SITE Centers (SITC) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	DDR
Entity Registrant Name	DDR CORP
Entity Central Index Key	894,315
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		365,415,380

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Land	$ 2,145,471	$ 2,184,145
Buildings	6,908,815	6,965,632
Fixtures and tenant improvements	744,059	743,037
Total real estate rental property	9,798,345	9,892,814
Less: Accumulated depreciation	(2,060,005)	(2,062,899)
Real estate rental property, net	7,738,340	7,829,915
Construction in progress and land	174,736	235,385
Total real estate assets, net	7,913,076	8,065,300
Investments in and advances to joint ventures	466,832	467,732
Cash and cash equivalents	23,720	22,416
Restricted cash	10,515	10,104
Accounts receivable, net	125,473	129,089
Notes receivable, net	42,592	42,534
Other assets, net	353,419	359,913
Total assets	8,935,627	9,097,088
Unsecured indebtedness:
Senior notes	2,910,307	3,149,188
Unsecured term loan	398,050	397,934
Revolving credit facilities	350,000	210,000
Total unsecured indebtedness	3,658,357	3,757,122
Secured indebtedness:
Secured term loan	199,401	199,251
Mortgage indebtedness	1,173,915	1,183,164
Total secured indebtedness	1,373,316	1,382,415
Total indebtedness	5,031,673	5,139,537
Accounts payable and other liabilities	389,991	425,478
Dividends payable	75,042	68,604
Total liabilities	$ 5,496,706	$ 5,633,619
Commitments and contingencies
DDR Equity
Common shares, with par value, $0.10 stated value; 600,000,000 shares authorized; 365,367,906 and 365,292,314 shares issued at March 31, 2016 and December 31, 2015, respectively	$ 36,537	$ 36,529
Paid-in capital	5,470,030	5,466,511
Accumulated distributions in excess of net income	(2,421,296)	(2,391,793)
Deferred compensation obligation	15,471	15,537
Accumulated other comprehensive loss	(5,485)	(6,283)
Less: Common shares in treasury at cost: 918,978 and 945,268 shares at March 31, 2016 and December 31, 2015, respectively	(14,854)	(15,316)
Total DDR shareholders' equity	3,430,403	3,455,185
Non-controlling interests	8,518	8,284
Total equity	3,438,921	3,463,469
Total liabilities and equity	8,935,627	9,097,088
Class J Cumulative Redeemable Preferred Shares [Member]
DDR Equity
Cumulative redeemable preferred shares	200,000	200,000
Class K Cumulative Redeemable Preferred Shares [Member]
DDR Equity
Cumulative redeemable preferred shares	$ 150,000	$ 150,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Common shares, par value	$ 0.10	$ 0.10
Common shares, shares authorized	600,000,000	600,000,000
Common shares, shares issued	365,367,906	365,292,314
Treasury at cost	918,978	945,268
Class J Cumulative Redeemable 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 Cumulative Redeemable 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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from operations:
Minimum rents	$ 177,367	$ 180,697
Percentage and overage rents	1,936	1,385
Recoveries from tenants	61,599	64,080
Fee and other income	13,521	12,663
Total revenue from operations	254,423	258,825
Rental operation expenses:
Operating and maintenance	36,508	38,726
Real estate taxes	36,534	37,629
Impairment charges	0	279,021
General and administrative	17,876	18,595
Depreciation and amortization	96,902	103,015
Total rental operation expenses	187,820	476,986
Other income (expense):
Interest income	9,050	7,161
Interest expense	(57,897)	(63,020)
Other income (expense), net	1,773	(3,428)
Total other income (expense)	(47,074)	(59,287)
Income (loss) before earnings from equity method investments and other items	19,529	(277,448)
Equity in net income of joint ventures	14,421	61
Gain on change in control of interests, net	0	14,279
Income (loss) before tax expense	33,950	(263,108)
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	(458)	(4,900)
Income (loss) from continuing operations	33,492	(268,008)
Gain on disposition of real estate	12,381	25,094
Net income (loss)	45,873	(242,914)
Income attributable to non-controlling interests, net	(300)	(873)
Net income (loss) attributable to DDR	45,573	(243,787)
Preferred dividends	(5,594)	(5,594)
Net income (loss) attributable to common shareholders	$ 39,979	$ (249,381)
Per share data:
Basic	$ 0.11	$ (0.69)
Diluted	$ 0.11	$ (0.69)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 45,873	$ (242,914)
Other comprehensive income (loss):
Foreign currency translation	842	(304)
Change in fair value of interest-rate contracts	46	(97)
Change in cash flow hedges reclassed to earnings	172	675
Total other comprehensive income	1,060	274
Comprehensive income (loss)	46,933	(242,640)
Comprehensive (income) loss attributable to non-controlling interests:
Allocation of net income	(300)	(873)
Foreign currency translation	(262)	389
Total comprehensive income attributable to non-controlling interests	(562)	(484)
Total comprehensive income (loss) attributable to DDR	$ 46,371	$ (243,124)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	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
Balance at Dec. 31, 2015	$ 3,463,469	$ 350,000	$ 36,529	$ 5,466,511	$ (2,391,793)	$ 15,537	$ (6,283)	$ (15,316)	$ 8,284
Issuance of common shares related to stock plans	1,130	0	8	117	0	0	0	1,005	0
Issuance of restricted stock	0	0	0	(706)	0	145	0	561	0
Vesting of restricted stock	2,016	0	0	3,331	0	(211)	0	(1,104)	0
Stock-based compensation	777	0	0	777	0	0	0	0	0
Distributions to non-controlling interests	(328)	0	0	0	0	0	0	0	(328)
Dividends declared-common shares	(69,482)	0	0	0	(69,482)	0	0	0	0
Dividends declared-preferred shares	(5,594)	0	0	0	(5,594)	0	0	0	0
Comprehensive income	46,933	0	0	0	45,573	0	798	0	562
Balance at Mar. 31, 2016	$ 3,438,921	$ 350,000	$ 36,537	$ 5,470,030	$ (2,421,296)	$ 15,471	$ (5,485)	$ (14,854)	$ 8,518

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flow from operating activities:
Net income (loss)	$ 45,873	$ (242,914)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization	96,902	103,015
Stock-based compensation	1,633	2,177
Amortization and write-off of deferred finance charges and fair market value of debt adjustments	661	(1,052)
Accretion of convertible debt discount	0	2,940
Equity in net income of joint ventures	(14,421)	(61)
Net gain on change in control of interests	0	(14,279)
Operating cash distributions from joint ventures	1,724	2,003
Gain on disposition of real estate	(12,381)	(25,094)
Impairment charges	0	279,021
Change in notes receivable accrued interest	(3,437)	(2,347)
Change in restricted cash	95	2,102
Net change in accounts receivable	2,659	(4,584)
Net change in accounts payable and accrued expenses	(24,877)	(14,680)
Net change in other operating assets and liabilities	(12,538)	(23,546)
Total adjustments	36,020	305,615
Net cash flow provided by operating activities	81,893	62,701
Cash flow from investing activities:
Real estate acquired, net of liabilities and cash assumed	(59,886)	0
Real estate developed and improvements to operating real estate	(46,946)	(59,281)
Proceeds from disposition of real estate and joint venture interests	186,736	102,909
Distributions from unconsolidated joint ventures	17,056	3,496
Repayment of notes receivable	126	9,155
Change in restricted cash	(506)	1,320
Net cash flow provided by investing activities	96,580	57,599
Cash flow from financing activities:
Proceeds from (repayments of) revolving credit facilities, net	140,000	(21,494)
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses	0	491,972
Repayment of senior notes	(240,000)	0
Repayment of term loans and mortgage debt	(7,979)	(492,076)
(Repurchase) issuance of common shares in conjunction with equity award plans and dividend reinvestment plan	(232)	2,734
Distributions to non-controlling interests and redeemable operating partnership units	(321)	(5,070)
Dividends paid	(68,639)	(61,468)
Net cash flow used for financing activities	(177,171)	(85,402)
Cash and cash equivalents:
Increase in cash and cash equivalents	1,302	34,898
Effect of exchange rate changes on cash and cash equivalents	2	158
Cash and cash equivalents, beginning of year	22,416	20,937
Cash and cash equivalents, end of period	$ 23,720	$ 55,993

Nature of Business and Financia

Nature of Business and Financial Statement Presentation	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Financial Statement Presentation	1. Nature of Business and Financial Statement Presentation Nature of Business DDR Corp. and its related consolidated 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 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 months ended March 31, 2016 and 2015, 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, 2015 . 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 (loss). The Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis Statements 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): Three Months Ended March 31, 2016 2015 Accounts payable related to construction in progress $ 26.6 $ 27.3 Dividends declared 75.0 67.9 Mortgages assumed from acquisitions — 33.7 Elimination of a previously held equity interest — 1.4 Fee and Other Income Fee and other income was composed of the following (in millions): Three Months Ended March 31, 2016 2015 Management and other fee income $ 8.2 $ 8.1 Ancillary and other property income 4.1 4.2 Lease termination fees 1.2 0.2 Other — 0.2 Total fee and other income $ 13.5 $ 12.7 New Accounting Standards To Be Adopted Accounting for Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic-842). Leases Business Combinations In September 2015, the FASB issued guidance pertaining to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for public companies for fiscal years beginning after December 15, 2016, with early adoption permitted. Application of the guidance is prospective. The Company has neither determined when it will adopt this guidance, nor what impact the adoption may have on its consolidated financial statement Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Derivatives and Hedging In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force) Transition to Equity Method Accounting In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.

Investments in and Advances to

Investments in and Advances to Joint Ventures	3 Months Ended
	Mar. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Investments in and Advances to Joint Ventures	2. Investments in and Advances to Joint Ventures At March 31, 2016 and December 31, 2015, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 157 and 168 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): March 31, 2016 December 31, 2015 Condensed Combined Balance Sheets Land $ 1,306,704 $ 1,343,889 Buildings 3,446,655 3,551,227 Fixtures and tenant improvements 184,497 191,581 4,937,856 5,086,697 Less: Accumulated depreciation (807,415 ) (817,235 ) 4,130,441 4,269,462 Land held for development and construction in progress 54,846 52,390 Real estate, net 4,185,287 4,321,852 Cash and restricted cash 69,576 58,916 Receivables, net 45,077 52,768 Other assets 304,255 318,546 $ 4,604,195 $ 4,752,082 Mortgage debt $ 3,119,992 $ 3,177,603 Notes and accrued interest payable to the Company 2,577 1,556 Other liabilities 212,237 219,799 3,334,806 3,398,958 Redeemable preferred equity 398,410 395,156 Accumulated equity 870,979 957,968 $ 4,604,195 $ 4,752,082 Company's share of accumulated equity $ 108,531 $ 115,871 Redeemable preferred equity 398,410 395,156 Basis differentials (40,209 ) (42,402 ) Deferred development fees, net of portion related to the Company's interest (2,477 ) (2,449 ) Amounts payable to the Company 2,577 1,556 Investments in and Advances to Joint Ventures $ 466,832 $ 467,732 Three Months Ended March 31, 2016 2015 Condensed Combined Statements of Operations Revenues from operations $ 127,910 $ 137,600 Expenses from operations: Operating expenses 37,656 38,966 Impairment charges — 448 Depreciation and amortization 49,035 56,737 Interest expense 33,322 40,903 Preferred share expense 8,264 6,314 Other expense (income), net 5,811 6,069 134,088 149,437 (6,178 ) (11,837 ) Gain (loss) on disposition of real estate, net 53,483 (213 ) Net income (loss) attributable to unconsolidated joint ventures $ 47,305 $ (12,050 ) Company's share of equity in net income (loss) of joint ventures $ 11,274 $ (247 ) Basis differential adjustments (A) 3,147 308 Equity in net income of joint ventures $ 14,421 $ 61 ( A ) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable 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. 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 Months Ended March 31, 2016 2015 Management and other fees $ 6.2 $ 6.3 Development fees and leasing commissions 1.9 1.6 Interest income 8.3 6.3 The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions. Disposition of Shopping Centers In the first quarter of 2016, one of the Company’s joint ventures sold 11 assets for an aggregate sales price of $170.5 million and recorded a gain on sale of $53.4 million, of which the Company’s share was $13.5 million.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions	3. Acquisitions In February 2016, the Company acquired one power center in Phoenix, Arizona, valued at $60.5 million. The fair value of the acquisition was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) Land $ 11,859 N/A Buildings 41,433 (A) Tenant improvements 1,184 (A) In-place leases (including lease origination costs and fair market value of leases) 6,125 4.5 Tenant relations 2,607 8.1 63,208 Less: Below-market leases (2,968 ) 16.7 Less: Other liabilities assumed (354 ) N/A Net assets acquired $ 59,886 ( A ) Depreciated in accordance with the Company’s policy. The Company’s consideration of $59.9 million was paid in cash. The costs related to the acquisition of this asset were expensed as incurred and included in Other Income (Expense), Net in the Company’s consolidated statement of operations, at March 31, 2016. Such amounts were considered immaterial.

Other Assets, Net

Other Assets, Net	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets, Net	4. Other Assets, Net Other assets consist of the following (in thousands): March 31, 2016 December 31, 2015 Intangible assets: In-place leases, net $ 125,084 $ 130,330 Above-market leases, net 43,074 46,214 Tenant relations, net 127,592 134,504 Total intangible assets, net (A) 295,750 311,048 Other assets: Prepaid expenses 38,630 28,923 Other assets 5,537 6,293 Deposits 7,734 7,536 Deferred charges, net 5,768 6,113 Total other assets, net $ 353,419 $ 359,913 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases of $19.5 million and $25.6 million for the three months ended March 31, 2016 and 2015, respectively.

Revolving Credit Facilities

Revolving Credit Facilities	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Revolving Credit Facilities	5. Revolving Credit Facilities The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Value at March 31, 2016 Weighted-Average Interest Rate (A) March 31, 2016 Maturity Date Unsecured Credit Facility $ 350.0 1.4% June 2019 PNC Facility — N/A June 2019 (A) Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at March 31, 2016. 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, two six-month options to extend the maturity to June 2020 upon the Company’s request and an accordion feature for expansion of availability up to $1.25 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. 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 March 31, 2016. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. The Company also maintains a $50 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 terms are 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 March 31, 2016), as defined in the respective facility, or (ii) LIBOR plus a specified spread (1.0% at March 31, 2016). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard & 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 Company was in compliance with these financial covenants at March 31, 2016.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments. Notes Receivable and Advances to Affiliates The fair value is estimated using a discounted cash flow analysis in which the Company uses 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 $444.5 million and $441.5 million at March 31, 2016 and December 31, 2015, respectively, as compared to the carrying amounts of $441.0 million and $437.6 million, respectively. Debt The fair market value of senior 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 are classified as Level 2 and all other outstanding debt is classified as Level 3 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 with carrying values that are different than estimated fair values are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 2,910,307 $ 3,077,726 $ 3,149,188 $ 3,292,723 Revolving Credit Facilities and term loans 947,451 951,777 807,185 811,666 Mortgage Indebtedness 1,173,915 1,228,376 1,183,164 1,235,139 $ 5,031,673 $ 5,257,879 $ 5,139,537 $ 5,339,528

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	7 . Equity 2016 Value Sharing Equity Program On February 9, 2016, the Company adopted the 2016 Value Sharing Equity Program (the “ 2016 VSEP RSUs Performance Period The 2016 VSEP is designed to allow DDR to reward participants for contributing to its achieving financial performance and allow such participants to share in “Value Created” (as defined below), based upon increases in DDR’s adjusted market capitalization over its initial market capitalization using a starting share price of $17.41 per share (the “ Starting Share Price Pursuant to the award terms, on five specified measurement dates (the first date occurring on February 23, 2017, with subsequent measurement dates occurring through December 31, 2018), DDR will measure the “Value Created” during the period between the start of the 2016 VSEP and the applicable measurement date. Value Created is measured for each period for the performance awards as the increase in DDR’s market capitalization on the applicable measurement date ( i.e. Each participant has been assigned a “percentage share” of the Value Created for the performance awards, and the aggregate percentage share for all participants for the performance awards is (1) 1.4909% if the ending share price for the applicable measurement period is $19.58 or lower, and (2) 1.6089% if the ending share price for the applicable measurement period is above $19.58. In addition, each participant’s aggregate total share of Value Created for the performance awards is capped at an individual maximum dollar limit. After the first measurement date, each participant may earn “performance award shares” (settled as discussed below) with an aggregate value equal to two-sixths of the participant’s percentage share of the Value Created for this award. After each of the next three measurement dates, each participant may earn performance award shares with an aggregate value equal to three-sixths, then four-sixths and then five-sixths, respectively, of the participant’s percentage share of the Value Created for this award. After the final measurement date (or, if earlier, upon a change in control, as defined in the 2016 VSEP), each participant may earn performance award shares with an aggregate value equal to the participant’s full percentage share of the Value Created. In addition, for each measurement date, the number of performance award shares earned by a participant will be reduced by the number of performance award shares previously earned by the participant for prior measurement periods. Unless otherwise determined by DDR, the DDR common shares earned under the performance awards will generally be subject to additional service-based restrictions that are expected to vest in 20% annual increments beginning on the date of grant and on each of the first four anniversaries of the date of grant. After becoming vested, RSUs will be paid in the form of one common share for each such vested RSU. The fair value of the 2016 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions: Range Risk-free interest rate 0.8% Weighted-average dividend yield 5.0% Expected life 3 years Expected volatility 17% – As of March 31, 2016, total unrecognized compensation related to the market metric component associated with the awards granted under the 2016 VSEP was approximately $5 million and is expected to be recognized over a weighted-average 6.75-year term, which includes the performance-based and time-based vesting periods.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Other Comprehensive Income (Loss)	8 . Other Comprehensive Income (Loss) The changes in Accumulated Other Comprehensive Income (Loss) (“OCI”) by component are as follows (in thousands): Gains on Cash Flow Hedges Foreign Currency Items Total Balance, December 31, 2015 $ (6,109 ) $ (174 ) $ (6,283 ) Other comprehensive income before reclassifications 46 580 626 Change in cash flow hedges reclassed to earnings (A) 172 — 172 Net current-period other comprehensive income 218 580 798 Balance, March 31, 2016 $ (5,891 ) $ 406 $ (5,485 ) (A) Includes amortization of $0.2 million classified in Interest Expense in the Company’s consolidated statement of operations for the three months ended March 31, 2016, which was previously recognized in Accumulated OCI.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“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 Months Ended March 31, 2016 2015 Numerators – Basic and Diluted Income (loss) from continuing operations $ 33,492 $ (268,008 ) Plus: Gain on disposition of real estate 12,381 25,094 Plus: Income attributable to non-controlling interests (300 ) (873 ) Less: Preferred dividends (5,594 ) (5,594 ) Less: Earnings attributable to unvested shares and operating partnership units (210 ) (437 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 39,769 $ (249,818 ) Denominators – Number of Shares Basic — 364,691 359,818 Effect of dilutive securities: Stock options 351 — Diluted — 365,042 359,818 Earnings Per Share: Basic $ 0.11 $ (0.69 ) Diluted $ 0.11 $ (0.69 ) The following potentially dilutive securities were considered in the calculation of EPS: Potentially Dilutive Securities · At March 31, 2016 and 2015, the Company had 398,701 and 1,441,890 operating partnership units outstanding, respectively. The exchange into common shares associated with operating partnership units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive. · Shares subject to issuance under the 2016 VSEP (Note 7) were not considered in the computation of diluted EPS for the three months ended March 31, 2016, as the calculation was anti-dilutive. The 2016 VSEP was not in effect for the three months ended March 31, 2015. Common Shares Common share dividends declared were $0.19 and $0.1725 per share for the three-months ended March 31, 2016 and 2015, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	10 . Segment Information The tables below present information about the Company’s reportable operating segments (in thousands): Three Months Ended March 31, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 254,417 $ 6 $ 254,423 Rental operation expenses (73,003 ) (39 ) (73,042 ) Net operating income (loss) 181,414 (33 ) 181,381 Depreciation and amortization (96,902 ) (96,902 ) Interest income 9,050 9,050 Other income (expense), net $ 1,773 1,773 Unallocated expenses (A) (76,231 ) (76,231 ) Equity in net income of joint ventures 14,421 14,421 Income from continuing operations $ 33,492 As of March 31, 2016: Total gross real estate assets $ 9,973,081 $ 9,973,081 Notes receivable, net (B) $ 440,526 $ (397,934 ) $ 42,592 Three Months Ended March 31, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 258,770 $ 55 $ 258,825 Rental operation expenses (76,336 ) (19 ) (76,355 ) Net operating income 182,434 36 182,470 Impairment charges (279,021 ) (279,021 ) Depreciation and amortization (103,015 ) (103,015 ) Interest income 7,161 7,161 Other income (expense), net $ (3,428 ) (3,428 ) Unallocated expenses (A) (86,515 ) (86,515 ) Equity in net income of joint ventures 61 61 Gain on change in control of interests, net 14,279 14,279 Loss from continuing operations $ (268,008 ) As of March 31, 2015: Total gross real estate assets $ 10,047,415 $ 10,047,415 Notes receivable, net (B) $ 354,205 $ (307,021 ) $ 47,184 (A) Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the Company’s consolidated statements of operations. (B) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets.

Nature of Business and Financ18

Nature of Business and Financial Statement Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business	Nature of Business DDR Corp. and its related consolidated 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 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	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 months ended March 31, 2016 and 2015, 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, 2015 .
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 (loss). The Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis Statements 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): Three Months Ended March 31, 2016 2015 Accounts payable related to construction in progress $ 26.6 $ 27.3 Dividends declared 75.0 67.9 Mortgages assumed from acquisitions — 33.7 Elimination of a previously held equity interest — 1.4 Fee and Other Income Fee and other income was composed of the following (in millions): Three Months Ended March 31, 2016 2015 Management and other fee income $ 8.2 $ 8.1 Ancillary and other property income 4.1 4.2 Lease termination fees 1.2 0.2 Other — 0.2 Total fee and other income $ 13.5 $ 12.7
New Accounting Standards To Be Adopted	New Accounting Standards To Be Adopted Accounting for Leases In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic-842). Leases Business Combinations In September 2015, the FASB issued guidance pertaining to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for public companies for fiscal years beginning after December 15, 2016, with early adoption permitted. Application of the guidance is prospective. The Company has neither determined when it will adopt this guidance, nor what impact the adoption may have on its consolidated financial statement Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Derivatives and Hedging In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force) Transition to Equity Method Accounting In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.

Nature of Business and Financ19

Nature of Business and Financial Statement Presentation (Tables)	3 Months Ended
	Mar. 31, 2016
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): Three Months Ended March 31, 2016 2015 Accounts payable related to construction in progress $ 26.6 $ 27.3 Dividends declared 75.0 67.9 Mortgages assumed from acquisitions — 33.7 Elimination of a previously held equity interest — 1.4
Schedule of Fee and Other Income from Continuing Operations	Fee and other income was composed of the following (in millions): Three Months Ended March 31, 2016 2015 Management and other fee income $ 8.2 $ 8.1 Ancillary and other property income 4.1 4.2 Lease termination fees 1.2 0.2 Other — 0.2 Total fee and other income $ 13.5 $ 12.7

Investments in and Advances t20

Investments in and Advances to Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Service Fees and Income Earned by Company	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 Months Ended March 31, 2016 2015 Management and other fees $ 6.2 $ 6.3 Development fees and leasing commissions 1.9 1.6 Interest income 8.3 6.3
Unconsolidated Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments	Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): March 31, 2016 December 31, 2015 Condensed Combined Balance Sheets Land $ 1,306,704 $ 1,343,889 Buildings 3,446,655 3,551,227 Fixtures and tenant improvements 184,497 191,581 4,937,856 5,086,697 Less: Accumulated depreciation (807,415 ) (817,235 ) 4,130,441 4,269,462 Land held for development and construction in progress 54,846 52,390 Real estate, net 4,185,287 4,321,852 Cash and restricted cash 69,576 58,916 Receivables, net 45,077 52,768 Other assets 304,255 318,546 $ 4,604,195 $ 4,752,082 Mortgage debt $ 3,119,992 $ 3,177,603 Notes and accrued interest payable to the Company 2,577 1,556 Other liabilities 212,237 219,799 3,334,806 3,398,958 Redeemable preferred equity 398,410 395,156 Accumulated equity 870,979 957,968 $ 4,604,195 $ 4,752,082 Company's share of accumulated equity $ 108,531 $ 115,871 Redeemable preferred equity 398,410 395,156 Basis differentials (40,209 ) (42,402 ) Deferred development fees, net of portion related to the Company's interest (2,477 ) (2,449 ) Amounts payable to the Company 2,577 1,556 Investments in and Advances to Joint Ventures $ 466,832 $ 467,732
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments	Three Months Ended March 31, 2016 2015 Condensed Combined Statements of Operations Revenues from operations $ 127,910 $ 137,600 Expenses from operations: Operating expenses 37,656 38,966 Impairment charges — 448 Depreciation and amortization 49,035 56,737 Interest expense 33,322 40,903 Preferred share expense 8,264 6,314 Other expense (income), net 5,811 6,069 134,088 149,437 (6,178 ) (11,837 ) Gain (loss) on disposition of real estate, net 53,483 (213 ) Net income (loss) attributable to unconsolidated joint ventures $ 47,305 $ (12,050 ) Company's share of equity in net income (loss) of joint ventures $ 11,274 $ (247 ) Basis differential adjustments (A) 3,147 308 Equity in net income of joint ventures $ 14,421 $ 61 ( A ) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable 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.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Acquisition Cost of Power Center	The fair value of the acquisition was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) Land $ 11,859 N/A Buildings 41,433 (A) Tenant improvements 1,184 (A) In-place leases (including lease origination costs and fair market value of leases) 6,125 4.5 Tenant relations 2,607 8.1 63,208 Less: Below-market leases (2,968 ) 16.7 Less: Other liabilities assumed (354 ) N/A Net assets acquired $ 59,886 ( A ) Depreciated in accordance with the Company’s policy.

Other Assets, Net (Tables)

Other Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Components of Other Assets	Other assets consist of the following (in thousands): March 31, 2016 December 31, 2015 Intangible assets: In-place leases, net $ 125,084 $ 130,330 Above-market leases, net 43,074 46,214 Tenant relations, net 127,592 134,504 Total intangible assets, net (A) 295,750 311,048 Other assets: Prepaid expenses 38,630 28,923 Other assets 5,537 6,293 Deposits 7,734 7,536 Deferred charges, net 5,768 6,113 Total other assets, net $ 353,419 $ 359,913 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases of $19.5 million and $25.6 million for the three months ended March 31, 2016 and 2015, respectively.

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Information Regarding Company's Revolving Credit Facilities	The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Value at March 31, 2016 Weighted-Average Interest Rate (A) March 31, 2016 Maturity Date Unsecured Credit Facility $ 350.0 1.4% June 2019 PNC Facility — N/A June 2019 (A) Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at March 31, 2016.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Debt Instruments with Carrying Values Different than Estimated Fair Values	Debt instruments with carrying values that are different than estimated fair values are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 2,910,307 $ 3,077,726 $ 3,149,188 $ 3,292,723 Revolving Credit Facilities and term loans 947,451 951,777 807,185 811,666 Mortgage Indebtedness 1,173,915 1,228,376 1,183,164 1,235,139 $ 5,031,673 $ 5,257,879 $ 5,139,537 $ 5,339,528

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
2016 VSEP [Member]
Summary of Fair Value of Value Sharing Equity Program Grants	The fair value of the 2016 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions Range Risk-free interest rate 0.8% Weighted-average dividend yield 5.0% Expected life 3 years Expected volatility 17% –

Other Comprehensive Income (L26

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component	The changes in Accumulated Other Comprehensive Income (Loss) (“OCI”) by component are as follows (in thousands): Gains on Cash Flow Hedges Foreign Currency Items Total Balance, December 31, 2015 $ (6,109 ) $ (174 ) $ (6,283 ) Other comprehensive income before reclassifications 46 580 626 Change in cash flow hedges reclassed to earnings (A) 172 — 172 Net current-period other comprehensive income 218 580 798 Balance, March 31, 2016 $ (5,891 ) $ 406 $ (5,485 ) (A) Includes amortization of $0.2 million classified in Interest Expense in the Company’s consolidated statement of operations for the three months ended March 31, 2016, which was previously recognized in Accumulated OCI.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income (Loss) from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS	The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“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 Months Ended March 31, 2016 2015 Numerators – Basic and Diluted Income (loss) from continuing operations $ 33,492 $ (268,008 ) Plus: Gain on disposition of real estate 12,381 25,094 Plus: Income attributable to non-controlling interests (300 ) (873 ) Less: Preferred dividends (5,594 ) (5,594 ) Less: Earnings attributable to unvested shares and operating partnership units (210 ) (437 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 39,769 $ (249,818 ) Denominators – Number of Shares Basic — 364,691 359,818 Effect of dilutive securities: Stock options 351 — Diluted — 365,042 359,818 Earnings Per Share: Basic $ 0.11 $ (0.69 ) Diluted $ 0.11 $ (0.69 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Company's Reportable Segments	The tables below present information about the Company’s reportable operating segments (in thousands): Three Months Ended March 31, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 254,417 $ 6 $ 254,423 Rental operation expenses (73,003 ) (39 ) (73,042 ) Net operating income (loss) 181,414 (33 ) 181,381 Depreciation and amortization (96,902 ) (96,902 ) Interest income 9,050 9,050 Other income (expense), net $ 1,773 1,773 Unallocated expenses (A) (76,231 ) (76,231 ) Equity in net income of joint ventures 14,421 14,421 Income from continuing operations $ 33,492 As of March 31, 2016: Total gross real estate assets $ 9,973,081 $ 9,973,081 Notes receivable, net (B) $ 440,526 $ (397,934 ) $ 42,592 Three Months Ended March 31, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 258,770 $ 55 $ 258,825 Rental operation expenses (76,336 ) (19 ) (76,355 ) Net operating income 182,434 36 182,470 Impairment charges (279,021 ) (279,021 ) Depreciation and amortization (103,015 ) (103,015 ) Interest income 7,161 7,161 Other income (expense), net $ (3,428 ) (3,428 ) Unallocated expenses (A) (86,515 ) (86,515 ) Equity in net income of joint ventures 61 61 Gain on change in control of interests, net 14,279 14,279 Loss from continuing operations $ (268,008 ) As of March 31, 2015: Total gross real estate assets $ 10,047,415 $ 10,047,415 Notes receivable, net (B) $ 354,205 $ (307,021 ) $ 47,184 (A) Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the Company’s consolidated statements of operations. (B) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the Company’s consolidated balance sheets.

Nature of Business and Financ29

Nature of Business and Financial Statement Presentation - Additional Information (Detail) - Accounting Standards Update (“ASU”) No. 2015-02 $ in Millions	Mar. 31, 2016USD ($)Entity	Dec. 31, 2015USD ($)Entity
Nature Of Business And Financial Statement Presentation [Line Items]
Number of entities considered VIE | Entity	3	3
Maximum exposure to losses associated with VIEs | $	$ 415	$ 412.4
Number of entities with debt guarantee | Entity	1
Affiliate debt guarantee | $	$ 4.7

Nature of Business and Financ30

Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accounts payable related to construction in progress	$ 26,600	$ 27,300
Dividends declared	75,042	67,900	$ 68,604
Mortgages assumed from acquisitions	0	33,700
Elimination of a previously held equity interest	$ 0	$ 1,400

Nature of Business and Financ31

Nature of Business and Financial Statement Presentation - Schedule of Fee and Other Income from Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Management and other fee income	$ 8,200	$ 8,100
Ancillary and other property income	4,100	4,200
Lease termination fees	1,200	200
Other	0	200
Total fee and other income	$ 13,521	$ 12,663

Investments in and Advances t32

Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)ShoppingCenterAsset	Mar. 31, 2015USD ($)	Dec. 31, 2015ShoppingCenter
Schedule Of Equity Method Investments [Line Items]
Gain on sale of joint venture assets	$ 12,381	$ 25,094
Shopping Center [Member] | Parent Company [Member]
Schedule Of Equity Method Investments [Line Items]
Gain on sale of joint venture assets	$ 13,500
Unconsolidated Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Number of properties | ShoppingCenter	157		168
Unconsolidated Joint Ventures [Member] | Shopping Center [Member]
Schedule Of Equity Method Investments [Line Items]
Number of properties sold | Asset	11
Proceeds from sale of joint venture assets	$ 170,500
Gain on sale of joint venture assets	$ 53,400

Investments in and Advances t33

Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Condensed Combined Balance Sheets
Land	$ 2,145,471	$ 2,184,145
Buildings	6,908,815	6,965,632
Fixtures and tenant improvements	744,059	743,037
Total real estate rental property	9,798,345	9,892,814
Less: Accumulated depreciation	(2,060,005)	(2,062,899)
Real estate rental property, net	7,738,340	7,829,915
Land held for development and construction in progress	174,736	235,385
Total real estate assets, net	7,913,076	8,065,300
Other assets	353,419	359,913
Total assets	8,935,627	9,097,088
Mortgage debt	1,173,915	1,183,164
Total liabilities	5,496,706	5,633,619
Total liabilities and equity	8,935,627	9,097,088
Company's share of accumulated equity	108,531	115,871
Redeemable preferred equity	398,410	395,156
Basis differentials	(40,209)	(42,402)
Deferred development fees, net of portion related to the Company's interest	(2,477)	(2,449)
Amounts payable to the Company	2,577	1,556
Investments in and Advances to Joint Ventures	466,832	467,732
Unconsolidated Joint Ventures [Member]
Condensed Combined Balance Sheets
Land	1,306,704	1,343,889
Buildings	3,446,655	3,551,227
Fixtures and tenant improvements	184,497	191,581
Total real estate rental property	4,937,856	5,086,697
Less: Accumulated depreciation	(807,415)	(817,235)
Real estate rental property, net	4,130,441	4,269,462
Land held for development and construction in progress	54,846	52,390
Total real estate assets, net	4,185,287	4,321,852
Cash and restricted cash	69,576	58,916
Receivables, net	45,077	52,768
Other assets	304,255	318,546
Total assets	4,604,195	4,752,082
Mortgage debt	3,119,992	3,177,603
Notes and accrued interest payable to the Company	2,577	1,556
Other liabilities	212,237	219,799
Total liabilities	3,334,806	3,398,958
Redeemable preferred equity	398,410	395,156
Accumulated equity	870,979	957,968
Total liabilities and equity	$ 4,604,195	$ 4,752,082

Investments in and Advances t34

Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Expenses from operations:
Operating expenses	$ 187,820	$ 476,986
Impairment charges	0	279,021
Depreciation and amortization	96,902	103,015
Interest expense	57,897	63,020
Other expense (income), net	(1,773)	3,428
Income (loss) from continuing operations	33,492	(268,008)
Gain (loss) on disposition of real estate, net	12,381	25,094
Company's share of equity in net income (loss) of joint ventures	11,274	(247)
Basis differential adjustments	3,147	308
Equity in net income of joint ventures	14,421	61
Unconsolidated Joint Ventures [Member]
Condensed Combined Statements of Operations
Revenues from operations	127,910	137,600
Expenses from operations:
Operating expenses	37,656	38,966
Impairment charges	0	448
Depreciation and amortization	49,035	56,737
Interest expense	33,322	40,903
Preferred share expense	8,264	6,314
Other expense (income), net	5,811	6,069
Total expenses	134,088	149,437
Income (loss) from continuing operations	(6,178)	(11,837)
Gain (loss) on disposition of real estate, net	53,483	(213)
Net income (loss) attributable to unconsolidated joint ventures	$ 47,305	$ (12,050)

Investments in and Advances t35

Investments in and Advances to Joint Ventures - Service Fees and Income Earned by Company's Unconsolidated Joint Ventures (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments And Joint Ventures [Abstract]
Management and other fees	$ 6.2	$ 6.3
Development fees and leasing commissions	1.9	1.6
Interest income	$ 8.3	$ 6.3

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - Power Center Acquired [Member] $ in Millions	1 Months Ended
	Feb. 29, 2016USD ($)PowerCenter
Business Acquisition [Line Items]
Business acquisitions value	$ 60.5
Number of business acquired | PowerCenter	1
Consideration paid in cash	$ 59.9

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition Cost of Power Center (Detail) - Shopping Center Acquired [Member] $ in Thousands	1 Months Ended
	Feb. 29, 2016USD ($)
Business Acquisition [Line Items]
Land	$ 11,859
Buildings	41,433
Tenant improvements	1,184
Assets acquired	63,208
Less: Below-market leases	(2,968)
Less: Other liabilities assumed	(354)
Net assets acquired	59,886
In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 6,125
Weighted Average Amortization Period	4 years 6 months
Tenant Relations [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 2,607
Weighted Average Amortization Period	8 years 1 month 6 days
Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	16 years 8 months 12 days

Other Assets, Net - Components

Other Assets, Net - Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Intangible assets:
Total intangible assets, net	$ 295,750	$ 311,048
Other assets:
Prepaid expenses	38,630	28,923
Other assets	5,537	6,293
Deposits	7,734	7,536
Deferred charges, net	5,768	6,113
Total other assets, net	353,419	359,913
In-place leases, net [Member]
Intangible assets:
Total intangible assets, net	125,084	130,330
Above-market leases, net [Member]
Intangible assets:
Total intangible assets, net	43,074	46,214
Tenant Relations, Net [Member]
Intangible assets:
Total intangible assets, net	$ 127,592	$ 134,504

Other Assets, Net - Component39

Other Assets, Net - Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Assets [Abstract]
Amortization expense	$ 19.5	$ 25.6

Revolving Credit Facilities - I

Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying Value	$ 350,000	$ 210,000
Revolving Credit Facility [Member] | Unsecured Debt [Member] | JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Carrying Value	$ 350,000
Weighted-Average Interest Rate	1.40%
Lines of Credit Maturity Date	2019-06
Revolving Credit Facility [Member] | Unsecured Debt [Member] | PNC Bank National Association [Member]
Debt Instrument [Line Items]
Carrying Value	$ 0
Lines of Credit Maturity Date	2019-06

Revolving Credit Facilities - A

Revolving Credit Facilities - Additional Information (Detail) - Unsecured Debt [Member] - Revolving Credit Facility [Member]	3 Months Ended
	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Covenant compliance	The Company was in compliance with these financial covenants at March 31, 2016.
Prime rate [Member]
Debt Instrument [Line Items]
Specified spread line of credit facility	0.15%
LIBOR [Member]
Debt Instrument [Line Items]
Specified spread line of credit facility	1.00%
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
Line of credit facility competitive bid option on periodic interest rates	up to 50% of the facility
Facility fee	0.20%
Revolving credit facility maturity extension option	two six-month options to extend the maturity to June 2020 upon the Company’s request
PNC Bank National Association [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 50,000,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Carrying amount of notes	$ 441	$ 437.6
Level 3 [Member]
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Approximate fair value of notes	$ 444.5	$ 441.5

Fair Value Measurements - Debt

Fair Value Measurements - Debt Instruments with Carrying Values Different than Estimated Fair Values (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 2,910,307	$ 3,149,188
Revolving Credit Facilities and term loans	947,451	807,185
Mortgage indebtedness	1,173,915	1,183,164
Total indebtedness	5,031,673	5,139,537
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	3,077,726	3,292,723
Revolving Credit Facilities and term loans	951,777	811,666
Mortgage indebtedness	1,228,376	1,235,139
Total indebtedness	$ 5,257,879	$ 5,339,528

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Feb. 09, 2016	Mar. 31, 2016
Class Of Stock [Line Items]
Expected vesting percentage		20.00%
Performance Awards [Member]
Class Of Stock [Line Items]
Share price for vesting	$ 19.58
Performance Awards [Member] | Minimum [Member]
Class Of Stock [Line Items]
Aggregate percentage of performance awards	1.4909%
Performance Awards [Member] | Maximum [Member]
Class Of Stock [Line Items]
Share price for vesting	$ 19.58
Aggregate percentage of performance awards	1.6089%
2016 VSEP [Member]
Class Of Stock [Line Items]
Compensation fully earned and vested description		Awards made under the 2016 VSEP, if earned, may result in the granting of common shares of DDR and time-vested restricted stock units (“RSUs”) to participants on future measurement dates based on a performance period beginning on February 9, 2016, and ending on December 31, 2018 (the “Performance Period”). As a result, in general, the total compensation available to participants under the 2016 VSEP, if any, will be fully earned only after approximately seven years (the Performance Period and the final four-year time-based vesting period for RSUs).
Vesting period	7 years
Settlement percentage of common shares	20.00%
Settlement percentage of restricted stock units	80.00%
Total unrecognized compensation cost granted		$ 5
Term of recognition of unrecognized stock option compensation cost		6 years 9 months
2016 VSEP [Member] | Minimum [Member]
Class Of Stock [Line Items]
Share price for vesting	$ 17.41
2016 VSEP [Member] | Maximum [Member]
Class Of Stock [Line Items]
Share price for vesting	$ 25.35
2016 VSEP [Member] | Time-based Vesting [Member]
Class Of Stock [Line Items]
Vesting period	4 years

Equity - Summary of Fair Value

Equity - Summary of Fair Value of Value Sharing Equity Program Grants (Detail) - 2016 VSEP [Member]	3 Months Ended
	Mar. 31, 2016
Fair Value Inputs Equity Quantitative Information [Line Items]
Risk-free interest rate	0.80%
Weighted-average dividend yield	5.00%
Expected life	3 years
Minimum [Member]
Fair Value Inputs Equity Quantitative Information [Line Items]
Expected volatility	17.00%
Maximum [Member]
Fair Value Inputs Equity Quantitative Information [Line Items]
Expected volatility	19.00%

Other Comprehensive Income (L46

Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ (6,283)
Other comprehensive income before reclassifications	626
Change in cash flow hedges reclassed to earnings	172	$ 675
Net current-period other comprehensive income	798
Ending Balance	(5,485)
Gains on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(6,109)
Other comprehensive income before reclassifications	46
Change in cash flow hedges reclassed to earnings	172
Net current-period other comprehensive income	218
Ending Balance	(5,891)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(174)
Other comprehensive income before reclassifications	580
Change in cash flow hedges reclassed to earnings	0
Net current-period other comprehensive income	580
Ending Balance	$ 406

Other Comprehensive Income (L47

Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income Loss [Line Items]
Change in cash flow hedges reclassed to earnings	$ (172)	$ (675)
Interest Expense [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Change in cash flow hedges reclassed to earnings	$ 200

Earnings Per Share - Computatio

Earnings Per Share - Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income (Loss) from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 33,492	$ (268,008)
Plus: Gain on disposition of real estate	12,381	25,094
Plus: Income attributable to non-controlling interests	(300)	(873)
Less: Preferred dividends	(5,594)	(5,594)
Less: Earnings attributable to unvested shares and operating partnership units	(210)	(437)
Net income (loss) attributable to common shareholders after allocation to participating securities	$ 39,769	$ (249,818)
Denominators – Number of Shares
Basic—Average shares outstanding	364,691	359,818
Effect of dilutive securities:
Stock options	351	0
Diluted—Average shares outstanding	365,042	359,818
Earnings Per Share:
Basic	$ 0.11	$ (0.69)
Diluted	$ 0.11	$ (0.69)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Operating partnership units, outstanding	398,701	1,441,890

Earnings Per Share - Common Sha

Earnings Per Share - Common Share Dividends Declared Per Share (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Common share dividends declared per share	$ 0.19	$ 0.1725

Segment Information - Company's

Segment Information - Company's Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 254,423	$ 258,825
Rental operation expenses	(73,042)	(76,355)
Net operating income (loss)	181,381	182,470
Impairment charges	0	(279,021)
Depreciation and amortization	(96,902)	(103,015)
Interest income	9,050	7,161
Other income (expense), net	1,773	(3,428)
Unallocated expenses	(76,231)	(86,515)
Equity in net income of joint ventures	14,421	61
Gain on change in control of interests, net	0	14,279
Income (loss) from continuing operations	33,492	(268,008)
Total gross real estate assets	9,973,081	10,047,415
Notes receivable, net	42,592	47,184	$ 42,534
Operating Segments [Member] | Shopping Center [Member]
Segment Reporting Information [Line Items]
Total revenues	254,417	258,770
Rental operation expenses	(73,003)	(76,336)
Net operating income (loss)	181,414	182,434
Impairment charges		(279,021)
Depreciation and amortization	(96,902)	(103,015)
Equity in net income of joint ventures	14,421	61
Gain on change in control of interests, net		14,279
Total gross real estate assets	9,973,081	10,047,415
Operating Segments [Member] | Loan Investments [Member]
Segment Reporting Information [Line Items]
Total revenues	6	55
Rental operation expenses	(39)	(19)
Net operating income (loss)	(33)	36
Interest income	9,050	7,161
Notes receivable, net	440,526	354,205
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Other income (expense), net	1,773	(3,428)
Unallocated expenses	(76,231)	(86,515)
Notes receivable, net	$ (397,934)	$ (307,021)