
Loss before gain on disposition of real estate, net | (4,017 | ) | (52,229 | ) | (583 | ) | (121,577 | ) | ||||||||
Gain on disposition of real estate, net | 3,833 | 151 | 3,833 | 794 | ||||||||||||
Net (loss) income | $ | (184 | ) | $ | (52,078 | ) | $ | 3,250 | $ | (120,783 | ) | |||||
Non-controlling interests | — | (5,800 | ) | (2,023 | ) | (19,715 | ) | |||||||||
Net (loss) income attributable to unconsolidated joint ventures | $ | (184 | ) | $ | (57,878 | ) | $ | 1,227 | $ | (140,498 | ) | |||||
Company's share of equity in net income of joint | $ | 3,316 | $ | 2,800 | $ | 9,483 | $ | 4,328 | ||||||||
ventures | ||||||||||||||||
Amortization of basis differentials(A) | 304 | 980 | 758 | 1,215 | ||||||||||||
Equity in net income of joint ventures(B) | $ | 3,620 | $ | 3,780 | $ | 10,241 | $ | 5,543 | ||||||||
(A) | Related to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. | |||||||||||||||
(A) | The Company is not recording income or loss from those investments in which its investment basis is zero, as the Company does not have the obligation or intent to fund any additional capital in the joint ventures. | |||||||||||||||
Service Fees and Income Earned by Company's Unconsolidated Joint Ventures | ' | |||||||||||||||
Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Management and other fees | $ | 5.9 | $ | 7.4 | $ | 18.2 | $ | 22.6 | ||||||||
Development fees and leasing commissions | 1.4 | 2.7 | 4.9 | 7.9 | ||||||||||||
Interest income | 1.7 | 5.3 | 5 | 14.4 | ||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Summary of Acquired Shopping Centers | ' | |||||||||||||||
In the nine-month period ended September 30, 2014, the Company acquired the following shopping centers (in millions): | ||||||||||||||||
Location or Transaction | Date Acquired | Gross | Face Value of | |||||||||||||
Purchase | Mortgage Debt | |||||||||||||||
Price | Assumed | |||||||||||||||
Colorado Springs, Colorado | Apr-14 | $ | 29.4 | $ | 12.9 | |||||||||||
Roseville, California | May-14 | 89.5 | — | |||||||||||||
Cincinnati, Ohio | May-14 | 29.5 | — | |||||||||||||
Chicago, Illinois | Jun-14 | 98 | 35.5 | |||||||||||||
Philadelphia, Pennsylvania | Aug-14 | 31.5 | — | |||||||||||||
Blackstone II Acquisition | Sep-14 | 395.3 | 233.3 | |||||||||||||
$ | 673.2 | $ | 281.7 | |||||||||||||
Schedule of Acquisition Cost of Shopping Centers | ' | |||||||||||||||
The Company accounted for the acquisitions utilizing the purchase method of accounting. The fair value of acquisitions was allocated as follows (in thousands): | ||||||||||||||||
Weighted Average | ||||||||||||||||
Amortization Period | ||||||||||||||||
(in Years) | ||||||||||||||||
Land | $ | 144,587 | N/A | |||||||||||||
Buildings | 386,889 | (B) | ||||||||||||||
Tenant improvements | 9,205 | (B) | ||||||||||||||
Construction in progress | 76,213 | N/A | ||||||||||||||
In-place leases (including lease origination costs and fair market value of | 58,092 | 7.2 | ||||||||||||||
leases)(A) | ||||||||||||||||
Tenant relations | 34,424 | 7.6 | ||||||||||||||
Other assets | 4,402 | N/A | ||||||||||||||
713,812 | ||||||||||||||||
Less: Mortgage debt assumed at fair value | (293,288 | ) | N/A | |||||||||||||
Less: Below-market leases | (25,017 | ) | 19.1 | |||||||||||||
Less: Other liabilities | (3,403 | ) | ||||||||||||||
Net assets acquired | $ | 392,104 | ||||||||||||||
(A) | Includes above-market value of leases of $8.8 million. | |||||||||||||||
(B) | Depreciated in accordance with the Company’s policy. | |||||||||||||||
Consideration | ' | |||||||||||||||
Consideration: | ||||||||||||||||
Cash | $ | 315,329 | ||||||||||||||
Repayment of preferred equity interest and mezzanine loan | 51,775 | |||||||||||||||
Issuance of OP Units | 18,256 | |||||||||||||||
Gain on Sale and Change in Control of Interests | 3,977 | |||||||||||||||
Fair value of previously held equity interest | 2,767 | |||||||||||||||
Total consideration | $ | 392,104 | ||||||||||||||
Unaudited Supplemental to Pro Forma Operating Data | ' | |||||||||||||||
The following unaudited supplemental pro forma operating data is presented for the three- and nine-month periods ended September 30, 2014 and 2013, as if the acquisition of the interests in the properties acquired in 2014 and 2013 was completed on January 1, 2013 (in thousands, except per share amounts). The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods. | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma revenues | $ | 259,611 | $ | 253,726 | $ | 777,301 | $ | 757,434 | ||||||||
Pro forma (loss) income from continuing operations | $ | (452 | ) | $ | (22,938 | ) | $ | 41,469 | $ | (57,111 | ) | |||||
Pro forma net income (loss) attributable to DDR common | $ | 56,247 | $ | (31,045 | ) | $ | 95,393 | $ | (111,551 | ) | ||||||
shareholders | ||||||||||||||||
Basic earnings per share data: | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.16 | $ | (0.09 | ) | $ | 0.26 | $ | (0.31 | ) | ||||||
Diluted earnings per share data: | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.16 | $ | (0.09 | ) | $ | 0.26 | $ | (0.31 | ) | ||||||
Notes_Receivable_Tables
Notes Receivable (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Components of Notes Receivable | ' | |||||||
Notes receivable consisted of the following (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Loans receivable | $ | 52,820 | $ | 72,218 | ||||
Other notes | 1,016 | 1,034 | ||||||
Tax Increment Financing Bonds ("TIF Bonds")(A) | 3,809 | 5,086 | ||||||
$ | 57,645 | $ | 78,338 | |||||
(A) | Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement. | |||||||
Loans Receivable on Real Estate | ' | |||||||
As of September 30, 2014 and December 31, 2013, the Company had six and seven loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the nine-month periods ended September 30, 2014 and 2013 (in thousands): | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 72,218 | $ | 60,378 | ||||
Additions: | ||||||||
New mortgage loans | — | 21,967 | ||||||
Interest | 810 | 319 | ||||||
Accretion of discount | 689 | 651 | ||||||
Deductions: | ||||||||
Payments of principal and interest | (347 | ) | (11,670 | ) | ||||
Other(A) | (20,550 | ) | — | |||||
Balance at September 30 | $ | 52,820 | $ | 71,645 | ||||
(A) | Loan applied toward the purchase price of the asset acquired in Chicago, Illinois (Note 3). |
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | |||||||
Components of Other Assets | ' | |||||||
Other assets consist of the following (in thousands): | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Intangible assets: | ||||||||
In-place leases, net | $ | 175,340 | $ | 159,357 | ||||
Above-market rent, net | 62,355 | 59,211 | ||||||
Tenant relations, net | 190,406 | 191,045 | ||||||
Total intangible assets, net(A) | 428,101 | 409,613 | ||||||
Other assets: | ||||||||
Accounts receivable, net(B) | 128,414 | 129,513 | ||||||
Deferred charges, net | 30,124 | 38,124 | ||||||
Prepaid expenses | 23,162 | 14,082 | ||||||
Other assets | 42,273 | 45,403 | ||||||
Deposits | 8,120 | 8,770 | ||||||
Total other assets, net | $ | 660,194 | $ | 645,505 | ||||
(A) | The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $25.2 million and $8.6 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $79.1 million and $22.4 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | |||||||
(B) | Includes straight-line rents receivable, net, of $62.7 million and $61.9 million at September 30, 2014 and December 31, 2013, respectively. |
Revolving_Credit_Facilities_an1
Revolving Credit Facilities and Term Loans (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Information Regarding Company's Revolving Credit Facilities and Term Loans | ' | ||||||||||
The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) and term loans (in millions): | |||||||||||
Carrying Value at | Weighted-Average | Maturity Date | |||||||||
30-Sep-14 | Interest Rate at | ||||||||||
30-Sep-14 | |||||||||||
Unsecured indebtedness: | |||||||||||
Unsecured Credit Facility | $ | 23.5 | 2.4 | % | Apr-17 | ||||||
PNC Facility | — | N/A | Apr-17 | ||||||||
Unsecured term loan – Tranche 1 | 50 | 2.1 | % | Jan-17 | |||||||
Unsecured term loan – Tranche 2 | 300 | 3.2 | % | Jan-19 | |||||||
Secured indebtedness: | |||||||||||
Secured term loan | 400 | 1.6 | % | Apr-17 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||||||||||||
The Company maintains interest rate swap agreements (included in Other Assets and Other Liabilities) and marketable securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan and investments in securities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013. The following table presents information about the Company’s financial assets and liabilities and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions): | ||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||
Assets (Liabilities): | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | $ | — | $ | (2.7 | ) | $ | — | $ | (2.7 | ) | ||||||||||||||||||||||||
Marketable Securities | $ | 5 | $ | — | $ | — | $ | 5 | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | $ | — | $ | (3.2 | ) | $ | — | $ | (3.2 | ) | ||||||||||||||||||||||||
Marketable Securities | $ | 7.4 | $ | — | $ | — | $ | 7.4 | ||||||||||||||||||||||||||
Debt Instruments with Carrying Values Different than Estimated Fair Values | ' | |||||||||||||||||||||||||||||||||
Debt instruments at September 30, 2014 and December 31, 2013, with carrying values that are different than estimated fair values, are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||||
Senior Notes | $ | 2,762,893 | $ | 3,000,255 | $ | 2,754,120 | $ | 2,991,698 | ||||||||||||||||||||||||||
Revolving Credit Facilities and term loans | 773,457 | 781,530 | 779,133 | 787,772 | ||||||||||||||||||||||||||||||
Mortgage indebtedness | 1,699,694 | 1,730,030 | 1,761,421 | 1,779,375 | ||||||||||||||||||||||||||||||
$ | 5,236,044 | $ | 5,511,815 | $ | 5,294,674 | $ | 5,558,845 | |||||||||||||||||||||||||||
Information Regarding Swaps | ' | |||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, the notional amount of the Swaps was $530.4 million and $631.4 million, respectively. The following table discloses certain information regarding the Company’s Swaps (nine at September 30, 2014), not including the specified spreads, as well as their classification on the condensed consolidated balance sheets, as of September 30, 2014 and December 31, 2013 (in millions): | ||||||||||||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||||||||||||
Notional | Counterparty | DDR Pays | Fair Value | |||||||||||||||||||||||||||||||
Amount at | Pays Variable | Fixed | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Maturity Date | 30-Sep-14 | Rate | Rate | Asset | Liability | Asset | Liability | |||||||||||||||||||||||||||
Jun-14 | N/A | 1 Month LIBOR | 1 | % | N/A | N/A | $ | — | $ | (0.4 | ) | |||||||||||||||||||||||
Jun-15 | $ | 50 | 1 Month LIBOR | 0.6 | % | $ | — | $ | (0.1 | ) | — | (0.2 | ) | |||||||||||||||||||||
Jul-15 | $ | 100 | 1 Month LIBOR | 0.5 | % | — | (0.3 | ) | — | (0.4 | ) | |||||||||||||||||||||||
Sep-17 | $ | 80.4 | 1 Month LIBOR | 2.8 | % | — | (3.9 | ) | — | (5.0 | ) | |||||||||||||||||||||||
Jan-18 | $ | 100 | 1 Month LIBOR | 0.9 | % | 1.2 | — | 1.4 | — | |||||||||||||||||||||||||
Feb-19 | $ | 100 | 1 Month LIBOR | 1.6 | % | — | — | 0.5 | — | |||||||||||||||||||||||||
Feb-19 | $ | 100 | 1 Month LIBOR | 1.5 | % | 0.4 | — | 0.9 | — | |||||||||||||||||||||||||
Other Assets | $ | 1.6 | N/A | $ | 2.8 | N/A | ||||||||||||||||||||||||||||
Accounts Payable | N/A | $ | (4.3 | ) | N/A | $ | (6.0 | ) | ||||||||||||||||||||||||||
Effect of Company's Derivative Instruments on Net Income (Loss) and OCI | ' | |||||||||||||||||||||||||||||||||
The effect of the Company’s cash flow hedges and net investment hedge instruments on net income (loss) and OCI is as follows (in millions): | ||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of | Amount of Gain (Loss) | ||||||||||||||||||||||||||||||||
Recognized in OCI | Gain (Loss) | Reclassified from | ||||||||||||||||||||||||||||||||
(Effective Portion) | Reclassified | Accumulated OCI | ||||||||||||||||||||||||||||||||
from | (Effective Portion) | |||||||||||||||||||||||||||||||||
Three-Month | Nine-Month | Accumulated | Three-Month | Nine-Month | ||||||||||||||||||||||||||||||
Periods Ended | Periods Ended | OCI | Periods Ended | Periods Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | (Effective | September 30, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Portion) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3 | $ | (1.5 | ) | $ | 0.5 | $ | 11.1 | Interest Expense | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.3 | ) | $ | (0.3 | ) | ||||||||||||
Net investment hedges: | ||||||||||||||||||||||||||||||||||
Euro-denominated | $ | 0.2 | $ | (0.2 | ) | $ | 0.3 | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Canadian dollar-denominated | 1.1 | (0.5 | ) | 1 | 0.8 | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 1.3 | $ | (0.7 | ) | $ | 1.3 | $ | 0.7 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Common Share Dividends Declared Per Share | ' | ||||||||||||||||
Common share dividends declared per share were as follows: | |||||||||||||||||
Three-Month Periods | Nine-Month Periods | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Common share dividends declared per share | $ | 0.155 | $ | 0.135 | $ | 0.465 | $ | 0.405 | |||||||||
Other_Comprehensive_Loss_Table
Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ' | |||||||||||||||
The changes in Accumulated Other Comprehensive Loss by component are as follows (in thousands): | ||||||||||||||||
Gains and | Foreign | Net | Total | |||||||||||||
Losses on | Currency | Unrealized | ||||||||||||||
Cash | Items | Gains on | ||||||||||||||
Flow | Marketable | |||||||||||||||
Hedges | Securities | |||||||||||||||
Balance, December 31, 2013 | $ | (7,912 | ) | $ | (30,624 | ) | $ | 2,043 | $ | (36,493 | ) | |||||
Other comprehensive income (loss) before reclassifications | 535 | 7,288 | (649 | ) | 7,174 | |||||||||||
Reclassification adjustment for foreign currency translation(A) | — | 21,360 | — | 21,360 | ||||||||||||
Reclassification adjustment for realized gains on | — | — | (840 | ) | (840 | ) | ||||||||||
available-for-sale securities(B) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive | 354 | — | — | 354 | ||||||||||||
loss(C) | ||||||||||||||||
Net current-period other comprehensive income (loss) | 889 | 28,648 | (1,489 | ) | 28,048 | |||||||||||
Balance, September 30, 2014 | $ | (7,023 | ) | $ | (1,976 | ) | $ | 554 | $ | (8,445 | ) | |||||
(A) | Includes a gain of $19.7 million related to the Company’s sale of its interest in the SSB joint venture (Note 2) classified as Gain on Sale and Change in Control of Interests in the Company’s condensed consolidated statement of operations for the nine-month period ended September 30, 2014, which was previously recognized in Accumulated Other Comprehensive Loss. Also, includes a gain of $1.7 million related to the Company’s substantial liquidation of its investment in Russia, classified on the Gain on Sale as well as Non-Controlling Interests lines in the Company’s condensed consolidated statement of operations for the three- and nine-month periods ended September 30, 2014, which was previously recognized in Accumulated Other Comprehensive Loss. | |||||||||||||||
(B) | Realized gains are included in the condensed consolidated statement of operations within Fee and Other Income for the nine months ended September 30, 2014. | |||||||||||||||
(C) | Reflects amortization classified in Interest Expense of $0.4 million, partially offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, in the Company’s condensed consolidated statement of operations for the nine months ended September 30, 2014, which was previously recognized in Accumulated Other Comprehensive Loss. |
Fee_and_Other_Income_Tables
Fee and Other Income (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule of Fee and Other Income from Continuing Operations | ' | |||||||||||||||
Fee and other income from continuing operations was composed of the following (in millions): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Management, development and other fee income | $ | 7.6 | $ | 10.3 | $ | 23.7 | $ | 31.2 | ||||||||
Ancillary and other property income | 6.5 | 7.8 | 18.8 | 20.7 | ||||||||||||
Lease termination fees | 0.7 | 1 | 4.1 | 6.2 | ||||||||||||
Other | 0.2 | 0.1 | 1.3 | 0.4 | ||||||||||||
Total fee and other income | $ | 15 | $ | 19.2 | $ | 47.9 | $ | 58.5 | ||||||||
Impairment_Charges_and_Impairm1
Impairment Charges and Impairment of Joint Venture Investments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Impairment Charges on Assets or Investments | ' | ||||||||||||||||||||
The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2014 and 2013, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): | |||||||||||||||||||||
Three-Month Periods | Nine-Month Periods | ||||||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Land held for development(A) | $ | — | $ | — | $ | 13.2 | $ | — | |||||||||||||
Undeveloped land | 1.4 | — | 1.9 | 2.6 | |||||||||||||||||
Assets marketed for sale(B) | 0.4 | 9.2 | 3.8 | 20.3 | |||||||||||||||||
Total continuing operations | $ | 1.8 | $ | 9.2 | $ | 18.9 | $ | 22.9 | |||||||||||||
Sold assets – discontinued operations | — | 14.9 | 8.1 | 43.9 | |||||||||||||||||
Joint venture investments(C) | — | — | 9.1 | — | |||||||||||||||||
Total impairment charges | $ | 1.8 | $ | 24.1 | $ | 36.1 | $ | 66.8 | |||||||||||||
(A) | Amounts reported in the nine-month period ended September 30, 2014, primarily related to land held for development in Canada that is owned through a consolidated joint venture. The asset impairment was triggered primarily by the Company’s decision to sell the land. | ||||||||||||||||||||
(B) | The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions. | ||||||||||||||||||||
(C) | Amount recorded in 2014 represents an “other than temporary impairment” charge on a development project in Canada that is owned through an unconsolidated joint venture. The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014. | ||||||||||||||||||||
Impairment Charges Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||
The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the nine-month period ended September 30, 2014, and the year ended December 31, 2013. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||
Losses | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Long-lived assets held and used | $ | — | $ | — | $ | 111.6 | $ | 111.6 | $ | 27 | |||||||||||
Unconsolidated joint venture investments | — | — | 26.8 | 26.8 | 9.1 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Long-lived assets held and used and held for sale | — | — | 164.2 | 164.2 | 72.6 | ||||||||||||||||
Unconsolidated joint venture investments | — | — | 35.3 | 35.3 | 1 | ||||||||||||||||
Summary of Significant Unobservable Inputs | ' | ||||||||||||||||||||
The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions): | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
Fair Value at | Range | ||||||||||||||||||||
Description | September 30, | December 31, | Valuation | Unobservable | 2014 | 2013 | |||||||||||||||
2014 | 2013 | Technique | Inputs | ||||||||||||||||||
Impairment of consolidated assets | $ | 44.6 | $ | 88.7 | Indicative Bid(A)/ | Indicative Bid(A)/ | N/A | N/A | |||||||||||||
Contracted Price | Contracted Price | ||||||||||||||||||||
67 | 75.5 | Income | Market | 8% | 8% – 10% | ||||||||||||||||
Capitalization | Capitalization | ||||||||||||||||||||
Approach(B) | Rate | ||||||||||||||||||||
Price Per | N/A | $12 – $117 | |||||||||||||||||||
Square Foot | |||||||||||||||||||||
Impairment of joint venture investments | 26.8 | 35.3 | Discounted | Discount | 8% – 15% | 8% – 15% | |||||||||||||||
Cash Flow | Rate | ||||||||||||||||||||
Terminal | 6% | 6% | |||||||||||||||||||
Capitalization | |||||||||||||||||||||
Rate | |||||||||||||||||||||
(A) | Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s determination of reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values. | ||||||||||||||||||||
(B) | Vacant space in certain assets was valued based on a price per square foot. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | |||||||||||||||
Operating Results Related to Assets Sold | ' | |||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 5,596 | $ | 15,136 | $ | 21,185 | $ | 50,853 | ||||||||
Operating expenses | 1,164 | 4,031 | 5,220 | 14,285 | ||||||||||||
Impairment charges | — | 14,875 | 8,098 | 43,893 | ||||||||||||
Interest, net | 1,328 | 3,609 | 5,374 | 12,254 | ||||||||||||
Depreciation and amortization | 2,303 | 4,580 | 8,083 | 15,533 | ||||||||||||
4,795 | 27,095 | 26,775 | 85,965 | |||||||||||||
Income (loss) from discontinued operations | 801 | (11,959 | ) | (5,590 | ) | (35,112 | ) | |||||||||
Gain on disposition of real estate, net of tax | 57,105 | 8,701 | 74,287 | 7,240 | ||||||||||||
Income (loss) from discontinued operations | $ | 57,906 | $ | (3,258 | ) | $ | 68,697 | $ | (27,872 | ) | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS | ' | |||||||||||||||
The following table calculates the Company’s earnings per share (“EPS”) and provides a reconciliation of net income from continuing operations and the number of common shares used in the computations of “basic” EPS, which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts): | ||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerators – Basic and Diluted: | ||||||||||||||||
Continuing Operations: | ||||||||||||||||
Income from continuing operations | $ | 6,313 | $ | 1,124 | $ | 53,655 | $ | 10,696 | ||||||||
Plus: Gain on disposition of real estate | 2,262 | 1,929 | 2,645 | 347 | ||||||||||||
Plus: Income (loss) attributable to non-controlling interests | 2,125 | (136 | ) | 1,623 | (443 | ) | ||||||||||
Write-off of preferred share original issuance costs | — | — | (1,943 | ) | (5,246 | ) | ||||||||||
Preferred dividends | (5,594 | ) | (6,608 | ) | (18,460 | ) | (21,113 | ) | ||||||||
Less: Earnings attributable to unvested shares and operating | (463 | ) | (330 | ) | (1,238 | ) | (1,052 | ) | ||||||||
partnership units | ||||||||||||||||
Income (loss) from continuing operations | 4,643 | (4,021 | ) | 36,282 | (16,811 | ) | ||||||||||
Discontinued Operations: | ||||||||||||||||
Income (loss) from discontinued operations | 57,906 | (3,258 | ) | 68,697 | (27,872 | ) | ||||||||||
Plus: (Loss) income attributable to non-controlling interests | — | (34 | ) | 1,362 | (113 | ) | ||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 62,549 | $ | (7,313 | ) | $ | 106,341 | $ | (44,796 | ) | ||||||
after allocation to participating securities | ||||||||||||||||
Denominators – Number of Shares: | ||||||||||||||||
Basic—Average shares outstanding | 358,025 | 318,184 | 357,824 | 316,146 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options | 487 | — | 468 | — | ||||||||||||
Diluted—Average shares outstanding | 358,512 | 318,184 | 358,292 | 316,146 | ||||||||||||
Basic Earnings Per Share: | ||||||||||||||||
Income (loss) from continuing operations attributable to DDR | $ | 0.01 | $ | (0.01 | ) | $ | 0.1 | $ | (0.05 | ) | ||||||
common shareholders | ||||||||||||||||
Income (loss) from discontinued operations attributable to DDR | 0.16 | (0.01 | ) | 0.2 | (0.09 | ) | ||||||||||
common shareholders | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.17 | $ | (0.02 | ) | $ | 0.3 | $ | (0.14 | ) | ||||||
Diluted Earnings Per Share: | ||||||||||||||||
Income (loss) from continuing operations attributable to DDR | $ | 0.01 | $ | (0.01 | ) | $ | 0.1 | $ | (0.05 | ) | ||||||
common shareholders | ||||||||||||||||
Income (loss) from discontinued operations attributable to DDR | 0.16 | (0.01 | ) | 0.2 | (0.09 | ) | ||||||||||
common shareholders | ||||||||||||||||
Net income (loss) attributable to DDR common shareholders | $ | 0.17 | $ | (0.02 | ) | $ | 0.3 | $ | (0.14 | ) | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Company's Reportable Segments | ' | |||||||||||||||
The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 13) (in thousands): | ||||||||||||||||
Three-Month Period Ended September 30, 2014 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 250,507 | $ | 36 | $ | 250,543 | ||||||||||
Operating expenses(A) | (74,805 | ) | — | (74,805 | ) | |||||||||||
Net operating income | 175,702 | 36 | 175,738 | |||||||||||||
Depreciation and amortization | (99,480 | ) | (99,480 | ) | ||||||||||||
Interest income | 2,652 | 2,652 | ||||||||||||||
Other income (expense), net | $ | (2,758 | ) | (2,758 | ) | |||||||||||
Gain on sale and change in control of interests, net | 3,984 | 3,984 | ||||||||||||||
Unallocated expenses(B) | (77,443 | ) | (77,443 | ) | ||||||||||||
Equity in net income of joint ventures | 3,620 | — | 3,620 | |||||||||||||
Income from continuing operations | $ | 6,313 | ||||||||||||||
Three-Month Period Ended September 30, 2013 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 206,386 | $ | 14 | $ | 206,400 | ||||||||||
Operating expenses(A) | (68,986 | ) | (75 | ) | (69,061 | ) | ||||||||||
Net operating income (loss) | 137,400 | (61 | ) | 137,339 | ||||||||||||
Depreciation and amortization | (70,015 | ) | (70,015 | ) | ||||||||||||
Interest income | 6,692 | 6,692 | ||||||||||||||
Other income (expense), net | $ | (2,282 | ) | (2,282 | ) | |||||||||||
Unallocated expenses(B) | (74,390 | ) | (74,390 | ) | ||||||||||||
Equity in net (loss) income of joint ventures | (660 | ) | 4,440 | 3,780 | ||||||||||||
Income from continuing operations | $ | 1,124 | ||||||||||||||
Nine-Month Period Ended September 30, 2014 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 744,765 | $ | 164 | $ | 744,929 | ||||||||||
Operating expenses(A) | (234,427 | ) | (51 | ) | (234,478 | ) | ||||||||||
Net operating income | 510,338 | 113 | 510,451 | |||||||||||||
Depreciation and amortization | (302,901 | ) | (302,901 | ) | ||||||||||||
Interest income | 8,937 | 8,937 | ||||||||||||||
Other income (expense), net | $ | (11,881 | ) | (11,881 | ) | |||||||||||
Gain on sale and change in control of interests, net | 87,814 | 87,814 | ||||||||||||||
Unallocated expenses(B) | (239,906 | ) | (239,906 | ) | ||||||||||||
Equity in net income of joint ventures | 9,755 | 486 | 10,241 | |||||||||||||
Impairment of joint venture investments | (9,100 | ) | (9,100 | ) | ||||||||||||
Income from continuing operations | $ | 53,655 | ||||||||||||||
As of September 30, 2014: | ||||||||||||||||
Total gross real estate assets | $ | 10,496,860 | $ | 10,496,860 | ||||||||||||
Notes receivable, net(C) | $ | 91,455 | $ | (33,810 | ) | $ | 57,645 | |||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||
Shopping | Loan | Other | Total | |||||||||||||
Centers | Investments | |||||||||||||||
Total revenues | $ | 601,114 | $ | 29 | $ | 601,143 | ||||||||||
Operating expenses(A) | (196,217 | ) | (376 | ) | (196,593 | ) | ||||||||||
Net operating income (loss) | 404,897 | (347 | ) | 404,550 | ||||||||||||
Depreciation and amortization | (198,609 | ) | (198,609 | ) | ||||||||||||
Interest income | 20,365 | 20,365 | ||||||||||||||
Other income (expense), net | $ | (3,287 | ) | (3,287 | ) | |||||||||||
Gain on sale and change in control of interests, net | 1,066 | 1,066 | ||||||||||||||
Unallocated expenses(B) | (218,932 | ) | (218,932 | ) | ||||||||||||
Equity in net (loss) income of joint ventures | (7,677 | ) | 13,220 | 5,543 | ||||||||||||
Income from continuing operations | $ | 10,696 | ||||||||||||||
As of September 30, 2013: | ||||||||||||||||
Total gross real estate assets | $ | 8,921,305 | $ | 8,921,305 | ||||||||||||
Notes receivable, net(C) | $ | 302,130 | $ | (224,273 | ) | $ | 77,857 | |||||||||
(A) | Includes impairment charges of $1.8 million and $9.2 million for the three-month periods ended September 30, 2014 and 2013, respectively, and $18.9 million and $22.9 million for the nine-month periods ended September 30, 2014 and 2013, respectively. | |||||||||||||||
(B) | Unallocated expenses consist of general and administrative expenses, interest expense and tax expense as listed in the condensed consolidated statements of operations. | |||||||||||||||
(C) | Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheet. |
Nature_of_Business_and_Financi3
Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Noncash Or Part Noncash Acquisitions [Line Items] | ' | ' | ' | ' |
Mortgages assumed from acquisitions | ' | ' | $293,300,000 | $148,500,000 |
Issuance of Operating Partnership Units ("OP Units") in connection with acquisitions | ' | ' | 18,256,000 | 0 |
Preferred equity interest and mezzanine loan applied to purchase price | ' | ' | 51,775,000 | 0 |
Elimination of the previously held equity interest in unconsolidated joint ventures acquired | ' | ' | 2,800,000 | 15,400,000 |
Reclassification adjustment of foreign currency translation | 5,609,000 | 0 | 25,324,000 | 0 |
Accounts payable related to construction in progress | ' | ' | 31,300,000 | 25,100,000 |
Dividends declared | 61,323,000 | 49,800,000 | 61,323,000 | 49,800,000 |
Write-off of preferred share original issuance costs | 0 | 0 | 1,943,000 | 5,246,000 |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Noncash Or Part Noncash Acquisitions [Line Items] | ' | ' | ' | ' |
Reclassification adjustment of foreign currency translation | ' | ' | $21,360,000 | $0 |
Investments_in_and_Advances_to2
Investments in and Advances to Joint Ventures - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 4 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 28, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Apr. 28, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | DDR [Member] | DDR [Member] | DDR [Member] | Sonae Sierra Brazil [Member] | Sonae Sierra Brazil [Member] | Unconsolidated Joint Ventures [Member] | Unconsolidated Joint Ventures [Member] | BRE DDR Retail Holdings II [Member] | BRE DDR Retail Holdings II [Member] | |
USD ($) | USD ($) | USD ($) | BRL | BRL | USD ($) | USD ($) | ShoppingCenter | USD ($) | |||||
ShoppingCenter | ShoppingCenter | ShoppingCenter | ShoppingCenter | ||||||||||
sqft | |||||||||||||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shopping centers owned | ' | ' | ' | ' | ' | ' | ' | 10 | ' | 147 | 170 | ' | ' |
Number of shopping centers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 7 |
Number of square feet of gross leasable area of shopping centers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 |
Ownership interest of joint venture partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' |
Redeemable preferred equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38,635,000 | $71,771,000 | ' | $30,000,000 |
Ownership interest in joint venture | ' | ' | ' | ' | 50.00% | ' | ' | 66.00% | ' | ' | ' | ' | ' |
Proceeds from sale of unconsolidated joint venture assets | ' | ' | ' | ' | 343,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment interest percentage | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Sale of Interests | 3,984,000 | 0 | 87,814,000 | 1,066,000 | ' | 83,800,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on sale and change in control of interests | ' | ' | 19,700,000 | ' | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' |
Weighted-average exchange rate used for recording the equity in net income | ' | ' | ' | ' | ' | ' | ' | 2.26 | 2.1 | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' |
Proceeds from sale of unconsolidated joint venture assets | ' | ' | ' | ' | ' | ' | 21,100,000 | ' | ' | 106,100,000 | ' | ' | ' |
Gain on sale of unconsolidated joint venture assets | ' | ' | ' | ' | ' | ' | $7,700,000 | ' | ' | $32,100,000 | ' | ' | ' |
Investments_in_and_Advances_to3
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Combined Balance Sheets | ' | ' |
Land | $2,251,513 | $2,209,970 |
Buildings | 7,167,118 | 6,949,440 |
Fixtures and tenant improvements | 628,407 | 599,221 |
Total real estate rental property | 10,047,038 | 9,758,631 |
Less: Accumulated depreciation | -1,893,315 | -1,823,199 |
Real estate rental property, net | 8,153,723 | 7,935,432 |
Land held for development and construction in progress | 449,822 | 452,980 |
Total real estate assets, net | 8,603,545 | 8,401,082 |
Other assets | 660,194 | 645,505 |
Total assets | 9,625,691 | 9,693,073 |
Mortgage debt | 1,699,694 | 1,761,421 |
Total liabilities | 5,757,154 | 5,765,194 |
Total liabilities and equity | 9,625,691 | 9,693,073 |
Company's share of Accumulated Equity | 116,711 | 365,297 |
Unconsolidated Joint Ventures [Member] | ' | ' |
Condensed Combined Balance Sheets | ' | ' |
Land | 1,080,086 | 1,275,232 |
Buildings | 2,917,565 | 3,940,806 |
Fixtures and tenant improvements | 168,575 | 266,851 |
Total real estate rental property | 4,166,226 | 5,482,889 |
Less: Accumulated depreciation | -814,365 | -839,867 |
Real estate rental property, net | 3,351,861 | 4,643,022 |
Land held for development and construction in progress | 56,713 | 116,088 |
Total real estate assets, net | 3,408,574 | 4,759,110 |
Cash and restricted cash | 95,768 | 282,866 |
Receivables, net | 68,951 | 101,003 |
Other assets | 97,959 | 196,615 |
Total assets | 3,671,252 | 5,339,594 |
Mortgage debt | 2,572,521 | 3,282,643 |
Notes and accrued interest payable to DDR | 142,502 | 127,679 |
Other liabilities | 142,521 | 245,368 |
Total liabilities | 2,857,544 | 3,655,690 |
Redeemable preferred equity | 38,635 | 71,771 |
Accumulated equity | 775,073 | 1,612,133 |
Total liabilities and equity | $3,671,252 | $5,339,594 |
Investments_in_and_Advances_to4
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Amounts receivable from joint ventures | $4.40 | $2.70 |
Investments_in_and_Advances_to5
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Combined Statements of Operations | ' | ' | ' | ' |
Operating expenses | $193,825 | $158,322 | $596,257 | $454,325 |
Impairment charges | 1,813 | 9,260 | 18,898 | 22,902 |
Depreciation and amortization | 99,480 | 70,015 | 302,901 | 198,609 |
Interest expense | 58,115 | 54,740 | 179,908 | 157,346 |
Other expense, net | 2,758 | 2,282 | 11,881 | 3,287 |
Income before tax benefit (expense) of taxable REIT subsidiaries and state franchise and income taxes | 6,101 | 1,528 | 54,775 | 13,159 |
Income tax expense (primarily SSB), net | 212 | -404 | -1,120 | -2,463 |
Income from continuing operations | 6,313 | 1,124 | 53,655 | 10,696 |
Discontinued operations: | ' | ' | ' | ' |
Gain (loss) on disposition of real estate, net of tax | 57,105 | 8,701 | 74,287 | 7,240 |
Income (loss) before gain on disposition of real estate | 64,219 | -2,134 | 122,352 | -17,176 |
Gain on disposition of real estate, net | 2,262 | 1,929 | 2,645 | 347 |
Non-controlling interests | 2,125 | -170 | 2,985 | -556 |
Net income (loss) attributable to DDR | 68,606 | -375 | 127,982 | -17,385 |
Company's share of equity in net income of joint ventures | 3,316 | 2,800 | 9,483 | 4,328 |
Amortization of basis differentials | 304 | 980 | 758 | 1,215 |
Equity in net income of joint ventures | 3,620 | 3,780 | 10,241 | 5,543 |
Unconsolidated Joint Ventures [Member] | ' | ' | ' | ' |
Condensed Combined Statements of Operations | ' | ' | ' | ' |
Revenues from operations | 119,973 | 176,001 | 392,523 | 527,799 |
Operating expenses | 40,024 | 61,099 | 137,787 | 182,130 |
Impairment charges | 11,093 | 13,390 | 11,693 | 51,713 |
Depreciation and amortization | 35,579 | 56,502 | 119,641 | 173,333 |
Interest expense | 41,764 | 56,453 | 141,776 | 169,935 |
Other expense, net | 188 | 1,916 | 3,024 | 2,229 |
Total expenses | 128,648 | 189,360 | 413,921 | 579,340 |
Income before tax benefit (expense) of taxable REIT subsidiaries and state franchise and income taxes | -8,675 | -13,359 | -21,398 | -51,541 |
Income tax expense (primarily SSB), net | 0 | -6,446 | -6,565 | -20,299 |
Income from continuing operations | -8,675 | -19,805 | -27,963 | -71,840 |
Discontinued operations: | ' | ' | ' | ' |
Loss from discontinued operations | -55 | -11,196 | -844 | -22,604 |
Gain (loss) on disposition of real estate, net of tax | 4,713 | -21,228 | 28,224 | -27,133 |
Income (loss) before gain on disposition of real estate | -4,017 | -52,229 | -583 | -121,577 |
Gain on disposition of real estate, net | 3,833 | 151 | 3,833 | 794 |
Net (loss) income | -184 | -52,078 | 3,250 | -120,783 |
Non-controlling interests | 0 | -5,800 | -2,023 | -19,715 |
Net income (loss) attributable to DDR | ($184) | ($57,878) | $1,227 | ($140,498) |
Investments_in_and_Advances_to6
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Income Statement [Abstract] | ' |
Investment basis Value For which No Income Loss Recognized | $0 |
Investments_in_and_Advances_to7
Investments in and Advances to Joint Ventures - Investments in and Advances to Joint Ventures (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' |
Company's share of accumulated equity | $116,700,000 | $365,300,000 |
Redeemable preferred equity and other | 39,100,000 | 72,200,000 |
Basis differentials | 4,200,000 | 10,600,000 |
Deferred development fees, net of portion related to the Company's interest | -2,700,000 | -2,800,000 |
Amounts payable to DDR | 4,400,000 | 2,700,000 |
Investments in and Advances to Joint Ventures | $161,737,000 | $448,008,000 |
Investments_in_and_Advances_to8
Investments in and Advances to Joint Ventures - Investments in and Advances to Joint Ventures (Parenthetical) (Detail) (Blackstone Group LP [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Blackstone Group LP [Member] | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' |
Preferred equity investments with affiliates of Blackstone | $38,635 | $71,771 |
Investments_in_and_Advances_to9
Investments in and Advances to Joint Ventures - Service Fees and Income Earned by Company's Unconsolidated Joint Ventures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' | ' |
Management and other fees | $5.90 | $7.40 | $18.20 | $22.60 |
Development fees and leasing commissions | 1.4 | 2.7 | 4.9 | 7.9 |
Interest income | $1.70 | $5.30 | $5 | $14.40 |
Acquisitions_Summary_of_Acquir
Acquisitions - Summary of Acquired Shopping Centers (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Blackstone II Acquisition [Member] | ' |
Business Acquisition [Line Items] | ' |
Face Value of Mortgage Debt Assumed | $233.30 |
Shopping Centers [Member] | ' |
Business Acquisition [Line Items] | ' |
Gross Purchase Price | 673.2 |
Face Value of Mortgage Debt Assumed | 281.7 |
Shopping Centers [Member] | Colorado Springs [Member] | Colorado [Member] | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 'April 2014 |
Gross Purchase Price | 29.4 |
Face Value of Mortgage Debt Assumed | 12.9 |
Shopping Centers [Member] | Roseville [Member] | California [Member] | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 'May 2014 |
Gross Purchase Price | 89.5 |
Face Value of Mortgage Debt Assumed | 0 |
Shopping Centers [Member] | Cincinnati [Member] | Ohio [Member] | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 'May 2014 |
Gross Purchase Price | 29.5 |
Face Value of Mortgage Debt Assumed | 0 |
Shopping Centers [Member] | Chicago [Member] | Illinois [Member] | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 'June 2014 |
Gross Purchase Price | 98 |
Face Value of Mortgage Debt Assumed | 35.5 |
Shopping Centers [Member] | Philadelphia [Member] | Pennsylvania [Member] | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 'August 2014 |
Gross Purchase Price | 31.5 |
Face Value of Mortgage Debt Assumed | 0 |
Shopping Centers [Member] | Blackstone II Acquisition [Member] | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 'September 2014 |
Gross Purchase Price | 395.3 |
Face Value of Mortgage Debt Assumed | $233.30 |
Acquisitions_Schedule_of_Acqui
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) (Shopping Centers Acquired [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Business Acquisition [Line Items] | ' |
Land | $144,587 |
Buildings | 386,889 |
Tenant improvements | 9,205 |
Construction in progress | 76,213 |
Other assets | 4,402 |
Assets acquired | 713,812 |
Less: Mortgage debt assumed at fair value | -293,288 |
Less: Below-market leases | -25,017 |
Less: Other liabilities | -3,403 |
Net assets acquired | 392,104 |
In-Place Leases, Including Lease Origination Costs and Fair Market Value of Leases [Member] | ' |
Business Acquisition [Line Items] | ' |
Weighted Average Amortization Period | '7 years 2 months 12 days |
Intangible assets acquired | 58,092 |
Tenant Relations [Member] | ' |
Business Acquisition [Line Items] | ' |
Weighted Average Amortization Period | '7 years 7 months 6 days |
Intangible assets acquired | $34,424 |
Below-Market Leases [Member] | ' |
Business Acquisition [Line Items] | ' |
Weighted Average Amortization Period | '19 years 1 month 6 days |
Acquisitions_Schedule_of_Acqui1
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Above-market value of leases | $8.80 |
Acquisitions_Consideration_Det
Acquisitions - Consideration (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Business Combinations [Abstract] | ' | ' |
Cash | $315,329 | ' |
Repayment of preferred equity interest and mezzanine loan | 51,775 | 0 |
Issuance of OP Units | 18,256 | ' |
Gain on Sale and Change in Control of Interests | 3,977 | ' |
Fair value of previously held equity interest | 2,767 | ' |
Total consideration | $392,104 | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Business Acquisition [Line Items] | ' | ' |
Acquisition costs related to assets | $2,100,000 | ' |
Revenues from the date of acquisition | 7,700,000 | 13,900,000 |
Gain on Sale and Change in Control of Interests | 3,977,000 | ' |
Blackstone II Acquisition [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of power centers acquired | 7 | ' |
Value of transaction | 395,300,000 | ' |
Ownership interest percentage | 100.00% | ' |
Ownership interest of joint venture partner | 95.00% | ' |
Debt assumed | 233,300,000 | ' |
Mortgage debt assumed repaid at closing | 28,000,000 | ' |
Preferred equity interest repaid | 31,200,000 | ' |
Gain on Sale and Change in Control of Interests | $4,000,000 | ' |
Acquisitions_Unaudited_Supplem
Acquisitions - Unaudited Supplemental to Pro Forma Operating Data (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Pro forma revenues | $259,611 | $253,726 | $777,301 | $757,434 |
Pro forma (loss) income from continuing operations | -452 | -22,938 | 41,469 | -57,111 |
Pro forma net income (loss) attributable to DDR common shareholders | $56,247 | ($31,045) | $95,393 | ($111,551) |
Basic earnings per share data: | ' | ' | ' | ' |
Net income (loss) attributable to DDR common shareholders | $0.16 | ($0.09) | $0.26 | ($0.31) |
Diluted earnings per share data: | ' | ' | ' | ' |
Net income (loss) attributable to DDR common shareholders | $0.16 | ($0.09) | $0.26 | ($0.31) |
Notes_Receivable_Components_of
Notes Receivable - Components of Notes Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ' | ' | ' | ' |
Loans receivable | $52,820 | $72,218 | $71,645 | $60,378 |
Other notes | 1,016 | 1,034 | ' | ' |
Tax Increment Financing Bonds ("TIF Bonds") | 3,809 | 5,086 | ' | ' |
Notes receivable, net | $57,645 | $78,338 | $77,857 | ' |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Receivables [Abstract] | ' | ' |
Number of loans receivable outstanding | 6 | 7 |
Principal amount of loans subject to delinquent principal or interest | $9.80 | ' |
Number of matured loans outstanding | 1 | ' |
Past due on interest payments | 'more than 90 days | ' |
Number of mortgage loans on real estate fully reserved | 1 | ' |
Notes_Receivable_Loans_Receiva
Notes Receivable - Loans Receivable on Real Estate (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Mortgage Loans On Real Estate [Abstract] | ' | ' |
Balance at January 1 | $72,218 | $60,378 |
Additions: | ' | ' |
New mortgage loans | 0 | 21,967 |
Interest | 810 | 319 |
Accretion of discount | 689 | 651 |
Deductions: | ' | ' |
Payments of principal and interest | -347 | -11,670 |
Other | -20,550 | 0 |
Balance at September 30 | $52,820 | $71,645 |
Other_Assets_Net_Components_of
Other Assets, Net - Components of Other Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible assets: | ' | ' |
Total intangible assets, net | $428,101 | $409,613 |
Other assets: | ' | ' |
Accounts receivable, net | 128,414 | 129,513 |
Deferred charges, net | 30,124 | 38,124 |
Prepaid expenses | 23,162 | 14,082 |
Other assets | 42,273 | 45,403 |
Deposits | 8,120 | 8,770 |
Total other assets, net | 660,194 | 645,505 |
In-Place Leases, Net [Member] | ' | ' |
Intangible assets: | ' | ' |
Total intangible assets, net | 175,340 | 159,357 |
Above-Market Rent, Net [Member] | ' | ' |
Intangible assets: | ' | ' |
Total intangible assets, net | 62,355 | 59,211 |
Tenant Relations, Net [Member] | ' | ' |
Intangible assets: | ' | ' |
Total intangible assets, net | $190,406 | $191,045 |
Other_Assets_Net_Components_of1
Other Assets, Net - Components of Other Assets (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Intangible Assets Net Excluding Goodwill [Abstract] | ' | ' | ' | ' | ' |
Amortization expense | $25.20 | $8.60 | $79.10 | $22.40 | ' |
Straight-line rents receivable, net | $62.70 | ' | $62.70 | ' | $61.90 |
Revolving_Credit_Facilities_an2
Revolving Credit Facilities and Term Loans - Information Regarding Company's Revolving Credit Facilities and Term Loans (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Unsecured revolving credit facility arranged by JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member] | Unsecured revolving credit facility with PNC Bank National Association [Member] | Unsecured Term Loan - Tranche 1 [Member] | Unsecured Term Loan- Tranche 2 [Member] | Secured Term Loan with Key Bank National Association [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facilities | $23,457 | $29,133 | $23,500 | $0 | ' | ' | ' |
Unsecured term loan | 350,000 | 350,000 | ' | ' | 50,000 | 300,000 | ' |
Secured term loan | $400,000 | $400,000 | ' | ' | ' | ' | $400,000 |
Weighted-Average Interest Rate | ' | ' | 2.40% | ' | ' | ' | ' |
Term loan interest rates | ' | ' | ' | ' | 2.10% | 3.20% | 1.60% |
Lines of credit maturity date | ' | ' | 'April 2017 | 'April 2017 | ' | ' | ' |
Term loan maturity date | ' | ' | ' | ' | 'January 2017 | 'January 2019 | 'April 2017 |
Revolving_Credit_Facilities_an3
Revolving Credit Facilities and Term Loans - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Unsecured revolving credit facility arranged by JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member] | ' |
Debt Instrument [Line Items] | ' |
Unsecured revolving credit facility borrowing capacity | $750,000,000 |
Accordion feature | 1,250,000,000 |
Extension maturity period | '1 year |
Extended Maturity Date | 30-Apr-18 |
Line of credit facility competitive bid option on periodic interest rates | 'up to 50% of the facility |
Facility fee | 0.20% |
Unsecured revolving credit facility with PNC Bank National Association [Member] | ' |
Debt Instrument [Line Items] | ' |
Unsecured revolving credit facility | $65,000,000 |
Revolving Credit Facilities [Member] | ' |
Debt Instrument [Line Items] | ' |
Specified spread line of credit facility prime rate | 0.15% |
Specified spread line of credit facility LIBOR rate | 1.15% |
Covenant terms | 'The covenants also require that the Company cannot exceed a total dividend payout ratio of 95% of the Companybs pro rata share of Funds From Operations (as defined in the agreements governing the Revolving Credit Facilities) for the prior twelve-month period unless required to maintain Real Estate Investment Trust (bREITb) status. |
Covenant compliance | 'The Company was in compliance with these covenants at September 30, 2014 |
Financial_Instruments_Items_Me
Financial Instruments - Items Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Financial Instruments | ($2.70) | ($3.20) |
Marketable Securities | 5 | 7.4 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Financial Instruments | 0 | 0 |
Marketable Securities | 5 | 7.4 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Financial Instruments | -2.7 | -3.2 |
Marketable Securities | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Financial Instruments | 0 | 0 |
Marketable Securities | $0 | $0 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Derivative | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' |
Unrealized gain of hedging instrument | $500,000 | ' |
Approximate fair value of notes | 95,700,000 | 148,200,000 |
Carrying amount of notes | 92,900,000 | 145,500,000 |
Tax Increment Financing Bonds ("TIF Bonds") | 3,809,000 | 5,086,000 |
Aggregate notional amount | 530,400,000 | 631,400,000 |
Number of interest rate derivatives held | 9 | ' |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | ($5,900,000) | ' |
Financial_Instruments_Debt_Ins
Financial Instruments - Debt Instruments with Carrying Values Different than Estimated Fair Values (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Senior notes, Carrying Amount | $2,762,893 | $2,754,120 |
Revolving Credit Facilities and term loans, Carrying Amount | 773,457 | 779,133 |
Mortgage indebtedness, Carrying Amount | 1,699,694 | 1,761,421 |
Total indebtedness | 5,236,044 | 5,294,674 |
Senior notes, Fair Value | 3,000,255 | 2,991,698 |
Revolving Credit Facilities and term loans, Fair Value | 781,530 | 787,772 |
Mortgage indebtedness, Fair Value | 1,730,030 | 1,779,375 |
Long-term debt, Fair Value Total | $5,511,815 | $5,558,845 |
Financial_Instruments_Informat
Financial Instruments - Information Regarding Swaps (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Aggregate Notional Amount of Interest Rate Derivatives | $530.40 | $631.40 |
Other Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Asset | 1.6 | 2.8 |
Accounts Payable [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Liability | -4.3 | -6 |
Interest Rate Swaps One [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 28-Jun-14 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 1.00% | ' |
Asset | ' | 0 |
Liability | ' | -0.4 |
Interest Rate Swaps Two [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 1-Jun-15 | ' |
Aggregate Notional Amount of Interest Rate Derivatives | 50 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 0.60% | ' |
Asset | 0 | 0 |
Liability | -0.1 | -0.2 |
Interest Rate Swaps Three [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 1-Jul-15 | ' |
Aggregate Notional Amount of Interest Rate Derivatives | 100 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 0.50% | ' |
Asset | 0 | 0 |
Liability | -0.3 | -0.4 |
Interest Rate Swaps Four [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 1-Sep-17 | ' |
Aggregate Notional Amount of Interest Rate Derivatives | 80.4 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 2.80% | ' |
Asset | 0 | 0 |
Liability | -3.9 | -5 |
Interest Rate Swaps Five [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 2-Jan-18 | ' |
Aggregate Notional Amount of Interest Rate Derivatives | 100 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 0.90% | ' |
Asset | 1.2 | 1.4 |
Liability | 0 | 0 |
Interest Rate Swaps Six [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 1-Feb-19 | ' |
Aggregate Notional Amount of Interest Rate Derivatives | 100 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 1.60% | ' |
Asset | 0 | 0.5 |
Liability | 0 | 0 |
Interest Rate Swaps Seven [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maturity Date | 1-Feb-19 | ' |
Aggregate Notional Amount of Interest Rate Derivatives | 100 | ' |
Counterparty Pays Variable Rate | '1 Month LIBOR | ' |
Fixed Rate | 1.50% | ' |
Asset | 0.4 | 0.9 |
Liability | $0 | $0 |
Financial_Instruments_Effect_o
Financial Instruments - Effect of Company's Derivative Instruments on Net Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Rate Products [Member] | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in OCI, (Effective Portion) | $3 | ($1.50) | $0.50 | $11.10 |
Interest Expense [Member] | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) | ($0.10) | ($0.10) | ($0.30) | ($0.30) |
Financial_Instruments_Net_Inve
Financial Instruments - Net Investment Hedge Derivative Instruments on OCI (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $1.30 | ($0.70) | $1.30 | $0.70 |
Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) | 0 | 0 | 0 | 0 |
Euro-denominated [Member] | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0.2 | -0.2 | 0.3 | -0.1 |
Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) | 0 | 0 | 0 | 0 |
Canadian dollar-denominated [Member] | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 1.1 | -0.5 | 1 | 0.8 |
Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) | $0 | $0 | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Jan. 23, 2013 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Oxford [Member] | Coventry II Joint Ventures [Member] |
Property | ||
Contingencies And Commitments [Line Items] | ' | ' |
Number of existing retail properties | ' | 10 |
Amount transferred to pay vendors pursuant to an agreement | $11 | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 30-May-14 | Jun. 30, 2014 | 30-May-14 |
Class H Preferred Shares [Member] | Class H Preferred Shares [Member] | Class H Depositary Share [Member] | ||||||
Schedule Of Capitalization Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued | ' | 0.7 | ' | ' | ' | ' | ' | ' |
Weighted-average price per share | ' | $17.81 | ' | ' | ' | ' | ' | ' |
Net Proceeds | ' | $11,800,000 | ' | ' | ' | ' | ' | ' |
Preferred stock redemption value | ' | ' | ' | ' | ' | 55,000,000 | ' | ' |
Cumulative redeemable preferred shares total redemption price per share | ' | ' | ' | ' | ' | $504.61 | ' | $25.23 |
Cumulative redeemable preferred shares share redemption price per share | ' | ' | ' | ' | ' | $500 | ' | $25 |
Redeemable preferred stock dividend per share prorated to redemption date | ' | ' | ' | ' | ' | $4.61 | ' | $0.23 |
Write-off of preferred share original issuance costs | ' | $0 | $0 | $1,943,000 | $5,246,000 | ' | $1,900,000 | ' |
Number of OP Units issued | 1 | ' | ' | ' | ' | ' | ' | ' |
Equity_Common_Share_Dividends_
Equity - Common Share Dividends Declared Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' |
Common share dividends declared per share | $0.16 | $0.14 | $0.47 | $0.41 |
Other_Comprehensive_Loss_Chang
Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | ($36,493) | ' |
Reclassification adjustment of foreign currency translation | 5,609 | 0 | 25,324 | 0 |
Reclassification adjustment for realized gains on available-for-sale securities | 0 | 0 | -840 | 0 |
Balance, September 30, 2014 | -8,445 | ' | -8,445 | ' |
Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | -7,912 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 535 | ' |
Reclassification adjustment of foreign currency translation | ' | ' | 0 | ' |
Reclassification adjustment for realized gains on available-for-sale securities | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 354 | ' |
Net current-period other comprehensive income (loss) | ' | ' | 889 | ' |
Balance, September 30, 2014 | -7,023 | ' | -7,023 | ' |
Foreign Currency Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | -30,624 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 7,288 | ' |
Reclassification adjustment of foreign currency translation | ' | ' | 21,360 | ' |
Reclassification adjustment for realized gains on available-for-sale securities | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' |
Net current-period other comprehensive income (loss) | ' | ' | 28,648 | ' |
Balance, September 30, 2014 | -1,976 | ' | -1,976 | ' |
Net Unrealized Gains on Marketable Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | 2,043 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -649 | ' |
Reclassification adjustment of foreign currency translation | ' | ' | 0 | ' |
Reclassification adjustment for realized gains on available-for-sale securities | ' | ' | -840 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | ' |
Net current-period other comprehensive income (loss) | ' | ' | -1,489 | ' |
Balance, September 30, 2014 | 554 | ' | 554 | ' |
Accumulated Other Comprehensive Loss | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Balance, December 31, 2013 | ' | ' | -36,493 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 7,174 | ' |
Reclassification adjustment of foreign currency translation | ' | ' | 21,360 | 0 |
Reclassification adjustment for realized gains on available-for-sale securities | ' | ' | -840 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 354 | ' |
Net current-period other comprehensive income (loss) | ' | ' | 28,048 | ' |
Balance, September 30, 2014 | ($8,445) | ' | ($8,445) | ' |
Other_Comprehensive_Loss_Chang1
Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Gain on sale and change in control of interests | ' | ' | $19,700,000 | ' |
Amortization of interest-rate contracts | 118,000 | 118,000 | 354,000 | 354,000 |
Foreign Currency [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Gain on sale and change in control of interests | 1,700,000 | ' | 1,700,000 | ' |
Interest Expense [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Amortization of interest-rate contracts | ' | ' | 400,000 | ' |
Equity in Net Income of Joint Ventures [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Amortization of interest-rate contracts | ' | ' | $100,000 | ' |
Fee_and_Other_Income_Schedule_
Fee and Other Income - Schedule of Fee and Other Income from Continuing Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Management, development and other fee income | $7,600,000 | $10,300,000 | $23,700,000 | $31,200,000 |
Ancillary and other property income | 6,500,000 | 7,800,000 | 18,800,000 | 20,700,000 |
Lease termination fees | 700,000 | 1,000,000 | 4,100,000 | 6,200,000 |
Other | 200,000 | 100,000 | 1,300,000 | 400,000 |
Total fee and other income | $14,992,000 | $19,194,000 | $47,928,000 | $58,519,000 |
Impairment_Charges_and_Impairm2
Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges on Assets or Investments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | ' | ' | ' | ' |
Land held for development | $0 | $0 | $13,200,000 | $0 |
Undeveloped land | 1,400,000 | 0 | 1,900,000 | 2,600,000 |
Assets marketed for sale | 400,000 | 9,200,000 | 3,800,000 | 20,300,000 |
Total continuing operations | 1,813,000 | 9,260,000 | 18,898,000 | 22,902,000 |
Sold assets b discontinued operations | 0 | 14,875,000 | 8,098,000 | 43,893,000 |
Joint venture investments | 0 | 0 | 9,100,000 | 0 |
Total impairment charges | $1,800,000 | $24,100,000 | $36,100,000 | $66,800,000 |
Impairment_Charges_and_Impairm3
Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value Measurements [Member] | Fair Value Measurements [Member] | Fair Value Measurements [Member] | Fair Value Measurements [Member] | Fair Value Measurements [Member] | Fair Value Measurements [Member] | Fair Value Measurements [Member] | Fair Value Measurements [Member] | |||||
Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets held and used and held for sale, Fair Value Measurements | ' | ' | ' | ' | $111,600,000 | $164,200,000 | $0 | $0 | $0 | $0 | $111,600,000 | $164,200,000 |
Unconsolidated joint venture investments, Fair Value Measurements | ' | ' | ' | ' | 26,800,000 | 35,300,000 | 0 | 0 | 0 | 0 | 26,800,000 | 35,300,000 |
Long-lived assets held and used and held for sale, Total Losses | ' | ' | ' | ' | 27,000,000 | 72,600,000 | ' | ' | ' | ' | ' | ' |
Joint venture investments | $0 | $0 | $9,100,000 | $0 | $9,100,000 | $1,000,000 | ' | ' | ' | ' | ' | ' |
Impairment_Charges_and_Impairm4
Impairment Charges and Impairment of Joint Venture Investments - Summary of Significant Unobservable Inputs (Detail) (Level 3 [Member], Fair Value Measurements [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Impairment of Consolidated Assets [Member] | Income Capitalization Approach [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $67 | $75.50 |
Valuation Technique | 'Income Capitalization Approach | 'Income Capitalization Approach |
Unobservable Input | 'Market Capitalization Rate | 'Market Capitalization Rate |
Unobservable Input | 'Price Per Square Foot | 'Price Per Square Foot |
Impairment of Consolidated Assets [Member] | Income Capitalization Approach [Member] | Minimum [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | ' | 12 |
Impairment of Consolidated Assets [Member] | Income Capitalization Approach [Member] | Maximum [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | ' | 117 |
Impairment of Consolidated Assets [Member] | Income Capitalization Approach [Member] | Market Capitalization Rate [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | 8.00% | ' |
Impairment of Consolidated Assets [Member] | Income Capitalization Approach [Member] | Market Capitalization Rate [Member] | Minimum [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | ' | 8.00% |
Impairment of Consolidated Assets [Member] | Income Capitalization Approach [Member] | Market Capitalization Rate [Member] | Maximum [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | ' | 10.00% |
Impairment of Consolidated Assets [Member] | Indicative Bid/Contracted Price [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | 44.6 | 88.7 |
Valuation Technique | 'Indicative Bid / Contracted Price | 'Indicative Bid /Contracted Price |
Unobservable Input | 'Indicative Bid/ Contracted Price | 'Indicative Bid/ Contracted Price |
Impairment of Joint Venture Investments [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | $26.80 | $35.30 |
Valuation Technique | 'Discounted Cash Flow | 'Discounted Cash Flow |
Unobservable Input | 'Discount Rate | 'Discount Rate |
Unobservable Input | 'Terminal Capitalization Rate | 'Terminal Capitalization Rate |
Impairment of Joint Venture Investments [Member] | Discounted Cash Flow [Member] | Discount Rates [Member] | Minimum [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | 8.00% | 8.00% |
Impairment of Joint Venture Investments [Member] | Discounted Cash Flow [Member] | Discount Rates [Member] | Maximum [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | 15.00% | 15.00% |
Impairment of Joint Venture Investments [Member] | Discounted Cash Flow [Member] | Terminal Capitalization Rate [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | ' |
Range | 6.00% | 6.00% |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Property | Property | |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
Number of properties sold | 23 | 39 |
Number of properties held for sale | ' | 2 |
Discontinued_Operations_Operat
Discontinued Operations - Operating Results Related to Assets Sold (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Revenues | $5,596 | $15,136 | $21,185 | $50,853 |
Operating expenses | 1,164 | 4,031 | 5,220 | 14,285 |
Impairment charges | 0 | 14,875 | 8,098 | 43,893 |
Interest, net | 1,328 | 3,609 | 5,374 | 12,254 |
Depreciation and amortization | 2,303 | 4,580 | 8,083 | 15,533 |
Total expenses, discontinued operations | 4,795 | 27,095 | 26,775 | 85,965 |
Income (loss) from discontinued operations | 801 | -11,959 | -5,590 | -35,112 |
Gain on disposition of real estate, net of tax | 57,105 | 8,701 | 74,287 | 7,240 |
Income (loss) from discontinued operations | $57,906 | ($3,258) | $68,697 | ($27,872) |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Continuing Operations: | ' | ' | ' | ' |
Income from continuing operations | $6,313 | $1,124 | $53,655 | $10,696 |
Plus: Gain on disposition of real estate | 2,262 | 1,929 | 2,645 | 347 |
Plus: Income (loss) attributable to non-controlling interests | 2,125 | -136 | 1,623 | -443 |
Write-off of preferred share original issuance costs | 0 | 0 | -1,943 | -5,246 |
Preferred dividends | -5,594 | -6,608 | -18,460 | -21,113 |
Less: Earnings attributable to unvested shares and operating partnership units | -463 | -330 | -1,238 | -1,052 |
Income (loss) from continuing operations | 4,643 | -4,021 | 36,282 | -16,811 |
Discontinued operations: | ' | ' | ' | ' |
Income (loss) from discontinued operations | 57,906 | -3,258 | 68,697 | -27,872 |
Plus: (Loss) income attributable to non-controlling interests | 0 | -34 | 1,362 | -113 |
Net income (loss) attributable to DDR common shareholders after allocation to participating securities | $62,549 | ($7,313) | $106,341 | ($44,796) |
Denominators b Number of Shares: | ' | ' | ' | ' |
BasicbAverage shares outstanding | 358,025 | 318,184 | 357,824 | 316,146 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options | 487 | 0 | 468 | 0 |
DilutedbAverage shares outstanding | 358,512 | 318,184 | 358,292 | 316,146 |
Basic Earnings Per Share: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to DDR common shareholders | $0.01 | ($0.01) | $0.10 | ($0.05) |
Income (loss) from discontinued operations attributable to DDR common shareholders | $0.16 | ($0.01) | $0.20 | ($0.09) |
Net income (loss) attributable to DDR common shareholders | $0.17 | ($0.02) | $0.30 | ($0.14) |
Diluted Earnings Per Share: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to DDR common shareholders | $0.01 | ($0.01) | $0.10 | ($0.05) |
Income (loss) from discontinued operations attributable to DDR common shareholders | $0.16 | ($0.01) | $0.20 | ($0.09) |
Net income (loss) attributable to DDR common shareholders | $0.17 | ($0.02) | $0.30 | ($0.14) |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 |
Senior convertible notes due 2040 [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' |
Senior convertible notes convertible to common shares price | ' | ' | $14.96 |
Conversion price as a percentage of common share price | ' | ' | 125.00% |
OP Units, outstanding | 1,441,890 | 398,701 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Quantitative threshold of revenues, profit or loss and assets for identifying reportable segments | 'Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of the revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard. |
Segment_Information_Companys_R
Segment Information - Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | $250,543 | $206,400 | $744,929 | $601,143 | ' |
Operating expenses | -74,805 | -69,061 | -234,478 | -196,593 | ' |
Net operating income (loss) | 175,738 | 137,339 | 510,451 | 404,550 | ' |
Depreciation and amortization | -99,480 | -70,015 | -302,901 | -198,609 | ' |
Interest income | 2,652 | 6,692 | 8,937 | 20,365 | ' |
Other income (expense), net | -2,758 | -2,282 | -11,881 | -3,287 | ' |
Gain on sale and change in control of interests, net | 3,984 | 0 | 87,814 | 1,066 | ' |
Unallocated expenses | -77,443 | -74,390 | -239,906 | -218,932 | ' |
Equity in net (loss) income of joint ventures | 3,620 | 3,780 | 10,241 | 5,543 | ' |
Impairment of joint venture investments | 0 | 0 | -9,100 | 0 | ' |
Income from continuing operations | 6,313 | 1,124 | 53,655 | 10,696 | ' |
Total gross real estate assets | 10,496,860 | 8,921,305 | 10,496,860 | 8,921,305 | ' |
Notes receivable, net | 57,645 | 77,857 | 57,645 | 77,857 | 78,338 |
Operating Segments [Member] | Shopping Centers [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 250,507 | 206,386 | 744,765 | 601,114 | ' |
Operating expenses | -74,805 | -68,986 | -234,427 | -196,217 | ' |
Net operating income (loss) | 175,702 | 137,400 | 510,338 | 404,897 | ' |
Depreciation and amortization | -99,480 | -70,015 | -302,901 | -198,609 | ' |
Gain on sale and change in control of interests, net | 3,984 | ' | 87,814 | 1,066 | ' |
Equity in net (loss) income of joint ventures | 3,620 | -660 | 9,755 | -7,677 | ' |
Impairment of joint venture investments | ' | ' | -9,100 | ' | ' |
Total gross real estate assets | 10,496,860 | 8,921,305 | 10,496,860 | 8,921,305 | ' |
Operating Segments [Member] | Loan Investments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 36 | 14 | 164 | 29 | ' |
Operating expenses | 0 | -75 | -51 | -376 | ' |
Net operating income (loss) | 36 | -61 | 113 | -347 | ' |
Interest income | 2,652 | 6,692 | 8,937 | 20,365 | ' |
Notes receivable, net | 91,455 | 302,130 | 91,455 | 302,130 | ' |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other income (expense), net | -2,758 | -2,282 | -11,881 | -3,287 | ' |
Unallocated expenses | -77,443 | -74,390 | -239,906 | -218,932 | ' |
Equity in net (loss) income of joint ventures | 0 | 4,440 | 486 | 13,220 | ' |
Notes receivable, net | ($33,810) | ($224,273) | ($33,810) | ($224,273) | ' |
Segment_Information_Companys_R1
Segment Information - Company's Reportable Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Impairment charges | $1,813 | $9,260 | $18,898 | $22,902 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 |
BRE DDR Retail Holdings III [Member] | |||
Subsequent Events [Member] | |||
ShoppingCenter | |||
sqft | |||
Subsequent Event [Line Items] | ' | ' | ' |
Number of shopping centers | ' | ' | 71 |
Number of square feet of gross leasable area of shopping centers | ' | ' | 11,400,000 |
Purchase price cost | ' | ' | $1,930,000,000 |
Mortgage debt assumed | ' | ' | 436,800,000 |
New mortgage debt | 400,000,000 | 400,000,000 | 800,000,000 |
Ownership interest of joint venture partner | ' | ' | 95.00% |
Remaining ownership interest of affiliate partner | ' | ' | 5.00% |
Common equity investment in joint venture | ' | ' | 19,600,000 |
Preferred equity investments with affiliates of Blackstone | ' | ' | $300,000,000 |
Preferred stock dividend rate | ' | ' | 8.50% |