Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 365,847,291 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Land | $ 2,137,889 | $ 2,184,145 |
Buildings | 6,893,792 | 6,965,632 |
Fixtures and tenant improvements | 756,617 | 743,037 |
Total real estate rental property | 9,788,298 | 9,892,814 |
Less: Accumulated depreciation | (2,115,084) | (2,062,899) |
Real estate rental property, net | 7,673,214 | 7,829,915 |
Construction in progress and land | 161,663 | 235,385 |
Total real estate assets, net | 7,834,877 | 8,065,300 |
Investments in and advances to joint ventures | 465,389 | 467,732 |
Cash and cash equivalents | 17,981 | 22,416 |
Restricted cash | 9,173 | 10,104 |
Accounts receivable, net | 124,878 | 129,089 |
Notes receivable, net | 47,294 | 42,534 |
Other assets, net | 321,994 | 359,913 |
Total assets | 8,821,586 | 9,097,088 |
Unsecured indebtedness: | ||
Senior notes | 2,911,277 | 3,149,188 |
Unsecured term loan | 398,167 | 397,934 |
Revolving credit facilities | 265,000 | 210,000 |
Total unsecured indebtedness | 3,574,444 | 3,757,122 |
Secured indebtedness: | ||
Secured term loan | 199,544 | 199,251 |
Mortgage indebtedness | 1,164,819 | 1,183,164 |
Total secured indebtedness | 1,364,363 | 1,382,415 |
Total indebtedness | 4,938,807 | 5,139,537 |
Accounts payable and other liabilities | 398,909 | 425,478 |
Dividends payable | 75,078 | 68,604 |
Total liabilities | 5,412,794 | 5,633,619 |
Commitments and contingencies | ||
DDR Equity | ||
Common shares, with par value, $0.10 stated value; 600,000,000 shares authorized; 365,510,617 and 365,292,314 shares issued at June 30, 2016 and December 31, 2015, respectively | 36,551 | 36,529 |
Additional paid-in capital | 5,473,632 | 5,466,511 |
Accumulated distributions in excess of net income | (2,455,319) | (2,391,793) |
Deferred compensation obligation | 15,425 | 15,537 |
Accumulated other comprehensive loss | (5,157) | (6,283) |
Less: Common shares in treasury at cost: 924,876 and 945,268 shares at June 30, 2016 and December 31, 2015, respectively | (14,919) | (15,316) |
Total DDR shareholders' equity | 3,400,213 | 3,455,185 |
Non-controlling interests | 8,579 | 8,284 |
Total equity | 3,408,792 | 3,463,469 |
Total liabilities and equity | 8,821,586 | 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 365,510,617 | 365,292,314 |
Treasury at cost | 924,876 | 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues from operations: | ||||
Minimum rents | $ 178,064 | $ 179,363 | $ 355,431 | $ 360,060 |
Percentage and overage rents | 1,654 | 1,372 | 3,590 | 2,757 |
Recoveries from tenants | 61,376 | 62,021 | 122,975 | 126,101 |
Fee and other income | 16,227 | 14,567 | 29,748 | 27,230 |
Total revenue from operations | 257,321 | 257,323 | 511,744 | 516,148 |
Rental operation expenses: | ||||
Operating and maintenance | 34,588 | 36,029 | 71,096 | 74,755 |
Real estate taxes | 37,276 | 37,797 | 73,810 | 75,426 |
Impairment charges | 0 | 279,021 | ||
General and administrative | 18,499 | 19,271 | 36,375 | 37,866 |
Depreciation and amortization | 97,698 | 99,300 | 194,600 | 202,315 |
Total rental operation expenses | 188,061 | 192,397 | 375,881 | 669,383 |
Other income (expense): | ||||
Interest income | 9,446 | 7,211 | 18,496 | 14,372 |
Interest expense | (54,012) | (61,287) | (111,909) | (124,307) |
Other income (expense), net | 2,081 | 2,368 | 3,854 | (1,060) |
Total other income (expense) | (42,485) | (51,708) | (89,559) | (110,995) |
Income (loss) before earnings from equity method investments and other items | 26,775 | 13,218 | 46,304 | (264,230) |
Equity in net income of joint ventures | 1,117 | 1,642 | 15,538 | 1,703 |
Gain (loss) on sale and change in control of interests, net | 0 | (6,507) | 0 | 7,772 |
Income (loss) before tax expense | 27,892 | 8,353 | 61,842 | (254,755) |
Tax expense of taxable REIT subsidiaries and state franchise and income taxes | (245) | (573) | (703) | (5,473) |
Income (loss) from continuing operations | 27,647 | 7,780 | 61,139 | (260,228) |
Gain on disposition of real estate, net | 13,721 | 11,267 | 26,102 | 36,361 |
Net income (loss) | 41,368 | 19,047 | 87,241 | (223,867) |
Income attributable to non-controlling interests, net | (310) | (449) | (610) | (1,322) |
Net income (loss) attributable to DDR | 41,058 | 18,598 | 86,631 | (225,189) |
Preferred dividends | (5,594) | (5,594) | (11,188) | (11,188) |
Net income (loss) attributable to common shareholders | $ 35,464 | $ 13,004 | $ 75,443 | $ (236,377) |
Per share data: | ||||
Basic | $ 0.10 | $ 0.03 | $ 0.21 | $ (0.66) |
Diluted | $ 0.10 | $ 0.03 | $ 0.21 | $ (0.66) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 41,368 | $ 19,047 | $ 87,241 | $ (223,867) |
Other comprehensive income (loss): | ||||
Foreign currency translation | (168) | 85 | 674 | (219) |
Change in fair value of interest-rate contracts | 330 | 417 | 376 | 320 |
Change in cash flow hedges reclassed to earnings | 172 | 154 | 344 | 829 |
Total other comprehensive income | 334 | 656 | 1,394 | 930 |
Comprehensive income (loss) | 41,702 | 19,703 | 88,635 | (222,937) |
Comprehensive (income) loss attributable to non-controlling interests: | ||||
Allocation of net income | (310) | (449) | (610) | (1,322) |
Foreign currency translation | (6) | (104) | (268) | 285 |
Total comprehensive income attributable to non-controlling interests | (316) | (553) | (878) | (1,037) |
Total comprehensive income (loss) attributable to DDR | $ 41,386 | $ 19,150 | $ 87,757 | $ (223,974) |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional 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 | 4,053 | 0 | 22 | 2,908 | 0 | 0 | 0 | 1,123 | 0 |
Issuance of restricted stock | 0 | 0 | 0 | (706) | 0 | 714 | 0 | (8) | 0 |
Vesting of restricted stock | 1,888 | 0 | 0 | 3,432 | 0 | (826) | 0 | (718) | 0 |
Stock-based compensation | 1,487 | 0 | 0 | 1,487 | 0 | 0 | 0 | 0 | 0 |
Distributions to non-controlling interests | (583) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (583) |
Dividends declared-common shares | (138,969) | 0 | 0 | 0 | (138,969) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (11,188) | 0 | 0 | 0 | (11,188) | 0 | 0 | 0 | 0 |
Comprehensive income | 88,635 | 0 | 0 | 0 | 86,631 | 0 | 1,126 | 0 | 878 |
Balance at Jun. 30, 2016 | $ 3,408,792 | $ 350,000 | $ 36,551 | $ 5,473,632 | $ (2,455,319) | $ 15,425 | $ (5,157) | $ (14,919) | $ 8,579 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 87,241 | $ (223,867) |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||
Depreciation and amortization | 194,600 | 202,315 |
Stock-based compensation | 4,051 | 4,893 |
Amortization and write-off of deferred finance charges and fair market value of debt adjustments | 1,151 | (5,529) |
Accretion of convertible debt discount | 0 | 5,919 |
Equity in net income of joint ventures | (15,538) | (1,703) |
Net gain on sale and change in control of interests | 0 | (7,772) |
Operating cash distributions from joint ventures | 3,779 | 4,021 |
Gain on disposition of real estate | (26,102) | (36,361) |
Impairment charges | 0 | 279,021 |
Change in notes receivable accrued interest | (5,502) | (4,175) |
Change in restricted cash | 1,901 | 1,591 |
Net change in accounts receivable | 2,619 | 1,327 |
Net change in accounts payable and accrued expenses | (4,357) | 11,763 |
Net change in other operating assets and liabilities | (11,127) | (22,570) |
Total adjustments | 145,475 | 432,740 |
Net cash flow provided by operating activities | 232,716 | 208,873 |
Cash flow from investing activities: | ||
Real estate acquired, net of liabilities and cash assumed | (59,886) | (105,846) |
Real estate developed and improvements to operating real estate | (91,116) | (132,595) |
Proceeds from disposition of real estate | 243,220 | 158,122 |
Distributions from unconsolidated joint ventures | 20,510 | 6,940 |
Equity contributions to joint ventures | (1,406) | (134) |
Issuance of notes receivable | (4,611) | 0 |
Repayment of notes receivable | 305 | 9,275 |
Change in restricted cash | (905) | 582 |
Net cash flow provided by (used for) investing activities | 106,111 | (63,656) |
Cash flow from financing activities: | ||
Proceeds from revolving credit facilities, net | 55,000 | 213,513 |
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses | 0 | 491,972 |
Repayment of senior notes | (240,000) | (152,996) |
Proceeds from unsecured term loan | 0 | 300,000 |
Repayment of term loans and mortgage debt | (15,750) | (857,396) |
Payment of debt issuance costs | (41) | (4,540) |
Issuance of common shares in conjunction with equity award plans and dividend reinvestment plan | 1,785 | 3,321 |
Distributions to non-controlling interests and redeemable operating partnership units | (575) | (5,591) |
Dividends paid | (143,684) | (129,333) |
Net cash flow used for financing activities | (343,265) | (141,050) |
Cash and cash equivalents: | ||
(Decrease) increase in cash and cash equivalents | (4,438) | 4,167 |
Effect of exchange rate changes on cash and cash equivalents | 3 | 164 |
Cash and cash equivalents, beginning of year | 22,416 | 20,937 |
Cash and cash equivalents, end of period | $ 17,981 | $ 25,268 |
Nature of Business and Financia
Nature of Business and Financial Statement Presentation | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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): Six Months Ended June 30, 2016 2015 Accounts payable related to construction in progress $ 20.8 $ 46.3 Dividends declared 75.1 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 Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Management and other fee income $ 11.4 $ 8.4 $ 19.6 $ 16.5 Ancillary and other property income 4.5 4.7 8.6 8.8 Lease termination fees 0.3 1.4 1.5 1.6 Other — 0.1 — 0.3 Total fee and other income $ 16.2 $ 14.6 $ 29.7 $ 27.2 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 Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 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. 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 | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Joint Ventures | 2. Investments in and Advances to Joint Ventures At June 30, 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): June 30, 2016 December 31, 2015 Condensed Combined Balance Sheets Land $ 1,306,704 $ 1,343,889 Buildings 3,449,494 3,551,227 Fixtures and tenant improvements 192,647 191,581 4,948,845 5,086,697 Less: Accumulated depreciation (840,227 ) (817,235 ) 4,108,618 4,269,462 Land held for development and construction in progress 58,654 52,390 Real estate, net 4,167,272 4,321,852 Cash and restricted cash 69,815 58,916 Receivables, net 48,568 52,768 Other assets 286,501 318,546 $ 4,572,156 $ 4,752,082 Mortgage debt $ 3,118,908 $ 3,177,603 Notes and accrued interest payable to the Company 2,555 1,556 Other liabilities 223,109 219,799 3,344,572 3,398,958 Redeemable preferred equity – 400,203 395,156 Accumulated equity 827,381 957,968 $ 4,572,156 $ 4,752,082 Company's share of accumulated equity $ 104,500 $ 115,871 Redeemable preferred equity 400,203 395,156 Basis differentials (39,325 ) (42,402 ) Deferred development fees, net of portion related to the Company's interest (2,531 ) (2,449 ) Amounts payable to the Company 2,542 1,556 Investments in and Advances to Joint Ventures $ 465,389 $ 467,732 Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Condensed Combined Statements of Operations Revenues from operations $ 128,890 $ 133,066 $ 256,800 $ 270,666 Expenses from operations: Operating expenses 36,973 36,090 74,629 75,056 Impairment charges — — — 448 Depreciation and amortization 49,021 51,482 98,056 108,219 Interest expense 33,319 33,593 66,641 74,496 Preferred share expense 8,305 6,415 16,569 12,729 Other expense (income), net 6,319 6,126 12,130 12,195 133,937 133,706 268,025 283,143 (5,047 ) (640 ) (11,225 ) (12,477 ) Gain (loss) on disposition of real estate, net 114 (1,358 ) 53,597 (1,571 ) Net (loss) income attributable to unconsolidated joint ventures $ (4,933 ) $ (1,998 ) $ 42,372 $ (14,048 ) Company's share of equity in net income of joint ventures $ 817 $ 1,317 $ 12,091 $ 1,070 Basis differential adjustments (A) 300 325 3,447 633 Equity in net income of joint ventures $ 1,117 $ 1,642 $ 15,538 $ 1,703 ( 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, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Management and other fees $ 9.6 $ 6.5 $ 15.8 $ 12.8 Development fees and leasing commissions 1.8 1.6 3.7 3.2 Interest income 8.3 6.4 16.6 12.7 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 sale 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016. Such amounts were considered immaterial. Included in the Company’s consolidated statements of operations are $2.2 million and $2.1 million in total revenues from the date of acquisition through June 30, 2016 and 2015, respectively, for the acquired properties. |
Other Assets, Net
Other Assets, Net | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Other Assets, Net | 4. Other Assets, Net Other assets consist of the following (in thousands): June 30, 2016 December 31, 2015 Intangible assets: In-place leases, net $ 112,334 $ 130,330 Above-market leases, net 40,126 46,214 Tenant relations, net 119,022 134,504 Total intangible assets, net (A) 271,482 311,048 Other assets: Prepaid expenses 32,421 28,923 Other assets 5,766 6,293 Deposits 6,903 7,536 Deferred charges, net 5,422 6,113 Total other assets, net $ 321,994 $ 359,913 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases, of $21.3 million and $23.0 million for the three months ended June 30, 2016 and 2015, respectively, and $40.8 million and $48.6 million for the six months ended June 30, 2016 and 2015, respectively. |
Revolving Credit Facilities
Revolving Credit Facilities | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Weighted-Average Interest Rate (A) June 30, 2016 Maturity Date Unsecured Credit Facility $ 265.0 1.5% 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 June 30, 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 June 30, 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 June 30, 2016), as defined in the respective facility, or (ii) LIBOR plus a specified spread (1.0% at June 30, 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 June 30, 2016. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 or assumptions 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 $450.7 million and $441.5 million at June 30, 2016 and December 31, 2015, respectively, as compared to the carrying amounts of $447.5 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): June 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 2,911,277 $ 3,147,137 $ 3,149,188 $ 3,292,723 Revolving Credit Facilities and term loans 862,711 866,867 807,185 811,666 Mortgage Indebtedness 1,164,819 1,222,427 1,183,164 1,235,139 $ 4,938,807 $ 5,236,431 $ 5,139,537 $ 5,339,528 |
Share-Based Compensation Plan
Share-Based Compensation Plan | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Share-Based Compensation Plan | 7 . Share-Based Compensation Plan 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 June 30, 2016, total unrecognized compensation related to the market metric component associated with the awards granted under the 2016 VSEP was approximately $4.8 million and is expected to be recognized over a weighted-average 6.5-year term, which includes the performance-based and time-based vesting periods. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 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 376 406 782 Change in cash flow hedges reclassed to earnings (A) 344 — 344 Net current-period other comprehensive income 720 406 1,126 Balance, June 30, 2016 $ (5,389 ) $ 232 $ (5,157 ) (A) Includes 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 consolidated statement of operations for the six months ended June 30, 2016, which was previously recognized in Accumulated OCI. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Numerators – Basic and Diluted Income (loss) from continuing operations $ 27,647 $ 7,780 $ 61,139 $ (260,228 ) Plus: Gain on disposition of real estate 13,721 11,267 26,102 36,361 Plus: Income attributable to non-controlling interests (310 ) (449 ) (610 ) (1,322 ) Less: Preferred dividends (5,594 ) (5,594 ) (11,188 ) (11,188 ) Less: Earnings attributable to unvested shares and operating partnership units (204 ) (420 ) (414 ) (868 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 35,260 $ 12,584 $ 75,029 $ (237,245 ) Denominators – Number of Shares Basic — 364,976 360,073 364,834 359,914 Effect of dilutive securities: Stock options 342 443 346 — Senior convertible notes — 3,631 — — Diluted — 365,318 364,147 365,180 359,914 Earnings Per Share: Basic $ 0.10 $ 0.03 $ 0.21 $ (0.66 ) Diluted $ 0.10 $ 0.03 $ 0.21 $ (0.66 ) The following potentially dilutive securities were considered in the calculation of EPS: Potentially Dilutive Securities · At June 30, 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 and six months ended June 30, 2016, as the calculation was anti-dilutive. The 2016 VSEP was not in effect for the three and six months ended June 30, 2015. Common Shares Common share dividends declared per share were as follows: Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Common share dividends declared per share $ 0.19 $ 0.1725 $ 0.38 $ 0.345 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 257,310 $ 11 $ 257,321 Rental operation expenses (71,747 ) (117 ) (71,864 ) Net operating income (loss) 185,563 (106 ) 185,457 Depreciation and amortization (97,698 ) (97,698 ) Interest income 9,446 9,446 Other income (expense), net $ 2,081 2,081 Unallocated expenses (A) (72,756 ) (72,756 ) Equity in net income of joint ventures 1,117 1,117 Income from continuing operations $ 27,647 Three Months Ended June 30, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 257,283 $ 40 $ 257,323 Rental operation expenses (73,809 ) (17 ) (73,826 ) Net operating income 183,474 23 183,497 Depreciation and amortization (99,300 ) (99,300 ) Interest income 7,211 7,211 Other income (expense), net $ 2,368 2,368 Unallocated expenses (A) (81,131 ) (81,131 ) Equity in net income of joint ventures 1,642 1,642 Loss on sale and change in control of interests, net (6,507 ) (6,507 ) Income from continuing operations $ 7,780 Six Months Ended June 30, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 511,727 $ 17 $ 511,744 Rental operation expenses (144,750 ) (156 ) (144,906 ) Net operating income (loss) 366,977 (139 ) 366,838 Depreciation and amortization (194,600 ) (194,600 ) Interest income 18,496 18,496 Other income (expense), net $ 3,854 3,854 Unallocated expenses (A) (148,987 ) (148,987 ) Equity in net income of joint ventures 15,538 15,538 Income from continuing operations $ 61,139 As of June 30, 2016: Total gross real estate assets $ 9,949,961 $ 9,949,961 Notes receivable, net (B) $ 447,074 $ (399,780 ) $ 47,294 Six Months Ended June 30, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 516,053 $ 95 $ 516,148 Rental operation expenses (150,145 ) (36 ) (150,181 ) Net operating income 365,908 59 365,967 Impairment charges (279,021 ) (279,021 ) Depreciation and amortization (202,315 ) (202,315 ) Interest income 14,372 14,372 Other income (expense), net $ (1,060 ) (1,060 ) Unallocated expenses (A) (167,646 ) (167,646 ) Equity in net income of joint ventures 1,703 1,703 Gain on sale and change in control of interests, net 7,772 7,772 Loss from continuing operations $ (260,228 ) As of June 30, 2015: Total gross real estate assets $ 10,180,374 $ 10,180,374 Notes receivable, net (B) $ 355,911 $ (308,607 ) $ 47,304 (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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11 . Subsequent Events On July 11, 2016, the Company announced that Thomas F. August, a member of the Company’s Board of Directors since May 2016, was named President and Chief Executive Officer of the Company, effective immediately. Additionally, the Executive Vice President and Chief Accounting Officer, Christa A. Vesy, was also named Interim Chief Financial Officer, effective immediately. |
Nature of Business and Financ19
Nature of Business and Financial Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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): Six Months Ended June 30, 2016 2015 Accounts payable related to construction in progress $ 20.8 $ 46.3 Dividends declared 75.1 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 Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Management and other fee income $ 11.4 $ 8.4 $ 19.6 $ 16.5 Ancillary and other property income 4.5 4.7 8.6 8.8 Lease termination fees 0.3 1.4 1.5 1.6 Other — 0.1 — 0.3 Total fee and other income $ 16.2 $ 14.6 $ 29.7 $ 27.2 |
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 Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 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. 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 Financ20
Nature of Business and Financial Statement Presentation (Tables) | 6 Months Ended |
Jun. 30, 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): Six Months Ended June 30, 2016 2015 Accounts payable related to construction in progress $ 20.8 $ 46.3 Dividends declared 75.1 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 Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Management and other fee income $ 11.4 $ 8.4 $ 19.6 $ 16.5 Ancillary and other property income 4.5 4.7 8.6 8.8 Lease termination fees 0.3 1.4 1.5 1.6 Other — 0.1 — 0.3 Total fee and other income $ 16.2 $ 14.6 $ 29.7 $ 27.2 |
Investments in and Advances t21
Investments in and Advances to Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 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, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Management and other fees $ 9.6 $ 6.5 $ 15.8 $ 12.8 Development fees and leasing commissions 1.8 1.6 3.7 3.2 Interest income 8.3 6.4 16.6 12.7 |
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): June 30, 2016 December 31, 2015 Condensed Combined Balance Sheets Land $ 1,306,704 $ 1,343,889 Buildings 3,449,494 3,551,227 Fixtures and tenant improvements 192,647 191,581 4,948,845 5,086,697 Less: Accumulated depreciation (840,227 ) (817,235 ) 4,108,618 4,269,462 Land held for development and construction in progress 58,654 52,390 Real estate, net 4,167,272 4,321,852 Cash and restricted cash 69,815 58,916 Receivables, net 48,568 52,768 Other assets 286,501 318,546 $ 4,572,156 $ 4,752,082 Mortgage debt $ 3,118,908 $ 3,177,603 Notes and accrued interest payable to the Company 2,555 1,556 Other liabilities 223,109 219,799 3,344,572 3,398,958 Redeemable preferred equity – 400,203 395,156 Accumulated equity 827,381 957,968 $ 4,572,156 $ 4,752,082 Company's share of accumulated equity $ 104,500 $ 115,871 Redeemable preferred equity 400,203 395,156 Basis differentials (39,325 ) (42,402 ) Deferred development fees, net of portion related to the Company's interest (2,531 ) (2,449 ) Amounts payable to the Company 2,542 1,556 Investments in and Advances to Joint Ventures $ 465,389 $ 467,732 |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Condensed Combined Statements of Operations Revenues from operations $ 128,890 $ 133,066 $ 256,800 $ 270,666 Expenses from operations: Operating expenses 36,973 36,090 74,629 75,056 Impairment charges — — — 448 Depreciation and amortization 49,021 51,482 98,056 108,219 Interest expense 33,319 33,593 66,641 74,496 Preferred share expense 8,305 6,415 16,569 12,729 Other expense (income), net 6,319 6,126 12,130 12,195 133,937 133,706 268,025 283,143 (5,047 ) (640 ) (11,225 ) (12,477 ) Gain (loss) on disposition of real estate, net 114 (1,358 ) 53,597 (1,571 ) Net (loss) income attributable to unconsolidated joint ventures $ (4,933 ) $ (1,998 ) $ 42,372 $ (14,048 ) Company's share of equity in net income of joint ventures $ 817 $ 1,317 $ 12,091 $ 1,070 Basis differential adjustments (A) 300 325 3,447 633 Equity in net income of joint ventures $ 1,117 $ 1,642 $ 15,538 $ 1,703 ( 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Components of Other Assets | Other assets consist of the following (in thousands): June 30, 2016 December 31, 2015 Intangible assets: In-place leases, net $ 112,334 $ 130,330 Above-market leases, net 40,126 46,214 Tenant relations, net 119,022 134,504 Total intangible assets, net (A) 271,482 311,048 Other assets: Prepaid expenses 32,421 28,923 Other assets 5,766 6,293 Deposits 6,903 7,536 Deferred charges, net 5,422 6,113 Total other assets, net $ 321,994 $ 359,913 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases, of $21.3 million and $23.0 million for the three months ended June 30, 2016 and 2015, respectively, and $40.8 million and $48.6 million for the six months ended June 30, 2016 and 2015, respectively. |
Revolving Credit Facilities (Ta
Revolving Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Weighted-Average Interest Rate (A) June 30, 2016 Maturity Date Unsecured Credit Facility $ 265.0 1.5% 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 June 30, 2016. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 2,911,277 $ 3,147,137 $ 3,149,188 $ 3,292,723 Revolving Credit Facilities and term loans 862,711 866,867 807,185 811,666 Mortgage Indebtedness 1,164,819 1,222,427 1,183,164 1,235,139 $ 4,938,807 $ 5,236,431 $ 5,139,537 $ 5,339,528 |
Share-Based Compensation Plan (
Share-Based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 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 (L27
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 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 376 406 782 Change in cash flow hedges reclassed to earnings (A) 344 — 344 Net current-period other comprehensive income 720 406 1,126 Balance, June 30, 2016 $ (5,389 ) $ 232 $ (5,157 ) (A) Includes 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 consolidated statement of operations for the six months ended June 30, 2016, which was previously recognized in Accumulated OCI. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Numerators – Basic and Diluted Income (loss) from continuing operations $ 27,647 $ 7,780 $ 61,139 $ (260,228 ) Plus: Gain on disposition of real estate 13,721 11,267 26,102 36,361 Plus: Income attributable to non-controlling interests (310 ) (449 ) (610 ) (1,322 ) Less: Preferred dividends (5,594 ) (5,594 ) (11,188 ) (11,188 ) Less: Earnings attributable to unvested shares and operating partnership units (204 ) (420 ) (414 ) (868 ) Net income (loss) attributable to common shareholders after allocation to participating securities $ 35,260 $ 12,584 $ 75,029 $ (237,245 ) Denominators – Number of Shares Basic — 364,976 360,073 364,834 359,914 Effect of dilutive securities: Stock options 342 443 346 — Senior convertible notes — 3,631 — — Diluted — 365,318 364,147 365,180 359,914 Earnings Per Share: Basic $ 0.10 $ 0.03 $ 0.21 $ (0.66 ) Diluted $ 0.10 $ 0.03 $ 0.21 $ (0.66 ) |
Common Shares | |
Common Share Dividends Declared Per Share | Common share dividends declared per share were as follows: Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Common share dividends declared per share $ 0.19 $ 0.1725 $ 0.38 $ 0.345 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Information about Company's Reportable Operating Segments | The tables below present information about the Company’s reportable operating segments (in thousands): Three Months Ended June 30, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 257,310 $ 11 $ 257,321 Rental operation expenses (71,747 ) (117 ) (71,864 ) Net operating income (loss) 185,563 (106 ) 185,457 Depreciation and amortization (97,698 ) (97,698 ) Interest income 9,446 9,446 Other income (expense), net $ 2,081 2,081 Unallocated expenses (A) (72,756 ) (72,756 ) Equity in net income of joint ventures 1,117 1,117 Income from continuing operations $ 27,647 Three Months Ended June 30, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 257,283 $ 40 $ 257,323 Rental operation expenses (73,809 ) (17 ) (73,826 ) Net operating income 183,474 23 183,497 Depreciation and amortization (99,300 ) (99,300 ) Interest income 7,211 7,211 Other income (expense), net $ 2,368 2,368 Unallocated expenses (A) (81,131 ) (81,131 ) Equity in net income of joint ventures 1,642 1,642 Loss on sale and change in control of interests, net (6,507 ) (6,507 ) Income from continuing operations $ 7,780 Six Months Ended June 30, 2016 Shopping Centers Loan Investments Other Total Total revenues $ 511,727 $ 17 $ 511,744 Rental operation expenses (144,750 ) (156 ) (144,906 ) Net operating income (loss) 366,977 (139 ) 366,838 Depreciation and amortization (194,600 ) (194,600 ) Interest income 18,496 18,496 Other income (expense), net $ 3,854 3,854 Unallocated expenses (A) (148,987 ) (148,987 ) Equity in net income of joint ventures 15,538 15,538 Income from continuing operations $ 61,139 As of June 30, 2016: Total gross real estate assets $ 9,949,961 $ 9,949,961 Notes receivable, net (B) $ 447,074 $ (399,780 ) $ 47,294 Six Months Ended June 30, 2015 Shopping Centers Loan Investments Other Total Total revenues $ 516,053 $ 95 $ 516,148 Rental operation expenses (150,145 ) (36 ) (150,181 ) Net operating income 365,908 59 365,967 Impairment charges (279,021 ) (279,021 ) Depreciation and amortization (202,315 ) (202,315 ) Interest income 14,372 14,372 Other income (expense), net $ (1,060 ) (1,060 ) Unallocated expenses (A) (167,646 ) (167,646 ) Equity in net income of joint ventures 1,703 1,703 Gain on sale and change in control of interests, net 7,772 7,772 Loss from continuing operations $ (260,228 ) As of June 30, 2015: Total gross real estate assets $ 10,180,374 $ 10,180,374 Notes receivable, net (B) $ 355,911 $ (308,607 ) $ 47,304 (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 Financ30
Nature of Business and Financial Statement Presentation - Additional Information (Detail) - Accounting Standards Update (“ASU”) No. 2015-02 $ in Millions | Jun. 30, 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 | $ | $ 416.6 | $ 412.4 |
Number of entities with debt guarantee | Entity | 1 | |
Affiliate debt guarantee | $ | $ 4.6 |
Nature of Business and Financ31
Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Accounts payable related to construction in progress | $ 20,800 | $ 46,300 | |
Dividends declared | 75,078 | 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 Financ32
Nature of Business and Financial Statement Presentation - Schedule of Fee and Other Income from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Management and other fee income | $ 11,400 | $ 8,400 | $ 19,600 | $ 16,500 |
Ancillary and other property income | 4,500 | 4,700 | 8,600 | 8,800 |
Lease termination fees | 300 | 1,400 | 1,500 | 1,600 |
Other | 0 | 100 | 0 | 300 |
Total fee and other income | $ 16,227 | $ 14,567 | $ 29,748 | $ 27,230 |
Investments in and Advances t33
Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016USD ($)Asset | Jun. 30, 2016USD ($)ShoppingCenter | Jun. 30, 2015USD ($) | Dec. 31, 2015ShoppingCenter | |
Schedule Of Equity Method Investments [Line Items] | ||||
Gain on sale of joint venture assets | $ 26,102 | $ 36,361 | ||
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 t34
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Combined Balance Sheets | ||
Land | $ 2,137,889 | $ 2,184,145 |
Buildings | 6,893,792 | 6,965,632 |
Fixtures and tenant improvements | 756,617 | 743,037 |
Total real estate rental property | 9,788,298 | 9,892,814 |
Less: Accumulated depreciation | (2,115,084) | (2,062,899) |
Real estate rental property, net | 7,673,214 | 7,829,915 |
Land held for development and construction in progress | 161,663 | 235,385 |
Total real estate assets, net | 7,834,877 | 8,065,300 |
Other assets | 321,994 | 359,913 |
Total assets | 8,821,586 | 9,097,088 |
Mortgage debt | 1,164,819 | 1,183,164 |
Total liabilities | 5,412,794 | 5,633,619 |
Total liabilities and equity | 8,821,586 | 9,097,088 |
Company's share of accumulated equity | 104,500 | 115,871 |
Redeemable preferred equity | 400,203 | 395,156 |
Basis differentials | (39,325) | (42,402) |
Deferred development fees, net of portion related to the Company's interest | (2,531) | (2,449) |
Amounts payable to the Company | 2,542 | 1,556 |
Investments in and Advances to Joint Ventures | 465,389 | 467,732 |
Unconsolidated Joint Ventures [Member] | ||
Condensed Combined Balance Sheets | ||
Land | 1,306,704 | 1,343,889 |
Buildings | 3,449,494 | 3,551,227 |
Fixtures and tenant improvements | 192,647 | 191,581 |
Total real estate rental property | 4,948,845 | 5,086,697 |
Less: Accumulated depreciation | (840,227) | (817,235) |
Real estate rental property, net | 4,108,618 | 4,269,462 |
Land held for development and construction in progress | 58,654 | 52,390 |
Total real estate assets, net | 4,167,272 | 4,321,852 |
Cash and restricted cash | 69,815 | 58,916 |
Receivables, net | 48,568 | 52,768 |
Other assets | 286,501 | 318,546 |
Total assets | 4,572,156 | 4,752,082 |
Mortgage debt | 3,118,908 | 3,177,603 |
Notes and accrued interest payable to the Company | 2,555 | 1,556 |
Other liabilities | 223,109 | 219,799 |
Total liabilities | 3,344,572 | 3,398,958 |
Redeemable preferred equity – DDR | 400,203 | 395,156 |
Accumulated equity | 827,381 | 957,968 |
Total liabilities and equity | $ 4,572,156 | $ 4,752,082 |
Investments in and Advances t35
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Expenses from operations: | ||||
Operating expenses | $ 188,061 | $ 192,397 | $ 375,881 | $ 669,383 |
Impairment charges | 0 | 279,021 | ||
Depreciation and amortization | 97,698 | 99,300 | 194,600 | 202,315 |
Interest expense | 54,012 | 61,287 | 111,909 | 124,307 |
Other expense (income), net | (2,081) | (2,368) | (3,854) | 1,060 |
Income (loss) from continuing operations | 27,647 | 7,780 | 61,139 | (260,228) |
Gain (loss) on disposition of real estate, net | 13,721 | 11,267 | 26,102 | 36,361 |
Company's share of equity in net income of joint ventures | 817 | 1,317 | 12,091 | 1,070 |
Basis differential adjustments | 300 | 325 | 3,447 | 633 |
Equity in net income of joint ventures | 1,117 | 1,642 | 15,538 | 1,703 |
Unconsolidated Joint Ventures [Member] | ||||
Condensed Combined Statements of Operations | ||||
Revenues from operations | 128,890 | 133,066 | 256,800 | 270,666 |
Expenses from operations: | ||||
Operating expenses | 36,973 | 36,090 | 74,629 | 75,056 |
Impairment charges | 0 | 0 | 0 | 448 |
Depreciation and amortization | 49,021 | 51,482 | 98,056 | 108,219 |
Interest expense | 33,319 | 33,593 | 66,641 | 74,496 |
Preferred share expense | 8,305 | 6,415 | 16,569 | 12,729 |
Other expense (income), net | 6,319 | 6,126 | 12,130 | 12,195 |
Total expenses | 133,937 | 133,706 | 268,025 | 283,143 |
Income (loss) from continuing operations | (5,047) | (640) | (11,225) | (12,477) |
Gain (loss) on disposition of real estate, net | 114 | (1,358) | 53,597 | (1,571) |
Net (loss) income attributable to unconsolidated joint ventures | $ (4,933) | $ (1,998) | $ 42,372 | $ (14,048) |
Investments in and Advances t36
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Management and other fees | $ 9.6 | $ 6.5 | $ 15.8 | $ 12.8 |
Development fees and leasing commissions | 1.8 | 1.6 | 3.7 | 3.2 |
Interest income | $ 8.3 | $ 6.4 | $ 16.6 | $ 12.7 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | |
Feb. 29, 2016USD ($)PowerCenter | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Business Acquisition [Line Items] | |||
Revenues from the date of acquisition | $ 2.2 | $ 2.1 | |
Power Center Acquired [Member] | |||
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 | Jun. 30, 2016 | Dec. 31, 2015 |
Intangible assets: | ||
Total intangible assets, net | $ 271,482 | $ 311,048 |
Other assets: | ||
Prepaid expenses | 32,421 | 28,923 |
Other assets | 5,766 | 6,293 |
Deposits | 6,903 | 7,536 |
Deferred charges, net | 5,422 | 6,113 |
Total other assets, net | 321,994 | 359,913 |
In-place leases, net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 112,334 | 130,330 |
Above-market leases, net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 40,126 | 46,214 |
Tenant Relations, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | $ 119,022 | $ 134,504 |
Other Assets, Net - Component40
Other Assets, Net - Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Assets [Abstract] | ||||
Amortization expense | $ 21.3 | $ 23 | $ 40.8 | $ 48.6 |
Revolving Credit Facilities - I
Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Carrying Value | $ 265,000 | $ 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 | $ 265,000 | |
Weighted-Average Interest Rate | 1.50% | |
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] | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance | The Company was in compliance with these financial covenants at June 30, 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Carrying amount of notes | $ 447.5 | $ 437.6 |
Level 3 [Member] | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Approximate fair value of notes | $ 450.7 | $ 441.5 |
Fair Value Measurements - Debt
Fair Value Measurements - Debt Instruments with Carrying Values Different than Estimated Fair Values (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | $ 2,911,277 | $ 3,149,188 |
Revolving Credit Facilities and term loans | 862,711 | 807,185 |
Mortgage indebtedness | 1,164,819 | 1,183,164 |
Total indebtedness | 4,938,807 | 5,139,537 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes | 3,147,137 | 3,292,723 |
Revolving Credit Facilities and term loans | 866,867 | 811,666 |
Mortgage indebtedness | 1,222,427 | 1,235,139 |
Total indebtedness | $ 5,236,431 | $ 5,339,528 |
Share-Based Compensation Plan -
Share-Based Compensation Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2016 | Jun. 30, 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 | $ 4.8 | |
Term of recognition of unrecognized stock option compensation cost | 6 years 6 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 |
Share-Based Compensation Plan46
Share-Based Compensation Plan - Summary of Fair Value of Value Sharing Equity Program Grants (Detail) - 2016 VSEP [Member] | 6 Months Ended |
Jun. 30, 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 |
Expected volatility, minimum | 17.00% |
Expected volatility, maximum | 19.00% |
Other Comprehensive Income (L47
Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ 3,455,185 | |||
Other comprehensive income before reclassifications | 782 | |||
Change in cash flow hedges reclassed to earnings | $ 172 | $ 154 | 344 | $ 829 |
Net current-period other comprehensive income | 1,126 | |||
Ending Balance | 3,400,213 | 3,400,213 | ||
Gains on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (6,109) | |||
Other comprehensive income before reclassifications | 376 | |||
Change in cash flow hedges reclassed to earnings | 344 | |||
Net current-period other comprehensive income | 720 | |||
Ending Balance | (5,389) | (5,389) | ||
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (174) | |||
Other comprehensive income before reclassifications | 406 | |||
Change in cash flow hedges reclassed to earnings | 0 | |||
Net current-period other comprehensive income | 406 | |||
Ending Balance | 232 | 232 | ||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (6,283) | |||
Ending Balance | $ (5,157) | $ (5,157) |
Other Comprehensive Income (L48
Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Change in cash flow hedges reclassed to earnings | $ (172) | $ (154) | $ (344) | $ (829) |
Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Change in cash flow hedges reclassed to earnings | 400 | |||
Equity in Net Income of Joint Ventures [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Change in cash flow hedges reclassed to earnings | $ 100 |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ 27,647 | $ 7,780 | $ 61,139 | $ (260,228) |
Plus: Gain on disposition of real estate | 13,721 | 11,267 | 26,102 | 36,361 |
Plus: Income attributable to non-controlling interests | (310) | (449) | (610) | (1,322) |
Less: Preferred dividends | (5,594) | (5,594) | (11,188) | (11,188) |
Less: Earnings attributable to unvested shares and operating partnership units | (204) | (420) | (414) | (868) |
Net income (loss) attributable to common shareholders after allocation to participating securities | $ 35,260 | $ 12,584 | $ 75,029 | $ (237,245) |
Denominators – Number of Shares | ||||
Basic—Average shares outstanding | 364,976 | 360,073 | 364,834 | 359,914 |
Effect of dilutive securities: | ||||
Stock options | 342 | 443 | 346 | 0 |
Senior convertible notes | 0 | 3,631 | 0 | 0 |
Diluted—Average shares outstanding | 365,318 | 364,147 | 365,180 | 359,914 |
Earnings Per Share: | ||||
Basic | $ 0.10 | $ 0.03 | $ 0.21 | $ (0.66) |
Diluted | $ 0.10 | $ 0.03 | $ 0.21 | $ (0.66) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Jun. 30, 2016 | Jun. 30, 2015 |
Earnings Per Share [Abstract] | ||
Other 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Common share dividends declared per share | $ 0.19 | $ 0.1725 | $ 0.38 | $ 0.345 |
Segment Information - Summary o
Segment Information - Summary of Information about Company's Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 257,321 | $ 257,323 | $ 511,744 | $ 516,148 | |
Rental operation expenses | (71,864) | (73,826) | (144,906) | (150,181) | |
Net operating income (loss) | 185,457 | 183,497 | 366,838 | 365,967 | |
Impairment charges | 0 | (279,021) | |||
Depreciation and amortization | (97,698) | (99,300) | (194,600) | (202,315) | |
Interest income | 9,446 | 7,211 | 18,496 | 14,372 | |
Other income (expense), net | 2,081 | 2,368 | 3,854 | (1,060) | |
Unallocated expenses | (72,756) | (81,131) | (148,987) | (167,646) | |
Equity in net income of joint ventures | 1,117 | 1,642 | 15,538 | 1,703 | |
Gain (Loss) on sale and change in control of interests, net | 0 | (6,507) | 0 | 7,772 | |
Income (loss) from continuing operations | 27,647 | 7,780 | 61,139 | (260,228) | |
Total gross real estate assets | 9,949,961 | 10,180,374 | 9,949,961 | 10,180,374 | |
Notes receivable, net | 47,294 | 47,304 | 47,294 | 47,304 | $ 42,534 |
Operating Segments [Member] | Shopping Center [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 257,310 | 257,283 | 511,727 | 516,053 | |
Rental operation expenses | (71,747) | (73,809) | (144,750) | (150,145) | |
Net operating income (loss) | 185,563 | 183,474 | 366,977 | 365,908 | |
Impairment charges | (279,021) | ||||
Depreciation and amortization | (97,698) | (99,300) | (194,600) | (202,315) | |
Equity in net income of joint ventures | 1,117 | 1,642 | 15,538 | 1,703 | |
Gain (Loss) on sale and change in control of interests, net | (6,507) | 7,772 | |||
Total gross real estate assets | 9,949,961 | 10,180,374 | 9,949,961 | 10,180,374 | |
Operating Segments [Member] | Loan Investments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 11 | 40 | 17 | 95 | |
Rental operation expenses | (117) | (17) | (156) | (36) | |
Net operating income (loss) | (106) | 23 | (139) | 59 | |
Interest income | 9,446 | 7,211 | 18,496 | 14,372 | |
Notes receivable, net | 447,074 | 355,911 | 447,074 | 355,911 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other income (expense), net | 2,081 | 2,368 | 3,854 | (1,060) | |
Unallocated expenses | (72,756) | (81,131) | (148,987) | (167,646) | |
Notes receivable, net | $ (399,780) | $ (308,607) | $ (399,780) | $ (308,607) |