(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 | ||
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio | 34-1723097 | |
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(State or Other Jurisdiction
of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
Name of Each Exchange on
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Title of Each Class | Which Registered | |
Common Shares, Par Value $0.10 Per Share
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New York Stock Exchange | |
Depositary Shares, each representing 1/10 of a share of 8%
Class G Cumulative Redeemable Preferred Shares without Par Value |
New York Stock Exchange | |
Depositary Shares, each representing 1/20 of a share of 7.375%
Class H Cumulative Redeemable Preferred Shares without Par Value |
New York Stock Exchange | |
Depositary Shares, each representing 1/20 of a share of 7.5%
Class I Cumulative Redeemable Preferred Shares without Par Value |
New York Stock Exchange |
Large accelerated filer
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Accelerated filer o |
Non-accelerated filer
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(Do not check if a smaller reporting company) |
Smaller reporting company o |
Report
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Item No. | Page | |||||||
PART I
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1.
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Business
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3 | ||||||
1A.
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Risk Factors
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6 | ||||||
1B.
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Unresolved Staff Comments
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16 | ||||||
2.
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Properties
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16 | ||||||
3.
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Legal Proceedings
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53 | ||||||
4.
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[Removed and Reserved]
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54 | ||||||
PART II | ||||||||
5.
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Market for Registrants Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities
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55 | ||||||
6.
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Selected Financial Data
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57 | ||||||
7.
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Managements Discussion and Analysis of Financial Condition
and Results of Operations
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60 | ||||||
7A.
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Quantitative and Qualitative Disclosures about Market Risk
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109 | ||||||
8.
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Financial Statements and Supplementary Data
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111 | ||||||
9.
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Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
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111 | ||||||
9A.
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Controls and Procedures
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111 | ||||||
9B.
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Other Information
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111 | ||||||
PART III | ||||||||
10.
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Directors, Executive Officers and Corporate Governance
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112 | ||||||
11.
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Executive Compensation
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112 | ||||||
12.
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Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters
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113 | ||||||
13.
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Certain Relationships and Related Transactions, and Director
Independence
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113 | ||||||
14.
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Principal Accountant Fees and Services
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113 | ||||||
PART IV | ||||||||
15.
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Exhibits and Financial Statement Schedules
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114 |
2
51
Item 1.
BUSINESS
Property Acquisitions
Property Dispositions
Unconsolidated
Unconsolidated
Year
Consolidated
Joint Ventures
Consolidated
Joint Ventures
1
2
56
37
4
34
12
11
22
249
68
67
7
5
15
6
9
3
Shopping Center
Office Property
Portfolio
Portfolio
December 31,
December 31,
2010
2009
2010
2009
525
618
6
6
88.4
%
86.9
%
80.7
%
71.4
%
$
13.36
$
12.75
$
11.05
$
12.35
Wholly-Owned
Joint Venture
Shopping Centers
Shopping Centers
December 31,
December 31,
2010
2009
2010
2009
286
310
236
274
n/a
n/a
3
34
88.6
%
89.6
%
88.2
%
83.9
%
$
12.23
$
11.79
$
14.74
$
13.83
4
Increase cash flows and property values through strategic
leasing, re-tenanting, renovation and expansion of the
Companys portfolio to be the preeminent landlord to the
worlds most successful retailers;
Address capital requirements through asset sales, including
sales to joint ventures, retained capital, maintain dividend
payments at the amount required to meet minimum REIT
requirements, pursue extension of existing loan agreements and
enter into new financings, and, to the extent deemed
appropriate, minimize further capital expenditures;
Access equity capital through the public markets and other
viable alternatives;
Reduce total consolidated debt and pursue de-leveraging goals,
including extending the duration of the Companys debt;
Reduce expected spending within the Companys development
and redevelopment portfolios by phasing construction until
sufficient pre-leasing is reached and financing is in place;
Selectively pursue new investment opportunities only after
significant equity and debt financings are identified and
underwritten expected returns sufficiently exceed the
Companys current cost of capital;
Continue leasing strategy of enhancing tenant relationships at a
high level through its national account program and increasing
occupancy with high-quality tenants;
Renew tenants extension options and execute leases in a
timely manner;
Dedicate Company resources to monitor tenant bankruptcies,
identify potential space recapture and focus on marketing and
re-tenanting those spaces;
Increase per share cash flows through the strategic disposition
of non-core assets and utilize the proceeds to repay debt and
invest in other higher growth real estate assets and
developments;
Selectively develop or sell the Companys undeveloped
parcels or new sites in areas with attractive demographics;
Hold properties for long-term investment and place a strong
emphasis on regular maintenance, periodic renovation and capital
improvements;
Continue to manage and develop the properties of others to
generate fee income, subject to restrictions imposed by federal
income tax laws and
Explore international markets and selectively invest where the
greatest value creation opportunities exist.
5
Item 1A.
RISK
FACTORS
6
Changes in the national, regional, local and international
economic climate;
Local conditions, such as an oversupply of space or a reduction
in demand for real estate in the area;
The attractiveness of the properties to tenants;
Competition from other available space;
The Companys ability to provide adequate management
services and to maintain its properties;
Increased operating costs, if these costs cannot be passed
through to tenants and
The expense of periodically renovating, repairing and reletting
spaces.
Experience a downturn in their business that significantly
weakens their ability to meet their obligations to the Company;
Delay lease commencements;
Decline to extend or renew leases upon expiration;
Fail to make rental payments when due or
Close stores or declare bankruptcy.
7
% of Annualized Base
Tenant
Rental Revenues
4.1
%
2.2
%
1.9
%
1.8
%
1.6
%
1.5
%
The Companys estimates on expected occupancy and rental
rates may differ from actual conditions;
The Companys estimates of the costs of any redevelopment
or repositioning of acquired properties may prove to be
inaccurate;
The Company may be unable to operate successfully in new markets
where acquired properties are located, due to a lack of market
knowledge or understanding of local economies;
The properties may become subject to environmental liabilities
that the Company was unaware of at the time the Company acquired
the property;
The Company may be unable to successfully integrate new
properties into its existing operations or
The Company may have difficulty obtaining financing on
acceptable terms or paying the operating expenses and debt
service associated with acquired properties prior to sufficient
occupancy.
8
The Company may abandon development opportunities after
expending resources to determine feasibility;
Construction costs of a project may exceed the Companys
original estimates;
Occupancy rates and rents at a newly completed property may not
be sufficient to make the property profitable;
Rental rates per square foot could be less than projected;
Financing may not be available to the Company on favorable terms
for development of a property;
The Company may not complete construction and
lease-up
on
schedule, resulting in increased debt service expense and
construction costs and
The Company may not be able to obtain, or may experience delays
in obtaining, necessary zoning, land use, building, occupancy
and other required governmental permits and authorizations.
9
The Companys credit ratings with major credit rating
agencies;
The prevailing interest rates being paid by, or the market price
for publicly traded debt issued by, other companies similar to
the Company;
The Companys financial condition, liquidity, leverage,
financial performance and prospects and
The overall condition of the financial markets.
10
The Companys cash flow may not satisfy required payments
of principal and interest;
The Company may not be able to refinance existing indebtedness
on its properties as necessary, or the terms of the refinancing
may be less favorable to the Company than the terms of existing
debt;
Required debt payments are not reduced if the economic
performance of any property declines;
Debt service obligations could reduce funds available for
distribution to the Companys shareholders and funds
available for development and acquisitions;
Any default on the Companys indebtedness could result in
acceleration of those obligations and possible loss of property
to foreclosure and
Necessary capital expenditures for purposes such as re-leasing
space cannot be financed on favorable terms.
11
The Company would be taxed as a regular domestic corporation,
which, among other things, means that it would be unable to
deduct distributions to its shareholders in computing its
taxable income and would be subject to U.S. federal income
tax on its taxable income at regular corporate rates;
Any resulting tax liability could be substantial and would
reduce the amount of cash available for distribution to
shareholders and could force the Company to liquidate assets or
take other actions that could have a detrimental effect on its
operating results and
Unless the Company were entitled to relief under applicable
statutory provisions, it would be disqualified from treatment as
a REIT for the four taxable years following the year during
which the Company lost its qualification, and its cash available
for distribution to its shareholders, therefore, would be
reduced for each of the years in which the Company does not
qualify as a REIT.
12
13
14
The extent of institutional investor interest in the Company;
The reputation of REITs generally and the reputation of REITs
with similar portfolios;
The attractiveness of the securities of REITs in comparison to
securities issued by other entities (including securities issued
by other real estate companies);
The Companys financial condition and performance;
15
The markets perception of the Companys growth
potential and future cash dividends;
An increase in market interest rates, which may lead prospective
investors to demand a higher distribution rate in relation to
the price paid for the Companys shares and
General economic and financial market conditions.
Item 1B.
UNRESOLVED
STAFF COMMENTS
Item 2.
PROPERTIES
16
130 of these properties are anchored by a Walmart, Kohls
or Target store;
These properties range in size from 6,800 square feet to
approximately 1,500,000 square feet of total GLA (with 75
properties exceeding 400,000 square feet of total GLA and
220 properties exceeding 200,000 square feet of total GLA);
Approximately 64.8% of the aggregate Company-owned GLA of these
properties is leased to national tenants, including subsidiaries
of national tenants, approximately 14.0% is leased to regional
tenants, and approximately 9.6% is leased to local tenants;
Approximately 88.4% of the aggregate Company-owned GLA of these
properties was occupied as of December 31, 2010. With
respect to the properties owned by the Company, or its
unconsolidated joint ventures, as of December 31 of each of the
last five years beginning with 2006, between 86.9% and 95.2% of
the aggregate Company-owned GLA of these properties was
occupied and
The Company had three wholly-owned shopping centers under
development
and/or
redevelopment.
Average
Percentage of
Annualized
Base
Total Leased
Percentage of
Approximate
Base Rent
Rent Per Square
Square Footage
Total Base
No. of
Lease Area in
Under Expiring
Foot Under
Represented
Rental Revenues
Expiration
Leases
Square Feet
Leases
Expiring
by Expiring
Represented by
Year
Expiring
(Thousands)
(Thousands)
Leases
Leases
Expiring Leases
708
3,698
$
52,303
$
14.15
7.4
%
9.9
%
678
5,251
64,554
12.29
10.5
12.3
606
4,409
56,120
12.73
8.8
10.7
502
4,838
59,362
12.27
9.7
11.3
469
4,999
57,372
11.48
10.0
10.9
244
3,080
39,689
12.89
6.1
7.5
144
2,757
31,567
11.45
5.5
6.0
162
2,169
27,816
12.83
4.3
5.3
116
2,521
29,901
11.86
5.0
5.7
129
1,553
21,170
13.63
3.1
4.0
3,758
35,275
$
439,854
$
12.47
70.4
%
83.7
%
17
Average
Percentage of
Annualized
Base
Total Leased
Percentage of
Approximate
Base Rent
Rent Per Square
Square Footage
Total Base
No. of
Lease Area in
Under Expiring
Foot Under
Represented by
Rental Revenues
Expiration
Leases
Square Feet
Leases
Expiring
Expiring
Represented by
Year
Expiring
(Thousands)
(Thousands)
Leases
Leases
Expiring Leases
1,044
3,315
$
64,764
$
19.54
7.9
%
12.5
%
951
4,243
75,847
17.87
10.1
14.6
846
3,681
61,592
16.73
8.8
11.9
889
4,584
70,552
15.39
10.9
13.6
604
3,430
54,397
15.86
8.2
10.5
204
3,417
37,699
11.03
8.1
7.3
94
1,682
22,355
13.29
4.0
4.3
93
1,544
20,573
13.32
3.7
4.0
94
1,701
23,043
13.54
4.1
4.4
80
1,763
18,708
10.61
4.2
3.6
4,899
29,360
$
449,530
$
15.31
70.0
%
86.5
%
18
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Alabama
Birmingham, AL
Brook Highland Plaza
5291 Highway 280 South
35242
SC
Fee
1994/2003
1994
100%
424,981
$
4,378,602
$
10.36
86.9
%
Dicks Sporting Goods, Lowes, Stein Mart, OfficeMax,
Michaels, HomeGoods, Books-A-Million, Ross Dress For Less, Big
Lots
Birmingham, AL
Eastwood Festival Centre 7001 Crestwood Boulevard
35210
SC
Fee
1989/1999
1995
100%
300,280
$
1,085,122
$
5.34
67.7
%
Dollar Tree, Burlington Coat Factory, The Edge, Food Smart (Not
Owned), Home Depot (Not Owned)
Birmingham, AL
River Ridge
U.S. Highway 280
35242
SC
Fee
(3
)
2001
2007
15%
172,304
$
2,212,052
$
16.82
76.3
%
Staples, Best Buy, Super Target (Not Owned)
Dothan, AL
Dothan
2821 Montgomery Highway
36303
SC
Fee
2004
2007
100%
33,906
$
$
Dothan, AL
Shops on the Circle
3500 Ross Clark Circle
36303
SC
Fee
2000
2007
100%
149,085
$
1,592,375
$
11.71
91.2
%
Old Navy, T.J. Maxx, OfficeMax
Florence, AL
Cox Creek Shopping Center 374-398 Cox Creek Parkway
35360
SC
Fee
(3
)
2001
2007
15%
173,989
$
1,678,807
$
10.24
94.3
%
Best Buy, Dicks Sporting Goods, Burkes Outlet,
Target (Not Owned)
Huntsville, AL
Westside Centre
6275 University Drive
35806
SC
Fee
(3
)
2002
2007
15%
476,146
$
4,774,290
$
11.86
84.6
%
Babies R Us, Marshalls, Bed Bath & Beyond,
Michaels, Dicks Sporting Goods, Stein Mart, Ross Dress For
Less, Big Lots, Super Target (Not Owned)
Opelika, AL
Pepperell Corners I
2300-2600 Pepperell Parkway
36801
SC
Fee
1995
2003
100%
234,817
$
479,893
$
7.08
28.9
%
Scottsboro, AL
Scottsboro Marketplace 24833 John P. Reid Parkway
35766
SC
Fee
1999
2003
100%
40,560
$
356,040
$
8.78
100
%
Burkes Outlet, Walmart Supercenter (Not Owned)
Tuscaloosa, AL
McFarland Plaza
2600 McFarland Boulevard East
35404
SC
Fee
(3
)
1999
2007
15%
229,296
$
1,036,079
$
7.05
64.1
%
Stein Mart, OfficeMax, Toys R Us
Arizona
Ahwatukee, AZ
Ahwatukee Foothills Towne Center 4711 East Ray Road
85044
SC
Fee
(3
)
1996/1997/
1999
1998
50%
647,623
$
9,793,857
$
15.56
93.5
%
Jo-Ann Stores, Best Buy, AMC Theatres, Bassett Furniture, Ashley
Furniture Homestore, Barnes & Noble, Babies R
Us, Stein Mart, Ross Dress For Less, OfficeMax
Phoenix, AZ
Arrowhead Crossing 7553 West Bell Road
85382
SC
Fee
(3
)
1995
1996
50%
346,428
$
4,327,282
$
12.99
96.1
%
Staples, HomeGoods, Mac Frugals, Barnes & Noble, T.J.
Maxx, Hobby Lobby, DSW Shoe Warehouse, Nordstrom Rack,
Frys (Not Owned)
Phoenix, AZ
Christown Spectrum Mall 1703 West Bethany Home Road
85015
SC
GL
(3
)
1961
2004
20%
710,923
$
7,311,334
$
9.39
93.7
%
Walmart Supercenter, Costco, Ross Dress For Less, PetSmart, J.C.
Penney, Harkins Theatre, Target (Not Owned)
19
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Phoenix, AZ
Deer Valley Towne Center 2805 West Aqua Fria Freeway
85027
SC
Fee
1996
1999
100%
194,009
$
3,295,274
$
16.97
97.7
%
Ross Dress For Less, OfficeMax, PetSmart, Michaels, AMC Theatres
(Not Owned), Target (Not Owned)
Phoenix, AZ
Paradise Village Gateway Tatum and Shea Boulevards
85028
SC
Fee
1997/2004
2003
67%
223,658
$
4,507,258
$
18.96
95.2
%
Bed Bath & Beyond, Ross Dress For Less, PetSmart, Staples,
Albertsons
Arkansas
North Little Rock, AR
McCain Plaza
4124 East McCain Boulevard
72117
SC
Fee
1991/2004
1994
100%
295,013
$
1,564,687
$
6.75
78.6
%
Bed Bath & Beyond,
T.J. Maxx, Cinemark, Burlington Coat Factory, Michaels
Russellville, AR
Valley Park Centre
3093 East Main Street
72801
SC
Fee
1992
1994
100%
280,706
$
1,794,271
$
6.98
91.6
%
Hobby Lobby, T.J. Maxx, J.C. Penney, Belk
Brazil
Brasilia
Patio Brasil Shopping
Scs Quadra 07 Building A
70307-902
MM
Fee
1997/2001
2006
5%
335,822
$
16,182,045
$
49.68
97.0
%
Lojas Americanas, Otoch, Riachuelo, Renner, Centauro
Campinas
Parque Dom Pedro
Avenue Guilherme Campos, 500
01387-001
MM
Fee
2001/2010
2006
37.3%
1,348,075
$
34,790,825
$
27.77
92.9
%
Alpini Veiculos, Clinical Center, Lojas Americanas,
Siberian/Crawford, Casas Bahia, Fast Shop, Centauro, Pet Center
Marginal, Marisa, Star Bowling, Walmart Supercenter, Etna,
Pernambucanas, Formula Academia, Riachuelo, Zara, Renner, Fnac,
Multiplex P.D.Pedro
Franca
Franca Shopping
Avenue Rio Negro, 1100
14406-901
MM
Fee
1993
2006
32.2%
194,858
$
2,730,130
$
14.87
94.2
%
Renner, C&C Casa E Construcao, C&A, Casas Bahia,
Magazine Luiza, Lojas Americanas
Manaura
Manaura Shopping
Avenue Mario Ypiranga, 1300
69057-002
MM
Fee
(3
)
2007
2007
47.8%
504,729
$
14,891,075
$
30.81
95.8
%
Marisa, Centauro, Saraiva Mega Store, Hitech Imports, C&A,
Renner, Riachuelo, Bemol
Sao Bernardo Do Campo
Shopping Metropole
Praca Samuel Sabatine, 200
09750-902
MM
Fee
(3
)
1980/1995/
1997
2006
47.8%
217,400
$
9,999,326
$
47.51
96.8
%
Renner, Lojas Americanas
Sao Paulo Boavista
Boavista Shopping
Rua Borba Gato, 59
04747-030
MM
Fee
(3
)
2004
2006
47.8%
279,770
$
3,627,258
$
13.30
97.5
%
C&A, Marisa & Familia, Americanas Express, Luigi
Bertolli, Sonda
Sao Paulo Campo Limpo
Campo Limpo Shopping Estrada Do Campo Limpo 459
05777-001
MM
Fee
(3
)
2005
2006
9.6%
214,909
$
5,091,208
$
23.97
98.8
%
C&A, Marisa, Compre Bem, Casas Bahia
Sao Paulo Penha
Shopping Penha
Rua Drive Joao Ribeiro, 304
03634-010
MM
Fee
1992/2004
2006
35%
319,756
$
8,847,901
$
28.25
97.9
%
Marisa, Magazine Luiza, Sonda, Lojas Americanas, Kalunga,
C&A
Sao Paulo Plaza
Plaza Sul
Praca Leonor Kaupa
04151-100
MM
Fee
1994
2006
14.3%
248,664
$
12,325,352
$
49.67
99.8
%
Lojas Americanas, Luigi Bertolli, Camicado, Monday Academia,
Renner
Sao Paulo Tivoli
Tivoli Shopping
Avenue Santa Barbara, 777
13456-080
MM
Fee
1993/2006
2006
14.3%
237,528
$
4,653,510
$
20.14
97.3
%
Lojas Americanas, Unimed, Magazine Luiza, C&A, C&C,
Paulistao
20
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
California
Buena Park, CA
Buena Park Downtown
8308 On The Mall
90620
SC
Fee
(3
)
1965
2004
20%
734,757
$
9,126,787
$
17.10
71.5
%
DSW Shoe Warehouse, Ross Dress For Less, Bed Bath & Beyond,
24 Hour Fitness, Kohls, Krikorian Theatres, Johns
Incredible Pizza Company, Michaels, Toys R
Us
(4)
,
Sears (Not Owned), Walmart (Not Owned)
Long Beach, CA
The Pike at Rainbow Harbor
95 South Pine Avenue
90802
SC
GL
2005
1
*
100%
314,977
$
4,463,139
$
16.14
78.9
%
KDB, Cinemark, Borders
Oceanside, CA
Ocean Place Cinemas
401-409 Mission Avenue
92054
SC
Fee
2000
2000
100%
79,884
$
1,421,003
$
17.81
99.9
%
Regal Cinemas
Pasadena, CA
Paseo Colorado
280 E Colorado Boulevard
91101
LC
Fee
2001
2003
100%
556,271
$
11,248,727
$
21.71
93.1
%
Gelsons Market, Loehmanns, Equinox, Macys,
Pacific Theatres Exhibit Corporation, DSW Shoe Warehouse
Richmond, CA
Hilltop Plaza
3401 Blume Drive
94803
SC
Fee
(3
)
1996/2000
2002
20%
245,774
$
2,705,958
$
14.91
73.9
%
.99 Cents Only Stores, PetSmart, Ross Dress For Less, Century
Theatre
San Francisco, CA
Van Ness Plaza
1000 Van Ness Avenue
94109
SC
Fee
1998
2002
100%
123,903
$
3,527,592
$
42.84
66.5
%
AMC Theatres
Valencia, CA
River Oaks Shopping Center
24235 Magic Mountain Parkway
91355
SC
GL
1986
2006
100%
75,590
$
975,132
$
17.75
72.7
%
Sprouts Farmers Market, buybuy BABY
Colorado
Broomfield, CO
Flatiron Marketplace Garden 1 West Flatiron Circle
80021
SC
Fee
2001
2003
100%
252,035
$
3,552,999
$
19.26
73.2
%
Nordstrom Rack, Best Buy, Office Depot, Great Indoors (Not Owned)
Denver, CO
Centennial Promenade
9555 East County Line Road
80223
SC
Fee
1997/2002
1997
100%
407,964
$
6,602,003
$
17.09
94.7
%
Golfsmith Golf Center, Soundtrack, Ross Dress For Less,
OfficeMax, Michaels, Toys R Us, Stickley Furniture,
Recreational Equipment (Not Owned), Home Depot (Not Owned)
Denver, CO
Tamarac Square
7777 East Hampden
80231
SC
Fee
1976
2001
100%
183,606
$
1,091,941
$
14.69
38.0
%
Regency Theatres Tamarac Square
Denver, CO
University Hills
2730 South Colorado Boulevard
80222
SC
Fee
1997
2003
100%
244,383
$
4,173,944
$
17.08
100
%
Michaels, Pier 1 Imports, OfficeMax, 24 Hour Fitness, King
Soopers
Fort Collins, CO
Mulberry and Lemay Crossing
Mulberry Street and South Lemay Avenue
80525
SC
Fee
2004
2003
100%
18,988
$
475,180
$
25.03
100
%
Home Depot (Not Owned), Walmart Supercenter (Not Owned)
Highland Ranch, CO
Highland Ranch
8575 South Quebec Street
80130
SC
Fee
1998
2007
100%
43,480
$
$
Littleton, CO
Aspen Grove
7301 South Santa Fe
80120
LC
Fee
2002
1
*
100%
232,488
$
6,020,640
$
27.15
89.3
%
21
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Parker, CO
Flatacres Marketcenter I South Parker Road
80134
SC
GL
(3
)
2003
2003
0.01%
116,644
$
1,995,485
$
15.12
96.2
%
Bed Bath & Beyond, Sports Authority, Michaels, Kohls
(Not Owned), Home Depot (Not Owned), Walmart Supercenter (Not
Owned)
Connecticut
Waterbury, CT
Naugatuck Valley Shopping Center
950 Wolcott Street
06705
SC
Fee
(3
)
2003
2007
15%
231,584
$
3,846,985
$
17.38
84.0
%
Walmart, Bobs Stores, Stop & Shop, Staples
Windsor, CT
Windsor Court Shopping Center
1095 Kennedy Road
06095
SC
Fee
1993
2007
100%
78,480
$
1,316,096
$
18.06
92.9
%
Stop & Shop
Delaware
Dover, DE
Kmart Shopping Center
515 North Dupont Highway
19901
SC
Fee
(3
)
1973
2008
25.25%
84,180
$
305,800
$
2.86
100
%
Kmart
Florida
Bayonet Point, FL
Point Plaza
U.S. 19 & State Route 52
34667
SC
Fee
1985/2003
1/2
*
100%
209,714
$
747,440
$
4.59
77.7
%
Bealls, T.J. Maxx, Publix Super Markets
Boynton Beach, FL
Meadows Square
Hypoluxo Road North Congress Avenue
33461
SC
Fee
(3
)
1986
2004
20%
106,224
$
1,070,509
$
13.22
76.3
%
Publix Super Markets
Boynton Beach, FL
Aberdeen Square
4966 Le Chalet Boulevard
33426
SC
Fee
(3
)
1990
2007
20%
70,555
$
675,818
$
10.13
94.5
%
Publix Super Markets
Boynton Beach, FL
Village Square at Golf 3775 West Woolbright Road
33436
SC
Fee
(3
)
1983/2002
2007
20%
131,466
$
1,427,909
$
13.08
78.7
%
Publix Super Markets
Bradenton, FL
Lakewood Ranch Plaza
1755 Lakewood Ranch Boulevard
34211
SC
Fee
(3
)
2001
2007
20%
73,384
$
1,016,296
$
12.45
97.1
%
Publix Super Markets
Bradenton, FL
Cortez Plaza
905 Cortez Road West
34207
SC
Fee
1966/1988
2007
100%
288,540
$
2,432,370
$
11.11
75.8
%
Burlington Coat Factory, PetSmart, hhgregg
Bradenton, FL
Creekwood Crossing
7395 52nd Place East
34203
SC
Fee
(3
)
2001
2007
20%
189,120
$
1,944,160
$
9.96
92.3
%
Bealls, Bealls Outlet, Lifestyle Family Fitness,
Macys Furniture & Mattress Clearance Center,
Lowes (Not Owned)
Brandon, FL
Kmart Shopping Center 1602 Brandon Boulevard
33511
SC
GL
1972/1997/
2003
2
*
100%
161,900
$
799,876
$
3.62
100
%
Kmart, Kane Furniture
Brandon, FL
Lake Brandon Plaza Causeway Boulevard
33511
SC
Fee
1999
2003
100%
148,267
$
1,955,387
$
12.11
100
%
CompUSA, Jo-Ann Stores, Babies R Us, Publix Super
Markets
Casselberry, FL
Casselberry Commons
1455 South Semoran Boulevard
32707
SC
Fee
(3
)
1973/1998/
2010
2007
20%
244,084
$
2,391,326
$
11.06
79.7
%
Ross Dress For Less, T.J. Maxx, Stein Mart, Publix Super Markets
Clearwater, FL
Clearwater Collection 21688-21800 U.S. Highway 19 North
33765
SC
Fee
1995/2005
2007
100%
132,023
$
1,454,608
$
12.32
89.4
%
LA Fitness International, Floor & Decor
22
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Crystal River, FL
Crystal Springs
6760 West Gulf to Lake
34429
SC
Fee
(3
)
2001
2007
20%
66,986
$
728,966
$
11.23
96.9
%
Publix Super Markets
Crystal River, FL
Crystal River Plaza
420 Sun Coast Highway
33523
SC
Fee
1986/2001
1/2
*
100%
169,101
$
1,266,742
$
7.55
99.3
%
Bealls, Bealls Outlet, Sibex Electronics
Dania Beach, FL
Bass Pro Outdoor World
200 Gulf Stream Way
33004
SC
Fee
1999
2007
100%
165,000
$
1,600,000
$
9.70
100
%
Bass Pro Outdoor World
Dania, FL
Sheridan Square
401-435 East Sheridan Street
33004
SC
Fee
(3
)
1991
2007
20%
67,475
$
626,019
$
10.25
90.6
%
Publix Super Markets
Davie, FL
Paradise Promenade
5949-6029 Stirling Road
33314
SC
Fee
(3
)
2004
2007
20%
74,499
$
1,035,237
$
15.26
91.1
%
Publix Super Markets
Daytona Beach, FL
Volusia Point Shopping Center
1808 West International Speedway
32114
SC
Fee
1984
2001
100%
76,115
$
850,146
$
12.89
86.6
%
Marshalls
Deerfield Beach, FL
Hillsboro Square
Hillsboro Boulevard and Highway One
33441
SC
Fee
(3
)
1978/2002
2007
15%
145,385
$
2,131,649
$
15.75
93.1
%
Publix Super Markets, Office Depot
Englewood, FL
Rotonda Plaza
5855 Placida Road
34224
SC
Fee
1991
2004
100%
46,835
$
437,407
$
10.04
93.0
%
Sweetbay Supermarkets
Fort Myers, FL
Market Square
13300 South Cleveland Avenue
33919
SC
Fee
(3
)
2004
2007
15%
107,179
$
1,744,224
$
14.78
100
%
American Signature, Total Wine & More, DSW Shoe Warehouse,
Super Target (Not Owned), Barnes & Noble (Not Owned)
Fort Myers, FL
Cypress Trace
Cypress Lake Drive & U.S. 41
33907
SC
Fee
(3
)
2004
2007
15%
276,288
$
2,373,066
$
9.65
89.0
%
Bealls, Stein Mart, Bealls Outlet, Ross Dress For
Less
Fort Walton Beach, FL
Shoppes at Paradise Pointe U.S. Highway 98 and Perry Avenue
32548
SC
Fee
(3
)
1987/2000
2007
20%
83,936
$
725,016
$
11.93
72.4
%
Publix Super Markets
Gulf Breeze, FL
Gulf Breeze Marketplace 3749-3767 Gulf Breeze Parkway
32561
SC
Fee
1998
2003
100%
29,827
$
492,022
$
16.50
100
%
Lowes (Not Owned), Walmart Supercenter (Not Owned)
Hernando, FL
Shoppes of Citrus Hills
2601 Forest Ridge Boulevard
34442
SC
Fee
(3
)
1994/2003
2007
20%
68,927
$
645,259
$
10.13
92.5
%
Publix Super Markets
Hialeah, FL
Paraiso Plaza
3300-3350 West 80th Street
33018
SC
Fee
(3
)
1997
2007
20%
60,712
$
885,689
$
14.59
100
%
Publix Super Markets
Homestead, FL
Homestead Pavilion
3300 Northeast 10th Court
33030
SC
Fee
2008
2008
100%
201,897
$
3,561,415
$
15.73
98.6
%
Bed Bath & Beyond, Staples, Michaels, Ross Dress For Less,
Sports Authority
Jacksonville, FL
Jacksonville Regional
3000 Dunn Avenue
32218
SC
Fee
1988
1995
100%
219,735
$
1,272,444
$
6.57
88.2
%
J.C. Penney, Winn Dixie Stores
Jacksonville, FL
Arlington Plaza
926 Arlington Road
32211
SC
Fee
1990/1999
2004
100%
182,098
$
334,102
$
6.45
28.4
%
23
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Lake Mary, FL
Shoppes of Lake Mary 4155 West Lake Mary Boulevard
32746
SC
Fee
(3
)
2001
2007
15%
73,343
$
1,204,783
$
20.32
80.0
%
Staples, Target (Not Owned), Publix Super Markets (Not Owned)
Lake Wales, FL
Shoppes on the Ridge Highway 27 and Chalet Suzanne Road
33859
SC
Fee
(3
)
2003
2007
20%
115,578
$
1,041,926
$
11.55
78.1
%
Publix Super Markets
Lakeland, FL
Lakeland Marketplace Florida Lakeland
33803
SC
Fee
2006
2003
100%
77,582
$
581,865
$
7.50
100
%
Bealls, Lowes (Not Owned)
Lakeland, FL
Highlands Plaza
2228 Lakelands Highland Road
33803
SC
Fee
1990
2004
100%
102,572
$
640,990
$
8.82
70.9
%
Winn Dixie Stores
Largo, FL
Bardmoor Promenade
10801 Starkey Road
33777
SC
Fee
(3
)
1991
2007
20%
152,667
$
1,859,670
$
12.61
95.1
%
Publix Super Markets
Largo, FL
Kmart Shopping Center 1000 Missouri Avenue
33770
SC
Fee
(3
)
1969
2008
25.25%
116,805
$
214,921
$
1.84
100
%
Kmart
Melbourne, FL
Melbourne Shopping Center
1301-1441 South Babcock
32901
SC
Fee
(3
)
1960/1999
2007
20%
204,202
$
1,273,631
$
7.09
85.6
%
Big Lots, Publix Super Markets
Miami, FL
Midtown Miami
3401 North Miami Avenue
33127
SC
Fee
2006
1
*
100%
276,886
$
4,342,935
$
13.88
95.3
%
HomeGoods, Loehmanns, Marshalls, Ross Dress For Less,
Target, West Elm, Sports Authority
Miami, FL
Plaza Del Paraiso
12100 Southwest 127th Avenue
33186
SC
Fee
(3
)
2003
2007
20%
82,441
$
1,244,653
$
13.50
100
%
Publix Super Markets
Miramar, FL
River Run
Miramar Parkway and Palm Avenue
33025
SC
Fee
(3
)
1989
2007
20%
93,643
$
1,073,747
$
11.74
97.7
%
Publix Super Markets
Naples, FL
Countryside Shoppes
4025 Santa Barbara
34104
SC
Fee
(3
)
1997
2007
20%
73,986
$
871,266
$
11.78
100
%
Sweetbay Supermarkets
New Port Richey, FL
Shoppes at Golden Acres 9750 Little Road
34654
SC
Fee
(3
)
2002
2007
20%
130,707
$
971,719
$
12.97
57.3
%
Publix Super Markets
Ocala, FL
Heather Island
7878 Southeast Maricamp
34472
SC
Fee
(3
)
2005
2007
20%
70,970
$
709,393
$
10.35
96.6
%
Publix Super Markets
Ocala, FL
Steeplechase Plaza
8585 State Road 200
34481
SC
Fee
1993
2007
100%
92,180
$
389,922
$
9.11
41.7
%
Save-A-Lot
Ocala, FL
Ocala West
2400 Southwest College Road
32674
SC
Fee
1991
2003
100%
105,276
$
814,097
$
8.13
95.1
%
Sports Authority, Hobby Lobby, Blockers Furniture (Not
Owned)
Ocoee, FL
West Oaks Town Center 9537-49 West Colonial
34761
SC
Fee
(3
)
2000
2007
20%
66,539
$
960,808
$
16.74
86.3
%
Michaels
Orlando, FL
Chickasaw Trail
2300 South Chickasaw Trial
32825
SC
Fee
(3
)
1994
2007
20%
75,492
$
848,074
$
11.69
96.1
%
Publix Super Markets
Orlando, FL
West Colonial Center
Good Homes Road and Colonial Drive
32818
SC
Fee
(3
)
1999
2007
15%
78,625
$
176,264
$
5.27
42.5
%
Staples
24
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Orlando, FL
Conway Plaza
4400 Curry Ford Road
32812
SC
Fee
(3
)
1985/1999
2007
20%
117,723
$
959,362
$
9.34
87.3
%
Publix Super Markets
Orlando, FL
Skyview Plaza
7801 Orange Blossom Trail
32809
SC
Fee
(3
)
1994/1998
2007
20%
281,260
$
2,121,884
$
9.01
83.8
%
Publix Super Markets, Office Depot, Kmart, Best Buy (Not Owned)
Oviedo, FL
Oviedo Park Crossing
Route 417 and Red Bug Lake Road
32765
SC
Fee
(3
)
1999
1
*
20%
186,212
$
1,819,602
$
10.04
97.3
%
OfficeMax, Ross Dress For Less, Michaels, T.J. Maxx, Bed Bath
& Beyond, Lowes (Not Owned), Borders (Not Owned)
Palm Beach Garden, FL
Northlake Commons Northlake Boulevard
33403
SC
Fee
(3
)
1987/2003
2007
20%
146,825
$
1,550,578
$
14.50
72.8
%
Ross Dress For Less, Tiger Direct, Home Depot (Not Owned)
Palm Harbor, FL
The Shoppes of Boot Ranch 300 East Lake Road
34685
SC
Fee
1990
1995
100%
52,395
$
1,018,311
$
19.98
97.3
%
Target (Not Owned), Publix Super Markets (Not Owned)
Palm Harbor, FL
Brooker Creek
36301 East Lake Road
34685
SC
Fee
(3
)
1994
2007
20%
77,596
$
887,456
$
11.87
96.4
%
Publix Super Markets
Pembroke Pines, FL
Flamingo Falls
2000-2216 North Flamingo Road
33028
SC
Fee
(3
)
2001
2007
20%
108,565
$
2,053,422
$
21.77
86.9
%
Fresh Market, LA Fitness (Not Owned)
Plantation, FL
The Fountains
801 South University Drive
33324
SC
Fee
1989/2010
2007
100%
231,388
$
3,583,999
$
14.65
83.4
%
Dicks Sporting Goods, Marshalls, Kohls, Jo-Ann
Fabrics, Fountains Professional Center (Not Owned)
Plantation, FL
Vision Works
801 South University Drive
33324
SC
Fee
1989
2007
100%
6,891
$
175,087
$
25.41
100
%
Santa Rosa Beach, FL
Watercolor Crossing
110 Watercolor Way
32459
SC
Fee
(3
)
2003
2007
20%
43,207
$
555,755
$
14.03
91.7
%
Publix Super Markets
Spring Hill, FL
Mariner Square
13050 Cortez Boulevard
34613
SC
Fee
1988/1997
1/2
*
100%
188,347
$
1,478,900
$
8.36
90.5
%
Bealls, Ross Dress For Less, Walmart (Not Owned),
Sams Club (Not Owned)
St. Petersburg, FL
Kmart Plaza
3951 34th Street South
33711
SC
Fee
(3
)
1973
2008
25.25%
94,500
$
277,400
$
2.94
100
%
Kmart
Tallahassee, FL
Capital West
4330 West Tennessee Street
32312
SC
Fee
1994/2004
2003
100%
85,951
$
683,146
$
8.47
93.8
%
Office Depot, Bealls Outlet, Walmart Supercenter (Not
Owned)
Tallahassee, FL
Killearn Shopping Center
3479-99 Thomasville Road
32309
SC
Fee
(3
)
1980
2007
20%
95,229
$
797,248
$
19.95
42.0
%
Tallahassee, FL
Southwood Village
Northwest Corner Capital Circle and Blairstone Road
32301
SC
Fee
(3
)
2003
2007
20%
62,840
$
715,405
$
12.33
92.4
%
Publix Super Markets
Tamarac, FL
Midway Plaza
University Drive and Commercial Boulevard
33321
SC
Fee
(3
)
1985
2007
20%
227,209
$
2,453,727
$
13.06
82.7
%
Ross Dress For Less, Publix Super Markets
Tampa, FL
New Tampa Commons Bruce B. Downs Boulevard and Donna Michelle
Drive
33647
SC
Fee
2005
2007
100%
10,000
$
304,449
$
35.40
86.0
%
Tampa, FL
North Pointe Plaza
15001-15233 North Dale Mabry Highway
33618
SC
Fee
(3
)
1990
1/2
*
20%
104,460
$
1,131,925
$
12.34
87.8
%
Publix Super Markets, Walmart (Not Owned)
25
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Tampa, FL
Walk at Highwood Preserve I
18001 Highwoods Preserve Parkway
33647
SC
Fee
(3
)
2001
2007
15%
169,081
$
2,219,327
$
17.95
73.1
%
Michaels, Best Buy
Tarpon Springs, FL
Tarpon Square
41232 U.S. 19 North
34689
SC
Fee
1974/1998
1/2
*
100%
198,797
$
893,002
$
8.34
50.4
%
Big Lots, Staples
Tequesta, FL
Tequesta Shoppes
105 North U.S. Highway 1
33469
SC
Fee
1986
2007
100%
109,760
$
1,000,809
$
10.70
85.2
%
Stein Mart
Valrico, FL
Brandon Boulevard Shoppes
1930 State Route 60 East
33594
SC
Fee
1994
2007
100%
85,377
$
763,893
$
10.49
85.3
%
Publix Super Markets
Valrico, FL
Shoppes at Lithia
3461 Lithia Pinecrest Road
33594
SC
Fee
(3
)
2003
2007
20%
71,430
$
1,004,016
$
15.38
91.4
%
Publix Super Markets
Venice, FL
Jacaranda Plaza
1687 South Bypass
34293
SC
Fee
(3
)
1974
2008
25.25%
84,180
$
$
Vero Beach, FL
Vero Beach
6560 20th Street
32966
SC
Fee
2001
2007
100%
33,243
$
$
Wesley Chapel, FL
The Shoppes at New Tampa
1920 County Road 581
33543
SC
Fee
(3
)
2002
2007
20%
158,602
$
1,864,022
$
12.29
95.6
%
Publix Super Markets, Bealls
Georgia
Athens, GA
Athens East
4375 Lexington Road
30605
SC
Fee
2000
2003
100%
24,000
$
348,900
$
14.54
100
%
Walmart Supercenter (Not Owned)
Atlanta, GA
Brookhaven Plaza
3974 Peachtree Road Northeast
30319
SC
Fee
(3
)
1993
2007
20%
65,320
$
1,194,717
$
17.07
100
%
Kroger
Atlanta, GA
Cascade Corners
3425 Cascade Road
30311
SC
Fee
(3
)
1993
2007
20%
66,844
$
463,642
$
7.06
98.2
%
Kroger
Atlanta, GA
Pleasant Hill Plaza
1630 Pleasant Hill Road
30136
SC
Fee
1990
1994
100%
99,025
$
904,825
$
11.97
76.3
%
Assi Plaza (Not Owned), Walmart (Not Owned)
Atlanta, GA
Perimeter Pointe
1155 Mount Vernon Highway
30136
SC
Fee
1995/2002
1995
100%
349,955
$
5,359,714
$
15.16
99.0
%
Stein Mart, Babies R Us, Sports Authority, L.A.
Fitness, Office Depot, HomeGoods, United Artists Theatre
Atlanta, GA
Abernathy Square
6500 Roswell Road
30328
SC
Fee
1983/1994
2007
100%
125,870
$
2,118,852
$
19.17
84.1
%
Publix Super Markets
Atlanta, GA
Cascade Crossing
3695 Cascade Road Southwest
30331
SC
Fee
(3
)
1994
2007
20%
63,346
$
610,042
$
9.63
100
%
Publix Super Markets
Augusta, GA
Augusta Shopping Center
2360 Georgetown Road
30906
SC
Fee
(3
)
1999
2007
15%
22,560
$
$
Walmart Supercenter (Not Owned)
Austell, GA
Burlington Plaza
3753-3823 Austell Road Southwest
30106
SC
Fee
(3
)
1973
2008
25.25%
146,950
$
519,461
$
3.53
100
%
Burlington Coat Factory, Topps Fashion (Not Owned)
26
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Buford, GA
Marketplace at Millcreek I Mall of Georgia Boulevard
30519
SC
Fee
(3
)
2003
2007
15%
402,941
$
4,712,460
$
12.43
94.1
%
REI, Borders, OfficeMax, PetSmart, Michaels, DSW Shoe Warehouse,
Ross Dress For Less, Marshalls, Bed Bath & Beyond, Costco
(Not Owned)
Canton, GA
Hickory Flat Village
6175 Hickory Flat Highway
30115
SC
Fee
(3
)
2000
2007
20%
74,020
$
873,266
$
12.83
92.0
%
Publix Super Markets
Canton, GA
Riverstone Plaza
1451 Riverstone Parkway
30114
SC
Fee
(3
)
1998
2007
20%
302,131
$
3,239,044
$
11.83
87.6
%
Michaels, Ross Dress For Less, Belk, Publix Super Markets
Chamblee, GA
Chamblee Plaza
Peachtree Industrial Boulevard
30341
SC
Fee
1976
2003
100%
151,016
$
535,469
$
10.09
35.1
%
Columbus, GA
Bradley Park Crossing
1591 Bradley Park Drive
31904
SC
Fee
1999
2003
100%
119,571
$
1,225,585
$
12.03
85.2
%
PetSmart, Michaels, Fresh Market, Target (Not Owned)
Cumming, GA
Sharon Greens
1595 Peachtree Parkway
30041
SC
Fee
(3
)
2001
2007
20%
98,301
$
944,075
$
11.79
81.4
%
Kroger
Cumming, GA
Cumming Marketplace Marketplace Boulevard
30041
SC
Fee
1997/1999
2003
100%
316,527
$
3,640,154
$
11.40
99.2
%
Lowes, Michaels, OfficeMax, Appliance Mart, Home Depot
(Not Owned), Walmart Supercenter (Not Owned)
Decatur, GA
Flat Shoals Crossing
3649 Flakes Mill Road
30034
SC
Fee
(3
)
1994
2007
20%
69,699
$
718,675
$
10.31
100
%
Publix Super Markets
Decatur, GA
Hairston Crossing
2075 S Hairston Road
30035
SC
Fee
(3
)
2002
2007
20%
57,884
$
716,132
$
12.37
100
%
Publix Super Markets
Douglasville, GA
Douglasville Marketplace 6875 Douglas Boulevard
30135
SC
Fee
1999
2003
100%
86,158
$
1,526,026
$
10.76
100
%
Best Buy, Babies R Us, Lowes (Not Owned)
Douglasville, GA
Douglasville Pavilion
2900 Chapel Hill Road
30135
SC
Fee
(3
)
1998
2007
15%
266,945
$
2,314,282
$
12.30
70.5
%
PetSmart, OfficeMax, Marshalls, Ross Dress For Less, Big
Lots
(4)
,
Target (Not Owned)
Douglasville, GA
Market Square
9503-9579 Highway 5
30135
SC
Fee
(3
)
1974/1990
2007
20%
121,766
$
890,759
$
9.69
69.9
%
Office Depot
Duluth, GA
SoGood Bridal & Beauty 3480 Steve Reynolds Boulevard
30096
SC
Fee
2004
2007
100%
20,000
$
160,000
$
8.00
100
%
SoGood Bridal & Beauty
Ellenwood, GA
Paradise Shoppes of Ellenwood
East Atlanta Road and Fairview Road
30294
SC
Fee
(3
)
2003
2007
20%
67,721
$
703,592
$
12.60
82.4
%
Publix Super Markets
27
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Fayetteville, GA
Fayette Pavilion I
New Hope Road and Georgia Highway 85
30214
SC
Fee
(3
)
1995/2002
2007
15%
1,279,810
$
10,449,279
$
9.45
86.4
%
hhgregg, Hobby Lobby, Bed Bath & Beyond, Sports Authority,
T.J. Maxx, Publix Super Markets, Belk, Best Buy, Ross Dress For
Less, Toys R Us, Tinseltown USA, Marshalls,
PetSmart, Kohls, Jo-Ann Stores, Dicks Sporting
Goods, Home Depot (Not Owned), Target (Not Owned), Walmart
Supercenter
Flowery Branch, GA
Clearwater Crossing
7380 Spout Springs Road
30542
SC
Fee
(3
)
2003
2007
20%
90,566
$
943,015
$
12.15
85.7
%
Kroger
Griffin, GA
Ellis Crossing
649-687 North Expressway
30223
SC
Fee
1986
2003
100%
9,200
$
19,200
$
6.00
34.8
%
Kennesaw, GA
Barrett Pavilion I
740 Barrett Parkway
30144
SC
Fee
(3
)
1998
2007
15%
439,784
$
6,683,812
$
16.55
88.2
%
AMC Theatres, HomeGoods, Golfsmith Golf Center, hhgregg, Hobby
Lobby, Old Navy, Jo-Ann Stores, Total Wine & More, REI,
Target (Not Owned)
Kennesaw, GA
Town Center Commons
725 Earnest Barrett Parkway
30144
SC
Fee
1998
2007
100%
72,108
$
830,752
$
13.18
87.4
%
J.C. Penney, Dicks Sporting Goods (Not Owned)
Lawrenceville, GA
Rite Aid
1545 Lawrenceville Highway
30044
SC
Fee
1997
2007
100%
9,504
$
184,328
$
19.39
100
%
Lawrenceville, GA
Springfield Park
665 Duluth Highway
30045
SC
Fee
1992/2000
2007
100%
105,300
$
736,694
$
8.31
69.7
%
Hobby Lobby
Lithonia, GA
Shops at Turner Hill
8200 Mall Parkway
30038
SC
Fee
(3
)
2004
2003
0.01%
113,675
$
1,480,367
$
13.49
90.3
%
Best Buy, Bed Bath & Beyond, Toys R Us,
Sams Club (Not Owned)
Loganville, GA
Midway Plaza
910 Athens Highway
30052
SC
Fee
(3
)
1995
2003
20%
91,196
$
999,202
$
11.41
96.1
%
Kroger
Macon, GA
Eisenhower Annex
4685 Presidential Parkway
31206
SC
Fee
2002
2007
100%
81,977
$
644,093
$
11.28
69.7
%
hhgregg, PetSmart
Macon, GA
Eisenhower Crossing I
4685 Presidential Parkway
31206
SC
Fee
(3
)
2002
2007
15%
414,653
$
4,860,555
$
11.53
99.4
%
Kroger, Staples, Michaels, Ross Dress For Less, Bed Bath &
Beyond, Old Navy, Marshalls, Dicks Sporting Goods, Ashley
Furniture, Target (Not Owned), Best Buy (Not Owned)
Marietta, GA
Towne Center Prado
2609 Bells Ferry Road
30066
SC
Fee
1995/2002
1995
100%
316,786
$
3,453,267
$
12.44
86.4
%
Stein Mart, Ross Dress For Less, Publix Super Markets
Marietta, GA
Rite Aid
731 Whitlock Avenue
30064
SC
Fee
1997
2007
100%
10,880
$
183,507
$
16.87
100
%
McDonough, GA
Shoppes at Lake Dow
900-938 Highway 81 East
30252
SC
Fee
(3
)
2002
2007
20%
72,727
$
859,460
$
12.95
91.2
%
Publix Super Markets
28
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Morrow, GA
Southlake Pavilion
1912 Mount Zion Road
30260
SC
Fee
(3
)
1996/2001
2007
15%
527,866
$
4,464,508
$
12.28
68.2
%
Ross Dress For Less, Barnes & Noble, Ashley Furniture
Homestore, L.A. Fitness, Staples, Old Navy, hhgregg, Shoppers
World
(4)
,
Sears, Target (Not Owned)
Newnan, GA
Newnan Crossing
955-1063 Bullsboro Drive
30264
SC
Fee
1995
2003
100%
156,497
$
1,229,763
$
8.14
96.5
%
Lowes, Walmart Supercenter (Not Owned), Hobby Lobby (Not
Owned)
Newnan, GA
Newnan Pavilion
1074 Bullsboro Drive
30265
SC
Fee
(3
)
1998
2007
15%
263,635
$
2,509,982
$
11.72
77.0
%
OfficeMax, PetSmart, Home Depot, Ross Dress For Less, Kohls
Norcross, GA
Jones Bridge Square
5075 Peachtree Parkway
30092
SC
Fee
1999
2007
100%
83,363
$
838,113
$
10.23
98.3
%
Ingles
Rome, GA
Rome
2700 Martha Berry Highway Northeast
30165
SC
Fee
2001
2007
100%
33,056
$
$
Roswell, GA
Sandy Plains Village I
Georgia Highway 92 and Sandy Plains Road
30075
SC
Fee
1978/1995
2007
100%
177,529
$
599,933
$
16.26
20.8
%
Roswell, GA
Stonebridge Square
610-20 Crossville Road
30075
SC
Fee
(3
)
2002
2007
15%
160,104
$
1,590,859
$
13.88
71.6
%
Kohls
Smyrna, GA
Heritage Pavilion
2540 Cumberland Boulevard
30080
SC
Fee
(3
)
1995
2007
15%
262,971
$
3,081,882
$
12.04
97.3
%
PetSmart, Ross Dress For Less, American Signature, T.J. Maxx,
Marshalls
Snellville, GA
Rite Aid
3295 Centerville Highway
30039
SC
Fee
1997
2007
100%
10,594
$
199,601
$
18.84
100
%
Snellville, GA
Presidential Commons
1630-1708 Scenic Highway
30078
SC
Fee
2000
2007
100%
371,586
$
3,843,611
$
11.00
90.8
%
Jo-Ann Stores, Kroger, Stein Mart, Home Depot, buybuy
Baby
(4)
Stone Mountain, GA
Deshon Plaza
380 North Deshon Road
30087
SC
Fee
(3
)
1994
2007
20%
64,055
$
687,797
$
10.74
100
%
Publix Super Markets
Suwanee, GA
Suwanee Crossroads Lawrenceville Road and Satellite Boulevard
30024
SC
Fee
(3
)
2002
2007
15%
69,600
$
511,951
$
15.47
47.6
%
Walmart Supercenter (Not Owned)
Suwanee, GA
Johns Creek Town Center 3630 Peachtree Parkway Suwanee
30024
SC
Fee
2001/2004
2003
100%
285,336
$
3,880,682
$
14.01
97.1
%
Borders, PetSmart, Kohls, Michaels, Staples, Shoe Gallery
Sylvania, GA
BI-LO
1129 West Ogeechee Street
30467
SC
Fee
2002
2007
100%
36,000
$
378,000
$
10.50
100
%
BI-LO
Tucker, GA
Cofer Crossing
4349-4375 Lawrenceville Highway
30084
SC
Fee
(3
)
1998/2003
2003
20%
130,832
$
854,414
$
6.87
87.0
%
Kroger, A.J. Wright, Walmart (Not Owned)
Tyrone, GA
Southampton Village
Highway 74 and Swanson Road
30290
SC
Fee
(3
)
2003
2007
20%
77,956
$
758,996
$
11.89
81.9
%
Publix Super Markets
29
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Warner Robins, GA
Warner Robins Place
2724 Watson Boulevard
31093
SC
Fee
1997
2003
100%
107,941
$
1,330,878
$
12.10
95.6
%
T.J. Maxx, Staples, Lowes (Not Owned), Walmart Supercenter
(Not Owned)
Woodstock, GA
Woodstock Place
10029 Highway 928
30188
SC
Fee
1995
2003
100%
44,691
$
313,140
$
13.74
51.0
%
Woodstock, GA
Woodstock Square
120-142 Woodstock Square
30189
SC
Fee
(3
)
2001
2007
15%
218,859
$
2,863,055
$
13.18
99.3
%
OfficeMax, Old Navy, Kohls, Super Target (Not Owned)
Idaho
Idaho Falls, ID
Country Club Mall
1515 Northgate Mile
83401
SC
Fee
1976/1992/
1997
1998
100%
138,495
$
545,268
$
8.57
46.0
%
OfficeMax, Fred Meyer Supercenter (Not Owned)
Meridian, ID
Meridian Crossroads
Eagle and Fairview Road
83642
SC
Fee
1999/2001/
2002/2003/
2004
1
*
100%
461,023
$
6,657,564
$
13.25
98.0
%
Bed Bath & Beyond, Old Navy, Shopko, Office Depot, Ross
Dress For Less, Marshalls, Sportsmans Warehouse, Babies
R Us, Craft Warehouse, Walmart Supercenter (Not
Owned)
Nampa, ID
Nampa Gateway Center 1200 North Happy Valley Road
83687
SC
Fee
2008
1
*
100%
223,786
$
1,359,778
$
11.50
68.7
%
Idaho Athletic Club, Sports Authority, J.C. Penney, Macys,
Regal Cinemas
Illinois
Deer Park, IL
Deer Park Town Center I 20530 North Rand Road Suite 133
60010
LC
Fee
(3
)
2000/2004
1
*
25.75%
301,632
$
8,956,799
$
30.05
91.8
%
Gap, Crate & Barrel, Century Theatre, Barnes & Noble
(Not Owned)
McHenry, IL
The Shops at Fox River 3340 Shoppers Drive
60050
SC
Fee
2006
1
*
100%
263,015
$
2,578,020
$
12.72
74.3
%
Dicks Sporting Goods, PetSmart, Bed Bath & Beyond,
Best Buy. T.J. Maxx, J.C. Penney (Not Owned)
Mount Vernon, IL
Times Square Mall
42nd and Broadway Street
62864
MM
Fee
1974/1998/
2000
1993
100%
269,328
$
941,589
$
4.01
82.1
%
Sears, Dunhams Sports, J.C. Penney
Orland Park, IL
Marley Creek Square 179th Street and Wolf Road
60467
SC
Fee
(3
)
2006
2006
50%
57,499
$
655,919
$
19.57
58.3
%
Jewel-Osco (Not Owned)
Orland Park, IL
Home Depot Center
15800 Harlem Avenue
60462
SC
Fee
1987/1993
2004
100%
149,498
$
1,255,569
$
10.16
82.6
%
Home Depot
Roscoe, IL
Hilander Village
4860 Hononegah Road
61073
SC
Fee
(3
)
1994
2007
20%
125,712
$
949,659
$
9.28
81.4
%
Kroger
Skokie, IL
Village Crossing
5507 West Touhy Avenue
60077
SC
Fee
(3
)
1989
2007
15%
437,249
$
7,548,518
$
18.87
90.1
%
Michaels, Bed Bath & Beyond, OfficeMax, PetSmart, Best Buy,
Crown Theatres, Barnes & Noble
Indiana
Bedford, IN
Town Fair Center
1320 James Avenue
47421
SC
Fee
1993/1997
2
*
100%
223,431
$
1,049,787
$
5.65
83.2
%
Kmart, J.C. Penney, Goodys
Evansville, IN
East Lloyd Commons
6300 East Lloyd Expressway
47715
SC
Fee
2005
2007
100%
159,682
$
2,173,371
$
13.73
99.1
%
Gordmans, Michaels, Best Buy
30
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Highland, IN
Highland Grove Shopping Center
Highway 41 and Main Street
46322
SC
Fee
(3
)
1995/2001
1996
20%
312,450
$
3,357,525
$
12.10
88.8
%
Marshalls, Kohls, OfficeMax, Michaels, Target (Not Owned),
Best Buy (Not Owned), Borders (Not Owned), Dicks Sporting
Goods (Not Owned)
Indianapolis, IN
Glenlake Plaza
2629 East 65th Street
46220
SC
Fee
(3
)
1980
2007
20%
102,549
$
755,246
$
8.99
81.9
%
Kroger
Lafayette, IN
Park East Marketplace
4205 - 4315 Commerce Drive
47905
SC
Fee
2000
2003
100%
35,100
$
232,355
$
14.16
46.8
%
Walmart Supercenter (Not Owned)
South Bend, IN
Broadmoor Plaza
1217 East Ireland Road
46614
SC
Fee
(3
)
1987
2007
20%
114,968
$
1,170,211
$
11.31
90.0
%
Kroger
Iowa
Cedar Rapids, IA
Northland Square
303-367 Collins Road Northeast
52404
SC
Fee
1984
1998
100%
187,068
$
1,991,431
$
10.65
100
%
T.J. Maxx, OfficeMax, Barnes & Noble, Kohls
Ottumwa, IA
Quincy Place Mall I
1110 Quincy Avenue
52501
MM
Fee
1990/1999/
2002
1/2
*
100%
241,427
$
1,127,158
$
7.11
65.6
%
Herbergers, J.C. Penney, Target (Not Owned)
Kansas
Leawood, KS
Town Center Plaza
5000 West 119th Street
66209
LC
Fee
1996/2002
1998
100%
309,421
$
8,672,036
$
31.22
88.5
%
Barnes & Noble, Macys (Not Owned), Dicks
Sporting Goods (Not Owned), AMC Theaters (Not Owned)
Overland Park, KS
Overland Pointe Marketplace Intersection 135 and Antioch Road
66213
SC
Fee
(3
)
2001/2004
2003
0.01%
42,632
$
899,278
$
18.34
97.1
%
Babies R Us, Sams Club (Not Owned), Home Depot
(Not Owned)
Kentucky
Louisville, KY
Outer Loop Plaza
7505 Outer Loop Highway
40228
SC
Fee
1973/1989/
1998
2004
100%
120,777
$
600,924
$
6.00
83.0
%
Valu Market, Outer Loop Bingo
Richmond, KY
Carriage Gate
833-847 Eastern By-Pass
40475
SC
Fee
1992
2003
100%
134,701
$
678,949
$
5.49
91.8
%
Dunhams Sporting Goods, Office Depot, Hobby Lobby,
Ballards (Not Owned)
Maine
Brunswick, ME
Cooks Corners
172 Bath Road
04011
SC
GL
1965
1997
100%
301,853
$
2,104,062
$
7.59
87.3
%
Hoyts Cinemas, Big Lots, T.J. Maxx, Sears
Maryland
Bowie, MD
Duvall Village
4825 Glenn Dale Road
20720
SC
Fee
1998
2007
100%
88,022
$
1,466,059
$
17.12
97.3
%
Glen Burnie, MD
Harundale Plaza
7440 Ritchie Highway
21061
SC
Fee
(3
)
1999
2007
20%
217,619
$
2,305,415
$
11.41
92.9
%
A & P, A.J. Wright, Burlington Coat Factory
Hagerstown, MD
Valley Park Commons
1520 Wesel Boulevard
21740
SC
Fee
1993/2006
2007
100%
88,893
$
1,072,259
$
13.26
90.9
%
Salisbury, MD
The Commons I
East North Point Drive
21801
SC
Fee
1999
1
*
100%
126,135
$
1,579,705
$
13.46
88.8
%
Best Buy, Michaels, Home Depot (Not Owned), Target (Not Owned)
31
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Upper Marlboro, MD
Largo Town Center
950 Largo Center Drive
20774
SC
Fee
(3
)
1991
2007
20%
260,797
$
3,835,883
$
12.57
98.2
%
Shoppers Food Warehouse, Marshalls, Regency Furniture
White Marsh, MD
Costco Plaza
9919 Pulaski Highway
21220
SC
Fee
(3
)
1987/1992
2007
15%
187,331
$
1,648,956
$
8.09
100
%
Costco, PetSmart, Pep Boys, Sports Authority, Home Depot (Not
Owned)
Massachusetts
Everett, MA
Gateway Center
1 Mystic View Road
02149
SC
Fee
2001
1
*
100%
222,236
$
4,791,107
$
17.32
100
%
Home Depot, Bed Bath & Beyond, Old Navy, OfficeMax, Babies
R Us, Michaels, Target (Not Owned), Costco (Not
Owned)
West Springfield, MA
Riverdale Shops
935 Riverdale Street
01089
SC
Fee
(3
)
1985/2003
2007
20%
273,492
$
3,483,265
$
13.22
96.3
%
Kohls, Stop & Shop
Worcester, MA
Sams Club
301 Barber Avenue
01606
SC
Fee
1998
2007
100%
107,929
$
1,116,581
$
10.35
100
%
Sams Club
Michigan
Bad Axe, MI
Huron Crest Plaza
850 North Van Dyke Road
48413
SC
Fee
1991
1993
100%
63,415
$
155,013
$
6.83
35.8
%
Walmart (Not Owned)
Benton Harbor, MI
Fairplain Plaza
1000 Napier Avenue
49022
SC
Fee
(3
)
1998
2006
20%
280,216
$
2,157,011
$
10.73
71.7
%
Office Depot, PetSmart, T.J. Maxx, Target (Not Owned),
Kohls (Not Owned)
Cheboygan, MI
Kmart Plaza
1109 East State
49721
SC
Fee
1988
1994
100%
70,076
$
285,195
$
4.38
92.9
%
Kmart
Dearborn Heights, MI
Walgreens
8706 North Telegraph Road
48127
SC
Fee
1998/1999
2007
100%
13,905
$
385,510
$
27.72
100
%
Gaylord, MI
Pine Ridge Square
1401 West Main Street
49735
SC
Fee
1991/2004
1993
100%
188,219
$
797,609
$
4.30
98.6
%
Family Farm & Home, Hobby Lobby, Dunhams Sporting
Goods, Big Lots
Grand Rapids, MI
Green Ridge Square I
3390B Alpine Avenue Northwest
49504
SC
Fee
1989
1995
100%
133,538
$
1,369,607
$
10.92
94.0
%
T.J. Maxx, Office Depot, Target (Not Owned), Toys R
Us (Not Owned)
Grand Rapids, MI
Green Ridge Square II
3410 Alpine Avenue
49504
SC
Fee
1991/1995
2004
100%
85,254
$
938,118
$
11.00
100
%
Bed Bath & Beyond, Best Buy
Houghton, MI
Copper Country Mall Highway M26
49931
MM
Fee
1981/1999
1/2
*
100%
257,863
$
220,146
$
2.48
34.4
%
J.C. Penney, OfficeMax
Howell, MI
Grand River Plaza
3599 East Grand River
48843
SC
Fee
1991
1993
100%
214,501
$
1,341,689
$
7.05
88.7
%
Elder-Beerman, Dunhams Sporting Goods, OfficeMax, T.J. Maxx
Lansing, MI
Marketplace at Delta Township
8305 West Saginaw Highway
48917
SC
Fee
2000/2001
2003
100%
135,703
$
1,477,879
$
11.30
96.4
%
Michaels, Gander Mountain, Staples, PetSmart, Lowes (Not
Owned), Walmart Supercenter (Not Owned)
Livonia, MI
Walgreens
29200 6 Mile Road
48152
SC
Fee
1998/1999
2007
100%
13,905
$
269,061
$
19.35
100
%
Milan, MI
Milan Plaza
531 West Main Street
48160
SC
Fee
(3
)
1955
2007
20%
65,764
$
273,692
$
4.61
90.2
%
Kroger
32
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Mt. Pleasant, MI
Indian Hills Plaza
4208 East Blue Grass Road
48858
SC
Fee
1990
2
*
100%
249,680
$
933,277
$
7.57
49.4
%
T.J. Maxx, Kroger, Jo-Ann Stores
Port Huron, MI
Walgreens
Northwest Corner 10th Street and Oak Street
48060
SC
Fee
2000
2007
100%
15,120
$
359,856
$
23.80
100
%
Sault St. Marie, MI
Cascade Crossing
4516 I-75 Business Spur
49783
SC
Fee
1993/1998
1994
100%
270,761
$
1,123,244
$
7.56
54.9
%
J.C. Penney, Dunhams Sporting Goods, Glens Market
Westland, MI
Walgreens
7210 North Middlebelt
48185
SC
Fee
2005
2007
100%
13,905
$
285,053
$
20.50
100
%
Minnesota
Bemidji, MN
Paul Bunyan Mall
1401 Paul Bunyan Drive Northwest
56601
MM
Fee
1977/1998
2
*
100%
297,803
$
1,720,147
$
5.85
98.8
%
Kmart, Herbergers, J.C. Penney
Brainerd, MN
Westgate Mall
1200 Highway
56401
MM
Fee
1985/1998
1/2
*
100%
260,845
$
1,337,368
$
7.85
65.3
%
Herbergers, Movies 10
Eagan, MN
Eagan Promenade
1299 Promenade Place
55122
SC
Fee
(3
)
1997/2001
1997
50%
278,211
$
3,767,776
$
13.61
99.5
%
Byerlys, PetSmart, Barnes & Noble, OfficeMax, T.J.
Maxx, Bed Bath & Beyond, Ethan Allen Furniture (Not Owned)
Maple Grove, MN
Maple Grove Crossing Weaver Lake Road and I-94
55369
SC
Fee
(3
)
1995/2002
1996
50%
265,957
$
3,032,945
$
11.48
99.3
%
Kohls, Barnes & Noble, Gander Mountain, Michaels, Bed
Bath & Beyond, Cub Foods (Not Owned)
Mississippi
Gulfport, MS
Crossroads Center Crossroads Parkway
39503
SC
GL
1999
2003
100%
423,505
$
5,401,884
$
11.72
95.0
%
Academy Sports, Bed Bath & Beyond, Ross Dress For Less,
T.J. Maxx, Cinemark, Office Depot, Belk, Barnes & Noble,
Burkes Outlet
Jackson, MS
The Junction
6351 I-55 North 3
39213
SC
Fee
1996
2003
100%
107,780
$
1,137,800
$
11.15
94.7
%
PetSmart, Office Depot, Home Depot (Not Owned), Target (Not
Owned)
Oxford, MS
Oxford Place
2015-2035 University Avenue
38655
SC
Fee
(3
)
2000
2003
20%
13,200
$
262,076
$
15.29
91.7
%
Kroger
Starkville, MS
Starkville Crossings
882 Highway 12 West
39759
SC
Fee
1999/2004
1994
100%
133,691
$
888,855
$
6.96
95.5
%
J.C. Penney, Kroger, Lowes (Not Owned)
Tupelo, MS
Big Oaks Crossing
3850 North Gloster Street
38801
SC
Fee
1992
1994
100%
348,236
$
1,861,670
$
5.90
90.6
%
Sams Club, Walmart Supercenter, Jo-Ann
Stores
(4)
Missouri
Arnold, MO
Jefferson County Plaza Vogel Road
63010
SC
Fee
(3
)
2002
1
*
50%
42,091
$
510,302
$
14.14
85.7
%
Home Depot (Not Owned), Target (Not Owned)
Brentwood, MO
The Promenade at Brentwood
1 Brentwood Promenade Court
63144
SC
Fee
1998
1998
100%
299,584
$
4,267,916
$
14.33
99.4
%
Target, Bed Bath & Beyond, PetSmart, Micro Center, Trader
Joes
33
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Des Peres, MO
Olympic Oaks Village
12109 Manchester Road
63121
SC
Fee
1985
1998
100%
92,372
$
1,454,545
$
16.65
94.6
%
T.J. Maxx
Fenton, MO
Fenton Plaza
Gravois and Highway 141
63206
SC
Fee
1970/1997
1/2
*
100%
93,420
$
1,078,943
$
11.77
94.0
%
Aldi
Independence, MO
Independence Commons
900 East 39th Street
64057
SC
Fee
(3
)
1995/1999
1995
14.5%
386,066
$
4,948,104
$
13.06
98.1
%
Kohls, Bed Bath & Beyond, Marshalls, Best Buy, Barnes
& Noble, AMC Theatres
Springfield, MO
Morris Corners
1425 East Battlefield
65804
SC
GL
1989
1998
100%
56,033
$
548,416
$
10.43
93.9
%
Toys R Us
St. John, MO
St. John Crossings
9000-9070 St. Charles Rock Road
63114
SC
Fee
2003
2003
100%
89,110
$
1,126,527
$
12.08
98.5
%
Shop N Save
St. Louis, MO
Plaza at Sunset Hills
10980 Sunset Plaza
63128
SC
Fee
1997
1998
100%
415,435
$
5,428,717
$
12.56
94.1
%
Toys R Us, Bed Bath & Beyond, Marshalls, Home
Depot, PetSmart, Borders
St. Louis, MO
Southtowne Centre Kings Highway and Chippewa
63109
SC
Fee
2004
1998
100%
88,364
$
1,307,076
$
16.24
91.1
%
OfficeMax
Nevada
Reno, NV
Reno Riverside
East First Street and Sierra
89505
SC
Fee
2000
2000
100%
52,474
$
736,346
$
14.32
98.0
%
Century Theatre
New Jersey
East Hanover, NJ
East Hanover Plaza
154 State Route 10
07936
SC
Fee
1994
2007
100%
97,500
$
1,650,097
$
18.23
92.8
%
Branch Brook Pool & Patio, Sports Authority
East Hanover, NJ
Loews Theatre Complex
145 State Route 10
07936
SC
Fee
1993
2007
100%
20,737
$
1,096,126
$
21.03
100
%
Loews East Hanover Cinemas
Edgewater, NJ
Edgewater Towne Center I
905 River Road
07020
LC
Fee
2000
2007
100%
77,508
$
1,858,581
$
23.98
100
%
Whole Foods
Freehold, NJ
Freehold Marketplace
N.J. Highway 33 and West Main Street (Route 537)
07728
SC
Fee
2005
1
*
100%
7,619
$
570,000
$
18.38
100
%
Sams Club (Not Owned), Walmart (Not Owned)
Hamilton, NJ
Hamilton Marketplace
N.J. State Highway 130 and Klockner Road
08691
SC
Fee
2004
2003
100%
471,236
$
8,492,166
$
15.45
99.0
%
Staples, Kohls, Bed Bath & Beyond, Michaels, Ross
Dress For Less, Shoprite, Barnes & Noble, Walmart (Not
Owned), BJs Wholesale (Not Owned), Lowes (Not Owned)
Lumberton, NJ
Crossroads Plaza
1520 Route 38
08036
SC
Fee
(3
)
2003
2007
20%
89,627
$
1,625,474
$
18.14
100
%
Shoprite, Lowes (Not Owned)
Lyndhurst, NJ
Lewandowski Commons
434 Lewandowski Street
07071
SC
Fee
(3
)
1998
2007
20%
78,097
$
1,639,378
$
22.68
92.6
%
Stop & Shop
Mays Landing, NJ
Hamilton Commons
4215 Black Horse Pike
08330
SC
Fee
2001
2004
100%
398,770
$
5,899,175
$
15.36
96.3
%
Regal Cinemas, Ross Dress For Less, Bed Bath & Beyond,
Marshalls, Sports Authority, hhgregg
34
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Mays Landing, NJ
Wrangleboro Consumer Square I & II
2300 Wrangleboro Road
08330
SC
Fee
1997
2004
100%
841,433
$
9,783,937
$
11.82
98.4
%
Borders, Best Buy, Kohls, Staples, Babies R
Us, BJs Wholesale Club, Dicks Sporting Goods, Just
Cabinets, Christmas Tree Shops, Michaels, Target, PetSmart
Mount Laurel, NJ
Centerton Square
Centerton Road and Marter Avenue
08054
SC
Fee
(3
)
2005
1
*
10%
280,067
$
6,257,455
$
19.99
90.4
%
Wegmans Food Markets, Bed Bath & Beyond, PetSmart,
DSW Shoe Warehouse, Jo-Ann Stores, T.J. Maxx, Costco (Not
Owned), Target (Not Owned)
Princeton, NJ
Nassau Park Pavilion
Route 1 and Quaker Bridge Road
02071
SC
Fee
1995/1999/
2002/2004
1997
100%
491,953
$
9,239,207
$
17.84
95.6
%
Borders, Best Buy, PetSmart, Dicks Sporting Goods,
Michaels, Wegmans Food Markets, Kohls, HomeGoods,
Babies R Us, Target (Not Owned), Sams Club
(Not Owned), Home Depot (Not Owned), Walmart (Not Owned)
Union, NJ
Route 22 Retail Center
2700 U.S. Highway 22 East
07083
SC
Fee
1997
2007
100%
107,348
$
1,122,268
$
19.03
54.9
%
Babies R Us, Target (Not Owned)
West Long Branch, NJ
Consumer Centre
310 State Highway 36
07764
SC
Fee
1993
2004
100%
292,999
$
3,671,128
$
13.62
92.0
%
Sports Authority, PetSmart, Home Depot
Woodland Park, NJ
West Falls Plaza
1730 Route 46
07424
SC
Fee
(3
)
1995
2007
20%
81,261
$
1,917,571
$
21.75
100
%
A & P
New York
Amherst, NY
Burlington Plaza
1551 Niagara Falls Boulevard
14228
SC
GL
1978/1982/
1990/1998
2004
100%
199,504
$
1,996,131
$
10.97
91.2
%
Burlington Coat Factory, Jo-Ann Stores
Amherst, NY
Tops Plaza
3035 Niagara Falls Boulevard
14226
SC
Fee
(3
)
1986
2004
20%
145,642
$
1,192,904
$
8.64
94.8
%
Tops Markets
Big Flats, NY
Big Flats Consumer Square
830 County Route 64
14814
SC
Fee
1993/2001
2004
100%
641,264
$
4,769,760
$
9.54
78.0
%
Hobby Lobby, Sams Club, Tops Markets, Bed Bath &
Beyond, Michaels, Old Navy, Staples, Barnes & Noble, T.J.
Maxx
Buffalo, NY
Elmwood Regal Center
1951 - 2023 Elmwood Avenue
14207
SC
Fee
1997
2004
100%
133,940
$
1,620,080
$
15.03
80.5
%
Regal Cinemas, Office Depot
Buffalo, NY
Rite Aid
1625 Broadway Street
14212
SC
Fee
2000
2007
100%
12,739
$
280,861
$
22.05
100
%
Buffalo, NY
Delaware Consumer Square
2636-2658 Delaware Avenue
14216
SC
GL
1995
2004
100%
238,416
$
2,037,351
$
9.11
93.8
%
A.J. Wright, OfficeMax, Target
Cheektowaga, NY
Rite Aid
2401 Gennesee Street
14225
SC
Fee
2000
2007
100%
10,908
$
335,592
$
30.77
100
%
35
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Cheektowaga, NY
Thruway Plaza
2195 Harlem Road
14225
SC
Fee
1965/1995/
1997/2004
2004
100%
381,812
$
2,971,615
$
7.78
100
%
Walmart, Movieland 8 Theatres, Tops Markets, A.J. Wright, Value
City Furniture, Home Depot (Not Owned)
Cheektowaga, NY
Tops Plaza
3825-3875 Union Road
14225
SC
Fee
(3
)
1978/1989/
1995/2004
2004
20%
151,357
$
1,554,728
$
12.16
84.5
%
Tops Markets
Chili, NY
Kmart Plaza
800 Paul Road
14606
SC
Fee
1998
2004
100%
116,868
$
763,623
$
6.06
100
%
Kmart
Dewitt, NY
Michaels
3133 Erie Boulevard
13214
SC
Fee
2002
2004
100%
38,413
$
448,543
$
11.68
100
%
Michaels
Dunkirk, NY
Rite Aid
1166 Central Avenue
14048
SC
GL
2000
2007
100%
10,908
$
210,569
$
19.30
100
%
Gates, NY
Westgate Plaza
2000 Chili Avenue
14624
SC
Fee
1998
2004
100%
330,312
$
3,326,774
$
10.11
99.6
%
Walmart Supercenter, Staples
Greece, NY
Jo-Ann/PetSmart Plaza
3042 West Ridge Road
14626
SC
Fee
1993/1999
2004
100%
75,916
$
830,521
$
10.94
100
%
PetSmart, Jo-Ann Stores
Hamburg, NY
McKinley Mall
3701 McKinley Parkway
14075
SC
Fee
1990/2001
2004
100%
128,944
$
1,540,132
$
11.94
100
%
Rosas Home Store
Hamburg, NY
BJs Plaza
4408 Milestrip Road
14075
SC
GL
1990/1997
2004
100%
175,965
$
1,788,633
$
10.37
98.0
%
OfficeMax, BJs Wholesale Club
Hamburg, NY
McKinley Milestrip
4405 Milestrip Road
14219
SC
GL
1999/2000
2004
100%
139,413
$
1,208,998
$
10.00
86.8
%
Home Depot
Hamburg, NY
McKinley Milestrip
3540 McKinley Parkway
14075
SC
Fee
1999
2004
100%
106,774
$
1,374,804
$
13.75
93.6
%
Old Navy, Jo-Ann Stores
Horseheads, NY
Southern Tier Crossing
Ann Page Road and I-86
14845
SC
Fee
2008
1
*
100%
143,694
$
1,962,482
$
14.05
97.2
%
Jo-Ann Stores, Dicks Sporting Goods, Walmart Supercenter
(Not Owned), Kohls (Not Owned)
Irondequoit, NY
Culver Ridge Plaza
2255 Ridge Road East
14622
SC
Fee
(3
)
1972/1984/
1997
2004
20%
226,768
$
2,259,309
$
11.55
86.3
%
Regal Cinemas, A.J. Wright
Ithaca, NY
Tops Plaza
614-722 South Meadow
14850
SC
Fee
1990/1999/
2003
2004
100%
229,320
$
3,197,628
$
17.07
81.7
%
Tops Markets, Michaels, Barnes & Noble
Jamestown, NY
Tops Plaza
75 Washington Street
14702
SC
Fee
(3
)
1997
2004
20%
98,001
$
928,300
$
11.77
80.5
%
Tops Markets
Leroy, NY
Tops Plaza
128 West Main Street
14482
SC
Fee
(3
)
1997
2004
20%
62,747
$
489,026
$
9.05
86.1
%
Tops Markets
Lockport, NY
Tops Plaza
5789-5839 Transit Road and Hamm
14094
SC
GL
1993
2004
100%
296,582
$
2,680,047
$
9.30
97.2
%
Walmart, Tops Markets, Sears
North Tonawanda, NY
Mid-City Plaza
955-987 Payne Avenue
14120
SC
Fee
2004
2004
100%
223,022
$
2,437,247
$
11.42
95.7
%
Grossmans Bargain Outlet, Tops Markets
New Hartford, NY
Hannaford Plaza
40 Kellogg Road
13413
SC
Fee
1998
2004
100%
110,732
$
1,108,130
$
12.78
78.3
%
Hannaford Brothers
36
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Niskayuna, NY
Mohawk Commons
402-442 Balltown Road
12121
SC
Fee
2002
2004
100%
399,901
$
4,678,792
$
11.65
98.5
%
Price Chopper, Lowes, Marshalls, Barnes & Noble, Bed
Bath & Beyond, Target (Not Owned)
Norwich, NY
Tops Plaza
54 East Main Street
13815
SC
GL
1997
2004
10%
85,453
$
1,105,778
$
13.66
94.7
%
Tops Markets
Olean, NY
Walmart Plaza
3142 West State Street
14760
SC
Fee
1993/2004
2004
100%
353,326
$
2,355,628
$
6.72
99.3
%
Walmart Supercenter, Eastwynn Theatres, BJs Wholesale
Club, Home Depot (Not Owned)
Ontario, NY
Tops Plaza
6254-6272 Furnace Road
14519
SC
Fee
(3
)
1998
2004
20%
77,040
$
668,065
$
10.12
85.7
%
Tops Markets
Orchard Park, NY
Crossroads Centre
3245 Southwestern Boulevard
14127
SC
Fee
(3
)
2000
2004
20%
167,805
$
1,708,362
$
11.52
88.4
%
Tops Markets, Stein Mart, Lowes (Not Owned)
Penfield, NY
Panorama Plaza
1601 Penfield Road
14625
SC
Fee
(3
)
1959/1965/
1972/1980/
1986/1994
2004
20%
279,219
$
3,208,870
$
13.29
86.5
%
Staples, Tops Markets, Tuesday
Morning
(4)
Rome, NY
Freedom Plaza
205-211 Erie Boulevard West
13440
SC
Fee
1978/2000/
2001
2004
100%
194,467
$
1,363,427
$
6.74
100
%
Staples, J.C. Penney, Tops Markets, Marshalls
Tonawanda, NY
Office Depot Plaza
2309 Eggert Road
14150
SC
Fee
1976/1985/
1996
2004
100%
121,846
$
894,325
$
8.88
82.6
%
Best Fitness, Office Depot
Victor, NY
Victor Square
2-10 Commerce Drive
14564
SC
Fee
2000
2004
100%
56,134
$
664,754
$
11.84
100
%
Optigolf
Warsaw, NY
Tops Plaza
2382 Route 19
14569
SC
Fee
(3
)
1998
2004
20%
74,105
$
523,583
$
8.66
81.6
%
Tops Markets, Walmart (Not Owned)
West Seneca, NY
Home Depot Plaza
1881 Ridge Road
14224
SC
GL
1975/1983/
1987/1995
2004
100%
139,453
$
1,322,819
$
10.14
93.6
%
Home Depot
West Seneca, NY
Seneca Ridge Plaza
3531 Seneca Street
14224
SC
Fee
1980/1996/
2004
2004
100%
62,403
$
248,602
$
6.95
57.3
%
Planet Fitness West Seneca
Williamsville, NY
Williamsville Place
5395 Sheridan Drive
14221
SC
Fee
1986/1995/
2003
2004
100%
102,917
$
1,328,269
$
14.57
88.6
%
North Carolina
Apex, NC
Beaver Creek Crossings
1335 West Williams Street
27502
SC
Fee
2006
1
*
100%
300,622
$
4,431,551
$
15.13
92.7
%
Borders, Dicks Sporting Goods, Consolidated Theaters, T.J.
Maxx
Apex, NC
Beaver Creek Commons
1335 West Williams Street
27502
SC
Fee
(3
)
2005
1
*
10%
118,046
$
2,485,324
$
17.15
96.2
%
A.C. Moore, OfficeMax, Lowes (Not Owned), Super Target
(Not Owned)
Asheville, NC
Oakley Plaza
Fairview Road at Interstate 240
28801
SC
Fee
1988
2007
100%
118,699
$
943,150
$
8.19
97.0
%
Babies R Us, BI-LO
Cary, NC
hhgregg
1401 Piney Plains Road
27511
SC
Fee
2000
2007
100%
29,235
$
292,350
$
10.00
100
%
hhgregg
37
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Cary, NC
Mill Pond Village
3434-3490 Kildaire Farm Road
27512
SC
Fee
2004
2007
100%
84,364
$
1,127,654
$
15.08
84.2
%
Lowes Foods
Chapel Hill, NC
Meadowmont Village
West Barbee Chapel Road
27517
SC
Fee
(3
)
2002
2007
20%
132,619
$
2,349,205
$
19.92
88.9
%
Harris Teeter Supermarkets
Charlotte, NC
Camfield Corners
8620 Camfield Street
28277
SC
Fee
1994
2007
100%
69,857
$
858,351
$
12.64
97.2
%
BI-LO
Clayton, NC
Clayton Corners
U.S. Highway 70 West
27520
SC
Fee
(3
)
1999
2007
20%
125,708
$
1,318,778
$
11.51
91.2
%
Lowes Foods
Concord, NC
Rite Aid
Highway 29 at Pitts School
28027
SC
Fee
2002
2007
100%
10,908
$
227,814
$
20.89
100
%
Cornelius, NC
The Shops at the Fresh Market
20601 Torrence Chapel Road
28031
SC
Fee
2001
2007
100%
130,114
$
951,185
$
9.75
74.9
%
Stein Mart, Fresh Market
Durham, NC
Patterson Place
3616 Witherspoon Boulevard
27707
SC
Fee
(3
)
2004
2007
20%
160,942
$
2,098,462
$
14.19
91.9
%
DSW Shoe Warehouse, A.C. Moore, Bed Bath & Beyond, Home
Depot (Not Owned), Kohls (Not Owned), Kroger (Not Owned)
Durham, NC
Oxford Commons
3500 Oxford Road
27702
SC
Fee
1990/2001
1/2
*
100%
208,014
$
1,241,286
$
6.29
94.9
%
Food Lion, Burlington Coat Factory, Walmart (Not Owned)
Durham, NC
South Square
4001 Durham Chapel
27707
SC
Fee
(3
)
2005
2007
20%
107,812
$
1,636,201
$
15.39
95.3
%
Office Depot, Ross Dress For Less, Sams Club (Not Owned),
Super Target (Not Owned)
Fayetteville, NC
Cross Pointe Centre
5075 Morganton Road
28314
SC
Fee
1985/2003
2003
100%
226,089
$
1,921,587
$
8.50
100
%
T.J. Maxx, Bed Bath & Beyond
Fayetteville, NC
Fayetteville Pavilion
2061 Skibo Road
28314
SC
Fee
(3
)
1998/2001
2007
20%
273,969
$
2,662,039
$
11.71
83.0
%
Dicks Sporting Goods, PetSmart, Food Lion, Marshalls,
Michaels
Fuquay Varina, NC
Sexton Commons
1420 North Main Street
27526
SC
Fee
(3
)
2002
2007
20%
49,097
$
730,536
$
14.88
100
%
Harris Teeter Supermarkets
Greensboro, NC
Adams Farm
5710 High Point Road
27407
SC
Fee
2004
2007
100%
112,010
$
990,207
$
11.13
79.5
%
Harris Teeter Supermarkets
Greensboro, NC
Golden Gate
East Cornwallis Drive
27405
SC
Fee
1962/2002
2007
100%
153,113
$
1,075,549
$
8.68
81.0
%
Harris Teeter Supermarkets, Staples, Food Lion
Greensboro, NC
Wendover Village II
4203-4205 West Wendover Avenue
27407
SC
Fee
2004
2007
100%
35,895
$
941,601
$
26.23
100
%
Costco (Not Owned)
Greensboro, NC
Wendover Village II
West Wendover Avenue
27407
SC
Fee
(3
)
2004
2007
20%
134,810
$
1,177,676
$
12.72
68.7
%
A.C. Moore, Klaussner Furniture
Huntersville, NC
Birkdale Village
8712 Lindholm Drive Suite 206
28078
LC
Fee
(3
)
2003
2007
15%
300,894
$
6,349,547
$
24.78
85.2
%
Barnes & Noble, Dicks Sporting Goods, Regal Cinemas
(Not Owned)
Huntersville, NC
Rosedale Shopping Center
9911 Rose Commons Drive
28078
SC
Fee
(3
)
2000
2007
20%
119,087
$
1,714,884
$
15.95
90.3
%
Harris Teeter Supermarkets
38
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Indian Trail, NC
Union Town Center Independence and Faith Church Road
28079
SC
Fee
1999
2004
100%
96,160
$
825,875
$
9.31
92.3
%
Food Lion
Mooresville, NC
Mooresville Consumer Square I
355 West Plaza Drive
28117
SC
Fee
1999/2006
2006
100%
472,182
$
3,496,499
$
8.30
89.3
%
Walmart Supercenter, Gander Mountain, Ollies Bargain Outlet
Mooresville, NC
Winslow Bay Commons Bluefield Road and Highway 150
28117
SC
Fee
(3
)
2003
2007
15%
255,798
$
3,304,948
$
13.74
88.8
%
Ross Dress For Less, Dicks Sporting Goods, T.J. Maxx,
Michaels, Super Target (Not Owned)
New Bern, NC
Rivertowne Square
3003 Claredon Boulevard
28561
SC
Fee
1989/1999
1/2
*
100%
68,045
$
616,949
$
9.27
97.8
%
PetSmart, Walmart Supercenter (Not Owned)
Raleigh, NC
Alexander Place
Glenwood Ave and Brier Creek Parkway
27617
SC
Fee
(3
)
2004
2007
15%
188,254
$
2,582,930
$
14.35
95.6
%
Kohls, hhgregg, Walmart Supercenter (Not Owned)
Raleigh, NC
Capital Crossing
2900-2950 East Mill Brook Road
27613
SC
Fee
1995
2007
100%
83,248
$
913,920
$
10.98
99.9
%
Lowes Foods, Staples
Raleigh, NC
Wakefield Crossing Wakefield Pines Drive and New Falls of Neuse
27614
SC
Fee
2001
2007
100%
75,927
$
811,991
$
12.80
83.6
%
Food Lion
Salisbury, NC
Alexander Pointe
850 Jake Alexander Boulevard
28144
SC
Fee
(3
)
1997
2007
20%
57,710
$
668,044
$
11.58
100
%
Harris Teeter Supermarkets
Wake Forest, NC
Capital Plaza
11825 Retail Drive
27587
SC
Fee
(3
)
2004
2007
15%
46,793
$
570,486
$
13.98
87.2
%
Home Depot (Not Owned), Super Target (Not Owned)
Washington, NC
Pamlico Plaza
536 Pamlico Plaza
27889
SC
Fee
1990/1999
1/2
*
100%
80,644
$
528,642
$
6.76
97.0
%
Burkes Outlet, Office Depot, Walmart Supercenter (Not
Owned)
Wilmington, NC
University Centre
South College Road and New Centre Drive
28403
SC
Fee
1989/2001
1/2
*
100%
411,887
$
2,992,740
$
9.98
72.8
%
Lowes, Old Navy, Bed Bath & Beyond, Ross Dress For
Less, Sams Club (Not Owned)
Wilmington, NC
Oleander Shopping Center
3804 Oleander Drive
28401
SC
GL
1989
2007
100%
51,888
$
495,650
$
10.46
91.4
%
Lowes Foods
Wilson, NC
Forest Hills Centre
1700 Raleigh Road Northwest
27896
SC
Fee
1989
2007
100%
73,020
$
318,752
$
9.92
44.0
%
Winston Salem, NC
Harper Hill Commons
5049 Country Club Road
27104
SC
Fee
(3
)
2004
2007
20%
55,394
$
723,391
$
20.66
60.3
%
Harris Teeter Supermarkets
Winston Salem, NC
Shops at Oliver Crossing Peters Creek Parkway Oliver Crossing
27127
SC
Fee
(3
)
2003
2007
20%
76,512
$
840,362
$
12.56
87.5
%
Lowes Foods
Winston Salem, NC
Walmart Supercenter
4550 Kester Mill Road
27103
SC
Fee
1998
2007
100%
204,931
$
1,403,777
$
6.85
100
%
Walmart Supercenter
39
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Ohio
Alliance, OH
Walmart Supercenter
2700 West State Street
44601
SC
Fee
1998
2007
100%
200,084
$
1,190,500
$
5.95
100
%
Walmart Supercenter
Ashtabula, OH
Ashtabula Commons
1144 West Prospect Road
44004
SC
Fee
2000
2004
100%
57,874
$
852,400
$
14.73
100
%
Tops Markets
Aurora, OH
Barrington Town Center
70-130 Barrington Town Square
44202
SC
Fee
1996/2004
1
*
100%
102,683
$
1,034,769
$
11.37
86.2
%
Cinemark, Heinens (Not Owned)
Boardman, OH
Southland Crossings
I-680 and U.S. Route 224
44514
SC
Fee
1997
1
*
100%
506,254
$
4,192,313
$
8.30
98.3
%
Lowes, Babies R Us, Staples, Dicks
Sporting Goods, Walmart, PetSmart, Giant Eagle
Chillicothe, OH
Chillicothe Place
867 North Bridge Street
45601
SC
GL
(3
)
1974/1998
1/2
*
20%
106,262
$
1,048,806
$
10.22
96.6
%
Kroger, OfficeMax
Chillicothe, OH
Chillicothe Place
867 North Bridge Street
45601
SC
Fee
1998
1981
100%
130,497
$
822,132
$
6.30
100
%
Lowes
Cincinnati, OH
Glenway Crossing
5100 Glencrossing Way
45238
SC
Fee
1990
1993
100%
235,433
$
1,302,276
$
11.56
45.1
%
Michaels
Cincinnati, OH
Kroger
6401 Colerain Avenue
45239
SC
Fee
1998
2007
100%
56,634
$
556,486
$
9.83
100
%
Kroger
Cincinnati, OH
Tri-County Mall
11700 Princeton Pike
45246
SC
Fee
(3
)
1960/1990/
1992
2005
20%
758,031
$
11,292,206
$
18.54
85.6
%
Dillards, Sears, Macys (Not Owned)
Cleveland, OH
Kmart Plaza
14901-14651 Lorain Avenue
44111
SC
Fee
(3
)
1982
2008
25.25%
109,250
$
724,137
$
7.29
90.9
%
Kmart
Columbus, OH
Consumer Square West
3630 Soldano Boulevard
43228
SC
Fee
1989/2003
2004
100%
222,206
$
2,009,987
$
10.09
82.0
%
Kroger, Target
Columbus, OH
Easton Market
3740 Easton Market
43230
SC
Fee
1998
1998
100%
506,911
$
6,545,795
$
13.00
99.3
%
Staples, PetSmart, buybuy BABY, Golfsmith Golf Center, Michaels,
Dicks Sporting Goods, DSW Shoe Warehouse, Kittles
Home Furnishings, Bed Bath & Beyond, T.J. Maxx
Columbus, OH
Lennox Town Center
1647 Olentangy River Road
43212
SC
Fee
(3
)
1997
1998
50%
352,913
$
3,721,477
$
10.55
100
%
Target, Barnes & Noble, Staples, AMC Theatres
Columbus, OH
Sun Center
3622-3860 Dublin Granville Road
43017
SC
Fee
(3
)
1995
1998
79.45%
315,828
$
3,809,987
$
12.35
97.7
%
Babies R Us, Michaels, Ashley Furniture Homestore,
Stein Mart, Whole Foods, Staples
Columbus, OH
Hilliard Rome Commons
1710-60 Hilliard Rome Road
43026
SC
Fee
(3
)
2001
2007
20%
110,871
$
1,507,003
$
13.59
100
%
Giant Eagle
Dublin, OH
Perimeter Center
6644-6804 Perimeter Loop Road
43017
SC
Fee
1996
1998
100%
137,556
$
1,433,289
$
11.73
88.9
%
Giant Eagle
Elyria, OH
Elyria Shopping Center
841 Cleveland
44035
SC
Fee
1977
2
*
100%
92,125
$
171,300
$
7.81
23.8
%
40
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Grove City, OH
Derby Square
2161-2263 Stringtown Road
43123
SC
Fee
(3
)
1992
1998
20%
128,250
$
1,223,213
$
9.86
96.7
%
Giant Eagle
Huber Hts., OH
North Heights Plaza
8280 Old Troy Pike
45424
SC
Fee
1990
1993
100%
182,749
$
1,647,060
$
12.54
71.9
%
hhgregg, Dicks Sporting Goods, Hobby Lobby (Not Owned),
Bed Bath & Beyond (Not Owned)
Macedonia, OH
Macedonia Commons I Macedonia Commons Boulevard
44056
SC
Fee
(3
)
1994
1994
50%
244,056
$
3,094,410
$
12.87
94.4
%
Hobby Lobby, Kohls, Walmart Supercenter (Not Owned), Home
Depot (Not Owned)
Macedonia, OH
Macedonia Commons II
8210 Macedonia Commons
44056
SC
Fee
1999
1/2*
100%
57,658
$
915,609
$
15.88
100
%
Cinemark
Solon, OH
Uptown Solon
Kruse Drive
44139
SC
Fee
1998
1
*
100%
183,255
$
2,961,707
$
16.51
97.9
%
Mustard Seed Market & Cafe, Bed Bath & Beyond, Borders
Solon, OH
Sears Solon
6221 SOM Center Road
44139
SC
Fee
(3
)
1977
2008
25.25%
84,180
$
299,819
$
3.56
100
%
Sears Grand, Marcs (Not Owned)
Stow, OH
Stow Community Center I
44224
SC
Fee
1997/2000
1
*
100%
389,668
$
3,734,388
$
10.17
94.2
%
Bed Bath & Beyond,
Kent Road
Giant Eagle, Kohls, OfficeMax, Target (Not Owned)
Tiffin, OH
Tiffin Mall
870 West Market Street
44883
MM
Fee
1980/2004
1/2
*
100%
176,095
$
585,279
$
4.83
68.9
%
Cinemark, J.C. Penney
Toledo, OH
Springfield Commons
South Holland-Sylvania Road
43528
SC
Fee
(3
)
1999
1
*
20%
241,129
$
2,858,661
$
11.42
98.3
%
Kohls, Gander Mountain, Bed Bath & Beyond, Old Navy,
Babies R Us
Toledo, OH
North Towne Commons
851 West Alexis Road
43612
SC
Fee
1995
2004
100%
80,160
$
501,000
$
6.25
100
%
Dicks Sporting Goods, Kroger (Not Owned), Target (Not
Owned)
Westlake, OH
West Bay Plaza
30100 Detroit Road
44145
SC
Fee
1974/1997/
2000
1/2
*
100%
162,330
$
1,358,280
$
8.47
98.8
%
Marcs, Sears Grand
Willoughby Hills, OH
Shoppes at Willoughby Hills Chardon Road
44092
SC
Fee
(3
)
1985
2007
15%
376,977
$
2,787,995
$
8.73
84.7
%
Giant Eagle, National College, OfficeMax, Phoenix
Theaters
(4)
Xenia, OH
West Park Square
1700 West Park Square
45385
SC
Fee
1994/1997/
2001
1
*
100%
112,361
$
513,056
$
7.40
61.7
%
Kroger, Walmart (Not Owned)
Zanesville, OH
Kmart Shopping Center
3515 North Maple Avenue
43701
SC
Fee
(3
)
1973
2008
25.25%
84,180
$
223,160
$
2.65
100
%
Kmart
Oklahoma
Enid, OK
Kmart Plaza
4010 West Owen Garriot Road
73703
SC
Fee
(3
)
1983
2008
25.25%
84,000
$
196,206
$
2.34
100
%
Kmart, United Supermarkets (Not Owned)
Oklahoma City, OK
CVS Pharmacy
2323 North Martin Luther King Boulevard
73102
SC
Fee
1997
2007
100%
9,504
$
159,358
$
16.77
100
%
41
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Oregon
Portland, OR
Tanasbourne Town Center I Evergreen Parkway and
Ring Road
97006
SC
Fee
(3
)
1995/2001
1996
50%
309,617
$
5,363,784
$
17.94
96.6
%
Bed Bath & Beyond, Ross Dress For Less, Michaels, Barnes
& Noble, Office Depot, Haggans, Nordstrom Rack (Not
Owned), Target (Not Owned)
Pennsylvania
Allentown, PA
BJs Wholesale Club
1785 Airport Road South
18109
SC
Fee
1991
2004
100%
112,230
$
863,266
$
7.69
100
%
BJs Wholesale Club
Allentown, PA
West Valley Marketplace 1091 Mill Creek Road
18106
SC
Fee
2001/2004
2003
100%
259,239
$
2,653,025
$
10.37
98.7
%
Walmart Supercenter
Camp Hill, PA
Camp Hill Center
3414 Simpson Ferry Road
17011
SC
Fee
1978/2002
2007
100%
62,888
$
288,000
$
10.03
45.6
%
Michaels, Linens &
More
(4)
Carlisle, PA
Carlisle Commons Shopping Center
Ridge Street and Noble Boulevard
17013
SC
Fee
(3
)
2001
2007
15%
393,033
$
3,281,824
$
8.85
94.4
%
Walmart Supercenter, T.J. Maxx, Ross Dress For Less, Regal
Cinemas
Cheswick, PA
Rite Aid
1200 Pittsburgh Street
15024
SC
Fee
2000
2007
100%
10,908
$
248,609
$
22.79
100
%
Connellsville, PA
Rite Aid
100 Memorial Boulevard
15425
SC
Fee
1999
2007
100%
10,908
$
312,181
$
28.62
100
%
E. Norriton, PA
Dekalb Plaza
2692 Dekalb Pike
19401
SC
Fee
1975/1997
1/2
*
100%
173,876
$
1,199,759
$
6.68
96.4
%
Aldi, Big Lots
Erie, PA
Peach Street Square
1902 Keystone Drive
16509
SC
GL
1995/1998/
2003
1
*
100%
557,791
$
4,137,442
$
9.21
75.9
%
Lowes, PetSmart, hhgregg, Kohls, Cinemark, Hobby
Lobby, Erie Sports, Home Depot (Not Owned)
Erie, PA
Rite Aid
4145 Buffalo Road
16510
SC
Fee
1999
2007
100%
10,908
$
235,940
$
21.63
100
%
Erie, PA
Rite Aid
404 East 26th Street
16503
SC
Fee
1999
2007
100%
10,908
$
260,047
$
23.84
100
%
Erie, PA
Rite Aid
353 East 6th Street
16507
SC
Fee
1999
2007
100%
10,908
$
266,969
$
24.47
100
%
Erie, PA
Rite Aid
5440 Peach Street
16508
SC
Fee
2000
2007
100%
10,908
$
354,691
$
32.52
100
%
Erie, PA
Rite Aid
2923 West 26th Street
16506
SC
Fee
1999
2007
100%
10,908
$
332,311
$
30.46
100
%
Erie, PA
Rite Aid
2184 West 12th Street
16505
SC
Fee
1999
2007
100%
10,908
$
373,661
$
34.26
100
%
Homestead, PA
Waterfront Market Amity
149 West Bridge Street
15120
LC
Fee
(3
)
2003
2007
15%
764,691
$
11,173,951
$
15.81
92.4
%
Dicks Sporting Goods, Loews Theater, Best Buy, Michaels,
Office Depot, T.J. Maxx, Old Navy, DSW Shoe Warehouse, Bed Bath
& Beyond, Marshalls, Barnes & Noble, Dave &
Busters, Target (Not Owned), Macys (Not Owned)
42
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Irwin, PA
Rite Aid
3550 Route 130
15642
SC
Fee
1999
2007
100%
10,908
$
262,741
$
24.09
100
%
King of Prussia, PA
Overlook at King of Prussia
301 Goddard Boulevard
19046
SC
Fee
(3
)
2002
2007
15%
105,615
$
5,044,175
$
26.04
100
%
United Artists Theatre, Nordstrom Rack, Best Buy
Monroeville, PA
Rite Aid
2604 Monroeville Boulevard
15146
SC
Fee
1999
2007
100%
10,908
$
295,339
$
27.08
100
%
Mt. Nebo, PA
Mount Nebo Pointe
Mount Nebo and Lowries Run Road
15237
SC
Fee
(3
)
2005
1
*
10%
104,909
$
717,875
$
15.52
39.5
%
Sams Club (Not Owned), Target (Not Owned)
New Castle, PA
Rite Aid
31 North Jefferson Street
16101
SC
Fee
1999
2007
100%
10,908
$
267,194
$
24.50
100
%
Pittsburgh, PA
Rite Aid
1804 Golden Mile Highway
15239
SC
Fee
1999
2007
100%
10,908
$
326,940
$
29.97
100
%
Pittsburgh, PA
Rite Aid
2501 Saw Mill Run Boulevard
15227
SC
Fee
1999
2007
100%
10,908
$
342,233
$
31.37
100
%
Pottstown, PA
Kmart Shopping Center
2200 East High Street
19464
SC
Fee
(3
)
1973
2008
25.25%
84,180
$
275,000
$
3.27
100
%
Kmart
Willow Grove, PA
Kmart Shopping Center
2620 Moreland Road
19090
SC
Fee
(3
)
1973
2008
25.25%
94,500
$
341,125
$
3.61
100
%
Kmart
Puerto Rico
Arecibo, PR
Plaza Del Atlantico
Ave Miramar (PR 2) and Ave San Daniel
00612
MM
Fee
1980/1993
2005
100%
214,191
$
2,863,433
$
13.16
91.5
%
Kmart, Capri Del Atlantico
Bayamon, PR
Plaza Del Sol
Calle Comerio Principal (PR 167) and Calle
Principal Oeste (PR 29)
00961
MM
Fee
1998/2003/
2004
2005
100%
524,409
$
17,741,285
$
33.95
95.0
%
Walmart, Old Navy, Science Park Cinema, Bed Bath & Beyond,
Home Depot (Not Owned)
Bayamon, PR
Rexville Plaza
PR 167 and Ave Las Cumbres (PR 199)
00961
SC
Fee
1980/2002
2005
100%
126,022
$
1,627,688
$
11.70
96.6
%
Pueblo Xtra, Tiendas Capri
Bayamon, PR
Plaza Rio Hondo
Expo Jose de Diego (PR 22) and Ave Comerio (PR 167)
00936
MM
Fee
1982/2001
2005
100%
484,656
$
12,769,518
$
27.26
89.8
%
Best Buy, Kmart, Pueblo Xtra, Rio Hondo Cinemas, Marshalls, T.J.
Maxx
Carolina, PR
Plaza Escorial
SWQ Ave 65 Infanteria (PR 3) and PR 8
00987
SC
Fee
1997
2005
100%
420,470
$
7,996,095
$
14.78
100
%
OfficeMax, Walmart Supercenter, Plaza Escorial Cinemas, Borders,
Old Navy, Sams Club, Home Depot (Not Owned)
Cayey, PR
Plaza Cayey
PR 1 and PR 735
00736
SC
Fee
1999/2004
2005
100%
261,126
$
2,964,164
$
8.53
96.7
%
Walmart Supercenter, Cayey Cinema Corp. (Not Owned)
Fajardo, PR
Plaza Fajardo
PR 3 and Ave Valero
00738
SC
Fee
1992
2005
100%
245,319
$
4,115,511
$
16.76
98.0
%
Walmart, Pueblo Xtra
Guayama, PR
Plaza Walmart
PR 3 and La Concordia Ave
00784
SC
Fee
1994
2005
100%
163,598
$
1,709,709
$
10.95
95.5
%
Walmart
43
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Hatillo, PR
Plaza Del Norte
PR 2 and PR 493
00659
MM
Fee
1992
2005
100%
513,156
$
10,567,204
$
25.17
82.3
%
Sears, T.J. Maxx, Toys R Us, J.C. Penney, OfficeMax,
Rooms to
Go
(4)
,
Walmart
Humacao, PR
Plaza Palma Real
PR 3 and PR 53
00791
SC
Fee
1995
2005
100%
345,489
$
7,085,154
$
19.48
93.1
%
Pep Boys, J.C. Penney, Capri Stores, OfficeMax, Marshalls,
Walmart
Isabela, PR
Plaza Isabela
PR 2 and PR 4494
00662
SC
Fee
1994
2005
100%
238,410
$
3,707,914
$
14.77
96.4
%
Co-Op Isabela Supermarket, Walmart
San German, PR
Camino Real PR 2 and PR 122
00683
SC
Fee
1991
2005
100%
0
$
363,595
100
%
Pep Boys
San German, PR
Plaza Del Oeste
PR 2 and PR 122
00683
SC
Fee
1991
2005
100%
174,172
$
2,488,759
$
12.90
99.8
%
Kmart, Econo San German, Pep Boys
San Juan, PR
Senorial Plaza
Expo Las Americas and PR 177
00926
MM
Fee
1978/
Mutiple
2005
100%
160,349
$
2,782,203
$
16.79
94.7
%
Kmart, Pueblo Xtra
Vega Baja, PR
Plaza Vega Baja
PR 2 and Ave Betances
00693
SC
Fee
1990
2005
100%
180,488
$
1,899,113
$
10.41
96.9
%
Kmart, Pueblo Xtra
Rhode Island
Middletown, RI
Middletown Village
1315 West Main Street
02842
SC
Fee
2003
2007
100%
98,161
$
970,192
$
13.83
71.5
%
Barnes & Noble, Michaels
Warwick, RI
Warwick Center
1324 Bald Hill Road
02886
SC
Fee
(3
)
2004
2007
15%
159,958
$
2,171,965
$
17.78
76.4
%
Dicks Sporting Goods, Barnes & Noble, DSW Shoe
Warehouse
South Carolina
Aiken, SC
Aiken Exchange
Whiskey Road and Brook Haven Drive
29803
SC
Fee
(3
)
2004
2007
15%
101,558
$
458,570
$
8.42
53.6
%
PetSmart, Target (Not Owned)
Camden, SC
Springdale Plaza
1671 Springdale Drive
29020
SC
Fee
1990/2000
1993
100%
180,127
$
1,065,042
$
7.65
77.3
%
Belk, Walmart Supercenter (Not Owned)
Charleston, SC
Ashley Crossing
2245 Ashley Crossing Drive
29414
SC
Fee
1991
2003
100%
188,883
$
696,766
$
11.45
29.4
%
Food Lion, Kohls
Columbia, SC
Columbiana Station OEA Harbison Boulevard and Bower Parkway
29212
SC
Fee
(3
)
2003
2007
15%
375,950
$
4,133,584
$
14.78
74.4
%
Dicks Sporting Goods, buybuy BABY, Michaels, PetSmart,
hhgregg
Easley, SC
Center Pointe Plaza II Calhoun Memorial Highway and Brushy
Creek Road
29642
SC
GL
(3
)
2004
2007
20%
72,287
$
648,084
$
11.13
80.6
%
Publix Super Markets, Home Depot (Not Owned)
Gaffney, SC
Rite Aid
1320 West Floyd Baker Boulevard
29341
SC
Fee
2003
2007
100%
13,818
$
291,984
$
21.13
100
%
Greenville, SC
Rite Aid
3679 Augusta Road
29605
SC
Fee
2001
2007
100%
10,908
$
283,423
$
25.98
100
%
Greenville, SC
Walmart Supercenter
1451 Woodruff Road
29607
SC
Fee
1998
2007
100%
200,084
$
1,272,534
$
6.36
100
%
Walmart Supercenter
44
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Greenville, SC
The Point
1140 Woodruff Road
29601
SC
Fee
(3
)
2005
2007
20%
104,560
$
1,022,417
$
16.93
57.8
%
Whole Foods
Greenwood, SC
Northside Plaza U.S. Highway 25 and Northside Drive
29649
SC
Fee
1999
2007
100%
41,581
$
334,437
$
8.04
100
%
BI-LO
Lexington, SC
Lexington Place
U.S. Highway 378 and Old Cherokee Road
29072
SC
Fee
2003
2007
100%
83,167
$
842,533
$
10.26
98.7
%
Ross Dress For Less, T.J. Maxx, Publix Super Markets (Not
Owned), Kohls (Not Owned)
Mt. Pleasant, SC
Wando Crossing
1500 Highway 17 North
29465
SC
Fee
1992/2000
1995
100%
209,810
$
2,157,654
$
11.72
87.7
%
Office Depot, T.J. Maxx, Marshalls, Walmart (Not Owned)
Mt. Pleasant, SC
BI-LO at Shelmore
672 Highway 17 By-Pass
29464
SC
Fee
2002
2007
100%
64,368
$
920,894
$
14.31
100
%
BI-LO
Myrtle Beach, SC
The Plaza at Carolina Forest 3735 Renee Drive
29579
SC
Fee
(3
)
1999
2007
20%
116,657
$
1,368,467
$
13.02
80.3
%
Kroger
N. Charleston, SC
North Pointe Plaza
7400 Rivers Avenue
29406
SC
Fee
1989/2001
2
*
100%
294,471
$
2,090,034
$
7.12
99.7
%
Walmart Supercenter, OfficeMax
N. Charleston, SC
North Charleston Center
5900 Rivers Avenue
29406
SC
Fee
1980/1993
2004
100%
236,437
$
1,324,925
$
6.92
80.9
%
Northern Tool, Home Decor Liquidators
Orangeburg, SC
North Road Plaza
2795 North Road
29115
SC
Fee
1994/1999
1995
100%
50,760
$
543,850
$
10.71
100
%
T.J. Maxx, Walmart Supercenter (Not Owned)
Piedmont, SC
Rite Aid
915 Anderson Street
29601
SC
Fee
2000
2007
100%
10,908
$
181,052
$
16.60
100
%
Simpsonville, SC
Fairview Station
621 Fairview Road
29681
SC
Fee
1990
1994
100%
142,086
$
872,870
$
6.25
98.3
%
Ingles, Kohls
Spartanburg, SC
Rite Aid
1510 W.O. Ezell Boulevard
29301
SC
Fee
2001
2007
100%
10,908
$
271,599
$
24.90
100
%
Spartanburg, SC
Northpoint Marketplace
8642-8760 Asheville Highway
29316
SC
Fee
2001
2007
100%
102,252
$
589,709
$
7.00
79.2
%
Ingles
Spartanburg, SC
Rite Aid
780 North Pine Street
29301
SC
Fee
2002
2007
100%
10,908
$
283,656
$
26.00
100
%
Taylors, SC
North Hampton Market
6019 Wade Hampton
29687
SC
Fee
(3
)
2004
2007
20%
114,935
$
1,224,630
$
11.33
94.1
%
Hobby Lobby, Target (Not Owned)
Taylors, SC
Hampton Point
3033 Wade Hampton Boulevard
29687
SC
Fee
1993
2007
100%
58,316
$
436,242
$
7.96
94.0
%
BI-LO
Woodruff, SC
Rite Aid
121 North Main Street
29388
SC
Fee
2002
2007
100%
13,824
$
288,178
$
20.85
100
%
Tennessee
Chattanooga, TN
Overlook at Hamilton Place
2288 Gunbarrel Road
37421
SC
Fee
1992/2004
2003
100%
213,105
$
1,900,885
$
8.99
99.2
%
Best Buy, Hobby Lobby, Fresh Market
Farragut, TN
Farragut Pointe
11132 Kingston Pike
37922
SC
Fee
1991
2003
10%
71,311
$
471,594
$
7.61
86.9
%
Food City
45
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Goodlettsville, TN
Northcreek Commons
101-139 Northcreek Boulevard
37072
SC
Fee
(3
)
1987
2003
20%
84,441
$
659,289
$
8.69
89.8
%
Kroger
Hendersonville, TN
Lowes Home Improvement 1050 Lowes Road
37075
SC
Fee
1999
2003
100%
129,044
$
1,139,939
$
8.83
100
%
Lowes
Jackson, TN
West Towne Commons
41 Stonebrook Place
38305
SC
Fee
(3
)
1992
2007
20%
62,925
$
525,816
$
8.86
94.3
%
Kroger
Johnson City, TN
Johnson City Marketplace Franklin and Knob Creek Roads
37604
SC
GL
2005
2003
100%
11,749
$
534,609
$
15.46
100
%
Kohls, Lowes (Not Owned)
Knoxville, TN
Pavilion of Turkey Creek I
10936 Parkside Drive
37922
SC
Fee
(3
)
2001
2007
15%
280,776
$
3,127,417
$
12.89
86.4
%
Ross Dress For Less, OfficeMax, Old Navy, Hobby Lobby, Target
(Not Owned), Walmart Supercenter (Not Owned)
Knoxville, TN
Town & Country Commons I North Peters Road and Town
& Country Circle
37923
SC
Fee
(3
)
1985/1997
2007
15%
638,334
$
5,785,239
$
10.72
84.5
%
Jo-Ann Stores, Staples, Food City, Best Buy, Lowes,
Carmike Cinemas, Dicks Sporting Goods
Memphis, TN
American Way
4075 American Way
38118
SC
Fee
(3
)
1988
2007
20%
121,222
$
773,974
$
7.88
81.1
%
Kroger
Morristown, TN
Crossroads Square
130 Terrace Lane
37816
SC
Fee
(3
)
2004
2007
20%
70,000
$
573,000
$
8.68
94.3
%
T.J. Maxx, OfficeMax (Not Owned)
Nashville, TN
Willowbrook Commons
61 East Thompson Lane
37211
SC
Fee
(3
)
2005
2007
20%
93,600
$
698,266
$
8.56
87.2
%
Kroger
Nashville, TN
Bellevue Place
7625 Highway 70 South
37221
SC
Fee
(3
)
2003
2007
15%
77,099
$
880,292
$
12.18
93.8
%
Michaels, Bed Bath & Beyond, Home Depot (Not Owned)
Oakland, TN
Oakland Market Place
7265 U.S. Highway 64
38060
SC
Fee
(3
)
2004
2007
20%
64,600
$
382,053
$
6.63
89.2
%
Kroger
Texas
Allen, TX
Watters Creek
Bethany Road
75013
LC
Fee
(3
)
2008
1
*
10%
347,211
$
6,037,405
$
20.92
80.5
%
United Market Street, Borders
Austin, TX
The Shops at Tech Ridge Center Ridge Drive
78728
SC
Fee
(3
)
2003
2003
25.75%
282,845
$
3,360,774
$
14.06
83.3
%
Ross Dress For Less, Toys R Us, Hobby Lobby, Best
Buy, Super Target (Not Owned)
Fort Worth, TX
CVS Pharmacy
2706 Jacksboro Highway
76114
SC
Fee
1997
2007
100%
10,908
$
239,784
$
21.98
100
%
Frisco, TX
Frisco Marketplace
7010 Preston Road
75035
SC
Fee
(3
)
2003
2003
0.01%
20,959
$
691,254
$
21.54
96.3
%
Kohls
Garland, TX
Garland Plaza
3265 Broadway Boulevard
75043
SC
Fee
1994
2007
100%
70,576
$
$
Grand Prairie, TX
Kroger
2525 West Interstate 20
75052
SC
Fee
1998
2007
100%
60,835
$
433,615
$
7.13
100
%
Kroger
46
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Houston, TX
Lowes Home Improvement
19935 Katy Freeway
77094
SC
Fee
1998
2007
100%
131,644
$
917,000
$
6.97
100
%
Lowes
McKinney, TX
McKinney Marketplace
U.S. Highway 75 and El Dorado Parkway
75070
SC
Fee
(3
)
2000
2003
0.01%
118,967
$
1,165,985
$
10.70
91.6
%
Kohls, Albertsons (Not Owned)
Mesquite, TX
Marketplace at Towne Center
Southbound Frontage Road and I-635
75150
SC
Fee
(3
)
2001
2003
0.01%
170,645
$
2,165,073
$
14.24
82.2
%
PetSmart, Michaels, Ross Dress For Less, Kohls (Not
Owned), Home Depot (Not Owned)
Pasadena, TX
Kroger Junction
2619 Red Bluff Road
77506
SC
Fee
(3
)
1984
2007
20%
81,161
$
392,066
$
6.38
75.7
%
Kroger
Richardson, TX
CVS Pharmacy
2090 Arapahoe Boulevard
75081
SC
Fee
1997
2007
100%
10,560
$
206,585
$
19.56
100
%
San Antonio, TX
Bandera Pointe
State Loop 1604 and Bandera Road
78227
SC
Fee
2001/2002
1
*
100%
278,815
$
3,972,683
$
15.03
90.3
%
Lowes, T.J. Maxx, Old Navy, Ross Dress For Less, Barnes
& Noble, Las Palapas, Raquetball & Fitness (Not
Owned), Kohls (Not Owned), Chuck E Cheese (Not Owned),
Credit Union (Not Owned), Super Target (Not Owned), Lacks
Furniture (Not Owned)
San Antonio, TX
Village at Stone Oak
22610 U.S. Highway 281 North
78258
SC
Fee
2007
1
*
100%
387,352
$
5,805,636
$
17.27
84.5
%
T.J. Maxx, Alamo Drafthouse Cinema, Hobby Lobby, Super Target
(Not Owned)
San Antonio, TX
Westover Marketplace
State Highway 151 at Loop 410
78209
SC
Fee
(3
)
2005
1
*
20%
225,164
$
2,353,979
$
15.03
68.8
%
PetSmart, Office Depot, Ross Dress For Less, Target (Not Owned),
Lowes (Not Owned)
San Antonio, TX
Terrell Plaza
1201 Austin Highway
78209
SC
Fee
1958/1986
2007
50%
171,083
$
828,555
$
7.18
67.4
%
Big Lots
Utah
Midvale, UT
The Family Center at For Union
900 East Fort Union Boulevard
84047
SC
Fee
1973/2000
1998
100%
658,952
$
7,941,815
$
13.66
88.2
%
Babies R Us, OfficeMax, Smiths Food &
Drug, F.Y.E., Bed Bath & Beyond, Walmart, Ross Dress For
Less, Michaels
Ogden, UT
The Family Center at Ogden 5-Points
21-129 Harrisville Road
84404
SC
Fee
1977
1998
100%
162,316
$
708,127
$
5.59
78.0
%
Harmons
Orem, UT
The Family Center at Orem
1300 South Street
84058
SC
Fee
1991
1998
100%
150,667
$
1,347,849
$
11.52
77.6
%
Babies R Us, F.Y.E., Jo-Ann Stores, Toys
R Us (Not Owned), R.C. Willey (Not Owned)
Riverdale, UT
The Family Center at Riverdale (North)
1050 West Riverdale Road
84405
SC
Fee
1995/2003
1998
100%
593,398
$
4,149,937
$
7.77
88.4
%
OfficeMax, Sports Authority, Sportsmans Warehouse, Target,
F.Y.E.
47
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Riverdale, UT
The Family Center at Riverdale (East)
1050 West Riverdale Road
84405
SC
Fee
2005
1
*
100%
55,747
$
510,001
$
10.94
83.6
%
Jo-Ann Stores, Sams Club (Not Owned), Walmart Supercenter
(Not Owned)
Taylorsville, UT
The Family Center at Taylorsville
5600 South Redwood
84123
SC
Fee
1982/2003
1998
100%
741,906
$
6,250,820
$
10.86
76.9
%
Shopko, Jo-Ann Stores, Sports Authority, 24 Hour Fitness,
PetSmart, Bed Bath & Beyond, Ross Dress For Less, F.Y.E.,
Harmons Superstore (Not Owned)
Virginia
Chester, VA
Bermuda Square
12607-12649 Jefferson Davis
23831
SC
Fee
1978
2003
100%
114,589
$
1,558,999
$
13.74
95.3
%
Martins Food Store
Glen Allen, VA
Creeks at Virginia Center
9830-9992 Brook Road
23059
SC
Fee
(3
)
2002
2007
15%
266,308
$
2,913,739
$
12.52
87.4
%
Barnes & Noble, Bed Bath & Beyond, Michaels,
Dicks Sporting Goods
Martinsville, VA
Liberty Fair Mall
240 Commonwealth Boulevard
24112
MM
Fee
1989/1997
1/2
*
50%
434,417
$
2,178,354
$
6.19
78.9
%
Belk, J.C. Penney, Sears, OfficeMax, Kroger
Midlothian, VA
Chesterfield Crossings
Highway 360 and Warbro Road
23112
SC
Fee
(3
)
2000
2007
15%
79,802
$
1,185,734
$
14.86
87.6
%
Ben Franklin Crafts, Walmart Supercenter (Not Owned), Home Depot
(Not Owned)
Midlothian, VA
Commonwealth Center
4600-5000 Commonwealth Center Parkway
23112
SC
Fee
(3
)
2002
2007
15%
165,413
$
2,110,815
$
13.39
95.3
%
Stein Mart, Michaels, Barnes & Noble
Newport News, VA
Denbigh Village
Warwick Boulevard and Denbigh Boulevard
23608
SC
Fee
1998/2006
2007
100%
324,450
$
2,344,265
$
8.06
82.8
%
Burlington Coat Factory
Newport News, VA
Jefferson Plaza
121 Jefferson Avenue
23602
SC
Fee
(3
)
1999
2007
15%
47,341
$
793,413
$
16.76
100
%
Fresh Market, Costco (Not Owned)
Richmond, VA
Downtown Short Pump
11500-900 West Broad Street
23233
SC
Fee
2000
2007
100%
126,055
$
2,353,813
$
20.40
91.5
%
Barnes & Noble, Regal Cinemas
Springfield, VA
Loisdale Center
6646 Loisdale Road
22150
SC
Fee
1999
2007
100%
120,320
$
2,291,523
$
19.05
100
%
Barnes & Noble, DSW Shoe Warehouse, Bed Bath & Beyond,
hhgregg
Springfield, VA
Spring Mall Center
6717 Spring Mall Road
22150
SC
Fee
1995/2001
2007
100%
56,511
$
998,611
$
17.67
100
%
The Tile Shop, Michaels
Sterling, VA
Park Place at Cascades Marketplace Cascades Parkway and Route 7
20165
SC
Fee
1998
2007
100%
101,606
$
1,544,217
$
15.20
100
%
Staples, Sports Authority
Virginia Beach, VA
Kroger Plaza
1800 Republic Drive
23454
SC
Fee
(3
)
1997
2007
20%
63,324
$
168,488
$
2.91
91.5
%
Kroger
Waynesboro, VA
Waynesboro Commons
109 Lee Dewitt Boulevard
22980
SC
Fee
(3
)
1993
2007
20%
52,415
$
457,084
$
8.72
100
%
Kroger
Winchester, VA
Apple Blossom Corners
2190 South Pleasant Valley
22601
SC
Fee
(3
)
1990/1997
2
*
20%
240,560
$
2,579,489
$
10.57
98.5
%
Martins Food Store, Kohls, OfficeMax,
Books-A-Million
48
Developers Diversified Realty
Corporation
Shopping Center Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
Washington
Kirkland, WA
Totem Lake Malls
Totem Lakes Boulevard
98034
SC
Fee
(3
)
1999/2004
2004
20%
255,738
$
2,251,683
$
17.64
50.7
%
Guitar Center, Ross Dress For Less
Olympia, WA
Olympia
2815 Capital Mall
Drive Southwest
98502
SC
Fee
1998
2007
100%
35,776
$
$
West Virginia
Barboursville, WV
Barboursville Center
5-13 Mall Road
25504
SC
GL
1985
1998
100%
70,900
$
251,887
$
3.63
97.7
%
Discount Emporium, Ashley Furniture, Hobby Lobby (Not Owned)
Morgantown, WV
Glenmark Centre Interstate 68 and Pierpont Road
26508
SC
Fee
1999/2000
2007
100%
111,278
$
1,242,196
$
10.31
97.4
%
Shop N Save, Michaels, Lowes (Not Owned)
Weirton, WV
Rite Aid
1360 Cove Road
26062
SC
Fee
2000
2007
100%
10,908
$
221,870
$
20.34
100
%
Wisconsin
Milwaukee, WI
Point Loomis
South 27th Street
53221
SC
Fee
1962
2003
100%
160,533
$
707,569
$
4.41
100
%
Kohls, Pick N Save
Racine, WI
Village Center Outlot Washington Avenue and Village Center Drive
53406
SC
Fee
(3
)
2003
2007
20%
227,922
$
2,420,335
$
10.69
99.3
%
Jewel, Kohls
West Allis, WI
West Allis Center
West Cleveland Avenue and South 108th Street
53214
SC
Fee
1968
2003
100%
246,081
$
1,514,305
$
5.85
100
%
Kohls, Marshalls Mega Store, Pick N Save
1*
Property developed by the Company.
2*
Original IPO Property.
(1)
SC indicates a power
center or a community shopping center, LC indicates
a lifestyle center, and MM indicates an enclosed
mall.
(2)
Calculated as total annualized base
rentals divided by Company-owned GLA actually leased as of
December 31, 2010.
(3)
One of the two hundred twenty-eight
(228) properties owned through unconsolidated joint
ventures, which serve as collateral for joint venture mortgage
debt aggregating approximately $4.0 billion (of which the
Companys proportionate share is $835.8 million) as of
December 31, 2010, and which is not reflected in the
consolidated indebtedness.
(4)
The Company has an executed lease
with this tenant, but the rent commencement date has not
occurred.
49
Developers Diversified Realty
Corporation
Service Merchandise Joint Venture Property List at
December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
(3)
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
930 A Old Monrovia Road
35806
SC
Fee
1984
2002
20
%
54,200
$
406,500
$
7.50
100
%
hhgregg
6233 East Southern Boulevard
85206
SC
Fee
1991
2002
20
%
53,312
$
698,079
$
13.09
100
%
Ashley Furniture Homestore
67 Newton Road
06810
SC
Lease
1978
2002
20
%
51,750
$
555,677
$
10.74
100
%
HomeGoods, Namco Pool Supplies
1520 Pleasant Valley Road
06040
SC
GL
1993
2002
20
%
49,905
$
523,144
$
10.48
100
%
Michaels, PetSmart
1380 North Dupont Highway
19901
SC
Fee
1992
2002
20
%
50,000
$
405,350
$
8.11
100
%
hhgregg, PetSmart
825 Cortez Road West
34207
SC
Lease
1995
2002
20
%
53,638
$
330,870
$
6.17
100
%
Bed Bath & Beyond, Michaels
2405 Southwest 27th Avenue
32671
SC
Lease
1981
2002
20
%
54,816
$
314,140
$
5.73
100
%
Kimco Ocala 665, Bealls Outlet
7175 West Colonial Drive
32818
SC
Fee
1989
2002
20
%
51,550
$
$
7303 Plantation Road
32504
SC
Fee
1976
2002
20
%
64,053
$
832,689
$
13.00
100
%
American Water Works
5561 Northwest Highway
60014
SC
Fee
1989
2002
20
%
50,092
$
288,900
$
6.91
83.4
%
Big Lots
1508 Butterfield Road
60515
SC
Lease
1973
2002
20
%
35,943
$
$
300 North Green River Road
47715
SC
Lease
1978
2002
20
%
60,000
$
440,575
$
9.44
77.8
%
Bed Bath & Beyond
1555 New Circle Road
40509
SC
Lease
1978
2002
20
%
60,000
$
397,683
$
6.63
100
%
HomeGoods, The Tile Shop
4601 Outer Loop Road
40219
SC
Fee
1973
2002
20
%
49,410
$
321,201
$
6.50
100
%
PetSmart, A.J. Wright
5109 Hinkleville Road
42001
SC
Fee
1984
2002
20
%
52,500
$
$
2950 East Texas Street
71111
SC
Fee
1982
2002
20
%
58,500
$
$
1636 Martin Luther King Boulevard
70360
SC
Fee
1992
2002
20
%
49,721
$
335,534
$
8.39
80.4
%
Best Buy, Bed Bath & Beyond
34 Cambridge Street
01803
SC
Lease
1978
2002
20
%
70,800
$
1,018,666
$
14.39
100
%
E & A Northeast, Off Broadway Shoes
58 Swansea Mall Drive
02777
SC
GL
1985
2002
20
%
49,980
$
337,380
$
6.75
100
%
PriceRite Supermarket
7638 Nankin Road
48185
SC
Fee
1980
2002
20
%
50,000
$
$
1000 Turtle Creek Drive
39402
SC
Fee
1995
2002
20
%
50,809
$
$
50
Developers Diversified Realty
Corporation
Service Merchandise Joint Venture Property List at
December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
(3)
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Anchor Tenants
4701 Faircenter Parkway
89102
SC
Lease
1990
2002
20
%
24,975
$
174,825
$
7.00
100
%
Michaels
271 South Broadway
03079
SC
Lease
1985
2002
20
%
50,110
$
604,779
$
12.07
100
%
Bed Bath & Beyond, A.C. Moore
651 Route 17 East
06117
SC
Lease
1978
2002
20
%
54,850
$
958,740
$
19.52
89.6
%
HomeGoods, Modells Sporting Goods
Route 23 West Belt Plaza
07470
SC
Lease
1978
2002
20
%
49,157
$
809,705
$
16.47
100
%
HomeGoods, PetSmart
88-25 Dunning Road
10940
SC
Lease
1989
2002
20
%
50,144
$
444,149
$
8.86
100
%
HomeGoods, PetSmart
U.S. 17 Millbrook
27604
SC
Fee
1994
2002
20
%
50,000
$
470,589
$
9.41
100
%
A.C. Moore, K & G Menswear
5537 Northwest Expressway
73132
SC
Fee
1985
2002
20
%
50,000
$
$
7400 Rivers Avenue
29418
SC
Fee
1989
2002
20
%
50,000
$
333,612
$
6.67
100
%
Developers Diversified Realty, Dollar Tree
5301 Hickory Hollow Parkway
37013
SC
Fee
1984
2002
20
%
59,319
$
432,935
$
7.30
100
%
Office Depot, Bed Bath & Beyond
1735 Galleria Boulevard
37064
SC
Fee
1992
2002
20
%
60,000
$
684,217
$
11.40
100
%
hhgregg, Whole Foods Market
9333 Kingston Pike
37922
SC
Fee
1986
2002
20
%
50,092
$
$
6731 Garth Road
77521
SC
Fee
1981
2002
20
%
52,288
$
$
3520 McCann Road
75605
SC
Fee
1978
2002
20
%
40,524
$
364,716
$
9.00
100
%
Stage
6600 U.S. Expressway 83
78503
SC
Fee
1993
2002
20
%
63,445
$
530,664
$
8.36
100
%
Michaels, Bed Bath & Beyond
1300 East Beltline
75081
SC
Fee
1978
2002
20
%
62,463
$
399,020
$
6.39
100
%
Staples, Conns Appliance
15235 South West Freeway
77478
SC
GL
1992
2002
20
%
50,000
$
350,000
$
7.00
100
%
Conns Appliance
4300 Portsmouth Boulevard
23321
SC
GL
1990
2002
20
%
50,062
$
407,783
$
8.15
100
%
PetSmart, Michaels
(1)
SC indicates a power center or a
community shopping center.
(2)
Calculated as total annualized base
rental divided by Company-owned GLA actually leased as of
December 31, 2010.
(3)
See footnote 3 of the Shopping
Center Property List on page 48 describing indebtedness.
Developers Diversified Realty
Corporation
Office Property List at December 31, 2010
Company-
Owned
Average
Year
DDR
Gross
Total
Base
Zip
Type of
Ownership
Developed/
Year
Ownership
Leasable
Annualized
Rent
Percent
Location
Center/Property
Code
Property
(1)
Interest
Redeveloped
Acquired
Interest
Area (SF)
Base Rent
(Per
SF)
(2)
Occupied
Tech Center 29 (I)
2120-2162 Tech Road
20904
IND
Fee
1970
2001
100
%
175,410
$
1,599,806
$
9.71
93.9
%
Tech Center 29 (II)
2180 Industrial Parkway
20904
IND
Fee
1991
2001
100
%
58,280
$
260,698
$
4.49
99.5
%
Tech Center 29 (III)
12200 Tech Road
20904
IND
Fee
1988
2001
100
%
55,422
$
1,271,679
$
25.40
90.0
%
Heritage Business I
9177 Dutton Drive
44087
IND
Fee
1990
2
*
100
%
35,866
$
98,297
$
7.82
35.0
%
West 38th Street Plaza
2301 West 38th Street
16506
OFF
Fee
1973
2
*
100
%
96,000
$
340,650
$
5.98
59.4
%
The Hermes Building
455 East 500 South Street
84111
OFF
Fee
1985
1998
100
%
53,476
$
660,277
$
16.24
65.8
%
2*
Original IPO Property transferred
to American Industrial Properties (AIP) in 1998 and
reacquired in 2001 through AIP merger.
(1)
These properties are classified as
the Companys office properties segment. OFF
indicates office property and IND indicates
industrial property.
(2)
Calculated as total annualized base
rental divided by Company-owned GLA actually leased as of
December 31, 2010.
52
Item 3.
LEGAL
PROCEEDINGS
53
Item 4.
[REMOVED
AND RESERVED]
Name
Age
Position and Office with the Company
58
Executive Chairman of the Board of Directors
46
President and Chief Executive Officer
32
Senior Executive Vice President and Chief Financial Officer
55
Senior Executive Vice President of Leasing and Development
51
Senior Executive Vice President of Property Management
40
Senior Vice President and Chief Accounting Officer
54
Item 5.
MARKET
FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
High
Low
Dividends
$
13.16
$
8.11
$
0.02
13.73
9.79
0.02
12.01
8.84
0.02
14.39
11.15
0.02
$
8.38
$
1.38
$
0.20
5.81
1.99
0.20
10.47
4.09
0.02
10.66
7.71
0.02
55
(c)
Total
(d)
Number
Maximum Number
(a)
of Shares
(or Approximate Dollar
Total
(b)
Purchased as
Value) of Shares that
Number of
Average
Part of Publicly
May Yet Be Purchased
Shares
Price Paid
Announced Plans
Under the Plans or
Purchased
(1)
per Share
or Programs
Programs (Millions)
$
$
100,530
$
14.09
100,530
$
14.09
$
(1)
Consists of common shares surrendered or deemed surrendered to
the Company to satisfy statutory minimum tax withholding
obligations in connection with the vesting and/or exercise of
awards under the Companys equity-based compensation plans.
56
Item 6.
SELECTED
FINANCIAL DATA
(Amounts in thousands, except per share data)
For the Year Ended
December 31,
(A)
2010
2009
2008
2007
2006
$
803,069
$
797,399
$
825,068
$
827,264
$
679,764
246,161
237,544
227,051
214,807
174,496
85,573
94,365
97,719
81,244
60,679
116,462
12,745
29,603
222,862
217,841
210,541
183,390
152,495
671,058
562,495
564,914
479,441
387,670
7,346
11,984
5,230
8,582
8,820
(226,464
)
(221,334
)
(229,163
)
(239,878
)
(183,539
)
485
145,050
10,455
(40,157
)
(199,797
)
(24,346
)
(29,192
)
(28,131
)
(3,097
)
(596
)
(283,136
)
(293,289
)
(241,609
)
(234,393
)
(175,315
)
(151,125
)
(58,385
)
18,545
113,430
116,779
5,600
(9,733
)
17,719
43,229
30,337
(227
)
(184,584
)
(106,957
)
(428
)
23,865
(47,992
)
767
17,544
14,807
2,608
(194,172
)
(228,070
)
(53,149
)
171,466
149,724
57
ITEM 6.
SELECTED
FINANCIAL DATA (CONTINUED)
For the Year Ended
December 31,
(A)
2010
2009
2008
2007
2006
(54,867
)
(184,697
)
(36,882
)
42,331
38,512
(249,039
)
(412,767
)
(90,031
)
213,797
188,236
1,318
9,127
6,962
68,851
72,023
$
(247,721
)
$
(403,640
)
$
(83,069
)
$
282,648
$
260,259
38,363
47,047
11,139
(17,706
)
(8,301
)
$
(209,358
)
$
(356,593
)
$
(71,930
)
$
264,942
$
251,958
$
(0.91
)
$
(1.65
)
$
(0.75
)
$
1.45
$
1.49
(0.12
)
(0.86
)
(0.21
)
0.31
0.31
$
(1.03
)
$
(2.51
)
$
(0.96
)
$
1.76
$
1.80
244,712
158,816
119,843
120,879
109,002
$
(0.91
)
$
(1.65
)
$
(0.75
)
$
1.43
$
1.47
(0.12
)
(0.86
)
(0.21
)
0.32
0.32
$
(1.03
)
$
(2.51
)
$
(0.96
)
$
1.75
$
1.79
244,712
158,816
119,843
121,335
109,548
$
0.08
$
0.44
$
2.07
$
2.64
$
2.36
At
December 31,
(A)
2010
2009
2008
2007
2006
$
8,411,239
$
8,823,719
$
9,109,566
$
8,985,749
$
7,447,459
6,959,127
7,490,403
7,900,663
7,961,701
6,586,193
417,223
420,541
583,767
638,111
291,685
7,768,090
8,426,606
9,020,222
9,089,514
7,179,278
4,302,000
5,178,663
5,866,655
5,523,953
4,227,096
3,134,687
2,952,336
2,864,794
3,193,302
2,636,838
58
ITEM 6.
SELECTED
FINANCIAL DATA (CONTINUED)
For the Year Ended
December 31,
(A)
2010
2009
2008
2007
2006
$
278,124
$
228,935
$
391,941
$
420,667
$
348,478
31,762
150,884
(468,572
)
(1,162,287
)
(203,047
)
(317,065
)
(381,348
)
56,296
763,411
(147,708
)
$
(251,627
)
$
(398,862
)
$
(114,199
)
$
214,008
$
196,789
217,168
224,207
236,344
214,396
185,449
(5,600
)
9,306
(17,719
)
(43,229
)
(30,337
)
47,545
43,665
68,355
84,423
44,473
32
175
1,145
2,275
2,116
(18,803
)
(23,123
)
(4,244
)
(17,956
)
(21,987
)
(11,285
)
(144,632
)
169,682
453,917
376,503
42,269
42,269
42,269
50,934
55,169
$
30,984
$
(102,363
)
$
211,951
$
504,851
$
431,672
246,987
160,130
121,030
122,716
110,826
(A)
As described in the consolidated financial statements, the
Company and its unconsolidated joint ventures completed the
following property acquisitions and dispositions for the periods
presented. Dispositions also include assets for which control
has been relinquished and the Company does not have any further
significant economic interest.
Property Acquisitions
Property Dispositions
Unconsolidated
Unconsolidated
Year
Consolidated
Joint Ventures
Consolidated
Joint Ventures
56
37
4
34
12
11
22
249
68
67
7
5
15
6
9
(B)
Management believes that Funds From Operations
(FFO), which is a non-GAAP financial measure,
provides an additional and useful means to assess the financial
performance of a REIT. FFO is frequently used by securities
analysts, investors and other interested parties to evaluate the
performance of REITs, most of which present FFO along with net
income as calculated in accordance with GAAP. FFO excludes GAAP
historical cost depreciation and amortization of real estate and
real estate investments, which assumes that the value of real
estate assets diminishes ratably over time. Historically,
however, real estate values have risen or fallen with market
conditions, and many companies utilize different depreciable
lives and methods. Because FFO excludes depreciation and
amortization unique to real estate, gains and certain losses
from depreciable property dispositions, and extraordinary items,
it can provide a performance measure that, when compared
59
year over year, reflects the impact on operations from trends in
occupancy rates, rental rates, operating costs, acquisition and
development activities and interest costs. This provides a
perspective of the Companys financial performance not
immediately apparent from net income determined in accordance
with GAAP. FFO is generally defined and calculated by the
Company as net income (loss), adjusted to exclude
(i) preferred share dividends, (ii) gains from
disposition of depreciable real estate property, except for
gains generated from merchant build asset sales, which are
presented net of taxes, and those gains that represent the
recapture of a previously recognized impairment charge,
(iii) extraordinary items and (iv) certain non-cash
items. These non-cash items principally include real property
depreciation and amortization of intangibles, equity income
(loss) from joint ventures and equity income (loss) from
non-controlling interests, and adding the Companys
proportionate share of FFO from its unconsolidated joint
ventures and non-controlling interests, determined on a
consistent basis. For the reasons described above, management
believes that FFO (as described below) provides the Company and
investors with an important indicator of the Companys
operating performance. It provides a recognized measure of
performance other than GAAP net income, which may include
non-cash items (often significant). Other real estate companies
may calculate FFO in a different manner.
(C)
Represents weighted-average shares and operating partnership
units, or OP Units, at the end of the respective period.
Item 7.
MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Strong tenant relationships with the nations leading
retailers, maintained through a national tenant account program;
A retail partnerships group to optimize portfolio management by
enhancing communication between retailers, the leasing
department and other areas of the Company;
An anchor store redevelopment department solely dedicated to
aggressively identifying opportunities to re-tenant vacant
anchor space created by retailer bankruptcies and store closings;
60
An ancillary income department generating revenue at a low cost
of investment
and/or
creating cash flow streams from empty or underutilized space;
A focus on growth and value creation within the prime portfolio,
from which over 80% of the Companys net operating income
(defined as property level revenues less property level
operating expenses) is generated. The prime portfolio
(Prime Portfolio) consists of market-dominant
shopping centers with high-quality tenants located in attractive
markets with strong demographic profiles;
A redevelopment department focused on identifying viable
projects with attractive returns;
A capital markets department with broad and diverse
relationships with capital providers to facilitate access to
secured and unsecured debt and public and private equity;
An experienced funds management team dedicated to generating
consistent returns and comprehensive reporting for institutional
partners;
A focused asset transaction team dedicated to finding buyers for
non-core assets and sourcing potential acquisition
opportunities; and
A development department adhering to disciplined standards for
development.
Refinanced its revolving credit facilities to extend the term to
February 2014;
Sold consolidated and joint venture assets in 2010 that
generated gross proceeds of approximately $791 million (of
which the Companys proportionate share was approximately
$250 million), respectively;
Expanded its pool of unencumbered assets;
Raised $454.4 million of proceeds through the sale of
common stock through both an underwritten offering and the
Companys continuous equity program;
Issued $300 million aggregate principal amount of 7.50%,
seven-year senior unsecured notes; issued $300 million
aggregate principal amount of 7.875%,
10-year
senior unsecured notes; and issued $350 million aggregate
principal amount of 1.75%
5-year
convertible senior unsecured notes;
Maintained the 2010 common dividend near the minimum required to
maintain REIT status in order to maximize capital to pay down
debt and invest in the business; and
Reduced total consolidated debt to $4.3 billion, nearly a
$0.9 billion reduction from year-end 2009.
Increased the portfolio occupancy rate to 88.4% at year-end 2010
from 86.9% at year-end 2009;
Executed 738 new leases and 1,060 renewals for an aggregate of
11.3 million square feet of GLA. This full year of activity
represents a company record for both the number of deals
executed and on a square footage basis;
Sold, leased, or have a pending lease or
letter-of-intent
for approximately 20% of space vacated by four bankrupt
retailers (Linens N Things, Circuit City,
Steve & Barrys and Goodys), bringing the
total activity on space vacated by these bankrupt retailers in
2008 and 2009 to approximately 80%;
61
Increased consolidated and unconsolidated joint venture combined
portfolio ancillary income by approximately 22% for a total of
approximately $44 million and
Eliminated through disposition of non-prime assets over
$1.5 million of net operating losses from non-income
producing assets.
% of Total
Shopping Center
% of Company-
Base Rental
Owned Shopping
Tenant
Revenues
Center GLA
Walmart/Sams Club
4.1
%
6.9
%
T.J. Maxx/Marshalls/A.J.Wright/Homegoods
2.2
%
2.6
%
PetSmart
1.9
%
1.6
%
Bed, Bath & Beyond
1.8
%
1.7
%
Kohls
1.6
%
2.4
%
Michaels
1.5
%
1.4
%
Lowes
1.4
%
2.5
%
Rite Aid
1.3
%
0.6
%
GAP
1.2
%
0.9
%
OfficeMax
1.2
%
1.1
%
62
Wholly-Owned Properties
Joint Venture Properties
% of
% of
% of
% of
Shopping
Company-
Shopping
Company-
Center Base
Owned
Center Base
Owned
Rental
Shopping
Rental
Shopping
Tenant
Revenues
Center GLA
Revenues
Center GLA
4.8
%
7.8
%
1.3
%
2.4
%
2.3
%
2.7
%
1.9
%
2.5
%
1.9
%
1.6
%
2.1
%
2.1
%
1.9
%
1.7
%
1.6
%
2.0
%
1.7
%
2.9
%
0.2
%
0.3
%
1.6
%
0.7
%
0.1
%
0.1
%
1.6
%
1.4
%
1.5
%
1.8
%
1.5
%
2.3
%
2.0
%
3.4
%
1.3
%
1.1
%
0.8
%
1.0
%
1.3
%
1.3
%
1.2
%
1.3
%
0.3
%
0.4
%
3.2
%
4.5
%
1.0
%
1.2
%
1.7
%
3.0
%
1.1
%
1.0
%
1.7
%
2.1
%
0.8
%
0.3
%
1.3
%
1.0
%
1.1
%
0.9
%
1.3
%
1.5
%
63
64
65
66
67
68
69
2010
2009
$ Change
% Change
$
541,583
$
535,981
$
5,602
1.0
%
175,309
174,826
483
0.3
86,177
86,592
(415
)
(0.5
)
$
803,069
$
797,399
$
5,670
0.7
%
70
(A)
This increase is due to the following (in millions):
Increase
(Decrease)
$
(1.0
)
8.5
(0.4
)
(0.1
)
(1.4
)
$
5.6
Shopping Center
Office Property
Portfolio
Portfolio
December 31,
December 31,
2010
2009
2010
2009
525
618
6
6
88.4
%
86.9
%
80.7
%
71.4
%
$
13.36
$
12.75
$
11.05
$
12.35
Wholly-Owned
Joint Venture
Shopping Centers
Shopping Centers
December 31,
December 31,
2010
2009
2010
2009
286
310
236
274
n/a
n/a
3
34
88.6
%
89.6
%
88.2
%
83.9
%
$
12.23
$
11.79
$
14.74
$
13.83
(B)
The increase in recoveries is primarily a function of the
acquisition of three assets in 2009. Recoveries were
approximately 71.2% and 73.6% of operating expenses and real
estate taxes for the years ended December 31, 2010 and
2009, respectively, including the impact of bad debt expense
recognized for both years. The decrease in the recoveries
percentage is primarily a function of real estate tax
assessments discussed below that are not expected to be
recoverable from tenants at varying amounts.
71
(C)
Composed of the following (in millions):
(Decrease)
2010
2009
Increase
$
51.9
$
56.3
$
(4.4
)
1.5
1.4
0.1
19.9
20.6
(0.7
)
2.0
1.0
1.0
7.5
4.0
3.5
1.2
1.1
0.1
2.2
2.2
$
86.2
$
86.6
$
(0.4
)
2010
2009
$ Change
% Change
$
137,862
$
135,153
$
2,709
2.0
%
108,299
102,391
5,908
5.8
116,462
12,745
103,717
813.8
85,573
94,365
(8,792
)
(9.3
)
222,862
217,841
5,021
2.3
$
671,058
$
562,495
$
108,563
19.3
%
(A)
The changes for 2010, compared to 2009 are due to the following
(in millions):
Operating and
Real Estate
Maintenance
Taxes
Depreciation
$
(0.7
)
$
4.8
$
(2.3
)
1.2
1.3
2.3
3.7
(0.2
)
3.9
(1.5
)
1.1
$
2.7
$
5.9
$
5.0
72
(B)
The Company recorded impairment charges during the years ended
December 31, 2010 and 2009, on the following consolidated
assets (in millions):
Year Ended
December 31,
2010
2009
$
54.3
$
30.5
0.4
31.7
12.3
$
116.5
$
12.7
20.1
73.3
35.3
68.7
$
55.4
$
142.0
$
171.9
$
154.7
(1)
Amounts reported in the year ended December 31, 2010,
relate to land held for development in Togliatti and Yaroslavl,
Russia, of which the Companys proportionate share was
$41.9 million after adjusting for the allocation of loss to
the non-controlling interest in this consolidated joint venture.
The asset impairments were triggered primarily due to a change
in the Companys investment plans for these projects. Both
investments relate to large-scale development projects in
Russia. During 2010, the Company determined that it was no
longer committed to invest the necessary amount of capital to
complete the projects without alternative sources of capital
from third-party investors or lending institutions.
(2)
Amounts reported include a $19.3 million impairment charge
recognized in 2010 associated with a development project the
Company no longer plans to pursue. A subsidiary of the
Companys taxable REIT subsidiary (TRS)
acquired a leasehold interest in a development project located
in Norwood, Massachusetts, as part of a portfolio acquisition in
2003 and no longer expects to fund the ground rent expense.
(3)
The impairment charges were triggered primarily due to the
Companys marketing of these assets for sale. These assets
were not classified as held for sale as of December 31,
2010, due to substantive contingencies associated with the
respective contracts.
(4)
These assets were deconsolidated in 2010 and all operating
results have been reclassified as discontinued operations. For
the years ended December 31, 2010 and 2009, the
Companys proportionate share of these impairment charges
was $16.5 million and $33.6 million, respectively,
after adjusting for the allocation of loss to the
non-controlling interest in this previously consolidated joint
venture. The 2010 impairment charges were triggered primarily
due to a change in the Companys business plans for these
assets and the resulting impact on its holding period
assumptions for this substantially vacant portfolio. During
2010, the Company determined it was no longer committed to the
long-term management and investment in these assets. The 2009
impairment charges were triggered primarily due to the
Companys marketing of certain assets for sale combined
with the then-overall economic downturn in the retail real
estate environment. A full write down of this portfolio was not
recorded prior to 2010 due to the Companys then-holding
period assumptions and future investment plans for these assets.
(C)
General and administrative expenses were approximately 5.2% and
5.4% of total revenues, including total revenues of
unconsolidated joint ventures and managed properties and
discontinued operations, for the years ended December 31,
2010 and 2009, respectively.
73
2010
2009
$ Change
% Change
$
7,346
$
11,984
$
(4,638
)
(38.7
)%
(226,464
)
(221,334
)
(5,130
)
2.3
485
145,050
(144,565
)
(99.7
)
(40,157
)
(199,797
)
159,640
(79.9
)
(24,346
)
(29,192
)
4,846
(16.6
)
$
(283,136
)
$
(293,289
)
$
10,153
(3.5
)%
(A)
Decreased primarily due to interest earned from loan
receivables, which aggregated $103.7 million and
$125.6 million at December 31, 2010 and 2009,
respectively. In the fourth quarter of 2009, the Company
established a full reserve on an advance to an affiliate of
$66.9 million and ceased the recognition of interest
income. The Company recorded $7.0 million of interest
income during the year ended December 31, 2009, relating to
this advance. In addition, partially offsetting this decrease is
interest income of $1.7 million in 2010 relating to
$58.3 million in loan receivables issued in mid-September
2010, which does not reflect a full period of income in 2010.
(B)
The weighted-average debt outstanding and related
weighted-average interest rates including amounts allocated to
discontinued operations are as follows:
Year Ended
December 31,
2010
2009
$
4.6
$
5.5
5.1
%
4.6
%
At December 31,
2010
2009
5.1
%
4.5
%
The increase in 2010 interest expense is primarily due to an
increase in the spread on the Companys revolving credit
facilities, the unsecured debt issued in 2010 at higher rates
and a decrease in the amount of interest expense capitalized
partially offset by a reduction in outstanding debt. The Company
ceases the capitalization of interest as assets are placed in
service or upon the suspension of construction. Interest costs
capitalized in conjunction with development and expansion
projects and unconsolidated development joint venture interests
were $12.2 million for the year ended December 31,
2010, as compared to $21.8 million for the respective
period in 2009. Because the Company has suspended certain
construction activities, the amount of capitalized interest has
significantly decreased in 2010.
(C)
The Company purchased approximately $259.1 million and
$816.2 million aggregate principal amount of its
outstanding senior unsecured notes, including senior convertible
notes, at a net discount to par during the years ended
December 31, 2010 and 2009, respectively. Approximately
$83.1 million and $250.1 million aggregate principal
amount of senior unsecured notes repurchased in 2010 and 2009,
respectively, occurred through a cash tender offer. Included in
the net gain, the Company recorded $4.9 million and
$20.9 million related to the required write-off of
unamortized deferred financing costs and accretion related to
the senior unsecured notes repurchased during the years ended
December 31, 2010 and 2009, respectively.
(D)
Represents the impact of the valuation adjustments for the
equity derivative instruments issued as part of the stock
purchase agreement with Mr. Alexander Otto (the
Investor) and certain members of the Otto family
(collectively with the Investor, the Otto Family).
The share issuances, together with the warrant issuances, are
collectively referred to as the Otto Transaction
(see 2009 Strategic Transaction Activity). The valuation and
resulting charges primarily relate to the difference between the
closing trading value of the Companys common shares from
the beginning of the period through the end of the respective
period presented.
74
(E)
Other (expenses) income comprised the following (in millions):
Year Ended
December 31,
2010
2009
$
(14.6
)
$
(6.4
)
(3.3
)
(3.7
)
(14.2
)
0.1
(5.4
)
2.8
(2.8
)
(6.0
)
$
(24.3
)
$
(29.2
)
2010
2009
$ Change
% Change
$
5,600
$
(9,733
)
$
15,333
(157.5
)%
(227
)
(184,584
)
184,357
(99.9
)
(428
)
23,865
24,293
101.8
(47,992
)
767
(48,759
)
(6,357.1
)
(A)
The higher equity in net income of joint ventures for the year
ended December 31, 2010, compared to the prior year is
primarily a result of a decrease in impairments and losses
triggered by joint venture asset sales that occurred prior to
January 1, 2010, and operating losses from certain
Coventry II investments in 2009. Because the Company wrote
off its basis in certain of the Coventry II investments in
2009, and it has no intention or obligation to fund any
additional losses, no additional operating losses were recorded
in 2010 for these investments (see Off-Balance Sheet
Arrangements).
75
Year Ended
December 31,
2010
2009
R$
33.4
R$
27.8
1.77
2.04
$
18.9
$
13.6
(5.8
)
(1.6
)
13.1
12.0
(2.5
)
(2.5
)
$
10.6
$
9.5
(B)
The Company determined that various of its unconsolidated joint
venture investments in 2009 had suffered an other than
temporary impairment due to the then-deteriorating real
estate fundamentals, the market dislocation in the U.S. capital
markets, the general lack of liquidity and its related impact on
the real estate market and retail industry, which accelerated in
the fourth quarter of 2008 and continued through 2009. A summary
of the other than temporary impairment charges by joint venture
investment is as follows (in millions):
Year Ended
December, 31
2010
2009
$
0.2
$
119.3
55.0
6.2
3.6
0.5
$
0.2
$
184.6
(C)
The 2009 activity primarily relates to the redemption of the
Companys interest in the MDT US LLC joint venture (See
2009 Strategic Transaction Activity). In October 2009, the EDT
Retail Trust (formerly, Macquarie DDR Trust (MDT))
(ASX: EDT) (EDT) unitholders approved the redemption
of the Companys interest in the MDT US LLC joint venture.
A 100% interest in three shopping center assets was transferred
to the Company in October 2009 in exchange for its approximate
14.5% ownership interest and an initial cash payment of
$1.6 million. The redemption transaction was effectively
considered a step acquisition/business combination. As a result,
the real estate assets received were recorded at fair value, and
a $23.5 million gain was recognized relating to the
difference between the fair value of the net assets received as
compared to the Companys investment basis in the joint
venture.
(D)
Management regularly assesses established tax-related reserves
and adjusts these reserves when facts and circumstances indicate
that a change in estimates is warranted. The Company incurred a
fourth quarter income tax expense of $49.9 million
recognized due to the establishment of a reserve against certain
deferred tax assets within its TRS. Based upon the continued
loss activity recognized by the TRS over the past three years,
including significant charges in 2010 relating to litigation
activity as well as a fourth quarter impairment and lease
liability charge of $22.3 million associated with an
abandoned development project, it was determined that it was
more likely than not that the deferred tax assets would not be
utilizable, thus requiring a current reserve. The
$49.9 million fourth quarter income tax expense consists of
a gross valuation allowance tax expense of $58.3 million
reduced by an $8.4 million tax benefit as a result of a
$22.3 million abandoned project charge.
76
2010
2009
$ Change
% Change
$
(66,291
)
$
(160,670
)
$
94,379
(58.7
) %
5,649
5,649
100.0
5,775
(24,027
)
29,802
(124.0
)
$
(54,867
)
$
(184,697
)
$
129,830
(70.3
)%
(A)
The Company sold 31 properties in 2010 (including two properties
held for sale at December 31, 2009) aggregating
2.9 million square feet and 32 properties sold in 2009
aggregating 3.8 million square feet. In addition, included
in discontinued operations are 25 other properties that were
deconsolidated for accounting purposes in the third quarter of
2010, aggregating 1.9 million square feet which represents
the activity associated with the Mervyns Joint Venture. These
assets were classified as discontinued operations for the years
ended December 31, 2010, 2009 and 2008. In addition,
included in the reported loss for the years ended
December 31, 2010 and 2009, is $55.4 million and
$142.0 million, respectively, of impairment charges related
to these assets.
(B)
The deconsolidation of the Mervyns Joint Venture resulted in a
$5.6 million gain as the carrying value of the non-recourse
debt exceeded the carrying value of the collateralized assets.
(See Mervyns Joint Venture discussion in Liquidity and Capital
Resources.)
2010
2009
$ Change
% Change
$
1,318
$
9,127
$
(7,809
)
(85.6
) %
(A)
The Company recorded net gains on disposition of real estate and
real estate investments as follows (in millions):
Year Ended
December 31,
2010
2009
$
1.0
$
4.8
0.3
4.3
$
1.3
$
9.1
For the Year Ended
December 31,
2010
2009
$ Change
%Change
$
38,363
$
47,047
$
(8,684
)
(18.5
) %
(A)
The change in loss attributable to non-controlling interests
includes the following (in millions):
Increase
(Decrease)
$
(21.5
)
12.7
0.1
$
(8.7
)
77
2010
2009
$ Change
% Change
$
(209,358
)
$
(356,593
)
$
147,235
(41.3
)%
$
(2.9
)
(103.7
)
8.8
(5.0
)
(4.6
)
(5.1
)
(144.6
)
159.6
4.8
15.3
184.4
(24.3
)
(48.8
)
129.8
(7.8
)
(8.7
)
$
147.2
(A)
Includes an $86.5 million decrease in impairment charges.
78
2009
2008
$ Change
% Change
$
535,981
$
552,087
$
(16,106
)
(2.9
)%
174,826
180,711
(5,885
)
(3.3
)
86,592
92,270
(5,678
)
(6.2
)
$
797,399
$
825,068
$
(27,669
)
(3.4
)%
(A)
The decrease was due to the following (in millions):
Increase
(Decrease)
$
(16.9
)
2.1
(0.2
)
(0.3
)
(0.8
)
$
(16.1
)
Shopping Center
Office Property
Portfolio
Portfolio
December 31,
December 31,
2009
2008
2009
2008
618
702
6
6
86.9
%
92.1
%
71.4
%
72.4
%
$
12.75
$
12.33
$
12.35
$
12.28
Wholly-Owned
Joint Venture
Shopping Centers
Shopping Centers
December 31,
December 31,
2009
2008
2009
2008
310
333
274
329
n/a
n/a
34
40
89.6
%
90.7
%
83.9
%
93.4
%
$
11.79
$
11.74
$
13.83
$
12.85
(B)
Recoveries were approximately 73.6% and 79.6% of operating
expenses and real estate taxes for the years ended
December 31, 2009 and 2008, respectively, including the
impact of bad debt expense recognized for both years. The
decrease in recoveries from tenants was primarily a result of
the decrease in occupancy of the Companys portfolio, as
discussed above, due to major tenant bankruptcies. The decrease
in the recoveries percentage was due in part to higher bad debt
expense also related to the major tenant bankruptcies.
79
(C)
Composed of the following (in millions):
(Decrease)
2009
2008
Increase
$
56.3
$
58.2
$
(1.9
)
1.4
4.7
(3.3
)
20.6
18.0
2.6
1.0
3.2
(2.2
)
4.0
5.2
(1.2
)
1.1
2.0
(0.9
)
2.2
1.0
1.2
$
86.6
$
92.3
$
(5.7
)
2009
2008
$ Change
% Change
$
135,153
$
129,852
$
5,301
4.1
%
102,391
97,199
5,192
5.3
12,745
29,603
(16,858
)
(56.9
)
94,365
97,719
(3,354
)
(3.4
)
217,841
210,541
7,300
3.5
$
562,495
$
564,914
$
(2,419
)
(0.4
)%
(A)
The changes for 2009, compared to 2008 are due to the following
(in millions):
Operating and
Real Estate
Maintenance
Taxes
Depreciation
$
1.7
$
1.6
$
0.6
0.3
0.6
0.3
1.9
3.0
5.0
(0.1
)
1.4
1.5
$
5.3
$
5.2
$
7.3
80
(B)
The Company recorded impairment charges during the years ended
December 31, 2009 and 2008, on the following consolidated
assets (in millions):
Year Ended
December 31,
2009
2008
$
0.4
$
8.6
12.3
21.0
$
12.7
$
29.6
73.3
15.0
68.7
35.3
$
142.0
$
50.3
$
154.7
$
79.9
(1)
The impairment charges were triggered primarily due to the
Companys marketing of these assets for sale.
(2)
These assets were deconsolidated in 2010, and all operating
results have been reclassified as discontinued operations. For
the years ended December 31, 2009 and 2008, the
Companys proportionate share of these impairment charges
was $33.6 million and $16.9 million, respectively,
after adjusting for the allocation of loss to the
non-controlling interest in this previously consolidated joint
venture. The 2009 and 2008 impairment charges were triggered
primarily due to the Companys marketing of certain assets
for sale combined with the then-overall economic downturn in the
retail real estate environment. A full write down of this
portfolio was not recorded in 2009 and 2008 due to the
Companys then-holding period assumptions and future
investment plans for these assets.
(C)
General and administrative expenses were approximately 5.4% and
5.2% of total revenues, including total revenues of
unconsolidated joint ventures and managed properties and
discontinued operations, for the years ended December 31,
2009 and 2008, respectively. The overall decrease in the total
expense reflects the impact of the 2009 change in
control charge triggered by the Otto Transaction (see 2009
Strategic Transaction Activity) and payments required in 2009
under executed compensation agreements, which was less than the
charge recorded for the termination of a supplemental equity
award program in December 2008 and a reduction in general
corporate expenses.
2009
2008
$ Change
% Change
$
11,984
$
5,230
$
6,754
129.1
%
(221,334
)
(229,163
)
7,829
(3.4
)
145,050
10,455
134,595
1,287.4
(199,797
)
(199,797
)
100.0
(29,192
)
(28,131
)
(1,061
)
3.8
$
(293,289
)
$
(241,609
)
$
(51,680
)
21.4
%
(A)
Increased primarily due to interest earned from loan
receivables, which aggregated $125.6 million and
$115.4 million at December 31, 2009 and 2008,
respectively.
(B)
The weighted-average debt outstanding and related
weighted-average interest rates including amounts allocated to
discontinued operations are as follows (as adjusted):
Year Ended
December 31,
2009
2008
$
5.5
$
5.8
4.6
%
5.0
%
81
At December 31,
2009
2008
4.5
%
5.2
%
(C)
Relates to the Companys purchase of approximately
$816.2 million and $66.9 million aggregate principal
amount of its outstanding senior unsecured notes at a discount
to par during the years ended December 31, 2009 and 2008,
resulting in a net gain of $145.1 million and
$10.5 million, respectively. Approximately
$250.1 million aggregate principal amount of the senior
unsecured notes repurchased in 2009 occurred through a cash
tender offer.
(D)
Represents the impact of the valuation adjustments for the
equity derivative instruments issued as part of the Otto
Transaction (see 2009 Strategic Transaction Activity). The
magnitude of the charge recognized primarily relates to the
difference between the closing trading value of the
Companys common shares on April 9, 2009, the
shareholder approval date, through the actual exercise date or
December 31, 2009, as appropriate.
(E)
Other (expenses) income composed the following (in millions):
Year Ended
December 31,
2009
2008
$
(6.4
)
$
(8.0
)
(14.2
)
(5.4
)
(5.4
)
2.8
(6.0
)
(14.7
)
$
(29.2
)
$
(28.1
)
2009
2008
$ Change
% Change
$
(9,733
)
$
17,719
$
(27,452
)
(154.9
)%
(184,584
)
(106,957
)
(77,627
)
72.6
23,865
23,865
100.0
767
17,544
(16,777
)
(95.6
)
(A)
A summary of the decrease in equity in net (loss) income of
joint ventures for the year ended December 31, 2009, is
composed of the following (in millions):
(Decrease)
Increase
$
(14.6
)
(3.4
)
1.1
(10.6
)
$
(27.5
)
82
Year Ended
December 31,
2009
2008
R $
27.8
R $
24.3
2.04
1.84
$
13.6
$
13.2
(1.6
)
12.0
13.2
(2.5
)
(2.5
)
$
9.5
$
10.7
(B)
The Company determined that various of its unconsolidated joint
venture investments in 2009 and 2008 had suffered an other
than temporary impairment due to the then-deteriorating
real estate fundamentals, the market dislocation in the U.S.
capital markets, the general lack of liquidity and its related
impact on the real estate market and retail industry, which
accelerated in the fourth quarter of 2008 and continued through
2009. A summary of the other than temporary impairment charges
by joint venture investment is as follows (in millions):
For the Year Ended
December 31,
2009
2008
$
119.3
$
14.1
55.0
47.3
31.7
6.2
9.0
3.6
1.7
0.5
3.2
$
184.6
$
107.0
(C)
In October 2009, EDT unitholders approved the redemption of the
Companys interest in the MDT US LLC joint venture. A 100%
interest in three shopping center assets was transferred to the
Company in October 2009 in exchange for its approximate 14.5%
ownership interest and an initial cash payment of
$1.6 million. The redemption transaction was effectively
considered a step acquisition/business combination. As a result,
the real estate assets received were recorded at fair value, and
a $23.5 million gain was recognized relating to the
difference between the fair value of the net assets received as
compared to the Companys investment basis in the joint
venture.
(D)
Management regularly assesses established tax-related reserves
and adjusts these reserves when facts and circumstances indicate
that a change in estimates is warranted. During 2008, the
Company recognized a $17.5 million income tax benefit.
Approximately $15.6 million of this amount related to the
release of valuation allowances associated with deferred tax
assets that were established in prior years. These valuation
allowances were previously established due to the uncertainty
that the deferred tax assets would be utilizable.
83
Based on the Companys evaluation of the then-current facts
and circumstances, the Company determined during 2008 that the
valuation allowance should be released, as it was more likely
than not that the deferred tax assets would be utilized in
future years. This determination was based upon the increase in
fee and miscellaneous other non-real estate-related income that
was projected to be recognized within the Companys TRS. As
of both December 31, 2009 and 2008, the Company had no
valuation allowances recorded against its deferred tax assets of
$51.9 million and $45.2 million, respectively.
2009
2008
$ Change
% Change
$
(160,670
)
$
(32,052
)
$
(128,618
)
401.3
%
(24,027
)
(4,830
)
(19,197
)
397.5
$
(184,697
)
$
(36,882
)
$
(147,815
)
400.8
%
(A)
Included in discontinued operations for the years ended
December 31, 2009 and 2008 are 31 properties sold in 2010
(including two properties held for sale at December 31,
2009) aggregating 2.9 million square feet, 32
properties sold in 2009 aggregating 3.8 million square feet
and 22 properties sold in 2008 (including one office property
and one property held for sale at December 31,
2007) aggregating 1.3 million square feet. In
addition, included in discontinued operations are 25 other
properties that were deconsolidated for accounting purposes in
the third quarter of 2010, aggregating 1.9 million square
feet, which represents the activity associated with the
Mervyns Joint Venture. These assets were classified as
discontinued operations for the years ended December 31,
2010, 2009 and 2008. In addition, included in the reported loss
for the years ended December 31, 2009 and 2008, is
$142.0 million and $50.3 million, respectively, of
impairment charges related to these assets.
(B)
In September 2008, the Company sold its approximate 56% interest
in one of its office properties to its partner for
$20.7 million and recorded an aggregate loss of
$5.8 million.
2009
2008
$ Change
% Change
$
9,127
$
6,962
$
2,165
31.1
%
(A)
Includes the following (in millions):
Year Ended
December 31,
2009
2008
$
4.8
$
6.2
4.3
0.8
$
9.1
$
7.0
For the Year Ended
December 31,
2009
2008
$ Change
% Change
$
47,047
$
11,139
$
35,908
322.4
%
84
(A)
The change in loss attributable to non-controlling interests
includes the following (in millions):
Increase
(Decrease)
$
35.8
(0.9
)
0.3
0.7
$
35.9
2009
2008
$ Change
% Change
$
(356,593
)
$
(71,930
)
$
(284,663
)
395.8
%
$
(38.2
)
16.9
3.4
(7.3
)
6.7
7.8
134.6
(199.8
)
(1.1
)
(27.5
)
(77.6
)
23.9
(16.8
)
(147.8
)
2.2
35.9
$
(284.7
)
(A)
Includes a $91.7 million increase in impairment charges.
85
86
For the Years Ended
2010
2009
2008
$
(251,627
)
$
(398,862
)
$
(114,199
)
217,168
224,207
236,344
(5,600
)
9,306
(17,719
)
47,545
43,665
68,355
32
175
1,145
(18,803
)
(23,123
)
(4,244
)
(11,285
)
(144,632
)
169,682
42,269
42,269
42,269
$
30,984
$
(102,363
)
$
211,951
(A)
Includes straight-line rental revenues of approximately
$2.5 million, $4.3 million and $8.0 million in
2010, 2009 and 2008, respectively (including discontinued
operations). In addition, includes straight-line ground rent
expense of approximately $2.0 million, $1.9 million
and $1.8 million in 2010, 2009 and 2008, respectively
(including discontinued operations).
(B)
At December 31, 2010, 2009 and 2008, the Company owned
unconsolidated joint venture interests relating to 236, 274 and
329 operating shopping center properties, respectively.
For the Years Ended
2010
2009
2008
$
(75,030
)
$
(494,955
)
$
24,951
(24,734
)
(843
)
(7,350
)
198,323
245,000
241,651
$
98,559
$
(250,798
)
$
259,252
$
47,545
$
43,665
$
68,355
(1)
Revenues for the three years ended December 31, 2010,
include the following (in millions):
2010
2009
2008
$
3.9
$
2.7
$
6.3
$
0.6
$
0.2
$
0.8
(2)
Adjustments to the Companys share of joint venture equity
in net (loss) income is related primarily to differences
impacting amortization and depreciation, impairment charges and
(loss) gain on dispositions which aggregated approximately
$(0.7) million, $24.8 million and $0.4 million in
2010, 2009 and 2008, respectively.
(C)
The amount reflected as gain on disposition of real estate and
real estate investments from continuing operations in the
consolidated statements of operations includes residual land
sales, which management considers to be the disposition of
non-depreciable real property and the sale of newly developed
shopping centers. These dispositions are included in the
Companys FFO and therefore are not reflected as an
adjustment to FFO. For the years ended December 31, 2010,
2009 and 2008, net gains resulting from residual land sales
aggregated $1.0 million, $4.8 million and
$6.2 million, respectively. For the years ended
December 31, 2009 and 2008, merchant building gains, net of
tax, aggregated $0.5 million and $0.4 million,
respectively.
87
For the Years Ended
2010
2009
2008
$
116.5
$
12.7
$
29.6
5.6
15.4
15.8
(0.5
)
(145.1
)
(10.5
)
40.2
199.8
22.0
30.0
27.1
6.6
19.0
6.6
0.2
184.6
107.0
0.4
(23.9
)
49.9
67.1
185.5
60.9
4.8
(5.6
)
(0.4
)
(31.2
)
(35.2
)
(18.7
)
$
275.6
$
442.8
$
217.8
(11.3
)
(144.6
)
169.7
$
264.3
$
298.2
$
387.5
(A)
Amount agrees to the face of the consolidated statements of
operations.
(B)
Amounts included in general and administrative expenses. Amounts
relate to employee separation costs in 2010, charges as a result
of the vesting of awards triggered by the change in control in
2009 and the termination of an equity award plan in 2008.
(C)
Amounts included in other expenses in the consolidated
statements of operations and detailed as follows:
2010
2009
2008
$
(12.2
)
$
(6.7
)
$
(8.1
)
(3.3
)
(3.7
)
(14.4
)
(5.4
)
(5.4
)
2.8
(2.8
)
(6.3
)
(13.6
)
$
(22.0
)
$
(30.0
)
$
(27.1
)
88
(D)
The $49.9 million net income tax expense consists of a
gross valuation allowance tax expense of $58.3 million
reduced by an $8.4 million tax benefit attributed to a
$22.3 million abandoned project charge.
89
$
19.4
$
1,015.0
(279.9
)
(12.6
)
$
722.5
90
Companys
Debt Matured
Proportionate Share
Unconsolidated Joint Ventures
(Millions)
(Millions)
$
39.5
$
7.4
1.1
$
46.9
$
1.1
(A)
See Off-Balance Sheet Arrangements
(B)
In accordance with the terms of a consensual foreclosure
agreement entered into between the borrower and the servicer of
the loan, a foreclosure complaint with respect to one property
was filed by the servicer in the applicable circuit court in
February 2011. The foreclosure is proceeding in the ordinary
course in accordance with governing state law.
91
Year Ended December 31,
2010
2009
2008
$
278,124
$
228,935
$
391,941
31,762
150,884
(468,572
)
(317,065
)
(381,348
)
56,296
92
Companys
Companys
Company-
Proportionate
Effective
Owned Square
Sale
Share of Gain
Ownership
Feet
Price
(Loss)
Joint Venture
Percentage
(Thousands)
(Millions)
(Millions) (A)
21.0
%
717
$
108.2
$
7.0
20.0
%
7
1.3
20.0
%
218
3.5
15.0
%
3,854
455.9
(2.1
)
10.0
%
760
46.9
5,556
$
615.8
$
4.9
(A)
The Companys proportionate share of loss was reduced by
the impairment charges previously recorded against its
investment in the joint venture.
93
94
95
Companys
Company-
Companys
Effective
Owned Square
Sale
Proportionate
Ownership
Feet
Price
Share of Loss
Joint Venture
Percentage
(Thousands)
(Millions)
(Millions)
(A)
20.0
%
388
$
$
5.8
20.0
%
137
12.7
0.5
14.5
%
1,751
118.3
0.7
10.0
%
163
10.1
0.3
2,439
$
141.1
$
7.3
(A)
The Companys proportionate share of loss was reduced by
the impairment charges previously recorded against the
Companys investment in the joint venture.
96
Company-Owned
Sale
Square Feet
Price
Net Gain/(Loss)
Location
(Thousands)
(Millions)
(Millions)
981
$
111.8
$
1.3
291
20.7
(5.8
)
1,272
$
132.5
$
(4.5
)
(A)
The Company sold 21 shopping center properties in various states.
(B)
Represents the sale of a consolidated joint venture asset. The
Companys ownership was 55.84%, and the amount reflected
above represents the proceeds received by the Company.
Effective
Company-Owned
Total
Ownership
Square Feet
Debt
Unconsolidated Real Estate Ventures
Percentage
(A)
Assets Owned
(Thousands)
(Millions)
15.0
%
43 shopping centers in several states
11,712
$
1,222.7
20.0
%
63 shopping centers in several states
8,284
965.5
47.9
%
10 shopping centers, a management company and three development
projects in Brazil
3,902
109.7
20.0
%
27 shopping centers in several states
2,352
183.1
(A)
Ownership may be held through different investment structures.
Percentage ownerships are subject to change, as certain
investments contain promoted structures.
97
Loan
Balance
Outstanding
at
Shopping Center or
December 31,
Unconsolidated Real Estate Ventures
Development Owned
2010
Bloomfield Hills, Michigan
$
39
.5
(A
),(B),(D)
Buena Park, California
61
.0
(B
)
Benton Harbor, Michigan
15
.7
(B
),(C)
Phoenix, Arizona
65
.0
Orland Park, Illinois
10
.7
(B
),(C)
Allen, Texas
139
.2
(B
),(C),(D)
Kirkland, Washington
27
.9
(B
),(C)
San Antonio, Texas
20
.6
(B
)
Cincinnati, Ohio
161
.3
(B
),(D)
38 retail sites in several states
97
.0
(B
),(C)
(A)
In 2009, the senior secured lender sent to the borrower a formal
notice of default and filed a foreclosure action. The Company
paid its 20% guarantee of this loan in 2009, and the senior
secured lender initiated legal proceedings against the
Coventry II Fund for its failure to fund its 80% payment
guaranty. The above-
98
referenced $66.9 million Bloomfield Loan from the Company
relating to the Bloomfield Hills, Michigan, project is
cross-defaulted with this third-party loan.
(B)
As of February 11, 2011, lenders are managing the cash
receipts and expenditures related to the assets collateralizing
these loans.
(C)
As of February 11, 2011, the Company provided payment
guaranties that are not greater than the proportion to its
investment percentage.
(D)
As of February 11, 2011, these loans are in default, and
the Coventry II Fund is exploring a variety of strategies
with the lenders.
99
2010
2009
2008
$
454
.4
(A
)
$
317
.0
(A
)
$
41
.9
(A
)
600
.0
(B
)
300
.0
(D
)
350
.0
(C
)
3
.4
24
.2
116
.9
561
.9
(E
)
350
.0
65
.4
17
.5
953
.4
951
.5
484
.4
$
1,407
.8
$
1,268
.5
$
526
.3
(A)
The Company issued 53.0 million shares, 56.3 million
shares and 8.3 million shares in 2010, 2009 and 2008,
respectively.
(B)
In August 2010, the Company issued $300 million aggregate
principal amount of 7.875% senior unsecured notes due
September 2020. In March 2010, the Company issued
$300 million aggregate principal amount of 7.5% senior
unsecured notes due April 2017.
(C)
In November 2010, the Company issued 1.75% convertible senior
notes due November 2040. Amount represents the face value and
excludes the $53.6 million reduction as required by
accounting standards due to the initial value of the equity
conversion feature. The notes have an initial conversion rate of
61.0361 common shares per $1,000 principal amount of the notes,
representing an initial conversion price of $16.38 per common
share. The initial conversion rate is subject to adjustment
under certain circumstances.
(D)
In September 2009, the Company issued $300 million
aggregate principal amount of 9.625% senior unsecured notes
due March 2016.
(E)
In November 2009, the Company closed the securitization of a
$400 million, five-year loan that was originated in October
2009. The blended interest rate on the loan is 4.225% and is
secured by a pool of 28 assets. The triple-A rated portion of
the certification in the securitization constituted
eligible collateral under the Term Asset-Backed
Securities Loan Facility (TALF), provided by the
Federal Reserve Bank of New York.
100
101
Operating
Year
Debt
Leases
$
993,727
(1)
$
4,578
550,457
4,495
457,785
4,444
666,011
3,934
492,985
4,409
1,141,035
132,973
$
4,302,000
$
154,833
(1)
Included in principal payments is $600.0 million in 2011
associated with the maturing of the term loan. In February 2011,
the Company executed its one-year extension option.
102
103
104
105
The Company is subject to general risks affecting the real
estate industry, including the need to enter into new leases or
renew leases on favorable terms to generate rental revenues, and
the economic downturn may adversely affect the ability of the
Companys tenants, or new tenants, to enter into new
106
leases or the ability of the Companys existing tenants to
renew their leases at rates at least as favorable as their
current rates;
The Company could be adversely affected by changes in the local
markets where its properties are located, as well as by adverse
changes in national economic and market conditions;
The Company may fail to anticipate the effects on its properties
of changes in consumer buying practices, including catalog sales
and sales over the Internet and the resulting retailing
practices and space needs of its tenants, or a general downturn
in its tenants businesses, which may cause tenants to
close stores or default in payment of rent;
The Company is subject to competition for tenants from other
owners of retail properties, and its tenants are subject to
competition from other retailers and methods of distribution.
The Company is dependent upon the successful operations and
financial condition of its tenants, in particular of its major
tenants, and could be adversely affected by the bankruptcy of
those tenants;
The Company relies on major tenants, which makes it vulnerable
to changes in the business and financial condition of, or demand
for its space by, such tenants;
The Company may not realize the intended benefits of acquisition
or merger transactions. The acquired assets may not perform as
well as the Company anticipated, or the Company may not
successfully integrate the assets and realize the improvements
in occupancy and operating results that the Company anticipates.
The acquisition of certain assets may subject the Company to
liabilities, including environmental liabilities;
The Company may fail to identify, acquire, construct or develop
additional properties that produce a desired yield on invested
capital, or may fail to effectively integrate acquisitions of
properties or portfolios of properties. In addition, the Company
may be limited in its acquisition opportunities due to
competition, the inability to obtain financing on reasonable
terms, or any financing at all, and other factors;
The Company may fail to dispose of properties on favorable
terms. In addition, real estate investments can be illiquid,
particularly as prospective buyers may experience increased
costs of financing or difficulties obtaining financing, and
could limit the Companys ability to promptly make changes
to its portfolio to respond to economic and other conditions;
The Company may abandon a development opportunity after
expending resources if it determines that the development
opportunity is not feasible due to a variety of factors,
including a lack of availability of construction financing on
reasonable terms, the impact of the economic environment on
prospective tenants ability to enter into new leases or
pay contractual rent, or the inability of the Company to obtain
all necessary zoning and other required governmental permits and
authorizations;
The Company may not complete development projects on schedule as
a result of various factors, many of which are beyond the
Companys control, such as weather, labor conditions,
governmental approvals, material shortages or general economic
downturn resulting in limited availability of capital, increased
debt service expense and construction costs, and decreases in
revenue;
The Companys financial condition may be affected by
required debt service payments, the risk of default and
restrictions on its ability to incur additional debt or to enter
into certain transactions under its credit facilities and other
documents governing its debt obligations. In addition, the
Company may encounter difficulties in obtaining permanent
financing or refinancing existing debt. Borrowings under the
Companys revolving credit facilities are subject to
certain representations and warranties and customary events of
default, including any event that has had or could reasonably be
expected to have a material adverse effect on the Companys
business or financial condition;
Changes in interest rates could adversely affect the market
price of the Companys common shares, as well as its
performance and cash flow;
107
Debt
and/or
equity financing necessary for the Company to continue to grow
and operate its business may not be available or may not be
available on favorable terms;
Disruptions in the financial markets could affect the
Companys ability to obtain financing on reasonable terms
and have other adverse effects on the Company and the market
price of the Companys common shares;
The Company is subject to complex regulations related to its
status as a REIT and would be adversely affected if it failed to
qualify as a REIT;
The Company must make distributions to shareholders to continue
to qualify as a REIT, and if the Company must borrow funds to
make distributions, those borrowings may not be available on
favorable terms or at all;
Joint venture investments may involve risks not otherwise
present for investments made solely by the Company, including
the possibility that a partner or co-venturer may become
bankrupt, may at any time have different interests or goals than
those of the Company and may take action contrary to the
Companys instructions, requests, policies or objectives,
including the Companys policy with respect to maintaining
its qualification as a REIT. In addition, a partner or
co-venturer may not have access to sufficient capital to satisfy
its funding obligations to the joint venture. The partner could
cause a default under the joint venture loan for reasons outside
the Companys control. Furthermore, the Company could be
required to reduce the carrying value of its equity method
investments if a loss in the carrying value of the investment is
other than temporary;
The outcome of pending or future litigation, including
litigation with tenants or joint venture partners, may adversely
affect the Companys results of operations and financial
condition;
The Company may not realize anticipated returns from its real
estate assets outside the United States. The Company expects to
continue to pursue international opportunities that may subject
the Company to different or greater risks than those associated
with its domestic operations. The Company owns an interest in an
unconsolidated joint venture that owns properties in Brazil and
an interest in consolidated joint ventures that were formed to
develop and own properties in Canada and Russia;
International development and ownership activities carry risks
in addition to those the Company faces with the Companys
domestic properties and operations. These risks include the
following:
Adverse effects of changes in exchange rates for foreign
currencies;
Changes in foreign political or economic environments;
Challenges of complying with a wide variety of foreign laws,
including tax laws, and addressing different practices and
customs relating to corporate governance, operations and
litigation;
Different lending practices;
Cultural and consumer differences;
Changes in applicable laws and regulations in the United States
that affect foreign operations;
Difficulties in managing international operations; and
Obstacles to the repatriation of earnings and cash.
Although the Companys international activities are
currently a relatively small portion of its business, to the
extent the Company expands its international activities, these
risks could significantly increase and adversely affect its
results of operations and financial condition;
The Company is subject to potential environmental liabilities;
The Company may incur losses that are uninsured or exceed policy
coverage due to its liability for certain injuries to persons,
property or the environment occurring on its properties;
108
The Company could incur additional expenses to comply with or
respond to claims under the Americans with Disabilities Act or
otherwise be adversely affected by changes in government
regulations, including changes in environmental, zoning, tax and
other regulations; and
The Company may have to restate certain financial statements as
a result of changes in, or the adoption of, new accounting rules
and regulations to which the Company is subject, including
accounting rules and regulations affecting the Companys
accounting policies.
ITEM 7A.
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
December 31, 2010
December 31, 2009
Weighted-
Weighted-
Weighted-
Weighted-
Average
Average
Average
Average
Amount
Maturity
Interest
Percentage
Amount
Maturity
Interest
Percentage
(Millions)
(Years)
Rate
of Total
(Millions)
(Years)
Rate
of Total
$
3,428.1
4.3
5.8
%
79.7
%
$
3,684.0
3.3
5.7
%
71.1
%
$
873.9
1.7
2.3
%
20.3
%
$
1,494.7
2.0
1.5
%
28.9
%
(A)
Adjusted to reflect the $150 million and $400 million
of variable-rate debt that LIBOR was swapped to a fixed-rate of
3.4% and 5.0% at December 31, 2010 and 2009, respectively.
December 31, 2010
December 31, 2009
Joint
Companys
Weighted-
Weighted-
Joint
Companys
Weighted-
Weighted-
Venture
Proportionate
Average
Average
Venture
Proportionate
Average
Average
Debt
Share
Maturity
Interest
Debt
Share
Maturity
Interest
(Millions)
(Millions)
(Years)
Rate
(Millions)
(Millions)
(Years)
Rate
$
3,289.3
$
707.3
4.1
5.6
%
$
3,807.2
$
785.4
4.8
5.6
%
$
661.5
$
128.5
1.8
4.0
%
$
740.5
$
131.6
0.6
3.0
%
109
December 31, 2010
December 31, 2009
100 Basis-
100 Basis-
Point
Point
Increase in
Increase in
Market
Market
Carrying
Interest
Carrying
Interest
Value
Fair Value
Rates
Value
Fair Value
Rates
$
3,428.1
$
3,647.2
(A)
$
3,527.0
(B)
$
3,684.0
$
3,672.1
(A)
$
3,579.4
(B)
$
707.3
$
691.9
$
672.7
$
785.4
$
703.1
$
681.0
(A)
Includes the fair value of interest rate swaps, which was a
liability of $5.2 million and $15.4 million at
December 31, 2010 and 2009, respectively.
(B)
Includes the fair value of interest rate swaps, which was a
liability of $3.1 million and $12.2 million at
December 31, 2010 and 2009, respectively.
110
Item 8.
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
Item 9.
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Item 9A.
CONTROLS
AND PROCEDURES
Item 9B.
OTHER
INFORMATION
111
Item 10.
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Corporate Governance Guidelines that guide the Board of
Directors in the performance of its responsibilities to serve
the best interests of the Company and its shareholders;
Written charters of the Audit Committee, Executive Compensation
Committee and Nominating and Corporate Governance Committee;
Code of Ethics for Senior Financial Officers that applies to the
chief executive officer, chief financial officer, chief
accounting officer, controllers, treasurer and chief internal
auditor, if any, of the Company (amendments to, or waivers from,
the Code of Ethics for Senior Financial Officers will be
disclosed on the Companys website); and
Code of Business Conduct and Ethics that governs the actions and
working relationships of the Companys employees, officers
and directors with current and potential customers, consumers,
fellow employees, competitors, government and self-regulatory
agencies, investors, the public, the media and anyone else with
whom the Company has or may have contact.
Item 11.
EXECUTIVE
COMPENSATION
112
Item 12.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
Number of
Securities to Be
Number of Securities
Issued upon
Remaining Available for
Exercise of
Weighted-Average
Future Issuance Under
Outstanding
Exercise Price of
Equity Compensation Plans
Options,
Outstanding
(excluding securities
Warrants and
Options, Warrants
reflected
Rights
and Rights
in column (a))
Plan category
(a)
(b)
(c)
3,223,553
(2)
$
28.33
3,255,236
20,000
$
20.37
N/A
3,243,553
$
28.28
3,255,236
(1)
Includes the Companys 1992 Employees Share Option
Plan, 1996 Equity Based Award Plan, 1998 Equity Based Award
Plan, 2002 Equity Based Award Plan, 2004 Equity Based Award Plan
and 2008 Equity Based Award Plan.
(2)
Does not include 1,860,064 shares of restricted stock, as
these shares have been reflected in the Companys total
shares outstanding.
(3)
Represents options previously issued to certain directors of the
Company. The options granted to the directors were at the fair
market value at the date of grant and are fully vested.
Item 13.
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
Item 14.
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
113
Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
a) | 1. Financial Statements |
Report of Independent Registered Public Accounting Firm.
|
||||
Consolidated Balance Sheets at December 31, 2010 and 2009.
|
||||
Consolidated Statements of Operations for the three years ended
December 31, 2010.
|
||||
Consolidated Statements of Equity for the three years ended
December 31, 2010.
|
||||
Consolidated Statements of Cash Flows for the three years ended
December 31, 2010.
|
||||
Notes to the Consolidated Financial Statements.
|
2. | Financial Statement Schedules |
b) | Exhibits The following exhibits are filed as part of or incorporated by reference into, this report: |
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
3 | 3 | .1 | Second Amended and Restated Articles of Incorporation of the Company, as amended effective July 10, 2009 | Current Report on Form 8-K (Filed with the SEC on August 10, 2009; File No. 001-11690) | ||||||
3 | 3 | .2 | Amended and Restated Code of Regulations of the Company | Quarterly Report on Form 10-Q (Filed with the SEC on May 11, 2009; File No. 001-11690) | ||||||
4 | 4 | .1 | Specimen Certificate for Common Shares | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
4 | 4 | .2 | Specimen Certificate for 8.0% Class G Cumulative Redeemable Preferred Shares | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) |
114
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
4 | 4 | .3 | Deposit Agreement, dated as of October 26, 2009, by and between the Company and Mellon Investor Services LLC Relating to Depositary Shares Representing 8.0% Class G Cumulative Redeemable Preferred Shares (including Specimen Certificate for Depositary Shares) | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
4 | 4 | .4 | Specimen Certificate for 7 3 / 8 % Class H Cumulative Redeemable Preferred Shares | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
4 | 4 | .5 | Deposit Agreement, dated as of October 26, 2009, by and between the Company and Mellon Investor Services LLC Relating to Depositary Shares Representing 7 3 / 8 % Class H Cumulative Redeemable Preferred Shares (including Specimen Certificate for Depositary Shares) | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
4 | 4 | .6 | Specimen Certificate for 7.50% Class I Cumulative Redeemable Preferred Shares | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
4 | 4 | .7 | Deposit Agreement, dated as of October 26, 2009, by and between the Company and Mellon Investor Services LLC Relating to Depositary Shares Representing 7.50% Class I Cumulative Redeemable Preferred Shares (including Specimen Certificate for Depositary Shares) | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
4 | 4 | .8 | Indenture, dated as of May 1, 1994, by and between the Company and The Bank of New York (as successor to JP Morgan Chase Bank, N.A., successor to Chemical Bank), as Trustee | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .9 | Indenture, dated as of May 1, 1994, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (as successor to National City Bank)), as Trustee | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .10 | First Supplemental Indenture, dated as of May 10, 1995, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) |
115
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
4 | 4 | .11 | Second Supplemental Indenture, dated as of July 18, 2003, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .12 | Third Supplemental Indenture, dated as of January 23, 2004, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .13 | Fourth Supplemental Indenture, dated as of April 22, 2004, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .14 | Fifth Supplemental Indenture, dated as of April 28, 2005, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Annual Report on Form 10-K (Filed with the SEC on February 21, 2007; File No. 001-11690) | ||||||
4 | 4 | .15 | Sixth Supplemental Indenture, dated as of October 7, 2005, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Annual Report on Form 10-K (Filed with the SEC on February 21, 2007; File No. 001-11690) | ||||||
4 | 4 | .16 | Seventh Supplemental Indenture, dated as of August 28, 2006, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Current Report on Form 8-K (Filed with the SEC on September 1, 2006; File No. 001-11690) | ||||||
4 | 4 | .17 | Eighth Supplemental Indenture, dated as of March 13, 2007, by and between the Company and U.S. Bank National Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Current Report on Form 8-K (Filed with the SEC on March 16, 2007; File No. 001-11690) | ||||||
4 | 4 | .18 | Ninth Supplemental Indenture, dated as of September 30, 2009, by and between the Company and U.S. Bank National, Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Form S-3 Registration No. 333-162451 (Filed on October 13, 2009) |
116
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
4 | 4 | .19 | Tenth Supplemental Indenture, dated as of March 19, 2010, by and between the Company and U.S. Bank National, Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Quarterly Report on Form 10-Q (Filed with the SEC on May 7, 2010; File No. 001-11690) | ||||||
4 | 4 | .20 | Eleventh Supplemental Indenture, dated as of August 12, 2010, by and between the Company and U.S. Bank National, Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Quarterly Report on Form 10-Q (Filed with the SEC on November 11, 2010; File No. 001-11690) | ||||||
4 | 4 | .21 | Twelfth Supplemental Indenture, dated as of November 5, 2010, by and between the Company and U.S. Bank National, Association (as successor to U.S. Bank Trust National Association (successor to National City Bank)), as Trustee | Filed herewith | ||||||
4 | 4 | .22 | Form of Fixed Rate Senior Medium-Term Note | Annual Report on Form 10-K (Filed with the SEC on March 30, 2000; File No. 001-11690) | ||||||
4 | 4 | .23 | Form of Fixed Rate Subordinated Medium-Term Note | Annual Report on Form 10-K (Filed with the SEC on March 30, 2000; File No. 001-11690) | ||||||
4 | 4 | .24 | Form of Floating Rate Subordinated Medium-Term Note | Annual Report on Form 10-K (Filed with the SEC on March 30, 2000; File No. 001-11690) | ||||||
4 | 4 | .25 | Form of 5.25% Note due 2011 | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .26 | Form of 3.00% Convertible Senior Note due 2012 | Current Report on Form 8-K (Filed with the SEC on March 16, 2007; File No. 001-11690) | ||||||
4 | 4 | .27 | Form of 3.50% Convertible Senior Note due 2011 | Current Report on Form 8-K (Filed with the SEC on September 1, 2006; File No. 001-11690) | ||||||
4 | 4 | .28 | Eighth Amended and Restated Credit Agreement, dated as of October 20, 2010, by and among the Company, DDR PR Ventures LLC, S.E., the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent | Current Report on Form 8-K (Filed with the SEC on October 21, 2010; File No. 001-11690) | ||||||
4 | 4 | .29 | First Amended and Restated Secured Term Loan Agreement, dated June 29, 2006, by and among the Company and Keybanc Capital Markets and Banc of America Securities, LLC and other lenders named therein | Current Report on Form 8-K (Filed with the SEC on July 6, 2006; File No. 001-11690) |
117
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
4 | 4 | .30 | Second Amendment to the First Amended and Restated Secured Term Loan Agreement, dated March 30, 2007, by and among the Company, Keybanc Capital Markets and Banc of America Securities, LLC and other lenders named therein | Quarterly Report on Form 10-Q (Filed with the SEC on May 10, 2007; File No. 001-11690) | ||||||
4 | 4 | .31 | Third Amendment to the First Amended and Restated Secured Term Loan Agreement, dated December 10, 2007, by and among the Company, Keybanc Capital Markets and Banc of America Securities, LLC and other lenders named therein | Current Report on Form 8-K (Filed with the SEC on December 12, 2007; File No. 001-11690) | ||||||
4 | 4 | .32 | Fourth Amendment to the First Amended and Restated Secured Term Loan Agreement, dated October 20, 2010, by and among the Company, DDR PR Ventures LLC, S.E., KeyBank National Association, as Administrative Agent, and the other several banks, financial institutions and other entities from time to time parties to such loan agreement | Current Report on Form 8-K (Filed with the SEC on October 21, 2010; File No. 001-11690) | ||||||
4 | 4 | .33 | Registration Rights Agreement, dated March 3, 2007, by and among the Company and the Initial Purchasers named therein | Current Report on Form 8-K (Filed with the SEC on March 16, 2007; File No. 001-11690) | ||||||
4 | 4 | .34 | Registration Rights Agreement, dated August 28, 2006, by and among the Company and the Initial Purchasers named therein | Current Report on Form 8-K (Filed with the SEC on September 1, 2006; File No. 001-11690) | ||||||
10 | 10 | .1 | Amended and Restated Directors Deferred Compensation Plan* | Form S-8 Registration No. 333-147270 (Filed with the SEC on November 9, 2007) | ||||||
10 | 10 | .2 | Elective Deferred Compensation Plan (Amended and Restated as of January 1, 2004)* | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004; File No. 001-11690) | ||||||
10 | 10 | .3 | Developers Diversified Realty Corporation Equity Deferred Compensation Plan, restated as of January 1, 2009* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .4 | Developers Diversified Realty Corporation 2005 Directors Deferred Compensation Plan* | Form S-8 Registration No. 333-147270 (Filed with the SEC on November 9, 2007) | ||||||
10 | 10 | .5 | Amended and Restated 1998 Developers Diversified Realty Corporation Equity-Based Award Plan* | Form S-8 Registration No. 333-76537 (Filed with the SEC on April 19, 1999) | ||||||
10 | 10 | .6 | Amended and Restated 2002 Developers Diversified Realty Corporation Equity-Based Award Plan* | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) | ||||||
10 | 10 | .7 | Amended and Restated 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Annual Report on Form 10-K (Filed with the SEC on February 26, 2010; File No. 001-11690) |
118
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
10 | 10 | .8 | Amended and Restated 2008 Developers Diversified Realty Corporation Equity-Based Award Plan (Amended and Restated as of June 25, 2009)* | Quarterly Report on Form 10-Q (Filed with the SEC August 7, 2009; File No. 001-11690) | ||||||
10 | 10 | .9 | Form of Restricted Share Agreement under the 1996/1998/2002/2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Annual Report on Form 10-K (Filed with the SEC on March 16, 2005; File No. 001-11690) | ||||||
10 | 10 | .10 | Form of Restricted Share Agreement for Executive Officers under the 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006; File No. 001-11690) | ||||||
10 | 10 | .11 | Form Restricted Shares Agreement* | Quarterly Report on Form 10-Q (Filed with the SEC August 7, 2009; File No. 001-11690) | ||||||
10 | 10 | .12 | Form of Unrestricted Shares Agreement* | Quarterly Report on Form 10-Q (Filed with the SEC on May 11, 2009; File No. 001-11690) | ||||||
10 | 10 | .13 | Form of Incentive Stock Option Grant Agreement for Executive Officers under the 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006; File No. 001-11690) | ||||||
10 | 10 | .14 | Form of Incentive Stock Option Grant Agreement for Executive Officers (with accelerated vesting upon retirement) under the 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006; File No. 001-11690) | ||||||
10 | 10 | .15 | Form of Non-Qualified Stock Option Grant Agreement for Executive Officers under the 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006; File No. 001-11690) | ||||||
10 | 10 | .16 | Form of Non-Qualified Stock Option Grant Agreement for Executive Officers (with accelerated vesting upon retirement) under the 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006; File No. 001-11690) | ||||||
10 | 10 | .17 | Form Stock Option Agreement for Incentive Stock Options Grants to Executive Officers* | Quarterly Report on Form 10-Q (Filed with the SEC August 7, 2009; File No. 001-11690) | ||||||
10 | 10 | .18 | Form Stock Options Agreement for Non-Qualified Stock Option Grants to Executive Officers* | Quarterly Report on Form 10-Q (Filed with the SEC August 7, 2009; File No. 001-11690) | ||||||
10 | 10 | .19 | Form of Directors Restricted Shares Agreement, dated January 1, 2000* | Form S-11 Registration No. 333-76278 (Filed with SEC on January 4, 2002; see Exhibit 10(ff) therein) | ||||||
10 | 10 | .20 | Form 2009 Retention Award Agreement* | Quarterly Report on Form 10-Q (Filed with the SEC on November 6, 2009; File No. 001-11690) |
119
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
10 | 10 | .21 | Promotion Grant Agreement, dated January 1, 2010, by and between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on May 7, 2010; File No. 001-11690) | ||||||
10 | 10 | .22 | Developers Diversified Realty Corporation Value Sharing Equity Program* | Quarterly Report on Form 10-Q (Filed with the SEC on November 6, 2009; File No. 001-11690) | ||||||
10 | 10 | .23 | Amended and Restated Employment Agreement, dated July 29, 2009, by and between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on November 6, 2009; File No. 001-11690) | ||||||
10 | 10 | .24 | Amended and Restated Employment Agreement, dated July 29, 2009, by and between the Company and Scott A. Wolstein* | Quarterly Report on Form 10-Q (Filed with the SEC on November 6, 2009; File No. 001-11690) | ||||||
10 | 10 | .25 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and David J. Oakes* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .26 | Employment Agreement, dated December 29, 2008, by and between the Company and Paul Freddo* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .27 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and John S. Kokinchak* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .28 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Robin R. Walker-Gibbons* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .29 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Richard E. Brown* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .30 | Letter Agreement, dated March 23, 2010, by and between the Company and Richard E. Brown* | Quarterly Report on Form 10-Q (Filed with the SEC on August 6, 2010; File No. 001-11690) | ||||||
10 | 10 | .31 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and William H. Schafer* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .32 | Separation Agreement and Release, dated January 26, 2010, by and between the Company and William H. Schafer* | Current Report on Form 8-K (Filed with the SEC on January 26, 2010; File No. 001-11690) | ||||||
10 | 10 | .33 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Joan U. Allgood* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) |
120
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
10 | 10 | .34 | Separation Agreement and Release, dated December 20, 2010, by and between the Company and Joan U. Allgood* | Filed herewith | ||||||
10 | 10 | .35 | Separation Agreement and Release, dated July 28, 2009, by and between the Company and Timothy J. Bruce* | Quarterly Report on Form 10-Q (Filed with the SEC on November 6, 2009; File No. 001-11690) | ||||||
10 | 10 | .36 | Form of Change in Control Agreement, entered into with certain officers of the Company* | Annual Report on Form 10-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .37 | Form of Indemnification Agreement for directors of the Company | Current Report on Form 8-K (Filed with the SEC on April 7, 2009; File No. 001-11690) | ||||||
10 | 10 | .38 | Form of Indemnification Agreement for executive officers of the Company | Current Report on Form 8-K (Filed with the SEC on April 7, 2009; File No. 001-11690) | ||||||
10 | 10 | .39 | Form of Medium-Term Note Distribution Agreement | Annual Report on Form 10-K (Filed with the SEC on March 30, 2000; File No. 001-11690) | ||||||
10 | 10 | .40 | Program Agreement for Retail Value Investment Program, dated February 11, 1998, by and among Retail Value Management, Ltd., the Company and The Prudential Insurance Company of America | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004; File No. 001-11690) | ||||||
10 | 10 | .41 | Stock Purchase Agreement, dated as of February 23, 2009, between the Company and Alexander Otto (including the forms of Warrant, Investor Rights Agreement, Waiver Agreement, Tax Agreement and Voting Agreement) | Current Report on Form 8-K (Filed with the SEC on February 27, 2009; File No. 001-11690) | ||||||
10 | 10 | .42 | Investors Rights Agreement, dated as of May 11, 2009, by and between the Company and Alexander Otto | Current Report on Form 8-K (Filed with the SEC on May 11, 2009; File No. 001-11690) | ||||||
10 | 10 | .43 | Waiver Agreement, dated as of May 11, 2009, by and between the Company and Alexander Otto | Current Report on Form 8-K (Filed with the SEC on May 11, 2009; File No. 001-11690) | ||||||
10 | 10 | .44 | Purchase and Sale Agreement, dated July 9, 2008, by and between the Company and Wolstein Business Enterprises, L.P. | Current Report on Form 8-K (Filed with the SEC on July 15, 2008; File No. 001-11690) | ||||||
12 | 12 | .1 | Computation of Ratio of Earnings to Fixed Charges | Filed herewith | ||||||
12 | 12 | .2 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | Filed herewith | ||||||
21 | 21 | .1 | List of Subsidiaries | Filed herewith | ||||||
23 | 23 | .1 | Consent of PricewaterhouseCoopers LLP | Filed herewith | ||||||
31 | 31 | .1 | Certification of principal executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | Filed herewith |
121
Exhibit
|
||||||||||
No.
|
Form
|
|||||||||
Under
|
10-K
|
Filed Herewith or
|
||||||||
Reg.S-K
|
Exhibit
|
Incorporated Herein by
|
||||||||
Item 601 | No. | Description | Reference | |||||||
31 | 31 | .2 | Certification of principal financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | Filed herewith | ||||||
32 | 32 | .1 | Certification of chief executive officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 | Filed herewith | ||||||
32 | 32 | .2 | Certification of chief financial officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 | Filed herewith | ||||||
101 | 101 | .INS | XBRL Instance Document | Submitted electronically herewith | ||||||
101 | 101 | .SCH | XBRL Taxonomy Extension Schema Document | Submitted electronically herewith | ||||||
101 | 101 | .CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Submitted electronically herewith | ||||||
101 | 101 | .DEF | XBRL Taxonomy Extension Definition Linkbase Document | Submitted electronically herewith | ||||||
101 | 101 | .LAB | XBRL Taxonomy Extension Label Linkbase Document | Submitted electronically herewith | ||||||
101 | 101 | .PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Submitted electronically herewith |
* | Management contracts and compensatory plans or arrangements required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
122
Page | ||||
Financial Statements:
|
||||
Report of Independent Registered Public Accounting Firm
|
F-2 | |||
Consolidated Balance Sheets at December 31, 2010 and 2009
|
F-3 | |||
Consolidated Statements of Operations for the three years ended
December 31, 2010
|
F-4 | |||
Consolidated Statements of Equity for the three years ended
December 31, 2010
|
F-5 | |||
Consolidated Statements of Cash Flows for the three years ended
December 31, 2010
|
F-6 | |||
Notes to Consolidated Financial Statements
|
F-7 | |||
Financial Statement Schedules:
|
||||
II Valuation and Qualifying Accounts and Reserves
for the three years ended December 31, 2010
|
F-56 | |||
III Real Estate and Accumulated Depreciation at
December 31, 2010
|
F-57 | |||
IV Mortgage Loans on Real Estate at
December 31, 2010
|
F-68 |
F-1
F-2
December 31, | ||||||||
2010 | 2009 | |||||||
Assets
|
||||||||
Land
|
$ | 1,837,403 | $ | 1,971,782 | ||||
Buildings
|
5,491,489 | 5,694,659 | ||||||
Fixtures and tenant improvements
|
339,129 | 287,143 | ||||||
7,668,021 | 7,953,584 | |||||||
Less: Accumulated depreciation
|
(1,452,112 | ) | (1,332,534 | ) | ||||
6,215,909 | 6,621,050 | |||||||
Land held for development and construction in progress
|
743,218 | 858,900 | ||||||
Real estate held for sale, net
|
| 10,453 | ||||||
Total real estate assets, net
|
6,959,127 | 7,490,403 | ||||||
Investments in and advances to joint ventures
|
417,223 | 420,541 | ||||||
Cash and cash equivalents
|
19,416 | 26,172 | ||||||
Restricted cash
|
4,285 | 95,673 | ||||||
Accounts receivable, net
|
123,259 | 146,809 | ||||||
Notes receivable
|
120,330 | 74,997 | ||||||
Deferred charges, less accumulated amortization of $25,446 and
$34,945, respectively
|
44,988 | 33,162 | ||||||
Other assets, net
|
79,462 | 138,849 | ||||||
$ | 7,768,090 | $ | 8,426,606 | |||||
Liabilities and Equity
|
||||||||
Unsecured indebtedness:
|
||||||||
Senior notes
|
$ | 2,043,582 | $ | 1,689,841 | ||||
Revolving credit facility
|
279,865 | 775,028 | ||||||
2,323,447 | 2,464,869 | |||||||
Secured indebtedness:
|
||||||||
Term debt
|
600,000 | 800,000 | ||||||
Mortgage and other secured indebtedness
|
1,378,553 | 1,913,794 | ||||||
1,978,553 | 2,713,794 | |||||||
Total indebtedness
|
4,302,000 | 5,178,663 | ||||||
Accounts payable and accrued expenses
|
127,715 | 130,404 | ||||||
Dividends payable
|
12,092 | 10,985 | ||||||
Equity derivative liability - affiliate
|
96,237 | 56,080 | ||||||
Other liabilities
|
95,359 | 98,138 | ||||||
4,633,403 | 5,474,270 | |||||||
Commitments and contingencies (Note 8)
|
||||||||
Developers Diversified Realty Corporation Equity:
|
||||||||
Preferred shares (Note 9)
|
555,000 | 555,000 | ||||||
Common shares, with par value, $0.10 stated value;
500,000,000 shares authorized; 256,267,750 and
201,742,589 shares issued at December 31, 2010 and
2009, respectively
|
25,627 | 20,174 | ||||||
Paid-in capital
|
3,868,990 | 3,374,528 | ||||||
Accumulated distributions in excess of net income
|
(1,378,341 | ) | (1,098,661 | ) | ||||
Deferred compensation obligation
|
14,318 | 17,838 | ||||||
Accumulated other comprehensive income
|
25,646 | 9,549 | ||||||
Less: Common shares in treasury at cost: 712,310 and
657,012 shares at December 31, 2010 and 2009,
respectively
|
(14,638 | ) | (15,866 | ) | ||||
Total DDR shareholders equity
|
3,096,602 | 2,862,562 | ||||||
Non-controlling interests
|
38,085 | 89,774 | ||||||
Total equity
|
3,134,687 | 2,952,336 | ||||||
$ | 7,768,090 | $ | 8,426,606 | |||||
F-3
For the Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Revenues from operations:
|
||||||||||||
Minimum rents
|
$ | 535,284 | $ | 528,230 | $ | 543,457 | ||||||
Percentage and overage rents
|
6,299 | 7,751 | 8,630 | |||||||||
Recoveries from tenants
|
175,309 | 174,826 | 180,711 | |||||||||
Fee and other income
|
86,177 | 86,592 | 92,270 | |||||||||
803,069 | 797,399 | 825,068 | ||||||||||
Rental operation expenses:
|
||||||||||||
Operating and maintenance
|
137,862 | 135,153 | 129,852 | |||||||||
Real estate taxes
|
108,299 | 102,391 | 97,199 | |||||||||
Impairment charges
|
116,462 | 12,745 | 29,603 | |||||||||
General and administrative
|
85,573 | 94,365 | 97,719 | |||||||||
Depreciation and amortization
|
222,862 | 217,841 | 210,541 | |||||||||
671,058 | 562,495 | 564,914 | ||||||||||
Other income (expense):
|
||||||||||||
Interest income
|
7,346 | 11,984 | 5,230 | |||||||||
Interest expense
|
(226,464 | ) | (221,334 | ) | (229,163 | ) | ||||||
Gain on debt retirement, net
|
485 | 145,050 | 10,455 | |||||||||
Loss on equity derivative instruments
|
(40,157 | ) | (199,797 | ) | | |||||||
Other expense, net
|
(24,346 | ) | (29,192 | ) | (28,131 | ) | ||||||
(283,136 | ) | (293,289 | ) | (241,609 | ) | |||||||
(Loss) income before earnings from equity method investments and
other items
|
(151,125 | ) | (58,385 | ) | 18,545 | |||||||
Equity in net income (loss) of joint ventures
|
5,600 | (9,733 | ) | 17,719 | ||||||||
Impairment of joint venture investments
|
(227 | ) | (184,584 | ) | (106,957 | ) | ||||||
(Loss) gain on change in control of interests
|
(428 | ) | 23,865 | | ||||||||
Loss before tax (expense) benefit of taxable REIT subsidiaries
and state franchise and income taxes
|
(146,180 | ) | (228,837 | ) | (70,693 | ) | ||||||
Tax (expense) benefit of taxable REIT subsidiaries and state
franchise and income taxes
|
(47,992 | ) | 767 | 17,544 | ||||||||
Loss from continuing operations
|
(194,172 | ) | (228,070 | ) | (53,149 | ) | ||||||
Loss from discontinued operations
|
(54,867 | ) | (184,697 | ) | (36,882 | ) | ||||||
Loss before gain on disposition of real estate
|
(249,039 | ) | (412,767 | ) | (90,031 | ) | ||||||
Gain on disposition of real estate, net of tax
|
1,318 | 9,127 | 6,962 | |||||||||
Net loss
|
$ | (247,721 | ) | $ | (403,640 | ) | $ | (83,069 | ) | |||
Non-controlling interests
|
38,363 | 47,047 | 11,139 | |||||||||
Net loss attributable to DDR
|
$ | (209,358 | ) | $ | (356,593 | ) | $ | (71,930 | ) | |||
Preferred dividends
|
(42,269 | ) | (42,269 | ) | (42,269 | ) | ||||||
Net loss attributable to DDR common shareholders
|
$ | (251,627 | ) | $ | (398,862 | ) | $ | (114,199 | ) | |||
Per share data:
|
||||||||||||
Basic earnings per share data:
|
||||||||||||
Loss from continuing operations attributable to DDR common
shareholders
|
$ | (0.91 | ) | $ | (1.65 | ) | $ | (0.75 | ) | |||
Loss from discontinued operations attributable to DDR common
shareholders
|
(0.12 | ) | (0.86 | ) | (0.21 | ) | ||||||
Net loss attributable to DDR common shareholders
|
$ | (1.03 | ) | $ | (2.51 | ) | $ | (0.96 | ) | |||
Diluted earnings per share data:
|
||||||||||||
Loss from continuing operations attributable to DDR common
shareholders
|
$ | (0.91 | ) | $ | (1.65 | ) | $ | (0.75 | ) | |||
Loss from discontinued operations attributable to DDR common
shareholders
|
(0.12 | ) | (0.86 | ) | (0.21 | ) | ||||||
Net loss attributable to DDR common shareholders
|
$ | (1.03 | ) | $ | (2.51 | ) | $ | (0.96 | ) | |||
F-4
Developers Diversified Realty Corporation Equity | ||||||||||||||||||||||||||||||||||||
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||
Distributions in
|
Deferred
|
Other
|
Treasury
|
Non-
|
||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Paid-in
|
Excess of Net
|
Compensation
|
Comprehensive
|
Stock
|
Controlling
|
|||||||||||||||||||||||||||||
Shares | Shares | Capital | Income (Loss) | Obligation | Income (Loss) | at Cost | Interests | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2007
|
$ | 555,000 | $ | 12,679 | $ | 3,107,809 | $ | (272,428 | ) | $ | 22,862 | $ | 8,965 | $ | (369,839 | ) | $ | 128,254 | $ | 3,193,302 | ||||||||||||||||
Issuance of 8,142 common shares related to exercise of stock
options, dividend reinvestment plan, performance plan and
director compensation
|
| 1 | (2,671 | ) | | 702 | | 8,711 | | 6,743 | ||||||||||||||||||||||||||
Issuance of 1,840,939 common shares for cash
|
| 184 | (286,220 | ) | | | | 327,387 | | 41,351 | ||||||||||||||||||||||||||
Issuance of restricted stock
|
| | (5,681 | ) | | 4,289 | | 6,578 | | 5,186 | ||||||||||||||||||||||||||
Vesting of restricted stock
|
| | 16,745 | | (13,971 | ) | | (4,895 | ) | | (2,121 | ) | ||||||||||||||||||||||||
Stock-based compensation
|
| | 24,018 | | | | | | 24,018 | |||||||||||||||||||||||||||
Redemption of 463,185 operating partnership units in exchange
for common shares
|
| | (5,172 | ) | | | | 23,327 | (9,104 | ) | 9,051 | |||||||||||||||||||||||||
Contributions from non-controlling interests
|
| | | | | | | 55,039 | 55,039 | |||||||||||||||||||||||||||
Distributions to non-controlling interests
|
| | | | | | | (11,162 | ) | (11,162 | ) | |||||||||||||||||||||||||
Loss on sale of non-controlling interest
|
| | | | | | | (20,562 | ) | (20,562 | ) | |||||||||||||||||||||||||
Adjustment to redeemable operating partnership units
|
| | 536 | | | | | | 536 | |||||||||||||||||||||||||||
Dividends declared-common shares
|
| | | (248,612 | ) | | | | | (248,612 | ) | |||||||||||||||||||||||||
Dividends declared-preferred shares
|
| | | (42,269 | ) | | | | | (42,269 | ) | |||||||||||||||||||||||||
Comprehensive loss (Note 13):
|
||||||||||||||||||||||||||||||||||||
Allocation of net loss
|
| | | (71,930 | ) | | | | (11,139 | ) | (83,069 | ) | ||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate contracts
|
| | | | | (13,293 | ) | | | (13,293 | ) | |||||||||||||||||||||||||
Amortization of interest rate contracts
|
| | | | | (643 | ) | | | (643 | ) | |||||||||||||||||||||||||
Foreign currency translation
|
| | | | | (44,878 | ) | | (3,823 | ) | (48,701 | ) | ||||||||||||||||||||||||
Comprehensive loss
|
| | | (71,930 | ) | | (58,814 | ) | | (14,962 | ) | (145,706 | ) | |||||||||||||||||||||||
Balance, December 31, 2008
|
555,000 | 12,864 | 2,849,364 | (635,239 | ) | 13,882 | (49,849 | ) | (8,731 | ) | 127,503 | 2,864,794 | ||||||||||||||||||||||||
Issuance of 261,580 common shares related to the exercise of
stock options, dividend reinvestment plan and director
compensation
|
| 16 | 795 | | | | 362 | | 1,173 | |||||||||||||||||||||||||||
Issuance of 56,630,606 common shares for cash
|
| 5,656 | 311,140 | | | | 709 | | 317,505 | |||||||||||||||||||||||||||
Equity derivative instruments
|
| | 143,716 | | | | | | 143,716 | |||||||||||||||||||||||||||
Issuance of restricted stock
|
| 194 | 1,069 | | 3,045 | | (629 | ) | | 3,679 | ||||||||||||||||||||||||||
Vesting of restricted stock
|
| | 6,554 | | 911 | | (7,577 | ) | | (112 | ) | |||||||||||||||||||||||||
Stock-based compensation
|
| | 12,813 | | | | | | 12,813 | |||||||||||||||||||||||||||
Contributions from non-controlling interests
|
| | | | | | | 8,271 | 8,271 | |||||||||||||||||||||||||||
Distributions to non-controlling interests
|
| | | | | | | (1,992 | ) | (1,992 | ) | |||||||||||||||||||||||||
Dividends declared-common shares
|
| 1,444 | 49,077 | (64,560 | ) | | | | | (14,039 | ) | |||||||||||||||||||||||||
Dividends declared-preferred shares
|
| | | (42,269 | ) | | | | | (42,269 | ) | |||||||||||||||||||||||||
Comprehensive loss (Note 13):
|
||||||||||||||||||||||||||||||||||||
Allocation of net loss
|
| | | (356,593 | ) | | | | (47,047 | ) | (403,640 | ) | ||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate contracts
|
| | | | | 15,664 | | | 15,664 | |||||||||||||||||||||||||||
Amortization of interest rate contracts
|
| | | | | (373 | ) | | | (373 | ) | |||||||||||||||||||||||||
Foreign currency translation
|
| | | | | 44,107 | | 3,039 | 47,146 | |||||||||||||||||||||||||||
Comprehensive loss
|
| | | (356,593 | ) | | 59,398 | | (44,008 | ) | (341,203 | ) | ||||||||||||||||||||||||
Balance, December 31, 2009
|
555,000 | 20,174 | 3,374,528 | (1,098,661 | ) | 17,838 | 9,549 | (15,866 | ) | 89,774 | 2,952,336 | |||||||||||||||||||||||||
Cumulative effect of adoption of a new accounting standard
(Note 1)
|
| | | (7,848 | ) | | | | (12,384 | ) | (20,232 | ) | ||||||||||||||||||||||||
Deconsolidation of interests
|
| | | | | | | 3,876 | 3,876 | |||||||||||||||||||||||||||
Issuance of 212,349 common shares related to the exercise of
stock options, dividend reinvestment plan and director
compensation
|
| 21 | 1,232 | | | | 109 | | 1,362 | |||||||||||||||||||||||||||
Issuance of 52,792,716 common shares for cash
|
| 5,279 | 433,473 | | | | 1,678 | | 440,430 | |||||||||||||||||||||||||||
Convertible debt instruments
|
| | 52,497 | | | | | | 52,497 | |||||||||||||||||||||||||||
Issuance of restricted stock
|
| 153 | (199 | ) | | 741 | | (1,542 | ) | | (847 | ) | ||||||||||||||||||||||||
Vesting of restricted stock
|
| | 4,761 | | (4,261 | ) | | 983 | | 1,483 | ||||||||||||||||||||||||||
Stock-based compensation
|
| | 2,698 | | | | | | 2,698 | |||||||||||||||||||||||||||
Contributions from non-controlling interests
|
| | | | | | | 746 | 746 | |||||||||||||||||||||||||||
Distributions to non-controlling interests
|
| | | | | | | (2,886 | ) | (2,886 | ) | |||||||||||||||||||||||||
Dividends declared-common shares
|
| | | (20,205 | ) | | | | | (20,205 | ) | |||||||||||||||||||||||||
Dividends declared-preferred shares
|
| | | (42,269 | ) | | | | | (42,269 | ) | |||||||||||||||||||||||||
Comprehensive loss (Note 13):
|
||||||||||||||||||||||||||||||||||||
Allocation of net loss
|
| | | (209,358 | ) | | | | (38,363 | ) | (247,721 | ) | ||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate contracts
|
| | | | | 10,261 | | | 10,261 | |||||||||||||||||||||||||||
Amortization of interest rate contracts
|
| | | | | (430 | ) | | | (430 | ) | |||||||||||||||||||||||||
Foreign currency translation
|
| | | | | 6,266 | | (2,678 | ) | 3,588 | ||||||||||||||||||||||||||
Comprehensive loss
|
| | | (209,358 | ) | | 16,097 | | (41,041 | ) | (234,302 | ) | ||||||||||||||||||||||||
$ | 555,000 | $ | 25,627 | $ | 3,868,990 | $ | (1,378,341 | ) | $ | 14,318 | $ | 25,646 | $ | (14,638 | ) | $ | 38,085 | $ | 3,134,687 | |||||||||||||||||
F-5
For the Year Ended December 31 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Cash flow from operating activities:
|
||||||||||||
Net loss
|
$ | (247,721 | ) | $ | (403,640 | ) | $ | (83,069 | ) | |||
Adjustments to reconcile net loss to net cash flow provided by
operating activities:
|
||||||||||||
Depreciation and amortization
|
227,304 | 233,967 | 246,374 | |||||||||
Stock-based compensation
|
6,459 | 20,398 | 27,970 | |||||||||
Amortization of deferred finance costs and settled interest rate
protection agreements
|
13,269 | 10,894 | 9,946 | |||||||||
Accretion of convertible debt discount
|
8,204 | 12,238 | 15,255 | |||||||||
Gain on debt retirement, net
|
(485 | ) | (145,050 | ) | (10,455 | ) | ||||||
Loss on equity derivative instruments
|
40,157 | 199,797 | | |||||||||
Settlement of accreted debt discount on repurchase of
convertible senior notes
|
(8,358 | ) | (17,560 | ) | (541 | ) | ||||||
Net cash paid from interest rate hedging contracts
|
| | (5,410 | ) | ||||||||
Equity in net (income) loss of joint ventures
|
(5,600 | ) | 9,733 | (17,719 | ) | |||||||
Impairment of joint venture investments
|
227 | 184,584 | 106,957 | |||||||||
Net gain on change in control of interests
|
(5,221 | ) | (23,865 | ) | | |||||||
Gain on sale of joint venture stock
|
| (2,824 | ) | | ||||||||
Cash distributions from joint ventures
|
7,334 | 10,889 | 24,427 | |||||||||
(Gain) loss on disposition of real estate
|
(7,093 | ) | 14,900 | (2,132 | ) | |||||||
Impairment charges
|
171,900 | 160,112 | 85,264 | |||||||||
Change in notes receivable interest reserve
|
(3,005 | ) | (9,683 | ) | | |||||||
Net change in accounts receivable
|
21,045 | 13,902 | (1,520 | ) | ||||||||
Net change in accounts payable and accrued expenses
|
4,323 | (11,691 | ) | 18,783 | ||||||||
Net change in other operating assets and liabilities
|
55,385 | (28,166 | ) | (22,189 | ) | |||||||
Total adjustments
|
525,845 | 632,575 | 475,010 | |||||||||
Net cash flow provided by operating activities
|
278,124 | 228,935 | 391,941 | |||||||||
Cash flow from investing activities:
|
||||||||||||
Proceeds from disposition of real estate
|
156,374 | 348,176 | 133,546 | |||||||||
Real estate developed or acquired, net of liabilities assumed
|
(164,391 | ) | (208,768 | ) | (398,563 | ) | ||||||
Equity contributions to joint ventures
|
(30,311 | ) | (28,115 | ) | (98,113 | ) | ||||||
Repayment of (advances to) joint venture advances, net
|
442 | (1,650 | ) | (56,926 | ) | |||||||
Distributions of proceeds from sale and refinancing of joint
venture interests
|
24,339 | 7,442 | 12,154 | |||||||||
Return on investments in joint ventures
|
22,094 | 19,565 | 28,211 | |||||||||
Issuance of notes receivable, net
|
(62,958 | ) | (1,885 | ) | (36,047 | ) | ||||||
Decrease (increase) in restricted cash
|
86,173 | 16,119 | (52,834 | ) | ||||||||
Net cash flow provided by (used for) investing activities
|
31,762 | 150,884 | (468,572 | ) | ||||||||
Cash flow from financing activities:
|
||||||||||||
(Repayments of) proceeds from revolving credit facilities, net
|
(492,224 | ) | (270,692 | ) | 343,201 | |||||||
Proceeds from term loan borrowings, mortgages and other secured
debt
|
23,686 | 699,221 | 466,936 | |||||||||
Repayment on term loans and mortgage debt
|
(601,678 | ) | (497,632 | ) | (306,309 | ) | ||||||
Repayment of senior notes
|
(541,606 | ) | (854,720 | ) | (158,239 | ) | ||||||
Proceeds from issuance of senior notes, net of underwriting
commissions and offering expenses of $1,183 and $200 in 2010 and
2009, respectively
|
933,370 | 294,685 | | |||||||||
Payment of debt issuance costs
|
(13,773 | ) | (20,634 | ) | (5,522 | ) | ||||||
(Purchase of) proceeds from the issuance of common shares in
conjunction with exercise of stock options and dividend
reinvestment plan
|
(1,763 | ) | (3,079 | ) | 1,371 | |||||||
Proceeds from issuance of common shares, net of underwriting
commissions and offering expenses of $998 and $459 in 2010 and
2009, respectively
|
440,430 | 317,505 | 41,352 | |||||||||
Contributions from non-controlling interests
|
746 | 8,271 | 55,039 | |||||||||
Purchase of redeemable operating partnership units
|
| | (46 | ) | ||||||||
Distributions to non-controlling interest and redeemable
operating partnership units
|
(2,886 | ) | (1,984 | ) | (11,722 | ) | ||||||
Dividends paid
|
(61,367 | ) | (52,289 | ) | (369,765 | ) | ||||||
Net cash (used for) provided by financing activities
|
(317,065 | ) | (381,348 | ) | 56,296 | |||||||
Cash and cash equivalents
|
||||||||||||
Decrease in cash and cash equivalents
|
(7,179 | ) | (1,529 | ) | (20,335 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents
|
423 | (1,793 | ) | 282 | ||||||||
Cash and cash equivalents, beginning of year
|
26,172 | 29,494 | 49,547 | |||||||||
Cash and cash equivalents, end of year
|
$ | 19,416 | $ | 26,172 | $ | 29,494 | ||||||
F-6
F-17
F-54
F-58
F-59
F-60
F-61
F-62
F-63
F-64
F-65
F-66
1.
Summary
of Significant Accounting Policies
F-7
December 31, 2009
$
218.7
50.5
225.4
22.4
For the Year Ended December 31,
2010
2009
2008
$
$
136.6
$
(27.9
)
82.8
17.5
12.1
11.0
7.0
50.8
20.2
12.4
15.2
3.9
19.0
9.1
F-8
Useful lives, ranging from 30 to 40 years
Useful lives, ranging from five to 40 years
Useful lives, which approximate lease terms, where applicable
F-9
F-10
December 31,
2010
2009
$
4,285
$
45,196
50,477
$
4,285
$
95,673
(A)
Under the terms of a bond issued by
the Mississippi Business Finance Corporation, the initial
proceeds of approximately $60.0 million from the sale of
bonds are held in a trust in connection with a Company
development project in Mississippi. As construction is completed
on the project, the Company receives disbursements of these
funds. During 2010, $40.0 million of bond funds were
utilized to repay the related outstanding bond obligation.
(B)
At December 31, 2009, the
Mervyns Joint Venture had funds that were required to be held in
escrow with the lender as collateral security for its mortgage
loan. During 2010, $45.3 million of restricted cash was
used to repay a portion of the mortgage loan and other operating
expenses. The Mervyns Joint Venture was deconsolidated in the
third quarter of 2010 as disclosed above.
F-11
F-12
F-13
F-14
2.
Investments
in and Advances to Joint Ventures
Effective
Ownership
Unconsolidated Real Estate Ventures
Percentage
(A)
Assets Owned
79.45
%
A shopping center in Columbus, Ohio
50.0
Five shopping centers in several states
50.0
A shopping center in Macedonia, Ohio
50.0
A shopping center in St. Louis (Arnold), Missouri
50.0
A shopping center in Columbus, Ohio
50.0
A management and development company
47.9
10 shopping centers, a management company and three development
projects in Brazil
25.75
A shopping center in Deer Park, Illinois
25.75
A shopping center in Austin, Texas
25.25
11 retail sites in several states
20.0
A shopping center in Buena Park, California
20.0
A shopping center in Benton Harbor, Michigan
20.0
A shopping center in Phoenix, Arizona
20.0
A shopping center in Kirkland, Washington
20.0
63 grocery-anchored retail centers in several states
20.0
13 neighborhood grocery-anchored retail centers in several states
20.0
27 grocery-anchored retail centers in several states
20.0
38 retail sites in several states
20.0
A shopping center in San Antonio, Texas
20.0
A shopping center in Cincinnati, Ohio
15.0
43 shopping centers in several states
14.5
A shopping center in Independence, Missouri
10.0
A suspended development project in Bloomfield Hills, Michigan
10.0
A shopping center in Orland Park, Illinois
10.0
A shopping center in Allen, Texas
10.0
Two neighborhood grocery-anchored retail centers in two states
10.0
Three shopping centers in several states
0.0
Six shopping centers in several states
(A)
Ownership may be held through
different investment structures. Percentage ownerships are
subject to change as certain investments contain promoted
structures.
F-15
December 31,
2010
2009
$
1,566,682
$
1,782,431
4,783,841
5,207,234
154,292
146,716
6,504,815
7,136,381
(726,291
)
(636,897
)
5,778,524
6,499,484
174,237
130,410
5,952,761
6,629,894
111,569
113,630
10,296
11,455
303,826
342,192
$
6,378,452
$
7,097,171
$
3,950,794
$
4,547,711
87,282
73,477
186,728
194,065
4,224,804
4,815,253
2,153,648
2,281,918
$
6,378,452
$
7,097,171
$
480,200
$
473,738
(A)
The Deconsolidated Land Entity
(Note 1) was combined with the unconsolidated
investments as of January 1, 2010.
F-16
For the Year Ended December 31,
2010
2009
2008
$
668,946
$
778,770
$
846,196
256,380
301,637
297,454
12,291
218,479
187,876
218,547
213,285
230,649
280,345
274,836
687,196
1,019,008
785,575
(18,250
)
(240,238
)
60,621
(20,449
)
(10,013
)
(15,479
)
7,153
(31,318
)
(38,699
)
(243,098
)
13,824
(9,674
)
(206,436
)
3,830
(26,674
)
(19,448
)
7,364
(75,047
)
(468,982
)
25,018
17
(25,973
)
(67
)
$
(75,030
)
$
(494,955
)
$
24,951
$
6,319
$
(34,522
)
$
17,335
(A)
For the year ended
December 31, 2010, impairment charges were recorded on
three assets of which the Companys proportionate share was
$0.5 million. For the year ended December 31, 2009,
the Coventry II DDR Bloomfield joint venture recorded an
impairment charge of $218.5 million related to a
development project that is currently suspended. The Company
recorded aggregate impairment charges of $16.5 million and
$10.8 million on its Coventry II DDR Bloomfield
investment during the years ended December 31, 2009 and
2008, respectively.
(B)
Activity related to the
Companys investment in the MDT units, which were
liquidated in 2009.
(C)
For the year ended
December 31, 2010, impairment charges reclassified to
discontinued operations related to assets sales were
$8.8 million. The Companys proportionate share of
these impairment charges was $0.3 million. For the year
ended December 31, 2009, impairment charges aggregating
$170.9 million were recorded by two joint ventures, related
to a combined 22 shopping centers that were sold in 2010. The
year ended December 31, 2009, also includes
$33.9 million of impairment charges related to three assets
in the EDT joint venture that were sold in 2009. The
Companys proportionate share of these impairment charges
aggregated $8.1 million and was reduced by the impact of
the other than temporary impairment charges recorded on these
investments in 2008 and 2009 as discussed below.
(D)
In 2009, a joint venture with
Coventry II Fund (hereinafter defined) transferred its
interest in the Kansas City, Missouri, project (Ward Parkway) to
the lender and recorded a loss of $26.7 million. The
Company recorded a $5.8 million loss in 2009 related to the
write-off of the book value of its equity investment, which is
included within equity in net loss of joint ventures in the
consolidated statements of operations.
(E)
The difference between the
Companys share of net income (loss), as reported above,
and the amounts included in the consolidated statements of
operations is attributable to the amortization of basis
differentials, deferred gains and differences in the gain (loss)
recognized on the sale of certain assets due to the basis
differentials and other than temporary impairment charges.
Adjustments to the Companys share of joint venture net
income (loss) for these items are reflected as follows (in
millions):
For the Year Ended December 31,
2010
2009
2008
$
(0.7
)
$
24.8
$
0.4
For the Year Ended
December 31,
2010
2009
$
480.2
$
473.7
(43.4
)
(92.1
)
(104.1
)
(31.4
)
(3.4
)
(4.4
)
0.6
1.2
87.3
73.5
$
417.2
$
420.5
(A)
This amount represents the
aggregate difference between the Companys historical cost
basis and the equity basis reflected at the joint venture level.
Basis differentials recorded upon transfer of assets are
primarily associated with assets previously owned by the Company
that have been transferred into an unconsolidated joint venture
at fair value. Other basis differentials occur primarily when
the Company has purchased interests in existing unconsolidated
joint ventures at fair market values, which differ from their
proportionate share of the historical net assets of the
unconsolidated joint ventures. In addition, certain acquisition,
transaction and other costs, including capitalized interest and
impairments of the Companys investments that were other
than temporary may not be reflected in the net assets at the
joint venture level. Certain basis differentials indicated above
are amortized over the life of the related assets.
For the Year Ended
December 31,
2010
2009
2008
$
34.0
$
47.0
$
50.3
0.3
1.0
1.6
7.2
9.2
12.0
0.4
7.4
0.8
F-18
Seven shopping centers owned through the DDR Macquarie Fund,
sold in 2009;
Two shopping centers owned through the Retail Value Investment
Program VII LLC, sold in 2010;
Two shopping centers owned through the DDR-SAU Retail Fund, LLC,
sold in 2010;
Service Merchandise sites, two sold in 2009 and four sold in
2010;
22 shopping centers owned through the DDRTC Core Retail Fund,
sold in 2010 and
DPG Realty Holdings LLC assets, two sold in 2009 and seven sold
in 2010.
F-19
For the Year Ended
December 31,
2010
2009
2008
$
0.2
$
52.4
$
14.1
55.0
47.3
31.7
6.2
9.0
3.6
1.7
0.5
3.2
0.2
117.7
107.0
66.9
$
0.2
$
184.6
$
107.0
3.
Notes
Receivable
December 31,
2010
2009
Maturity Date
Interest Rate
$
103.7
$
58.7
March 2011 to
September 2017
5.7% - 12.0%
2.8
1.1
November 2014 to
September 2017
8.5% - 12.0%
2.0
2.1
April 2014 to
April 2018
5.5%
2.3
3.6
February 2016
6.9%
3.2
3.0
July 2026
7.1% - 8.5%
6.3
6.5
April 2021
7.1%
13.8
15.2
$
120.3
$
75.0
(A)
Amounts exclude notes receivable
and advances from unconsolidated joint ventures including the
Bloomfield Loan, which was in default and fully reserved at
December 31, 2010 and 2009 (Note 2).
(B)
Principal and interest are payable
solely from the incremental real estate taxes, if any, generated
by the respective shopping center and development project
pursuant to the terms of the financing agreement.
F-20
2010
2009
$
58,719
$
57,329
58,300
4,440
5,424
2,356
250
(18,988
)
(5,406
)
$
103,705
$
58,719
(A)
Amount classified in other expense,
net in the consolidated statement of operations for the year
ended December 31, 2009.
2010
2009
$
10,806
$
5,400
5,406
$
10,806
$
10,806
F-21
4.
Other
Assets
December 31,
2010
2009
$
14,228
$
15,556
9,035
11,318
23,263
26,874
11,566
6,213
41,160
49,263
3,473
56,499
$
79,462
$
138,849
(A)
The Company established a valuation
allowance of $58.3 million for certain deferred tax assets
within its TRS during the year ended December 31, 2010
(Note 17).
5.
Revolving
Credit Facilities, Term Loan, Mortgages Payable and Scheduled
Principal Repayments
Weighted- average
Carrying Value
Interest Rate
at December 31,
at December 31,
2010
2009
2010
2009
Maturity Date
$
279.9
$
775.0
3.5
%
1.6
%
February 2014
February 2014
600.0
800.0
2.2
%
3.2
%
February 2011
1,226.0
1,584.1
5.6
%
5.7
%
April 2011 -
December 2029
144.1
319.6
3.5
%
2.6
%
May 2011 -
December 2037
8.5
10.0
7.1
%
7.0
%
February 2016 -
April 2021
F-22
Year
Amount
$
993,727
550,457
457,785
666,011
492,985
1,141,035
$
4,302,000
F-23
6.
Senior
Notes
Effective Interest
Carrying Value
Coupon Rate
Rate
at December 31,
at
at
2010
2009
December 31, 2010
December 31, 2010
Maturity Date
$
1,468.4
$
1,283.1
5.25% - 9.625%
5.3% - 9.9%
April 2011-
September 2020
(4.4
)
(4.0
)
87.5
116.1
3.50%
5.7%
August 2011
194.1
294.6
3.00%
5.2%
March 2012
298.0
1.75%
5.3%
November 2040
$
2,043.6
$
1,689.8
(A)
The Company may redeem the notes
any time on or after November 15, 2015 in whole or in part
for cash equal to 100% of the principal amount of the notes plus
accrued and unpaid interest to but excluding the redemption date.
Maximum
Option
Conversion
Option
Common Shares
Cost
Price
Price
(millions)
(millions)
$
64.23
$
65.17
0.5
$
10.3
$
74.56
$
82.71
1.1
$
32.6
$
16.38
N/A
N/A
N/A
(A)
Conversion price as of
December 31, 2010 and 2009.
(B)
Conversion price as of
December 31, 2010.
F-24
December 31,
2010
2009
$
79,287
$
39,887
$
637,626
$
428,243
(58,032
)
(17,571
)
$
579,594
$
410,672
Year Ended December 31, 2008
As Previously
As
Effect of
Reported
Adjusted
Change
$
(61,317
)
$
(53,149
)
(A)
$
8,168
(57,776
)
(71,930
)
(14,154
)
(0.83
)
(0.96
)
(0.13
)
(0.83
)
(0.96
)
(0.13
)
(A)
Adjusted to reflect the impact of
discontinued operations activity in 2010 (Note 12).
F-25
7.
Financial
Instruments
Quoted prices in active markets that are unadjusted and
accessible at the measurement date for identical, unrestricted
assets or liabilities;
Quoted prices for identical assets and liabilities in markets
that are inactive, quoted prices for similar assets and
liabilities in active markets or financial instruments for which
significant inputs are observable, either directly or
indirectly, such as interest rates and yield curves that are
observable at commonly quoted intervals; and
Prices or valuations that require inputs that are both
significant to the fair value measurement and unobservable.
F-26
Fair Value Measurements
Level 1
Level 2
Level 3
Total
$
$
5.2
$
$
5.2
$
5.5
$
$
$
5.5
$
$
$
15.4
$
15.4
$
2.4
$
$
$
2.4
Derivative
Financial
Instruments-
Liability
$
(17.1
)
(4.6
)
$
(21.7
)
6.3
$
(15.4
)
7.6
7.8
$
F-27
December 31, 2010
December 31, 2009
Carrying
Carrying
Amount
Fair Value
Amount
Fair Value
$
2,043,582
$
2,237,320
$
1,689,841
$
1,691,445
879,865
875,851
1,575,028
1,544,481
1,378,553
1,394,393
1,913,794
1,875,187
$
4,302,000
$
4,507,564
$
5,178,663
$
5,111,113
F-28
Aggregate Notional Amount
LIBOR
(in millions)
Fixed Rate
Maturity Date
4.8
%
February 2012
0.6
%
November 2012
Notional
Interest Rate Derivative
Number of Instruments
(in millions)
Two
$
150.0
Liability Derivatives
Derivatives
December 31, 2010
December 31, 2009
designated as hedging
Balance Sheet
Balance Sheet
Instruments
Location
Fair Value
Location
Fair Value
Other liabilities
$
5.2
Other liabilities
$
15.4
F-29
Amount of Gain (Loss)
Recognized in OCI on
Derivatives
(Effective Portion)
Year Ended December 31,
Derivatives in Net Investment Hedging Relationships
2010
2009
2008
$
8.6
$
(2.2
)
$
22.2
(5.6
)
(16.3
)
3.3
8.
Commitments
and Contingencies
F-30
F-31
F-32
$
519,601
456,824
398,432
338,679
275,966
1,070,579
$
3,060,081
$
4,578
4,495
4,444
3,934
4,409
132,973
$
154,833
9.
Non-Controlling
Interests, Preferred Shares, Common Shares and Common Shares in
Treasury
December 31,
2010
2009
2008
$
(209,358
)
$
(356,593
)
$
(71,930
)
(5,172
)
$
(209,358
)
$
(356,593
)
$
(77,102
)
December 31,
2010
2009
$
$
22.5
3.4
15.9
27.3
44.0
7.4
7.4
$
38.1
$
89.8
(A)
This entity was deconsolidated by
the Company in 2010 as described in Note 1.
F-33
December 31,
2010
2009
$
180,000
$
180,000
205,000
205,000
170,000
170,000
$
555,000
$
555,000
750,000 Class A Cumulative Redeemable Preferred Shares,
without par value
750,000 Class B Cumulative Redeemable Preferred Shares,
without par value
750,000 Class C Cumulative Redeemable Preferred Shares,
without par value
750,000 Class D Cumulative Redeemable Preferred Shares,
without par value
750,000 Class E Cumulative Redeemable Preferred Shares,
without par value
750,000 Class F Cumulative Redeemable Preferred Shares,
without par value
750,000 Class G Cumulative Redeemable Preferred Shares,
without par value
750,000 Class H Cumulative Redeemable Preferred Shares,
without par value
750,000 Class I Cumulative Redeemable Preferred Shares,
without par value
750,000 Class J Cumulative Redeemable Preferred Shares,
without par value
750,000 Class K Cumulative Redeemable Preferred Shares,
without par value
750,000 Non-Cumulative Preferred Shares, without par value
F-34
Number of
Average Price
Shares Sold
Per Share
Net Proceeds
53.0
$
8.33
$
441.3
23.5
$
8.78
$
204.5
8.3
$
4.92
$
41.9
F-35
Liability Derivatives
December 31, 2010
December 31, 2009
Derivatives not Designated as
Balance Sheet
Balance Sheet
Hedging Instruments
Location
Fair Value
Location
Fair Value
Equity derivative
liability
$
96.2
Equity derivative
liability
$
56.1
Year Ended December 31,
Derivatives not Designated as
2010
2009
Hedging Instruments
Income Statement Location
Loss
Loss
Loss on equity derivative instruments
$
40.1
$
46.9
Loss on equity derivative instruments
152.9
$
40.1
$
199.8
Fair Value Measurements
Level 1
Level 2
Level 3
Total
$
$
$
96.2
$
96.2
$
$
$
56.1
$
56.1
F-36
Equity
Derivative
Instruments
Liability
$
9.2
46.9
$
56.1
40.1
$
96.2
10.
Fee and
Other Income
For the Year Ended December 31,
2010
2009
2008
$
53,434
$
57,683
$
62,890
21,941
21,610
21,210
7,497
4,015
5,224
1,158
1,050
1,991
2,147
2,234
955
$
86,177
$
86,592
$
92,270
11.
Impairment
Charges and Impairment of Joint Venture Investments
For the Year Ended December 31,
2010
2009
2008
$
54.3
$
$
30.5
0.4
8.6
31.7
12.3
21.0
$
116.5
$
12.7
$
29.6
20.1
73.3
15.0
35.3
68.7
35.3
$
55.4
$
142.0
$
50.3
0.2
184.6
107.0
$
172.1
$
339.3
$
186.9
F-37
(A)
Amounts reported in the year ended
December 31, 2010, relate to land held for development in
Togliatti and Yaroslavl, Russia, of which the Companys
proportionate share was $41.9 million after adjusting for
the allocation of loss to the non-controlling interest in this
consolidated joint venture. The asset impairments were triggered
primarily due to a change in the Companys investment plans
for these projects. Both investments relate to large-scale
development projects in Russia. During 2010, the Company
determined that it was no longer committed to invest the
necessary amount of capital to complete the projects without
alternative sources of capital from third-party investors or
lending institutions.
(B)
Amounts reported include a
$19.3 million impairment charge recognized in the fourth
quarter of 2010 associated with a development project the
Company no longer plans to pursue. A subsidiary of the
Companys TRS acquired a leasehold interest in a
development project located in Norwood, Massachusetts, as part
of a portfolio acquisition in 2003 and no longer expects to fund
the ground rent expense.
(C)
The impairment charges were
triggered primarily due to the Companys marketing of these
assets for sale combined with the overall economic downturn in
the retail real estate environment beginning in late 2008. These
assets were not classified as held for sale as of
December 31, 2010, due to substantive contingencies
associated with the respective contracts.
(D)
As discussed in Notes 1 and
12, these assets were deconsolidated in 2010 and all operating
results have been reclassified as discontinued operations.
For the years ended
December 31, 2010, 2009 and 2008, the Companys
proportionate share of these impairment charges was
$16.5 million, $33.6 million and $16.9 million,
respectively, after adjusting for the allocation of loss to the
non-controlling interest in this consolidated joint venture. The
2010 impairment charges were triggered primarily due to a change
in the Companys business plans for these assets and the
resulting impact on its holding period assumptions for this
substantially vacant portfolio. During 2010, the Company
determined it was no longer committed to the long-term
management and investment in these assets. The 2009 and 2008
impairment charges were triggered primarily due to the
Companys marketing of certain assets for sale combined
with the then-overall economic downturn in the retail real
estate environment. A full write-down of this portfolio was not
recorded in 2009 and 2008 due to the Companys then-holding
period assumptions and future investment plans for these assets.
(E)
The impairments were recognized
because these investments incurred an other than temporary
impairment.
F-38
Fair Value Measurements
Level 1
Level 2
Level 3
Total
Total Losses
$
$
$
229.2
$
229.2
$
171.9
0.2
241.1
241.1
150.2
96.6
96.6
184.6
10.5
10.5
4.5
4.8
174.5
179.3
107.0
12.
Discontinued
Operations and Disposition of Real Estate and Real Estate
Investments
For the Year Ended December 31,
2010
2009
2008
$
12,015
$
45,910
$
118,586
8,535
24,915
34,351
55,438
141,973
50,261
9,892
23,566
30,194
4,441
16,126
35,832
78,306
206,580
150,638
(66,291
)
(160,670
)
(32,052
)
5,649
5,775
(24,027
)
(4,830
)
$
(54,867
)
$
(184,697
)
$
(36,882
)
F-39
For the Year Ended December 31
2010
2009
2008
$
1.0
$
4.8
$
6.2
0.3
4.3
0.8
$
1.3
$
9.1
$
7.0
(A)
These dispositions did not meet the
criteria for discontinued operations, as the land did not have
any significant operations prior to disposition.
(B)
These gains are primarily a result
of assets that were contributed to joint ventures in prior years.
13.
Comprehensive
(Loss) Income
For the Year Ended December 31,
2010
2009
2008
$
(247,721
)
$
(403,640
)
$
(83,069
)
10,261
15,664
(13,293
)
(430
)
(373
)
(643
)
3,588
47,146
(48,701
)
13,419
62,437
(62,637
)
$
(234,302
)
$
(341,203
)
$
(145,706
)
41,041
44,008
14,962
$
(193,261
)
$
(297,195
)
$
(130,744
)
14.
Transactions
with Related Parties
F-40
15.
Benefit
Plans
F-41
For the Year Ended December 31,
2010
2009
2008
$5.30
$2.21
$3.39
1.4% - 2.6%
1.1% - 2.7%
2.0% - 2.9%
4.2% - 5.6%
8.6% - 24.9%
6.9% - 9.0%
4 - 5 years
3 - 6 years
3 - 5 years
87.0% - 97.8%
58.0% - 93.8%
22.3% - 36.3%
Weighted-
Average
Weighted-
Remaining
Average
Contractual
Aggregate
Number of Options
Exercise
Term
Intrinsic
Employees
Directors
Price
(years)
Value
(thousands)
1,653
42
$
43.37
665
37.43
(51
)
(10
)
27.01
(82
)
45.31
2,185
32
$
41.97
1,415
6.00
(149
)
5.83
(121
)
(10
)
25.10
3,330
22
$
29.02
373
10.37
(212
)
6.02
(268
)
(2
)
30.21
3,223
20
$
28.28
6.2
$
9,260
2,900
20
$
30.27
5.8
$
8,035
3,329
22
29.02
6.8
3,947
1,268
32
40.06
5.3
F-42
Options Outstanding
Weighted-
Average
Options Exercisable
Outstanding
Remaining
Weighted-
Weighted-
Range of
as of
Contractual Life
Average
Exercisable as of
Average
Exercise Prices
12/31/10
(years)
Exercise Price
12/31/10
Exercise Price
995
7.9
$
6.02
995
$
6.02
323
9.2
10.31
161
1.6
22.14
161
22.14
1,226
5.0
38.32
1,226
38.32
538
5.1
59.21
538
59.21
3,243
6.2
$
28.28
2,920
$
30.27
Weighted-
Average
Grant Date
Options
Fair Value
1
$
2.21
373
5.28
(51
)
5.61
323
$
5.22
F-43
Weighted-
Average
Grant Date
Awards
Fair Value
1,143
$
5.08
573
9.92
(551
)
6.01
(19
)
10.11
1,146
$
6.97
Range
1.9%
6.2%
3.4 years
88%
F-44
Weighted-
Average Grant
Date Fair
Awards
Value
$
955
11.35
(241
)
11.35
714
$
11.35
F-45
16.
Earnings
and Dividends Per Share
F-46
For the Year Ended December 31,
Basic and Diluted
Earnings:
2010
2009
2008
$
(194,172
)
$
(228,070
)
$
(53,149
)
1,318
9,127
6,962
12,071
(711
)
(668
)
(180,783
)
(219,654
)
(46,855
)
(42,269
)
(42,269
)
(42,269
)
(223,052
)
(261,923
)
(89,124
)
(155
)
(259
)
(1,211
)
$
(223,207
)
$
(262,182
)
$
(90,335
)
(54,867
)
(184,697
)
(36,882
)
26,292
47,758
11,807
(28,575
)
(136,939
)
(25,075
)
$
(251,782
)
$
(399,121
)
$
(115,410
)
244,712
158,816
119,843
$
(0.91
)
$
(1.65
)
$
(0.75
)
(0.12
)
(0.86
)
(0.21
)
$
(1.03
)
$
(2.51
)
$
(0.96
)
$
(0.91
)
$
(1.65
)
$
(0.75
)
(0.12
)
(0.86
)
(0.21
)
$
(1.03
)
$
(2.51
)
$
(0.96
)
Options to purchase 3.2 million, 3.4 million and
2.2 million common shares were outstanding at
December 31, 2010, 2009 and 2008, respectively
(Note 15). These outstanding options were considered as
anti-dilutive in the calculations at December 31, 2010,
2009 and 2008. Accordingly, the anti-dilutive options were
excluded from the computations.
F-47
The Company has excluded from its basic and diluted EPS warrants
to purchase 5.0 million common shares issued in May 2009
and warrants to purchase 5.0 million common shares issued
in September 2009 because the warrants were considered
anti-dilutive due to the Companys net loss from continuing
operations for the years ended December 31, 2010 and 2009.
The warrants were not outstanding during the year ended
December 31, 2008. The 15.0 million common shares
issued in May 2009 and the 15.0 million common shares
issued in September 2009 relating to the Otto Transaction were
included in basic and diluted EPS from the date of issuance
(Note 9).
Shares subject to issuance under the Companys VSEP
(Note 15) were not included in the computation of
diluted EPS for 2010 and 2009 because the shares were considered
anti-dilutive due to the Companys net loss from continuing
operations. This plan was not in effect in 2008.
The exchange into common shares associated with OP Units
was not included in the computation of diluted shares
outstanding for 2010, 2009 or 2008 because the effect of
assuming conversion was anti-dilutive (Note 9).
The Companys issuances of Senior Convertible Notes, which
are convertible into common shares of the Company with
conversion prices of approximately $74.56; $64.23 and $16.38 at
December 31, 2010, were not included in the computation of
diluted EPS for 2010, 2009 and 2008 because the Companys
stock price did not exceed the conversion price of the
conversion feature (Note 6) of the Senior Convertible
Notes in these periods and would therefore be anti-dilutive. The
2010 Senior Convertible Notes were not outstanding at
December 31, 2009 or 2008. In addition, the purchased
option related to the Senior Convertible Notes will not be
included in the computation of diluted EPS as the purchase
option is anti-dilutive.
17.
Income
Taxes
For the Year Ended December 31,
2010
2009
2008
$
(22,843
)
$
(19,104
)
$
(11,605
)
F-48
(1,775
)
(1,614
)
1,611
237
(1,775
)
(1,614
)
1,848
45,311
(5,810
)
(18,747
)
6,663
(855
)
(2,757
)
51,974
(6,665
)
(21,504
)
$
50,199
$
(8,279
)
$
(19,656
)
F-49
For the Year Ended December 31,
2010
2009
2008
$
(7,767
)
$
(6,495
)
$
(3,946
)
(1,142
)
(955
)
(580
)
58,322
(17,410
)
786
(829
)
2,280
$
50,199
$
(8,279
)
$
(19,656
)
(219.76
)%
(A)
43.34
%
169.37
%
(B)
(A)
The 2010 effective tax rate
includes the impact from the recording of the valuation
allowance in the fourth quarter of 2010. Without this impact,
the effective tax rate is approximately 37.59%.
(B)
The 2008 effective tax rate
includes the impact from the release of the valuation allowance
in the third quarter of 2008. Without this impact, the effective
tax rate is approximately 33.97%.
For the Year Ended December 31,
2010
2009
2008
$
58,923
$
52,671
$
45,960
(601
)
(775
)
(729
)
(58,322
)
$
$
51,896
$
45,231
(A)
The components of the net deferred
tax assets are primarily attributable to net operating losses,
interest expense, subject to limitations, and basis
differentials in assets due to purchase price accounting.
F-50
For the Year Ended December 31,
2010
2009
2008
$
(209,358
)
$
(356,593
)
$
(71,930
)
217,035
221,119
179,015
(179,377
)
(171,684
)
(147,606
)
(103,331
)
(131,909
)
1,598
(28,659
)
(4,194
)
68,856
1,609
2,833
3,640
1,937
(2,734
)
13,212
1,199
19,122
6,892
172,127
339,303
186,821
40,157
199,797
8,204
12,238
14,154
(7,148
)
(24,838
)
(2,923
)
(85,605
)
102,460
251,729
(1,388
)
$
85,605
$
$
102,460
$
250,341
(A)
Depreciation expense from
majority-owned subsidiaries and affiliates, which are
consolidated for financial reporting purposes but not for tax
reporting purposes, is included in the reconciliation item
Joint venture equity in earnings, net.
For the Year Ended December 31,
2010
2009
2008
$
61,204
$
102,460
$
366,049
(6,967
)
(6,967
)
(6,967
)
6,967
6,967
6,967
(1,388
)
(61,204
)
(114,320
)
$
$
102,460
$
250,341
(A)
Dividends paid in 2009 include
stock dividends distributed under IRS Revenue Procedure
2009-15.
F-51
Gross
2010
Date
Ordinary
Capital Gain
Return of
Total
Dividends
Paid
Income
Distributions
Capital
Dividends
01/06/10
$
$
$
0.0200
$
0.0200
04/06/10
0.0200
0.0200
07/07/10
0.0200
0.0200
10/05/10
0.0200
0.0200
01/05/11
$
$
$
0.0800
$
0.0800
Gross
2009
Date
Ordinary
Capital Gain
Return of
Total
Dividends
Paid
Income
Distributions
Capital
Dividends
04/21/09
$
0.2000
$
$
$
0.2000
07/21/09
0.2000
0.2000
10/15/09
0.0200
0.0200
01/06/10
$
0.4200
$
$
$
0.4200
Gross
2008
Date
Ordinary
Capital Gain
Return of
Total
Dividends
Paid
Income
Distributions
Capital
Dividends
01/08/08
$
0.4246
$
0.0023
$
0.2331
$
0.6600
04/08/08
0.4439
0.0025
0.2436
0.6900
07/08/08
0.4439
0.0025
0.2436
0.6900
10/07/08
0.4439
0.0025
0.2436
0.6900
$
1.7563
$
0.0098
$
0.9639
$
2.7300
18.
Segment
Information
F-52
December 31,
2010
2009
2008
525
618
702
236
274
329
3
34
40
41
44
45
6
6
6
4
4
4
(A)
Excludes shopping centers owned in
Puerto Rico and Brazil.
For the Year Ended December 31, 2010
Other
Shopping
Brazil Equity
Investments
Centers
Investment
Other
Total
$
5,306
$
797,763
$
803,069
(2,143
)
(360,480
)
(362,623
)
3,163
437,283
440,446
$
(639,991
)
(639,991
)
(5,185
)
$
10,558
5,373
$
(194,172
)
$
49,607
$
8,361,632
$
8,411,239
For the Year Ended December 31, 2009
Other
Shopping
Brazil Equity
Investments
Centers
Investment
Other
Total
$
5,478
$
791,921
$
797,399
(2,425
)
(247,864
)
(250,289
)
3,053
544,057
547,110
$
(580,863
)
(580,863
)
(203,823
)
$
9,506
(194,317
)
$
(228,070
)
$
49,637
$
8,773,300
$
8,822,937
F-53
For the Year Ended December 31, 2008
Other
Shopping
Brazil Equity
Investments
Centers
Investments
Other
Total
$
6,060
$
819,008
$
825,068
(2,036
)
(254,618
)
(256,654
)
4,024
564,390
568,414
$
(532,325
)
(532,325
)
(99,958
)
$
10,720
(89,238
)
$
(53,149
)
$
49,707
$
9,059,859
$
9,109,566
(A)
Includes impairment charges of
$116.5 million, $12.7 million and $29.6 million
for the years ended December 31, 2010, 2009 and 2008,
respectively.
(B)
Unallocated expenses consist of
general and administrative expenses, interest income, interest
expense, other income/expense, tax benefit/expense and
depreciation and amortization as listed in the consolidated
statements of operations.
(C)
Includes impairment charges of
$0.2 million, $184.6 million and $107.0 million
of joint venture investments for the years ended
December 31, 2010, 2009 and 2008, respectively.
19.
Subsequent
Events
20.
Quarterly
Results of Operations (Unaudited)
First
Second
Third
Fourth
Total
$
202,594
$
198,715
$
198,284
$
203,476
$
803,069
(24,247
)
(86,575
)
(14,310
)
(84,226
)
(A)
(209,358
)
(34,814
)
(97,143
)
(24,877
)
(94,793
)
(A)
(251,627
)
$
(0.15
)
$
(0.39
)
$
(0.10
)
$
(0.37
)
$
(1.03
)
227,133
248,533
249,139
253,872
244,712
$
(0.15
)
$
(0.39
)
$
(0.10
)
$
(0.37
)
$
(1.03
)
227,133
248,533
249,139
253,872
244,712
$
203,946
$
194,537
$
195,301
$
203,615
$
797,399
87,401
(226,585
)
(137,846
)
(79,563
)
(A)
(356,593
)
76,834
(237,152
)
(148,413
)
(90,131
)
(A)
(398,862
)
$
0.59
$
(1.64
)
$
(0.90
)
$
(0.46
)
$
(2.51
)
128,485
144,227
165,073
196,399
158,816
$
0.59
$
(1.64
)
$
(0.90
)
$
(0.46
)
$
(2.51
)
129,684
144,227
165,073
196,399
158,816
(A)
Includes impairment charges of
$29.1 million and $92.1 million for the three months
ended December 31, 2010 and 2009, respectively, and an
adjustment to the valuation allowance (Note 17) for the three
months ended December 31, 2010.
F-55
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
For the years ended December 31, 2010, 2009 and 2008
(in thousands)
Balance at
Charged to
Beginning of
(Income)
Balance at
Year
Expense
Deductions
End of Year
$
43,763
$
13,588
$
20,557
$
36,794
$
$
58,322
$
$
58,322
$
39,008
$
21,218
(A)
$
16,463
$
43,763
$
34,163
$
24,343
(A)
$
19,498
$
39,008
$
17,410
$
(17,410
)
$
$
(A)
Includes loan loss reserves of
approximately $5.4 million and $5.4 million for the
years ended December 31, 2009 and 2008, respectively. This
amount excludes the impairment charge of $66.9 million on
the Bloomfield Loan.
F-56
Real Estate and Accumulated Depreciation
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
$
0
$
4,111
$
0
$
0
$
6,333
$
6,333
$
5,060
$
1,273
$
0
S/L 30.0
1972(C)
1,036
9,028
0
993
35,249
36,242
12,676
23,566
0
S/L 30.0
1969(C)
424
3,803
203
424
10,014
10,438
5,939
4,499
0
S/L30.0
1974(C)
80
4,698
233
70
8,779
8,849
6,501
2,348
0
S/L 30.0
1975(C)
1,137
4,089
0
1,137
4,195
5,332
2,110
3,222
0
S/L 31.5
1995(A)
248
7,382
81
244
12,214
12,458
9,421
3,037
0
S/L 30.0
1974(C)
2,113
8,181
128
1,806
11,453
13,259
7,827
5,432
0
S/L 30.0
1985(C)
963
3,949
0
10,936
43,888
54,824
4,542
50,282
0
S/L 31.5
2006(C)
11,626
30,457
0
26,743
98,728
125,471
10,517
114,954
0
S/L 31.5
2006(C)
3,370
21,033
0
2,976
28,528
31,504
2,530
28,974
0
S/L 31.5
2007(C)
1,271
8,209
0
703
6,783
7,486
3,101
4,385
0
S/L 31.5
1994(A)
8,795
36,370
0
0
51,123
51,123
13,437
37,686
25,872
S/L 31.5
2003(A)
2,282
14,979
0
2,213
17,687
19,900
8,592
11,308
0
S/L 31.5
1994(A)
3,005
9,425
0
3,028
10,358
13,386
5,145
8,241
0
S/L 31.5
1995(A)
0
111,512
0
0
138,102
138,102
29,855
108,247
0
S/L 31.5
2005(C)
3,836
15,459
0
3,796
19,782
23,578
8,203
15,375
0
S/L 30.0
1973(C)
0
10,643
0
0
14,495
14,495
4,586
9,909
0
S/L 31.5
2000(C)
0
366
0
1,132
4,696
5,828
921
4,907
3,036
S/L 31.5
2000(C)
9,311
44,647
0
9,462
51,315
60,777
15,063
45,714
0
S/L 31.5
2001(C)
47,215
101,475
2,053
47,360
106,773
154,133
17,830
136,303
79,100
S/L 31.5
2003(A)
2,070
12,495
278
2,071
13,022
15,093
4,069
11,024
9,182
S/L 31.5
1999(C)
475
9,374
0
475
10,448
10,923
5,546
5,377
0
S/L 31.5
1994(A)
4,190
6,783
0
4,190
6,836
11,026
1,795
9,231
0
S/L 31.5
2003(A)
2,460
2,475
0
3,166
3,267
6,433
196
6,237
0
S/L 31.5
1994(A)
3,183
11,666
0
1,843
7,221
9,064
5,098
3,966
0
S/L 31.5
2003(A)
788
2,781
0
788
3,218
4,006
809
3,197
0
S/L 31.5
2003(A)
2,485
2,214
0
2,485
2,379
4,864
619
4,245
0
S/L 31.5
2003(A)
9,576
43,619
0
10,521
53,578
64,099
6,916
57,183
0
S/L 31.5
2006(C)
1,916
3,893
0
1,916
5,991
7,907
1,339
6,568
0
S/L 31.5
2003(A)
1,881
2,956
0
1,881
7,145
9,026
1,510
7,516
0
S/L 31.5
2003(A)
5,862
5,971
0
5,582
6,388
11,970
1,833
10,137
0
S/L 31.5
2003(A)
14,255
23,653
0
14,249
24,593
38,842
6,343
32,499
0
S/L 31.5
2003(A)
3,856
9,625
0
3,540
9,680
13,220
2,513
10,707
0
S/L 31.5
2003(A)
F-57
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
1,649
2,084
0
1,477
2,179
3,656
584
3,072
0
S/L 31.5
2003(A)
138
2,638
0
138
2,693
2,831
693
2,138
0
S/L 31.5
2003(A)
4,220
8,159
0
4,220
9,872
14,092
2,257
11,835
0
S/L 31.5
2003(A)
2,632
11,063
0
2,620
11,542
14,162
2,968
11,194
0
S/L 31.5
2003(A)
5,977
7,459
0
5,729
7,630
13,359
2,064
11,295
7,153
S/L 31.5
2003(A)
2,022
8,440
0
1,486
2,580
4,066
1,748
2,318
0
S/L 31.5
2003(A)
8,524
10,627
0
8,524
14,426
22,950
3,268
19,682
10,450
S/L 31.5
2003(A)
3,479
9,850
0
3,479
10,093
13,572
6,817
6,755
0
S/L 31.5
2003(A)
20,733
22,818
0
20,804
24,273
45,077
6,357
38,720
25,095
S/L 31.5
2003(A)
1,845
13,214
0
1,845
16,290
18,135
4,467
13,668
10,476
S/L 31.5
2003(A)
3,743
9,268
0
3,249
9,068
12,317
2,349
9,968
6,658
S/L 31.5
2003(A)
124
521
0
0
2,121
2,121
390
1,731
0
S/L 31.5
2003(A)
10,780
4,752
0
10,780
6,927
17,707
1,828
15,879
7,863
S/L 31.5
2003(A)
588
0
0
588
3,109
3,697
375
3,322
0
S/L 31.5
2003(A)
4,527
3,600
0
4,527
4,800
9,327
1,125
8,202
0
S/L 31.5
2003(A)
1,870
5,661
0
1,870
8,460
10,330
2,365
7,965
0
S/L 31.5
2003(A)
5,882
20,060
0
5,882
22,804
28,686
5,457
23,229
14,201
S/L 31.5
2003(A)
2,613
7,040
0
2,827
8,118
10,945
1,989
8,956
0
S/L 31.5
2003(A)
13,479
23,923
0
13,479
28,869
42,348
7,543
34,805
0
S/L 31.5
2003(A)
2,452
10,982
0
2,452
11,542
13,994
2,912
11,082
0
S/L 31.5
2003(A)
566
2,324
0
382
3,900
4,282
371
3,911
0
S/L 31.5
2006(A)
2,767
2,054
0
1,129
4,513
5,642
1,068
4,574
0
S/L 31.5
2003(A)
1,217
2,689
0
1,217
2,703
3,920
700
3,220
0
S/L 31.5
2003(A)
8,039
49,896
0
11,774
84,577
96,351
17,189
79,162
43,628
S/L 31.5
2003(A)
1,598
6,999
0
1,801
11,662
13,463
2,543
10,920
7,001
S/L 31.5
2003(A)
10,880
19,201
0
6,373
46,363
52,736
19,950
32,786
23,709
S/L 31.5
1995(C)
0
2,564
13
723
3,842
4,565
3,250
1,315
0
S/L 30.0
1973(C)
706
8,425
6
1,067
10,690
11,757
5,480
6,277
0
S/L 31.5
1993(A)
15,332
35,803
0
10,464
25,228
35,692
5,097
30,595
0
S/L 31.5
2002(A)
43
2,549
2
1,170
4,366
5,536
2,115
3,421
4,515
S/L 30.0
1974(C)
18,701
18,811
118
18,701
19,457
38,158
2,941
35,217
18,516
S/L 30.0
1999(A)
3,163
28,819
0
3,163
29,649
32,812
18,315
14,497
18,469
S/L 30.0
1989(C)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
4,392
10,885
0
2,315
7,014
9,329
2,629
6,700
0
S/L 31.5
1998(C)
757
14,469
0
757
25,273
26,030
10,133
15,897
0
S/L 31.5
1993(A)
948
3,938
0
673
6,040
6,713
3,008
3,705
0
S/L 31.5
1994(A)
9,025
27,983
0
8,152
28,300
36,452
12,007
24,445
22,067
S/L 31.5
1997(A)
6,220
7,454
0
6,220
21,690
27,910
8,126
19,784
0
S/L 31.5
1998(C)
2,399
11,238
172
2,399
13,892
16,291
7,824
8,467
0
S/L 31.5
1993(A)
12,791
38,404
0
13,403
44,803
58,206
18,702
39,504
29,423
S/L 31.5
1998(A)
10,628
32,053
0
10,018
32,370
42,388
13,021
29,367
21,256
S/L 31.5
1998(A)
4,219
12,697
0
4,219
14,035
18,254
5,670
12,584
7,648
S/L 31.5
1998(A)
2,775
8,370
0
2,775
10,223
12,998
4,549
8,449
0
S/L 31.5
1998(A)
0
2,048
0
0
2,468
2,468
868
1,600
0
S/L 31.5
1998(A)
4,159
3,818
0
5,403
7,810
13,213
1,743
11,470
0
S/L 31.5
2004(C)
832
7,560
0
1,592
13,588
15,180
5,427
9,753
0
S/L 31.5
1995(C)
1,395
8,563
0
6,421
63,861
70,282
2,416
67,866
0
S/L 31.5
2007(A)
1,302
5,703
0
1,418
6,453
7,871
3,007
4,864
0
S/L 31.5
1998(A)
1,789
9,399
111
1,789
15,844
17,633
7,549
10,084
0
S/L 31.5
1993(A)
414
4,244
476
430
7,356
7,786
5,346
2,440
0
S/L 30.0
1983(A)
431
6,563
0
417
6,811
7,228
3,735
3,493
0
S/L 31.5
1994(A)
627
7,519
7
1,021
10,638
11,659
5,514
6,145
0
S/L 31.5
1993(A)
911
11,346
0
1,081
16,872
17,953
9,288
8,665
11,516
S/L 31.5
1993(A)
318
1,693
0
318
3,534
3,852
1,527
2,325
0
S/L 31.5
1995(A)
2,584
10,470
0
2,430
19,640
22,070
7,692
14,378
12,606
S/L 31.5
1995(A)
1,826
13,710
0
1,826
15,497
17,323
7,809
9,514
0
S/L 31.5
1994(A)
127
3,612
0
127
4,135
4,262
2,270
1,992
0
S/L 31.5
1993(A)
1,926
8,039
0
1,926
8,989
10,915
4,216
6,699
0
S/L 31.5
1995(A)
440
7,301
1,821
535
12,831
13,366
10,926
2,440
0
S/L 30.0
1980(C)
184
3,647
0
184
4,585
4,769
2,341
2,428
0
S/L 31.5
1993(A)
270
8,728
0
251
11,263
11,514
5,729
5,785
0
S/L 31.5
1993(A)
332
11,938
0
332
15,846
16,178
7,773
8,405
0
S/L 31.5
1993(A)
767
7,769
20
1,142
14,626
15,768
7,058
8,710
0
S/L 31.5
1993(A)
352
5,693
0
352
8,471
8,823
5,236
3,587
0
S/L 30.0
1977(C)
24,591
31,779
0
24,841
60,983
85,824
14,892
70,932
37,200
S/L 31.5
2001(C)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
25,662
56,759
0
28,393
80,500
108,893
25,209
83,684
0
S/L 31.5
1998(A)
24,327
53,686
0
31,368
76,963
108,331
27,807
80,524
0
S/L 31.5
1998(A)
5,428
12,259
0
5,428
13,262
18,690
5,345
13,345
0
S/L 31.5
1998(A)
15,845
36,479
0
15,845
43,362
59,207
17,282
41,925
0
S/L 31.5
1998(A)
442
8,229
500
436
11,676
12,112
8,934
3,178
0
S/L 30.0
1977(C)
2,801
5,997
0
2,801
7,190
9,991
2,933
7,058
0
S/L 31.5
1998(A)
3,620
7,716
0
3,620
8,352
11,972
3,429
8,543
0
S/L 31.5
1998(A)
3,726
13,974
0
3,726
17,693
21,419
11,086
10,333
0
S/L 31.5
1994(A)
10,573
26,002
0
11,434
52,016
63,450
20,392
43,058
25,923
S/L 31.5
1995(A)
2,929
12,926
0
2,929
13,008
15,937
2,800
13,137
0
S/L 31.5
2004(A)
5,878
21,291
0
5,823
22,355
28,178
5,040
23,138
0
S/L 31.5
2004(A)
5,873
22,458
0
5,873
23,226
29,099
5,073
24,026
0
S/L 31.5
2004(A)
9,198
42,969
0
9,198
43,324
52,522
9,215
43,307
13,242
S/L 31.5
2004(A)
3,303
16,239
0
3,303
16,816
20,119
3,879
16,240
0
S/L 31.5
2004(A)
4,071
17,142
0
4,071
17,703
21,774
3,826
17,948
0
S/L 31.5
2004(A)
2,576
2,590
0
2,576
3,530
6,106
820
5,286
0
S/L 31.5
2004(A)
10,430
13,081
0
10,430
13,061
23,491
2,829
20,662
7,051
S/L 31.5
2004(A)
3,061
6,887
0
3,061
7,808
10,869
1,725
9,144
0
S/L 31.5
2004(A)
4,152
22,075
0
4,152
22,663
26,815
4,835
21,980
0
S/L 31.5
2004(A)
9,828
22,858
0
4,643
11,537
16,180
5,020
11,160
10,781
S/L 31.5
2004(A)
4,180
747
0
4,288
1,877
6,165
339
5,826
0
S/L 31.5
2004(A)
8,834
29,813
0
8,834
31,534
40,368
7,101
33,267
0
S/L 31.5
2004(A)
5,146
5,990
0
5,146
9,300
14,446
1,987
12,459
9,524
S/L 31.5
2004(A)
4,672
5,085
0
1,672
2,536
4,208
2,137
2,071
0
S/L 31.5
2004(A)
14,131
51,982
0
14,131
53,895
68,026
11,502
56,524
5,866
S/L 31.5
2004(A)
22,229
52,579
0
22,279
57,200
79,479
14,398
65,081
0
S/L 31.5
2004(A)
4,408
4,707
0
4,408
4,707
9,115
1,071
8,044
0
S/L 31.5
2004(A)
49,033
107,230
0
49,033
113,042
162,075
24,109
137,966
38,127
S/L 31.5
2004(A)
5,021
6,768
0
5,021
8,706
13,727
2,038
11,689
0
S/L 31.5
2004(A)
3,901
4,922
0
3,901
4,923
8,824
1,080
7,744
0
S/L 31.5
2004(A)
6,010
19,044
0
6,010
19,255
25,265
4,214
21,051
0
S/L 31.5
2004(A)
4,112
4,328
0
4,112
4,500
8,612
985
7,627
0
S/L 31.5
2004(A)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
9,253
23,829
0
9,253
24,123
33,376
5,249
28,127
7,818
S/L 31.5
2004(A)
3,568
29,001
0
3,620
29,642
33,262
6,275
26,987
10,755
S/L 31.5
2004(A)
15,471
25,600
0
15,471
27,072
42,543
6,476
36,067
3,341
S/L 31.5
2004(A)
1,454
9,284
0
1,454
14,009
15,463
3,504
11,959
0
S/L 31.5
2004(A)
1,316
3,961
0
1,316
3,961
5,277
881
4,396
0
S/L 31.5
2004(A)
1,279
13,685
0
1,279
13,748
15,027
2,991
12,036
0
S/L 31.5
2004(A)
36,224
56,949
0
36,224
60,689
96,913
13,301
83,612
8,352
S/L 31.5
2004(A)
9,369
40,672
0
9,369
42,122
51,491
9,265
42,226
23,001
S/L 31.5
2004(A)
4,565
5,078
0
4,565
9,411
13,976
1,821
12,155
2,857
S/L 31.5
2004(A)
2,172
2,983
0
2,172
3,196
5,368
635
4,733
806
S/L 31.5
2004(A)
2,527
14,711
0
2,527
15,134
17,661
3,401
14,260
0
S/L 31.5
2004(A)
14,369
43,688
0
14,369
45,075
59,444
9,110
50,334
19,125
S/L 31.5
2004(A)
3,172
7,075
0
3,172
7,338
10,510
1,649
8,861
6,407
S/L 31.5
2004(A)
1,140
6,756
0
881
5,686
6,567
1,215
5,352
0
S/L 31.5
2004(A)
2,143
8,109
0
2,143
8,109
10,252
1,774
8,478
0
S/L 31.5
2004(A)
659
2,426
0
4,777
28,459
33,236
1,570
31,666
0
S/L 31.5
2007(A)
1,444
9,912
0
1,444
10,058
11,502
2,132
9,370
6,310
S/L 31.5
2004(A)
20,297
51,155
0
20,297
52,187
72,484
11,716
60,768
17,539
S/L 31.5
2004(A)
2,374
6,433
0
2,374
6,765
9,139
1,459
7,680
6,064
S/L 31.5
2004(A)
4,785
16,852
1,183
4,287
33,583
37,870
17,327
20,543
24,500
S/L 31.5
1989(C)
703
9,104
272
1,182
16,437
17,619
8,535
9,084
0
S/L 31.5
1991(A)
1,084
4,816
266
2,096
11,395
13,491
5,958
7,533
3,994
S/L 30.0
1988(C)
432
5,908
435
432
7,241
7,673
5,761
1,912
0
S/L 30.0
1980(C)
23,681
31,809
0
13,707
43,201
56,908
9,971
46,937
0
S/L 31.5
2003(A)
7,833
35,550
0
8,082
57,129
65,211
21,703
43,508
31,879
S/L 31.5
1997(C)
780
8,204
72
441
6,557
6,998
3,096
3,902
0
S/L 31.5
1989(C)
132,074
152,441
0
132,759
155,995
288,754
29,566
259,188
0
S/L 31.5
2005(A)
28,522
76,947
0
28,601
77,914
106,515
14,918
91,597
57,500
S/L 31.5
2005(A)
16,386
74,059
0
16,386
81,505
97,891
15,540
82,351
0
S/L 31.5
2005(A)
8,175
41,094
0
8,175
42,557
50,732
8,204
42,528
23,174
S/L 31.5
2005(A)
3,215
24
0
3,215
41
3,256
21
3,235
0
S/L 31.5
2005(A)
19,214
25,584
0
18,629
26,276
44,905
5,149
39,756
21,941
S/L 31.5
2005(A)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
91,645
98,007
0
91,898
105,138
197,036
19,294
177,742
109,500
S/L 31.5
2005(A)
10,338
23,285
0
10,338
29,380
39,718
4,862
34,856
0
S/L 31.5
2005(A)
4,294
11,987
0
4,294
12,258
16,552
2,407
14,145
0
S/L 31.5
2005(A)
7,965
29,898
0
8,094
30,989
39,083
6,027
33,056
0
S/L 31.5
2005(A)
101,219
105,465
0
101,219
115,006
216,225
21,342
194,883
0
S/L 31.5
2005(A)
7,076
18,684
0
7,076
18,764
25,840
3,645
22,195
0
S/L 31.5
2005(A)
1,960
18,721
0
1,960
18,934
20,894
3,661
17,233
12,328
S/L 31.5
2005(A)
4,376
41,199
0
4,376
41,554
45,930
7,959
37,971
26,380
S/L 31.5
2005(A)
6,470
20,751
0
6,470
21,155
27,625
4,121
23,504
0
S/L 31.5
2005(A)
7,121
29,783
0
7,121
37,057
44,178
13,917
30,261
0
S/L 31.5
1998(A)
6,327
44,466
0
7,343
55,748
63,091
16,323
46,768
0
S/L 31.5
2000(C)
15,352
22,813
1,601
15,352
26,342
41,694
10,561
31,133
30,000
S/L 31.5
2000(C)
624
13,391
0
624
15,738
16,362
7,375
8,987
0
S/L 31.5
1994(A)
907
17,160
0
907
19,725
20,632
8,268
12,364
0
S/L 31.5
1994(A)
338
8,564
103
317
15,560
15,877
8,020
7,857
0
S/L 31.5
1990(C)
991
3,118
34
878
6,131
7,009
2,642
4,367
0
S/L 31.5
1990(C)
13,002
69,086
0
11,297
81,539
92,836
20,356
72,480
53,266
S/L 31.5
1998(A)
12,249
50,709
0
12,621
54,268
66,889
14,775
52,114
42,200
S/L 31.5
2002(C)
2,210
11,671
278
2,210
14,019
16,229
8,868
7,361
0
S/L 31.5
1990(C)
3,475
37,327
0
3,537
38,844
42,381
10,443
31,938
0
S/L 31.5
2002(A)
1,217
5,796
365
1,219
10,129
11,348
5,609
5,739
0
S/L 31.5
1986(C)
3,609
11,546
0
3,609
11,821
15,430
4,787
10,643
0
S/L 31.5
1998(A)
495
1,618
0
495
1,618
2,113
654
1,459
0
S/L 31.5
1998(A)
431
1,417
2
0
1,959
1,959
773
1,186
0
S/L 31.5
1998(A)
11,087
44,494
0
12,243
52,176
64,419
19,632
44,787
0
S/L 31.5
1998(A)
2,990
12,252
0
2,987
12,929
15,916
9,943
5,973
0
S/L 31.5
2001(A)
3,838
4,485
0
3,834
5,040
8,874
1,545
7,329
0
S/L 31.5
2001(A)
254
1,623
0
254
1,784
2,038
550
1,488
0
S/L 31.5
2001(A)
7,484
20,980
0
7,476
25,510
32,986
8,535
24,451
0
S/L 31.5
2001(A)
1,232
7,881
0
1,014
7,278
8,292
766
7,526
0
S/L 31.5
2007(C)
1,613
10,791
0
6,168
67,809
73,977
4,655
69,322
0
S/L 31.5
2007(C)
332
1,302
0
2,246
8,448
10,694
600
10,094
0
S/L 31.5
2006(C)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
4,980
11,880
0
4,757
11,732
16,489
1,123
15,366
0
S/L 31.5
2007(A)
2,548
7,349
0
3,436
10,943
14,379
224
14,155
24,396
S/L 40.0
2009(C)
4,775
13,117
0
4,775
14,045
18,820
451
18,369
0
S/L 40.0
2009(A)
14,078
42,130
0
14,078
40,902
54,980
1,304
53,676
27,374
S/L 40.0
2009(A)
9,745
27,737
0
9,745
28,456
38,201
931
37,270
19,201
S/L 40.0
2009(A)
2,940
5,192
0
2,940
5,482
8,422
687
7,735
0
S/L 31.5
2007(A)
10,185
51,815
0
10,318
52,607
62,925
6,557
56,368
0
S/L 31.5
2007(A)
7,659
15,689
0
7,650
19,366
27,016
2,080
24,936
0
S/L 31.5
2007(A)
1,015
8,992
0
1,015
4,470
5,485
938
4,547
0
S/L 31.5
2007(A)
1,732
4,506
0
1,732
4,506
6,238
567
5,671
0
S/L 31.5
2007(A)
2,065
20,972
0
2,065
21,095
23,160
2,617
20,543
0
S/L 31.5
2007(A)
10,766
31,203
0
10,766
33,524
44,290
4,337
39,953
11,139
S/L 31.5
2007(A)
5,579
15,855
0
5,579
16,279
21,858
2,142
19,716
7,508
S/L 31.5
2007(A)
1,707
3,338
0
1,707
3,345
5,052
435
4,617
0
S/L 31.5
2007(A)
2,108
7,400
0
2,108
8,297
10,405
1,301
9,104
0
S/L 31.5
2007(A)
6,175
9,028
0
6,175
9,033
15,208
1,113
14,095
0
S/L 31.5
2007(A)
3,049
10,890
0
3,049
11,050
14,099
1,360
12,739
0
S/L 31.5
2007(A)
6,566
15,005
0
6,566
15,208
21,774
1,923
19,851
0
S/L 31.5
2007(A)
2,440
9,697
0
2,440
10,727
13,167
1,523
11,644
0
S/L 31.5
2007(A)
5,012
11,162
0
5,012
11,165
16,177
1,418
14,759
0
S/L 31.5
2007(A)
3,153
9,455
0
3,153
9,545
12,698
1,206
11,492
5,048
S/L 31.5
2007(A)
3,847
23,798
0
3,847
23,998
27,845
3,014
24,831
0
S/L 31.5
2007(A)
6,861
11,165
0
6,861
11,668
18,529
1,437
17,092
0
S/L 31.5
2007(A)
1,631
8,402
0
1,631
8,402
10,033
1,056
8,977
0
S/L 31.5
2007(A)
3,804
16,805
0
3,804
16,809
20,613
2,111
18,502
0
S/L 31.5
2007(A)
1,795
9,933
0
1,795
9,972
11,767
1,240
10,527
4,540
S/L 31.5
2007(A)
10,064
21,272
0
10,064
21,551
31,615
2,793
28,822
0
S/L 31.5
2007(A)
12,002
34,736
0
11,879
35,242
47,121
4,384
42,737
13,190
S/L 31.5
2007(A)
12,627
30,572
0
12,627
31,521
44,148
3,798
40,350
11,668
S/L 31.5
2007(A)
4,389
9,466
0
4,389
10,145
14,534
1,366
13,168
0
S/L 31.5
2007(A)
8,426
18,651
0
8,426
18,666
27,092
2,318
24,774
0
S/L 31.5
2007(A)
6,090
11,745
0
6,090
11,749
17,839
1,466
16,373
7,660
S/L 31.5
2007(A)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
2,877
9,407
0
2,877
9,427
12,304
1,185
11,119
0
S/L 31.5
2007(A)
3,571
12,190
0
3,282
12,223
15,505
1,500
14,005
0
S/L 31.5
2007(A)
11,634
31,341
0
11,120
31,207
42,327
3,858
38,469
12,733
S/L 31.5
2007(A)
3,007
8,489
0
3,007
8,498
11,505
1,054
10,451
0
S/L 31.5
2007(A)
5,739
14,301
0
5,739
14,341
20,080
1,822
18,258
0
S/L 31.5
2007(A)
2,651
8,908
0
2,651
8,943
11,594
1,250
10,344
0
S/L 31.5
2007(A)
6,913
17,301
0
3,533
8,923
12,456
2,012
10,444
0
S/L 31.5
2007(A)
2,842
9,807
0
2,842
9,845
12,687
1,247
11,440
0
S/L 31.5
2007(A)
4,382
15,184
0
4,382
17,902
22,284
2,373
19,911
0
S/L 31.5
2007(A)
3,070
13,386
0
1,682
7,571
9,253
1,325
7,928
0
S/L 31.5
2007(A)
2,728
10,665
0
2,728
10,816
13,544
1,344
12,200
0
S/L 31.5
2007(A)
3,345
11,482
0
3,345
11,583
14,928
1,459
13,469
0
S/L 31.5
2007(A)
2,270
4,812
0
1,170
2,765
3,935
684
3,251
0
S/L 31.5
2007(A)
1,598
8,160
0
1,598
8,296
9,894
1,095
8,799
0
S/L 31.5
2007(A)
4,645
10,341
0
4,645
10,343
14,988
1,405
13,583
0
S/L 31.5
2007(A)
607
4,094
0
607
4,094
4,701
525
4,176
0
S/L 31.5
2007(A)
7,714
30,473
0
7,714
30,702
38,416
3,783
34,633
0
S/L 31.5
2007(A)
1,293
6,005
0
1,293
5,931
7,224
723
6,501
0
S/L 31.5
2007(A)
1,380
4,739
0
1,380
4,682
6,062
571
5,491
0
S/L 31.5
2007(A)
9,593
17,686
0
9,593
17,688
27,281
2,246
25,035
0
S/L 31.5
2007(A)
1,032
580
0
1,032
580
1,612
73
1,539
0
S/L 31.5
2007(A)
2,653
4,667
0
2,653
4,609
7,262
562
6,700
0
S/L 31.5
2007(A)
815
2,692
0
815
2,789
3,604
366
3,238
0
S/L 31.5
2007(A)
1,457
1,057
0
1,457
1,057
2,514
134
2,380
0
S/L 31.5
2007(A)
1,622
1,050
0
1,622
1,050
2,672
133
2,539
0
S/L 31.5
2007(A)
1,523
4,065
0
1,523
4,007
5,530
488
5,042
0
S/L 31.5
2007(A)
1,303
1,494
0
1,303
1,494
2,797
187
2,610
0
S/L 31.5
2007(A)
431
3,774
0
431
3,774
4,205
491
3,714
0
S/L 31.5
2007(A)
5,395
10,938
0
5,395
10,938
16,333
1,370
14,963
5,682
S/L 31.5
2007(A)
2,463
2,946
0
2,463
2,946
5,409
371
5,038
3,550
S/L 31.5
2007(A)
1,411
2,727
0
1,411
2,727
4,138
345
3,793
2,477
S/L 31.5
2007(A)
1,662
3,270
0
1,662
3,270
4,932
412
4,520
0
S/L 31.5
2007(A)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
1,400
2,531
0
1,400
2,531
3,931
323
3,608
2,625
S/L 31.5
2007(A)
2,264
4,581
0
2,264
5,664
7,928
692
7,236
0
S/L 31.5
2007(A)
885
2,119
0
885
2,119
3,004
267
2,737
0
S/L 31.5
2007(A)
7,156
15,010
0
7,156
15,010
22,166
1,943
20,223
7,549
S/L 31.5
2007(A)
1,229
2,428
0
1,229
2,428
3,657
305
3,352
0
S/L 31.5
2007(A)
1,740
2,417
0
1,740
2,417
4,157
302
3,855
0
S/L 31.5
2007(A)
0
1,487
0
0
1,487
1,487
189
1,298
0
S/L 31.5
2007(A)
812
16,244
0
812
16,244
17,056
2,092
14,964
7,559
S/L 31.5
2007(A)
2,805
5,028
0
2,805
5,028
7,833
633
7,200
2,739
S/L 31.5
2007(A)
395
1,697
0
395
1,697
2,092
211
1,881
0
S/L 31.5
2007(A)
863
2,225
0
863
2,225
3,088
279
2,809
0
S/L 31.5
2007(A)
1,356
2,524
0
1,356
2,524
3,880
315
3,565
0
S/L 31.5
2007(A)
1,062
2,124
0
1,062
2,124
3,186
266
2,920
0
S/L 31.5
2007(A)
958
2,223
0
958
2,223
3,181
277
2,904
0
S/L 31.5
2007(A)
1,525
2,416
0
1,525
2,416
3,941
302
3,639
0
S/L 31.5
2007(A)
0
1,486
0
0
1,486
1,486
189
1,297
0
S/L 31.5
2007(A)
1,578
2,721
0
1,578
2,721
4,299
339
3,960
0
S/L 31.5
2007(A)
1,641
2,015
0
1,641
2,015
3,656
252
3,404
0
S/L 31.5
2007(A)
852
2,418
0
852
2,418
3,270
303
2,967
0
S/L 31.5
2007(A)
1,431
2,024
0
1,431
2,024
3,455
255
3,200
0
S/L 31.5
2007(A)
1,331
2,016
0
1,331
2,016
3,347
253
3,094
0
S/L 31.5
2007(A)
1,771
2,523
0
1,771
2,523
4,294
315
3,979
0
S/L 31.5
2007(A)
1,671
2,424
0
1,671
2,424
4,095
303
3,792
0
S/L 31.5
2007(A)
1,189
2,363
0
1,189
2,363
3,552
300
3,252
0
S/L 31.5
2007(A)
1,452
1,909
0
1,452
1,909
3,361
240
3,121
0
S/L 31.5
2007(A)
5,659
14,411
0
5,659
14,411
20,070
1,871
18,199
7,165
S/L 31.5
2007(A)
2,420
7,979
0
2,420
7,979
10,399
1,028
9,371
0
S/L 31.5
2007(A)
589
1,687
0
589
1,687
2,276
214
2,062
0
S/L 31.5
2007(A)
1,223
2,128
0
1,223
2,128
3,351
269
3,082
0
S/L 31.5
2007(A)
1,255
2,226
0
1,255
2,226
3,481
280
3,201
0
S/L 31.5
2007(A)
1,145
2,353
0
1,145
2,353
3,498
299
3,199
0
S/L 31.5
2007(A)
860
1,913
0
860
1,913
2,773
239
2,534
0
S/L 31.5
2007(A)
Developers Diversified Realty
Corporation
Real Estate and Accumulated Depreciation
(continued)
December 31, 2010
(In thousands)
Date of
Initial Cost
Total
Cost
(B)
Construction
Buildings
Buildings
Total Cost, Net of
Depreciable
(C)
&
&
Accumulated
Accumulated
Lives
Acquisition
Land
Improvements
Improvements
Land
Improvements
Total
Depreciation
Depreciation
Encumbrances
(Years)
(1)
(A)
1,567
73
0
750
73
823
73
750
0
S/L 31.5
2007(A)
2,892
3,226
0
2,892
3,226
6,118
428
5,690
0
S/L 31.5
2007(A)
4,380
8,729
0
4,380
8,775
13,155
1,135
12,020
0
S/L 31.5
2007(A)
1,045
1,594
0
1,045
1,594
2,639
200
2,439
0
S/L 31.5
2007(A)
2,946
3,094
0
2,946
3,050
5,996
372
5,624
0
S/L 31.5
2007(A)
694
2,109
0
694
2,109
2,803
265
2,538
0
S/L 31.5
2007(A)
2,800
3,148
0
2,800
3,682
6,482
828
5,654
0
S/L 31.5
2007(A)
20,697
36,751
0
20,691
66,305
86,996
6,902
80,094
0
S/L 31.5
2007(A)
8,964
18,764
0
8,964
18,895
27,859
2,459
25,400
0
S/L 31.5
2007(A)
444,990
381,545
0
444,990
381,545
826,535
6,569
819,966
0
S/L 31.5
25,446
141,491
0
25,446
141,491
166,937
43,347
123,590
50,051
S/L 31.5
$
2,257,707
$
5,194,190
$
10,833
$
2,270,107(2
)
$
6,141,132(3
)
$
8,411,239
$
1,452,112
$
6,959,127
$
1,350,045(4
)
(1)
S/L refers to straight-line
depreciation.
(2)
Includes $432.7 million of
land under development at December 31, 2010.
(3)
Includes $310.5 million of
construction in progress at December 31, 2010.
(4)
Does not include tax-exempt
certificates aggregating $28.5 million.
(B)
The Aggregate Cost for Federal
Income Tax purposes was approximately $8.6 billion at
December 31, 2010.
2010
2009
2008
$
8,812,484
$
9,109,566
$
8,979,953
130,567
10,994
174,315
224,850
215,045
(2,409
)
(23,614
)
216,475
(11,235
)
(171,900
)
(154,718
)
(79,864
)
(401,251
)
(462,932
)
(233,037
)
$
8,411,239
$
8,812,484
$
9,109,566
2010
2009
2008
$
1,332,534
$
1,208,903
$
1,024,048
227,304
233,967
246,374
(782
)
(107,726
)
(109,554
)
(61,519
)
$
1,452,112
$
1,332,534
$
1,208,903
F-67
December 31, 2010
(Dollars amounts in thousands)
F-68
(1)
Carrying amount includes all
applicable accrued interest and accretion of discount to date.
(2)
Amount represents delinquent
interest only.
Year Ended
Year Ended
December 31,
December 31,
2010
2009
$
58,719
$
115,419
58,300
6,197
5,424
9,355
250
(72,252
)
(18,988
)
$
103,705
$
58,719
F-69
By:
F-70
1
2
3
4
5
6
7
8
9
10
11
12
13
Effective date | $12.85 | $14.00 | $15.00 | $16.00 | $18.00 | $20.00 | $22.00 | $25.00 | $30.00 | $35.00 | $40.00 | $45.00 | $50.00 | |||||||||||||||||||||||||||||||||||||||
11/5/2010
|
16.7849 | 14.1925 | 11.5928 | 9.6160 | 6.7117 | 4.7654 | 3.4339 | 2.1480 | 1.0203 | 0.4862 | 0.2162 | 0.0761 | 0.0085 | |||||||||||||||||||||||||||||||||||||||
11/15/2011
|
16.7849 | 14.1773 | 11.5456 | 9.4437 | 6.3981 | 4.4045 | 3.0771 | 1.8405 | 0.8165 | 0.3640 | 0.1481 | 0.0416 | 0.0000 | |||||||||||||||||||||||||||||||||||||||
11/15/2012
|
16.7849 | 13.9524 | 11.1382 | 8.9151 | 5.7620 | 3.7732 | 2.5064 | 1.3943 | 0.5564 | 0.2249 | 0.0789 | 0.0116 | 0.0000 | |||||||||||||||||||||||||||||||||||||||
11/15/2013
|
16.7849 | 13.1027 | 10.1071 | 7.7848 | 4.6136 | 2.7479 | 1.6575 | 0.8061 | 0.2727 | 0.0979 | 0.0257 | 0.0000 | 0.0000 | |||||||||||||||||||||||||||||||||||||||
11/15/2014
|
16.7849 | 11.7547 | 8.4396 | 5.9557 | 2.8345 | 1.2932 | 0.5858 | 0.1987 | 0.0594 | 0.0232 | 0.0016 | 0.0000 | 0.0000 | |||||||||||||||||||||||||||||||||||||||
11/20/2015
|
16.7849 | 10.3925 | 5.6306 | 1.4620 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
14
15
16
17
18
19
20
where | ||||
|
||||
CR
0
|
= | the Conversion Rate in effect immediately prior to the adjustment relating to such event | ||
|
||||
CR
1
|
= | the new Conversion Rate in effect taking such event into account | ||
|
||||
OS
0
|
= | the number of Common Shares outstanding immediately prior to such event | ||
|
||||
OS
1
|
= | the number of Common Shares outstanding immediately after such event. |
21
where | ||||
|
||||
CR
0
|
= | the Conversion Rate in effect immediately prior to the adjustment relating to such event | ||
|
||||
CR
1
|
= | the new Conversion Rate taking such event into account | ||
|
||||
OS
0
|
= | the number of Common Shares outstanding immediately prior to such event | ||
|
||||
X
|
= | the total number of Common Shares issuable pursuant to such rights, warrants, options, other securities or convertible securities | ||
|
||||
Y
|
= | the number of Common Shares equal to the quotient of (A) the aggregate price payable to exercise such rights, warrants, options, other securities or convertible securities and (B) the average of the Closing Sale Prices of the Common Shares for the 10 consecutive Trading Days prior to the Business Day preceding the date of announcement for the issuance of such rights, warrants, options, other securities or convertible securities. |
22
where | ||||
|
||||
CR
0
|
= | the Conversion Rate in effect immediately prior to the adjustment relating to such event | ||
|
||||
CR
1
|
= | the new Conversion Rate taking such event into account | ||
|
||||
SP
0
|
= | the Closing Sale Price of the Common Shares on the Trading Day preceding the ex-dividend date for such distribution | ||
|
||||
FMV
|
= | the fair market value (as determined in good faith by the Board of Directors of the Company) of the capital shares, evidences of indebtedness, assets or property distributed with respect to each outstanding Common Share on the earlier of the record date or the ex-dividend date for such distribution. |
23
where | ||||
|
||||
CR
0
|
= | the Conversion Rate in effect immediately prior to the adjustment relating to such event | ||
|
||||
CR
1
|
= | the new Conversion Rate taking such event into account | ||
|
||||
FMV
0
|
= | the average of the Closing Sale Prices of the capital shares or similar equity interest distributed to holders of Common Shares applicable to one Common Share over the first 10 consecutive Trading Days after the effective date of the Spin-Off | ||
|
||||
MP
0
|
= | the average of the Closing Sale Prices of the Common Shares over the first 10 consecutive Trading Days after the effective date of the Spin-Off. |
where | ||||
|
||||
CR
0
|
= | the Conversion Rate in effect immediately prior to the adjustment relating to such event | ||
|
||||
CR
1
|
= | the new Conversion Rate taking such event into account |
24
SP
0
|
= | the Closing Sale Price of Common Shares on the Trading Day preceding the ex-dividend date for such distribution | ||
|
||||
C
|
= | the amount in cash per Common Share that the Company distributes to holders of Common Shares in respect of such quarterly fiscal period that exceeds the Reference Dividend. |
where | ||||
|
||||
CR
0
|
= | the Conversion Rate in effect immediately prior to the adjustment relating to such event | ||
|
||||
CR
1
|
= | the new Conversion Rate taking such event into account | ||
|
||||
AC
|
= | the aggregate value of all cash and any other consideration (as determined by the Board of Directors of the Company) paid or payable for Common Shares purchased in such tender or exchange offer | ||
|
||||
OS
0
|
= | the number of Common Shares outstanding immediately prior to the date such tender or exchange offer expires |
25
OS
1
|
= | the number of Common Shares outstanding immediately after such tender or exchange offer expires (after giving effect to the purchase or exchange of shares pursuant to such tender or exchange offer) | ||
|
||||
SP
1
|
= | the average of the Closing Sale Prices of Common Shares for the 10 consecutive Trading Days commencing on the Trading Day next succeeding the date such tender or exchange offer expires. |
26
27
Section 2.15. Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale . |
28
29
30
31
32
33
34
35
DEVELOPERS DIVERSIFIED REALTY CORPORATION | ||||||
|
||||||
|
By: | /s/ David J. Oakes | ||||
|
|
|||||
|
Title: Senior Executive Vice
President
and Chief Financial Officer |
|||||
|
||||||
Attest:
|
||||||
/s/ Joan U. Allgood | ||||
Name:
|
Joan U. Allgood | |||
Title:
|
Executive Vice President of Corporate Transactions and Governance and Secretary |
U.S. BANK NATIONAL ASSOCIATION
as Trustee |
||||||
|
||||||
|
By: | /s/ K. Wendy Kumar | ||||
|
|
|||||
|
Title: Vice President | |||||
|
||||||
Attest:
|
||||||
/s/ Beverly A. Freeney | ||||
Name:
Beverly A. Freeney
|
||||
Title: Vice President
|
36
A - 1
NO. 001 | PRINCIPAL AMOUNT | |
CUSIP NO. 251591AX1 | $ |
A - 2
DEVELOPERS DIVERSIFIED REALTY CORPORATION
|
||||
By: | ||||
Name: | ||||
Title: | ||||
|
||
|
||
Title:
|
U.S. BANK NATIONAL ASSOCIATION
as Trustee |
||||
By: | ||||
Authorized Signatory | ||||
A - 3
A - 4
A - 5
A - 6
A - 7
A - 8
A - 9
Signature Guaranteed
|
||||||
|
||||||
|
|
A - 10
|
Your Signature: | |||||||
|
||||||||
Date:
|
||||||||
|
|
|
||||||
|
||||||||
1
.Signature
|
guaranteed by: | |||||||
|
||||||||
By:
|
||||||||
|
|
1 | Signature must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. |
A - 11
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
DEVELOPERS DIVERSIFIED REALTY | ||||||||
CORPORATION | ||||||||
|
||||||||
/s/ Joan U. Allgood
|
By:
Name: |
/s/ Daniel B. Hurwitz
|
||||||
|
Title: | Chief Executive Officer | ||||||
Date: December 20, 2010
|
||||||||
Date: | December 20, 2010 |
19
20
Job Title | Age | |||
Executive Assistant
|
62 | |||
Executive Vice President of Corporate Transactions and Governance
|
58 |
21
Job Title | Age | |||
None
|
22
23
Grant | Expiration | Grant | Options | Option | Options | Options | Unvested | |||||||||||||||||||||||
Date | Date | Plan ID | Type | Granted | Price | Outstanding | Exercisable | Options | ||||||||||||||||||||||
2/1/1993
|
2/1/2003 | 1992 | NQ | 50,000 | $ | 11.00 | 0 | 0 | ||||||||||||||||||||||
1/17/1994
|
1/17/2004 | 1992 | NQ | 20,000 | $ | 14.06 | 0 | 0 | ||||||||||||||||||||||
3/23/1995
|
3/23/2005 | 1992 | NQ | 20,000 | $ | 14.06 | 0 | 0 | ||||||||||||||||||||||
7/17/1996
|
7/17/2006 | 1992 | NQ | 110,000 | $ | 15.38 | 0 | 0 | ||||||||||||||||||||||
11/29/1999
|
11/29/2009 | 1998 | ISO | 17,857 | $ | 13.81 | 0 | 0 | ||||||||||||||||||||||
11/29/1999
|
11/29/2004 | 0006 | RSA | 3,410 | $ | 13.81 | 0 | 0 | ||||||||||||||||||||||
3/1/2000
|
3/1/2005 | 0006 | RSA | 4,865 | $ | 11.56 | 0 | 0 | ||||||||||||||||||||||
3/1/2000
|
3/1/2010 | 1998 | ISO | 9,028 | $ | 11.56 | 0 | 0 | ||||||||||||||||||||||
3/1/2000
|
3/1/2010 | 1998 | NQ | 8,829 | $ | 11.56 | 0 | 0 | ||||||||||||||||||||||
2/27/2001
|
2/27/2011 | 1998 | NQ | 7,200 | $ | 13.33 | 0 | 0 | ||||||||||||||||||||||
2/27/2001
|
2/27/2011 | 1998 | ISO | 7,106 | $ | 13.33 | 0 | 0 | ||||||||||||||||||||||
2/27/2001
|
2/27/2006 | 0006 | RSA | 3,961 | $ | 13.33 | 0 | 0 | ||||||||||||||||||||||
2/28/2002
|
2/28/2007 | 0006 | RSA | 5,674 | $ | 19.90 | 0 | 0 | ||||||||||||||||||||||
2/28/2002
|
2/29/2012 | 2002 | NQ | 15,012 | $ | 19.90 | 0 | 0 | ||||||||||||||||||||||
2/28/2002
|
2/29/2012 | 2002 | ISO | 6,854 | $ | 19.90 | 0 | 0 | ||||||||||||||||||||||
2/25/2003
|
2/25/2013 | 2002 | NQ | 14,762 | $ | 23.00 | 2,023 | 2,023 | ||||||||||||||||||||||
2/25/2003
|
2/25/2013 | 2002 | ISO | 4,347 | $ | 23.00 | 0 | 0 | ||||||||||||||||||||||
2/25/2003
|
2/25/2013 | 2002 | RSA | 4,993 | $ | 23.00 | 4,993 | 4,993 | ||||||||||||||||||||||
2/24/2004
|
2/24/2014 | 2002 | RSA | 4,130 | $ | 36.32 | 4,130 | 4,130 | ||||||||||||||||||||||
2/24/2004
|
2/24/2014 | 2002 | NQ | 14,488 | $ | 36.32 | 14,488 | 14,488 | ||||||||||||||||||||||
2/24/2004
|
2/24/2014 | 2002 | ISO | 2,753 | $ | 36.32 | 0 | 0 | ||||||||||||||||||||||
2/24/2005
|
2/24/2015 | 2002 | RSA | 3,700 | $ | 41.37 | 3,700 | 3,700 | ||||||||||||||||||||||
2/24/2005
|
2/24/2015 | 2002 | NQ | 11,332 | $ | 41.37 | 11,332 | 11,332 | ||||||||||||||||||||||
2/24/2005
|
2/24/2015 | 2002 | ISO | 2,417 | $ | 41.37 | 2,417 | 2,417 | ||||||||||||||||||||||
2/23/2006
|
2/23/2016 | 2004 | RSA | 2,400 | $ | 50.81 | 2,400 | 2,400 | ||||||||||||||||||||||
2/23/2006
|
2/23/2016 | 2004 | NQ | 4,167 | $ | 50.81 | 4,167 | 4,167 | ||||||||||||||||||||||
2/23/2006
|
2/23/2016 | 2004 | ISO | 1,971 | $ | 50.81 | 1,971 | 1,971 | ||||||||||||||||||||||
2/23/2007
|
2/23/2017 | 2004 | NQ | 5,757 | $ | 66.75 | 5,757 | 5,757 | ||||||||||||||||||||||
2/23/2007
|
2/23/2017 | 2004 | RSA | 2,430 | $ | 66.75 | 2,430 | 2,430 | ||||||||||||||||||||||
2/21/2008
|
2/21/2018 | 2004 | RSA | 3,510 | $ | 37.69 | 3,510 | 3,510 | ||||||||||||||||||||||
2/21/2008
|
2/21/2018 | 2004 | NQ | 13,074 | $ | 37.69 | 13,074 | 13,074 | ||||||||||||||||||||||
1/12/2009
|
1/12/2019 | 2008 | RSA | 13,300 | $ | 6.02 | 13,300 | 13,300 | ||||||||||||||||||||||
1/12/2009
|
1/12/2019 | 2008 | NQ | 40,437 | $ | 6.02 | 40,437 | 40,437 | ||||||||||||||||||||||
7/29/2009
|
7/29/2019 | 2008 | RSA | 40,000 | $ | 5.08 | 40,000 | 20,000 | ||||||||||||||||||||||
|
10,000 | |||||||||||||||||||||||||||||
|
10,000 | |||||||||||||||||||||||||||||
2/22/2010
|
2/22/2020 | 2008 | RSA | 13,580 | $ | 10.11 | 13,580 | 2,716 | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
2/22/2010
|
2/22/2020 | 2008 | ISO | 8,886 | $ | 10.11 | 8,886 | 0 |
24
Grant | Expiration | Grant | Options | Option | Options | Options | Unvested | |||||||||||||||||||||||
Date | Date | Plan ID | Type | Granted | Price | Outstanding | Exercisable | Options | ||||||||||||||||||||||
7/31/2010
|
7/31/2020 | 2008 | RSA | 24,375 | $ | 11.35 | 24,375 | 4,875 | ||||||||||||||||||||||
|
4,875 | |||||||||||||||||||||||||||||
|
4,875 | |||||||||||||||||||||||||||||
|
4,875 | |||||||||||||||||||||||||||||
|
4,875 | |||||||||||||||||||||||||||||
Optionee Totals
|
526,605 | 216,970 | 157,720 | 59,250 |
NOTE: | In addition to the foregoing, Optionee shall be entitled to the VSEP shares granted on January 31, 2011 which will vest in 20% increments on 1/31/11, 1/31/12, 1/31/13, 1/31/14 and 1/31/15. The number of shares remains subject to calculation on or about 1/31/11. |
25
26
Plan
|
Shares | |||
Retention (Vested Not Deferred) (2)
|
10,000 | |||
|
||||
|
||||
Total
|
10,000 | |||
|
Plan
|
Shares | |||
Retention (Unvested Not Deferred) (2)
|
20,000 | |||
VSEP July 31, 2010 (Unvested Not Deferred) (3)
|
19,500 | |||
VSEP January 31, 2011 (est) (Vested Not Deferred) (1) (4)
|
3,317 | |||
VSEP January 31, 2011 (est) (Unvested Not Deferred) (1) (4)
|
13,268 | |||
|
||||
Total
|
56,085 |
27
Year Ended December 31, | ||||||||||||||||||||
2006 (a) | 2007(a) | 2008 (a) | 2009 | 2010 | ||||||||||||||||
Pretax income (loss) from continuing operations
|
$ | 219,139 | $ | 225,510 | $ | (63,731 | ) | $ | (219,710 | ) | $ | (144,862 | ) | |||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||
Interest expense including amortization of deferred costs and
capitalized interest
|
$ | 244,221 | $ | 307,633 | $ | 300,679 | $ | 266,843 | $ | 248,586 | ||||||||||
Appropriate
portion of rentals representative of the interest factor
|
$ | 1,319 | $ | 1,329 | $ | 1,175 | $ | 1,589 | $ | 1,610 | ||||||||||
Preferred Dividends on consolidated subsidiaries
|
$ | | $ | 9,690 | $ | | $ | | $ | | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total fixed charges
|
$ | 245,540 | $ | 318,652 | $ | 301,854 | $ | 268,432 | $ | 250,196 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Capitalized interest during the period
|
$ | (20,049 | ) | $ | (28,003 | ) | $ | (41,062 | ) | $ | (21,814 | ) | $ | (12,232 | ) | |||||
Preferred Dividends on consolidated subsidiaries
|
$ | | $ | (9,690 | ) | $ | | $ | | $ | | |||||||||
Amortization of capitalized interest during the period
|
$ | 4,418 | $ | 5,351 | $ | 6,720 | $ | 7,447 | $ | 7,855 | ||||||||||
Equity Company Adjustments
|
$ | (30,337 | ) | $ | (43,229 | ) | $ | (17,719 | ) | $ | 9,733 | $ | (5,600 | ) | ||||||
Equity Company Adjustments Distributed Income
|
$ | 30,337 | $ | 43,229 | $ | 17,719 | $ | 8,416 | $ | 7,301 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Earnings (loss) before income taxes and fixed charges
|
$ | 449,048 | $ | 511,820 | $ | 203,781 | $ | 52,504 | $ | 102,658 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Ratio of earnings to fixed charges
|
1.83 | 1.61 | (b | ) | (c | ) | (d | ) | ||||||||||||
|
(a) | These periods have been restated to reflect the retrospective application of ASC 470-02, previously referred to as FSP APB 14-1, for interest expense related to our convertible debt. | |
(b) | Due to the pretax loss from continuing operations for the year ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $98.1 million to achieve a coverage of 1:1 for the year ended December 31, 2008. | |
The pretax loss from continuing operations for the year ended December 31, 2008, includes consolidated impairment charges of $29.6 million and impairment charges of joint venture investments of $107.0 million, which together aggregate $136.6 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2010. | ||
(c) | Due to the pretax loss from continuing operations for the year ended December 31, 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $215.9 million to achieve a coverage of 1:1 for the year ended December 31, 2009. | |
The pretax loss from continuing operations for the year ended December 31, 2009 includes consolidated impairment charges of $12.7 million, impairment charges of joint venture investments of $184.6 million and losses on equity derivative instruments of $199.8 million, which together aggregate $397.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2010. | ||
(d) | Due to the pretax loss from continuing operations for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $147.5 million to achieve a coverage of 1:1 for the year ended December 31, 2010. | |
The pretax loss from continuing operations for the year ended December 31, 2010 includes consolidated impairment charges of $116.5 million and losses on equity derivative instruments of $40.2 million, which together aggregate $156.7 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2010. |
Year Ended December 31, | ||||||||||||||||||||
2006 (a) | 2007(a) | 2008 (a) | 2009 | 2010 | ||||||||||||||||
Pretax income (loss) from continuing operations
|
$ | 219,139 | $ | 225,510 | $ | (63,731 | ) | $ | (219,710 | ) | $ | (144,862 | ) | |||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||
Interest
expense including amortization of deferred costs and capitalized interest
|
$ | 244,221 | $ | 307,633 | $ | 300,679 | $ | 266,843 | $ | 248,586 | ||||||||||
Appropriate
portion of rentals representative of the interest factor
|
$ | 1,319 | $ | 1,329 | $ | 1,175 | $ | 1,589 | $ | 1,610 | ||||||||||
Preferred Dividends
|
$ | 55,169 | $ | 50,934 | $ | 42,269 | $ | 42,269 | $ | 42,269 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total fixed charges
|
$ | 300,709 | $ | 359,896 | $ | 344,123 | $ | 310,701 | $ | 292,465 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Capitalized interest during the period
|
$ | (20,049 | ) | $ | (28,003 | ) | $ | (41,062 | ) | $ | (21,814 | ) | $ | (12,232 | ) | |||||
Preferred Dividends
|
$ | (55,169 | ) | $ | (50,934 | ) | $ | (42,269 | ) | $ | (42,269 | ) | $ | (42,269 | ) | |||||
Amortization of capitalized interest during the period
|
$ | 4,418 | $ | 5,351 | $ | 6,720 | $ | 7,447 | $ | 7,855 | ||||||||||
Equity Company Adjustments
|
$ | (30,337 | ) | $ | (43,229 | ) | $ | (17,719 | ) | $ | 9,733 | $ | (5,600 | ) | ||||||
Equity Company Adjustments Distributed Income
|
$ | 30,337 | $ | 43,229 | $ | 17,719 | $ | 8,416 | $ | 7,301 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Earnings (loss) before income taxes and fixed charges
|
$ | 449,048 | $ | 511,820 | $ | 203,781 | $ | 52,504 | $ | 102,658 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends
|
1.49 | 1.42 | (b | ) | (c | ) | (d | ) | ||||||||||||
|
(a) | These periods have been restated to reflect the retrospective application of ASC 470-02, previously referred to as FSP APB 14-1, for interest expense related to our convertible debt. | |
(b) | Due to the pretax loss from continuing operations for the year ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $140.3 million to achieve a coverage of 1:1 for the year ended December 31, 2008. | |
The pretax loss from continuing operations for the year ended December 31, 2008, includes consolidated impairment charges of $29.6 million and impairment charges of joint venture investments of $107.0 million, which together aggregate $136.6 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2010. | ||
(c) | Due to the pretax loss from continuing operations for the year ended December 31, 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $258.2 million to achieve a coverage of 1:1 for the year ended December 31, 2009. | |
The pretax loss from continuing operations for the year ended December 31, 2009 includes consolidated impairment charges of $12.7 million, impairment charges of joint venture investments of $184.6 million and losses on equity derivative instruments of $199.8 million, which together aggregate $397.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2010. | ||
(d) | Due to the pretax loss from continuing operations for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $189.8 million to achieve a coverage of 1:1 for the year ended December 31, 2010. | |
The pretax loss from continuing operations for the year ended December 31, 2010 includes consolidated impairment charges of $116.5 million and losses on equity derivative instruments of $40.2 million, which together aggregate $156.7 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2010. |
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1. | I have reviewed this Annual Report on Form 10-K of Developers Diversified Realty Corporation; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ Daniel B. Hurwitz | ||||
Daniel B. Hurwitz | ||||
President and Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of Developers Diversified Realty Corporation; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ David J. Oakes | ||||
David J. Oakes | ||||
Senior Executive Vice President and Chief Financial Officer |
(1) | The Annual Report on Form 10-K of the Company for the period ended December 31, 2010, as filed with the Securities and Exchange Commission (the Report), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/s/ Daniel B. Hurwitz | ||||
Daniel B. Hurwitz | ||||
President and Chief Executive Officer | ||||
February 28, 2011 |
(1) | The Annual Report on Form 10-K of the Company for the period ended December 31, 2010, as filed with the Securities and Exchange Commission (the Report), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/s/ David J. Oakes | ||||
David J. Oakes | ||||
Senior Executive Vice President and Chief Financial Officer | ||||
February 28, 2011 |