(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, 2008 | ||
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 | |
(State or Other Jurisdiction
of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
Title of Each Class
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Name of Each Exchange on Which Registered | |
Common Shares, Without Par Value
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New York Stock Exchange | |
Depositary Shares Representing
Class G Cumulative Redeemable Preferred Shares |
New York Stock Exchange | |
Depositary Shares Representing
Class H Cumulative Redeemable Preferred Shares |
New York Stock Exchange | |
Depositary Shares Representing
Class I Cumulative Redeemable Preferred Shares |
New York Stock Exchange |
Large accelerated
filer þ
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Accelerated filer o |
Non-accelerated
filer o (Do not check if a smaller reporting company) |
Smaller reporting company o |
Report |
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Item No.
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Page | |||||||
3 | ||||||||
6 | ||||||||
14 | ||||||||
14 | ||||||||
76 | ||||||||
76 | ||||||||
PART II | ||||||||
79 | ||||||||
81 | ||||||||
84 | ||||||||
142 | ||||||||
144 | ||||||||
144 | ||||||||
144 | ||||||||
145 | ||||||||
PART III | ||||||||
146 | ||||||||
146 | ||||||||
146 | ||||||||
147 | ||||||||
147 | ||||||||
PART IV | ||||||||
147 |
2
Item 1. | BUSINESS |
3
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 its capital requirements through asset sales, including sales to joint ventures, retained capital, reduce 2009 dividend payments to the amount required to meet minimum REIT requirements, pursue extension of existing loan facilities 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 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; | |
| Pursue only those projects that meet the Companys pre-leasing thresholds or other thresholds necessary to secure third-party construction financing and/or the Companys return thresholds; | |
| Continue its leasing strategy of growing tenant relationships at high level through its national account program and to increase occupancy with high-quality tenants; | |
| Renew tenants extension options and execute leases in a more timely fashion; | |
| 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 |
| Changes in the national, regional and local 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. |
6
| 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
| 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 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. |
| 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; |
8
| 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. |
| 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. |
10
| 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 was 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 |
11
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
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| 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; | |
| 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 |
14
| 168 of these properties are anchored by a Wal-Mart, Kohls or Target store; | |
| These properties range in size from 6,000 square feet to approximately 1,500,000 square feet of total GLA (with 96 properties exceeding 400,000 square feet of total GLA and 291 properties exceeding 200,000 square feet of total GLA); | |
| Approximately 66.7% of the aggregate Company-owned GLA of these properties is leased to national tenants, including subsidiaries of national tenants, approximately 15.6% is leased to regional tenants and approximately 9.8% is leased to local tenants; | |
| Approximately 92.1% of the aggregate Company-owned GLA of these properties was occupied as of December 31, 2008. 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 2004, between 92.1% and 95.3% of the aggregate Company-owned GLA of these properties was occupied; | |
| Three wholly-owned properties are currently being expanded by the Company, and three properties owned by unconsolidated joint ventures are being expanded; and | |
| Ten wholly-owned properties are currently being developed by the Company. |
15
Average |
Percentage of |
|||||||||||||||||||||||
Annualized |
Base |
Total Leased |
Percentage of |
|||||||||||||||||||||
Approximate |
Base Rent |
Rent Per Sq. |
Sq. 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 |
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Year
|
Expiring | (Thousands) | (Thousands) | Leases | Leases | Expiring Leases | ||||||||||||||||||
2009
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813 | 3,600 | $ | 49,787 | $ | 13.83 | 6.6 | % | 8.7 | % | ||||||||||||||
2010
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707 | 4,241 | 50,801 | 11.98 | 7.8 | 8.8 | ||||||||||||||||||
2011
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789 | 4,833 | 65,547 | 13.56 | 8.9 | 11.4 | ||||||||||||||||||
2012
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620 | 5,302 | 62,918 | 11.87 | 9.7 | 10.9 | ||||||||||||||||||
2013
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599 | 5,290 | 60,627 | 11.46 | 9.7 | 10.5 | ||||||||||||||||||
2014
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242 | 3,608 | 39,146 | 10.85 | 6.6 | 6.8 | ||||||||||||||||||
2015
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171 | 3,220 | 35,075 | 10.89 | 5.9 | 6.1 | ||||||||||||||||||
2016
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151 | 2,384 | 30,383 | 12.75 | 4.4 | 5.3 | ||||||||||||||||||
2017
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159 | 2,977 | 34,619 | 11.63 | 5.5 | 6.0 | ||||||||||||||||||
2018
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161 | 2,518 | 32,536 | 12.93 | 4.6 | 5.7 | ||||||||||||||||||
Total
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4,412 | 37,973 | $ | 461,439 | $ | 12.15 | 69.8 | % | 80.2 | % | ||||||||||||||
Average |
Percentage of |
|||||||||||||||||||||||
Annualized |
Base |
Total Leased |
Percentage of |
|||||||||||||||||||||
Approximate |
Base Rent |
Rent Per Sq. |
Sq. 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
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Expiring | (Thousands) | (Thousands) | Leases | Leases | Expiring Leases | ||||||||||||||||||
2009
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1,317 | 4,452 | $ | 64,372 | $ | 14.46 | 7.0 | % | 8.9 | % | ||||||||||||||
2010
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1,055 | 5,228 | 75,335 | 14.41 | 8.3 | 10.4 | ||||||||||||||||||
2011
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1,133 | 5,607 | 90,023 | 16.06 | 8.8 | 12.4 | ||||||||||||||||||
2012
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1,096 | 5,995 | 90,101 | 15.03 | 9.5 | 12.4 | ||||||||||||||||||
2013
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972 | 5,281 | 77,640 | 14.70 | 8.3 | 10.7 | ||||||||||||||||||
2014
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282 | 4,146 | 48,296 | 11.65 | 6.5 | 6.6 | ||||||||||||||||||
2015
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152 | 2,897 | 33,974 | 11.73 | 4.6 | 4.7 | ||||||||||||||||||
2016
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145 | 3,235 | 34,580 | 10.69 | 5.1 | 4.8 | ||||||||||||||||||
2017
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135 | 2,844 | 35,130 | 12.35 | 4.5 | 4.8 | ||||||||||||||||||
2018
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139 | 2,207 | 30,063 | 13.62 | 3.5 | 4.1 | ||||||||||||||||||
Total
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6,426 | 41,892 | $ | 579,514 | $ | 13.83 | 66.1 | % | 79.8 | % | ||||||||||||||
16
Developers Diversified Realty
Corporation |
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Shopping Center Property List at December 31, 2008 |
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Company- |
Average |
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Owned |
Base |
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Type of |
Year |
DDR |
Gross |
Total |
Rent |
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Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
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Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
Alabama | ||||||||||||||||||||||||||||||||||||||||||
1
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Birmingham, AL |
Brook Highland Plaza 5291 Highway, 280 South |
35242 | SC | Fee | 1994/2003 | 1994 | 100% | 424,360 | $ | 4,349,367 | $ | 10.68 | 84.6% |
Dicks Clothing and Sporting Goods (2017), Lowes
(2023), Stein Mart (2011), Office Max (2011), Michaels (2014), Homegoods (2016), Books-A-Million (2010), Ross Dress For Less (2014) |
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2
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Birmingham, AL |
Eastwood Festival Center 7001 Crestwood Boulevard |
35210 | SC | Fee | 1989/1999 | 1995 | 100% | 300,280 | $ | 1,120,592 | $ | 7.19 | 51.9% |
Dollar Tree (2013), Burlington Coat Factory (2013), Western Supermarkets (Not Owned), Home Depot (Not Owned) |
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3
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Birmingham, AL |
River Ridge U.S. Highway 280 |
35242 | SC | Fee (3 | ) | 2001 | 2007 | 15% | 172,304 | $ | 2,180,854 | $ | 17.12 | 73.9% | Staples (2016), Best Buy (2017), Super Target (Not Owned) | ||||||||||||||||||||||||||
4
|
Birmingham, AL |
Riverchase Promenade (I) Montgomery Highway |
35244 | SC | Fee (3 | ) | 1989 | 2002 | 14.5% | 120,108 | $ | 1,687,973 | $ | 14.55 | 96.6% | Marshalls (2009), Toys R Us (Not Owned), Goodys (Not Owned) | ||||||||||||||||||||||||||
5
|
Cullman, AL |
Lowes Home Improvement 1717 Cherokee Avenue S.W. |
35055 | SC | Fee | 1998 | 2007 | 100% | 101,287 | $ | 682,500 | $ | 6.74 | 100% | Lowes (2015) | |||||||||||||||||||||||||||
6
|
Dothan, AL |
Circuit City - Dothan 2821 Montgomery Highway |
36303 | SC | Fee | 2004 | 2007 | 100% | 33,906 | $ | 567,926 | $ | 16.75 | 100% | Circuit City (2020) | |||||||||||||||||||||||||||
7
|
Dothan, AL |
Shops on the Circle 3500 Ross Clark Circle |
36303 | SC | Fee | 2000 | 2007 | 100% | 149,085 | $ | 1,655,277 | $ | 11.58 | 95.9% | Old Navy (2010), T.J. Maxx (2010), Office Max (2016) | |||||||||||||||||||||||||||
8
|
Florence, AL |
Cox Creek Shopping Center 374-398 Cox Creek Parkway |
35360 | SC | Fee (3 | ) | 2001 | 2007 | 15% | 173,989 | $ | 1,494,727 | $ | 11.33 | 75.8% | Best Buy (2017), Michaels(2011), Dicks Clothing and Sporting Goods (2017), Target (Not Owned) | ||||||||||||||||||||||||||
9
|
Huntsville, AL |
Westside Centre 6275 University Drive |
35806 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 476,146 | $ | 4,960,461 | $ | 11.64 | 89.5% | Babies R Us (2012), Marshalls (2011), Bed Bath & Beyond (2012), Michaels (2011), Goodys (2016), Dicks Clothing and Sporting Goods (2017), Stein Mart (2011), Ross Dress For Less (2013), Target (Not Owned) |
17
Developers Diversified Realty
Corporation |
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Shopping Center Property List at December 31, 2008 |
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Company- |
Average |
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Owned |
Base |
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Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
10
|
Opelika, AL |
Pepperell Corners 2300-2600 Pepperell Parkway |
36801 | SC | Fee | 1995 | 2003 | 100% | 306,224 | $ | 673,349 | $ | 6.93 | 31.7% | Goodys (2011) | |||||||||||||||||||||||||||
11
|
Scottsboro, AL |
Scottsboro Marketplace 24833 John P. Reid Parkway |
35766 | SC | Fee | 1999 | 2003 | 100% | 40,560 | $ | 460,176 | $ | 11.35 | 100% | Goodys (2011), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
12
|
Tuscaloosa, AL |
McFarland Plaza 2600 McFarland Building East |
35404 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 229,323 | $ | 1,177,104 | $ | 7.80 | 65.8% | Stein Mart (2009), Office Max (2015), Toys R Us (2011) | ||||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||||||||||||||||||||
13
|
Ahwatukee, AZ |
Foothills Towne Center (II) 4711 East Ray Road |
85044 | SC | Fee (3 | ) |
1996/1997/ 1999 |
1997 | 50% | 647,883 | $ | 10,487,530 | $ | 16.23 | 96.2% | Jo-Ann Stores (2010), Best Buy (2014), AMC Theatres (2021), Bassett Furniture (2010), Ashley Furniture Homestore (2011), Barnes & Noble (2012), Babies R Us (2012), Stein Mart (2011), Ross Dress For Less (2012), Office Max (2012) | ||||||||||||||||||||||||||
14
|
Chandler, AZ |
Mervyns Plaza 2992 North Alma School Road |
85224 | MV | Fee | 1985 | 2005 | 50% | 74,862 | $ | 700,397 | $ | 9.36 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
15
|
Mesa, AZ |
Superstition Springs Center 6505 East Southern Avenue |
85206 | MV | Fee | 1990 | 2005 | 50% | 86,858 | $ | 1,198,104 | $ | 13.79 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
16
|
Phoenix, AZ |
Deer Valley 4255 West Thunderbird Road |
85053 | MV | Fee | 1979 | 2005 | 50% | 81,009 | $ | 852,150 | $ | 10.52 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
17
|
Phoenix, AZ |
Arrowhead Crossings 7553 West Bell Road |
85382 | SC | Fee (3 | ) | 1995 | 1996 | 50% | 346,428 | $ | 3,834,009 | $ | 14.48 | 76.4% | Staples (2009), Homegoods (2013), Mac Frugals (2010), Barnes & Noble (2011), T.J. Maxx (2011), DSW Shoe Warehouse (2017), Bassett Furniture (2009), Frys (Not Owned) | ||||||||||||||||||||||||||
18
|
Phoenix, AZ |
Silver Creek Plaza 4710 East Ray Road |
85044 | MV | Fee | 1994 | 2005 | 50% | 76,214 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
19
|
Phoenix, AZ |
Phoenix Spectrum Mall 1703 West Bethany Home Road |
85015 | SC | GL (3 | ) | 1961 | 2004 | 20% | 452,065 | $ | 7,145,771 | $ | 11.62 | 95.4% | Wal-Mart (2023), Costco Wholesale (2020), Ross Dress For Less (2013), PetSmart (2019), JCPenney (2037), Harkins Theatre (2022), Target (Not Owned) |
18
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
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Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
20
|
Phoenix, AZ | Deer Valley Towne Center 2805 West Aqua Fria Freeway | 85027 | SC | Fee | 1996 | 1999 | 100% | 194,009 | $ | 3,056,451 | $ | 15.87 | 97.1% | Ross Dress For Less (2014), Office Max (2013), PetSmart (2014), Michaels (2014), AMC Theatres (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||||
21
|
Phoenix, AZ |
Paradise Village Gateway Tatum & Shea Boulevard South |
85028 | SC | Fee | 1997/2004 | 2003 | 67% | 223,658 | $ | 4,542,351 | $ | 18.73 | 96.9% | Bed Bath & Beyond (2011), Ross Dress For Less (2012), PetSmart (2015), Staples (2010), Albertsons (2016) | |||||||||||||||||||||||||||
22
|
Tucson, AZ |
Santa Cruz Plaza 3660 South 16th Avenue |
85713 | MV | Fee | 1982 | 2005 | 50% | 76,126 | $ | 533,788 | $ | 7.01 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
Arkansas | ||||||||||||||||||||||||||||||||||||||||||
23
|
Fayetteville, AR |
Spring Creek Centre 464 East Joyce Boulevard |
72703 | SC | Fee (3 | ) |
1997/1999/ 2000/2001 |
1997 | 14.5% | 262,827 | $ | 2,553,698 | $ | 12.01 | 80.9% |
T.J. Maxx (2011), Best Buy (2017), Old Navy (2010), Bed Bath
& Beyond (2009), Wal-Mart Super Center (Not Owned), Home Depot (Not Owned) |
||||||||||||||||||||||||||
24
|
Fayetteville, AR |
Steele Crossing 3533-3595 North Shiloh Drive |
72703 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 50,314 | $ | 1,025,935 | $ | 14.81 | 100% | Kohls (2022), Target (Not Owned) | ||||||||||||||||||||||||||
25
|
North Little Rock, AR |
McCain Plaza 4124 East McCain Boulevard |
72117 | SC | Fee | 1991/2004 | 1994 | 100% | 295,013 | $ | 2,024,129 | $ | 7.17 | 95.7% | Bed Bath & Beyond (2013), T.J. Maxx (2012), Cinemark (2011), Burlington Coat Factory (2014), Michaels (2014) | |||||||||||||||||||||||||||
26
|
Russellville, AR |
Valley Park Centre 3093 East Main Street |
72801 | SC | Fee | 1992 | 1994 | 100% | 266,539 | $ | 1,576,540 | $ | 6.51 | 90.8% | Hobby Lobby (2016), Stage (2010), JCPenney (2012), Belk (2021) | |||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||||||||||||||||||
27
|
Brasilia | Patio Brasil Shopping Scs Quadra 07 Bl A | 70307-902 | MM | Fee | 1997/2001 | 2006 | 4.95% | 331,300 | $ | 11,839,094 | $ | 36.45 | 98% | Lojas Americanas (Not Owned), Otoch (2009), Riachuelo (2017), Renner (2011), Centauro (2009) |
19
Developers Diversified Realty
Corporation |
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Shopping Center Property List at December 31, 2008 |
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Company- |
Average |
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Owned |
Base |
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Type of |
Year |
DDR |
Gross |
Total |
Rent |
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Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
28
|
Campinas |
Parque Dom Pedro Avenue Guilherme Campos, 500 |
01387-001 | MM | Fee | 2001 | 2006 | 48.73% | 1,324,565 | $ | 21,647,480 | $ | 17.61 | 96% | Lojas Americanas (2014), Casas Bahia (2011), Centauro (2012), Pet Center Marginal (2010), Marisa (2016), Star Bowling (2009), Big (2017), Etna (2015), Alpini Veiculos (2012), Pernambucanas (2012), Formula Academia (2014), Riachuelo (2012), Zara (2014), Renner (2014), Fnac (2012), Multiplex P.D.Pedro (2012) | |||||||||||||||||||||||||||
29
|
Franca |
Franca Shopping Avenue Rio Negro, 1100 |
14406-901 | MM | Fee | 1993 | 2006 | 30.65% | 198,480 | $ | 1,661,938 | $ | 9.47 | 97% | C&A (2016), Casas Bahia (2009), Magazine Luiza (2010), Lojas Americanas (2014), C&C (2011) | |||||||||||||||||||||||||||
30
|
Sao Bernardo Do Campo |
Shopping Metropole Praca Samuel Sabatine, 200 |
09750-902 | MM | Fee | 1980/95/97 | 2006 | 39.4% | 290,597 | $ | 7,202,827 | $ | 35.93 | 97% | Renner (2009), Lojas Americanas (2018) | |||||||||||||||||||||||||||
31
|
Sao Paulo |
Boavista Shopping Rua Borba Gato, 59 |
04747-030 | MM | Fee | 2004 | 2006 | 47.52% | 275,270 | $ | 2,709,237 | $ | 10.54 | 92% | C&A (2014), Marisa & Familia (2014), Americanas Express (2017), Sonda (Not Owned) | |||||||||||||||||||||||||||
32
|
Sao Paulo |
Campo Limpo Shopping Estrada Do Campo Limpo 459 |
05777-001 | MM | Fee | 2005 | 2006 | 9.50% | 280,839 | $ | 3,189,699 | $ | 15.38 | 98% | C&A (2016), Marisa (2016), Compre Bem (2012), Casas Bahia (2011) | |||||||||||||||||||||||||||
33
|
Sao Paulo |
Shopping Penha Rua Dr. Joao Ribeiro, 304 |
03634-010 | MM | Fee | 1992/2004 | 2006 | 34.8% | 325,183 | $ | 5,495,500 | $ | 17.75 | 96% | Marisa (2017), Magazine Luiza (2013), Sonda (2014), Lojas Americanas (2013), Kalunga (2010), C&A (2014) | |||||||||||||||||||||||||||
34
|
Sao Paulo |
Plaza Sul Praca Leonor Kaupa |
04151-100 | MM | Fee | 1994 | 2006 | 14.25% | 248,988 | $ | 8,295,412 | $ | 33.58 | 99% | Lojas Americanas (2011), Luigi Bertolli (2009), Camicado (2010), Monday Academia (2009), Renner (2010) | |||||||||||||||||||||||||||
35
|
Sao Paulo |
Tivoli Shopping Av. Santa Barbara, 777 |
13456-080 | MM | Fee | 1993/2006 | 2006 | 14.25% | 234,392 | $ | 2,842,171 | $ | 12.34 | 98% | Lojas Americanas (2014), Unimed (2010), Magazine Luiza (2013), C&A (2016), C&C (2011), Paulistao (2016) |
20
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||||||
36
|
Anaheim, CA |
Anaheim Hills Festival Center 8100 East Santa Canyon Road |
92808 | MV | Fee | 1992 | 2005 | 50% | 77,883 | $ | 1,354,101 | $ | 17.39 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
37
|
Antioch, CA |
County East Shopping Center 2602 Somersville Road |
94509 | MV | Fee | 1970 | 2005 | 50% | 75,339 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
38
|
Buena Park, CA |
Buena Park Mall and Entertainment 100 Buena Park |
90620 | SC | Fee (3 | ) | 1965 | 2004 | 20% | 735,130 | $ | 9,589,000 | $ | 17.92 | 71.7% | Circuit City (2018), DSW Shoe Warehouse (2013), Ross Dress For Less (2015), Bed Bath & Beyond (2011), 24 Hour Fitness (2022), Kohls (2024), Krikorian Premier Theatres (2023), Michaels(2014), Sears (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
39
|
Burbank, CA |
Burbank Town Center 245 East Magnolia Boulevard |
91502 | MV | GL | 1991 | 2005 | 50% | 89,182 | $ | 1,657,357 | $ | 18.58 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
40
|
Chino, CA |
Chino Town Square Shopping 5517 Philadelphia |
91710 | MV | Fee | 1986 | 2005 | 50% | 81,282 | $ | 905,210 | $ | 11.14 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
41
|
Clovis, CA |
Sierra Vista Mall 1000 Shaw Avenue |
93612 | MV | GL | 1988 | 2005 | 50% | 75,088 | $ | 742,846 | $ | 9.89 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
42
|
Culver City, CA |
Circuit City - Culver City 5660 Sepulveda Boulevard |
90230 | SC | Fee | 1998 | 2007 | 100% | 32,873 | $ | 680,062 | $ | 20.69 | 100% | Circuit City (2018) | |||||||||||||||||||||||||||
43
|
El Cajon, CA |
Westfield Shopping Town 565 Fletcher Parkway |
92020 | MV | GL | 1989 | 2005 | 50% | 85,744 | $ | 1,304,225 | $ | 15.21 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
44
|
Fairfield, CA |
Westfield Solano Mall 1451 Gateway Boulevard |
94533 | MV | Fee | 1981 | 2005 | 50% | 89,223 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
45
|
Folsom, CA |
Folsom Square 1010 East Bidwell Street |
95630 | MV | Fee | 2003 | 2005 | 50% | 79,080 | $ | 1,201,287 | $ | 15.19 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
46
|
Foothill Ranch, CA |
Foothill Ranch Town Centre 26732 Portola Parkway |
92610 | MV | Fee | 1993 | 2005 | 50% | 77,934 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
47
|
Garden Grove, CA |
Garden Grove Center 13092 Harbor Boulevard |
92843 | MV | Fee | 1982 | 2005 | 50% | 83,746 | $ | 783,171 | $ | 9.35 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
48
|
Lancaster, CA |
Valley Central - Discount 44707-44765 Valley Central Way |
93536 | SC | Fee (3 | ) | 1990 | 2001 | 21% | 353,483 | $ | 3,075,684 | $ | 15.01 | 58% | Marshalls (2012), Staples (2013), Cinemark (2017), 99 Cents Only (2014), Michaels (2018), Costco (Not Owned) |
21
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
49
|
Lompac, CA |
Mission Plaza 1600 North H Street |
93436 | MV | Fee | 1992 | 2005 | 50% | 62,523 | $ | 365,056 | $ | 5.84 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
50
|
Long Beach, CA |
The Pike 95 South Pine Avenue |
90802 | SC | GL | 2005 | 1 | * | 100% | 281,535 | $ | 5,810,300 | $ | 19.86 | 94.8% | Cinemark (2017), Borders (2016), Club V2O (2019), Gameworks (2017) | ||||||||||||||||||||||||||
51
|
Madera, CA |
Madera 1467 Country Club Drive |
93638 | MV | Fee | 1990 | 2005 | 50% | 59,720 | $ | 209,050 | $ | 3.50 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
52
|
North Fullerton, CA |
North Fullerton 200 Imperial Highway |
92835 | MV | Fee | 1991 | 2005 | 50% | 76,360 | $ | 803,334 | $ | 10.52 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
53
|
Northridge, CA |
Northridge Plaza 8800 Corbin Avenue |
91324 | MV | GL | 1980 | 2005 | 50% | 75,326 | $ | 564,563 | $ | 7.49 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
54
|
Oceanside, CA |
Ocean Place Cinemas 401-409 Mission Avenue |
92054 | SC | Fee | 2000 | 2000 | 100% | 79,884 | $ | 1,330,878 | $ | 16.66 | 100% | Regal Cinemas (2014) | |||||||||||||||||||||||||||
55
|
Palmdale, CA |
Antelope Valley Mall 1305 West Rancho Vista Boulevard |
93551 | MV | Fee | 1992 | 2005 | 50% | 76,550 | $ | 862,762 | $ | 11.27 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
56
|
Pasadena, CA |
Paseo Colorado 280 East Colorado Boulevard |
91101 | LC | Fee | 2001 | 2003 | 100% | 556,271 | $ | 11,519,938 | $ | 21.97 | 94.3% | Gelsons Market (2021), Loehmanns (2015), Equinox (2017), Macys (2010), Pacific Theatres (2016), DSW Shoe Warehouse (2011) | |||||||||||||||||||||||||||
57
|
Pleasant Hill, CA |
Downtown Pleasant Hill 2255 Contra Costa Boulevard #101 |
94520 | SC | Fee(3 | ) | 1999/2000 | 2001 | 20% | 345,930 | $ | 6,431,048 | $ | 19.72 | 94.3% | Lucky Supermarket (2020), Michaels (2010), Borders (2015), Ross Dress For Less (2010), Bed Bath & Beyond (2010), Century Theatre (2016) | ||||||||||||||||||||||||||
58
|
Porterville, CA |
Porterville Market Place 1275 West Henderson Avenue |
93257 | MV | Fee | 1991 | 2005 | 50% | 76,378 | $ | 535,910 | $ | 7.02 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
59
|
Redding, CA |
Shasta Center 1755 Hilltop Drive |
96002 | MV | Fee | 1984 | 2005 | 50% | 61,363 | $ | 645,214 | $ | 10.51 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
60
|
Richmond, CA |
Hilltop Plaza 3401 Blume Drive |
94803 | SC | Fee(3 | ) | 1996/2000 | 2002 | 20% | 245,774 | $ | 3,858,794 | $ | 16.07 | 97.7% | 99 Cents Only Stores (2011), PetSmart (2012), Ross Dress For Less (2013), Barnes & Noble (2011), Century Theatre (2016) | ||||||||||||||||||||||||||
61
|
San Diego, CA |
Southland Plaza Shopping 575 Saturn Boulevard |
92154 | MV | Fee | 1982 | 2005 | 50% | 75,207 | $ | 1,054,841 | $ | 14.03 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
62
|
San Diego, CA |
College Grove Shopping Center 3450 College Avenue |
92115 | MV | Fee | 1991 | 2005 | 50% | 73,872 | $ | 880,775 | $ | 11.92 | 100% | Mervyns (2020) |
22
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
63
|
San Francisco, CA |
Van Ness Plaza 125 1000 Van Ness Avenue |
94109 | SC | Fee | 1998 | 2002 | 100% | 123,755 | $ | 3,971,743 | $ | 38.48 | 83.4% | AMC Theatre (2030), Crunch Fitness (2009) | |||||||||||||||||||||||||||
64
|
Santa Maria, CA |
Town Center West 201 Town Center West |
93458 | MV | Fee | 1988 | 2005 | 50% | 84,886 | $ | 793,784 | $ | 9.35 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
65
|
Santa Rosa, CA |
Santa Rosa Plaza 600 Santa Rosa Plaza |
95401 | MV | Fee | 1981 | 2005 | 50% | 90,348 | $ | 1,588,628 | $ | 17.58 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
66
|
Slatten Ranch, CA |
Slatten Ranch Shopping Center 5849 Lone Tree Way |
94531 | MV | Fee | 2002 | 2005 | 50% | 78,819 | $ | 1,381,693 | $ | 17.53 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
67
|
Sonora, CA |
Sonora Crossroad Shopping 1151 Sanguinetti Road |
95370 | MV | Fee | 1993 | 2005 | 50% | 62,214 | $ | 763,009 | $ | 12.26 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
68
|
Tulare, CA |
Arbor Faire Shopping Center 1675 Hillman Street |
93274 | MV | Fee | 1991 | 2005 | 50% | 62,947 | $ | 588,970 | $ | 9.36 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
69
|
Ukiah, CA |
Ukiah 437 North Orchard Avenue |
95482 | MV | Fee | 1990 | 2005 | 50% | 58,841 | $ | 343,831 | $ | 5.84 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
70
|
Valencia, CA |
Mervyns Valencia 24235 Magic Mountain Parkway |
91355 | SC | GL | 1986 | 2006 | 100% | 75,590 | $ | 989,420 | $ | 13.09 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
71
|
West Covina, CA |
West Covina Shopping Center 2753 East Eastland Center Drive |
91791 | MV | GL | 1979 | 2005 | 50% | 79,800 | $ | 1,607,730 | $ | 20.15 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
Colorado | ||||||||||||||||||||||||||||||||||||||||||
72
|
Aurora, CO |
Pioneer Hills 5400-5820 South Parker |
80012 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 127,215 | $ | 2,321,316 | $ | 18.12 | 91.8% | Bed Bath & Beyond (2012), Office Depot (2017), Wal-Mart (Not Owned), Home Depot (Not Owned) | ||||||||||||||||||||||||||
73
|
Broomfield, CO |
Flatiron Marketplace Garden 1 West Flatiron Circle |
80021 | SC | Fee | 2001 | 2003 | 100% | 252,035 | $ | 4,085,632 | $ | 20.91 | 77.5% |
Nordstrom Rack (2011), Best Buy (2016), Office Depot (2016), Great Indoors (Not Owned) |
|||||||||||||||||||||||||||
74
|
Denver, CO |
Centennial Promenade 9555 East County Line Road |
80223 | SC | Fee | 1997/2002 | 1997 | 100% | 408,337 | $ | 7,004,611 | $ | 17.74 | 96.7% |
Golfsmith Golf Center (2012), Soundtrack (2017), Ross Dress For
Less (2013), Office Max (2012), Michaels (2012), Toys
R Us (2011), Borders (2017), Loehmanns
(2012), Recreational Equipment (Not Owned), Home Depot (Not Owned) |
23
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
75
|
Denver, CO |
Tamarac Square 7777 East Hampden |
80231 | SC | Fee | 1976 | 2001 | 100% | 183,611 | $ | 1,902,467 | $ | 13.59 | 69.9% | Regency Theatres Tamarac Square (2009) | |||||||||||||||||||||||||||
76
|
Denver, CO |
University Hills 2730 South Colorado Boulevard |
80222 | SC | Fee | 1997 | 2003 | 100% | 244,383 | $ | 3,792,744 | $ | 17.89 | 86.7% |
Pier 1 Imports (2014), Office Max (2012), King Soopers (2017) |
|||||||||||||||||||||||||||
77
|
Fort Collins, CO |
Mulberry & Lemay Crossing Mulberry Street & South Lemay Avenue |
80525 | SC | Fee | 2004 | 2003 | 100% | 18,988 | $ | 393,944 | $ | 23.89 | 86.8% | Wal-Mart (Not Owned), Home Depot (Not Owned) | |||||||||||||||||||||||||||
78
|
Highland Ranch, CO |
Circuit City - Highland Ranch 8575 South Quebec Street |
80130 | SC | Fee | 1998 | 2007 | 100% | 43,480 | $ | 443,625 | $ | 10.20 | 100% | Circuit City (2018) | |||||||||||||||||||||||||||
79
|
Littleton, CO |
Aspen Grove 7301 South Santa Fe |
80120 | LC | Fee | 2002 | 1 | * | 100% | 231,450 | $ | 6,028,977 | $ | 27.45 | 88.9% | |||||||||||||||||||||||||||
80
|
Parker, CO |
Flatacres Marketcenter South Parker Road |
80134 | SC | GL (3 | ) | 2003 | 2003 | 14.5% | 116,644 | $ | 2,084,091 | $ | 15.23 | 100% |
Bed Bath & Beyond (2014), Gart Sports (2014), Michaels(2013), Kohls (Not Owned) |
||||||||||||||||||||||||||
81
|
Parker, CO |
Parker Pavilions 11153-11183 South Parker Road |
80134 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 89,631 | $ | 1,447,663 | $ | 18.66 | 81.4% | Office Depot (2016), Home Depot (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||||||||
82
|
Manchester, CT |
Manchester Broad Street 286 Broad Street |
06040 | SC | Fee | 1995/2003 | 2007 | 100% | 68,509 | $ | 1,075,480 | $ | 15.70 | 100% | Stop & Shop (2028) | |||||||||||||||||||||||||||
83
|
Plainville, CT |
Connecticut Commons I-84 & Route 9 |
06062 | SC | Fee (3 | ) | 1999/2001 | 1 | * | 15% | 463,338 | $ | 5,983,672 | $ | 11.78 | 92.7% |
Lowes (2019), Loews Cinema (2019), Kohls
(2022), DSW Shoe Warehouse (2015), Dicks Clothing and
Sporting Goods (2020), PetSmart (2015), A.C. Moore (2014), Old
Navy (2011), Marshalls (2018) |
|||||||||||||||||||||||||
84
|
Waterbury, CT |
Naugatuck Valley Shopping Center 950 Wolcott Street |
06705 | SC | Fee (3 | ) | 2003 | 2007 | 15% | 232,085 | $ | 3,775,480 | $ | 17.76 | 81.9% | Wal-Mart (2027), Bobs Stores (2017), Stop & Shop (2021), Staples (2018) | ||||||||||||||||||||||||||
85
|
Windsor Court, CT |
Windsor Court Shopping Center 1095 Kennedy Road |
06095 | SC | Fee | 1993 | 2007 | 100% | 78,480 | $ | 1,401,225 | $ | 17.85 | 100% | Stop & Shop (2013) | |||||||||||||||||||||||||||
Delaware | ||||||||||||||||||||||||||||||||||||||||||
86
|
Dover, DE |
Kmart Shopping Center 515 North Dupont Highway |
19901 | SC | Fee (3 | ) | 1973 | 2008 | 25.25% | 84,180 | $ | 301,000 | $ | 2.86 | 100% | Kmart (2009) |
24
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||
87
|
Apopka, FL |
Piedmont Plaza 2302-2444 E Semoran Boulevard |
32703 | SC | Fee (3 | ) | 2004 | 2007 | 14.5% | 148,075 | $ | 1,081,245 | $ | 8.22 | 88.8% | Bealls (2019), Albertsons (Not Owned) | ||||||||||||||||||||||||||
88
|
Bayonet Point, FL |
Point Plaza US 19 & State Route 52 |
34667 | SC | Fee | 1985/2003 | 1/2 | * | 100% | 209,714 | $ | 1,386,913 | $ | 6.61 | 100% |
Publix Super Markets (2010), Bealls (2014), T.J. Maxx (2010) |
||||||||||||||||||||||||||
89
|
Boynton Beach, FL |
Meadows Square Hypoluxo Road North Congress Avenue |
33461 | SC | Fee (3 | ) | 1986 | 2004 | 20% | 106,224 | $ | 1,251,109 | $ | 14.00 | 84.2% | Publix Super Markets (2011) | ||||||||||||||||||||||||||
90
|
Boynton Beach, FL |
Boynton Commons 333-399 Congress Avenue |
33426 | SC | Fee (3 | ) | 1998 | 2007 | 15% | 210,488 | $ | 3,160,798 | $ | 15.16 | 99% | Barnes & Noble (2013), PetSmart (2014), Sports Authority (2013), Bed Bath & Beyond (2014) | ||||||||||||||||||||||||||
91
|
Boynton Beach, FL |
Aberdeen Square 4966 Le Chalet Boulevard |
33426 | SC | Fee (3 | ) | 1990 | 2007 | 20% | 70,555 | $ | 694,723 | $ | 10.41 | 94.5% | Publix Super Markets (2010) | ||||||||||||||||||||||||||
92
|
Boynton Beach, FL |
Village Square at Golf 3775 West Woolbright Road |
33436 | SC | Fee (3 | ) | 1983/2002 | 2007 | 20% | 126,486 | $ | 1,736,796 | $ | 14.05 | 88.6% | Publix Super Markets (2013) | ||||||||||||||||||||||||||
93
|
Bradenton, FL |
Lakewood Ranch Plaza 1755 Lakewood Ranch Boulevard |
34211 | SC | Fee (3 | ) | 2001 | 2007 | 20% | 69,484 | $ | 946,301 | $ | 12.26 | 96.7% | Publix Super Markets (2021) | ||||||||||||||||||||||||||
94
|
Bradenton, FL |
Cortez Plaza Cortez Road West & U.S. Highway 41 |
34207 | SC | Fee | 1966/1988 | 2007 | 100% | 288,540 | $ | 3,068,998 | $ | 10.88 | 97.8% |
Publix Super Markets (2010), Burlington Coat Factory (2013), PetSmart (2012), Circuit City (2010) |
|||||||||||||||||||||||||||
95
|
Bradenton, FL |
Creekwood Crossing 7395 52nd Place East |
34203 | SC | Fee (3 | ) | 2001 | 2007 | 20% | 180,746 | $ | 2,078,415 | $ | 10.58 | 89.4% |
Bealls (2016), Bealls Outlet (2014), Lifestyle
Family Fitness (2014), Macys Furniture & Mattress Clearance Center (2009) |
||||||||||||||||||||||||||
96
|
Brandon, FL |
Kmart Shopping Center 1602 Brandon Boulevard |
33511 | SC | GL |
1972/1997/ 2003 |
2 | * | 100% | 161,900 | $ | 801,248 | $ | 3.65 | 100% | Kmart (2012), Kane Furniture (2022) | ||||||||||||||||||||||||||
97
|
Brandon, FL |
Lake Brandon Plaza Causeway Boulevard |
33511 | SC | Fee (3 | ) | 1999 | 2003 | 14.5% | 148,267 | $ | 1,932,929 | $ | 11.96 | 100% |
CompUSA (2017), Jo-Ann Stores (2017), Babies R Us
(2013), Publix Super Markets (2019) |
||||||||||||||||||||||||||
98
|
Brandon, FL |
Lake Brandon Village Causeway Boulevard |
33511 | SC | Fee (3 | ) | 1997/2004 | 2003 | 14.5% | 113,986 | $ | 1,121,612 | $ | 14.23 | 69.2% | Sports Authority (2018), PetSmart (2020), Lowes (Not Owned) |
25
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
99
|
Casselberry, FL |
Casselberry Commons 1455 South Semoran Boulevard |
32707 | SC | Fee(3 | ) | 1973/1998 | 2007 | 20% | 228,967 | $ | 2,071,019 | $ | 9.09 | 87.2% |
Publix Super Markets (2012), Ross Dress For Less (2013), Stein Mart (2015) |
||||||||||||||||||||||||||
100
|
Clearwater, FL |
Clearwater Collection 21688-21800 U.S. Highway 19 North |
33765 | SC | Fee | 1995/2005 | 2007 | 100% | 132,023 | $ | 1,483,948 | $ | 12.57 | 89.4% | L.A. Fitness International (2022), Floor & Decor (2017) | |||||||||||||||||||||||||||
101
|
Crystal River, FL |
Crystal Springs Shopping Center 6760 West Gulf to Lake |
34429 | SC | Fee (3 | ) | 2001 | 2007 | 20% | 66,986 | $ | 688,817 | $ | 11.05 | 93% | Publix Super Markets (2021) | ||||||||||||||||||||||||||
102
|
Crystal RIver, FL |
Crystal River Plaza 420 Sun Coast Highway |
33523 | SC | Fee | 1986/2001 | 1/2 | * | 100% | 169,101 | $ | 867,967 | $ | 7.68 | 66.8% | Bealls (2012), Bealls Outlet (2011) | ||||||||||||||||||||||||||
103
|
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 (2014) | |||||||||||||||||||||||||||
104
|
Dania, FL |
Sheridan Square 401-435 East Sheridan Street |
33004 | SC | Fee (3 | ) | 1991 | 2007 | 20% | 67,475 | $ | 643,004 | $ | 10.31 | 92.4% | Publix Super Markets (2010) | ||||||||||||||||||||||||||
105
|
Davie, FL |
Paradise Promenade 5949-6029 Stirling Road |
33314 | SC | Fee (3 | ) | 2004 | 2007 | 20% | 74,493 | $ | 1,154,841 | $ | 16.11 | 96.2% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
106
|
Daytona Beach, FL |
Volusia 1808 West International Speedway |
32114 | SC | Fee | 1984 | 2001 | 100% | 76,087 | $ | 838,139 | $ | 13.42 | 82.1% | Marshalls (2010) | |||||||||||||||||||||||||||
107
|
Deerfield Beach, FL |
Hillsboro Square Hillsboro Boulevard & Highway One |
33441 | SC | Fee (3 | ) | 1978/2002 | 2007 | 15% | 145,329 | $ | 2,238,273 | $ | 15.97 | 96.4% | Publix Super Markets (2022), Office Depot (2023) | ||||||||||||||||||||||||||
108
|
Englewood, FL |
Rotonda Plaza 5855 Placida Road |
34224 | SC | Fee | 1991 | 2004 | 100% | 46,835 | $ | 438,152 | $ | 10.06 | 93% | Kash n Karry (2011) | |||||||||||||||||||||||||||
109
|
Fort Meyers, FL |
Market Square 13300 South Cleveland Avenue |
33919 | SC | Fee (3 | ) | 2004 | 2007 | 15% | 107,179 | $ | 1,708,296 | $ | 14.45 | 100% | American Signature (2014), Total Wine & More (2016), DSW Shoe Warehouse (2016), Target (Not Owned) | ||||||||||||||||||||||||||
110
|
Fort Meyers, FL |
Cypress Trace Cypress Lake Drive & U.S. 41 |
33907 | SC | Fee (3 | ) | 2004 | 2007 | 15% | 276,288 | $ | 2,755,151 | $ | 10.04 | 99.3% |
Bealls (2010), Stein Mart (2013), Bealls Outlet
(2010), Ross Dress For Less (2012) |
||||||||||||||||||||||||||
111
|
Fort Walton Beach, FL |
Shoppes at Paradise Pointe U.S. Highway 98 & Perry Avenue |
32548 | SC | Fee (3 | ) | 1987/2000 | 2007 | 20% | 83,936 | $ | 994,286 | $ | 13.40 | 88.4% | Publix Super Markets (2021) | ||||||||||||||||||||||||||
112
|
Gulf Breeze, FL |
Gulf Breeze Marketplace 3749-3767 Gulf Breeze Parkway |
32561 | SC | Fee | 1998 | 2003 | 100% | 29,827 | $ | 494,236 | $ | 16.57 | 100% | Wal-Mart (Not Owned), Lowes (Not Owned) | |||||||||||||||||||||||||||
113
|
Hernando, FL |
Shoppes of Citrus Hills 2601 Forest Ridge Boulevard |
34442 | SC | Fee (3 | ) | 1994/2003 | 2007 | 20% | 68,927 | $ | 717,255 | $ | 10.70 | 97.3% | Publix Super Markets (2014) |
26
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
114
|
Hialeah, FL |
Paraiso Plaza 3300-3350 West 80th Street |
33018 | SC | Fee (3 | ) | 1997 | 2007 | 20% | 60,712 | $ | 766,537 | $ | 14.01 | 90.1% | Publix Super Markets (2017) | ||||||||||||||||||||||||||
115
|
Jacksonville, FL |
Jacksonville Regional 3000 Dunn Avenue |
32218 | SC | Fee | 1988 | 1995 | 100% | 219,735 | $ | 1,333,820 | $ | 6.73 | 90.2% | JCPenney (2012), Winn Dixie Stores (2014) | |||||||||||||||||||||||||||
116
|
Jacksonville, FL |
Arlington Plaza 926 Arlington Road |
32211 | SC | Fee | 1990/1999 | 2004 | 100% | 182,098 | $ | 601,727 | $ | 7.54 | 43.8% | Food Lion (2010) | |||||||||||||||||||||||||||
117
|
Lake Mary, FL |
Shoppes at Lake Mary 4155 West Lake Mary Boulevard |
32746 | SC | Fee (3 | ) | 2001 | 2007 | 15% | 73,343 | $ | 1,531,899 | $ | 20.68 | 100% | Staples (2015) | ||||||||||||||||||||||||||
118
|
Lake Wales, FL |
Shoppes on the Ridge Highway 27 & Chalet Suzanne Road |
33859 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 115,671 | $ | 1,198,314 | $ | 12.56 | 82.5% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
119
|
Lakeland, FL |
Highlands Plaza 2228 Lakelands Highland Road |
33803 | SC | Fee | 1990 | 2004 | 100% | 102,572 | $ | 858,358 | $ | 8.86 | 94.5% | Winn Dixie Stores (2017) | |||||||||||||||||||||||||||
120
|
Lakeland, FL |
Lakeland Marketplace Florida Lakeland |
33803 | SC | Fee | 2006 | 2003 | 100% | 77,582 | $ | 581,865 | $ | 7.50 | 100% | ||||||||||||||||||||||||||||
121
|
Largo, FL |
Colonial Promenade Bardmoor Center 10801 Starkey Road |
33777 | SC | Fee (3 | ) | 1991 | 2007 | 20% | 152,667 | $ | 1,865,873 | $ | 12.48 | 96.5% | Publix Super Markets (2011) | ||||||||||||||||||||||||||
122
|
Largo, FL |
Kmart Shopping Center 1000 Missouri Avenue |
33770 | SC | Fee (3 | ) | 1969 | 2008 | 25% | 116,805 | $ | 214,921 | $ | 1.84 | 100% | Kmart (2012) | ||||||||||||||||||||||||||
123
|
Lauderhill, FL |
Universal Plaza 7730 West Commercial |
33351 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 49,505 | $ | 1,048,954 | $ | 23.02 | 92% | Target (Not Owned) | ||||||||||||||||||||||||||
124
|
Melbourne, FL |
Melbourne Shopping Center 1301-1441 South Babcock |
32901 | SC | Fee (3 | ) | 1960/1999 | 2007 | 20% | 204,202 | $ | 1,351,620 | $ | 6.89 | 93.1% | Big Lots (2014), Publix Super Markets (2019) | ||||||||||||||||||||||||||
125
|
Miami, FL |
The Shops of Midtown 3401 North Miami Avenue |
33127 | SC | Fee | 2006 | 1 | * | 100% | 247,599 | $ | 5,047,817 | $ | 20.27 | 90.5% | Circuit City (2022), Loehmanns (2018), Marshalls (2017), Ross Dress For Less (2018), Target (2027), West Elm (2019) | ||||||||||||||||||||||||||
126
|
Miami, FL |
Plaza Del Paraiso 12100 S.W. 127th Avenue |
33186 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 82,441 | $ | 1,162,796 | $ | 13.38 | 93.4% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
127
|
Miramar, FL |
River Run Miramar Parkway & Palm Avenue |
33025 | SC | Fee (3 | ) | 1989 | 2007 | 20% | 93,643 | $ | 971,424 | $ | 12.79 | 81.1% | Publix Super Markets (2014) | ||||||||||||||||||||||||||
128
|
Naples, FL |
Carillon Place 5010 Airport Road North |
33942 | SC | Fee (3 | ) | 1994 | 1995 | 14.5% | 267,796 | $ | 3,157,833 | $ | 12.35 | 95.5% |
Wal-Mart (2014), T.J. Maxx (2014), Circuit City (2015), Ross Dress For Less (2010), Bealls (2015), Office Max (2010) |
27
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
129
|
Naples, FL |
Countryside 4025 Santa Barbara |
34104 | SC | Fee (3 | ) | 1997 | 2007 | 20% | 73,986 | $ | 851,713 | $ | 11.51 | 100% | Sweetbay Supermarkets (2017) | ||||||||||||||||||||||||||
130
|
Newport Richey, FL |
Shoppes of Golden Acres 9750 Little Road |
34654 | SC | Fee (3 | ) | 2002 | 2007 | 20% | 130,643 | $ | 1,276,767 | $ | 13.96 | 70% | Publix Super Markets (2022) | ||||||||||||||||||||||||||
131
|
Ocala, FL |
Heather Island 7878 S.E. Maricamp |
34472 | SC | Fee (3 | ) | 2005 | 2007 | 20% | 70,970 | $ | 736,383 | $ | 10.55 | 98.3% | Publix Super Markets (2020) | ||||||||||||||||||||||||||
132
|
Ocala, FL |
Steeplechase Plaza 8585 State Road 200 |
34481 | SC | Fee | 1993 | 2007 | 100% | 92,180 | $ | 937,612 | $ | 9.74 | 100% | Publix Super Markets (2013) | |||||||||||||||||||||||||||
133
|
Ocala, FL |
Ocala West 2400 S.W. College Road |
32674 | SC | Fee | 1991 | 2003 | 100% | 105,276 | $ | 830,208 | $ | 8.30 | 95% | Sports Authority (2012), Hobby Lobby (2016) | |||||||||||||||||||||||||||
134
|
Ocoee, FL |
West Oaks Town Center 9537-49 West Colonial |
34761 | SC | Fee (3 | ) | 2000 | 2007 | 20% | 66,539 | $ | 1,128,641 | $ | 18.36 | 92.4% | Michaels (2010) | ||||||||||||||||||||||||||
135
|
Orange Park, FL |
The Village Shopping Center 950 Blanding Boulevard |
32065 | SC | Fee | 1993/2000 | 2004 | 100% | 72,511 | $ | 697,556 | $ | 9.82 | 97.9% | Bealls (2014), Albertsons (Not Owned) | |||||||||||||||||||||||||||
136
|
Orlando, FL |
Chickasaw Trail 2300 South Chickasaw Trail |
32825 | SC | Fee (3 | ) | 1994 | 2007 | 20% | 75,492 | $ | 807,906 | $ | 11.58 | 92.4% | Publix Super Markets (2014) | ||||||||||||||||||||||||||
137
|
Orlando, FL |
Circuit City Plaza Good Homes Road & Colonial Drive |
32818 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 78,625 | $ | 994,110 | $ | 15.12 | 83.6% | Staples (2015) | ||||||||||||||||||||||||||
138
|
Orlando, FL |
Conway Plaza 4400 Curry Ford Road |
32812 | SC | Fee (3 | ) | 1985/1999 | 2007 | 20% | 117,723 | $ | 1,002,974 | $ | 9.49 | 89.8% | Publix Super Markets (2019) | ||||||||||||||||||||||||||
139
|
Orlando, FL |
Sand Lake Corners 8111-8481 John Young Parkway |
32819 | SC | Fee (3 | ) | 1998/2000 | 2007 | 15% | 197,716 | $ | 2,350,965 | $ | 12.47 | 95.4% | Bealls (2014), PetSmart (2014), Staples (2014), Wal-Mart (Not Owned), Lowes (Not Owned) | ||||||||||||||||||||||||||
140
|
Orlando, FL |
Skyview Plaza 7801 Orange Blossom Trail |
32809 | SC | Fee (3 | ) | 1994/1998 | 2007 | 20% | 281,260 | $ | 2,580,758 | $ | 9.55 | 96.1% |
Publix Super Markets (2013), Office Depot (2008), Kmart (2009), Circuit City (2013) |
||||||||||||||||||||||||||
141
|
Ormond Beach, FL |
Ormond Towne Square 1458 West Granada Boulevard |
32174 | SC | Fee | 1993 | 1994 | 100% | 234,042 | $ | 2,017,796 | $ | 8.96 | 96.2% |
Bealls (2018), Ross Dress For Less (2016), Publix Super Markets (2013) |
|||||||||||||||||||||||||||
142
|
Oviedo, FL |
Oviedo Park Crossing Route 417 & Red Bug Lake Road |
32765 | SC | Fee (3 | ) | 1999 | 1 | * | 20% | 186,212 | $ | 1,682,591 | $ | 10.82 | 83.5% |
Office Max (2014), Ross Dress For Less (2010), Michaels(2014), T.J. Maxx (2010), Lowes (Not Owned) |
|||||||||||||||||||||||||
143
|
Palm Beach Garden, FL |
Northlake Commons Northlake Boulevard |
33403 | SC | Fee (3 | ) | 1987/2003 | 2007 | 20% | 146,825 | $ | 2,002,632 | $ | 16.07 | 84.9% | Ross Dress For Less (2014), Tiger Direct (2018), Home Depot (Not Owned) |
28
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
144
|
Palm Harbor, FL |
The Shoppes of Boot Ranch 300 East Lakeroad |
34685 | SC | Fee | 1990 | 1995 | 100% | 52,395 | $ | 957,541 | $ | 19.33 | 94.5% | Albertsons (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||||
145
|
Palm Harbor, FL |
Publix Brooker Creek 36301 East Lake Road |
34685 | SC | Fee (3 | ) | 1994 | 2007 | 20% | 77,596 | $ | 907,609 | $ | 11.85 | 98.7% | Publix Super Markets (2014) | ||||||||||||||||||||||||||
146
|
Pembroke Pines, FL |
Flamingo Falls 2000-2216 North Flamingo Road |
33028 | SC | Fee (3 | ) | 2001 | 2007 | 20% | 108,565 | $ | 2,432,870 | $ | 22.75 | 98.5% | |||||||||||||||||||||||||||
147
|
Pensacola, FL |
Palafox Square 8934 Pensacola Boulevard |
32534 | SC | Fee |
1988/1997/ 1999 |
1/2 | * | 100% | 17,150 | $ | 252,813 | $ | 14.74 | 100% | Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
148
|
Plant City, FL |
Plant City Crossing SWC of Interstate 4 & Thonotosassa Road |
33563 | SC | Fee | 2001 | 2007 | 100% | 85,252 | $ | 1,009,421 | $ | 12.26 | 96.6% | Publix Super Markets (2021) | |||||||||||||||||||||||||||
149
|
Plant City, FL |
Lake Walden Square 105-240 West Alexander |
33566 | SC | Fee (3 | ) | 1992 | 2007 | 14.5% | 158,347 | $ | 1,358,162 | $ | 9.81 | 83.2% | Kash n Karry (2012), Premiere Cinemas (2013) | ||||||||||||||||||||||||||
150
|
Plantation, FL |
The Fountains 801 South University Drive |
33324 | SC | Fee | 1989 | 2007 | 100% | 223,281 | $ | 2,555,512 | $ | 17.27 | 65.3% | Marshalls (2014), Kohls (Not Owned) | |||||||||||||||||||||||||||
151
|
Plantation, FL |
Vision Works 801 South University Drive |
33324 | SC | Fee | 1989 | 2007 | 100% | 6,891 | $ | 159,170 | $ | 23.10 | 100% | ||||||||||||||||||||||||||||
152
|
Santa Rosa Beach, FL |
Watercolor Crossing 110 Watercolor Way |
32459 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 43,207 | $ | 674,060 | $ | 16.05 | 97.2% | Publix Super Markets (2024) | ||||||||||||||||||||||||||
153
|
Sarasota, FL |
Sarasota Pavilion 6511 Tamaimi Trail |
34231 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 324,985 | $ | 3,905,623 | $ | 12.00 | 98.3% | Stein Mart (2009), Publix Super Markets (2010), Michaels (2014), Old Navy (2010), Marshalls (2013), Bed Bath & Beyond (2015), Ross Dress For Less (2012), Books-A-Million (2011) | ||||||||||||||||||||||||||
154
|
Spring Hill, FL |
Mariner Square 13050 Cortez Boulevard. |
34613 | SC | Fee | 1988/1997 | 1/2 | * | 100% | 188,347 | $ | 1,553,721 | $ | 8.32 | 95.6% | Bealls (2011), Ross Dress For Less (2014), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
155
|
St. Petersburg, FL |
Kmart Plaza 3951 34th Street South |
33711 | SC | Fee (3 | ) | 1973 | 2008 | 25% | 94,500 | $ | 277,400 | $ | 2.94 | 100% | Kmart (2013) | ||||||||||||||||||||||||||
156
|
St. Petersburg, FL |
Gateway Market Center 7751-8299 9th Street North |
33702 | SC | Fee (3 | ) | 2000 | 2007 | 15% | 231,106 | $ | 2,045,678 | $ | 9.31 | 95.1% | T.J. Maxx (2014), Publix Super Markets (2019), Bealls (2021), PetSmart (2013), Office Depot (2014), Target (Not Owned) | ||||||||||||||||||||||||||
157
|
Tallahassee, FL |
Capital West 4330 West Tennessee Street |
32312 | SC | Fee | 1994/2004 | 2003 | 100% | 79,451 | $ | 646,711 | $ | 8.14 | 100% | Bealls Outlet (2009), Office Depot (2017), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
158
|
Tallahassee, FL |
Killearn Shopping Center 3479-99 Thomasville Road |
32309 | SC | Fee(3 | ) | 1980 | 2007 | 20% | 95,229 | $ | 1,023,285 | $ | 11.14 | 96.4% | Publix Super Markets (2011) |
29
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
159
|
Tallahassee, FL |
Southwood Village NWC Capital Circle & Blairstone Road |
32301 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 62,840 | $ | 758,374 | $ | 12.55 | 96.2% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
160
|
Tamarac, FL |
Midway Plaza University Drive & Commercial Boulevard |
33321 | SC | Fee (3 | ) | 1985 | 2007 | 20% | 227,209 | $ | 2,808,731 | $ | 13.55 | 91.2% | Ross Dress For Less (2013), Publix Super Markets (2011) | ||||||||||||||||||||||||||
161
|
Tampa, FL | New Tampa Commons | 33647 | SC | Fee | 2005 | 2007 | 100% | 10,000 | $ | 336,221 | $ | 33.62 | 100% | ||||||||||||||||||||||||||||
162
|
Tampa, FL | North Pointe Plaza 15001-15233 North Dale Mabry | 33618 | SC | Fee (3 | ) | 1990 | 1/2 | * | 20% | 104,460 | $ | 1,300,345 | $ | 12.94 | 96.2% | Publix Super Markets (2010), Wal-Mart (Not Owned) | |||||||||||||||||||||||||
163
|
Tampa, FL | Walks at Highwood Preserve I 18001 Highwoods Preserve Parkway | 33647 | SC | Fee (3 | ) | 2001 | 2007 | 15% | 169,081 | $ | 2,831,210 | $ | 21.31 | 78.6% | Michaels (2012), Circuit City (2017) | ||||||||||||||||||||||||||
164
|
Tampa, FL |
Town N Country Promenade 7021-7091 West Waters Avenue |
33634 | SC | Fee | 1990 | 1/2 | * | 100% | 134,463 | $ | 1,211,206 | $ | 9.40 | 95.8% | Kash n Karry (2010), Bealls Outlet (2014), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
165
|
Tarpon Springs, FL |
Tarpon Square 41232 U.S. 19, North |
34689 | SC | Fee | 1974/1998 | 1/2 | * | 100% | 198,797 | $ | 1,451,420 | $ | 7.00 | 100% | Kmart (2009), Big Lots (2012), Staples (2013) | ||||||||||||||||||||||||||
166
|
Tequesta, FL |
Tequesta Shoppes 105 North U.S. Highway 1 |
33469 | SC | Fee | 1986 | 2007 | 100% | 109,760 | $ | 1,093,688 | $ | 10.89 | 91.5% | Stein Mart (2017) | |||||||||||||||||||||||||||
167
|
Vairico, FL |
Brandon Boulevard Shoppes 1930 State Route 60 East |
33594 | SC | Fee | 1994 | 2007 | 100% | 85,377 | $ | 922,113 | $ | 11.62 | 92.9% | Publix Super Markets (2014) | |||||||||||||||||||||||||||
168
|
Vairico, FL |
Shoppes at Lithia 3461 Lithia Pinecrest Road |
33594 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 71,430 | $ | 1,045,200 | $ | 15.64 | 93.6% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
169
|
Venice, FL |
Jacaranda Plaza 1687 South Bypass |
34293 | SC | Fee (3 | ) | 1974 | 2008 | 25% | 84,180 | $ | 256,500 | $ | 3.05 | 100% | Kmart (2009) | ||||||||||||||||||||||||||
170
|
Vero Beach, FL |
Circuit City - Vero Beach 6560 20th Street |
32966 | SC | Fee | 2001 | 2007 | 100% | 33,243 | $ | 530,000 | $ | 15.94 | 100% | ||||||||||||||||||||||||||||
171
|
Wesley Chapel, FL |
Shoppes of New Tampa 1920 County Road 581 |
33543 | SC | Fee (3 | ) | 2002 | 2007 | 20% | 158,602 | $ | 1,972,649 | $ | 12.98 | 95.9% | Publix Super Markets (2022), Bealls (2017) | ||||||||||||||||||||||||||
172
|
West Palm Beach, FL |
Paradise Place 4075 N. Haverhill Road |
33417 | SC | Fee (3 | ) | 2003 | 2007 | 15% | 89,120 | $ | 909,707 | $ | 11.01 | 92.7% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
173
|
Winter Park, FL |
Winter Park Palms 4270 Aloma Avenue |
32792 | SC | Fee (3 | ) | 1990 | 2007 | 14.5% | 112,292 | $ | 887,733 | $ | 10.95 | 72.2% | Publix Super Markets (2010) | ||||||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||||||||||||||||||||
174
|
Athens, GA |
Athens East 4375 Lexington Road |
30605 | SC | Fee | 2000 | 2003 | 100% | 24,000 | $ | 323,904 | $ | 15.00 | 90% | Wal Mart (Not Owned) | |||||||||||||||||||||||||||
175
|
Atlanta, GA |
Brookhaven Plaza 3974 Peachtree Road N.E. |
30319 | SC | Fee (3 | ) | 1993 | 2007 | 20% | 65,320 | $ | 1,186,135 | $ | 16.93 | 100% | Kroger (2018) | ||||||||||||||||||||||||||
176
|
Atlanta, GA |
Cascade Corners 3425 Cascade Road |
30311 | SC | Fee(3 | ) | 1993 | 2007 | 20% | 66,844 | $ | 475,836 | $ | 7.12 | 100% | Kroger (2020) |
30
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
177
|
Atlanta, GA |
Pleasant Hill Plaza 1630 Pleasant Hill Road |
30136 | SC | Fee | 1990 | 1994 | 100% | 99,025 | $ | 674,769 | $ | 11.00 | 62% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
178
|
Atlanta, GA |
Perimeter Pointe 1155 Mount Vernon Highway |
30136 | SC | Fee (3 | ) | 1995/2002 | 1995 | 14.5% | 343,155 | $ | 5,464,451 | $ | 15.12 | 100% | Stein Mart (2010), Babies R Us (2012), Sports Authority (2012), L.A. Fitness (2016), Office Depot (2012), Homegoods (2018), United Artists Theatre (2015) | ||||||||||||||||||||||||||
179
|
Atlanta, GA |
Abernathy Square 6500 Roswell Road |
30328 | SC | Fee | 1983/1994 | 2007 | 100% | 127,616 | $ | 2,223,604 | $ | 19.74 | 85.1% | Publix Super Markets (2014) | |||||||||||||||||||||||||||
180
|
Atlanta, GA |
Cascade Crossing 3695 Cascade Road S.W. |
30331 | SC | Fee (3 | ) | 1994 | 2007 | 20% | 63,346 | $ | 605,375 | $ | 9.56 | 100% | Publix Super Markets (2014) | ||||||||||||||||||||||||||
181
|
Augusta, GA |
Goodys Shopping Center 2360 Georgetown Road |
30906 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 22,560 | $ | 0 | $ | 0.00 | 0% | Super Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
182
|
Austell, GA |
Burlington Plaza 3753-3823 Austell Road S.W. |
30106-1106 | SC | Fee (3 | ) | 1973 | 2008 | 25% | 146,950 | $ | 487,041 | $ | 3.39 | 97.8% | Burlington Coat Factory (2014) | ||||||||||||||||||||||||||
183
|
Buford, GA |
Marketplace at Millcreek I Mall of Georgia Boulevard |
30519 | SC | Fee (3 | ) | 2003 | 2007 | 15% | 403,106 | $ | 4,552,852 | $ | 12.86 | 87.8% | Toys R Us (2015), R.E.I. (2013), Borders (2020), Office Max (2014), PetSmart (2015), Michaels (2010), DSW Shoe Warehouse (2013), Ross Dress For Less (2013), Marshalls (2012) | ||||||||||||||||||||||||||
184
|
Canton, GA |
Hickory Flat Village 6175 Hickory Flat Highway |
30115 | SC | Fee (3 | ) | 2000 | 2007 | 20% | 74,020 | $ | 962,939 | $ | 13.32 | 97.6% | Publix Super Markets (2020) | ||||||||||||||||||||||||||
185
|
Canton, GA |
Riverstone Plaza 1451 Riverstone Parkway |
30114 | SC | Fee (3 | ) | 1998 | 2007 | 20% | 302,131 | $ | 3,538,948 | $ | 11.63 | 97.4% |
Goodys (2010), Michaels (2012), Ross Dress For Less
(2012), Belk (2017), Publix Super Markets (2018) |
||||||||||||||||||||||||||
186
|
Cartersville, GA |
Bartow Marketplace 215 Marketplace Boulevard |
30121 | SC | Fee (3 | ) | 1995 | 2007 | 15% | 375,067 | $ | 2,450,678 | $ | 6.59 | 99.2% | Wal-Mart (2015), Lowes (2015) | ||||||||||||||||||||||||||
187
|
Chamblee, GA |
Chamblee Plaza Peachtree Industrial Boulevard |
30341 | SC | Fee | 1976 | 2003 | 100% | 147,016 | $ | 668,716 | $ | 12.24 | 37.2% | ||||||||||||||||||||||||||||
188
|
Columbus, GA | Bradley Park Crossing 1591 Bradley Park Drive Columbia | 31904 | SC | Fee | 1999 | 2003 | 100% | 119,786 | $ | 1,339,143 | $ | 11.41 | 98% | Goodys (2011), PetSmart (2015), Michaels (2009), Target (Not Owned) | |||||||||||||||||||||||||||
189
|
Cumming, GA |
Sharon Greens 1595 Peachtree Parkway |
30041 | SC | Fee (3 | ) | 2001 | 2007 | 20% | 98,301 | $ | 1,109,793 | $ | 12.34 | 91.5% | Kroger (2021) |
31
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
190
|
Cumming, GA |
Cumming Marketplace Marketplace Boulevard |
30041 | SC | Fee | 1997/1999 | 2003 | 100% | 308,557 | $ | 3,344,883 | $ | 11.75 | 88.2% | Lowes (2019), Michaels (2010), Office Max (2013), Wal-Mart (Not Owned), Home Depot (Not Owned) | |||||||||||||||||||||||||||
191
|
Decatur, GA |
Flat Shoals Crossing 3649 Flakes Mill Road |
30034 | SC | Fee (3 | ) | 1994 | 2007 | 20% | 69,699 | $ | 711,118 | $ | 10.20 | 100% | Publix Super Markets (2013) | ||||||||||||||||||||||||||
192
|
Decatur, GA |
Hairston Crossing 2075 South Hairston Road |
30035 | SC | Fee (3 | ) | 2002 | 2007 | 20% | 57,884 | $ | 701,163 | $ | 12.11 | 100% | Publix Super Markets (2022) | ||||||||||||||||||||||||||
193
|
Douglasville, GA |
Douglasville Marketplace 6875 Douglas Boulevard |
30135 | SC | Fee | 1999 | 2003 | 100% | 86,158 | $ | 1,461,499 | $ | 10.54 | 100% | Best Buy (2015), Babies R Us (2011), Lowes (Not Owned) | |||||||||||||||||||||||||||
194
|
Douglasville, GA |
Douglas Pavilion 2900 Chapel Hill Road |
30135 | SC | Fee (3 | ) | 1998 | 2007 | 15% | 267,010 | $ | 2,980,628 | $ | 11.56 | 96.6% |
PetSmart (2014), Office Max (2013), Marshalls (2014), Goodys (2013), Ross Dress For Less (2012), Hudsons Furniture Showroom (2014), Target (Not Owned) |
||||||||||||||||||||||||||
195
|
Douglasville, GA |
Market Square 9503-9579 Highway 5 |
30135 | SC | Fee (3 | ) | 1974/1990 | 2007 | 20% | 121,766 | $ | 1,413,068 | $ | 11.86 | 93.3% | Office Depot (2013) | ||||||||||||||||||||||||||
196
|
Duluth, GA |
Venture Pointe I 2050 West Liddell Road |
30096 | SC | Fee (3 | ) | 1996 | 2007 | 15% | 335,420 | $ | 2,408,764 | $ | 8.39 | 85.6% | Hobby Lobby (2011), Babies R Us (2014), Ashley Furniture Homestore (2012), Golfsmith Golf Center (2012), Kohls (2022), Costco (Not Owned), Super Target (Not Owned) | ||||||||||||||||||||||||||
197
|
Duluth, GA |
Sofa Express 3480 Steve Reynolds Boulevard |
30096 | SC | Fee | 2004 | 2007 | 100% | 20,000 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
198
|
Duluth, GA |
Pleasant Hill 2205 Pleasant Hill |
30096 | SC | Fee (3 | ) | 1997/2000 | 2007 | 15% | 282,137 | $ | 3,591,471 | $ | 12.91 | 98.6% | Barnes & Noble (2012), Toys R Us (2013), Staples (2014), JCPenney (2012), Old Navy (2009), Jo-Ann Stores (2011) | ||||||||||||||||||||||||||
199
|
Ellenwood, GA |
Shoppes of Ellenwood East Atlanta Road & Fairview Road |
30294 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 67,721 | $ | 778,235 | $ | 13.12 | 87.6% | Publix Super Markets (2023) |
32
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
200
|
Fayetteville, GA |
Fayette Pavilion I New Hope Road & GA Highway 85 |
30214 | SC | Fee (3 | ) | 1995/2002 | 2007 | 15% | 1,279,810 | $ | 11,310,519 | $ | 9.82 | 90% | H.H. Gregg Appliances (2018), Wal-Mart (2016), Bed Bath & Beyond (2013), Sports Authority (2012), T.J. Maxx (2009), Publix Super Markets (2016), Belk (2015), Best Buy (2013), Hudsons Furniture Showroom (2016), Old Navy (2010), Ross Dress For Less (2012), Toys R Us (2010), Cinemark (2018), Marshalls (2011), PetSmart (2016), Kohls (2022), Jo-Ann Stores (2012), Dicks Clothing and Sporting Goods (2016), Target (Not Owned), Home Depot (Not Owned) | ||||||||||||||||||||||||||
201
|
Flowery Branch, GA |
Clearwater Crossing 7380 Spout Springs Road |
30542 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 90,566 | $ | 1,082,925 | $ | 12.85 | 93% | Kroger (2023) | ||||||||||||||||||||||||||
202
|
Gainesville, GA |
Rite Aid 599 South Enota Drive |
30501 | SC | Fee | 1997 | 2007 | 100% | 10,594 | $ | 178,016 | $ | 16.80 | 100% | ||||||||||||||||||||||||||||
203
|
Hiram, GA |
Hiram Pavilion I 5220 Jimmy Lee Smith Parkway |
30141 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 363,695 | $ | 2,825,070 | $ | 10.11 | 76.8% | Ross Dress For Less (2012), Michaels (2012), Marshalls (2011), Kohls (2022), Target (Not Owned) | ||||||||||||||||||||||||||
204
|
Kennesaw, GA |
Barrett Pavilion I 740 Barrett Parkway |
30144 | SC | Fee (3 | ) | 1998 | 2007 | 15% | 439,784 | $ | 6,593,189 | $ | 15.96 | 90.2% | AMC Theatre (2019), Homegoods (2013), The School Box (2010), Golfsmith Golf Center (2013), H.H. Gregg Appliances (2018), Jo-Ann Stores (2011), Old Navy (2010), Rei (2018), Total Wine & More (2017), Target (Not Owned) | ||||||||||||||||||||||||||
205
|
Kennesaw, GA |
Town Center Commons 725 Earnest Barrett Parkway |
30144 | SC | Fee | 1998 | 2007 | 100% | 72,108 | $ | 986,345 | $ | 14.99 | 91.3% | JCPenney (2013), Dicks Clothing and Sporting Goods (Not Owned) | |||||||||||||||||||||||||||
206
|
Lawrenceville, GA |
Five Forks Village 850 Dogwood Road |
30044 | SC | Fee (3 | ) | 1990 | 2003 | 10% | 89,064 | $ | 447,152 | $ | 16.06 | 31.3% |
33
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
207
|
Lawrenceville, GA |
Rite Aid 1545 Lawrenceville Highway |
30044 | SC | Fee | 1997 | 2007 | 100% | 9,504 | $ | 184,328 | $ | 19.39 | 100% | ||||||||||||||||||||||||||||
208
|
Lawrenceville, GA |
Springfield Park 665 Duluth Highway |
30045 | SC | Fee | 1992/2000 | 2007 | 100% | 105,321 | $ | 933,601 | $ | 10.11 | 75.7% | Hobby Lobby (2011) | |||||||||||||||||||||||||||
209
|
Lilburn, GA |
Five Forks Crossing 3055 Five Forks Trickum Road |
30047 | SC | Fee (3 | ) | 2000/2001 | 2003 | 10% | 73,910 | $ | 717,812 | $ | 9.71 | 100% | Kroger (2012) | ||||||||||||||||||||||||||
210
|
Lithonia, GA |
Stonecrest Marketplace Turner Hill Road and Mall Parkway |
30038 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 264,584 | $ | 2,942,984 | $ | 12.80 | 86.9% | Staples (2017), Babies R Us (2018), DSW Shoe Warehouse (2013), Ross Dress For Less (2013), Marshalls (2012) | ||||||||||||||||||||||||||
211
|
Lithonia, GA |
The Shops at Turner Hill 8200 Mall Parkway |
30038 | SC | Fee (3 | ) | 2004 | 2003 | 14.5% | 113,675 | $ | 1,560,075 | $ | 13.19 | 95.4% | Best Buy (2018), Bed Bath & Beyond (2013), Toys R Us (2012), Sams Club (Not Owned) | ||||||||||||||||||||||||||
212
|
Loganville, GA |
Midway Plaza 910 Athens Highway |
30052 | SC | Fee (3 | ) | 1995 | 2003 | 20% | 91,196 | $ | 1,044,574 | $ | 11.45 | 100% | Kroger (2016) | ||||||||||||||||||||||||||
213
|
Macon, GA |
Eisenhower Annex 4685 Presidential Parkway |
31206 | SC | Fee | 2002 | 2007 | 100% | 55,505 | $ | 688,453 | $ | 12.40 | 100% | H.H. Gregg Appliances (2036) | |||||||||||||||||||||||||||
214
|
Macon, GA |
Eisenhower Outlot (Davids Bridal) 4685 Presidential Parkway |
31206 | SC | Fee (3 | ) | 2004 | 2007 | 15% | 14,000 | $ | 247,665 | $ | 19.42 | 91.1% | |||||||||||||||||||||||||||
215
|
Macon, GA |
Eisenhower Crossing I 4685 Presidential Parkway |
31206 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 400,556 | $ | 4,311,437 | $ | 11.79 | 89.3% | Kroger (2022), Staples (2016), Michaels (2011), Ross Dress For Less (2012), Bed Bath & Beyond (2012), Old Navy (2011), Marshalls (2011), Dicks Clothing and Sporting Goods (2017), Target (Not Owned) | ||||||||||||||||||||||||||
216
|
Macon, GA |
Kmart 1901 Paul Walsh Drive |
31206 | SC | Fee | 2000 | 2007 | 100% | 102,098 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
217
|
Marietta, GA |
Towne Center Prado 2609 Bells Ferry Road |
30066 | SC | Fee (3 | ) | 1995/2002 | 1995 | 14.5% | 316,786 | $ | 4,041,430 | $ | 12.92 | 97.3% |
Stein Mart (2012), Ross Dress For Less (2013), Publix Super Markets (2015), Crunch Fitness (2011) |
||||||||||||||||||||||||||
218
|
Marietta, GA |
Rite Aid 731 Whitlock Avenue |
30064 | SC | Fee | 1997 | 2007 | 100% | 10,880 | $ | 183,507 | $ | 16.87 | 100% | ||||||||||||||||||||||||||||
219
|
Marietta, GA |
Blockbuster 1748 Powder Springs |
30064 | SC | Fee (3 | ) | 1994 | 2007 | 20% | 6,500 | $ | 128,960 | $ | 19.84 | 100% |
34
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
220
|
McDonough, GA |
McDonough Marketplace (LP-II) N.E. Corner 175 & Highway 20 |
30253 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 53,158 | $ | 831,109 | $ | 13.77 | 94.7% |
Office Depot (2016), Lowes (Not Owned), Wal-Mart (Not Owned) |
||||||||||||||||||||||||||
221
|
McDonough, GA |
Shoppes at Lake Dow 900-938 Highway 81 East |
30252 | SC | Fee (3 | ) | 2002 | 2007 | 20% | 73,145 | $ | 870,478 | $ | 12.89 | 92.3% | Publix Super Markets (2022) | ||||||||||||||||||||||||||
222
|
Morrow, GA |
Southlake Pavilion 1912 Mount Zion Road |
30260 | SC | Fee (3 | ) | 1996/2001 | 2007 | 15% | 530,066 | $ | 4,476,109 | $ | 13.04 | 64.8% | Ross Dress For Less (2012), Barnes & Noble (2013), Ashley Furniture Homestore (2012), L.A. Fitness (2017), Staples (2015), Old Navy (2011), H.H. Gregg Appliances (2018), Sears (2012), Target (Not Owned) | ||||||||||||||||||||||||||
223
|
Newnan, GA |
Newnan Crossing 955-1063 Bullsboro Drive |
30264 | SC | Fee | 1995 | 2003 | 100% | 156,497 | $ | 1,283,643 | $ | 8.36 | 98.1% | Lowes (2015), Belk (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
224
|
Newnan, GA |
Newnan Pavilion 1074 Bullsboro Drive |
30265 | SC | Fee (3 | ) | 1998 | 2007 | 15% | 263,705 | $ | 3,353,273 | $ | 12.18 | 91.1% | Office Max (2013), PetSmart (2015), Home Depot (2019), Ross Dress For Less (2012), Kohls (2022) | ||||||||||||||||||||||||||
225
|
Norcross, GA |
Jones Bridge Square 5075 Peachtree Parkway |
30092 | SC | Fee | 1999 | 2007 | 100% | 83,363 | $ | 857,412 | $ | 10.29 | 100% | Ingles (2019) | |||||||||||||||||||||||||||
226
|
Rome, GA |
Circuit City - Rome 2700 Martha Berry Highway N.E. |
30165 | SC | Fee | 2001 | 2007 | 100% | 33,056 | $ | 420,000 | $ | 12.71 | 100% | Circuit City (2021) | |||||||||||||||||||||||||||
227
|
Roswell, GA |
Sandy Plains Village I Georgia Highway 92 & Sandy Plains Road |
30075 | SC | Fee | 1978/1995 | 2007 | 100% | 177,599 | $ | 1,435,004 | $ | 10.23 | 79% | Kroger (2010), Stein Mart (2009) | |||||||||||||||||||||||||||
228
|
Roswell, GA |
Stonebridge Square 610-20 Crossville Road |
30075 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 160,104 | $ | 1,707,168 | $ | 14.09 | 75.7% | Kohls (2022) | ||||||||||||||||||||||||||
229
|
Smyrna, GA |
Heritage Pavilion 2540 Cumberland Boulevard |
30080 | SC | Fee (3 | ) | 1995 | 2007 | 15% | 262,971 | $ | 3,105,106 | $ | 12.63 | 93.5% | PetSmart (2016), Ross Dress For Less (2016), American Signature (2018), T.J. Maxx (2010), Marshalls (2011) | ||||||||||||||||||||||||||
230
|
Snellville, GA |
Rite Aid 3295 Centerville Highway |
30039 | SC | Fee | 1997 | 2007 | 100% | 10,594 | $ | 199,601 | $ | 18.84 | 100% | ||||||||||||||||||||||||||||
231
|
Snellville, GA | Presidential Commons 1630-1708 Scenic Highway | 30078 | SC | Fee | 2000 | 2007 | 100% | 371,586 | $ | 3,864,584 | $ | 10.98 | 91.9% |
Jo-Ann Stores (2014), Kroger (2018), Stein Mart (2013), Home Depot (2023) |
35
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
232
|
Stone Mountain, GA |
Deshon Plaza 380 North Deshon Road |
30087 | SC | Fee (3 | ) | 1994 | 2007 | 20% | 64,055 | $ | 706,838 | $ | 11.03 | 100% | Publix Super Markets (2014) | ||||||||||||||||||||||||||
233
|
Suwanee, GA |
Suwanee Crossroads Lawrenceville Road & Satellite Boulevard |
30024 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 69,600 | $ | 733,165 | $ | 17.16 | 61.4% | Super Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
234
|
Suwanee, GA |
Johns Creek Town Center 3630 Peachtree Parkway Suwanee |
30024 | SC | Fee | 2001/2004 | 2003 | 100% | 285,336 | $ | 3,735,980 | $ | 13.57 | 96.5% |
Borders (2021), PetSmart (2020), Kohls (2022), Michaels(2011), Staples (2016), Shoe Gallery (2014) |
|||||||||||||||||||||||||||
235
|
Suwanee, GA |
The Shops at Johns Creek 4090 Johns Creek Parkway |
30024 | SC | Fee (3 | ) | 1997 | 2007 | 20% | 18,200 | $ | 359,504 | $ | 19.75 | 100% | |||||||||||||||||||||||||||
236
|
Sylvania, GA |
BI-LO - Sylvania 1129 West Ogeechee Street |
30467 | SC | Fee | 2002 | 2007 | 100% | 36,000 | $ | 378,000 | $ | 10.50 | 100% | BI-LO (2023) | |||||||||||||||||||||||||||
237
|
Tucker, GA |
Cofer Crossing 4349-4375 Lawrenceville Highway |
30084 | SC | Fee(3 | ) | 1998/2003 | 2003 | 20% | 130,832 | $ | 835,781 | $ | 8.15 | 72.8% | Kroger (2019), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
238
|
Tyrone, GA |
Southampton Village NWC of Highway 74 & Swanson Road |
30290 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 77,956 | $ | 923,248 | $ | 12.76 | 92.8% | Publix Super Markets (2023) | ||||||||||||||||||||||||||
239
|
Union City, GA |
Shannon Square 4720 Jonesboro Road |
30291 | SC | Fee | 1986 | 2003 | 100% | 100,002 | $ | 528,588 | $ | 7.65 | 69.1% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
240
|
Warner Robins, GA |
Warner Robins Place 2724 Watson Boulevard |
31093 | SC | Fee | 1997 | 2003 | 100% | 107,941 | $ | 1,348,764 | $ | 12.00 | 97.8% | T.J. Maxx (2010), Staples (2016), Wal-Mart (Not Owned), Lowes (Not Owned) | |||||||||||||||||||||||||||
241
|
Warner Robins, GA |
City Crossing Watson Boulevard & Carl Vinson Parkway |
31093 | SC | Fee(3 | ) | 2001 | 2007 | 15% | 190,433 | $ | 1,659,423 | $ | 11.33 | 76.9% |
Michaels(2011), Ross Dress For Less (2012), Old Navy (2011), Home Depot (Not Owned) |
||||||||||||||||||||||||||
242
|
Warner Robins, GA |
Lowes Home Improvement 2704 Watson Boulevard |
31093 | SC | Fee | 2000 | 2007 | 100% | 131,575 | $ | 910,000 | $ | 6.92 | 100% | Lowes (2017) | |||||||||||||||||||||||||||
243
|
Woodstock, GA |
Woodstock Place 10029 Highway 928 |
30188 | SC | GL | 1995 | 2003 | 100% | 44,691 | $ | 388,950 | $ | 11.01 | 79.1% | ||||||||||||||||||||||||||||
244
|
Woodstock, GA |
Woodstock Square 120-142 Woodstock Square |
30189 | SC | Fee(3 | ) | 2001 | 2007 | 15% | 218,859 | $ | 2,878,003 | $ | 13.15 | 100% |
Office Max (2017), Old Navy (2012), Kohls (2022), Super Target (Not Owned) |
||||||||||||||||||||||||||
Idaho | ||||||||||||||||||||||||||||||||||||||||||
245
|
Idaho Falls, ID |
Country Club Mall 1515 Northgate Mile |
83401 | SC | Fee |
1976/1992/ 1997 |
1998 | 100% | 148,593 | $ | 830,546 | $ | 7.45 | 75% | Office Max (2011), World Gym (2008), Fred Meyer, Inc. (Not Owned) |
36
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
246
|
Meridian, ID |
Meridian Crossroads Eagle & Fairview Road |
83642 | SC | Fee |
1999/2001/ 2002/2003 |
1 | * | 100% | 461,023 | $ | 6,600,607 | $ | 12.89 | 100% | Bed Bath & Beyond (2011), Old Navy (2010), ShopKo (2020), Office Depot (2010), Ross Dress For Less (2012), Marshalls (2012), Sportsmans Warehouse (2015), Babies R Us (2014), Craft Warehouse (2013), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
247
|
Nampa, ID |
Nampa Gateway Center 1200 North Happy Valley Road |
83687 | SC | Fee | 2008 | 1 | * | 100% | 103,109 | $ | 92,500 | $ | 0.90 | 100% | JCPenney (2027) | ||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||||||||||
248
|
Deer Park, IL |
Deer Park Town Center 20530 North Rand Road |
60010 | LC | Fee(3 | ) | 2000/2004 | 1 | * | 25.75% | 292,139 | $ | 8,960,205 | $ | 29.64 | 95.5% | Gap (2010), Crate & Barrel (2018), Century Theatre (2019), Barnes & Noble (Not Owned) | |||||||||||||||||||||||||
249
|
McHenry, IL |
The Shops at Fox River 3340 Shoppers Drive |
60050 | SC | Fee | 2006 | 1 | * | 100% | 224,552 | $ | 2,713,999 | $ | 14.93 | 80.9% | Dicks Clothing and Sporting Goods (2018), PetSmart (2017), Bed Bath & Beyond (2017), Best Buy (2018) | ||||||||||||||||||||||||||
250
|
Mount Vernon, IL |
Times Square Mall 42nd & Broadway |
62864 | MM | Fee |
1974/1998/ 2000 |
1993 | 100% | 269,328 | $ | 1,013,957 | $ | 4.36 | 81.7% | Sears (2013), Goodys (2015), JCPenney (2012) | |||||||||||||||||||||||||||
251
|
Orland Park, IL |
Marley Creek Square 179th Street & Wolf Road |
60467 | SC | Fee(3 | ) | 2006 | 2006 | 50% | 57,927 | $ | 778,029 | $ | 20.09 | 66.9% | |||||||||||||||||||||||||||
252
|
Orland Park, IL |
Home Depot Center 15800 Harlem Avenue |
60462 | SC | Fee | 1987/1993 | 2004 | 100% | 149,498 | $ | 1,469,735 | $ | 10.48 | 93.8% | Home Depot (2012) | |||||||||||||||||||||||||||
253
|
Rockford, IL |
Walgreens - Rockford 2525 South Alpine Road |
61108 | SC | Fee | 1998/1999 | 2007 | 100% | 14,725 | $ | 350,000 | $ | 23.77 | 100% | ||||||||||||||||||||||||||||
254
|
Roscoe, IL |
Hilander Village 4860 Hononegah Road |
61073 | SC | Fee(3 | ) | 1994 | 2007 | 20% | 125,623 | $ | 1,030,131 | $ | 9.61 | 85.3% | Kroger (2020) | ||||||||||||||||||||||||||
255
|
Schaumburg, IL |
Woodfield Village Green 1430 East Golf Road |
60173 | SC | Fee(3 | ) |
1993/1998/ 2002 |
1995 | 14.5% | 508,673 | $ | 8,591,760 | $ | 17.26 | 97.9% |
Circuit City (2009), Off 5th (2011), PetSmart (2014), Homegoods (2014), Office Max (2010), Container Store (2011), Filenes Basement (2014), Marshalls (2014), Nordstrom Rack (2014), Borders (2010), Expo Design Center (2019), Costco (Not Owned) |
37
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
256
|
Skokie, IL |
Village Crossing 5507 West Touhy Avenue |
60077 | SC | Fee(3 | ) | 1989 | 2007 | 15% | 434,973 | $ | 7,564,780 | $ | 18.79 | 91.1% |
Michaels(2013), Bed Bath & Beyond (2013), Office Max (2015), Best Buy (2014), Crown Theatres (2021), Barnes & Noble (2012), PetSmart (2019) |
||||||||||||||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||||||||||
257
|
Bedford, IN |
Town Fair Center 1320 James Avenue |
47421 | SC | Fee | 1993/1997 | 2 | * | 100% | 223,431 | $ | 1,153,104 | $ | 6.20 | 83.2% | Kmart (2018), Goodys (2013), JCPenney (2013) | ||||||||||||||||||||||||||
258
|
Evansville, IN |
East Lloyd Commons 6300 East Lloyd Expressway |
47715 | SC | Fee | 2005 | 2007 | 100% | 159,682 | $ | 2,128,800 | $ | 13.82 | 96.5% | Gordmans (2015), Michaels(2015), Best Buy (2016) | |||||||||||||||||||||||||||
259
|
Highland, IN | Highland Grove Shopping Center Highway 41 & Main Street | 46322 | SC | Fee(3 | ) | 1995/2001 | 1996 | 20% | 312,546 | $ | 3,158,223 | $ | 11.51 | 87.8% | Marshalls (2011), Kohls (2016), Office Max (2012), Jewel (Not Owned), Target (Not Owned) | ||||||||||||||||||||||||||
260
|
Indianapolis, IN |
Glenlake Plaza 2629 East 65th Street |
46220 | SC | Fee(3 | ) | 1980 | 2007 | 20% | 102,549 | $ | 784,890 | $ | 9.15 | 83.6% | Kroger (2020) | ||||||||||||||||||||||||||
261
|
Lafayette, IN |
Park East Marketplace 4205 - 4315 Commerce Drive |
47905 | SC | Fee | 2000 | 2003 | 100% | 35,100 | $ | 279,107 | $ | 14.76 | 53.9% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
262
|
South Bend, IN |
Broadmoor Plaza 1217 East Ireland Road |
46614 | SC | Fee(3 | ) | 1987 | 2007 | 20% | 114,968 | $ | 1,274,309 | $ | 11.59 | 95.6% | Kroger (2020) | ||||||||||||||||||||||||||
Iowa | ||||||||||||||||||||||||||||||||||||||||||
263
|
Cedar Rapids, IA |
Northland Square 303 -367 Collins Road, N.E. |
52404 | SC | Fee | 1984 | 1998 | 100% | 187,068 | $ | 1,885,609 | $ | 10.08 | 100% | T.J. Maxx (2010), Office Max (2010), Barnes & Noble (2010), Kohls (2021) | |||||||||||||||||||||||||||
264
|
Ottumwa, IA |
Quincy Place Mall 1110 Quincy Avenue |
52501 | MM | Fee |
1990/1999/ 2002 |
1/2 | * | 100% | 241,427 | $ | 1,275,295 | $ | 6.47 | 81.6% | Herbergers (2010), JCPenney (2010), Goodys (2014), Target (Not Owned) | ||||||||||||||||||||||||||
Kansas | ||||||||||||||||||||||||||||||||||||||||||
265
|
Leawood, KS |
Town Center Plaza 5000 West 119th Street |
66209 | LC | Fee | 1996/2002 | 1998 | 100% | 309,423 | $ | 8,209,005 | $ | 27.28 | 94.8% | Barnes & Noble (2016), Macys (2104) | |||||||||||||||||||||||||||
266
|
Merriam, KS |
Merriam Town Center 5700 Antioch Road |
66202 | SC | Fee(3 | ) | 1998/2004 | 1 | * | 14.5% | 351,244 | $ | 4,199,393 | $ | 12.33 | 96.9% |
Cinemark (2018), Office Max (2013), PetSmart (2019), Hen House (2018), Marshalls (2014), Dicks Clothing and Sporting Goods (2016), Home Depot (Not Owned) |
38
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
267
|
Overland Park, KS |
Overland Pointe Marketplace Intersection 135 & Antioch Road |
66213 | SC | Fee(3 | ) | 2001/2004 | 2003 | 14.5% | 42,632 | $ | 886,738 | $ | 17.63 | 98.3% | Babies R Us (2015), Home Depot (Not Owned), Sams Club (Not Owned) | ||||||||||||||||||||||||||
268
|
Wichita, KS |
Eastgate Plaza South Rock Road |
67207 | SC | Fee | 1955 | 2002 | 100% | 205,114 | $ | 1,958,102 | $ | 12.20 | 81.1% | Burlington Coat Factory (2017), Office Max (2010), T.J. Maxx (2011), Barnes & Noble (2012), Toys R Us (Not Owned) | |||||||||||||||||||||||||||
Kentucky | ||||||||||||||||||||||||||||||||||||||||||
269
|
Lexington, KY |
North Park Marketplace 524 West New Circle |
40511 | SC | Fee | 1998 | 2003 | 100% | 46,647 | $ | 687,946 | $ | 14.75 | 100% | Staples (2016), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
270
|
Lexington, KY |
South Farm Marketplace Man-O-War Boulevard & Nichol |
40503 | SC | Fee | 1998 | 2003 | 100% | 27,643 | $ | 621,548 | $ | 22.48 | 100% | Lowes (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
271
|
Louisville, KY |
Outer Loop Plaza 7505 Outer Loop Highway |
40228 | SC | Fee |
1973/1989/ 1998 |
2004 | 100% | 120,777 | $ | 621,982 | $ | 6.04 | 85.3% | Valu Discount (2009) | |||||||||||||||||||||||||||
272
|
Richmond, KY |
Carriage Gate 833-847 Eastern By-Pass |
40475 | SC | Fee | 1992 | 2003 | 100% | 147,929 | $ | 618,660 | $ | 5.50 | 76% | Office Depot (2016), Hobby Lobby (2018), Dunhams Sporting Goods (2015), Ballards (Not Owned) | |||||||||||||||||||||||||||
Louisiana | ||||||||||||||||||||||||||||||||||||||||||
273
|
Covington, LA |
Covington Corners 782 North Highway 190 |
70433 | SC | Fee | 1999 | 2007 | 100% | 15,590 | $ | 249,440 | $ | 16.00 | 100% | ||||||||||||||||||||||||||||
Maine | ||||||||||||||||||||||||||||||||||||||||||
274
|
Brunswick, ME |
Cooks Corners 172 Bath Road |
04011 | SC | GL | 1965 | 1997 | 100% | 301,853 | $ | 2,269,139 | $ | 8.06 | 89.1% | Hoyts Cinemas (2010), Big Lots (2013), T.J. Maxx (2010), Sears (2012) | |||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||||
275
|
Bowie, MD |
Duvall Village 4825 Glenn Dale Road |
20720 | SC | Fee | 1998 | 2007 | 100% | 88,022 | $ | 1,452,226 | $ | 16.74 | 98.6% | Super Fresh (2020) | |||||||||||||||||||||||||||
276
|
Glen Burnie, MD |
Harundale Plaza 7440 Ritchie Highway |
21061 | SC | Fee(3 | ) | 1999 | 2007 | 20% | 217,619 | $ | 2,738,388 | $ | 12.58 | 100% | A & P Company (2019), A.J. Wright (2009), Burlington Coat Factory (2018) | ||||||||||||||||||||||||||
277
|
Hagerstown, MD |
Valley Park Commons 1520 Wesel Boulevard |
21740 | SC | Fee | 1993/2006 | 2007 | 100% | 86,190 | $ | 1,114,255 | $ | 13.73 | 94.2% | Office Depot (2016) | |||||||||||||||||||||||||||
278
|
Salisbury, MD |
The Commons East North Point Drive |
21801 | SC | Fee | 2000 | 2006 | 100% | 126,135 | $ | 1,812,894 | $ | 13.75 | 100% |
Best Buy (2013), Michaels(2009), Home Depot (Not Owned), Target (Not Owned) |
39
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
279
|
Upper Marlboro, MD |
Largo Towne Center 950 Largo Center Drive |
20774 | SC | Fee(3 | ) | 1991 | 2007 | 20% | 260,797 | $ | 3,754,170 | $ | 12.33 | 97.8% | Shoppers Food Warehouse (2009), Marshalls (2011), Regency Furniture (2017) | ||||||||||||||||||||||||||
280
|
White Marsh, MD |
Costco Plaza 9919 Pulaski Highway |
21220 | SC | Fee(3 | ) | 1987/1992 | 2007 | 15% | 187,331 | $ | 1,654,093 | $ | 8.12 | 100% | Costco Wholesale (2011), PetSmart (2010), Pep Boys (2012), Sports Authority (2011), Home Depot (Not Owned) | ||||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||||||||||||
281
|
Everett, MA |
Gateway Center 1 Mystic View Road |
02149 | SC | Fee | 2001 | 1 | * | 100% | 222,236 | $ | 4,738,699 | $ | 17.09 | 100% |
Home Depot (2031), Bed Bath & Beyond (2011), Old Navy
(2011), Office Max (2020), Babies R Us (2013), Michaels(2012), Costco (Not Owned), Target (Not Owned) |
||||||||||||||||||||||||||
282
|
Framingham, MA |
Shoppers World 1 Worcester Road |
01701 | SC | Fee(3 | ) | 1994 | 1995 | 14.5% | 769,276 | $ | 14,682,596 | $ | 18.79 | 100% | Toys R Us (2020), Macys (2020), T.J. Maxx (2010), Babies R Us (2013), DSW Shoe Warehouse (2017), A.C. Moore (2012), Marshalls (2011), Bobs Stores (2011), Sports Authority (2015), PetSmart (2011), Best Buy (2014), Barnes & Noble (2011), AMC Theatre (2014), Kohls (2010) | ||||||||||||||||||||||||||
283
|
West Springfield, MA |
Riverdale Shops 935 Riverdale Street |
01089 | SC | Fee(3 | ) | 1985/2003 | 2007 | 20% | 273,532 | $ | 3,407,088 | $ | 12.99 | 95.9% | Kohls (2024), Stop & Shop (2016) | ||||||||||||||||||||||||||
284
|
Worcester, MA |
Sams Club 301 Barber Avenue |
01606 | SC | Fee | 1998 | 2007 | 100% | 107,929 | $ | 1,116,581 | $ | 10.35 | 100% | Sams Club (2013) | |||||||||||||||||||||||||||
Michigan | ||||||||||||||||||||||||||||||||||||||||||
285
|
Bad Axe, MI |
Huron Crest Plaza 850 North Van Dyke Road |
48413 | SC | Fee | 1991 | 1993 | 100% | 63,415 | $ | 144,425 | $ | 8.86 | 25.7% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
286
|
Benton Harbor, MI |
Fairplain Plaza 1000 Napier Avenue |
49022 | SC | Fee(3 | ) | 1998 | 2006 | 20% | 260,166 | $ | 2,267,059 | $ | 11.03 | 79% | Office Depot (2008), T.J. Maxx (2014), PetSmart (2018), Target (Not Owned), Kohls (Not Owned) | ||||||||||||||||||||||||||
287
|
Cheboygan, MI |
Kmart Shopping Plaza 1109 East State |
49721 | SC | Fee | 1988 | 1994 | 100% | 70,076 | $ | 261,399 | $ | 3.73 | 100% | Kmart (2010) |
40
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
288
|
Dearborn Heights, MI |
Walgreens 8706 North Telegraph Road |
48127 | SC | Fee | 1998/1999 | 2007 | 100% | 13,905 | $ | 385,510 | $ | 27.72 | 100% | ||||||||||||||||||||||||||||
289
|
Detroit, MI |
Belair Centre 8400 East Eight Mile Road |
48234 | SC | GL | 1989/2002 | 1998 | 100% | 343,619 | $ | 1,857,951 | $ | 9.33 | 62.8% |
Phoenix Theaters (2013), Kids R Us (2013), Forman
Mills (2012), Target (Not Owned) |
|||||||||||||||||||||||||||
290
|
Gaylord, MI |
Pine Ridge Square 1401 West Main Street |
49735 | SC | Fee | 1991/2004 | 1993 | 100% | 188,386 | $ | 595,323 | $ | 4.61 | 68.6% | Dunhams Sporting Goods (2011), Big Lots (2010), Bosmanss Mercantile (2018) | |||||||||||||||||||||||||||
291
|
Grand Rapids, MI |
Green Ridge Square 3390-B Alpine Avenue N.W. |
49504 | SC | Fee | 1989 | 1995 | 100% | 133,538 | $ | 1,614,065 | $ | 12.29 | 98.4% | T.J. Maxx (2011), Office Depot (2010), Target (Not Owned), Toys R Us (Not Owned) | |||||||||||||||||||||||||||
292
|
Grand Rapids, MI |
Green Ridge Square 3410 Alpine Avenue |
49504 | SC | Fee | 1991/1995 | 2004 | 100% | 91,749 | $ | 1,002,669 | $ | 11.98 | 91.2% | Circuit City (2010), Bed Bath & Beyond (2015) | |||||||||||||||||||||||||||
293
|
Grandville, MI |
Grandville Marketplace Intersection 44th Street & Canal Avenue |
49418 | SC | Fee(3 | ) | 2003 | 2003 | 14.5% | 201,726 | $ | 2,283,003 | $ | 12.99 | 84.1% |
Circuit City (2017), Gander Mountain (2016), Office Max (2013), Lowes (Not Owned) |
||||||||||||||||||||||||||
294
|
Houghton, MI |
Copper Country Mall Highway M26 |
49931 | MM | Fee | 1981/1999 | 1/2 | * | 100% | 257,863 | $ | 462,000 | $ | 4.42 | 40.5% | JCPenney (2010), Office Max (2014) | ||||||||||||||||||||||||||
295
|
Howell, MI | Grand River Plaza 3599 East Grand River | 48843 | SC | Fee | 1991 | 1993 | 100% | 214,501 | $ | 1,511,475 | $ | 7.42 | 94.9% | Elder-Beerman (2011), Dunhams Sporting Goods (2011), Office Max (2017), T.J. Maxx (2017) | |||||||||||||||||||||||||||
296
|
Lansing, MI | Marketplace at Delta Township 8305 West Saginaw Highway 196 Ramp | 48917 | SC | Fee | 2000/2001 | 2003 | 100% | 135,697 | $ | 1,443,522 | $ | 11.10 | 95.9% | Michaels(2011), Gander Mountain (2015), Staples (2016), PetSmart (2016), Wal-Mart (Not Owned), Lowes (Not Owned) | |||||||||||||||||||||||||||
297
|
Livonia, MI |
Walgreens - Livonia 29200 6 Mile Road |
48152 | SC | Fee | 1998/1999 | 2007 | 100% | 13,905 | $ | 269,061 | $ | 19.35 | 100% | ||||||||||||||||||||||||||||
298
|
Milan, MI |
Milan Plaza 531 West Main Street |
48160 | SC | Fee(3 | ) | 1955 | 2007 | 20% | 65,764 | $ | 305,268 | $ | 4.64 | 100% | Kroger (2020) | ||||||||||||||||||||||||||
299
|
Mount Pleasant, MI |
Indian Hills Plaza 4208 East Blue Grass Road |
48858 | SC | Fee | 1990 | 2 | * | 100% | 249,680 | $ | 813,197 | $ | 7.80 | 41.7% | T.J. Maxx (2014), Kroger (2011) | ||||||||||||||||||||||||||
300
|
Port Huron, MI |
Walgreens NWC 10th Street & Oak Street |
48060 | SC | Fee | 2000 | 2007 | 100% | 15,120 | $ | 359,856 | $ | 23.80 | 100% |
41
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
301
|
Sault St. Marie, MI |
Cascade Crossing 4516 I-75 Business Spur |
49783 | SC | Fee | 1993/1998 | 1994 | 100% | 270,761 | $ | 1,700,474 | $ | 6.47 | 97.1% | Wal-Mart (2012), JCPenney (2013), Dunhams Sporting Goods (2011), Glens Market (2013) | |||||||||||||||||||||||||||
302
|
Westland, MI |
Walgreens 7210 North Middlebelt |
48185 | SC | Fee | 2005 | 2007 | 100% | 13,905 | $ | 285,053 | $ | 20.50 | 100% | ||||||||||||||||||||||||||||
Minnesota | ||||||||||||||||||||||||||||||||||||||||||
303
|
Bemidji, MN |
Paul Bunyan Mall 1201 Paul Bunyan Drive |
56601 | MM | Fee | 1977/1998 | 2 | * | 100% | 297,803 | $ | 1,654,150 | $ | 5.78 | 96.2% | Kmart (2012), Herbergers (2010), JCPenney (2013) | ||||||||||||||||||||||||||
304
|
Brainerd, MN |
Westgate Mall 14136 Baxter Drive |
56425 | MM | Fee | 1985/1998 | 1/2 | * | 100% | 260,319 | $ | 1,477,039 | $ | 8.89 | 63.8% | Herbergers (2013), Movies 10 (2011) | ||||||||||||||||||||||||||
305
|
Coon Rapids, MN |
Riverdale Village 12921 Riverdale Drive |
55433 | SC | Fee(3 | ) | 2003 | 1 | * | 14.5% | 551,867 | $ | 9,181,673 | $ | 15.73 | 94.7% |
Kohls (2020), Jo-Ann Stores (2010), Borders (2023), Old Navy (2012), Sears (2017), Sportsmans Warehouse (2017), Best Buy (2013), JCPenney (2024), DSW Shoe Warehouse (2016), Costco (Not Owned) |
|||||||||||||||||||||||||
306
|
Eagan, MN |
Eagan Promenade 1299 Promenade Place |
55122 | SC | Fee(3 | ) | 1997/2001 | 1997 | 50% | 278,211 | $ | 3,778,749 | $ | 13.58 | 100% |
Byerlys (2016), PetSmart (2018), Barnes & Noble
(2012), Office Max (2013), T.J. Maxx (2013), Bed Bath &
Beyond (2012), Ethan Allen Furniture (Not Owned) |
||||||||||||||||||||||||||
307
|
Maple Grove, MN |
Maple Grove Crossing Weaver Lake Road & I-94 |
55369 | SC | Fee(3 | ) | 1995/2002 | 1996 | 50% | 265,957 | $ | 3,059,883 | $ | 11.51 | 100% |
Kohls (2016), Barnes & Noble (2011), Gander Mountain
(2011), Michaels(2012), Bed Bath & Beyond (2012), Cub
Foods (Not Owned) |
||||||||||||||||||||||||||
308
|
St. Paul, MN |
Midway Marketplace 1450 University Avenue West |
55104 | SC | Fee(3 | ) | 1995 | 1997 | 14.5% | 324,354 | $ | 2,698,033 | $ | 8.32 | 100% |
Wal-Mart(2022), Cub Foods(2015), PetSmart(2011), LA Fitness International(2023), Borders Books And Music(Not Owned), HerbergerS(Not Owned) |
42
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
Mississippi | ||||||||||||||||||||||||||||||||||||||||||
309
|
Gulfport, MS |
Crossroads Center Crossroads Parkway |
39503 | SC | GL | 1999 | 2003 | 100% | 423,507 | $ | 5,617,321 | $ | 11.56 | 99.7% |
Academy Sports (2015), Bed Bath & Beyond (2014), Ross Dress
For Less (2015), Goodys (2011), T.J. Maxx (2009), Cinemark
(2019), Office Depot (2014), Belk (2024), Barnes & Noble (2015) |
|||||||||||||||||||||||||||
310
|
Jackson, MS |
The Junction 6351 I-55 North 3 |
39213 | SC | Fee | 1996 | 2003 | 100% | 107,780 | $ | 1,153,778 | $ | 11.01 | 97.2% |
PetSmart (2012), Office Depot (2016), Target (Not Owned), Home Depot (Not Owned) |
|||||||||||||||||||||||||||
311
|
Oxford, MS |
Oxford Place 2015-2035 University Avenue |
38655 | SC | Fee(3 | ) | 2000 | 2003 | 20% | 13,200 | $ | 325,604 | $ | 14.47 | 98.3% | Kroger (2020) | ||||||||||||||||||||||||||
312
|
Starkville, MS |
Starkville Crossings 882 Highway 12 West |
39759 | SC | Fee | 1999/2004 | 1994 | 100% | 133,691 | $ | 927,006 | $ | 6.93 | 100% | JCPenney (2010), Kroger (2042), Lowes (Not Owned) | |||||||||||||||||||||||||||
313
|
Tupelo, MS |
Big Oaks Crossing 3850 North Gloster Street |
38801 | SC | Fee | 1992 | 1994 | 100% | 348,236 | $ | 2,048,219 | $ | 5.93 | 99.1% | Sams Club (2012), Goodys (2012), Wal-Mart (2012) | |||||||||||||||||||||||||||
Missouri | ||||||||||||||||||||||||||||||||||||||||||
314
|
Arnold, MO |
Jefferson County Plaza Vogel Road |
63010 | SC | Fee(3 | ) | 2002 | 1 | * | 50% | 42,091 | $ | 542,534 | $ | 15.04 | 85.7% | Home Depot (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||
315
|
Brentwood,MO |
The Promenade at Brentwood1 Brentwood Promenade Court |
63144 | SC | Fee | 1998 | 1998 | 100% | 299,584 | $ | 4,148,608 | $ | 13.85 | 100% | Target (2023), Bed Bath & Beyond (2014), PetSmart (2014), Lane Home Furnishings (2013) | |||||||||||||||||||||||||||
316
|
Des Peres, MO |
Olympic Oaks Village 12109 Manchester Road |
63121 | SC | Fee | 1985 | 1998 | 100% | 92,372 | $ | 1,483,022 | $ | 16.69 | 96.2% | T.J. Maxx (2011) | |||||||||||||||||||||||||||
317
|
Fenton, MO |
Fenton Plaza Gravois & Highway 141 |
63206 | SC | Fee | 1970/1997 | 1/2 | * | 100% | 93,420 | $ | 979,021 | $ | 11.31 | 91.4% | |||||||||||||||||||||||||||
318
|
High Ridge, MO |
Gravois Village Plaza 4523 Gravois Village Plaza |
63049 | SC | Fee | 1983 | 1998 | 100% | 114,992 | $ | 552,934 | $ | 5.46 | 88.1% | Kmart (2013) | |||||||||||||||||||||||||||
319
|
Independence, MO |
Independence Commons 900 East 39th Street |
64057 | SC | Fee(3 | ) | 1995/1999 | 1995 | 14.5% | 386,066 | $ | 5,037,447 | $ | 13.27 | 98.3% | Kohls (2016), Bed Bath & Beyond (2012), Marshalls (2012), Best Buy (2016), Barnes & Noble (2011), AMC Theatre (2015) |
43
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
320
|
Kansas City, MO |
Ward Parkway Center 8600 Ward Parkway |
64114 | SC | Fee(3 | ) | 1959/2004 | 2003 | 20% | 388,387 | $ | 5,702,959 | $ | 14.13 | 93.8% |
Dicks Clothing and Sporting Goods (2016), 24 Hour
Fitness (2023), PetSmart (2016), Staples (2018), Target (2023), AMC Theatre (2011), Off Broadway Shoes (2015), T.J. Maxx (2013), Dillards (2014) |
||||||||||||||||||||||||||
321
|
Springfield,MO |
Morris Corners 1425 East Battlefield |
65804 | SC | GL | 1989 | 1998 | 100% | 56,033 | $ | 451,660 | $ | 9.82 | 82.1% | Toys R Us (2013) | |||||||||||||||||||||||||||
322
|
St. John, MO |
St. John Crossings 9000-9070 St. Charles Rock Road |
63114 | SC | Fee | 2003 | 2003 | 100% | 88,450 | $ | 1,051,698 | $ | 11.69 | 95.5% | Shop n Save (2022) | |||||||||||||||||||||||||||
323
|
St. Louis, MO |
Plaza at Sunset Hills 10980 Sunset Plaza |
63128 | SC | Fee | 1997 | 1998 | 100% | 415,435 | $ | 5,455,080 | $ | 12.71 | 93.8% | Toys R Us (2013), Bed Bath & Beyond (2012), Marshalls (2012), Home Depot (2023), PetSmart (2012), Borders (2011) | |||||||||||||||||||||||||||
324
|
St. Louis, MO |
Southtowne Kings Highway & Chippewa |
63109 | SC | Fee | 2004 | 1998 | 100% | 86,764 | $ | 1,346,438 | $ | 16.11 | 96.3% | Office Max(2014) | |||||||||||||||||||||||||||
Nevada | ||||||||||||||||||||||||||||||||||||||||||
325
|
Carson City, NV |
Eagle Station 3871 South Carson Street |
89701 | MV | Fee | 1983 | 2005 | 50% | 60,494 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
326
|
Las Vegas, NV |
Loma Vista Shopping Center 4700 Meadows Lane |
89107 | MV | Fee | 1979 | 2005 | 50% | 75,687 | $ | 795,906 | $ | 10.52 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
327
|
Las Vegas, NV |
Nellis Crossing Shopping 1300 South Nellis Boulevard |
89104 | MV | Fee | 1986 | 2005 | 50% | 76,016 | $ | 711,009 | $ | 9.35 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||
328
|
Reno, NV |
Sierra Town Center 6895 Sierra Center Parkway |
89511 | MV | Fee | 2002 | 2005 | 50% | 79,239 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
329
|
Reno, NV |
Reno Riverside East First Street & Sierra |
89505 | SC | Fee | 2000 | 2000 | 100% | 52,474 | $ | 698,335 | $ | 13.31 | 100% | Century Theatres (2014) | |||||||||||||||||||||||||||
330
|
S.W. Las Vegas, NV |
Grand Canyon Parkway 4265 South Grand Canyon Drive |
89147 | MV | Fee | 2003 | 2005 | 50% | 79,294 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||||||||||||
331
|
Brick, NJ |
Brick Center Plaza 51 Chambers Bridge Road |
08723 | SC | Fee | 1999 | 2007 | 100% | 114,028 | $ | 1,809,059 | $ | 15.87 | 100% | Best Buy (2015), Bed Bath & Beyond 2010) | |||||||||||||||||||||||||||
332
|
East Hanover, NJ |
East Hanover Plaza 154 State Route 10 |
07936 | SC | Fee | 1994 | 2007 | 100% | 97,500 | $ | 1,764,383 | $ | 18.10 | 100% | Branch Brook Pool & Patio (2017), Sports Authority (2012) | |||||||||||||||||||||||||||
333
|
East Hanover, NJ |
Lowes Theatre Complex 145 State Route 10 |
07936 | SC | Fee | 1993 | 2007 | 100% | 20,737 | $ | 1,029,642 | $ | 22.72 | 89.7% | Lowes East Hanover Cinemas (2022) |
44
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
334
|
Edgewater, NJ |
Edgewater Town Center 905 River Road |
07020 | LC | Fee | 2000 | 2007 | 100% | 77,508 | $ | 1,680,307 | $ | 22.33 | 97.1% | Whole Foods (2020) | |||||||||||||||||||||||||||
335
|
Freehold, NJ |
Freehold Marketplace NJ Highway 33 & West Main Street (Route 537) |
07728 | SC | Fee | 2005 | 1 | * | 100% | 234,454 | $ | 570,000 | 24.30 | 100% |
Sams Club (Not Owned), Wal-Mart (Not Owned) |
|||||||||||||||||||||||||||
336
|
Hamilton, NJ |
Hamilton Marketplace NJ State Highway 130 & Klockner Road |
08691 | SC | Fee | 2004 | 2003 | 100% | 468,240 | $ | 8,590,135 | $ | 15.73 | 99.7% |
Staples (2015), Kohls (2023), Linens N Things
(2014), Michaels(2014), Ross Dress For Less (2014), ShopRite (2028), Barnes & Noble (2014), BJs Wholesale (Not Owned), Lowes (Not Owned), Wal-Mart (Not Owned) |
|||||||||||||||||||||||||||
337
|
Lumberton, NJ |
Crossroads Plaza 1520 Route 38 |
08036 | SC | Fee(3 | ) | 2003 | 2007 | 20% | 89,627 | $ | 1,597,144 | $ | 17.82 | 100% | ShopRite (2024), Lowes (Not Owned) | ||||||||||||||||||||||||||
338
|
Lyndhurst, NJ |
Lewandowski Commons 434 Lewandowski Street |
07071 | SC | Fee(3 | ) | 1998 | 2007 | 20% | 78,097 | $ | 1,687,116 | $ | 22.71 | 95.1% | Stop & Shop (2020) | ||||||||||||||||||||||||||
339
|
Mays Landing, NJ |
Hamilton Commons 4215 Black Horse Pike |
08330 | SC | Fee | 2001 | 2004 | 100% | 398,910 | $ | 6,139,343 | $ | 15.89 | 96.9% |
Regal Cinemas (2021), Ross Dress For Less (2012), Bed Bath
& Beyond (2017), Marshalls (2012), Sports Authority
(2015), Circuit City (2020) |
|||||||||||||||||||||||||||
340
|
Mays Landing, NJ |
Wrangleboro Consumer Square 2300 Wrangleboro Road |
08330 | SC | Fee | 1997 | 2004 | 100% | 843,019 | $ | 9,126,887 | $ | 12.09 | 89.5% |
Borders (2017), Best Buy (2017), Kohls (2018), Staples (2012), Babies R Us (2013), BJs Wholesale Club (2016), Dicks Clothing and Sporting Goods (2013), Michaels(2013), Target (2023), PetSmart (2013) |
45
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
341
|
Mount Laurel, NJ |
Centerton Square Centerton Road & Marter Avenue |
08054 | SC | Fee(3 | ) | 2005 | 1 | * | 10% | 280,067 | $ | 6,698,119 | $ | 18.68 | 100% | Wegmans Food Markets (2024), Bed Bath & Beyond (2015), PetSmart (2015), DSW Shoe Warehouse (2015), Jo-Ann Stores (2015), T.J. Maxx (2015), Sports Authority (2016), Target(Not Owned), Costco (Not Owned) | |||||||||||||||||||||||||
342
|
Princeton, NJ |
Nassau Park Pavilion Route 1 & Quaker Bridge Road |
02071 | SC | Fee | 1995 | 1997 | 100% | 289,375 | $ | 5,255,194 | $ | 20.08 | 90.5% | Borders (2011), Best Buy (2012), Linens N Things (2011), PetSmart (2011), Babies R Us (2016), Target (Not Owned), Sams Club (Not Owned), Home Depot (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
343
|
Princeton, NJ |
Nassau Park Pavilion Route 1 & Quaker Bridge Road |
02071 | SC | Fee | 1999/2004 | 1 | * | 100% | 202,622 | $ | 3,997,878 | $ | 15.70 | 98.7% | Dicks Clothing and Sporting Goods (2015), Michaels(2009), Wegmans Food Markets (2024), Kohls (2019), Target (Not Owned) | ||||||||||||||||||||||||||
344
|
Union, NJ |
Route 22 Retail Center 2700 U.S. Highway 22 East |
07083 | SC | Fee | 1997 | 2007 | 100% | 103,453 | $ | 1,508,206 | $ | 18.54 | 78.6% | Circuit City (2018), Babies R Us (2018), Target (Not Owned) | |||||||||||||||||||||||||||
345
|
West Long Branch, NJ |
Monmouth Consumer Square 310 State Highway #36 |
07764 | SC | Fee | 1993 | 2004 | 100% | 292,999 | $ | 4,101,372 | $ | 14.12 | 99.1% | Sports Authority (2012), Barnes & Noble (2010), PetSmart (2014), Home Depot (2013) | |||||||||||||||||||||||||||
346
|
West Paterson, NJ |
West Falls Plaza 1730 Route 46 |
07424 | SC | Fee(3 | ) | 1995 | 2007 | 20% | 81,261 | $ | 1,917,571 | $ | 21.75 | 100% | A & P Company (2021) | ||||||||||||||||||||||||||
New Mexico | ||||||||||||||||||||||||||||||||||||||||||
347
|
Los Alamos, NM |
Mari Mac Village 800 Trinity Drive |
87533 | SC | Fee | 1978/1997 | 1/2 | * | 100% | 93,021 | $ | 681,141 | $ | 7.32 | 100% | Smiths Food & Drug (2012) | ||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||
348
|
Amherst, NY | 7370 Transit Road | 14031 | SC | Fee(3 | ) | 1992 | 2004 | 14.5% | 16,030 | $ | 0 | $ | 0.00 | 0% |
46
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
349
|
Amherst, NY |
Boulevard Consumer Square 1641-1703 Niagara Falls Boulevard |
14228 | SC | Fee |
1998/2001/ 2003 |
2004 | 100% | 547,403 | $ | 7,652,324 | $ | 13.27 | 96% | Target (2019), Babies R Us (2015), Barnes & Noble (2014), Best Buy (2016), Bed Bath & Beyond (2018), A.C. Moore (2013), Lowes (2030) | |||||||||||||||||||||||||||
350
|
Amherst, NY |
Burlington Plaza 1551 Niagara Falls Boulevard |
14228 | SC | GL |
1978/1982/ 1990/1998 |
2004 | 100% | 199,504 | $ | 2,096,108 | $ | 10.73 | 98% | Burlington Coat Factory (2014), Jo-Ann Stores (2014) | |||||||||||||||||||||||||||
351
|
Amherst, NY |
Sheridan Harlem Plaza 4990 Harlem Road |
14226 | SC | Fee |
1960/1973/ 1982/1988 |
2004 | 100% | 58,413 | $ | 593,043 | $ | 12.22 | 83.1% | ||||||||||||||||||||||||||||
352
|
Amherst, NY |
Tops Plaza - Amherst 3035 Niagara Falls Boulevard |
14226 | SC | Fee(3 | ) | 1986 | 2004 | 20% | 145,192 | $ | 1,153,249 | $ | 8.38 | 94.8% | Tops Markets (2010) | ||||||||||||||||||||||||||
353
|
Amherst, NY |
Tops Plaza - Transit/North French 9660 Transit Road |
14226 | SC | Fee | 1998 | 2004 | 100% | 114,177 | $ | 1,151,118 | $ | 10.35 | 97.4% | Tops Markets (2016) | |||||||||||||||||||||||||||
354
|
Amherst, NY |
Rite Aid 2545 Millersport Highway |
14068 | SC | Fee | 2000 | 2007 | 100% | 10,908 | $ | 250,489 | $ | 22.96 | 100% | ||||||||||||||||||||||||||||
355
|
Arcade, NY |
Tops Plaza-Arcade Route 39 |
14009 | SC | Fee | 1995 | 2004 | 10% | 65,915 | $ | 668,504 | $ | 10.14 | 100% | Tops Markets (2015) | |||||||||||||||||||||||||||
356
|
Avon, NY |
Tops Plaza-Avon 270 East Main Street |
14414 | SC | Fee(3 | ) | 1997/2002 | 2004 | 10% | 63,288 | $ | 479,857 | $ | 8.26 | 91.8% | Tops Markets (2017) | ||||||||||||||||||||||||||
357
|
Batavia, NY |
BJs Plaza 8326 Lewiston Road |
14020 | SC | Fee(3 | ) | 1996 | 2004 | 14.5% | 95,846 | $ | 847,004 | $ | 8.84 | 100% | BJs Wholesale Club (2016) | ||||||||||||||||||||||||||
358
|
Batavia, NY |
Batavia Commons 419 West Main Street |
14020 | SC | Fee(3 | ) | 1990 | 2004 | 14.5% | 49,431 | $ | 410,389 | $ | 9.36 | 88.7% | |||||||||||||||||||||||||||
359
|
Batavia, NY |
Martins Plaza 8351 Lewiston Road |
14020 | SC | Fee(3 | ) | 1994 | 2004 | 14.5% | 37,140 | $ | 496,328 | $ | 14.04 | 95.2% | Martins (Not Owned) | ||||||||||||||||||||||||||
360
|
Big Flats, NY |
Big Flats Consumer Square 830 County Route 64 |
14814 | SC | Fee | 1993/2001 | 2004 | 100% | 641,264 | $ | 5,268,023 | $ | 9.35 | 87.9% |
Wal-Mart (2013), Sams Club (2013), Tops Markets (2013), Bed Bath & Beyond (2014), Michaels (2010), Old Navy (2009), Staples (2011), Barnes & Noble (2011), T.J. Maxx (2013) |
|||||||||||||||||||||||||||
361
|
Buffalo, NY |
Elmwood Regal Center 1951 - 2023 Elmwood Avenue |
14207 | SC | Fee | 1997 | 2004 | 100% | 133,940 | $ | 1,674,783 | $ | 14.77 | 84.6% | Regal Cinemas (2017), Office Depot (2012) | |||||||||||||||||||||||||||
362
|
Buffalo, NY |
Marshalls Plaza 2150 Delaware Avenue |
14216 | SC | Fee |
1960/1975/ 1983/1995 |
2004 | 100% | 82,196 | $ | 860,369 | $ | 11.46 | 91.4% | Marshalls (2009) |
47
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
363
|
Buffalo, NY |
Rite Aid 1625 Broadway Street |
14212 | SC | Fee | 2000 | 2007 | 100% | 12,739 | $ | 280,861 | $ | 22.05 | 100% | ||||||||||||||||||||||||||||
364
|
Buffalo, NY |
Delaware Consumer Square 2636-2658 Delaware Avenue |
14216 | SC | GL | 1995 | 2004 | 100% | 238,531 | $ | 2,074,503 | $ | 9.09 | 95.7% | A.J. Wright (2012), Office Max (2012), Target (2015) | |||||||||||||||||||||||||||
365
|
Cheektowaga, NY |
Borders Books 2015 Walden Avenue |
14225 | SC | Fee(3 | ) | 1994 | 2004 | 14.5% | 26,500 | $ | 609,500 | $ | 23.00 | 100% | Borders (2015) | ||||||||||||||||||||||||||
366
|
Cheektowaga, NY |
Union Road Plaza 3637 Union Road |
14225 | SC | Fee(3 | ) |
1979/1982/ 1997/2003 |
2004 | 14.5% | 174,438 | $ | 1,113,927 | $ | 6.93 | 92.2% | Dicks Clothing and Sporting Goods (2015) | ||||||||||||||||||||||||||
367
|
Cheektowaga, NY |
Rite Aid 2401 Gennesee Street |
14225 | SC | Fee | 2000 | 2007 | 100% | 10,908 | $ | 335,592 | $ | 30.77 | 100% | ||||||||||||||||||||||||||||
368
|
Cheektowaga, NY |
Thruway Plaza 2195 Harlem Road |
14225 | SC | Fee |
1965/1995/ 1997/2004 |
2004 | 100% | 371,512 | $ | 2,762,120 | $ | 7.43 | 100% | Wal-Mart (2017), Movieland 8 Theatres (2019), Tops Markets (2019), A.J. Wright (2015), Value City Furniture (2014), M & T Bank (2017), Home Depot (Not Owned) | |||||||||||||||||||||||||||
369
|
Cheektowaga, NY |
Tops Plaza - Union Road 3825-3875 Union Road |
14225 | SC | Fee(3 | ) |
1978/1989/ 1995/2004 |
2004 | 20% | 151,357 | $ | 1,527,156 | $ | 12.07 | 83.6% | Tops Markets (2013) | ||||||||||||||||||||||||||
370
|
Cheektowaga, NY |
Union Consumer Square 3733 - 3735 Union Road |
14225 | SC | Fee(3 | ) |
1989/1998/ 2004 |
2004 | 14.5% | 386,548 | $ | 4,635,635 | $ | 12.21 | 98.2% |
Marshalls (2009), Office Max (2010), Sams Club (2024), Circuit City (2016), Jo-Ann Stores (2015), Bed Bath & Beyond (2018) |
||||||||||||||||||||||||||
371
|
Cheektowaga, NY |
Walden Place 2130-2190 Walden Avenue |
14225 | SC | Fee(3 | ) | 1994/1999 | 2004 | 14.5% | 68,002 | $ | 653,083 | $ | 11.81 | 81.3% | Ollies Bargain Outlet (2012) | ||||||||||||||||||||||||||
372
|
Cheektowaga, NY |
Consumer Square 1700 - 1750 Walden Avenue |
14225 | SC | Fee(3 | ) |
1997/1999/ 2004 |
2004 | 14.5% | 255,964 | $ | 1,965,003 | $ | 8.97 | 85.5% | Office Depot (2009), Michaels(2013), Target (2015) | ||||||||||||||||||||||||||
373
|
Chili, NY |
Chili Plaza 800 Paul Road |
14606 | SC | Fee | 1998 | 2004 | 100% | 116,868 | $ | 753,623 | $ | 6.06 | 100% | Sears (2019) | |||||||||||||||||||||||||||
374
|
Clarence, NY |
Eastgate Plaza Transit & Greiner Roads |
14031 | SC | GL(3 | ) |
1995/1997/ 1999/2001 |
2004 | 14.5% | 520,876 | $ | 3,901,820 | $ | 8.24 | 91% |
BJs Wholesale Club (2021), Dicks Clothing and
Sporting Goods (2011), Michaels(2010), Wal-Mart (2019) |
||||||||||||||||||||||||||
375
|
Clarence, NY |
Jo-Ann Plaza 4101 Transit Road |
14221 | SC | Fee(3 | ) | 1994 | 2004 | 14.5% | 92,720 | $ | 743,588 | $ | 8.02 | 100% | Office Max (2009), Jo-Ann Stores (2015), Big Lots (2015), Home Depot (Not Owned) |
48
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
376
|
Dansville, NY |
Tops Plaza - Dansville 23-65 Franklin Street |
14437 | SC | Fee | 2001 | 2004 | 100% | 71,640 | $ | 659,869 | $ | 9.99 | 92.2% | Tops Markets (2021) | |||||||||||||||||||||||||||
377
|
Dewitt, NY |
Dewitt Commons 3401 Erie Boulevard East |
13214 | SC | Fee | 2001/2003 | 2004 | 100% | 306,177 | $ | 3,157,257 | $ | 10.39 | 99.3% | Toys R Us (2018), Old Navy (2011), Marshalls (2019), Bed Bath & Beyond (2018), A.C. Moore (2014), Syracuse Orthopedic Specialist (2017) | |||||||||||||||||||||||||||
378
|
Dewitt, NY |
Michaels - Dewitt 3133 Erie Boulevard |
13214 | SC | Fee | 2002 | 2004 | 100% | 38,413 | $ | 480,166 | $ | 12.50 | 100% | Michaels (2010) | |||||||||||||||||||||||||||
379
|
Dunkirk, NY |
Rite Aid 1166 Central Avenue |
14048 | SC | GL | 2000 | 2007 | 100% | 10,908 | $ | 210,569 | $ | 19.30 | 100% | ||||||||||||||||||||||||||||
380
|
Elimira, NY |
Tops Plaza - Elmira Hudson Street |
14904 | SC | Fee(3 | ) | 1997 | 2004 | 10% | 98,330 | $ | 1,111,325 | $ | 11.30 | 100% | Tops Markets (2017) | ||||||||||||||||||||||||||
381
|
Gates, NY |
Westgate Plaza 2000 Chili Avenue |
14624 | SC | Fee | 1998 | 2004 | 100% | 334,752 | $ | 3,252,271 | $ | 9.94 | 97.8% | Wal-Mart (2021), Staples (2015) | |||||||||||||||||||||||||||
382
|
Greece, NY |
Jo-Ann/PetSmart Plaza 3042 West Ridge Road |
14626 | SC | Fee | 1993/1999 | 2004 | 100% | 75,916 | $ | 820,315 | $ | 10.81 | 100% | PetSmart (2010), Jo-Ann Stores (2015) | |||||||||||||||||||||||||||
383
|
Hamburg, NY |
BJs Plaza 4408 Milestrip Road |
14075 | SC | GL | 1990/1997 | 2004 | 100% | 175,965 | $ | 1,771,563 | $ | 10.32 | 97.5% | Office Max (2010), BJs Wholesale Club (2010) | |||||||||||||||||||||||||||
384
|
Hamburg, NY |
McKinley Place 3701 McKinley Parkway |
14075 | SC | Fee | 2001 | 2004 | 100% | 128,944 | $ | 1,543,651 | $ | 12.18 | 98.3% |
Dicks Clothing and Sporting Goods (2011), Rosas
Home Store (2009) |
|||||||||||||||||||||||||||
385
|
Hamburg, NY |
Home Depot Plaza-Hamburg 4405 Milestrip Road |
14219 | SC | GL | 1999/2000 | 2004 | 100% | 139,413 | $ | 1,353,228 | $ | 10.38 | 93.5% | Home Depot (2012) | |||||||||||||||||||||||||||
386
|
Hamburg, NY |
McKinley Milestrip Center 3540 McKinley Parkway |
14075 | SC | Fee | 1999 | 2004 | 100% | 106,774 | $ | 1,350,521 | $ | 13.52 | 93.6% | Old Navy (2010), Jo-Ann Stores (2015) | |||||||||||||||||||||||||||
387
|
Hamburg, NY |
South Park Plaza - Tops 6150 South Park Avenue |
14075 | SC | Fee(3 | ) | 1990/1992 | 2004 | 10% | 84,000 | $ | 730,500 | $ | 8.70 | 100% | Tops Markets (2015) | ||||||||||||||||||||||||||
388
|
Hamlin, NY | Tops Plaza - Hamlin 1800 Lake Road | 14464 | SC | Fee(3 | ) | 1997 | 2004 | 10% | 60,488 | $ | 431,055 | $ | 8.37 | 85.2% | Tops Markets (2017) | ||||||||||||||||||||||||||
389
|
Horseheads, NY |
Southern Tier Crossing Ann Page Road & Interstate 86 |
14845 | SC | Fee | 2008 | 1 | * | 100% | 118,958 | $ | 1,658,198 | $ | 13.94 | 100% |
Circuit City (2018), Dicks Clothing and Sporting Goods (2019), Wal-Mart (Not Owned), Kohls (Not Owned) |
||||||||||||||||||||||||||
390
|
Irondequoit, NY |
Culver Ridge Plaza 2255 Ridge Road East |
14622 | SC | Fee(3 | ) |
1972/1984/ 1997 |
2004 | 20% | 226,768 | $ | 2,229,599 | $ | 11.45 | 85.9% | Regal Cinema (2022), A.J. Wright (2014) |
49
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
391
|
Ithaca, NY |
Tops Plaza - Ithaca 614 - 722 South Meadow |
14850 | SC | Fee |
1990/1999/ 2003 |
2004 | 100% | 229,320 | $ | 3,745,409 | $ | 16.64 | 98.1% | Office Depot (2014), Tops Markets (2022), Michaels(2013), Barnes & Noble (2018) | |||||||||||||||||||||||||||
392
|
Jamestown, NY |
Tops Plaza - Jamestown 75 Washington Street |
14702 | SC | Fee(3 | ) | 1997 | 2004 | 20% | 98,001 | $ | 926,450 | $ | 11.75 | 80.5% | Tops Markets (2018) | ||||||||||||||||||||||||||
393
|
Lancaster, NY |
Transit Wehrle Retail Center 6703-6733 Transit Road |
14221 | SC | Fee(3 | ) | 1997 | 2004 | 14.5% | 105,249 | $ | 1,029,761 | $ | 8.77 | 99.7% | Regal Cinemas (2017) | ||||||||||||||||||||||||||
394
|
Leroy, NY |
Tops Plaza -Leroy 128 West Main Street |
14482 | SC | Fee(3 | ) | 1997 | 2004 | 20% | 62,747 | $ | 556,364 | $ | 9.47 | 93.6% | Tops Markets (2017) | ||||||||||||||||||||||||||
395
|
Lockport, NY | Wal-Mart/Tops Plaza - Lockport 5789 & 5839 Transit Road & Hamm | 14094 | SC | GL | 1993 | 2004 | 100% | 296,582 | $ | 2,742,291 | $ | 9.34 | 99% | Wal-Mart (2015), Tops Markets (2021), Sears (2011) | |||||||||||||||||||||||||||
396
|
N. Tonawanda, NY |
Mid-City Plaza 955-987 Payne Avenue |
14120 | SC | Fee |
1997/1960/ 1976/1980 |
2004 | 100% | 224,949 | $ | 2,142,688 | $ | 11.82 | 80.6% | Tops Markets (2024) | |||||||||||||||||||||||||||
397
|
New Hartford, NY |
Consumer Square 4725 - 4829 Commercial Drive |
13413 | SC | Fee(3 | ) | 2002 | 2004 | 14.5% | 514,717 | $ | 6,348,225 | $ | 12.33 | 100% | Barnes & Noble (2013), Bed Bath & Beyond (2018), Best Buy (2013), Staples (2018), Michaels(2013), Wal-Mart (2022), T.J. Maxx (2012) | ||||||||||||||||||||||||||
398
|
New Hartford, NY |
Hannaford Plaza 40 Kellogg Road |
13413 | SC | Fee | 1998 | 2004 | 100% | 127,777 | $ | 1,185,530 | $ | 12.70 | 73.1% | Hannaford Brothers(2018) | |||||||||||||||||||||||||||
399
|
Niagara Falls, NY | Regal Cinemas - Niagara Falls 720 & 750 Builders Way | 14304 | SC | Fee | 1994/2000 | 2004 | 100% | 43,170 | $ | 577,615 | $ | 13.38 | 100% | Regal Cinemas (2019) | |||||||||||||||||||||||||||
400
|
Niskayuna, NY |
Mohawk Commons 402 - 442 Balltown Road |
12121 | SC | Fee | 2002 | 2004 | 100% | 399,901 | $ | 4,709,348 | $ | 11.57 | 100% |
Price Chopper (2022), Lowes (2022), Marshalls (2012), Barnes & Noble (2014), Bed Bath & Beyond (2019), Target (Not Owned) |
|||||||||||||||||||||||||||
401
|
Norwich, NY |
P & C Plaza 54 East Main Street |
13815 | SC | GL(3 | ) | 1997 | 2004 | 10% | 85,453 | $ | 1,133,385 | $ | 13.45 | 98.6% | Tops Markets (2018) | ||||||||||||||||||||||||||
402
|
Olean, NY |
Wal-Mart Plaza - Olean 3142 West State Street |
14760 | SC | Fee | 1993/2004 | 2004 | 100% | 363,509 | $ | 2,364,278 | $ | 6.69 | 97.2% | Wal-Mart (2023), Eastwynn Theatres (2014), BJs Wholesale Club (2014), Home Depot (Not Owned) | |||||||||||||||||||||||||||
403
|
Ontario, NY |
Tops Plaza - Ontario 6254-6272 Furnace Road |
14519 | SC | Fee(3 | ) | 1998 | 2004 | 20% | 77,040 | $ | 698,613 | $ | 10.12 | 89.6% | Tops Markets (2019) | ||||||||||||||||||||||||||
404
|
Orchard Park, NY |
Crossroads Centre 3245 Southwestern Boulevard |
14127 | SC | Fee(3 | ) | 2000 | 2004 | 20% | 167,805 | $ | 1,878,226 | $ | 11.84 | 94.6% | Tops Markets (2022), Stein Mart (2012) |
50
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
405
|
Plattsburgh, NY | Plattsburgh Consumer Square Route 3 - Cornelia Road | 12901 | SC | Fee | 1993/2004 | 2004 | 100% | 491,513 | $ | 3,374,096 | $ | 7.31 | 93.9% | Sams Club (2013), Wal-Mart (2020), T.J. Maxx (2013), PetSmart (2014), Michaels (2011) | |||||||||||||||||||||||||||
406
|
Rochester, NY |
Panorama Plaza 1601 Penfield Road |
14625 | SC | Fee(3 | ) |
1959/1965/ 1972/1980 |
2004 | 20% | 279,219 | $ | 3,173,430 | $ | 13.31 | 85.4% | Tops Markets (2014), Staples (2018) | ||||||||||||||||||||||||||
407
|
Rome, NY |
Freedom Plaza 205-211 Erie Boulevard West |
13440 | SC | Fee |
1978/2000/ 2001 |
2004 | 100% | 194,467 | $ | 1,228,712 | $ | 6.05 | 100% |
Staples (2015), JCPenney (2017), Tops Markets (2021), Marshalls (2016) |
|||||||||||||||||||||||||||
408
|
Tonawanda, NY |
Youngmann Plaza 750 Young Street |
14150 | SC | Fee(3 | ) | 1985/2003 | 2004 | 10% | 306,421 | $ | 2,354,329 | $ | 7.51 | 96.9% |
BJs Wholesale Club (2010), Big Lots (2012), Gander Mountain (2015), Tops Markets (2021) |
||||||||||||||||||||||||||
409
|
Tonawanda, NY |
Office Depot Plaza 2309 Eggert Road |
14150 | SC | Fee |
1976/1985/ 1996 |
2004 | 100% | 121,846 | $ | 1,013,514 | $ | 10.48 | 79.3% | Best Fitness (2025), Office Depot (2011) | |||||||||||||||||||||||||||
410
|
Tonawanda, NY |
Sheridan/Delaware Plaza 1692-1752 Sheridan Drive |
14223 | SC | Fee |
1950/1965/ 1975/1986 |
2004 | 100% | 188,200 | $ | 1,362,021 | $ | 7.24 | 100% | Bon Ton Home Store (2010), Tops Markets (2020) | |||||||||||||||||||||||||||
411
|
Tonawanda, NY |
Tops Plaza - Niagara Street 150 Niagara Street |
14150 | SC | Fee(3 | ) | 1997 | 2004 | 10% | 97,014 | $ | 1,058,970 | $ | 12.05 | 90.6% | Tops Markets (2017) | ||||||||||||||||||||||||||
412
|
Victor, NY |
Victor Square 2-10 Commerce Drive |
14564 | SC | Fee | 2000 | 2004 | 100% | 56,134 | $ | 617,176 | $ | 17.91 | 61.4% | ||||||||||||||||||||||||||||
413
|
Warsaw, NY |
Tops Plaza - Warsaw 2382 Route 19 |
14569 | SC | Fee(3 | ) | 1998 | 2004 | 20% | 74,105 | $ | 547,564 | $ | 8.74 | 84.5% | Tops Markets (2015) | ||||||||||||||||||||||||||
414
|
West Seneca, NY |
Home Depot Plaza 1881 Ridge Road |
14224 | SC | GL |
1975/1983/ 1987/1995 |
2004 | 100% | 139,453 | $ | 1,393,933 | $ | 10.30 | 97% | Home Depot (2016) | |||||||||||||||||||||||||||
415
|
West Seneca, NY | Seneca Ridge Plaza 3531 Seneca Street | 14224 | SC | Fee |
1980/1996/ 2004 |
2004 | 100% | 62,403 | $ | 255,692 | $ | 6.88 | 59.6% | Office Depot (2018) | |||||||||||||||||||||||||||
416
|
Williamsville, NY |
Williamsville Place 5395 Sheridan Drive |
14221 | SC | Fee |
1986/1995/ 2003 |
2004 | 100% | 102,917 | $ | 1,179,435 | $ | 14.31 | 80.1% | ||||||||||||||||||||||||||||
417
|
Williamsville, NY |
Premier Place 7864 - 8020 Transit Road |
14221 | SC | Fee(3 | ) |
1986/1994/ 1998 |
2004 | 14.5% | 141,639 | $ | 1,214,298 | $ | 10.78 | 79.5% | Premier Liquors (2010), Stein Mart (2013) | ||||||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||||||||||||||||||||
418
|
Apex, NC | Beaver Creek Crossings South 1335 West Williams Street | 27502 | SC | Fee | 2006 | 1 | * | 100% | 283,266 | $ | 4,607,160 | $ | 15.60 | 99.1% |
Dicks Clothing and Sporting Goods (2017), Consolidated Theatres (2026), T.J. Maxx (2016), Circuit City (2022), Borders (2022) |
51
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
419
|
Apex, NC |
Beaver Creek Commons 1335 West Williams Street |
27502 | SC | Fee(3 | ) | 2005 | 1 | * | 10% | 110,429 | $ | 2,159,927 | $ | 18.68 | 77% | Office Max (2014), Lowes (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||
420
|
Asheville, NC |
Oakley Plaza Fairview Road at Interstate 240 |
28801 | SC | Fee(3 | ) | 1988 | 2007 | 100% | 118,699 | $ | 934,539 | $ | 8.48 | 92.9% | Babies R Us (2011), BI-LO (2016) | ||||||||||||||||||||||||||
421
|
Asheville, NC |
River Hills 299 Swannanoa River Road |
28805 | SC | Fee(3 | ) | 1996 | 2003 | 14.5% | 190,970 | $ | 1,886,432 | $ | 11.37 | 86.9% |
Carmike Cinemas (2017), Circuit City (2017), Dicks Clothing and Sporting Goods (2017), Michaels (2013), Office Max (2011) |
||||||||||||||||||||||||||
422
|
Cary, NC |
Circuit City - Cary 1401 Piney Plains Road |
27511 | SC | Fee | 2000 | 2007 | 100% | 27,891 | $ | 526,500 | $ | 18.88 | 100% | Circuit City (2022) | |||||||||||||||||||||||||||
423
|
Cary, NC |
Mill Pond Village 3434-3490 Kildaire Farm Road |
27512 | SC | Fee | 2004 | 2007 | 100% | 84,364 | $ | 1,219,090 | $ | 14.97 | 92.1% | Lowes Foods (2021) | |||||||||||||||||||||||||||
424
|
Chapel Hill, NC |
Meadowmont Village West Barbee Chapel Road |
27517 | SC | Fee(3 | ) | 2002 | 2007 | 20% | 132,745 | $ | 2,456,909 | $ | 20.91 | 88.5% | Harris Teeter Supermarkets (2022) | ||||||||||||||||||||||||||
425
|
Charlotte, NC |
Camfield Corners 8620 Camfield Street |
28277 | SC | Fee | 1994 | 2007 | 100% | 69,910 | $ | 869,351 | $ | 12.88 | 96.6% | BI-LO (2014) | |||||||||||||||||||||||||||
426
|
Clayton, NC |
Clayton Corners U.S. Highway 70 West |
27520 | SC | Fee(3 | ) | 1999 | 2007 | 20% | 125,653 | $ | 1,387,987 | $ | 11.51 | 96% | Lowes Foods (2019) | ||||||||||||||||||||||||||
427
|
Concord, NC |
Rite Aid - Concord Highway #29 at Pitts School |
28027 | SC | Fee | 2002 | 2007 | 100% | 10,908 | $ | 227,814 | $ | 20.89 | 100% | ||||||||||||||||||||||||||||
428
|
Cornelius, NC |
The Shops at the Fresh Market 20601 Torrence Chapel Road |
28031 | SC | Fee | 2001 | 2007 | 100% | 131,242 | $ | 1,044,213 | $ | 9.72 | 81.8% | Stein Mart (2013) | |||||||||||||||||||||||||||
429
|
Durham, NC |
Patterson Place 3616 Witherspoon Boulevard |
27707 | SC | Fee(3 | ) | 2004 | 2007 | 20% | 161,017 | $ | 2,091,493 | $ | 14.33 | 90.6% | DSW Shoe Warehouse (2016), A.C. Moore (2014), Bed Bath & Beyond (2020) | ||||||||||||||||||||||||||
430
|
Durham, NC |
Oxford Commons 3500 Oxford Road |
27702 | SC | Fee | 1990/2001 | 1/2 | * | 100% | 208,014 | $ | 1,366,288 | $ | 6.98 | 94.1% | Food Lion (2010), Burlington Coat Factory (2012), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
431
|
Durham, NC |
South Square 4001 Durham Chapel |
27707 | SC | Fee(3 | ) | 2005 | 2007 | 20% | 107,812 | $ | 1,612,970 | $ | 14.92 | 97.2% |
Office Depot (2010), Ross Dress For Less (2015), Target (Not Owned) |
||||||||||||||||||||||||||
432
|
Fayetteville, NC |
Cross Pointe Center 5075 Morganton Road |
28314 | SC | Fee | 1985/2003 | 2003 | 100% | 226,089 | $ | 1,913,392 | $ | 8.46 | 100% | T.J. Maxx(2011), Bed Bath & Beyond(2014) |
52
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
433
|
Fayetteville, NC |
Fayetteville Pavilion 2061 Skibo Road |
28314 | SC | Fee(3 | ) | 1998/2001 | 2007 | 20% | 272,385 | $ | 2,713,492 | $ | 11.43 | 87.2% | Dicks Clothing and Sporting Goods (2017), PetSmart (2016), Creative Basket Expressions (2020), Marshalls (2014), Michaels (2014) | ||||||||||||||||||||||||||
434
|
Fuquay Varina, NC |
Sexton Commons 1420 North Main Street |
27526 | SC | Fee(3 | ) | 2002 | 2007 | 20% | 49,097 | $ | 777,531 | $ | 15.84 | 100% | Harris Teeter Supermarkets (2021) | ||||||||||||||||||||||||||
435
|
Greensboro, NC |
Adams Farm 5710 High Point Road |
27407 | SC | Fee | 2004 | 2007 | 100% | 112,010 | $ | 906,328 | $ | 10.54 | 76.8% | Harris Teeter Supermarkets (2013) | |||||||||||||||||||||||||||
436
|
Greensboro, NC |
Golden Gate East Cornwallis Drive |
27405 | SC | Fee | 1962/2002 | 2007 | 100% | 153,113 | $ | 1,137,872 | $ | 8.52 | 87.2% |
Harris Teeter Supermarkets (2011), Staples (2016), Food Lion (2012) |
|||||||||||||||||||||||||||
437
|
Greensboro, NC | Shopes at Wendover Village I 4203-4205 West Wendover Avenue | 27407 | SC | Fee | 2004 | 2007 | 100% | 35,895 | $ | 947,003 | $ | 26.38 | 100% | Costco (Not Owned) | |||||||||||||||||||||||||||
438
|
Greensboro, NC |
Wendover II West Wendover Avenue |
27407 | SC | Fee(3 | ) | 2004 | 2007 | 20% | 135,004 | $ | 1,745,841 | $ | 16.51 | 78.3% | A.C. Moore (2014), Circuit City (2020) | ||||||||||||||||||||||||||
439
|
Huntersville, NC | DDRTC Birkdale Village LLC 8712 Lindholm Drive, Suite 206 | 28078 | LC | Fee(3 | ) | 2003 | 2007 | 15% | 301,045 | $ | 6,577,959 | $ | 24.96 | 87.1% | Barnes & Noble (2013), Dicks Clothing and Sporting Goods (2018) | ||||||||||||||||||||||||||
440
|
Huntersville, NC |
Rosedale Shopping Center 9911 Rose Commons Drive |
28078 | SC | Fee(3 | ) | 2000 | 2007 | 20% | 119,197 | $ | 1,960,458 | $ | 16.45 | 100% | Harris Teeter Supermarkets (2020) | ||||||||||||||||||||||||||
441
|
Indian Trail, NC |
Union Town CenterIndependence & Faith Church Road |
28079 | SC | Fee | 1999 | 2004 | 100% | 96,160 | $ | 710,064 | $ | 9.40 | 78.5% | Food Lion (2020) | |||||||||||||||||||||||||||
442
|
Jacksonville, NC |
Gateway Plaza - Jacksonville SEC Western Boulevard & Gateway South |
28546 | SC | Fee(3 | ) | 2001 | 2007 | 15% | 101,413 | $ | 1,154,275 | $ | 11.38 | 100% |
Bed Bath & Beyond (2013), Ross Dress For Less (2013), Lowes (Not Owned), Target (Not Owned) |
||||||||||||||||||||||||||
443
|
Matthews, NC |
Sycamore Commons Matthews Townshop Parkway & Northeast Parkway |
28105 | SC | Fee(3 | ) | 2002 | 2007 | 15% | 265,535 | $ | 4,571,779 | $ | 17.55 | 98.1% | Michaels (2012), Bed Bath & Beyond (2012), Dicks Clothing and Sporting Goods (2017), Old Navy (2011), Circuit City (2023), Costco (Not Owned), Lowes (Not Owned) | ||||||||||||||||||||||||||
444
|
Mooresville, NC |
Mooresville Consumer Square I 355 West Plaza Drive |
28117 | SC | Fee | 1999 | 2004 | 100% | 472,182 | $ | 4,109,097 | $ | 9.65 | 90.1% | Wal-Mart (2019), Gander Mountain (2021) |
53
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
445
|
Mooresville, NC |
Winslow Bay Commons Bluefield Road and Highway 150 |
28117 | SC | Fee(3 | ) | 2003 | 2007 | 15% | 255,798 | $ | 3,152,594 | $ | 13.39 | 86.8% |
Ross Dress For Less (2014), Dicks Clothing and Sporting Goods (2019), T.J. Maxx (2013), Michaels(2013), Super Target (Not Owned) |
||||||||||||||||||||||||||
446
|
New Bern, NC |
Rivertowne Square 3003 Claredon Boulevard |
28561 | SC | Fee | 1989/1999 | 1/2 | * | 100% | 68,130 | $ | 636,063 | $ | 9.55 | 97.8% | Goodys (2012), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
447
|
Raleigh, NC |
Alexander Place Glenwood Avenue & Brier Creek Parkway |
27617 | SC | Fee(3 | ) | 2004 | 2007 | 15% | 188,254 | $ | 2,562,094 | $ | 14.21 | 95.8% | Kohls (2025), H.H. Gregg Appliances (2022), Super Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
448
|
Raleigh, NC |
Capital Crossing 2900-2950 East Mill Brook Road |
27613 | SC | Fee | 1995 | 2007 | 100% | 83,248 | $ | 888,670 | $ | 10.68 | 99.9% | Lowes Foods (2015), Staples (2011) | |||||||||||||||||||||||||||
449
|
Raleigh, NC |
Rite Aid U.S. Highway 401 & Perry Creek Road |
27616 | SC | Fee | 2003 | 2007 | 100% | 10,908 | $ | 284,571 | $ | 26.09 | 100% | ||||||||||||||||||||||||||||
450
|
Raleigh, NC |
Wakefield Crossing Wakefield Pines Drive & New Falls of Neuse |
27614 | SC | Fee | 2001 | 2007 | 100% | 75,927 | $ | 889,181 | $ | 13.08 | 89.6% | Food Lion (2022) | |||||||||||||||||||||||||||
451
|
Salisbury, NC |
Alexander Pointe 850 Jake Alexander Boulevard |
28144 | SC | Fee(3 | ) | 1997 | 2007 | 20% | 57,710 | $ | 640,344 | $ | 11.37 | 97.6% | Harris Teeter Supermarkets (2017) | ||||||||||||||||||||||||||
452
|
Siler City, NC |
Chatham Crossing U.S. Highway 64 West |
27344 | SC | Fee(3 | ) | 2002 | 2007 | 15% | 31,979 | $ | 400,460 | $ | 13.36 | 93.7% | Super Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
453
|
Southern Pines, NC |
Southern Pines Marketplace U.S. Highway 15-501 |
28387 | SC | Fee(3 | ) | 2002 | 2007 | 15% | 57,404 | $ | 440,216 | $ | 10.21 | 75.1% | Stein Mart (2016) | ||||||||||||||||||||||||||
454
|
Wake Forest, NC |
Capital Plaza 11825 Retail Drive |
27587 | SC | Fee(3 | ) | 2004 | 2007 | 15% | 46,793 | $ | 587,448 | $ | 13.60 | 92.3% | Super Target (Not Owned), Home Depot (Not Owned) | ||||||||||||||||||||||||||
455
|
Washington, NC |
Pamlico Plaza 536 Pamlico Plaza |
27889 | SC | Fee | 1990/1999 | 1/2 | * | 100% | 80,269 | $ | 559,503 | $ | 7.08 | 98.5% | Goodys (2009), Office Depot (2014), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
456
|
Wilmington, NC |
University Centre South College Road & New Centre Drive |
28403 | SC | Fee | 1989/2001 | 1/2 | * | 100% | 411,887 | $ | 3,625,630 | $ | 9.46 | 93% | Lowes (2014), Old Navy (2011), Bed Bath & Beyond (2012), Ross Dress For Less (2012), Steve & Barrys (2014), Badcock Home Furniture & More (2009), Sams Club (Not Owned) | ||||||||||||||||||||||||||
457
|
Wilmington, NC |
Oleander Shopping Center 3804 Oleander Drive |
28401 | SC | GL | 1989 | 2007 | 100% | 51,888 | $ | 578,191 | $ | 11.14 | 100% | Lowes Foods (2015) |
54
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
458
|
Wilson, NC |
Forest Hills Centre 1700 Raleigh Road N.W. |
27896 | SC | Fee | 1989 | 2007 | 100% | 73,280 | $ | 586,231 | $ | 9.36 | 85.4% | Harris Teeter Supermarkets (2010) | |||||||||||||||||||||||||||
459
|
Winston Salem, NC |
Harper Hill Commons 5049 Country Club Road |
27104 | SC | Fee(3 | ) | 2004 | 2007 | 20% | 55,394 | $ | 1,122,896 | $ | 19.97 | 81.5% | Harris Teeter Supermarkets (2024) | ||||||||||||||||||||||||||
460
|
Winston Salem, NC |
Oak Summit East Hanes Mill Road |
27105 | SC | Fee(3 | ) | 2003 | 2007 | 15% | 142,394 | $ | 1,788,169 | $ | 12.56 | 100% | Goodys (2016), Staples (2016), PetSmart (2020), Super Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
461
|
Winston Salem, NC |
Shops at Oliver Crossing Peters Creek Parkway Oliver Crossing |
27127 | SC | Fee(3 | ) | 2003 | 2007 | 20% | 76,512 | $ | 856,512 | $ | 12.54 | 89.3% | Lowes Foods (2023) | ||||||||||||||||||||||||||
462
|
Winston Salem, NC |
Wal-Mart Supercenter 4550 Kester Mill Road |
27103 | SC | Fee | 1998 | 2007 | 100% | 204,931 | $ | 1,403,777 | $ | 6.85 | 100% | Wal-Mart (2017) | |||||||||||||||||||||||||||
North Dakota | ||||||||||||||||||||||||||||||||||||||||||
463
|
Dickinson, ND |
Prairie Hills Mall 1681 Third Avenue |
58601 | MM | Fee | 1978 | 1/2 | * | 100% | 267,506 | $ | 1,054,601 | $ | 4.58 | 86.1% | Kmart (2013), Herbergers (2010), JCPenney (2013) | ||||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||||||||||
464
|
Alliance, OH |
Wal-Mart Supercenter 2700 West State Street |
44601 | SC | Fee | 1998 | 2007 | 100% | 200,084 | $ | 1,190,500 | $ | 5.95 | 100% | Wal-Mart (2017) | |||||||||||||||||||||||||||
465
|
Ashtabula, OH |
Ashtabula Commons 1144 West Prospect Road |
44004 | SC | Fee | 2000 | 2004 | 100% | 57,874 | $ | 895,720 | $ | 15.48 | 100% | Tops Markets (2021) | |||||||||||||||||||||||||||
466
|
Aurora, OH |
Barrington Town Center 70-130 Barrington Town Square |
44202 | SC | Fee | 1996/2004 | 1 | * | 100% | 102,683 | $ | 968,002 | $ | 9.90 | 91.8% | Cinemark (2011), Heinens (Not Owned) | ||||||||||||||||||||||||||
467
|
Boardman, OH |
Southland Crossings I-680 & U.S. Route 224 |
44514 | SC | Fee | 1997 | 1 | * | 100% | 506,254 | $ | 4,233,095 | $ | 8.34 | 98.9% |
Lowes (2016), Babies R Us (2014), Staples
(2012), Dicks Clothing and Sporting Goods (2012), Wal-Mart (2017), PetSmart (2013), Giant Eagle (2018) |
||||||||||||||||||||||||||
468
|
Canton, OH |
Belden Park Crossings 5496 Dressler Road |
44720 | SC | Fee(3 | ) |
1995/2001/ 2003 |
1 | * | 14.5% | 478,106 | $ | 5,243,937 | $ | 11.14 | 98.5% | Value City Furniture (2011), H.H. Gregg Appliances (2011), Jo-Ann Stores (2013), PetSmart (2013), Dicks Clothing and Sporting Goods (2010), DSW Shoe Warehouse (2012), Kohls (2016), Target (Not Owned) | |||||||||||||||||||||||||
469
|
Chillicothe, OH |
Chillicothe Place 867 North Bridge Street |
45601 | SC | GL(3 | ) | 1974/1998 | 1/2 | * | 20% | 106,262 | $ | 1,046,216 | $ | 9.85 | 100% | Kroger (2041), Office Max (2013) |
55
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
470
|
Chillicothe, OH |
Chillicothe Place (Lowes) 867 North Bridge Street |
45601 | SC | Fee | 1998 | 1981 | 100% | 130,497 | $ | 822,132 | $ | 6.30 | 100% | Lowes (2015) | |||||||||||||||||||||||||||
471
|
Cincinnati, OH |
Glenway Crossing 5100 Glencrossing Way |
45238 | SC | Fee | 1990 | 1993 | 100% | 235,433 | $ | 1,637,759 | $ | 8.80 | 79.1% | Steve & Barrys (2014), Michaels(2011) | |||||||||||||||||||||||||||
472
|
Cincinnati, OH |
Kroger - Cincinnati 6401 Colerain Avenue |
45239 | SC | Fee | 1998 | 2007 | 100% | 56,634 | $ | 556,486 | $ | 9.83 | 100% | Kroger (2015) | |||||||||||||||||||||||||||
473
|
Cincinnati, OH |
Tri-County Mall 11700 Princeton Pike |
45246 | SC | Fee(3 | ) |
1960/1990/ 1992 |
2005 | 18% | 758,031 | $ | 11,868,101 | $ | 19.00 | 87.1% |
Dillards (2018), Sears (2019), Krazy City (2023),
Macys (Not Owned) |
||||||||||||||||||||||||||
474
|
Cleveland, OH |
Kmart Plaza 14901-14651 Lorain Avenue |
44111-3196 | SC | Fee(3 | ) | 1982 | 2008 | 25.25% | 109,350 | $ | 737,545 | $ | 7.30 | 92.4% | Kmart (2012) | ||||||||||||||||||||||||||
475
|
Columbus, OH |
Consumer Square West 3630 Soldano Boulevard |
43228 | SC | Fee | 1989/2003 | 2004 | 100% | 356,515 | $ | 2,102,676 | $ | 7.13 | 82.7% | Kroger (2014), Target (2011) | |||||||||||||||||||||||||||
476
|
Columbus, OH |
Easton Market 3740 Easton Market |
43230 | SC | Fee | 1998 | 1998 | 100% | 509,611 | $ | 5,874,783 | $ | 12.53 | 92% |
Staples (2013), PetSmart (2014), Golfsmith Golf Center (2013), Michaels(2013), Dicks Clothing and Sporting Goods (2013), DSW Shoe Warehouse (2012), Kittles Home Furnishings (2012), Bed Bath & Beyond (2014), T.J. Maxx (2014) |
|||||||||||||||||||||||||||
477
|
Columbus, OH |
Lennox Town Center 1647 Olentangy River Road |
43212 | SC | Fee(3 | ) | 1997 | 1998 | 50% | 352,913 | $ | 3,586,126 | $ | 10.16 | 100% | Target (2016), Barnes & Noble (2012), Staples (2011), AMC Theatre (2021) | ||||||||||||||||||||||||||
478
|
Columbus, OH |
Sun Center 3622-3860 Dublin Granville Road |
43017 | SC | Fee(3 | ) | 1995 | 1998 | 79.45% | 305,428 | $ | 3,654,396 | $ | 12.03 | 99.5% | Babies R Us (2011), Michaels(2013), Ashley Furniture Homestore (2012), Stein Mart (2012), Whole Foods (2016), Staples (2010) | ||||||||||||||||||||||||||
479
|
Columbus, OH |
Hilliard Rome Commons 1710-60 Hilliard Rome Road |
43026 | SC | Fee(3 | ) | 2001 | 2007 | 20% | 110,871 | $ | 1,454,153 | $ | 13.59 | 96.5% | Giant Eagle (2022) | ||||||||||||||||||||||||||
480
|
Dublin, OH |
Dublin Village Center 6561-6815 Dublin Center Drive |
43017 | SC | Fee | 1987 | 1998 | 100% | 213,162 | $ | 516,729 | $ | 4.29 | 56.5% | AMC Theatre (2009), B.J.s Wholesale Club (Not Owned) | |||||||||||||||||||||||||||
481
|
Dublin, OH |
Perimeter Center 6644-6804 Perimeter Loop Road |
43017 | SC | Fee | 1996 | 1998 | 100% | 137,556 | $ | 1,605,599 | $ | 11.78 | 99.1% | Giant Eagle (2014) | |||||||||||||||||||||||||||
482
|
Elyria, OH |
Elyria Shopping Center 841 Cleveland |
44035 | SC | Fee | 1977 | 2 | * | 100% | 92,125 | $ | 601,720 | $ | 6.53 | 100% | Giant Eagle (2010) |
56
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
483
|
Gallipolis, OH |
Gallipolis Marketplace 2145 Eastern Avenue |
45631 | SC | Fee | 1998 | 2003 | 100% | 25,950 | $ | 357,858 | $ | 13.79 | 100% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
484
|
Grove City, OH |
Derby Square Shopping Center 2161-2263 Stringtown Road |
43123 | SC | Fee(3 | ) | 1992 | 1998 | 20% | 128,250 | $ | 1,156,351 | $ | 9.65 | 93.5% | Giant Eagle (2016) | ||||||||||||||||||||||||||
485
|
Huber Heights, OH |
North Heights Plaza 8280 Old Troy Pike |
45424 | SC | Fee | 1990 | 1993 | 100% | 182,749 | $ | 1,696,124 | $ | 12.64 | 73.4% | H.H. Gregg Appliances (2023), Dicks Clothing and Sporting Goods (2019), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
486
|
Lebanon, OH |
Countryside Place 1879 Deerfield Road |
45036 | SC | Fee | 1990/2002 | 1993 | 100% | 17,000 | $ | 0 | $ | 0.00 | 0% | Erb Lumber (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
487
|
Macedonia, OH |
Macedonia Commons Macedonia Commons Boulevard |
44056 | SC | Fee(3 | ) | 1994 | 1994 | 50% | 236,682 | $ | 3,179,832 | $ | 12.32 | 100% | Tops Markets (2019), Kohls (2016), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
488
|
Macedonia, OH |
Macedonia Commons (Phase II)8210 Macedonia Commons |
44056 | SC | Fee | 1999 | 1/2 | * | 100% | 169,481 | $ | 1,601,734 | $ | 9.45 | 100% | Cinemark (2019), Home Depot (2020) | ||||||||||||||||||||||||||
489
|
North Olmsted, OH |
Great Northern Plaza 2589-26437 Great Northern |
44070 | SC | Fee(3 | ) |
1958/1998/ 2003 |
1997 | 14.5% | 625,835 | $ | 7,475,794 | $ | 14.14 | 84.1% |
DSW Shoe Warehouse (2015), Best Buy (2010), Bed Bath & Beyond (2012), PetSmart (2018), Home Depot (2019), K & G Menswear (2013), Jo-Ann Stores (2009), Marcs (2012), Remington College (Not Owned) |
||||||||||||||||||||||||||
490
|
Solon, OH |
Uptown Solon Kruse Drive |
44139 | SC | Fee | 1998 | 1 | * | 100% | 183,255 | $ | 2,896,581 | $ | 15.98 | 98.9% |
Mustard Seed Market & Café (2019), Bed Bath &
Beyond (2009), Borders (2019) |
||||||||||||||||||||||||||
491
|
Solon, OH |
Kmart Plaza 6221 Som Center |
44139-2912 | SC | Fee(3 | ) | 1977 | 2008 | 25.25% | 84,180 | $ | 299,819 | $ | 3.56 | 100% | Kmart (2013) | ||||||||||||||||||||||||||
492
|
Steubenville, OH |
Lowes Home Improvement 4115 Mall Drive |
43952 | SC | Fee | 1998 | 2007 | 100% | 130,497 | $ | 871,236 | $ | 6.68 | 100% | Lowes (2016) | |||||||||||||||||||||||||||
493
|
Stow, OH |
Stow Community Shopping Center Kent Road |
44224 | SC | Fee | 1997/2000 | 1 | * | 100% | 362,057 | $ | 3,677,589 | $ | 10.21 | 99.4% |
Bed Bath & Beyond (2011), Giant Eagle (2017),
Kohls (2019), Office Max (2011), Hobby Lobby (2018), Target (Not Owned) |
||||||||||||||||||||||||||
494
|
Tiffin, OH |
Tiffin Mall 870 West Market Street |
44883 | MM | Fee | 1980/2004 | 1/2 | * | 100% | 170,868 | $ | 538,043 | $ | 4.84 | 65.1% | Cinemark (2011), JCPenney (2010) |
57
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
495
|
Toledo, OH |
Springfield Commons Shopping South Holland-Sylvania Road |
43528 | SC | Fee(3 | ) | 1999 | 1 | * | 20% | 241,129 | $ | 2,799,159 | $ | 11.11 | 99.3% | Kohls(2019), Gander Mountain (2014), Bed Bath & Beyond (2010), Old Navy (2010) | |||||||||||||||||||||||||
496
|
Toledo, OH |
Dicks Sporting Goods 851 West Alexis Road |
43612 | SC | Fee | 1995 | 2004 | 100% | 80,160 | $ | 501,000 | $ | 6.25 | 100% | Dicks Clothing and Sporting Goods (2016) | |||||||||||||||||||||||||||
497
|
West Chester, OH |
Kroger - West Chester 7172 Cincinnati-Dayton Road |
45069 | SC | Fee | 1998 | 2007 | 100% | 56,634 | $ | 349,154 | $ | 6.17 | 100% | Kroger (2018) | |||||||||||||||||||||||||||
498
|
Westlake, OH |
West Bay Plaza 30100 Detroit Road |
44145 | SC | Fee |
1974/1997/ 2000 |
1/2 | * | 100% | 162,330 | $ | 1,372,560 | $ | 8.54 | 99% | Marcs (2009), Kmart (2009) | ||||||||||||||||||||||||||
499
|
Willoughby Hills, OH |
Shoppes at Willoughby Hills Chardon Road |
44092 | SC | Fee(3 | ) | 1985 | 2007 | 15% | 373,318 | $ | 3,122,852 | $ | 9.38 | 89.2% |
Giant Eagle (2019), Cinemark (2010), A.J. Wright (2011), Office Max (2009), Sams Club (2014) |
||||||||||||||||||||||||||
500
|
Xenia, OH |
West Park Square 1700 West Park Square |
45385 | SC | Fee |
1994/1997/ 2001 |
1 | * | 100% | 112,361 | $ | 613,860 | $ | 8.12 | 67.3% | Kroger (2019), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
501
|
Zanesville, OH |
Kmart Shopping Center 3515 North Maple Avenue |
43701-7001 | SC | Fee(3 | ) | 1973 | 2008 | 25.25% | 84,180 | $ | 223,160 | $ | 2.65 | 100% | Kmart (2009) | ||||||||||||||||||||||||||
Oklahoma | ||||||||||||||||||||||||||||||||||||||||||
502
|
Enid, OK |
Kmart Plaza 4010 West Owen Garriot Road |
73703-4899 | SC | Fee(3 | ) | 1983 | 2008 | 25.25% | 84,000 | $ | 188,160 | $ | 2.24 | 100% | Kmart(2013), United Supermarkets(Not Owned) | ||||||||||||||||||||||||||
503
|
Oklahoma City, OK |
CVS Pharmacy 2323 North Martin Luther King Boulevard |
73102 | SC | Fee | 1997 | 2007 | 100% | 9,504 | $ | 159,358 | $ | 16.77 | 100% | ||||||||||||||||||||||||||||
Oregon | ||||||||||||||||||||||||||||||||||||||||||
504
|
Portland, OR |
Tanasbourne Town Center N.W. Evergreen Parkway & N.W. Ring Road |
97006 | SC | Fee(3 | ) | 1995/2001 | 1996 | 50% | 309,617 | $ | 4,986,626 | $ | 18.73 | 86% | Ross Dress For Less (2013), Michaels(2014), Barnes & Noble (2011), Office Depot (2010), Haggans (2021), Nordstrom (Not Owned), Target (Not Owned), Mervyns (Not Owned) | ||||||||||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||||||||||||
505
|
Allentown, PA |
B.J.s Wholesale Club 1785 Airport Road South |
18109 | SC | Fee | 1991 | 2004 | 100% | 112,230 | $ | 863,266 | $ | 7.69 | 100% | B.J.s Wholesale Club (2011) | |||||||||||||||||||||||||||
506
|
Allentown, PA |
West Valley Marketplace 1091 Mill Creek Road |
18106 | SC | Fee | 2001/2004 | 2003 | 100% | 259,239 | $ | 2,745,843 | $ | 10.59 | 100% | Wal-Mart (2021) | |||||||||||||||||||||||||||
507
|
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 (2013) |
58
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
508
|
Carlisle, PA |
Carlisle Commons Shopping Center Ridge Street & Noble Boulevard |
17013 | SC | Fee(3 | ) | 2001 | 2007 | 15% | 393,033 | $ | 3,132,539 | $ | 8.75 | 91.1% |
Wal-Mart (2022), T.J. Maxx (2012), Ross Dress For Less (2014), Regal Cinemas (2010) |
||||||||||||||||||||||||||
509
|
Cheswick, PA |
Rite Aid 851 West Alexis Road |
15024 | SC | Fee | 2000 | 2007 | 100% | 10,908 | $ | 248,609 | $ | 22.79 | 100% | ||||||||||||||||||||||||||||
510
|
Connelsville, PA |
Rite Aid 100 Memorial Boulevard |
15425 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 312,181 | $ | 28.62 | 100% | ||||||||||||||||||||||||||||
511
|
E. Norriton, PA |
Kmart Plaza 2692 Dekalb Pike |
19401 | SC | Fee | 1975/1997 | 1/2 | * | 100% | 173,876 | $ | 1,223,372 | $ | 7.08 | 92.9% | Kmart (2010), Big Lots (2010) | ||||||||||||||||||||||||||
512
|
Erie, PA |
Peach Street Square 1902 Keystone Drive |
16509 | SC | GL |
1995/1998/ 2003 |
1 | * | 100% | 557,769 | $ | 4,997,713 | $ | 8.89 | 95.8% | Lowes (2015), PetSmart (2015), Circuit City (2020), Kohls (2016), Wal-Mart (2015), Cinemark (2011), Erie Sports (2018), Home Depot (Not Owned) | ||||||||||||||||||||||||||
513
|
Erie, PA |
Rite Aid 4145 Buffalo Road |
16510 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 230,486 | $ | 21.13 | 100% | ||||||||||||||||||||||||||||
514
|
Erie, PA |
Rite Aid 404 East 26th Street |
16503 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 260,047 | $ | 23.84 | 100% | ||||||||||||||||||||||||||||
515
|
Erie, PA |
Rite Aid 353 East 6th Street |
16507 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 266,969 | $ | 24.47 | 100% | ||||||||||||||||||||||||||||
516
|
Erie, PA |
Erie Marketplace 6660-6750 Peach Street |
16509 | SC | Fee(3 | ) | 2003 | 2003 | 14.5% | 107,537 | $ | 1,076,117 | $ | 9.40 | 98.8% | Marshalls (2013), Bed Bath & Beyond (2013), Babies R Us (2014), Target (Not Owned) | ||||||||||||||||||||||||||
517
|
Erie, PA |
Rite Aid 5440 Peach Street |
16508 | SC | Fee | 2000 | 2007 | 100% | 10,908 | $ | 336,691 | $ | 30.87 | 100% | ||||||||||||||||||||||||||||
518
|
Erie, PA |
Rite Aid 2923 West 26th Street |
16506 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 332,311 | $ | 30.46 | 100% | ||||||||||||||||||||||||||||
519
|
Erie, PA |
Rite Aid 2184 West 12th Street |
16505 | SC | GL | 1999 | 2007 | 100% | 10,908 | $ | 373,661 | $ | 34.26 | 100% |
59
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
520
|
Homestead, PA |
Waterfront Market Amity 149 West Bridge Street |
15120 | LC | Fee(3 | ) | 2003 | 2007 | 15% | 764,824 | $ | 11,701,972 | $ | 15.61 | 98% |
Loews Cinema (2020), Dicks Clothing and Sporting
Goods (2012), Best Buy (2013), Michaels(2011), Filenes Basement (2012), Office Depot (2017),T.J. Maxx (2011), Old Navy (2011), DSW Warehouse (2015), Marshalls (2010), Barnes And Noble (2012), Dave And Busters (2020), Macys (Not Owned), Target (Not Owned) |
||||||||||||||||||||||||||
521
|
Irwin, PA |
Rite Aid 3550 Route 130 |
15642 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 262,741 | $ | 24.09 | 100% | ||||||||||||||||||||||||||||
522
|
King of Prussia, PA |
Overlook at King of Prussia 301 Goddard Boulevard |
19046 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 105,615 | $ | 4,855,050 | $ | 25.82 | 100% |
United Artists Theatre (2025), Nordstrom Rack (2012), Best Buy (2017) |
||||||||||||||||||||||||||
523
|
Monaca, PA |
Township Marketplace 115 Wagner Road |
15061 | SC | GL (3 | ) | 1999/2004 | 2003 | 14.5% | 298,589 | $ | 3,059,159 | $ | 10.99 | 93.2% | Lowes (2017), Michaels (2018), Cinemark (2019) | ||||||||||||||||||||||||||
524
|
Monroeville, PA |
Rite Aid 4111 William Penn Highway |
15146 | SC | Fee | 1998 | 2007 | 100% | 12,738 | $ | 484,028 | $ | 38.00 | 100% | ||||||||||||||||||||||||||||
525
|
Monroeville, PA |
Rite Aid 2604 Monroeville Boulevard |
15146 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 295,339 | $ | 27.08 | 100% | ||||||||||||||||||||||||||||
526
|
Mount Nebo, PA |
Mount Nebo Pointe Mount Nebo Road & Lowries Run Road |
15237 | SC | Fee (3 | ) | 2005 | 1 | * | 10% | 99,447 | $ | 1,257,103 | $ | 14.38 | 81% | Sportsmans Warehouse (2020), Sams Club (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||
527
|
New Castle, PA |
Rite Aid 31 North Jefferson Street |
16101 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 261,740 | $ | 24.00 | 100% | ||||||||||||||||||||||||||||
528
|
Pittsburgh, PA |
Rite Aid 1804 Golden Mile Highway |
15239 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 326,940 | $ | 29.97 | 100% | ||||||||||||||||||||||||||||
529
|
Pittsburgh, PA |
Rite Aid 2501 Saw Mill Run Boulevard |
15227 | SC | Fee | 1999 | 2007 | 100% | 10,908 | $ | 342,233 | $ | 31.37 | 100% | ||||||||||||||||||||||||||||
530
|
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 (2009) | ||||||||||||||||||||||||||
531
|
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 (2009) | ||||||||||||||||||||||||||
Puerto Rico | ||||||||||||||||||||||||||||||||||||||||||
532
|
Arecibo, PR |
Plaza Del Atlantico PR # Km 80.3 |
00612 | MM | Fee | 1980/1993 | 2005 | 100% | 215,451 | $ | 3,242,974 | $ | 15.47 | 90% | Kmart (2013), Capri del Atlantico (2013) |
60
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
533
|
Bayamon, PR |
Plaza Del Sol Roadd PR#29 & PR#167, Hato Tejas |
00961 | MM | Fee |
1998/2003/ 2004 |
2005 | 100% | 526,397 | $ | 17,012,196 | $ | 32.52 | 94.8% | Wal-Mart (2022), Science Park Cinema (2019), Bed Bath & Beyond (2017), Home Depot (Not Owned) | |||||||||||||||||||||||||||
534
|
Bayamon, PR |
Rexville Plaza PR #167, Km 18.8 |
00961 | SC | Fee | 1980/2002 | 2005 | 100% | 126,023 | $ | 1,592,167 | $ | 11.52 | 96.6% | Pueblo Xtra (2009), Tiendas Capri (2013) | |||||||||||||||||||||||||||
535
|
Bayamon, PR | Plaza Rio HondoPR#22, PR#167 | 00936 | MM | Fee | 1982/2001 | 2005 | 100% | 481,499 | $ | 13,074,490 | $ | 25.73 | 97.3% | Tiendas Capri (2009), Best Buy (2021), Kmart (2013), Pueblo Xtra (2012), Rio Hondo Cinemas (2023), Marshalls (2015) | |||||||||||||||||||||||||||
536
|
Carolina, PR |
Plaza Escorial Carretera #3, Km 6.1 |
00987 | SC | Fee | 1997 | 2005 | 100% | 420,462 | $ | 7,793,068 | $ | 14.65 | 99.8% | Office Max (2015), Wal-Mart (2024), Plaza Escorial Cinemas (2019), Sams Club (2024), Home Depot (Not Owned) | |||||||||||||||||||||||||||
537
|
Cayey, PR |
Plaza Cayey State Road #1 & PR #735 |
00736 | SC | Fee | 1999/2004 | 2005 | 100% | 261,126 | $ | 3,073,186 | $ | 8.65 | 98% | Wal-Mart (2021), Plaza Cayey Centro Cinema (2018) | |||||||||||||||||||||||||||
538
|
Fajardo, PR |
Plaza Fajardo Road PR #3 Int PR #940 |
00738 | SC | Fee | 1992 | 2005 | 100% | 245,319 | $ | 4,140,297 | $ | 16.58 | 100% | Wal-Mart (2012), Pueblo Xtra (2012) | |||||||||||||||||||||||||||
539
|
Guayama, PR |
Plaza Wal-Mart Road PR #3 Km 135.0 |
00784 | SC | Fee | 1994 | 2005 | 100% | 163,598 | $ | 1,689,989 | $ | 10.69 | 96.6% | Wal-Mart (2018) | |||||||||||||||||||||||||||
540
|
Hatillo, PR |
Plaza Del Norte Road#2 Km 81.9 |
00659 | MM | Fee | 1992 | 2005 | 100% | 510,979 | $ | 10,002,125 | $ | 25.35 | 78.9% | Sears (2014), Toys R Us (2018), JCPenney (2012), Wal-Mart (2012), Circuit City (2019) | |||||||||||||||||||||||||||
541
|
Humacao, PR |
Plaza Palma Real State Road #3, Km 78.20 |
00791 | SC | Fee | 1995 | 2005 | 100% | 345,489 | $ | 6,679,674 | $ | 20.00 | 87.4% |
Pep Boys (2015), JCPenney (2019), Capri Stores (2011), Wal-Mart (2020), Office Max (2018) |
|||||||||||||||||||||||||||
542
|
Isabela, PR |
Plaza Isabela State Road #2 & # 454 |
00662 | SC | Fee | 1994 | 2005 | 100% | 238,410 | $ | 3,537,575 | $ | 14.09 | 97.3% | Coop (2014), Wal-Mart (2019) | |||||||||||||||||||||||||||
543
|
San German, PR |
Camino Real State Road PR #122 |
00683 | SC | Fee | 1991 | 2005 | 100% | 22,356 | $ | 339,950 | $ | 5.14 | 100% | Pep Boys (2015) | |||||||||||||||||||||||||||
544
|
San German, PR |
Plaza Del Oeste Road PR #2 Int PR #122 |
00683 | SC | Fee | 1991 | 2005 | 100% | 174,172 | $ | 2,360,667 | $ | 12.21 | 99.4% | Kmart (2016), Pueblo Xtra (2011) | |||||||||||||||||||||||||||
545
|
San Juan, PR |
Senorial Plaza PR #53 & PR #177 |
00926 | MM | Fee |
1978/ Mutiple |
2005 | 100% | 168,664 | $ | 2,444,990 | $ | 16.09 | 84.3% | Kmart (2010), Pueblo Xtra (2015) | |||||||||||||||||||||||||||
546
|
Vega Baja, PR |
Plaza Vega Baja Road PR #2 Int PR #155 |
00693 | SC | Fee | 1990 | 2005 | 100% | 180,488 | $ | 1,923,689 | $ | 10.61 | 96.9% | Kmart (2015), Pueblo Xtra (2010) | |||||||||||||||||||||||||||
Rhode Island |
61
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
547
|
Middletown, RI |
Middletown Village 1315 West Main Street |
02842 | SC | Fee | 2003 | 2007 | 100% | 98,161 | $ | 1,201,704 | $ | 17.13 | 71.5% | Barnes & Noble (2019), Michaels (2018) | |||||||||||||||||||||||||||
548
|
Warwick, RI |
Warwick Center 1324 Bald Hill Road |
02886 | SC | Fee (3 | ) | 2004 | 2007 | 15% | 159,958 | $ | 2,136,965 | $ | 17.50 | 76.4% | Dicks Clothing and Sporting Goods (2018), Barnes & Noble (2018), DSW Shoe Warehouse (2014) | ||||||||||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||||||||||||||||||
549
|
Aiken, SC |
Aiken Exchange Whiskey Road & Brook Haven Drive |
29803 | SC | Fee (3 | ) | 2004 | 2007 | 15% | 101,558 | $ | 334,898 | $ | 8.62 | 38.3% | PetSmart (2019), Target (Not Owned) | ||||||||||||||||||||||||||
550
|
Anderson, SC |
Anderson Central 651 Highway 28 Bypass |
29624 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 223,211 | $ | 1,415,807 | $ | 6.54 | 96.9% | Wal-Mart (2019) | ||||||||||||||||||||||||||
551
|
Anderson, SC |
North Hill Commons 3521 Clemson Boulevard |
29621 | SC | Fee (3 | ) | 2000 | 2007 | 15% | 43,149 | $ | 431,962 | $ | 10.01 | 100% | Michaels (2013), Target (Not Owned) | ||||||||||||||||||||||||||
552
|
Camden, SC |
Springdale Plaza 1671 Springdale Drive |
29020 | SC | Fee | 1990/2000 | 1993 | 100% | 180,127 | $ | 1,069,522 | $ | 7.54 | 78.7% | Belk (2015), Wal-Mart Super Center (Not Owned) | |||||||||||||||||||||||||||
553
|
Charleston, SC |
Ashley Crossing 2245 Ashley Crossing Drive |
29414 | SC | Fee | 1991 | 2003 | 100% | 188,883 | $ | 736,846 | $ | 11.63 | 31.2% | Food Lion (2011) | |||||||||||||||||||||||||||
554
|
Columbia, SC |
Columbiana Station OEA Harbison Boulevard & Bower Parkway |
29212 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 379,733 | $ | 4,637,604 | $ | 16.21 | 75.3% |
Circuit City (2020), Dicks Clothing and Sporting Goods (2016), Michaels (2010), PetSmart (2015), H.H. Gregg Appliances (2015) |
||||||||||||||||||||||||||
555
|
Columbia, SC |
Target Super Center 10204 Two Notch Road |
29229 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 83,400 | $ | 187,275 | $ | 6.71 | 33.5% | Michaels (2012), Target (Not Owned) | ||||||||||||||||||||||||||
556
|
Columbia, SC |
Harbison Court Harbison Boulevard |
29212 | SC | Fee (3 | ) | 1991 | 2002 | 14.5% | 236,765 | $ | 2,914,126 | $ | 12.86 | 95.7% |
Barnes & Noble (2011), Ross Dress For Less (2014), Marshalls (2012), Office Depot (2011), Babies R Us (Not Owned) |
||||||||||||||||||||||||||
557
|
Conway, SC |
Gateway Plaza - Conway 2701 Church Street |
29526 | SC | Fee | 2002 | 2007 | 100% | 62,428 | $ | 598,782 | $ | 9.99 | 96% | Goodys (2017) | |||||||||||||||||||||||||||
558
|
Easley, SC |
Center Pointe Plaza II Calhoun Memorial Highway & Brushy Creek Road |
29642 | SC | GL(3 | ) | 2004 | 2007 | 20% | 72,287 | $ | 646,147 | $ | 11.06 | 80.8% | Publix Super Markets (2023), Home Depot (Not Owned) | ||||||||||||||||||||||||||
559
|
Fort Mill, SC |
Rite Aid 2907 West Highway 160 |
29708 | SC | Fee | 2002 | 2007 | 100% | 13,824 | $ | 309,853 | $ | 22.41 | 100% | ||||||||||||||||||||||||||||
560
|
Gaffney, SC |
Rite Aid 1320 West Floyd Baker Boulevard |
29341 | SC | Fee | 2003 | 2007 | 100% | 13,818 | $ | 291,984 | $ | 21.13 | 100% |
62
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
561
|
Greenville, SC | Rite Aid3679 Augusta Road | 29605 | SC | Fee | 2001 | 2007 | 100% | 10,908 | $ | 283,423 | $ | 25.98 | 100% | ||||||||||||||||||||||||||||
562
|
Greenville, SC |
Wal-Mart Supercenter 1451 Woodruff Road |
29607 | SC | Fee | 1998 | 2007 | 100% | 200,084 | $ | 1,272,534 | $ | 6.36 | 100% | Wal-Mart (2018) | |||||||||||||||||||||||||||
563
|
Greenville, SC |
The Point 1140 Woodruff Road |
29601 | SC | Fee (3 | ) | 2005 | 2007 | 20% | 104,641 | $ | 1,775,747 | $ | 16.97 | 100% | Whole Foods (2026), Circuit City (2021) | ||||||||||||||||||||||||||
564
|
Greenwood, SC |
BI-LO - Northside Plaza U.S. Highway 25 & Northside Drive |
29649 | SC | Fee | 1999 | 2007 | 100% | 41,581 | $ | 334,437 | $ | 8.04 | 100% | BI-LO (2019) | |||||||||||||||||||||||||||
565
|
Lexington, SC |
Lexington Place U.S. Highway 378 & Old Cherokee Road |
29072 | SC | Fee | 2003 | 2007 | 100% | 83,167 | $ | 864,796 | $ | 10.40 | 100% |
Ross Dress For Less (2014), T.J. Maxx (2013), Publix (Not Owned), Kohls (Not Owned) |
|||||||||||||||||||||||||||
566
|
Mount Pleasant, SC |
Wando Crossing 1500 Highway 17 North |
29465 | SC | Fee | 1992/2000 | 1995 | 100% | 209,810 | $ | 2,526,139 | $ | 12.60 | 95.5% | Circuit City (2018), Office Depot (2010), T.J. Maxx (2013), Marshalls (2011), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
567
|
Mount 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 (2023) | |||||||||||||||||||||||||||
568
|
Myrtle Beach, SC |
Plaza at Carolina Forest 3735 Renee Drive |
29579 | SC | Fee (3 | ) | 1999 | 2007 | 20% | 116,657 | $ | 1,644,197 | $ | 13.39 | 95.7% | Kroger (2010) | ||||||||||||||||||||||||||
569
|
North Charleston, SC |
North Pointe Plaza 7400 Rivers Avenue |
29406 | SC | Fee | 1989/2001 | 2 | * | 100% | 294,471 | $ | 2,048,906 | $ | 7.02 | 99.2% | Wal-Mart (2009), Office Max (2014) | ||||||||||||||||||||||||||
570
|
North Charleston, SC |
North Charleston Center 5900 Rivers Avenue |
29406 | SC | Fee | 1980/1993 | 2004 | 100% | 235,501 | $ | 1,243,210 | $ | 7.41 | 71.3% |
Northern Tool (2016), Big Lots (2011), Home Decor Liquidators (2012) |
|||||||||||||||||||||||||||
571
|
Orangeburg, SC |
North Road Plaza 2795 North Road |
29115 | SC | Fee | 1994/1999 | 1995 | 100% | 50,760 | $ | 568,393 | $ | 11.20 | 100% | Goodys (2013), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||
572
|
Piedmont, SC |
Rite Aid - Piedmont 915 Anderson Street |
29601 | SC | Fee | 2000 | 2007 | 100% | 10,908 | $ | 181,052 | $ | 16.60 | 100% | ||||||||||||||||||||||||||||
573
|
Simpsonville, SC |
Fairview Station 621 Fairview Road |
29681 | SC | Fee | 1990 | 1994 | 100% | 142,086 | $ | 885,125 | $ | 6.28 | 99.2% | Ingles (2011), Kohls (2015) | |||||||||||||||||||||||||||
574
|
Spartanburg, SC |
Rite Aid - Blackstock 1510 W.O. Ezell Boulevard |
29301 | SC | Fee | 2001 | 2007 | 100% | 10,908 | $ | 271,599 | $ | 24.90 | 100% | ||||||||||||||||||||||||||||
575
|
Spartanburg, SC |
Northpoint Marketplace 8642-8760 Asheville Highway |
29316 | SC | Fee | 2001 | 2007 | 100% | 102,252 | $ | 632,624 | $ | 7.23 | 82.6% | Ingles (2021) | |||||||||||||||||||||||||||
576
|
Spartanburg, SC |
Rite Aid - Spartanburg 780 North Pine Street |
29301 | SC | Fee | 2002 | 2007 | 100% | 10,908 | $ | 283,656 | $ | 26.00 | 100% | ||||||||||||||||||||||||||||
577
|
Taylors, SC |
North Hampton Market 6019 Wade Hampton |
29687 | SC | Fee (3 | ) | 2004 | 2007 | 20% | 114,935 | $ | 1,100,896 | $ | 10.84 | 88.3% | Hobby Lobby (2019), Target (Not Owned) | ||||||||||||||||||||||||||
578
|
Taylors, SC |
Hampton Point 3033 Wade Hampton Boulevard |
29687 | SC | Fee | 1993 | 2007 | 100% | 58,316 | $ | 458,027 | $ | 8.06 | 97.4% | BI-LO (2018) |
63
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
579
|
Woodruff, SC |
Rite Aid - Woodruff 121 North Main Street |
29388 | SC | Fee | 2002 | 2007 | 100% | 13,824 | $ | 288,178 | $ | 20.85 | 100% | ||||||||||||||||||||||||||||
South Dakota | ||||||||||||||||||||||||||||||||||||||||||
580
|
Watertown, SD |
Watertown Mall 1300 9th Avenue |
56401 | MM | Fee | 1977 | 1/2 | * | 100% | 240,262 | $ | 1,322,851 | $ | 6.63 | 83.1% |
Dunhams Sporting Goods (2011), Herbergers (2014), JCPenney (2013), Hy-Vee Supermarket (Not Owned) |
||||||||||||||||||||||||||
Tennessee | ||||||||||||||||||||||||||||||||||||||||||
581
|
Brentwood, TN |
Cool Springs Pointe I-65 & Moores Lane |
37027 | SC | Fee (3 | ) | 1999/2004 | 2000 | 14.5% | 201,414 | $ | 2,208,987 | $ | 13.54 | 81% |
Best Buy (2014), Ross Dress For Less (2015), DSW Shoe Warehouse (2009) |
||||||||||||||||||||||||||
582
|
Chattanooga, TN |
Overlook at Hamilton Place 2288 Gunbarrel Road |
37421 | SC | Fee | 1992/2004 | 2003 | 100% | 207,244 | $ | 1,805,781 | $ | 8.78 | 99.2% | Best Buy (2014), Hobby Lobby (2014), Fresh Market (2014) | |||||||||||||||||||||||||||
583
|
Columbia, TN |
Columbia Square 845 Nashville Highway |
38401 | SC | Fee (3 | ) | 1993 | 2003 | 10% | 68,948 | $ | 458,900 | $ | 7.62 | 87.4% | Kroger (2022) | ||||||||||||||||||||||||||
584
|
Farragut, TN |
Farragut Pointe 11132 Kingston Pike |
37922 | SC | Fee (3 | ) | 1991 | 2003 | 10% | 71,311 | $ | 470,938 | $ | 7.54 | 87.6% | Food City (2011) | ||||||||||||||||||||||||||
585
|
Goodlettsville, TN |
Northcreek Commons 101-139 Northcreek Boulevard |
37072 | SC | Fee (3 | ) | 1987 | 2003 | 20% | 84,441 | $ | 733,139 | $ | 8.91 | 97.5% | Kroger (2012) | ||||||||||||||||||||||||||
586
|
Hendersonville, TN |
Lowes Home Improvement Center - Hendersonville 1050 Lowes Road |
37075 | SC | Fee | 1999 | 2003 | 100% | 133,144 | $ | 1,222,439 | $ | 9.18 | 100% | Lowes (2019) | |||||||||||||||||||||||||||
587
|
Jackson, TN |
West Towne Commons 41 Stonebrook Place |
38305 | SC | Fee (3 | ) | 1992 | 2007 | 20% | 62,925 | $ | 579,341 | $ | 9.21 | 100% | Kroger (2020) | ||||||||||||||||||||||||||
588
|
Johnson City, TN |
Johnson City MarketplaceFranklin & Knob Creek Roads |
37604 | SC | GL | 2005 | 2003 | 100% | 11,749 | $ | 531,918 | $ | 15.23 | 100% | Kohls (2026) | |||||||||||||||||||||||||||
589
|
Knoxville, TN |
Pavilion of Turkey Creek I 10936 Parkside Drive |
37922 | SC | Fee (3 | ) | 2001 | 2007 | 15% | 280,776 | $ | 3,169,800 | $ | 13.11 | 86.1% |
Ross Dress For Less (2014), Office Max (2017), Old Navy (2011), Goodys (2015), Target (Not Owned), Wal-Mart (Not Owned) |
64
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
590
|
Knoxville, TN |
Town & Country North Peters Road & Town & Country Circle |
37923 | SC | Fee (3 | ) | 1985/1997 | 2007 | 15% | 638,437 | $ | 6,180,411 | $ | 10.25 | 94.4% |
Goodys (2013), Jo-Ann Stores (2013), Circuit City (2014),
Staples (2019), Best Buy (2019), Food City (2026), Lowes
(2017), Carmike Cinemas (2020), Dicks Clothing and Sporting Goods (2017) |
||||||||||||||||||||||||||
591
|
Memphis, TN |
American Way 4075 American Way |
38118 | SC | Fee (3 | ) | 1988 | 2007 | 20% | 121,222 | $ | 899,534 | $ | 8.15 | 91.1% | Kroger (2020) | ||||||||||||||||||||||||||
592
|
Morristown, TN |
Crossroads Square 130 Terrace Lane |
37816 | SC | Fee (3 | ) | 2004 | 2007 | 20% | 68,500 | $ | 610,500 | $ | 9.25 | 96.4% | T.J. Maxx (2014) | ||||||||||||||||||||||||||
593
|
Murfreesboro, TN |
Towne Centre Old Fort Parkway |
37129 | SC | Fee (3 | ) | 1998 | 2003 | 14.5% | 108,023 | $ | 1,367,278 | $ | 12.66 | 100% | T.J. Maxx (2010), Books-A-Million(2009), Toys R Us (Not Owned), Lowes (Not Owned), Target (Not Owned) | ||||||||||||||||||||||||||
594
|
Nashville, TN |
Willowbrook Commons 61 East Thompson Lane |
37211 | SC | Fee (3 | ) | 2005 | 2007 | 20% | 93,600 | $ | 719,155 | $ | 8.66 | 88.7% | Kroger (2029) | ||||||||||||||||||||||||||
595
|
Nashville, TN |
Bellevue Place 7625 Highway 70 South |
37221 | SC | Fee (3 | ) | 2003 | 2007 | 15% | 77,180 | $ | 859,950 | $ | 12.15 | 91.7% | Michaels (2012), Bed Bath & Beyond (2012), Home Depot (Not Owned) | ||||||||||||||||||||||||||
596
|
Nashville, TN |
The Marketplace Charlotte Pike |
37209 | SC | Fee (3 | ) | 1998 | 2003 | 14.5% | 167,795 | $ | 1,672,820 | $ | 10.05 | 99.2% | Lowes (2019), Wal Mart (Not Owned) | ||||||||||||||||||||||||||
597
|
Oakland, TN |
Oakland Market Place 7265 U.S. Highway 64 |
38060 | SC | Fee (3 | ) | 2004 | 2007 | 20% | 64,600 | $ | 420,847 | $ | 6.97 | 93.5% | Kroger (2028) | ||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||
598
|
Allen, TX |
Watters Creek Bethany Road |
75013 | LC | Fee (3 | ) | 2008 | 1 | * | 10% | 244,911 | $ | 5,806,978 | $ | 22.75 | 100% | United Market Street (2028), Borders (2018) | |||||||||||||||||||||||||
599
|
Austin, TX |
The Shops at Tech Ridge Center Ridge Drive |
78728 | SC | Fee (3 | ) | 2003 | 2003 | 25.75% | 282,798 | $ | 3,444,656 | $ | 14.62 | 82.4% | Ross Dress For Less (2014), Toys R Us (2014), Hobby Lobby (2018), Best Buy (2017), Super Target (Not Owned) | ||||||||||||||||||||||||||
600
|
Baytown, TX |
Lowes Home Improvement - Baytown 5002 Garth Road |
77521 | SC | Fee | 1998 | 2007 | 100% | 125,357 | $ | 873,828 | $ | 6.97 | 100% | Lowes (2015) | |||||||||||||||||||||||||||
601
|
Fort Worth, TX |
CVS Pharmacy 2706 Jacksboro Highway |
76114 | SC | Fee | 1997 | 2007 | 100% | 10,908 | $ | 239,784 | $ | 21.98 | 100% | ||||||||||||||||||||||||||||
602
|
Fort Worth, TX |
CVS Pharmacy 4551 Sycamore School Road |
76133 | SC | Fee | 1997 | 2007 | 100% | 9,504 | $ | 149,248 | $ | 15.70 | 100% | ||||||||||||||||||||||||||||
603
|
Frisco, TX |
Frisco Marketplace 7010 Preston Road |
75035 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 20,959 | $ | 752,050 | $ | 20.33 | 100% | Kohls (2023) |
65
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
604
|
Garland, TX |
Garland Plaza 3265 Broadway Boulevard |
75043 | SC | Fee | 1994 | 2007 | 100% | 70,576 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
605
|
Grand PrairIe, TX |
Kroger - Grand Prairie 2525 West Interstate 20 |
75052 | SC | Fee | 1998 | 2007 | 100% | 60,835 | $ | 433,615 | $ | 7.13 | 100% | Kroger (2018) | |||||||||||||||||||||||||||
606
|
Houston, TX |
Lowes Home Improvement - Houston 19935 Katy Freeway |
77094 | SC | Fee | 1998 | 2007 | 100% | 131,644 | $ | 917,000 | $ | 6.97 | 100% | Lowes (2017) | |||||||||||||||||||||||||||
607
|
Irving, TX |
MacArthur Marketplace Market Place Boulevard |
75063 | SC | Fee (3 | ) | 2004 | 2003 | 14.5% | 146,941 | $ | 2,107,168 | $ | 10.85 | 100% |
Kohls (2021), Hollywood Theaters (2016), Office Max (2014), Sams Club (Not Owned), Wal-Mart (Not Owned) |
||||||||||||||||||||||||||
608
|
Lewisville, TX |
Lakepointe Crossings South Stemmons Freeway |
75067 | SC | Fee (3 | ) | 1991 | 2002 | 14.5% | 315,008 | $ | 2,840,134 | $ | 10.79 | 84.1% |
99 Cents Only Store (2009), PetSmart (2009), Best Buy (2010), Academy Sports (2016), Mardel Christian Bookstore (2012), Conns Appliance (Not Owned), Garden Ridge (Not Owned), Toys R Us (Not Owned) |
||||||||||||||||||||||||||
609
|
McKinney, TX |
McKinney Marketplace U.S. Highway 75 & El Dorado Parkway |
75070 | SC | Fee (3 | ) | 2000 | 2003 | 14.5% | 118,967 | $ | 1,239,848 | $ | 10.78 | 96.6% | Kohls (2021), Albertsons (Not Owned) | ||||||||||||||||||||||||||
610
|
Mesquite, TX |
Marketplace at Towne Center Southbound Frontage Road I 635 |
75150 | SC | Fee (3 | ) | 2001 | 2003 | 14.5% | 170,625 | $ | 2,215,973 | $ | 14.68 | 82.2% | PetSmart (2017), Michaels(2012), Ross Dress For Less (2013), Home Depot (Not Owned), Kohls (Not Owned) | ||||||||||||||||||||||||||
611
|
North Richland Hills, TX |
CVS Pharmacy 4808 Davis Boulevard |
76180 | SC | Fee | 1997 | 2007 | 100% | 10,908 | $ | 237,324 | $ | 21.76 | 100% | ||||||||||||||||||||||||||||
612
|
Pasadena, TX |
Kroger Junction 2619 Red Bluff Road |
77506 | SC | Fee (3 | ) | 1984 | 2007 | 20% | 80,753 | $ | 446,479 | $ | 6.19 | 89.3% | Kroger (2020) | ||||||||||||||||||||||||||
613
|
Richardson, TX |
CVS Pharmacy 2090 Arapahoe Boulevard |
75081 | SC | Fee | 1997 | 2007 | 100% | 10,560 | $ | 206,585 | $ | 19.56 | 100% | ||||||||||||||||||||||||||||
614
|
Rowlett, TX |
Rowlett Plaza 8800 Lakeview Parkway |
75088 | SC | Fee | 1995/2001 | 2007 | 100% | 63,117 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||
615
|
San Antonio, TX |
Ingram Park 6157 N.W. Loop 410 |
78238 | MV | Fee | 1985 | 2005 | 50% | 76,597 | $ | 0 | $ | 0.00 | 0% |
66
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
616
|
San Antonio, TX |
Bandera Pointe North State Loop 1604 Bandera Road |
78227 | SC | Fee | 2001/2002 | 2002 | 100% | 278,815 | $ | 4,285,314 | $ | 16.06 | 91.6% |
Lowes (2020), T.J. Maxx (2011), Old Navy (2011), Ross
Dress For Less (2012), Barnes & Noble (2011), Kohls
(Not Owned), Raquetball & Fitness (Not Owned), Credit Union (Not Owned), Chuck E Cheese (Not Owned), Target (Not Owned) |
|||||||||||||||||||||||||||
617
|
San Antonio, TX |
Village at Stone Oak 22610 U.S. Highway 281 North |
78258 | SC | Fee | 2007 | 1 | * | 100% | 300,834 | $ | 4,946,638 | $ | 16.35 | 97.1% | Hobby Lobby (2022), T.J. Maxx (2017) | ||||||||||||||||||||||||||
618
|
San Antonio, TX |
Westover Marketplace State Highway 151 at Loop 410 |
78209 | SC | Fee (3 | ) | 2005 | 1 | * | 10% | 218,257 | $ | 3,195,057 | $ | 14.58 | 97.8% |
PetSmart (2016), Sportsmans Warehouse (2015), Ross
Dress For Less (2016), Target (Not Owned), Lowes (Not Owned) |
|||||||||||||||||||||||||
619
|
San Antonio, TX |
Terrell Plaza 1201 Austin Highway |
78209 | SC | Fee (3 | ) | 1958/1986 | 2007 | 50% | 170,333 | $ | 1,164,162 | $ | 6.94 | 98.5% | Big Lots (2010) | ||||||||||||||||||||||||||
620
|
Tyler, TX |
CVS Pharmacy 1710 West Gentry Parkway |
75702 | SC | Fee | 1997 | 2007 | 100% | 9,504 | $ | 134,773 | $ | 14.18 | 100% | ||||||||||||||||||||||||||||
Utah | ||||||||||||||||||||||||||||||||||||||||||
621
|
Midvale, UT |
Family Center at Fort Union 50 900 East Fourt Union Boulevard |
84047 | SC | Fee | 1973/2000 | 1998 | 100% | 641,957 | $ | 8,022,197 | $ | 13.58 | 92% |
Babies R Us (2014), Office Max (2012), Smiths
Food & Drug (2024), Media Play (2016), Bed Bath & Beyond (2014), Wal-Mart (2015), Ross Dress For Less (2016), Michaels (2017) |
|||||||||||||||||||||||||||
622
|
Ogden, UT |
Family Center at Ogden 5-Points 21-129 Harrisville Road |
84404 | SC | Fee | 1977 | 1998 | 100% | 162,316 | $ | 797,109 | $ | 5.69 | 86.3% | Harmons (2012) | |||||||||||||||||||||||||||
623
|
Orem, UT |
Family Center at Orem 1300 South Street |
84058 | SC | Fee | 1991 | 1998 | 100% | 150,667 | $ | 1,677,708 | $ | 11.14 | 100% | Toys R Us (2011), Media Play (2015), Office Depot (2008), Jo-Ann Stores (2012), R.C. Willey (Not Owned) |
67
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
624
|
Riverdale, UT |
Family Center at Riverdale 1050 West Riverdale Road |
84405 | SC | Fee | 1995/2003 | 1998 | 100% | 593,398 | $ | 5,001,984 | $ | 8.66 | 95.9% |
Macys (2011), Office Max (2010), Gart Sports (2012), Sportsmans Warehouse (2009), Target (2017), Media Play (2009), Circuit City (2016) |
|||||||||||||||||||||||||||
625
|
Riverdale, UT |
Family Center at Riverdale 1050 West Riverdale Road |
84405 | SC | Fee | 2005 | 1 | * | 100% | 46,597 | $ | 476,421 | $ | 10.22 | 100% | Jo-Ann Stores (2015), Super Wal-Mart (Not Owned), Sams Club (Not Owned) | ||||||||||||||||||||||||||
626
|
Salt Lake City, UT |
Family Place at 33rd South 3300 South Street |
84115 | SC | Fee | 1978 | 1998 | 100% | 34,209 | $ | 216,409 | $ | 9.08 | 69.7% | ||||||||||||||||||||||||||||
627
|
Taylorsville, UT |
Family Center at Taylorsville 5600 South Redwood |
84123 | SC | Fee | 1982/2003 | 1998 | 100% | 697,630 | $ | 6,367,218 | $ | 10.89 | 83.1% |
ShopKo (2014), Jo-Ann Stores (2015), Gart Sports (2017), 24 Hour Fitness (2017), PetSmart (2018), Bed Bath & Beyond (2015), Ross Dress For Less (2014), Media Play (2009), Harmons Superstore (Not Owned) |
|||||||||||||||||||||||||||
Vermont | ||||||||||||||||||||||||||||||||||||||||||
628
|
Berlin, VT |
Berlin Mall 282 Berlin Mall Road., Unit #28 |
05602 | MM | Fee | 1986/1999 | 2 | * | 100% | 174,624 | $ | 1,508,464 | $ | 9.63 | 89.7% | Wal-Mart (2014), JCPenney (2009) | ||||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||||||||||||||||||||
629
|
Chester, VA |
Bermuda Square 12607-12649 Jefferson Davis |
23831 | SC | Fee | 1978 | 2003 | 100% | 114,589 | $ | 1,457,608 | $ | 13.19 | 92.6% | Ukrops (2013) | |||||||||||||||||||||||||||
630
|
Fairfax, VA |
Fairfax Towne Center 12210 Fairfax Towne Center |
22033 | SC | Fee (3 | ) | 1994 | 1995 | 14.5% | 253,298 | $ | 4,167,839 | $ | 18.28 | 90% | Safeway (2019), T.J. Maxx (2009), Bed Bath & Beyond (2010), United Artists Theatre (2014) | ||||||||||||||||||||||||||
631
|
Glen Allen, VA |
Creeks at Virginia Center 9830-9992 Brook Road |
23059 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 266,308 | $ | 3,899,001 | $ | 14.71 | 99.5% |
Barnes & Noble (2011), Circuit City (2022), Bed Bath &
Beyond (2012), Michaels (2011), Dicks Clothing and Sporting Goods (2017) |
||||||||||||||||||||||||||
632
|
Lynchburg, VA |
Candlers Station 3700 Candlers Mountain Road |
24502 | SC | Fee | 1990 | 2003 | 100% | 270,765 | $ | 1,739,225 | $ | 9.72 | 66.2% |
Cinemark (2015), Staples (2013), T.J. Maxx (2011) Toys
R Us (Not Owned) |
68
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
633
|
Lynchburg, VA |
Wards Crossing Wards Road & Wards Ferry Road |
24502 | SC | Fee (3 | ) | 2001 | 2007 | 15% | 80,937 | $ | 1,161,822 | $ | 14.92 | 96.2% |
Bed Bath & Beyond (2013), Michaels (2011), Target (Not Owned), Dicks Clothing and Sporting Goods (Not Owned), PetSmart (Not Owned) |
||||||||||||||||||||||||||
634
|
Martinsville, VA |
Liberty Fair Mall 240 Commonwealth Boulevard |
24112 | MM | Fee (3 | ) | 1989/1997 | 1/2 | * | 50% | 435,057 | $ | 2,748,239 | $ | 6.98 | 89.9% | Goodys (2011), Belk (2012), JCPenney (2009), Sears (2009), Office Max (2012), Kroger (2017) | |||||||||||||||||||||||||
635
|
Midlothian, VA |
Chesterfield Crossings Highway 360 & Warbro Road |
23112 | SC | Fee (3 | ) | 2000 | 2007 | 15% | 79,802 | $ | 1,126,797 | $ | 14.15 | 87.6% | Ben Franklin Crafts (2015), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||
636
|
Midlothian, VA |
Commonwealth Center 4600-5000 Commonwealth Center Parkway |
23112 | SC | Fee (3 | ) | 2002 | 2007 | 15% | 165,413 | $ | 2,227,617 | $ | 13.81 | 97.5% | Stein Mart (2011), Michaels (2011), Barnes & Noble (2012) | ||||||||||||||||||||||||||
637
|
Newport News, VA |
Denbigh Village Warwick Boulevard & Denbigh Boulevard |
23608 | SC | Fee | 1998/2006 | 2007 | 100% | 324,450 | $ | 2,513,298 | $ | 8.15 | 88.3% | Burlington Coat Factory (2013), Kroger (2017) | |||||||||||||||||||||||||||
638
|
Newport News, VA |
Jefferson Plaza 121 Jefferson Avenue |
23602 | SC | Fee (3 | ) | 1999 | 2007 | 15% | 47,341 | $ | 320,486 | $ | 17.60 | 38.5% | Costco (Not Owned) | ||||||||||||||||||||||||||
639
|
Richmond, VA |
Downtown Short Pump 11500-900 West Broad Street |
23233 | SC | Fee | 2000 | 2007 | 100% | 126,055 | $ | 2,475,280 | $ | 21.29 | 92.2% | Barnes & Noble (2011), Regal Cinemas (2021) | |||||||||||||||||||||||||||
640
|
Springfield, VA |
Loisdale Center 6646 Loisdale Road |
22150 | SC | Fee | 1999 | 2007 | 100% | 120,742 | $ | 2,469,392 | $ | 20.45 | 100% | Barnes & Noble (2015), DSW Shoe Warehouse (2015), Bed Bath & Beyond (2015), Circuit City (2020) | |||||||||||||||||||||||||||
641
|
Springfield, VA |
Spring Mall Center 6717 Spring Mall Road |
22150 | SC | Fee | 1995/2001 | 2007 | 100% | 56,511 | $ | 998,611 | $ | 17.67 | 100% | Michaels (2010), Tile Shop (2018) | |||||||||||||||||||||||||||
642
|
Sterling, VA |
Cascade Marketplace NEC of Cascades Parkway & Route 7 |
20165 | SC | Fee | 1998 | 2007 | 100% | 101,606 | $ | 1,547,669 | $ | 15.23 | 100% | Staples (2013), Sports Authority (2016) | |||||||||||||||||||||||||||
643
|
Virginia Beach, VA |
Kroger Plaza 1800 Republic Drive |
23454 | SC | Fee (3 | ) | 1997 | 2007 | 20% | 63,324 | $ | 240,788 | $ | 3.80 | 100% | Kroger (2020) | ||||||||||||||||||||||||||
644
|
Waynesboro, VA |
Waynesboro Commons 109 Lee Dewitt Boulevard |
22980 | SC | Fee (3 | ) | 1993 | 2007 | 20% | 52,415 | $ | 388,310 | $ | 8.96 | 82.6% | Kroger (2018) |
69
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
645
|
Winchester, VA |
Apple Blossom Corners 2190 South Pleasant Valley |
22601 | SC | Fee (3 | ) | 1990/1997 | 2 | * | 20% | 240,560 | $ | 2,470,504 | $ | 10.26 | 98.5% |
Martins Food Store (2040), Kohls (2018), Office
Max (2012), Books-A-Million (2013) |
|||||||||||||||||||||||||
646
|
Wytheville, VA |
Wytheville Commons 215-295 Commonwealth Drive |
24382 | SC | Fee (3 | ) | 2004 | 2007 | 15% | 90,239 | $ | 1,078,914 | $ | 11.96 | 100% |
Goodys (2016), Lowes (Not Owned), Super Wal-Mart
(Not Owned) |
||||||||||||||||||||||||||
Washington | ||||||||||||||||||||||||||||||||||||||||||
647
|
Kirkland, WA |
Totem Lake Upper Totem Lakes Boulevard |
98034 | SC | Fee (3 | ) | 1999/2004 | 2004 | 20% | 253,867 | $ | 2,232,000 | $ | 16.84 | 55.5% | Guitar Center (2009), Ross Dress For Less (2015) | ||||||||||||||||||||||||||
648
|
Olympia, WA |
Circuit City - Olympia 2815 Capital Mall Drive S.W. |
98502 | SC | Fee | 1998 | 2007 | 100% | 35,776 | $ | 443,929 | $ | 12.41 | 100% | Circuit City (2018) | |||||||||||||||||||||||||||
West Virginia | ||||||||||||||||||||||||||||||||||||||||||
649
|
Barboursville, WV |
Barboursville Center 5-13 Mall Road |
25504 | SC | GL | 1985 | 1998 | 100% | 70,900 | $ | 198,950 | $ | 4.51 | 62.3% | Discount Emporium (2006), Value City (Not Owned) | |||||||||||||||||||||||||||
650
|
Morgantown, WV |
Glenmark Center Interstate 68 & Pierpont Road |
26508 | SC | Fee | 1999/2000 | 2007 | 100% | 111,278 | $ | 1,222,729 | $ | 9.90 | 100% | Shop n Save (2009), Michaels (2011) | |||||||||||||||||||||||||||
651
|
Weirton, WV |
Rite Aid 1360 Cove Road |
26062 | SC | Fee | 2000 | 2007 | 100% | 10,908 | $ | 221,870 | $ | 20.34 | 100% | ||||||||||||||||||||||||||||
Wisconsin | ||||||||||||||||||||||||||||||||||||||||||
652
|
Brookfield, WI |
Shoppers World Brookfield North 124th Street & West Capital Drive |
53005 | SC | Fee (3 | ) | 1967 | 2003 | 14.5% | 182,722 | $ | 1,445,801 | $ | 7.91 | 100% |
T.J. Maxx (2010), Marshalls Mega Store (2009), Office Max (2010), Burlington Coat Factory (2012) |
||||||||||||||||||||||||||
653
|
Brown Deer, WI |
Brown Deer Center North Green BayRoad |
53209 | SC | Fee (3 | ) | 1967 | 2003 | 14.5% | 266,716 | $ | 2,034,560 | $ | 7.77 | 98.1% | Kohls (2023), Michaels (2012), Office Max (2010), T.J. Maxx (2012), Old Navy (2012) | ||||||||||||||||||||||||||
654
|
Brown Deer, WI |
Marketplace of Brown DeerNorth Green Bay Road |
53209 | SC | Fee (3 | ) | 1989 | 2003 | 14.5% | 143,372 | $ | 1,184,414 | $ | 8.26 | 100% | Marshalls Mega Store (2009), Pick n Save (2010) | ||||||||||||||||||||||||||
655
|
Milwaukee, WI |
Point Loomis South 27th Street |
53221 | SC | Fee | 1962 | 2003 | 100% | 160,533 | $ | 707,569 | $ | 4.41 | 100% | Kohls (2012), Pick n Save (2012) | |||||||||||||||||||||||||||
656
|
Oshkosh, WI |
Walgreens - Oshkosh South 27th Street |
54902 | SC | Fee | 2005 | 2007 | 100% | 13,905 | $ | 305,910 | $ | 22.00 | 100% |
70
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||||
Company- |
Average |
|||||||||||||||||||||||||||||||||||||||||
Owned |
Base |
|||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Rent |
|||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(per SF) |
Percent |
|||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | (2) | Occupied | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||
657
|
Racine, WI |
Village Center Outlot Washington Avenue Village Center Drive |
53406 | SC | Fee (3 | ) | 2003 | 2007 | 20% | 227,887 | $ | 2,461,641 | $ | 10.93 | 98.8% | Jewel (2022), Kohls (2023) | ||||||||||||||||||||||||||
658
|
West Allis, WI |
West Allis Center West Cleveland Avenue & South 108 |
53214 | SC | Fee | 1968 | 2003 | 100% | 246,081 | $ | 1,463,410 | $ | 5.64 | 100% | Kohls (2018), Marshalls Mega Store (2009), Pick n Save (2013) |
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, MM indicates an enclosed Mall, and MV indicates a Mervyns site. | |
(2) | Calculated as total annualized base rentals divided by Company-owned GLA actually leased as of December 31, 2008. | |
(3) | One of the two hundred eighty-five (285) properties owned through unconsolidated joint ventures, which serve as collateral for joint venture mortgage debt aggregating approximately $5.8 billion (of which the Companys proportionate share is $1,216.1 million) as of December 31, 2008, and which is not reflected in the consolidated indebtedness. |
71
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||
Service Merchandise Joint Venture Property List at
December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||
Company- |
||||||||||||||||||||||||||||||||||||||||
Owned |
Average |
|||||||||||||||||||||||||||||||||||||||
Year |
DDR |
Gross |
Total |
Base |
||||||||||||||||||||||||||||||||||||
Zip |
Type of |
Ownership |
Developed/ |
Year |
Ownership |
Leaseable |
Annualized |
Rent |
Percent |
|||||||||||||||||||||||||||||||
Center/Property | Location | Code | Property(1) | Interest(3) | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (Per SF)(2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||
Alabama
|
||||||||||||||||||||||||||||||||||||||||
1 Huntsville, AL
|
930 A Old Monrovia Road | 35806 | SC | Fee | 1984 | 2002 | 20 | % | 54,200 | $ | 381,500 | $ | 7.04 | 100 | % | H.H. Gregg Appliances (2014) | ||||||||||||||||||||||||
Arizona
|
||||||||||||||||||||||||||||||||||||||||
2 Mesa, AZ
|
6233 East Southern Boulevard | 85206 | SC | Fee | 1991 | 2002 | 20 | % | 53,312 | $ | 782,765 | $ | 14.68 | 100 | % | Ashley Furniture Homestore (2013) | ||||||||||||||||||||||||
Connecticut
|
||||||||||||||||||||||||||||||||||||||||
3 Danbury, CT
|
67 Newton Road | 06810 | SC | Lease | 1978 | 2002 | 20 | % | 51,750 | $ | 543,000 | $ | 10.49 | 100 | % | Homegoods (2012), Namco Pool Supplies (2012) | ||||||||||||||||||||||||
4 Manchester, CT
|
1520 Pleasant Valley Road | 06040 | SC | GL | 1993 | 2002 | 20 | % | 49,905 | $ | 509,579 | $ | 10.21 | 100 | % | Michaels (2014), PetSmart (2014) | ||||||||||||||||||||||||
Delaware
|
||||||||||||||||||||||||||||||||||||||||
5 Dover, DE
|
1380 North Dupont Highway | 19901 | SC | Fee | 1992 | 2002 | 20 | % | 50,001 | $ | 352,047 | $ | 7.04 | 100 | % | Furniture & More (2009), PetSmart (2011) | ||||||||||||||||||||||||
Florida
|
||||||||||||||||||||||||||||||||||||||||
6 Bradenton, FL
|
825 Cortez Road West | 34207 | SC | Lease | 1995 | 2002 | 20 | % | 53,638 | $ | 330,870 | $ | 6.17 | 100 | % | Bed Bath & Beyond (2018), Michaels (2014) | ||||||||||||||||||||||||
7 Jensen Beach, FL
|
3257 N.W. Federal Highway | 34957 | SC | GL | 1989 | 2002 | 20 | % | 50,000 | $ | 195,368 | $ | 7.31 | 53.5 | % | Office Depot (2011) | ||||||||||||||||||||||||
8 Ocala, FL
|
2405 Southwest 27th Avenue | 32671 | SC | Lease | 1981 | 2002 | 20 | % | 54,816 | $ | 314,140 | $ | 5.73 | 100 | % | Kimco Ocala (2012), Bealls Outlet (2012) | ||||||||||||||||||||||||
9 Orlando, FL
|
7175 West Colonial Drive | 32818 | SC | Fee | 1989 | 2005 | 20 | % | 51,550 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
10 Pensacola, FL
|
7303 Plantation Road | 32504 | SC | Fee | 1976 | 2004 | 20 | % | 64,053 | $ | 800,663 | $ | 12.50 | 100 | % | American Water Works (2015) | ||||||||||||||||||||||||
11 St. Petersburg, FL
|
2500 66th Street North | 33710 | SC | Fee | 1975 | 2002 | 20 | % | 76,438 | $ | 1,099,479 | $ | 13.27 | Jo-Ann Stores (2014), Homegoods (2016) | ||||||||||||||||||||||||||
Georgia
|
||||||||||||||||||||||||||||||||||||||||
12 Duluth, GA
|
2075 Market Street | 30136 | SC | Fee | 1983 | 2002 | 20 | % | 56,225 | $ | 325,901 | $ | 5.80 | 100 | % | Mega Amusement (2013) | ||||||||||||||||||||||||
Illinois
|
||||||||||||||||||||||||||||||||||||||||
13 Burbank, IL
|
7600 South Lacrosse Avenue | 60459 | SC | Fee | 1984 | 2002 | 20 | % | 27,213 | $ | 162,000 | $ | 11.73 | 50.8 | % | |||||||||||||||||||||||||
14 Crystal Lake, IL
|
5561 Northwest Highway | 60014 | SC | Fee | 1989 | 2002 | 20 | % | 50,092 | $ | 335,300 | $ | 8.02 | 83.4 | % | Big Lots (2012) | ||||||||||||||||||||||||
15 Downers Grove, IL
|
1508 Butterfield Road | 60515 | SC | Lease | 1973 | 2002 | 20 | % | 35,943 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
16 Lansing, IL
|
16795 South Torrence Avenue | 60438 | SC | Fee | 1986 | 2002 | 20 | % | 51,177 | $ | 391,948 | $ | 8.26 | 92.7 | % | Pay/Half (2017) |
72
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||
Service Merchandise Joint Venture Property List at
December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||
Company- |
||||||||||||||||||||||||||||||||||||||||
Owned |
Average |
|||||||||||||||||||||||||||||||||||||||
Year |
DDR |
Gross |
Total |
Base |
||||||||||||||||||||||||||||||||||||
Zip |
Type of |
Ownership |
Developed/ |
Year |
Ownership |
Leaseable |
Annualized |
Rent |
Percent |
|||||||||||||||||||||||||||||||
Center/Property | Location | Code | Property(1) | Interest(3) | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (Per SF)(2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||
Indiana
|
||||||||||||||||||||||||||||||||||||||||
17 Evansville, IN
|
300 North Green River Road | 47715 | SC | Lease | 1978 | 2002 | 20 | % | 60,000 | $ | 384,738 | $ | 9.23 | 69.5 | % | Bed Bath & Beyond (2014) | ||||||||||||||||||||||||
Kentucky
|
||||||||||||||||||||||||||||||||||||||||
18 Lexington, KY
|
1555 New Circle Road | 40509 | SC | Lease | 1978 | 2002 | 20 | % | 60,000 | $ | 367,684 | $ | 6.13 | 100 | % | Homegoods (2014), The Tile Shop (2013) | ||||||||||||||||||||||||
19 Louisville, KY
|
4601 Outer Loop Road | 40219 | SC | Fee | 1973 | 2002 | 20 | % | 49,410 | $ | 309,701 | $ | 6.27 | 100 | % | PetSmart (2018), A.J. Wright (2014) | ||||||||||||||||||||||||
20 Paducah, KY
|
5109 Hinkleville Road | 42001 | SC | Fee | 1984 | 2002 | 20 | % | 52,500 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
Louisiana
|
||||||||||||||||||||||||||||||||||||||||
21 Baton Rouge, LA
|
9501 Cortana Mall | 70815 | SC | Fee | 1997 | 2004 | 20 | % | 90,000 | $ | 148,900 | $ | 1.65 | 100 | % | Flor-Line Associates (2013) | ||||||||||||||||||||||||
22 Bossier City, LA
|
2950 East Texas Street | 71111 | SC | Fee | 1982 | 2003 | 20 | % | 58,500 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
23 Houma, LA
|
1636 Martin Luther King Boulevard | 70360 | SC | Fee | 1992 | 2002 | 20 | % | 49,721 | $ | 324,689 | $ | 8.12 | 80.4 | % | Best Buy (2015), Bed Bath & Beyond (2018) | ||||||||||||||||||||||||
Massachusetts
|
||||||||||||||||||||||||||||||||||||||||
24 Burlington, MA
|
34 Cambridge Street | 01803 | SC | Lease | 1978 | 2002 | 20 | % | 70,800 | $ | 898,814 | $ | 12.70 | 100 | % | E & A Northeast (2014), Off Broadway Shoes (2014) | ||||||||||||||||||||||||
25 Swansea, MA
|
58 Swansea Mall Drive | 02777 | SC | GL | 1985 | 2002 | 20 | % | 49,980 | $ | 307,380 | $ | 6.15 | 100 | % | Pricerite Supermarket (2016) | ||||||||||||||||||||||||
Michigan
|
||||||||||||||||||||||||||||||||||||||||
26 Westland, MI
|
7638 Nankin Road | 48185 | SC | Fee | 1980 | 2002 | 20 | % | 50,000 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
Mississippi
|
||||||||||||||||||||||||||||||||||||||||
27 Hattiesburg, MS
|
1000 Turtle Creek Drive | 39402 | SC | Fee | 1995 | 2002 | 20 | % | 50,809 | $ | 406,472 | $ | 8.00 | 100 | % | Circuit City (2020) | ||||||||||||||||||||||||
Nevada
|
||||||||||||||||||||||||||||||||||||||||
28 Las Vegas, NV
|
4701 Faircenter Parkway | 89102 | SC | Lease | 1990 | 2004 | 20 | % | 24,975 | $ | 174,825 | $ | 7.00 | 100 | % | Michaels (2011) | ||||||||||||||||||||||||
New Hampshire
|
||||||||||||||||||||||||||||||||||||||||
29 Salem, NH
|
271 South Broadway | 03079 | SC | Lease | 1985 | 2003 | 20 | % | 50,110 | $ | 604,779 | $ | 12.07 | 100 | % | Bed Bath & Beyond (2011), A.C. Moore (2016) | ||||||||||||||||||||||||
New Jersey
|
||||||||||||||||||||||||||||||||||||||||
30 Paramus, NJ
|
651 Route 17 East | 06117 | SC | Lease | 1978 | 2003 | 20 | % | 54,850 | $ | 958,740 | $ | 19.52 | 89.6 | % | Homegoods (2013) | ||||||||||||||||||||||||
31 Wayne, NJ
|
Route 23 West Belt Plaza | 07470 | SC | Lease | 1978 | 2002 | 20 | % | 49,157 | $ | 797,714 | $ | 16.23 | 100 | % | Homegoods (2010), PetSmart (2015) |
73
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||
Service Merchandise Joint Venture Property List at
December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||
Company- |
||||||||||||||||||||||||||||||||||||||||
Owned |
Average |
|||||||||||||||||||||||||||||||||||||||
Year |
DDR |
Gross |
Total |
Base |
||||||||||||||||||||||||||||||||||||
Zip |
Type of |
Ownership |
Developed/ |
Year |
Ownership |
Leaseable |
Annualized |
Rent |
Percent |
|||||||||||||||||||||||||||||||
Center/Property | Location | Code | Property(1) | Interest(3) | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (Per SF)(2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||
New York
|
||||||||||||||||||||||||||||||||||||||||
32 Middletown, NY
|
88-25 Dunning Road | 10940 | SC | Lease | 1989 | 2002 | 20 | % | 50,144 | $ | 430,608 | $ | 8.59 | 100 | % | Homegoods (2010), PetSmart (2010) | ||||||||||||||||||||||||
North Carolina
|
||||||||||||||||||||||||||||||||||||||||
33 Raleigh, NC
|
U.S. 17 Millbrook | 27604 | SC | Fee | 1994 | 2002 | 20 | % | 50,000 | $ | 457,028 | $ | 9.14 | 100 | % | A.C. Moore (2010), K & G Menswear (2014) | ||||||||||||||||||||||||
Oklahoma
|
||||||||||||||||||||||||||||||||||||||||
34 Warr Acres, OK
|
5537 Northwest Expressway | 73132 | SC | Fee | 1985 | 2002 | 20 | % | 50,000 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
35 N. Charleston, SC
|
7400 Rivers Avenue | 29418 | SC | Fee | 1989 | 2002 | 20 | % | 50,000 | $ | 333,612 | $ | 6.67 | 100 | % | DDR (2011), Dollar Tree (2013) | ||||||||||||||||||||||||
Tennessee
|
||||||||||||||||||||||||||||||||||||||||
36 Antioch, TN
|
5301 Hickory Hollow Parkway | 37013 | SC | Fee | 1984 | 2002 | 20 | % | 59,319 | $ | 558,821 | $ | 9.42 | 100 | % | Office Depot (2010), Bed Bath & Beyond (2018) | ||||||||||||||||||||||||
37 Franklin, TN
|
1735 Galleria Boulevard | 37064 | SC | Fee | 1992 | 2002 | 20 | % | 60,000 | $ | 705,606 | $ | 11.76 | 100 | % |
H.H. Gregg Appliances (2010), Wild Oats Markets (2014) |
||||||||||||||||||||||||
38 Knoxville, TN
|
9333 Kingston Pike | 37922 | SC | Fee | 1986 | 2002 | 20 | % | 50,092 | $ | 262,983 | $ | 5.25 | 100 | % | Hobby Lobby (2010) | ||||||||||||||||||||||||
Texas
|
||||||||||||||||||||||||||||||||||||||||
39 Baytown, TX
|
6731 Garth Road | 77521 | SC | Fee | 1981 | 2002 | 20 | % | 52,288 | $ | 0 | $ | 0.00 | 0 | % | |||||||||||||||||||||||||
40 Longview, TX
|
3520 McCann Road | 75605 | SC | Fee | 1978 | 2004 | 20 | % | 40,524 | $ | 324,192 | $ | 8.00 | 100 | % | Stage (2015) | ||||||||||||||||||||||||
41 McAllen, TX
|
6600 U.S. Expressway 83 | 78503 | SC | Fee | 1993 | 2002 | 20 | % | 63,445 | $ | 530,664 | $ | 8.36 | 100 | % | Michaels (2012), Bed Bath & Beyond (2018) | ||||||||||||||||||||||||
42 Richardson, TX
|
1300 East Beltline | 75081 | SC | Fee | 1978 | 2002 | 20 | % | 62,463 | $ | 454,600 | $ | 7.28 | 100 | % | Staples (2011), Conns Appliance (2014) | ||||||||||||||||||||||||
43 Sugar Land, TX
|
15235 South West Freeway | 77478 | SC | GL | 1992 | 2002 | 20 | % | 50,000 | $ | 350,000 | $ | 7.00 | 100 | % | Conns Appliance (2018) | ||||||||||||||||||||||||
Virginia
|
||||||||||||||||||||||||||||||||||||||||
44 Chesapeake, VA
|
4300 Portsmouth Boulevard | 23321 | SC | GL | 1990 | 2002 | 20 | % | 50,062 | $ | 384,683 | $ | 7.68 | 100 | % | PetSmart (2016), Michaels (2011) |
(1) | SC indicates a power center or a community shopping center. | |
(2) | Calculated as total annualized base rentals divided by Company-owned GLA actually leased as of December 31, 2008. | |
(3) | See footnote 3 of the Shopping Center Property List on page 64 describing indebtedness. |
74
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||
Business Center Property List at December 31, 2008 |
||||||||||||||||||||||||||||||||||||||||
Company- |
||||||||||||||||||||||||||||||||||||||||
Owned |
||||||||||||||||||||||||||||||||||||||||
Year |
DDR |
Gross |
Total |
Average |
||||||||||||||||||||||||||||||||||||
Zip |
Type of |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
Base |
Percent |
|||||||||||||||||||||||||||||||
Center/Property | Location | Code | Property(1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Rent | Rent (Per SF)(2) | Leased | |||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||
1 | Silver Springs, MD(I) |
Tech Center 29 Phase I 2120-2162 Tech Road |
20904 | IND | Fee | 1970 | 2001 | 100% | 175,410 | $ | 1,523,239 | $ | 9.39 | 79.3% | ||||||||||||||||||||||||||
2 | Silver Springs, MD(II) |
Tech Center 29 Phase II 2180 Industrial Parkway |
20904 | IND | Fee | 1991 | 2001 | 100% | 58,280 | $ | 248,329 | $ | 13.95 | 17.9% | ||||||||||||||||||||||||||
3 | Silver Springs, MD(III) |
Tech Center 29 Phase III 12200 Tech Road |
20904 | OFF | Fee | 1988 | 2001 | 100% | 55,422 | $ | 1,335,138 | $ | 24.09 | 100% | ||||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||||||||
4 | Twinsburg, OH |
Heritage Business I 9177 Dutton Drive |
44087 | IND | Fee | 1990 | 2 | * | 100% | 35,866 | $ | 96,932 | $ | 8.31 | 32.5% | |||||||||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||||||||||
5 | Erie, PA |
38th Street Plaza 2301 West 38th Street |
16506 | IND | GL | 1973 | 2 | * | 100% | 96,000 | $ | 328,650 | $ | 6.02 | 56.9% | |||||||||||||||||||||||||
Utah | ||||||||||||||||||||||||||||||||||||||||
6 | Salt Lake City, UT | The Hermes Building 455 East 500 South Street | 84111 | IND | Fee | 1985 | 1998 | 100% | 53,476 | $ | 683,673 | $ | 16.41 | 77.5% |
2* | Original IPO Property transferred to American Industrial Properties (AIP) in 1998 and reacquired in 2001 through AIP merger. | |
(1) | These properties are classified in the Companys business center segment. OFF indicates office property and IND indicates industrial property. | |
(2) | Calculated as total annualized base rentals divided by Company-owned GLA actually leased as of December 31, 2008. |
75
Item 3. | LEGAL PROCEEDINGS |
Item 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
Name
|
Age
|
Position and Office With the Company
|
||||
Scott A. Wolstein
|
56 | Chairman of the Board of Directors and Chief Executive Officer | ||||
Daniel B. Hurwitz
|
44 | President and Chief Operating Officer | ||||
David J. Oakes
|
30 | Senior Executive Vice President of Finance and Chief Investment Officer | ||||
Paul W. Freddo
|
53 | Senior Executive Vice President of Leasing and Development | ||||
Joan U. Allgood
|
56 | Executive Vice President Corporate Transactions and Governance | ||||
Richard E. Brown
|
57 | Executive Vice President International | ||||
Timothy J. Bruce
|
51 | Executive Vice President of Development | ||||
John S. Kokinchak
|
49 | Executive Vice President of Property Management | ||||
William H. Schafer
|
50 | Executive Vice President and Chief Financial Officer | ||||
Robin R. Walker-Gibbons
|
52 | Executive Vice President of Leasing | ||||
Christa A. Vesy
|
38 | Senior Vice President and Chief Accounting Officer |
76
77
78
Item 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
High | Low | Dividends | ||||||||||
2008:
|
||||||||||||
First
|
$ | 44.31 | $ | 32.20 | $ | 0.69 | ||||||
Second
|
45.66 | 34.44 | 0.69 | |||||||||
Third
|
41.55 | 27.60 | 0.69 | |||||||||
Fourth
|
31.50 | 1.73 | | |||||||||
2007:
|
||||||||||||
First
|
$ | 72.33 | $ | 61.43 | $ | 0.66 | ||||||
Second
|
66.70 | 50.75 | 0.66 | |||||||||
Third
|
56.85 | 46.28 | 0.66 | |||||||||
Fourth
|
59.27 | 37.42 | 0.66 |
79
(c) Total |
(d) Maximum |
|||||||||||||||||||
Number of |
Number (or |
|||||||||||||||||||
Shares |
Approximate |
|||||||||||||||||||
Purchased as |
Dollar Value) of |
|||||||||||||||||||
Part of Publicly |
Shares that May |
|||||||||||||||||||
(a) Total Number |
(b) Average |
Announced |
Yet Be Purchased |
|||||||||||||||||
of Shares |
Price Paid per |
Plans or |
Under the Plans or |
|||||||||||||||||
Purchased | Share | Programs | Programs (Millions) | |||||||||||||||||
October 1 31, 2008
|
| $ | | | $ | | ||||||||||||||
November 1 30, 2008
|
| | | | ||||||||||||||||
December 1 31, 2008
|
| | | | ||||||||||||||||
Total
|
| $ | | | $ | |
80
Item 6. | SELECTED FINANCIAL DATA |
For the Years Ended December 31, | ||||||||||||||||||||
2008 (1) | 2007 (1) | 2006 (1) | 2005 (1) | 2004 (1) | ||||||||||||||||
Operating Data:
|
||||||||||||||||||||
Revenues
|
$ | 931,472 | $ | 933,136 | $ | 773,351 | $ | 673,221 | $ | 526,130 | ||||||||||
Expenses:
|
||||||||||||||||||||
Rental operations
|
354,838 | 320,081 | 256,199 | 223,908 | 175,093 | |||||||||||||||
Impairment charges
|
79,864 | | | | | |||||||||||||||
Depreciation & amortization
|
242,032 | 214,445 | 180,377 | 152,491 | 114,686 | |||||||||||||||
676,734 | 534,526 | 436,576 | 376,399 | 289,779 | ||||||||||||||||
Interest income
|
5,473 | 8,772 | 9,050 | 9,973 | 4,197 | |||||||||||||||
Interest expense
|
(244,212 | ) | (258,149 | ) | (208,536 | ) | (171,361 | ) | (117,208 | ) | ||||||||||
Gain on repurchase of senior notes
|
11,552 | | | | | |||||||||||||||
Abandoned projects and transaction costs
|
(12,433 | ) | | | | | ||||||||||||||
Other expense, net
|
(15,819 | ) | (3,019 | ) | (446 | ) | (2,532 | ) | (1,779 | ) | ||||||||||
(255,439 | ) | (252,396 | ) | (199,932 | ) | (163,920 | ) | (114,790 | ) | |||||||||||
(Loss) income before equity in net income from joint ventures,
impairment of joint ventures, minority interests, income tax
benefit (expense) of taxable REIT subsidiaries and franchise
taxes, discontinued operations, gain on disposition of real
estate and cumulative effect of adoption of a new accounting
standard
|
(701 | ) | 146,214 | 136,843 | 132,902 | 121,561 | ||||||||||||||
Equity in net income of joint ventures
|
17,719 | 43,229 | 30,337 | 34,873 | 40,895 | |||||||||||||||
Impairment of joint venture investments
|
(106,957 | ) | | | | | ||||||||||||||
Minority interests
|
11,188 | (18,218 | ) | (8,893 | ) | (6,852 | ) | (4,331 | ) | |||||||||||
Income tax benefit (expense) of taxable REIT subsidiaries and
franchise taxes
|
17,434 | 14,669 | 2,497 | (276 | ) | (1,467 | ) | |||||||||||||
(Loss) income from continuing operations
|
(61,317 | ) | 185,894 | 160,784 | 160,647 | 156,658 |
81
For the Years Ended December 31, | ||||||||||||||||||||
2008 (1) | 2007 (1) | 2006 (1) | 2005 (1) | 2004 (1) | ||||||||||||||||
Discontinued operations:
|
||||||||||||||||||||
Income from discontinued operations
|
1,409 | 9,043 | 9,406 | 17,189 | 22,902 | |||||||||||||||
(Loss) gain on disposition of real estate, net of tax
|
(4,830 | ) | 12,259 | 11,051 | 16,667 | 8,561 | ||||||||||||||
(3,421 | ) | 21,302 | 20,457 | 33,856 | 31,463 | |||||||||||||||
(Loss) income before gain on disposition of real estate
|
(64,738 | ) | 207,196 | 181,241 | 194,503 | 188,121 | ||||||||||||||
Gain on disposition of real estate
|
6,962 | 68,851 | 72,023 | 88,140 | 84,642 | |||||||||||||||
Cumulative effect of adoption of a new accounting standard
|
| | | | (3,001 | ) | ||||||||||||||
Net (loss) income
|
$ | (57,776 | ) | $ | 276,047 | $ | 253,264 | $ | 282,643 | $ | 269,762 | |||||||||
Net (loss) income applicable to common shareholders
|
$ | (100,045 | ) | $ | 225,113 | $ | 198,095 | $ | 227,474 | $ | 219,056 | |||||||||
(Loss) earnings per share data Basic:
|
||||||||||||||||||||
(Loss) income from continuing operations
|
$ | (0.80 | ) | $ | 1.68 | $ | 1.63 | $ | 1.79 | $ | 1.97 | |||||||||
(Loss) income from discontinued operations
|
(0.03 | ) | 0.18 | 0.19 | 0.31 | 0.33 | ||||||||||||||
Cumulative effect of adoption of a new accounting standard
|
| | | | (0.03 | ) | ||||||||||||||
Net (loss) income applicable to common shareholders
|
$ | (0.83 | ) | $ | 1.86 | $ | 1.82 | $ | 2.10 | $ | 2.27 | |||||||||
Weighted average number of common shares
|
119,843 | 120,879 | 109,002 | 108,310 | 96,638 | |||||||||||||||
(Loss) earnings per share data Diluted:
|
||||||||||||||||||||
(Loss) income from continuing operations
|
$ | (0.80 | ) | $ | 1.67 | $ | 1.62 | $ | 1.77 | $ | 1.95 | |||||||||
(Loss) income from discontinued operations
|
(0.03 | ) | 0.18 | 0.19 | 0.31 | 0.32 | ||||||||||||||
Cumulative effect of adoption of a new accounting standard
|
| | | | (0.03 | ) | ||||||||||||||
Net (loss) income applicable to common shareholders
|
$ | (0.83 | ) | $ | 1.85 | $ | 1.81 | $ | 2.08 | $ | 2.24 | |||||||||
Weighted average number of common shares
|
119,987 | 121,497 | 109,613 | 109,142 | 99,024 | |||||||||||||||
Cash dividends declared
|
$ | 2.07 | $ | 2.64 | $ | 2.36 | $ | 2.16 | $ | 1.94 |
82
At December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Real estate (at cost)
|
$ | 9,106,635 | $ | 8,984,671 | $ | 7,447,459 | $ | 7,029,337 | $ | 5,603,424 | ||||||||||
Real estate, net of accumulated depreciation
|
7,897,732 | 7,960,623 | 6,586,193 | 6,336,514 | 5,035,193 | |||||||||||||||
Investments in and advances to joint ventures
|
583,767 | 638,111 | 291,685 | 275,136 | 288,020 | |||||||||||||||
Total assets
|
9,018,325 | 9,089,816 | 7,179,753 | 6,862,977 | 5,583,547 | |||||||||||||||
Total debt
|
5,917,364 | 5,591,014 | 4,248,812 | 3,891,001 | 2,718,690 | |||||||||||||||
Shareholders equity
|
2,684,685 | 2,998,825 | 2,496,183 | 2,570,281 | 2,554,319 |
For the Years Ended December 31, | ||||||||||||||||||||
2008 (1) | 2007 (1) | 2006 (1) | 2005 (1) | 2004 (1) | ||||||||||||||||
Cash Flow Data:
|
||||||||||||||||||||
Cash flow provided by (used for):
|
||||||||||||||||||||
Operating activities
|
$ | 424,568 | $ | 414,616 | $ | 340,692 | $ | 355,423 | $ | 292,226 | ||||||||||
Investing activities
|
(464,341 | ) | (1,148,316 | ) | (203,047 | ) | (339,443 | ) | (1,134,601 | ) | ||||||||||
Financing activities
|
22,698 | 755,491 | (139,922 | ) | (35,196 | ) | 880,553 | |||||||||||||
Other Data:
|
||||||||||||||||||||
Funds from operations (2):
|
||||||||||||||||||||
Net (loss) income applicable to common shareholders
|
$ | (100,045 | ) | $ | 225,113 | $ | 198,095 | $ | 227,474 | $ | 219,056 | |||||||||
Depreciation and amortization of real estate investments
|
236,344 | 214,396 | 185,449 | 169,117 | 130,536 | |||||||||||||||
Equity in net income from joint ventures
|
(17,719 | ) | (43,229 | ) | (30,337 | ) | (34,873 | ) | (40,895 | ) | ||||||||||
Joint ventures funds from operations (2)
|
68,355 | 84,423 | 44,473 | 49,302 | 46,209 | |||||||||||||||
Minority interests (OP Units)
|
1,145 | 2,275 | 2,116 | 2,916 | 2,607 | |||||||||||||||
Gain on disposition of depreciable real estate investments, net
|
(4,244 | ) | (17,956 | ) | (21,987 | ) | (58,834 | ) | (68,179 | ) | ||||||||||
Cumulative effect of adoption of a new accounting standard
|
| | | | 3,001 | |||||||||||||||
Funds from operations applicable to common shareholders (2)
|
183,836 | 465,022 | 377,809 | 355,102 | 292,335 | |||||||||||||||
Preferred share dividends
|
42,269 | 50,934 | 55,169 | 55,169 | 50,706 | |||||||||||||||
$ | 226,105 | $ | 515,956 | $ | 432,978 | $ | 410,271 | $ | 343,041 | |||||||||||
Weighted average shares and OP Units (Diluted) (3)
|
121,030 | 122,716 | 110,826 | 110,700 | 99,147 |
(1) | As described in the consolidated financial statements, the Company acquired 11 properties in 2008 (all of which were acquired through unconsolidated joint ventures), 317 properties in 2007 (including 68 of which were acquired through unconsolidated joint ventures), 20 properties in 2006 (including 15 of which were acquired through unconsolidated joint ventures and four of which the Company acquired through its joint venture partners interest), 52 properties in 2005 (including 36 of which were acquired through unconsolidated joint ventures and one of which the Company acquired through its joint venture partners interest), and 112 properties in 2004 (18 of which were acquired through unconsolidated joint ventures and one of which the Company acquired through its joint venture partners interest). The Company sold 22 properties in 2008 including the sale of a consolidated joint venture interest, 74 properties in 2007 (seven of which were |
83
owned through unconsolidated joint ventures), 15 properties in 2006 (nine of which were owned through unconsolidated joint ventures), 47 properties in 2005 (12 of which were owned through unconsolidated joint ventures), and 28 properties in 2004 (13 of which were owned through unconsolidated joint ventures). All amounts have been presented in accordance with Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. In accordance with that standard, long-lived assets that were sold or classified as held for sale as a result of disposal activities have been classified as discontinued operations for all periods presented. | ||
(2) | 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 Real Estate Investment Trust (REIT.) It 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 applicable to common shareholders is generally defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Companys merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation, equity income from joint ventures and adding the Companys proportionate share of FFO from its unconsolidated joint ventures, determined on a consistent basis. Management believes that FFO provides the Company and investors with an important indicator of the Companys operating performance. This measure of performance is used by the Company for several business purposes and for REITs 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. | |
(3) | 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 |
| 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 current economic downturn may adversely affect the ability of the Companys tenants, or new tenants, to enter into new 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 |
84
space needs of its tenants or a general downturn in its tenants businesses, which may cause tenants to close stores; |
| 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 us vulnerable to changes in the business and financial condition of, or demand for our 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 current economic environment on prospective tenants ability to enter into new leases or pay contractual rent, or the inability by 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 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; | |
| 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 or at all; | |
| Recent disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our common shares; | |
| The Company is subject to complex regulations related to its status as a real estate investment trust, or REIT, and would be adversely affected if it failed to qualify as a Real Estate Investment Trust (REIT); |
85
| 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 default on the loans outside of the Companys control. Furthermore, if the current constrained credit conditions in the capital markets persist or deteriorate further, 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 a temporary decline pursuant to Accounting Principles Board (APB) No. 18, The Equity Method of Accounting for Investments in Common Stock (APB 18); | |
| 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 assets in Puerto Rico, an interest in an unconsolidated joint venture that owns properties in Brazil and an interest in consolidated joint ventures that will develop and own properties in Canada, Russia and Ukraine; | |
| International development and ownership activities carry risks that are different from those the Company faces with the Companys domestic properties and operations. These risks include: |
| 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 and | |
| The Company could incur additional expenses in order 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. |
86
| Strong tenant relationships with the nations leading retailers, maintained through a national tenant account program; | |
| The recent creation of an internal anchor store redevelopment department solely dedicated to aggressively identify opportunities towards releasing vacant anchor space created by recent bankruptcies and store closings; | |
| Tenant credit underwriting team to measure tenant health and manage potential rent relief requests in the best interest of the property; | |
| Diverse banking relationships to allow access to secured, unsecured, public and private capital; | |
| An experienced funds management team dedicated to generating consistent returns for institutional partners; | |
| A focused dispositions team which was recently expanded and dedicated to finding buyers for non-core assets; | |
| Right-sized development and redevelopment departments equipped with disciplined standards for development and | |
| An ancillary income department to creatively generate revenue at a low cost of investment and create cash flow streams from empty or underutilized space. |
| Eliminated the common dividend for the fourth quarter of 2008 and reduced the 2009 common dividend to the minimum required to maintain REIT status; | |
| Sold assets in 2008 that generated $136 million in net proceeds to the Company | |
| Maintained a significant pool of unencumbered assets; |
87
| Raised net proceeds of $43 million through the sale of common stock via the Companys continuous equity program; | |
| Purchased a portion of the Companys outstanding senior unsecured notes at a discount to par and | |
| Raised new debt proceeds of $1.2 billion. |
% of Total |
||||||||||||
Shopping Center |
% of Company-Owned |
|||||||||||
Tenant
|
Base Rental Revenues | Shopping Center GLA | ||||||||||
1. | Wal-Mart/Sams Club | 4.3 | % | 7.3 | % | |||||||
2. | T.J. Maxx/Marshalls/A.J. Wright/Homegoods | 2.1 | 2.4 | |||||||||
3. | Mervyns(1) | 1.9 | 1.7 | |||||||||
4. | Lowes Home Improvement | 1.9 | 3.2 | |||||||||
5. | PetSmart | 1.9 | 1.5 | |||||||||
6. | Bed Bath & Beyond | 1.6 | 1.4 | |||||||||
7. | Circuit City(1) | 1.6 | 1.1 | |||||||||
8. | Kohls | 1.4 | 2.0 | |||||||||
9. | Michaels | 1.4 | 1.3 | |||||||||
10. | Rite Aid Corporation | 1.4 | 0.7 |
(1) | Leases terminated effective for 2009. |
88
Wholly-Owned Properties | Joint Venture Properties | |||||||||||||||
% of |
% of |
% of |
% of |
|||||||||||||
Shopping Center |
Company-Owned |
Shopping Center |
Company-Owned |
|||||||||||||
Base Rental |
Shopping Center |
Base Rental |
Shopping Center |
|||||||||||||
Tenant
|
Revenues | GLA | Revenues | GLA | ||||||||||||
Wal-Mart/Sams Club
|
5.1 | % | 8.6 | % | 1.9 | % | 3.2 | % | ||||||||
Lowes Home Improvement
|
2.3 | 3.8 | 0.7 | 1.0 | ||||||||||||
T.J. Maxx/Marshalls/A.J. Wright/Homegoods
|
2.0 | 2.4 | 2.7 | 3.2 | ||||||||||||
PetSmart
|
1.8 | 1.4 | 2.5 | 2.3 | ||||||||||||
Circuit City (1)
|
1.8 | 1.2 | 1.3 | 1.1 | ||||||||||||
Rite Aid Corporation
|
1.7 | 0.9 | 0.1 | 0.1 | ||||||||||||
Bed Bath & Beyond
|
1.7 | 1.4 | 1.7 | 1.7 | ||||||||||||
GAP Stores
|
1.3 | 0.9 | 1.2 | 1.1 | ||||||||||||
Ahold USA
|
1.3 | 1.1 | 1.5 | 1.6 | ||||||||||||
Michaels
|
1.3 | 1.2 | 1.6 | 1.7 | ||||||||||||
Dicks Clothing and Sporting Goods
|
1.2 | 1.2 | 1.6 | 1.5 | ||||||||||||
Kohls
|
1.2 | 1.8 | 2.1 | 3.5 | ||||||||||||
Ross Dress For Less
|
0.9 | 0.9 | 1.7 | 1.8 | ||||||||||||
Publix Supermarkets
|
0.4 | 0.6 | 2.6 | 3.5 | ||||||||||||
Mervyns (1)
|
0.2 | 0.2 | 3.5 | 3.5 |
(1) | Lease terminated effective for 2009 |
89
90
91
92
93
94
95
96
2008 | 2007 | $ Change | % Change | |||||||||||||
Base and percentage rental revenues
|
$ | 638,078 | $ | 645,955 | $ | (7,877 | ) | (1.2 | )% | |||||||
Recoveries from tenants
|
198,919 | 203,126 | (4,207 | ) | (2.1 | ) | ||||||||||
Ancillary and other property income
|
22,294 | 19,518 | 2,776 | 14.2 | ||||||||||||
Management, development and other fee income
|
62,890 | 50,840 | 12,050 | 23.7 | ||||||||||||
Other
|
9,291 | 13,697 | (4,406 | ) | (32.2 | ) | ||||||||||
Total revenues
|
$ | 931,472 | $ | 933,136 | $ | (1,664 | ) | (0.2 | )% | |||||||
97
Increase |
||||
(Decrease) | ||||
Core Portfolio Properties
|
$ | 3.3 | ||
IRRETI merger and acquisition of real estate assets
|
17.8 | |||
Development/redevelopment of shopping center properties
|
3.8 | |||
Disposition of shopping center properties in 2007
|
(29.0 | ) | ||
Business center properties
|
0.4 | |||
Straight-line rents(1)
|
(4.2 | ) | ||
$ | (7.9 | ) | ||
(1) | Straight-line rental revenue decreased $4.2 million, or 36.3%, for the year ended December 31, 2008, as compared to the same period in 2007. This decrease was due in part to a decrease in straight-line rent recognized on the Mervyns portfolio in the fourth quarter of 2008. |
98
Increase |
||||
(Decrease) | ||||
IRRETI merger and acquisition of real estate assets
|
$ | 5.5 | ||
Development/redevelopment of shopping center properties in 2008
and 2007
|
2.6 | |||
Transfer of assets to unconsolidated joint ventures in 2007
|
(10.7 | ) | ||
Net increase in operating expenses at the remaining shopping
center and business center properties
|
(1.6 | ) | ||
$ | (4.2 | ) | ||
Increase |
||||
(Decrease) | ||||
Newly formed unconsolidated joint venture interests
|
$ | 7.0 | ||
Development fee income
|
(1.3 | ) | ||
Other income
|
2.7 | |||
Sale of several of the Companys unconsolidated joint
venture properties
|
(0.4 | ) | ||
Leasing commissions
|
3.6 | |||
Decrease in management fee income at various unconsolidated
joint ventures
|
0.5 | |||
$ | 12.1 | |||
Year Ended |
||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
Lease terminations and bankruptcy settlements
|
$ | 6.3 | $ | 5.0 | ||||
Acquisition and financing fees (1)
|
2.0 | 7.9 | ||||||
Other
|
1.0 | 0.8 | ||||||
$ | 9.3 | $ | 13.7 | |||||
(1) | Includes acquisition fees of $6.3 million earned from the formation of the DDRTC Core Retail Fund LLC in February 2007, excluding the Companys retained ownership interest. The Companys fee was earned in conjunction with services rendered by the Company in connection with the acquisition of the IRRETI real estate assets. Financing fees are earned in connection with the formation and refinancing of unconsolidated joint ventures, excluding the Companys retained ownership interest. The Companys fees are earned in conjunction with the closing and are based upon amount of the financing transaction by the joint venture. |
99
2008 | 2007 | $ Change | % Change | |||||||||||||
Operating and maintenance
|
$ | 146,346 | $ | 131,409 | $ | 14,937 | 11.4 | % | ||||||||
Real estate taxes
|
110,773 | 107,428 | 3,345 | 3.1 | ||||||||||||
Impairment charge
|
79,864 | | 79,864 | 100.0 | ||||||||||||
General and administrative
|
97,719 | 81,244 | 16,475 | 20.3 | ||||||||||||
Depreciation and amortization
|
242,032 | 214,445 | 27,587 | 12.9 | ||||||||||||
$ | 676,734 | $ | 534,526 | $ | 142,208 | 26.6 | % | |||||||||
Operating |
||||||||||||
and |
Real Estate |
|||||||||||
Maintenance | Taxes | Depreciation | ||||||||||
Core Portfolio Properties
|
$ | 5.9 | $ | 2.2 | $ | 10.8 | ||||||
IRRETI merger
|
2.9 | 3.5 | 10.5 | |||||||||
Acquisition and development/redevelopment of shopping center
properties
|
2.3 | 2.4 | 6.1 | |||||||||
Transfer of assets to unconsolidated joint ventures in 2007
|
(6.6 | ) | (4.8 | ) | (1.3 | ) | ||||||
Business center properties
|
0.1 | | 0.2 | |||||||||
Provision for bad debt expense
|
10.3 | | | |||||||||
Personal property
|
| | 1.3 | |||||||||
$ | 14.9 | $ | 3.3 | $ | 27.6 | |||||||
100
2008 | 2007 | $ Change | % Change | |||||||||||||
Interest income
|
$ | 5,473 | $ | 8,772 | $ | (3,299 | ) | (37.6 | )% | |||||||
Interest expense
|
(244,212 | ) | (258,149 | ) | 13,937 | (5.4 | ) | |||||||||
Gain on repurchase of senior notes
|
11,552 | | 11,552 | 100.0 | ||||||||||||
Abandoned projects and transactions costs
|
(12,433 | ) | | (12,433 | ) | 100.0 | ||||||||||
Other expense, net
|
(15,819 | ) | (3,019 | ) | (12,800 | ) | 424.0 | |||||||||
$ | (255,439 | ) | $ | (252,396 | ) | $ | (3,043 | ) | 1.2 | % | ||||||
Year Ended, |
||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
Weighted-average debt outstanding (billions)
|
$ | 5.8 | $ | 5.4 | ||||
Weighted-average interest rate
|
4.7 | % | 5.4 | % |
At December 31, | ||||||||
2008 | 2007 | |||||||
Weighted-average interest rate
|
4.2 | % | 5.2 | % |
101
2008 | 2007 | $ Change | % Change | |||||||||||||
Equity in net income of joint ventures
|
$ | 17,719 | $ | 43,229 | $ | (25,510 | ) | (59.0 | )% | |||||||
Impairment of join venture investments
|
(106,957 | ) | | (106,957 | ) | 100.0 | ||||||||||
Minority interests
|
11,188 | (18,218 | ) | 29,406 | (161.4 | ) | ||||||||||
Income tax benefit of taxable REIT subsidiaries and franchise
taxes
|
17,434 | 14,669 | 2,765 | 18.8 |
(Decrease) | ||||
Decrease in gains from sale transactions and related income as
compared to 2007
|
$ | (9.4 | ) | |
Acquisition of assets by unconsolidated joint ventures
|
(16.1 | ) | ||
$ | (25.5 | ) | ||
DDRTC Core Retail Fund LLC
|
$ | 47.3 | ||
Macquarie DDR Trust
|
31.7 | |||
DDR-SAU Retail Fund LLC
|
9.0 | |||
Coventry II DDR Bloomfield LLC
|
10.8 | |||
Coventry II DDR Merriam Village LLC
|
3.3 | |||
RO & SW Realty LLC/Central Park Solon LLC
|
3.2 | |||
DPG Realty Holdings LLC
|
1.7 | |||
$ | 107.0 | |||
102
Decrease | ||||
Preferred operating partnership units (1)
|
$ | 9.7 | ||
MV LLC (owned approximately 50% by the Company) (2)
|
17.5 | |||
Conversion of 0.5 million operating partnership units
(OP Units) to common shares
|
0.9 | |||
Net increase in net income from consolidated joint venture
investments
|
1.3 | |||
$ | 29.4 | |||
(1) | Preferred operating partnership units (Preferred OP Units) were issued in February 2007 as part of the financing of the IRRETI merger. These units were redeemed in June 2007. | |
(2) | Primarily as result of the write-off of straight-line rent and impairment charges on the assets of this joint venture. See discussion above. |
2008 | 2007 | $ Change | % Change | |||||||||||||
Income from discontinued operations
|
$ | 1,409 | $ | 9,043 | $ | (7,634 | ) | (84.4 | )% | |||||||
(Loss) gain on disposition of real estate, net of tax
|
(4,830 | ) | 12,259 | (17,089 | ) | (139.4 | ) | |||||||||
$ | (3,421 | ) | $ | 21,302 | $ | (24,723 | ) | (116.1 | )% | |||||||
103
2008 | 2007 | $ Change | % Change | |||||||||||||
Gain on disposition of real estate
|
$ | 6,962 | $ | 68,851 | $ | (61,889 | ) | (89.9 | )% |
Year Ended |
||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
Transfer of assets to Domestic Retail Fund (1)(2)
|
$ | | $ | 1.8 | ||||
Transfer of assets to TRT DDR Venture I (1)(3)
|
| 50.3 | ||||||
Land sales (4)
|
6.2 | 14.0 | ||||||
Previously deferred gains and other gains and losses on
dispositions (5)
|
0.8 | 2.8 | ||||||
$ | 7.0 | $ | 68.9 | |||||
(1) | This disposition is not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(2) | The Company transferred two wholly-owned assets. The Company did not record a gain on the contribution of 54 assets, as these assets were recently acquired through the merger with IRRETI. | |
(3) | The Company transferred three recently developed assets. | |
(4) | These dispositions did not meet the criteria for discontinued operations as the land did not have any significant operations prior to disposition. | |
(5) | These gains and losses are primarily attributable to the subsequent leasing of units related to master lease and other obligations originally established on disposed properties, which are no longer required. |
2008 | 2007 | $ Change | % Change | |||||||||||||
Net (loss) income
|
$ | (57,776 | ) | $ | 276,047 | $ | (333,823 | ) | (120.9 | )% | ||||||
104
Decrease in net operating revenues (total revenues in excess of
operating and maintenance expenses and real estate taxes) (1)
|
$ | (19.9 | ) | |
Increase in impairment charges
|
(79.9 | ) | ||
Increase in general and administrative expenses (2)
|
(16.5 | ) | ||
Increase in depreciation expense
|
(27.6 | ) | ||
Decrease in interest income (3)
|
(3.3 | ) | ||
Decrease in interest expense
|
13.9 | |||
Increase in gain on repurchase of senior notes
|
11.6 | |||
Increase in abandoned projects and transaction costs
|
(12.4 | ) | ||
Change in other expense
|
(12.8 | ) | ||
Decrease in equity in net income of joint ventures (4)
|
(25.5 | ) | ||
Increase in impairment of joint ventures investments
|
(107.0 | ) | ||
Decrease in minority interest expense
|
29.4 | |||
Change in income tax benefit (expense)
|
2.8 | |||
Decrease in income from discontinued operations
|
(7.6 | ) | ||
Decrease in gain on disposition of real estate of discontinued
operations properties
|
(17.1 | ) | ||
Decrease in gain on disposition of real estate
|
(61.9 | ) | ||
Decrease in net income
|
$ | (333.8 | ) | |
(1) | Decrease primarily related to assets sold to joint ventures in 2007 and increased level of bad debt expense. | |
(2) | Includes non-cash change of $15.8 million relating to the termination of an equity award plan. | |
(3) | Increase primarily related to the IRRETI merger. | |
(4) | Decrease primarily due to a reduction of promoted income associated with 2007 joint venture asset sales and impairment charges at two unconsolidated joint ventures in 2008. |
2007 | 2006 | $ Change | % Change | |||||||||||||
Base and percentage rental revenues
|
$ | 645,955 | $ | 539,831 | $ | 106,124 | 19.7 | % | ||||||||
Recoveries from tenants
|
203,126 | 168,935 | 34,191 | 20.2 | ||||||||||||
Ancillary and other property income
|
19,518 | 19,434 | 84 | 0.4 | ||||||||||||
Management, development and other fee income
|
50,840 | 30,294 | 20,546 | 67.8 | ||||||||||||
Other
|
13,697 | 14,857 | (1,160 | ) | (7.8 | ) | ||||||||||
Total revenues
|
$ | 933,136 | $ | 773,351 | $ | 159,785 | 20.7 | % | ||||||||
105
Increase (Decrease) | ||||||||
Core Portfolio Properties
|
$ | 7.0 | ||||||
IRRETI merger
|
106.8 | |||||||
Development/redevelopment of shopping center properties
|
7.3 | |||||||
Disposition of shopping center properties in 2007 and 2006
|
(11.6 | ) | ||||||
Business center properties
|
0.5 | |||||||
Straight-line rents
|
(3.9 | ) | ||||||
$ | 106.1 | |||||||
106
Increase |
||||
(Decrease) | ||||
IRRETI merger
|
$ | 27.0 | ||
Acquisition and development/redevelopment of shopping center
properties in 2007 and 2006
|
5.3 | |||
Transfer of assets to unconsolidated joint ventures in 2007 and
2006
|
(3.3 | ) | ||
Net increase in operating expenses at the remaining shopping
center and business center properties
|
5.2 | |||
$ | 34.2 | |||
Increase |
||||
(Decrease) | ||||
Newly formed unconsolidated joint venture interests
|
$ | 11.4 | ||
Development fee income
|
3.0 | |||
Asset management fee income
|
3.3 | |||
Other income
|
2.3 | |||
Sale of several of the Companys unconsolidated joint
venture properties
|
(0.2 | ) | ||
Leasing commissions
|
0.7 | |||
$ | 20.5 | |||
Year Ended |
||||||||
December 31, | ||||||||
2007 | 2006 | |||||||
Lease terminations and bankruptcy settlements (1)
|
$ | 5.0 | $ | 14.0 | ||||
Acquisition and financing fees (2)
|
7.9 | 0.4 | ||||||
Other
|
0.8 | 0.5 | ||||||
$ | 13.7 | $ | 14.9 | |||||
(1) | For the year ended December 31, 2006, the Company executed lease terminations on four vacant Wal-Mart spaces in the Companys consolidated portfolio. | |
(2) | Included acquisition fees of $6.3 million earned from the formation of the DDRTC Core Retail Fund LLC joint venture in February 2007, excluding the Companys retained ownership interest. The Companys fee was earned in conjunction with services rendered by the Company in connection with the acquisition of the IRRETI real estate assets. Financing fees are earned in connection with the formation and refinancing of unconsolidated joint ventures, excluding the Companys retained ownership interest. The Companys fees are earned in conjunction with the closing and are based upon the amount of the financing transaction by the joint venture. |
107
2007 | 2006 | $ Change | % Change | |||||||||||||
Operating and maintenance
|
$ | 131,409 | $ | 106,015 | $ | 25,394 | 24.0 | % | ||||||||
Real estate taxes
|
107,428 | 89,505 | 17,923 | 20.0 | ||||||||||||
General and administrative
|
81,244 | 60,679 | 20,565 | 33.9 | ||||||||||||
Depreciation and amortization
|
214,445 | 180,377 | 34,068 | 18.9 | ||||||||||||
$ | 534,526 | $ | 436,576 | $ | 97,950 | 22.4 | % | |||||||||
Operating |
||||||||||||
and |
Real Estate |
|||||||||||
Maintenance | Taxes | Depreciation | ||||||||||
Core Portfolio Properties
|
$ | 4.0 | $ | 1.2 | $ | 3.5 | ||||||
IRRETI merger
|
15.2 | 17.7 | 32.7 | |||||||||
Acquisition and development/redevelopment of shopping center
properties
|
5.4 | 1.2 | 0.9 | |||||||||
Transfer of assets to unconsolidated joint ventures in 2007 and
2006
|
(1.7 | ) | (2.2 | ) | (3.5 | ) | ||||||
Business center properties
|
0.1 | | 0.1 | |||||||||
Provision for bad debt expense
|
2.4 | | | |||||||||
Personal property
|
| | 0.4 | |||||||||
$ | 25.4 | $ | 17.9 | $ | 34.1 | |||||||
108
2007 | 2006 | $ Change | % Change | |||||||||||||
Interest income
|
$ | 8,772 | $ | 9,050 | $ | (278 | ) | (3.1 | )% | |||||||
Interest expense
|
(258,149 | ) | (208,536 | ) | (49,613 | ) | 23.8 | |||||||||
Other expense, net
|
(3,019 | ) | (446 | ) | (2,573 | ) | 576.9 | |||||||||
$ | (252,396 | ) | $ | (199,932 | ) | $ | (52,464 | ) | 26.2 | % | ||||||
Year Ended |
||||||||
December 31, | ||||||||
2007 | 2006 | |||||||
Weighted-average debt outstanding (billions)
|
$ | 5.4 | $ | 4.1 | ||||
Weighted-average interest rate
|
5.4 | % | 5.8 | % |
At December 31, | ||||||||
2007 | 2006 | |||||||
Weighted-average interest rate
|
5.2 | % | 5.8 | % |
2007 | 2006 | $ Change | % Change | |||||||||||||
Equity in net income of joint ventures
|
$ | 43,229 | $ | 30,337 | $ | 12,892 | 42.5 | % | ||||||||
Minority interests
|
(18,218 | ) | (8,893 | ) | (9,325 | ) | 104.9 | |||||||||
Income tax benefit of taxable REIT subsidiaries and franchise
taxes
|
14,669 | 2,497 | 12,172 | 487.5 |
109
Increase |
||||
(Decrease) | ||||
Increase in gains from sale transactions as compared to 2006
|
$ | 6.3 | ||
Purchase of joint venture interests by DDR
|
(0.7 | ) | ||
Acquisition of assets by unconsolidated joint ventures
|
6.5 | |||
Primarily re-tenanting and refinancing at two joint ventures
|
0.5 | |||
Various other increases
|
0.3 | |||
$ | 12.9 | |||
2007 Dispositions
|
2006 Dispositions
|
|
One 25.5% effectively owned shopping center
|
One 50% effectively owned shopping center | |
Six sites formerly occupied by Service Merchandise
|
Four 25.5% effectively owned shopping centers | |
One 20.75% effectively owned shopping center | ||
Two sites formerly occupied by Service Merchandise | ||
One 10% effectively owned shopping center |
(Increase) |
||||
Decrease | ||||
Preferred OP Units (1)
|
$ | (9.7 | ) | |
MV LLC
|
(0.1 | ) | ||
2007 acquisition of remaining interest in Coventry I
|
0.3 | |||
Decrease due to newly formed joint venture under development
|
0.2 | |||
$ | (9.3 | ) | ||
(1) | Preferred OP Units were issued in February 2007 as part of the financing of the IRRETI merger. These units were redeemed in June 2007. |
110
2007 | 2006 | $ Change | % Change | |||||||||||||
Income from discontinued operations
|
$ | 9,043 | $ | 9,406 | $ | (363 | ) | (3.9 | )% | |||||||
Gain on disposition of real estate, net of tax
|
12,259 | 11,051 | 1,208 | 10.9 | ||||||||||||
$ | 21,302 | $ | 20,457 | $ | 845 | 4.1 | % | |||||||||
2007 | 2006 | $ Change | % Change | |||||||||||||
Gain on disposition of real estate
|
$ | 68,851 | $ | 72,023 | $ | (3,172 | ) | (4.4 | )% |
Year Ended |
||||||||
December 31, | ||||||||
2007 | 2006 | |||||||
Transfer of assets to Domestic Retail Fund (1)(2)
|
$ | 1.8 | $ | | ||||
Transfer of assets to TRT DDR Venture I (1)(3)
|
50.3 | | ||||||
Transfer of assets to DPG Realty Holdings LLC (1)(4)
|
| 0.6 | ||||||
Transfer of assets to DDR Macquarie Fund (1)(5)
|
| 9.2 | ||||||
Transfer of assets to DDR MDT PS LLC (1)(6)
|
| 38.9 | ||||||
Transfer of assets to Service Holdings LLC (1)(7)
|
| 6.1 | ||||||
Land sales (8)
|
14.0 | 14.8 | ||||||
Previously deferred gains and other gains and losses on sales (9)
|
2.8 | 2.4 | ||||||
$ | 68.9 | $ | 72.0 | |||||
(1) | This disposition was not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(2) | The Company transferred two wholly-owned assets. The Company did not record a gain on the contribution of 54 assets, as these assets were recently acquired through the merger with IRRETI. | |
(3) | The Company transferred three recently developed assets. | |
(4) | The Company transferred a newly developed expansion area adjacent to a shopping center owned by the joint venture. | |
(5) | The Company transferred newly developed expansion areas adjacent to four shopping centers owned by the joint venture in 2006. The Company did not record a gain on the contribution of three assets in 2007, as these assets were recently acquired through the merger with IRRETI. | |
(6) | The Company transferred six recently developed assets. | |
(7) | The Company transferred 51 retail sites previously occupied by Service Merchandise. |
111
(8) | These dispositions did not meet the criteria for discontinued operations as the land did not have any significant operations prior to disposition. | |
(9) | These gains and losses were primarily attributable to the subsequent leasing of units related to master lease and other obligations originally established on disposed properties, which were no longer required. |
2007 | 2006 | $ Change | % Change | |||||||||||||
Net Income
|
$ | 276,047 | $ | 253,264 | $ | 22,783 | 9.0 | % | ||||||||
Increase in net operating revenues (total revenues in excess of
operating and maintenance expenses and real estate taxes)
|
$ | 116.6 | ||
Increase in general and administrative expenses
|
(20.6 | ) | ||
Increase in depreciation expense
|
(34.1 | ) | ||
Decrease in interest income
|
(0.3 | ) | ||
Increase in interest expense
|
(49.6 | ) | ||
Change in other expense
|
(2.6 | ) | ||
Increase in equity in net income of joint ventures
|
12.9 | |||
Increase in minority interest expense
|
(9.3 | ) | ||
Change in income tax benefit (expense)
|
12.2 | |||
Decrease in income from discontinued operations
|
(0.4 | ) | ||
Increase in gain on disposition of real estate of discontinued
operations properties
|
1.2 | |||
Decrease in gain on disposition of real estate
|
(3.2 | ) | ||
Increase in net income
|
$ | 22.8 | ||
112
For the Years Ended | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Net (loss) income applicable to common shareholders (1)
|
$ | (100,045 | ) | $ | 225,113 | $ | 198,095 | |||||
Depreciation and amortization of real estate investments
|
236,344 | 214,396 | 185,449 | |||||||||
Equity in net (loss) income of joint ventures
|
(17,719 | ) | (43,229 | ) | (30,337 | ) | ||||||
Joint ventures FFO (2)
|
68,355 | 84,423 | 44,473 | |||||||||
Minority equity interests (OP Units)
|
1,145 | 2,275 | 2,116 | |||||||||
Gain on disposition of depreciable real estate (3)
|
(4,244 | ) | (17,956 | ) | (21,987 | ) | ||||||
FFO applicable to common shareholders
|
183,836 | 465,022 | 377,809 | |||||||||
Preferred share dividends
|
42,269 | 50,934 | 55,169 | |||||||||
Total FFO
|
$ | 226,105 | $ | 515,956 | $ | 432,978 | ||||||
(1) | Includes straight-line rental revenues of approximately $8.0 million, $12.1 million and $16.0 million in 2008, 2007 and 2006, respectively (including discontinued operations). |
113
(2) | Joint ventures FFO is summarized as follows (in thousands): |
For the Years Ended | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Net income (a)
|
$ | 24,951 | $ | 169,195 | $ | 92,624 | ||||||
Depreciation and amortization of real estate investments
|
241,651 | 193,437 | 83,017 | |||||||||
Loss (gain) on disposition of real estate, net (b)
|
(7,350 | ) | (91,111 | ) | (22,013 | ) | ||||||
$ | 259,252 | $ | 271,521 | $ | 153,628 | |||||||
DDR Ownership interests (c)
|
$ | 68,355 | $ | 84,423 | $ | 44,473 | ||||||
(a) | Includes straight-line rental revenues of $6.3 million, $9.3 million and $5.1 million in 2008, 2007 and 2006, respectively. The Companys proportionate share of straight-line rental revenues was $0.8 million, $1.4 million and $0.9 million in 2008, 2007 and 2006, respectively. These amounts include discontinued operations. | |
(b) | The gain or loss on disposition of recently developed shopping centers, generally owned by the TRS, is included in FFO, as the Company considers these properties part of the merchant building program. These properties were either developed through the Retail Value Investment Program with Prudential Real Estate Investors, or were assets sold in conjunction with the formation of the joint venture that holds the designation rights for the Service Merchandise properties. For the year ended December 31, 2007, an aggregate gain of $5.8 million was recorded, of which $1.8 million was the Companys proportionate share. For the year ended December 31, 2006, a loss of $1.3 million was recorded, of which $0.3 million was the Companys proportionate share. | |
(c) | The Companys share of joint venture net income has been increased by $0.4 million, reduced by $1.2 million and increased by $1.6 million for the years ended December 31, 2008, 2007 and 2006, respectively. These amounts are related to basis differences in depreciation and adjustments to gain on sales. During the year ended December 31, 2007, the Company received $14.3 million of promoted income, of which $13.6 million related to the sale of assets from DDR Markaz LLC to Domestic Retail Fund, which is included in the Companys proportionate share of net income and FFO. During the year ended December 31, 2006, the Company received $5.5 million of promoted income from the disposition of a joint venture asset in Kildeer, Illinois. | |
At December 31, 2008, 2007 and 2006, the Company owned unconsolidated joint venture interests relating to 329, 317 and 167 operating shopping center properties, respectively. |
(3) | 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, for which the Company maintained continuing involvement. These dispositions are included in the Companys FFO and therefore are not reflected as an adjustment to FFO. For the years ended December 31, 2008, 2007 and 2006, net gains resulting from residual land sales aggregated $6.2 million, $14.0 million and $14.8 million, respectively. For the years ended December 31, 2008, 2007 and 2006, merchant building gains, net of tax, aggregated $0.4 million, $49.1 million and $46.3 million, respectively. |
114
Revolving Credit Facilities
|
$ | 1.325 | ||
Less:
|
||||
Amount outstanding
|
(1.027 | ) | ||
Unfunded Lehman Brothers Holdings Commitment
|
(0.008 | ) | ||
Letters of credit
|
(0.007 | ) | ||
Amount Available
|
$ | 0.283 | ||
115
| Retained Equity With regard to retained capital, the Company has adjusted its dividend policy to the minimum required to maintain its REIT status. The Company did not pay a dividend in January 2009 as it |
116
had already distributed sufficient funds to comply with its 2008 tax requirements. Moreover, the Company expects to fund a portion of its 2009 dividend payout through common shares and has the flexibility to distribute up to 90% of dividends in shares. This new policy is consistent with the Companys top priorities to improve liquidity and lower leverage. This change in dividend payment is expected to save in excess of $300 million of retained capital in 2009. |
| Issuance of Common Shares The Company has several alternatives to raise equity through the sale of its common shares. In December 2008, the Company issued $41.9 million of equity capital through its continuous equity program. The Company intends to continue to issue additional shares under this program in 2009. On February 23, 2009, the Company entered into purchase agreements with an investor for the sale of 30 million of the Companys common shares and warrants for 10 million of the Companys common shares for additional potential cash in the future. The sale of the common shares and warrants is subject to shareholder approval and the satisfaction or waiver of customary and other conditions. There can be no assurances the Company will be able to obtain such approval or satisfy such conditions. The Company intends to use the estimated $112.5 million in gross proceeds received from this strategic investment in 2009 to reduce leverage. | |
| Debt Financing and Refinancing The Company had approximately $372.8 million of consolidated debt maturities during 2009, excluding obligations where there is an extension option. The largest debt maturity in 2009 related to the repayment of senior unsecured notes in the amount of $227.0 million in January 2009. Funding of this repayment was primarily through retained capital and Revolving Credit Facilities. The remaining $145.8 million in maturities is related to various loans secured by certain shopping centers. The Company plans to refinance approximately $80 million of this remaining indebtedness related to two assets. Furthermore, the Company has received lender approval to extend three mortgage loans aggregating $29.6 million. All three loans are scheduled to mature in the first quarter of 2009. The Company is planning to either repay the remaining maturities with its Revolving Credit Facility or financings discussed below or seek extensions with the existing lender. |
| Asset Sales During the months of January and February 2009, the Company and its consolidated joint ventures sold seven assets generating in excess of $65.8 million in gross proceeds. During 2008, the Company and its joint ventures sold 23 assets generating aggregate gross proceeds of almost $200 million, of which the Companys proportionate share aggregated $136.1 million. The Company is also in various stages of discussions with third parties for the sale of additional assets with aggregate values in excess of $500 million, including four assets that are under contract or subject to letters of intent, aggregating $30 million, of which the Companys share is approximately $14 million. | |
| Debt Repurchases Given the current economic environment, the Companys publicly traded debt securities are trading at significant discounts to par. During the fourth quarter of 2008 and in January 2009, the Company repurchased approximately $77.1 million of debt securities at a discount to par aggregating $15.2 million. Although $48 million of this debt repurchase reflected above related to unsecured debt maturing in January 2009 at a small discount, the debt with maturities in 2010 and beyond are trading at much wider discounts. The Company intends to utilize the proceeds from retained capital, equity issuances, secured financing and asset sales, as discussed above, to repurchase its debt securities at a discount to par to further improve its leverage ratios. |
117
Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Cash flow provided by operating activities
|
$ | 424,568 | $ | 414,616 | $ | 340,692 | ||||||
Cash flow used for investing activities
|
(464,341 | ) | (1,148,316 | ) | (203,047 | ) | ||||||
Cash flow provided by (used for) financing activities
|
22,698 | 755,491 | (139,922 | ) |
118
119
2008 | 2007 | 2006 | ||||||||||
Company (including Consolidated Joint Ventures):
|
||||||||||||
Acquisitions
|
$ | 10.9 | $ | 3,048.7 | (5) | $ | 370.2 | (9) | ||||
Completed expansions
|
27.8 | 32.7 | 73.1 | |||||||||
Developments and construction in progress
|
419.5 | 428.5 | 246.0 | |||||||||
Tenant improvements and building renovations (1)
|
11.6 | 12.5 | 11.7 | |||||||||
Furniture, fixtures and equipment
|
6.3 | (2) | 13.0 | (2) | 10.2 | (2) | ||||||
Foreign currency adjustments
|
(41.3 | ) | | | ||||||||
434.8 | 3,535.4 | 711.2 | ||||||||||
Less: Real estate dispositions and property contributed to joint
ventures
|
(312.9 | )(3) | (2,001.3 | )(6) | (289.8 | )(10) | ||||||
Company total
|
121.9 | 1,534.1 | 421.4 | |||||||||
Unconsolidated Joint Ventures:
|
||||||||||||
Acquisitions/contributions
|
111.4 | (4) | 4,987.4 | (7) | 729.9 | (11) | ||||||
Completed expansions
|
52.8 | 21.9 | | |||||||||
Developments and construction in progress
|
315.8 | 142.7 | 139.6 | (12) | ||||||||
Tenant improvements and building renovations (1)
|
18.4 | 9.8 | 9.1 | |||||||||
Foreign currency adjustments
|
(106.2 | ) | 48.5 | | ||||||||
392.2 | 5,210.3 | 878.6 | ||||||||||
Less: Real estate dispositions
|
(61.9 | )(4) | (204.3 | )(8) | (409.0 | )(13) | ||||||
Joint ventures total
|
330.3 | 5,006.0 | 469.6 | |||||||||
452.2 | 6,540.1 | 891.0 | ||||||||||
Less: Proportionate joint venture share owned by others
|
(253.5 | ) | (2,825.5 | ) | (401.0 | ) | ||||||
Total DDR net additions
|
$ | 198.7 | $ | 3,714.6 | $ | 490.0 | ||||||
(1) | In 2009, the Company anticipates recurring capital expenditures, including tenant improvements, of approximately $13 million associated with its wholly-owned and consolidated portfolio and $19 million associated with its unconsolidated joint venture portfolio. | |
(2) | Includes certain information technology projects, expansion of the Companys headquarters and fractional ownership interests in corporate planes. | |
(3) | Includes 22 asset dispositions as well as outparcel sales. | |
(4) | Reflects the acquisition of a shopping center by a newly formed joint venture and the respective sale of this asset by an unrelated joint venture. | |
(5) | Includes the merger with IRRETI, the redemption of OP units and the acquisition of an additional interest in a property in San Francisco, California. | |
(6) | Includes the sale of three assets to TRT DDR Venture I, 56 assets to Domestic Retail Fund, three assets to DDR Macquarie Fund and other shopping center assets and outparcel sales. | |
(7) | Includes the formation of the DDRTC Core Retail Fund LLC joint venture and acquisition of an additional 73% interest in Metropole Shopping Center by Sonae Sierra Brazil BV Sarl. | |
(8) | Includes the sale of seven shopping centers previously owned by DDR Markaz LLC to Domestic Retail Fund and the sale of vacant land. |
120
(9) | Includes the transfer to the Company from joint ventures (KLA/SM LLC and Salisbury, Maryland), final earnout adjustments for acquisitions, redemption of OP Units and the consolidation of a joint venture asset pursuant to EITF 04-05. | |
(10) | Includes asset dispositions, the sale of assets formerly owned by the KLA/SM LLC joint venture to Service Holdings LLC, the sale of properties to DDR Macquarie Fund and DDR MDT PS LLC, plus the transfer of newly developed expansion areas adjacent to four shopping centers and the sale of several outparcels. | |
(11) | Reflects the DPG Realty Holdings LLC acquisition and adjustments to accounting presentation from previous acquisitions. | |
(12) | Includes the acquisition of land in Allen, Texas, and Bloomfield Hills, Michigan, for the development of shopping centers by the Coventry II Fund. | |
(13) | Includes asset dispositions, the transfer to DDR of the KLA/SM LLC joint venture assets, five assets located in Phoenix, Arizona (two properties); Pasadena, California; Salisbury, Maryland and Apex, North and Carolina. |
121
122
Expected |
||||||||||
Owned |
Net Cost |
|||||||||
Location
|
GLA | ($ Millions) | Description | |||||||
Ukiah (Mendocino), California *
|
228,943 | $ | 66.9 | Mixed Use | ||||||
Guilford, Connecticut
|
137,527 | 48.0 | Lifestyle Center | |||||||
Miami (Homestead), Florida
|
272,610 | 79.7 | Community Center | |||||||
Miami, Florida
|
391,351 | 148.8 | Mixed Use | |||||||
Boise (Nampa), Idaho
|
431,689 | 126.7 | Community Center | |||||||
Boston (Norwood), Massachusetts
|
56,343 | 26.7 | Community Center | |||||||
Boston, Massachusetts (Seabrook, New Hampshire)
|
210,855 | 54.5 | Community Center | |||||||
Elmira (Horseheads), New York
|
350,987 | 55.0 | Community Center | |||||||
Raleigh (Apex), North Carolina (Promenade)
|
72,830 | 16.9 | Community Center | |||||||
Austin (Kyle), Texas *
|
443,092 | 77.2 | Community Center | |||||||
Total
|
2,596,227 | $ | 700.4 | |||||||
* | Consolidated 50% joint venture |
123
Funded as of December 31, 2008
|
$ | 472.6 | ||
Projected net funding during 2009
|
46.1 | |||
Projected net funding thereafter
|
181.7 | |||
Total
|
$ | 700.4 | ||
DDRs |
||||||||||||||
Effective |
Expected |
|||||||||||||
Ownership |
Owned |
Net Cost |
||||||||||||
Location
|
Percentage | GLA | ($ Millions) | Description | ||||||||||
Kansas City (Merriam), Kansas
|
20.0 | % | 158,632 | $ | 43.7 | Community Center | ||||||||
Detroit (Bloomfield Hills), Michigan
|
10.0 | % | 623,782 | 189.8 | Lifestyle Center | |||||||||
Dallas (Allen), Texas
|
10.0 | % | 797,665 | 171.2 | Lifestyle Center | |||||||||
Manaus, Brazil
|
47.4 | % | 477,630 | 98.2 | Enclosed Mall | |||||||||
Total
|
2,057,709 | $ | 502.9 | |||||||||||
Anticipated |
||||||||||||||||
DDRs |
JV Partners |
Proceeds from |
||||||||||||||
Proportionate |
Proportionate |
Construction |
||||||||||||||
Share | Share | Loans | Total | |||||||||||||
Funded as of December 31, 2008
|
$ | 70.8 | $ | 173.4 | $ | 235.5 | $ | 479.7 | ||||||||
Projected net funding during 2009
|
13.7 | 28.9 | 21.2 | 63.8 | ||||||||||||
Projected net funding (reimbursements) thereafter
|
(10.0 | ) | (40.2 | ) | 9.6 | (40.6 | ) | |||||||||
Total
|
$ | 74.5 | $ | 162.1 | $ | 266.3 | $ | 502.9 | ||||||||
Property
|
Description
|
|
Miami (Plantation), Florida
|
Redevelop shopping center to include Kohls and additional junior tenants | |
Chesterfield, Michigan
|
Construct 25,400 sf of small shop space and retail space | |
Fayetteville, North Carolina
|
Redevelop 18,000 sf of small shop space and construct an outparcel building |
124
DDRs |
||||||
Effective |
||||||
Ownership |
||||||
Property
|
Percentage | Description | ||||
Buena Park, California
|
20 | % | Large-scale re-development of enclosed mall to open-air format | |||
Los Angeles (Lancaster), California
|
21 | % | Relocate Wal-Mart and redevelop former Wal-Mart space | |||
Benton Harbor, Michigan
|
20 | % | Construct 89,000 square feet of anchor space and retail shops |
Company-Owned |
||||||||||||
Square Feet |
Sales Price |
Net Gain |
||||||||||
Location
|
(Thousands) | (Millions) | (Millions) | |||||||||
Shopping Center Properties
|
||||||||||||
Core Portfolio Properties (1)
|
981 | $ | 111.8 | $ | 1,330 | |||||||
Business Center Properties (2)
|
291 | 20.7 | (5,819 | ) | ||||||||
1,272 | $ | 132.5 | $ | (4,489 | ) | |||||||
(1) | The Company sold 21 shopping center properties in various states. | |
(2) | 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. |
125
Company-Owned |
Gross |
|||||||
Square Feet |
Purchase Price |
|||||||
Location
|
(Thousands) | (Millions) | ||||||
IRRETI merger (see 2007 Strategic Real Estate Transactions)
|
17,273 | $ | 3,054.4 | |||||
Coventry I (1)
|
| 13.8 | ||||||
San Antonio, Texas (2)
|
207 | 16.9 | ||||||
17,480 | $ | 3,085.1 | ||||||
126
(1) | Reflects the Companys purchase price associated with the acquisition of its partners approximate 25% ownership interest. | |
(2) | The Company purchased a 50% equity interest through its investment in this joint venture. This asset is consolidated into the Company in accordance with FIN 46. |
Company- |
Gross |
|||||||
Owned |
Purchase |
|||||||
Square Feet |
Price |
|||||||
Location
|
(Thousands) | (Millions) | ||||||
DDR SAU Retail Fund LLC (1)
|
2,277 | $ | 30.4 | |||||
DDRTC Core Retail Fund LLC (2)
|
15,638 | 2,998.6 | ||||||
Homestead, Pennsylvania (3)
|
99 | 5.4 | ||||||
Lyndhurst, New Jersey (4)
|
78 | 20.9 | ||||||
Sao Bernardo Do Campo, Brazil (5)
|
| 24.6 | ||||||
18,092 | $ | 3,079.9 | ||||||
(1) | The Company acquired a 20% equity interest in this joint venture, consisting of 28 properties in nine states. The Companys equity interest in these properties was acquired as part of the IRRETI merger (see 2007 Strategic Real Estate Transactions). | |
(2) | The Company purchased a 15% equity interest in this joint venture, consisting of 66 properties in 14 states. This investment was acquired as part of the IRRETI merger (see 2007 Strategic Real Estate Transactions). | |
(3) | The DDRTC Core Retail Fund LLC joint venture acquired one shopping center asset. | |
(4) | The DDR SAU Retail Fund LLC joint venture acquired one shopping center asset. | |
(5) | Reflects the Companys purchase price associated with the acquisition of its partners 73% ownership interest. |
Company-Owned |
||||||||||||
Square Feet |
Sales Price |
Net Gain |
||||||||||
Location
|
(Thousands) | (Millions) | (Millions) | |||||||||
Core Portfolio Properties (1)
|
6,301 | $ | 589.4 | $ | 12.3 | |||||||
Transfer to Unconsolidated Joint Venture Interests
|
||||||||||||
Domestic Retail Fund (2)
|
8,342 | 1,201.3 | 1.8 | |||||||||
TRT DDR Venture I (3)
|
682 | 161.5 | 50.3 | |||||||||
DDR Macquarie Fund (4)
|
515 | 49.8 | | |||||||||
15,840 | $ | 2,002.0 | $ | 64.4 | ||||||||
(1) | The Company sold 67 shopping center properties in various states. |
127
(2) | The Company contributed 54 assets acquired through the acquisition of IRRETI and two assets from the Companys wholly-owned portfolio to the joint venture. The Company retained a 20% effective interest in these assets. The amount includes 100% of the selling price; the Company eliminated the portion of the gain associated with its 20% ownership interest (see 2007 Strategic Real Estate Transactions). | |
(3) | The Company contributed three wholly-owned assets to the joint venture. The Company retained an effective 10% ownership interest in these assets. The amount includes 100% of the selling price; the Company deferred the portion of the gain associated with its 10% ownership interest (see 2007 Strategic Real Estate Transactions). | |
(4) | The Company contributed three wholly-owned assets to the joint venture. The Company retained an effective 14.5% ownership interest in these assets. The amount includes 100% of the selling price. The Company did not record a gain on the contribution of these assets, as they had been recently acquired through the merger with IRRETI. |
Companys |
||||||||||||||||
Companys |
Proportionate |
|||||||||||||||
Effective |
Company-Owned |
Share of |
||||||||||||||
Ownership |
Square Feet |
Sales Price |
Gain |
|||||||||||||
Location
|
Percentage | (Thousands) | (Millions) | (Millions) | ||||||||||||
Overland Park, Kansas
|
25.50 | % | 61.0 | $ | 8.2 | $ | 0.3 | |||||||||
Service Merchandise (6 sites)
|
20.00 | % | 356.4 | 27.2 | 1.3 | |||||||||||
417.4 | $ | 35.4 | $ | 1.6 | ||||||||||||
128
Company- |
||||||||
Owned |
Gross Purchase |
|||||||
Square Feet |
Price |
|||||||
Location
|
(Thousands) | (Millions) | ||||||
Phoenix, Arizona (1)
|
197 | $ | 15.6 | |||||
Pasadena, California (2)
|
557 | 55.9 | ||||||
Valencia, California
|
76 | 12.4 | ||||||
Salisbury, Maryland (1)
|
126 | 1.5 | ||||||
Apex, North Carolina (3)
|
324 | 4.4 | ||||||
San Antonio, Texas (4)
|
Development Asset | 22.4 | ||||||
1,280 | $ | 112.2 | ||||||
(1) | Reflects the Companys purchase price, net of debt assumed, associated with the acquisition of its partners 50% ownership interest. |
129
(2) | Reflects the Companys purchase price, net of prepayment of debt, associated with the acquisition of its partners 75% ownership interest. | |
(3) | Reflects the Companys purchase price associated with the acquisition of its partners 80% and 20% ownership interests in two separate phases, respectively. | |
(4) | Reflects the Companys purchase price associated with the acquisition of its partners 50% ownership interest. |
Company- |
||||||||
Owned |
||||||||
Square Feet |
Gross Purchase |
|||||||
Location
|
(Thousands) | Price (Millions) | ||||||
San Diego, California (1)
|
74 | $ | 11.0 | |||||
Orland Park, Illinois (2)
|
58 | 12.2 | ||||||
Benton Harbor, Michigan (3)
|
223 | 27.1 | ||||||
Bloomfield Hills, Michigan (2)
|
Development Asset | 68.4 | ||||||
Cincinnati, Ohio (4)
|
668 | 194.4 | ||||||
Allen, Texas (2)
|
Development Asset | 10.9 | ||||||
Sonae Sierra Brazil BV Sarl (5)
|
3,469 | 180.3 | ||||||
4,492 | $ | 504.3 | ||||||
(1) | The Company purchased a 50% equity interest through its investment in the DDR MDT MV LLC (MV LLC). | |
(2) | The Company purchased a 10% equity interest through its investment in the Coventry II Fund. | |
(3) | The Company purchased a 20% equity interest through its investment in the Coventry II Fund. There is approximately 89,000 sq. ft. under redevelopment. | |
(4) | The Company purchased an 18% equity interest through its investment in the Coventry II Fund. There is approximately 160,000 sq. ft. under redevelopment. | |
(5) | The Company purchased an initial 50% interest in an entity which owned a 93% interest in nine properties located in Sao Paulo, Brazil. |
Company-Owned |
||||||||||||
Square Feet |
Sales Price |
Net Gain |
||||||||||
Location
|
(Thousands) | (Millions) | (Millions) | |||||||||
Core Portfolio Properties (1)
|
822 | $ | 54.8 | $ | 11.1 | |||||||
Transfer to Unconsolidated Joint Venture Interests
|
||||||||||||
DDR Macquarie Fund (2)
|
1,024 | 24.7 | 9.2 | |||||||||
DDR MDT PS LLC (3)
|
644 | 122.7 | 38.9 | |||||||||
2,490 | $ | 202.2 | $ | 59.2 | ||||||||
130
(1) | The Company sold six shopping center properties located in three states. | |
(2) | The Company contributed four newly developed expansion areas adjacent to shopping centers currently owned by DDR Macquarie Fund. The Company retained a 14.5% effective interest in these assets. The amount includes 100% of the selling price; the Company eliminated the portion of the gain associated with its 14.5% ownership interest (see 2006 Strategic Real Estate Transactions). | |
(3) | The Company contributed six wholly-owned assets to the joint venture. The Company did not retain an ownership interest in the joint venture, but maintained a promoted interest. The amount includes 100% of the selling price (see 2006 Strategic Real Estate Transactions). |
Companys |
||||||||||||||||
Proportionate |
||||||||||||||||
Companys Effective |
Company-Owned |
Share of |
||||||||||||||
Ownership |
Square Feet |
Sales Price |
Gain (loss) |
|||||||||||||
Location
|
Percentage | (Thousands) | (Millions) | (Millions) | ||||||||||||
Olathe, Kansas; Shawnee, Kansas and Kansas City, Missouri
|
25.50 | % | 432 | $ | 20.0 | $ | (0.5 | ) | ||||||||
Fort Worth, Texas
|
50.00 | % | 235 | 22.0 | 0.2 | |||||||||||
Everett, Washington
|
20.75 | % | 41 | 8.1 | 1.2 | |||||||||||
Kildeer, Illinois
|
10.00 | % | 162 | 47.3 | 7.3 | (1) | ||||||||||
Service Merchandise Site
|
24.63 | % | 52 | 3.2 | | |||||||||||
Service Merchandise Site
|
20.00 | % | | 1.4 | | |||||||||||
922 | $ | 102.0 | $ | 8.2 | ||||||||||||
(1) | Includes promoted income. |
Effective |
Company-Owned |
|||||||||||||
Unconsolidated |
Ownership |
Square Feet |
Total Debt |
|||||||||||
Real Estate Ventures
|
Percentage (1) | Assets Owned | (Thousands) | (Millions) | ||||||||||
Sonae Sierra Brazil BV Sarl
|
47.4 | % | Nine shopping centers, one shopping center under development and a management company in Brazil | 3,510 | $ | 57.3 | ||||||||
Domestic Retail Fund
|
20.0 | 63 shopping center assets in several states | 8,250 | 967.8 | ||||||||||
DDR SAU Retail Fund LLC
|
20.0 | 29 shopping center assets located in several states | 2,375 | 226.2 | ||||||||||
DDRTC Core Retail Fund LLC
|
15.0 | 66 assets in several states | 15,747 | 1,771.0 | ||||||||||
DDR Macquarie Fund
|
25.0 | 50 shopping centers in several states | 12,077 | 1,236.7 |
131
(1) | Ownership may be held through different investment structures. Percentage ownerships are subject to change, as certain investments contain promoted structures. |
132
133
2008 | 2007 | 2006 | ||||||||||
Equity:
|
||||||||||||
Common shares
|
$ | 41.9 | (1) | $ | 1,140.8 | (2) | $ | | ||||
Preferred OP Units
|
| 484.2 | (3) | | ||||||||
Total equity
|
41.9 | 1,625.0 | | |||||||||
Debt:
|
||||||||||||
Construction
|
116.9 | 104.3 | 11.1 | |||||||||
Permanent financing
|
350.0 | 30.0 | | |||||||||
Mortgage debt assumed
|
17.5 | 446.5 | 132.3 | |||||||||
Convertible notes
|
| 600.0 | (4) | 250.0 | (7) | |||||||
Unsecured term loan
|
| 750.0 | (5) | | ||||||||
Secured term loan
|
| 400.0 | (6) | 180.0 | (6) | |||||||
Total debt
|
484.4 | 2,330.8 | 573.4 | |||||||||
$ | 526.3 | $ | 3,955.8 | $ | 573.4 | |||||||
(1) | The Company issued 8.3 million shares for approximately $41.9 million in December 2008. | |
(2) | Approximately 5.7 million shares, aggregating approximately $394.2 million, were issued to IRRETI shareholders in February 2007. The Company issued 11.6 million common shares in February 2007 for approximately $746.6 million upon the settlement of the forward sale agreements entered into in December 2006. | |
(3) | Issuance of 20 million preferred OP Units with a liquidation preference of $25 per unit, aggregating $500 million of the net assets of the Companys consolidated subsidiary in February 2007. In accordance with the terms of the agreement, the preferred OP Units were redeemed at 97.0% of par in June 2007. | |
(4) | Issuance of 3.00% convertible senior unsecured notes due 2012. The notes have an initial conversion rate of approximately 13.3783 common shares per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $74.75 per common share and a conversion premium of approximately 20.0% based on the last reported sale price of $62.29 per common share on March 7, 2007. The initial conversion rate is subject to adjustment under certain circumstances. Upon closing of the sale of the notes, the Company repurchased $117.0 million of its common shares. In connection with the offering, the Company entered into an option agreement, settled in the Companys common shares, with an investment bank that had the economic impact of effectively increasing the initial conversion price of the notes to $87.21 per common share, which represents a 40% premium based on the March 7, 2007 closing price of $62.29 per common share. The cost of this arrangement was approximately $32.6 million and has been recorded as an equity transaction in the Companys consolidated balance sheet. | |
(5) | This facility bore interest at LIBOR plus 0.75% and was repaid in June 2007. | |
(6) | This facility bears interest at LIBOR plus 0.70% and matures in February 2011. This facility allows for a one-year extension option. | |
(7) | Issuance of 3.50% convertible senior unsecured notes due 2011. The notes have an initial conversion rate of approximately 15.3589 common shares per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $65.11 per common share and a conversion premium of approximately 22.5% based on the last reported sale price of $53.15 per common share on August 22, 2006. The initial conversion rate is subject to adjustment under certain circumstances. Upon closing of the sale of the notes, the Company repurchased $48.3 million of its common shares. In connection with the offering, the Company entered into an option arrangement, settled in the Companys common shares, with an investment bank that had the economic impact of effectively increasing the initial conversion price of the notes to $74.41 per common share, which represents a 40.0% premium based on the August 22, 2006 closing price of $53.15 per common share. The cost of this arrangement was approximately $10.3 million and has been recorded as an equity transaction in the Companys consolidated balance sheet. |
134
Operating |
||||||||
Year
|
Debt | Leases | ||||||
2009
|
$ | 399,685 | $ | 5,317 | ||||
2010
|
1,983,887 | 5,008 | ||||||
2011
|
1,609,142 | 4,947 | ||||||
2012
|
1,041,529 | 4,493 | ||||||
2013
|
432,348 | 4,017 | ||||||
Thereafter
|
450,773 | 141,652 | ||||||
$ | 5,917,364 | $ | 165,434 | |||||
135
DDR Markaz II
|
$ | 0.1 | ||
DDR MDT PS LLC
|
0.3 | |||
TRT DDR Venture I
|
0.5 | |||
$ | 0.9 | |||
136
137
138
139
140
141
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
December 31, 2008 | December 31, 2007 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Fixed-Rate Debt (1)
|
$ | 4,426.2 | 3.0 | 5.1 | % | 74.8 | % | $ | 4,533.1 | 3.9 | 5.1 | % | 81.1 | % | ||||||||||||||||||
Variable-Rate Debt (1)
|
$ | 1,491.2 | 2.7 | 1.7 | % | 25.2 | % | $ | 1,057.9 | 4.1 | 5.3 | % | 18.9 | % |
(1) | Adjusted to reflect the $600 million of variable-rate debt that LIBOR was swapped to a fixed-rate of 5.0% at December 31, 2008 and 2007. |
December 31, 2008 | December 31, 2007 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Fixed-Rate Debt
|
$ | 4,581.6 | $ | 982.3 | 5.3 | 5.5 | % | $ | 4,516.4 | $ | 860.5 | 5.9 | 5.3 | % | ||||||||||||||||||
Variable-Rate Debt
|
$ | 1,195.3 | $ | 233.8 | 1.2 | 2.2 | % | $ | 1,035.4 | $ | 173.6 | 1.5 | 5.5 | % |
142
December 31, 2007 | ||||
Notional Amount
|
Fixed-rate | |||
$ 75.0
|
4.90% | |||
$ 75.0
|
5.22% | |||
$157.3
|
5.25% | |||
$ 70.0
|
5.79% | |||
$ 80.0
|
5.09% | |||
$100.0
|
5.47% |
December 31, 2008 | December 31, 2007 | |||||||||||||||||||||||
100 Basis |
100 Basis |
|||||||||||||||||||||||
Point |
Point |
|||||||||||||||||||||||
Increase |
Decrease |
|||||||||||||||||||||||
in Market |
in Market |
|||||||||||||||||||||||
Carrying |
Fair |
Interest |
Carrying |
Fair |
Interest |
|||||||||||||||||||
Value |
Value |
Rates |
Value |
Value |
Rates |
|||||||||||||||||||
(Millions) | (Millions) | (Millions) | (Millions) | (Millions) | (Millions) | |||||||||||||||||||
Companys fixed-rate debt
|
$ | 4,426.2 | $ | 3,384.8 | (1) | $ | 3,328.9 | (2) | $ | 4,533.1 | $ | 4,421.0 | (1) | $ | 4,525.0 | (2) | ||||||||
Companys proportionate share of joint venture fixed-rate
debt
|
$ | 982.3 | $ | 911.0 | $ | 878.8 | $ | 860.5 | $ | 880.1 | (3) | $ | 927.0 | (4) |
143
(1) | Includes the fair value of interest rate swaps, which was a liability of $21.7 million and $17.8 million at December 31, 2008 and 2007, respectively. | |
(2) | Includes the fair value of interest rate swaps, which was a liability of $26.1 million and $32.0 million at December 31, 2008 and 2007, respectively. | |
(3) | Includes the Companys proportionate share of the fair value of interest rate swaps that was a liability of $3.0 million at December 31, 2007. | |
(4) | Includes the Companys proportionate share of the fair value of interest rate swaps that was a liability of $7.5 million at December 31, 2007. |
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 |
144
Item 9B. | OTHER INFORMATION |
145
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 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 |
Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT |
146
Number of Securities |
||||||||||||
Remaining Available for |
||||||||||||
Number of Securities |
Future Issuance Under |
|||||||||||
to Be Issued upon |
Weighted-Average |
Equity Compensation |
||||||||||
Exercise of |
Exercise Price of |
Plans (excluding |
||||||||||
Outstanding Options, |
Outstanding Options, |
securities reflected in |
||||||||||
Plan category
|
Warrants and Rights | Warrants and Rights | column (a)) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation plans approved by security holders (1)
|
2,185,708 | (2) | $ | 42.32 | 3,883,908 | |||||||
Equity compensation plans not approved by security holders (3)
|
31,666 | $ | 17.70 | N/A | ||||||||
Total
|
2,217,374 | $ | 41.97 | 3,883,908 |
(1) | Includes information related to 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 590,489 shares of restricted stock, as these shares have been reflected in the Companys total shares outstanding. Does not include 103,700 shares reserved for issuance under outperformance unit agreements. | |
(3) | Represents options issued to 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 ACCOUNTING FEES AND SERVICES |
Item 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
a.) 1. | Financial Statements |
147
2. | Financial Statement Schedules |
b) | Exhibits The following exhibits are filed as part of or incorporated by reference into, this report: |
Exhibit No. |
Form 10-K |
Filed Herewith or |
||||||||
Under Reg.S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No.
|
Description
|
Reference
|
|||||||
1 | 1 | .1 | Sales Agency Financing Agreement, dated December 3, 2008, by and between the Company and BNY Mellon Capital Markets, LLC | Current Report on Form 8-K (Filed with the SEC on December 3, 2008) | ||||||
2 | 2 | .1 | Agreement and Plan of Merger, dated October 20, 2006, by and among the Company, Inland Retail Real Estate Trust, Inc. and DDR IRR Acquisition LLC | Current Report on Form 8-K (Filed October 23, 2006) | ||||||
2 | 2 | .2 | 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) | ||||||
3 | 3 | .1 | Second Amended and Restated Articles of Incorporation of the Company |
Form S-3ASR Registration Statement No. 333-152083 (Filed with
the SEC on July 2, 2008) |
||||||
3 | 3 | .2 | Amended and Restated Code of Regulations of the Company | Quarterly Report on Form 10-Q (Filed with the SEC on August 9, 2007) | ||||||
4 | 4 | .1 | Specimen Certificate for Common Shares | Form S-3 Registration No. 33-78778 (Filed with the SEC on May 10, 1994) | ||||||
4 | 4 | .2 | Specimen Certificate for 8.0% Class G Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on March 25, 2003) | ||||||
4 | 4 | .3 | Specimen Certificate for Depositary Shares Relating to 8.0% Class G Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on March 25, 2003) | ||||||
4 | 4 | .4 | Specimen Certificate for 73/8% Class H Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on July 17, 2003) | ||||||
4 | 4 | .5 | Specimen Certificate for Depositary Shares Relating to 73/8% Class H Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on July 17, 2003) | ||||||
4 | 4 | .6 | Specimen Certificate for 7.50% Class I Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on May 4, 2004) | ||||||
4 | 4 | .7 | Specimen Certificate for Depositary Shares Relating to 7.50% Class I Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on May 4, 2004) |
148
Exhibit No. |
Form 10-K |
Filed Herewith or |
||||||||
Under Reg.S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No.
|
Description
|
Reference
|
|||||||
4 | 4 | .8 | Indenture, dated May 1, 1994, by and between the Company and Chemical Bank, as Trustee | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .9 | Indenture, dated May 1, 1994, by and between the Company and National City Bank, as Trustee (NCB Indenture) | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .10 | First Supplement to NCB Indenture | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .11 | Second Supplement to NCB Indenture | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .12 | Third Supplement to NCB Indenture | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .13 | Fourth Supplement to NCB Indenture | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .14 | Fifth Supplement to NCB Indenture | Annual Report on Form 10-K (Filed with the SEC on February 21, 2007) | ||||||
4 | 4 | .15 | Sixth Supplement to NCB Indenture | Annual Report on Form 10-K (Filed with the SEC on February 21, 2007) | ||||||
4 | 4 | .16 | Seventh Supplement to NCB Indenture | Current Report on Form 8-K (Filed with the SEC on September 1, 2006) | ||||||
4 | 4 | .17 | Eight Supplement to NCB Indenture | Current Report on Form 8-K (Filed with the SEC on March 16, 2007) | ||||||
4 | 4 | .18 | 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 | .19 | Form of Floating 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 | .20 | 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 | .21 | 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 | .22 | Form of 3.875% Note due 2009 | Current Report on Form 8-K (Filed with the SEC on January 22, 2004) | ||||||
4 | 4 | .23 | Form of 5.25% Note due 2011 | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .24 | Form of 3.00% Convertible Senior Note due 2012 | Current Report on Form 8-K (Filed with the SEC on March 16, 2007) | ||||||
4 | 4 | .25 | Form of 3.50% Convertible Senior Note due 2011 | Current Report on Form 8-K (Filed with the SEC on September 1, 2006) | ||||||
4 | 4 | .26 | Seventh Amended and Restated Credit Agreement, dated June 29, 2006, by and among the Company and JPMorgan Securities, Inc. 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) | ||||||
4 | 4 | .27 | First Amendment to the Seventh Amended and Restated Revolving Credit Agreement, dated March 30, 2007, by and among the Company and JPMorgan Chase Bank, N.A and other lenders named therein | Current Report on Form 8-K (Filed with the SEC on February 26, 2007) |
149
Exhibit No. |
Form 10-K |
Filed Herewith or |
||||||||
Under Reg.S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No.
|
Description
|
Reference
|
|||||||
4 | 4 | .28 | Second Amendment to the Seventh Amended and Restated Revolving Credit Agreement, dated December 7, 2007, by and among the Company and JPMorgan Chase Bank, N.A and other lenders named therein | Current Report on Form 8-K (Filed with the SEC on December 12, 2007) | ||||||
4 | 4 | .29 | Third Amendment to the Seventh Amended and Restated Revolving Credit Agreement, dated December 26, 2007, by and among the Company and JPMorgan Chase Bank, N.A and other lenders named therein | Current Report on Form 8-K (Filed with the SEC on December 28, 2007) | ||||||
4 | 4 | .30 | 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) | ||||||
4 | 4 | .31 | 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) | ||||||
4 | 4 | .32 | 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) | ||||||
4 | 4 | .33 | Form of Indemnification Agreement | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004) | ||||||
4 | 4 | .34 | 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) | ||||||
4 | 4 | .35 | 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) | ||||||
10 | 10 | .1 | Stock Option Plan* | Form S-8 Registration No. 33-74562 (Filed with the SEC on January 28, 1994) | ||||||
10 | 10 | .2 | Amended and Restated Directors Deferred Compensation Plan* | Form S-8 Registration No. 333-147270 (Filed with the SEC on November 9, 2007) | ||||||
10 | 10 | .3 | 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) | ||||||
10 | 10 | .4 | Developers Diversified Realty Corporation Equity Deferred Compensation Plan* | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
10 | 10 | .5 | Developers Diversified Realty Corporation Equity Deferred Compensation Plan, restated as of January 1, 2009* | Filed herewith | ||||||
10 | 10 | .6 | Developers Diversified Realty Corporation Equity-Based Award Plan* | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004) | ||||||
10 | 10 | .7 | 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 | .8 | 2002 Developers Diversified Realty Corporation Equity-Based Award Plan* | Quarterly Report on Form 10-Q (Filed with the SEC on August 14, 2002) |
150
Exhibit No. |
Form 10-K |
Filed Herewith or |
||||||||
Under Reg.S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No.
|
Description
|
Reference
|
|||||||
10 | 10 | .9 | 2004 Developers Diversified Realty Corporation Equity-Based Award Plan* | Form S-8 Registration No. 333-117069 (Filed with the SEC on July 1, 2004) | ||||||
10 | 10 | .10 | 2008 Developers Diversified Realty Corporation Equity-Based Award Plan* | Current Report on Form 8-K (Filed with the SEC on May 15, 2008) | ||||||
10 | 10 | .11 | 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) | ||||||
10 | 10 | .12 | 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) | ||||||
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) | ||||||
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) | ||||||
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) | ||||||
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) | ||||||
10 | 10 | .17 | 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 | .18 | Performance Units Agreement, dated March 1, 2000, by and between the Company and Scott A. Wolstein* | Annual Report on Form 10-K (Filed with the SEC on March 8, 2002) | ||||||
10 | 10 | .19 | Performance Units Agreement, dated January 2, 2002, by and between the Company and Scott A. Wolstein* | Annual Report on Form 10-K (Filed with the SEC on March 8, 2002) | ||||||
10 | 10 | .20 | Performance Units Agreement, dated January 2, 2002, between the Company and David M. Jacobstein* | Quarterly Report on Form 10-Q (Filed with the SEC on May 15, 2002) | ||||||
10 | 10 | .21 | Performance Units Agreement, dated January 2, 2002, by and between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on May 15, 2002) | ||||||
10 | 10 | .22 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Joan U. Allgood* | Filed herewith | ||||||
10 | 10 | .23 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Richard E. Brown* | Filed herewith | ||||||
10 | 10 | .24 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Timothy J. Bruce* | Filed herewith |
151
Exhibit No. |
Form 10-K |
Filed Herewith or |
||||||||
Under Reg.S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No.
|
Description
|
Reference
|
|||||||
10 | 10 | .25 | Employment Agreement, dated October 15, 2008, by and between the Company and Daniel B. Hurwitz* | Current Report on Form 8-k (Filed with the SEC on October 21, 2008) | ||||||
10 | 10 | .26 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and David M. Jacobstein* | Filed herewith | ||||||
10 | 10 | .27 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and David J. Oakes* | Filed herewith | ||||||
10 | 10 | .28 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and William H. Schafer* | Filed herewith | ||||||
10 | 10 | .29 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and Robin R. Walker-Gibbons* | Filed herewith | ||||||
10 | 10 | .30 | Employment Agreement, dated October 15, 2008, by and between the Company and Scott A. Wolstein* | Current Report on Form 8-k (Filed with the SEC on October 21, 2008) | ||||||
10 | 10 | .31 | Amended and Restated Employment Agreement, dated December 29, 2008, by and between the Company and John S. Kokinchak* | Filed herewith | ||||||
10 | 10 | .32 | Employment Agreement, dated December 29, 2008, by and between the Company and Paul Freddo* | Filed herewith | ||||||
10 | 10 | .33 | Change in Control Agreement, dated October 15, 2008, by and between the Company and Scott A. Wolstein* | Current Report on Form 8-k (Filed with the SEC on October 21, 2008) | ||||||
10 | 10 | .34 | Change in Control Agreement, dated October 15, 2008, by and between the Company and Daniel B. Hurwitz* | Current Report on Form 8-k (Filed with the SEC on October 21, 2008) | ||||||
10 | 10 | .35 | Amended and Restated Change in Control Agreement, dated December 29, 2008, by and between the Company and David M. Jacobstein* | Filed herewith | ||||||
10 | 10 | .36 | Form of Change in Control Agreement, entered into with certain officers of the Company* | Filed herewith | ||||||
10 | 10 | .37 | Outperformance Long-Term Incentive Plan Agreement, dated August 18, 2006, by and between the Company and Scott A. Wolstein* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .38 | Outperformance Long-Term Incentive Plan Agreement, dated August 18, 2006, by and between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .39 | Outperformance Long-Term Incentive Plan Agreement, dated February 23, 2006, by and between the Company and Joan U. Allgood* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .40 | Outperformance Long-Term Incentive Plan Agreement, dated February 23, 2006, by and between the Company and Richard E. Brown* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) |
152
Exhibit No. |
Form 10-K |
Filed Herewith or |
||||||||
Under Reg.S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No.
|
Description
|
Reference
|
|||||||
10 | 10 | .41 | Outperformance Long-Term Incentive Plan Agreement, dated February 23, 2006, by and between the Company and Timothy J. Bruce* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .42 | Outperformance Long-Term Incentive Plan Agreement, dated February 23, 2006, by and between the Company and William H. Schafer* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .43 | Outperformance Long-Term Incentive Plan Agreement, dated February 23, 2006, by and between the Company and Robin R. Walker-Gibbons* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .44 | 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 | .45 | 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) | ||||||
10 | 10 | .46 | Developers Diversified Realty Corporation 2005 Directors Deferred Compensation Plan* | Form S-8 Registration No. 333-147270 (Filed with the SEC on November 9, 2007) | ||||||
14 | 14 | .1 | Developers Diversified Realty Corporation Code of Ethics for Senior Financial Officers | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004) | ||||||
21 | 21 | .1 | List of Subsidiaries | Filed herewith | ||||||
23 | 23 | .1 | Consent of PricewaterhouseCoopers LLP | Filed herewith | ||||||
23 | 23 | .2 | Consent of PricewaterhouseCoopers LLP (TRT DDR Venture I General Partnership) | Annual Report on Form 10-K (Filed with the SEC on February 29, 2008) | ||||||
23 | 23 | .3 | Consent of PricewaterhouseCoopers LLP (DDRTC Core Retail Fund, LLC) | Filed herewith | ||||||
23 | 23 | .4 | Consent of PricewaterhouseCoopers (Macquarie DDR Trust) | 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 | ||||||
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 | ||||||
99 | 99 | .1 | TRT DDR Venture I General Partnership Consolidated Financial Statements | Annual Report on Form 10-K (Filed with the SEC on February 29, 2008) | ||||||
99 | 99 | .2 | DDRTC Core Retail Fund, LLC Consolidated Financial Statements | Filed herewith | ||||||
99 | 99 | .3 | Macquarie DDR Trust Consolidated Financial Statements | Filed herewith |
* | Management contracts and compensatory plans or arrangements required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
153
Page | ||||||||
Financial Statements:
|
||||||||
F-2 | ||||||||
F-3 | ||||||||
F-4 | ||||||||
F-5 | ||||||||
F-6 | ||||||||
F-7 | ||||||||
Financial Statement Schedules:
|
||||||||
F-60 | ||||||||
III Real Estate and Accumulated Depreciation at
December 31, 2008
|
F-61 | |||||||
F-74 | ||||||||
EX-10.5 | ||||||||
EX-10.22 | ||||||||
EX-10.23 | ||||||||
EX-10.24 | ||||||||
EX-10.26 | ||||||||
EX-10.27 | ||||||||
EX-10.28 | ||||||||
EX-10.29 | ||||||||
EX-10.31 | ||||||||
EX-10.32 | ||||||||
EX-10.35 | ||||||||
EX-10.36 | ||||||||
EX-21.1 | ||||||||
EX-23.1 | ||||||||
EX-23.3 | ||||||||
EX-23.4 | ||||||||
EX-31.1 | ||||||||
EX-31.2 | ||||||||
EX-32.1 | ||||||||
EX-32.2 | ||||||||
EX-99.2 | ||||||||
EX-99.3 |
F-1
F-2
December 31, | ||||||||
2008 | 2007 | |||||||
Assets
|
||||||||
Land
|
$ | 2,073,947 | $ | 2,142,942 | ||||
Buildings
|
5,890,332 | 5,933,890 | ||||||
Fixtures and tenant improvements
|
262,809 | 237,117 | ||||||
8,227,088 | 8,313,949 | |||||||
Less: Accumulated depreciation
|
(1,208,903 | ) | (1,024,048 | ) | ||||
7,018,185 | 7,289,901 | |||||||
Construction in progress and land under development
|
879,547 | 664,926 | ||||||
Real estate held for sale
|
| 5,796 | ||||||
7,897,732 | 7,960,623 | |||||||
Investments in and advances to joint ventures
|
583,767 | 638,111 | ||||||
Cash and cash equivalents
|
29,494 | 49,547 | ||||||
Restricted cash
|
111,792 | 58,958 | ||||||
Accounts receivable, net
|
164,356 | 199,354 | ||||||
Notes receivable
|
75,781 | 18,557 | ||||||
Deferred charges, net
|
26,613 | 31,172 | ||||||
Other assets
|
128,790 | 133,494 | ||||||
$ | 9,018,325 | $ | 9,089,816 | |||||
Liabilities and Shareholders Equity
|
||||||||
Unsecured indebtedness:
|
||||||||
Senior notes
|
$ | 2,452,741 | $ | 2,622,219 | ||||
Revolving credit facility
|
1,027,183 | 709,459 | ||||||
3,479,924 | 3,331,678 | |||||||
Secured indebtedness:
|
||||||||
Term debt
|
800,000 | 800,000 | ||||||
Mortgage and other secured indebtedness
|
1,637,440 | 1,459,336 | ||||||
2,437,440 | 2,259,336 | |||||||
Total indebtedness
|
5,917,364 | 5,591,014 | ||||||
Accounts payable and accrued expenses
|
169,014 | 141,629 | ||||||
Dividends payable
|
6,967 | 85,851 | ||||||
Other liabilities
|
112,165 | 143,616 | ||||||
6,205,510 | 5,962,110 | |||||||
Minority equity interests
|
120,120 | 111,767 | ||||||
Operating partnership minority interests
|
8,010 | 17,114 | ||||||
6,333,640 | 6,090,991 | |||||||
Commitments and contingencies (Note 11)
|
||||||||
Shareholders equity:
|
||||||||
Preferred shares (Note 12)
|
555,000 | 555,000 | ||||||
Common shares, with par value, $0.10 stated value;
300,000,000 shares authorized; 128,642,765 and
126,793,684 shares issued at December 31, 2008 and
2007, respectively
|
12,864 | 12,679 | ||||||
Paid-in-capital
|
2,770,194 | 3,029,176 | ||||||
Accumulated distributions in excess of net income
|
(608,675 | ) | (260,018 | ) | ||||
Deferred compensation obligation
|
13,882 | 22,862 | ||||||
Accumulated other comprehensive (loss) income
|
(49,849 | ) | 8,965 | |||||
Less: Common shares in treasury at cost: 224,063 and
7,345,304 shares at December 31, 2008 and 2007,
respectively
|
(8,731 | ) | (369,839 | ) | ||||
2,684,685 | 2,998,825 | |||||||
$ | 9,018,325 | $ | 9,089,816 | |||||
F-3
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Revenues from operations:
|
||||||||||||
Minimum rents
|
$ | 628,664 | $ | 635,415 | $ | 529,204 | ||||||
Percentage and overage rents
|
9,414 | 10,540 | 10,627 | |||||||||
Recoveries from tenants
|
198,919 | 203,126 | 168,935 | |||||||||
Ancillary and other property income
|
22,294 | 19,518 | 19,434 | |||||||||
Management fees, development fees and other fee income
|
62,890 | 50,840 | 30,294 | |||||||||
Other
|
9,291 | 13,697 | 14,857 | |||||||||
931,472 | 933,136 | 773,351 | ||||||||||
Rental operation expenses:
|
||||||||||||
Operating and maintenance
|
146,346 | 131,409 | 106,015 | |||||||||
Real estate taxes
|
110,773 | 107,428 | 89,505 | |||||||||
Impairment charges
|
79,864 | | | |||||||||
General and administrative
|
97,719 | 81,244 | 60,679 | |||||||||
Depreciation and amortization
|
242,032 | 214,445 | 180,377 | |||||||||
676,734 | 534,526 | 436,576 | ||||||||||
Other income (expense):
|
||||||||||||
Interest income
|
5,473 | 8,772 | 9,050 | |||||||||
Interest expense
|
(244,212 | ) | (258,149 | ) | (208,536 | ) | ||||||
Gain on repurchase of senior notes
|
11,552 | | | |||||||||
Abandoned projects and transaction costs
|
(12,433 | ) | | | ||||||||
Other expense, net
|
(15,819 | ) | (3,019 | ) | (446 | ) | ||||||
(255,439 | ) | (252,396 | ) | (199,932 | ) | |||||||
(Loss) income before equity in net income of joint ventures,
impairment of joint venture investments, minority interests, tax
benefit of taxable REIT subsidiaries and franchise taxes,
discontinued operations and gain on disposition of real estate,
net of tax
|
(701 | ) | 146,214 | 136,843 | ||||||||
Equity in net income of joint ventures
|
17,719 | 43,229 | 30,337 | |||||||||
Impairment of joint venture investments
|
(106,957 | ) | | | ||||||||
(Loss) income before minority interests, tax benefit of taxable
REIT subsidiaries and franchise taxes, discontinued operations
and gain on disposition of real estate
|
(89,939 | ) | 189,443 | 167,180 | ||||||||
Minority interests:
|
||||||||||||
Minority equity interests
|
12,333 | (6,253 | ) | (6,777 | ) | |||||||
Preferred operating partnership minority interests
|
| (9,690 | ) | | ||||||||
Operating partnership minority interests
|
(1,145 | ) | (2,275 | ) | (2,116 | ) | ||||||
11,188 | (18,218 | ) | (8,893 | ) | ||||||||
Tax benefit of taxable REIT subsidiaries and franchise taxes
|
17,434 | 14,669 | 2,497 | |||||||||
(Loss) income from continuing operations
|
(61,317 | ) | 185,894 | 160,784 | ||||||||
Discontinued operations:
|
||||||||||||
Income from discontinued operations
|
1,409 | 9,043 | 9,406 | |||||||||
(Loss) gain on disposition of real estate, net of tax
|
(4,830 | ) | 12,259 | 11,051 | ||||||||
(3,421 | ) | 21,302 | 20,457 | |||||||||
(Loss) income before gain on disposition of real estate
|
(64,738 | ) | 207,196 | 181,241 | ||||||||
Gain on disposition of real estate, net of tax
|
6,962 | 68,851 | 72,023 | |||||||||
Net (loss) income
|
$ | (57,776 | ) | $ | 276,047 | $ | 253,264 | |||||
Preferred dividends
|
42,269 | 50,934 | 55,169 | |||||||||
Net (loss) income applicable to common shareholders
|
$ | (100,045 | ) | $ | 225,113 | $ | 198,095 | |||||
Per share data:
|
||||||||||||
Basic earnings per share data:
|
||||||||||||
(Loss) income from continuing operations
|
$ | (0.80 | ) | $ | 1.68 | $ | 1.63 | |||||
(Loss) income from discontinued operations
|
(0.03 | ) | 0.18 | 0.19 | ||||||||
Net (loss) income applicable to common shareholders
|
$ | (0.83 | ) | $ | 1.86 | $ | 1.82 | |||||
Diluted earnings per share data:
|
||||||||||||
(Loss) income from continuing operations
|
$ | (0.80 | ) | $ | 1.67 | $ | 1.62 | |||||
(Loss) income from discontinued operations
|
(0.03 | ) | 0.18 | 0.19 | ||||||||
Net (loss) income applicable to common shareholders
|
$ | (0.83 | ) | $ | 1.85 | $ | 1.81 | |||||
Dividends declared per common share
|
$ | 2.07 | $ | 2.64 | $ | 2.36 | ||||||
F-4
Accumulated |
Accumulated |
Unearned |
||||||||||||||||||||||||||||||||||
Distributions in |
Deferred |
Other |
Compensation- |
Treasury |
||||||||||||||||||||||||||||||||
Preferred |
Common |
Paid-in- |
Excess of |
Compensation |
Comprehensive |
Restricted |
Stock at |
|||||||||||||||||||||||||||||
Shares | Shares | Capital | Net Income | Obligation | Income/(Loss) | Stock | Cost | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2005
|
$ | 705,000 | $ | 10,895 | $ | 1,945,245 | $ | (99,756 | ) | $ | 11,616 | $ | 10,425 | $ | (13,144 | ) | $ | | $ | 2,570,281 | ||||||||||||||||
Issuance of 726,574 common shares for cash related to exercise
of stock options, dividend reinvestment plan and director
compensation
|
| 28 | (1,819 | ) | | | | | 10,028 | 8,237 | ||||||||||||||||||||||||||
Redemption of operating partnership units in exchange for common
shares
|
| 45 | 22,371 | | | | | | 22,416 | |||||||||||||||||||||||||||
Repurchase of 909,000 common shares
|
| | | | | | | (48,313 | ) | (48,313 | ) | |||||||||||||||||||||||||
Issuance of 64,940 common shares related to restricted stock plan
|
| 6 | 653 | | | | | (150 | ) | 509 | ||||||||||||||||||||||||||
Vesting of restricted stock
|
| | 1,628 | | 770 | | | (1,585 | ) | 813 | ||||||||||||||||||||||||||
Purchased option arrangement on common shares
|
| | (10,337 | ) | | | | | | (10,337 | ) | |||||||||||||||||||||||||
Adoption of SFAS 123(R)
|
| | (1,558 | ) | | | | 13,144 | | 11,586 | ||||||||||||||||||||||||||
Stock-based compensation
|
| | 3,446 | | | | | | 3,446 | |||||||||||||||||||||||||||
Dividends declared-common shares
|
| | | (257,954 | ) | | | | | (257,954 | ) | |||||||||||||||||||||||||
Dividends declared-preferred shares
|
| | | (55,169 | ) | | | | | (55,169 | ) | |||||||||||||||||||||||||
Comprehensive income (Note 16):
|
||||||||||||||||||||||||||||||||||||
Net income
|
| | | 253,264 | | | | | 253,264 | |||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate contracts
|
| | | | | (2,729 | ) | | | (2,729 | ) | |||||||||||||||||||||||||
Amortization of interest rate contracts
|
| | | | | (1,454 | ) | | | (1,454 | ) | |||||||||||||||||||||||||
Foreign currency translation
|
| | | | | 1,587 | | | 1,587 | |||||||||||||||||||||||||||
Comprehensive income
|
| | | 253,264 | | (2,596 | ) | | | 250,668 | ||||||||||||||||||||||||||
Balance, December 31, 2006
|
705,000 | 10,974 | 1,959,629 | (159,615 | ) | 12,386 | 7,829 | | (40,020 | ) | 2,496,183 | |||||||||||||||||||||||||
Issuance of 69,964 common shares related to the exercise of
stock options, dividend reinvestment plan, performance plan and
director compensation
|
| | (28,326 | ) | | 3,739 | | | 33,059 | 8,472 | ||||||||||||||||||||||||||
Issuance of 11,599,134 common shares for cash-underwritten
offering
|
| 1,160 | 745,485 | | | | | | 746,645 | |||||||||||||||||||||||||||
Issuance of 5,385,324 common shares associated with the IRRETI
merger
|
| 539 | 378,580 | | | | | 15,041 | 394,160 | |||||||||||||||||||||||||||
Repurchase of common shares
|
| | | | | | | (378,942 | ) | (378,942 | ) | |||||||||||||||||||||||||
Issuance of restricted stock
|
| 6 | (674 | ) | | 487 | | | 1,459 | 1,278 | ||||||||||||||||||||||||||
Vesting of restricted stock
|
| | (3,567 | ) | | 6,250 | | | (436 | ) | 2,247 | |||||||||||||||||||||||||
Purchased option arrangement on common shares
|
| | (32,580 | ) | | | | | | (32,580 | ) | |||||||||||||||||||||||||
Redemption of preferred shares
|
(150,000 | ) | | 5,405 | (5,405 | ) | | | | | (150,000 | ) | ||||||||||||||||||||||||
Stock-based compensation
|
| | 5,224 | | | | | | 5,224 | |||||||||||||||||||||||||||
Dividends declared-common shares
|
| | | (324,907 | ) | | | | | (324,907 | ) | |||||||||||||||||||||||||
Dividends declared-preferred shares
|
| | | (46,138 | ) | | | | | (46,138 | ) | |||||||||||||||||||||||||
Comprehensive income (Note 16):
|
||||||||||||||||||||||||||||||||||||
Net income
|
| | | 276,047 | | | | | 276,047 | |||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate contracts
|
| | | | | (20,126 | ) | | | (20,126 | ) | |||||||||||||||||||||||||
Amortization of interest rate contracts
|
| | | | | (1,454 | ) | | | (1,454 | ) | |||||||||||||||||||||||||
Foreign currency translation
|
| | | | | 22,716 | | | 22,716 | |||||||||||||||||||||||||||
Comprehensive income
|
| | | 276,047 | | 1,136 | | | 277,183 | |||||||||||||||||||||||||||
Balance, December 31, 2007
|
555,000 | 12,679 | 3,029,176 | (260,018 | ) | 22,862 | 8,965 | | (369,839 | ) | 2,998,825 | |||||||||||||||||||||||||
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 | 6,741 | ||||||||||||||||||||||||||
Issuance of 1,840,939 common shares for cash-underwritten
offering
|
| 184 | (286,220 | ) | | | | | 327,387 | 41,352 | ||||||||||||||||||||||||||
Issuance of restricted stock
|
| | (5,681 | ) | | 4,289 | | | 6,578 | 5,187 | ||||||||||||||||||||||||||
Vesting of restricted stock
|
| | 16,745 | | (13,971 | ) | | | (4,895 | ) | (2,121 | ) | ||||||||||||||||||||||||
Stock-based compensation
|
| | 24,017 | | | | | | 24,017 | |||||||||||||||||||||||||||
Redemption of 463,185 operating partnership units in exchange
for common shares
|
| | (5,172 | ) | | | | | 23,327 | 18,155 | ||||||||||||||||||||||||||
Dividends declared-common shares
|
| | | (248,612 | ) | | | | | (248,612 | ) | |||||||||||||||||||||||||
Dividends declared-preferred shares
|
| | | (42,269 | ) | | | | | (42,269 | ) | |||||||||||||||||||||||||
Comprehensive loss (Note 16):
|
||||||||||||||||||||||||||||||||||||
Net loss
|
| | | (57,776 | ) | | | | | (57,776 | ) | |||||||||||||||||||||||||
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 | ) | | | (44,878 | ) | |||||||||||||||||||||||||
Comprehensive loss
|
| | | (57,776 | ) | | (58,814 | ) | | | (116,590 | ) | ||||||||||||||||||||||||
Balance, December 31, 2008
|
$ | 555,000 | $ | 12,864 | $ | 2,770,194 | $ | (608,675 | ) | $ | 13,882 | $ | (49,849 | ) | $ | | $ | (8,731 | ) | $ | 2,684,685 | |||||||||||||||
F-5
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Cash flow from operating activities:
|
||||||||||||
Net (loss) income
|
$ | (57,776 | ) | $ | 276,047 | $ | 253,264 | |||||
Adjustments to reconcile net income to net cash flow provided by
operating activities:
|
||||||||||||
Depreciation and amortization
|
246,374 | 224,375 | 193,527 | |||||||||
Stock-based compensation
|
27,970 | 5,224 | 3,446 | |||||||||
Amortization of deferred finance costs and settled interest rate
protection agreements
|
10,292 | 9,750 | 7,756 | |||||||||
Ineffective portion of derivative financing investments
|
| | 1,157 | |||||||||
Net cash paid from interest rate hedging contracts
|
(5,410 | ) | ||||||||||
Equity in net income of joint ventures
|
(17,719 | ) | (43,229 | ) | (30,337 | ) | ||||||
Impairment of joint venture investments
|
106,957 | | | |||||||||
Cash distributions from joint ventures
|
24,427 | 33,362 | 23,304 | |||||||||
Operating partnership minority interest expense
|
1,145 | 2,275 | 2,116 | |||||||||
Preferred operating partnership minority interest expense
|
| 9,690 | | |||||||||
Gain on disposition of real estate
|
(2,132 | ) | (81,110 | ) | (83,074 | ) | ||||||
Impairment charge, net of minority interest
|
67,614 | | | |||||||||
Net change in accounts receivable
|
(1,215 | ) | (47,999 | ) | (38,013 | ) | ||||||
Net change in accounts payable and accrued expenses
|
44,244 | (11,955 | ) | 9,875 | ||||||||
Net change in other operating assets and liabilities
|
(20,203 | ) | 38,186 | (2,329 | ) | |||||||
Total adjustments
|
482,344 | 138,569 | 87,428 | |||||||||
Net cash flow provided by operating activities
|
424,568 | 414,616 | 340,692 | |||||||||
Cash flow from investing activities:
|
||||||||||||
Real estate developed or acquired, net of liabilities assumed
|
(394,332 | ) | (2,789,132 | ) | (454,357 | ) | ||||||
Equity contributions to joint ventures
|
(98,113 | ) | (247,882 | ) | (206,645 | ) | ||||||
(Advances to) repayment of joint venture advances, net
|
(56,926 | ) | 1,913 | 622 | ||||||||
Proceeds resulting from contribution of properties to joint
ventures and repayments of advances from affiliates
|
| 1,274,679 | 298,059 | |||||||||
Proceeds from sale and refinancing of joint venture interests
|
12,154 | 43,041 | | |||||||||
Return on investments in joint ventures
|
28,211 | 20,462 | 50,862 | |||||||||
(Issuance) repayment of notes receivable, net
|
(36,047 | ) | 1,014 | 6,834 | ||||||||
Increase in restricted cash
|
(52,834 | ) | (58,958 | ) | | |||||||
Proceeds from disposition of real estate
|
133,546 | 606,547 | 101,578 | |||||||||
Net cash flow used for investing activities
|
(464,341 | ) | (1,148,316 | ) | (203,047 | ) | ||||||
Cash flow from financing activities:
|
||||||||||||
Proceeds from revolving credit facilities, net
|
343,201 | 412,436 | 147,500 | |||||||||
Proceeds from term loan borrowings
|
| 1,150,000 | | |||||||||
Repayment of term loans
|
| (750,000 | ) | (20,000 | ) | |||||||
Proceeds from mortgage and other secured debt
|
466,936 | 134,300 | 11,093 | |||||||||
Principal payments on mortgage debt
|
(306,309 | ) | (401,697 | ) | (153,732 | ) | ||||||
Repayment of senior notes
|
(170,332 | ) | (197,000 | ) | | |||||||
Proceeds from issuance of convertible senior notes, net of
underwriting commissions and offering expenses of $267 and $550
in 2007 and 2006, respectively
|
| 587,733 | 244,450 | |||||||||
Payment of deferred finance costs
|
(5,522 | ) | (5,337 | ) | (4,047 | ) | ||||||
Redemption of preferred shares
|
| (150,000 | ) | | ||||||||
Proceeds from issuance of common shares, net of underwriting
commissions and offering expenses paid of $208 in 2007
|
41,352 | 746,645 | | |||||||||
Payment of underwriting commissions for forward-equity contract
|
| (32,580 | ) | (4,000 | ) | |||||||
Purchased option arrangement for common shares
|
| | (10,337 | ) | ||||||||
Proceeds from the issuance of common shares in conjunction with
exercise of stock options, 401(k) plan and dividend reinvestment
plan
|
1,371 | 11,998 | 9,560 | |||||||||
Proceeds from issuance of preferred operating partnership
interest, net of expenses
|
| 484,204 | | |||||||||
Redemption of preferred operating partnership interest
|
| (484,204 | ) | | ||||||||
Contribution from minority interest shareholders
|
28,487 | | | |||||||||
Return of investment minority interest shareholders
|
(4,970 | ) | (4,261 | ) | | |||||||
Purchase of operating partnership minority interests
|
(46 | ) | (683 | ) | (2,097 | ) | ||||||
Distributions to preferred and operating partnership minority
interests
|
(1,705 | ) | (11,907 | ) | (2,347 | ) | ||||||
Repurchase of common shares
|
| (378,942 | ) | (48,313 | ) | |||||||
Net cash received from foreign currency hedge contract
|
| 1,250 | | |||||||||
Dividends paid
|
(369,765 | ) | (356,464 | ) | (307,652 | ) | ||||||
Net cash provided by (used for) financing activities
|
22,698 | 755,491 | (139,922 | ) | ||||||||
Cash and cash equivalents
|
||||||||||||
(Decrease) increase in cash and cash equivalents
|
(17,075 | ) | 21,791 | (2,277 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents
|
(2,978 | ) | (622 | ) | | |||||||
Cash and cash equivalents, beginning of year
|
49,547 | 28,378 | 30,655 | |||||||||
Cash and cash equivalents, end of year
|
$ | 29,494 | $ | 49,547 | $ | 28,378 | ||||||
F-6
1. | Summary of Significant Accounting Policies |
F-7
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Contribution of net assets of previously unconsolidated joint
ventures
|
$ | | $ | | $ | 2.9 | ||||||
Consolidation of the net assets (excluding mortgages as
disclosed below) of previously unconsolidated joint ventures
|
| 14.4 | 368.9 | |||||||||
Mortgages assumed, shopping center acquisitions and
consolidation of previously unconsolidated joint ventures
|
17.5 | 446.5 | 132.9 | |||||||||
Liabilities assumed with the acquisition of shopping centers
|
| 32.5 | | |||||||||
Consolidation of net assets from adoption of EITF
04-05
|
| | 43.0 | |||||||||
Mortgages assumed, adoption of EITF
04-05
|
| | 17.1 | |||||||||
Dividends declared, not paid
|
7.0 | 85.9 | 71.3 | |||||||||
Fair value of interest rate swaps
|
21.7 | 20.1 | 1.1 | |||||||||
Deferred payment of swaption
|
| | 2.8 | |||||||||
Share issuance for operating partnership unit redemption
|
9.1 | | 14.9 |
Buildings
|
Useful lives, ranging from 30 to 40 years | |
Building improvements
|
Useful lives, ranging from five to 40 years | |
Fixtures and tenant improvements
|
Useful lives, which approximate lease terms, where applicable |
F-8
F-9
F-10
December 31, | ||||||||
2008 | 2007 | |||||||
DDR MDT MV LLC(1)
|
$ | 31,806 | $ | | ||||
DDR MDT MV LLC(2)
|
33,000 | | ||||||
Bond fund(3)
|
46,986 | 58,958 | ||||||
Total restricted cash
|
$ | 111,792 | $ | 58,958 | ||||
(1) | MV LLC, which is consolidated by the Company, owns 37 locations formerly occupied by Mervyns. The terms of the original acquisition contained a contingent refundable purchase price adjustment secured by a $25.0 million letter of credit (LOC) from the seller of the real estate portfolio, which was owned in part by an affiliate of one of the members of the Companys board of directors. In addition, MV LLC held a $7.7 million Security Deposit Letter of Credit (SD LOC) from Mervyns. These LOCs were drawn in full in 2008 due to Mervyns filing for protection under Chapter 11 of the United States Bankruptcy Code. Although the funds are required to be placed in escrow with MV LLCs lender to secure the entitys mortgage loan, these funds are available for re-tenanting expenses or to fund debt service. The funds will be released as the related leases are either assumed or released, or the debt is repaid. The balance at December 31, 2008, has been adjusted for a release of $1.1 million by the lender relating to unencumbered assets and an increase of $0.2 million in interest income. | |
(2) | In connection with MV LLCs draw of the $25.0 million LOC, MV LLC was required under the loan agreement to provide an additional $33.0 million as collateral security for the entitys mortgage loan. DDR and MDT funded the escrow requirement with proportionate capital contributions. The funds will be released in the same manner as the $25.0 million LOC. |
F-11
(3) | Under the terms of a bond issue by the Mississippi Business Finance Corporation, the proceeds of approximately $60.0 million from the sale of bonds were placed in a trust in connection with a Company development project in Mississippi. As construction is completed on the Companys project in Mississippi, the Company will request disbursement of these funds. |
F-12
F-13
F-14
F-15
F-16
F-17
2. | Investments in and Advances to Joint Ventures |
Effective |
||||||
Ownership |
||||||
Unconsolidated Real Estate Ventures
|
Percentage (1) |
Assets Owned
|
||||
Sun Center Limited
|
79.45 | % | A shopping center in Columbus, Ohio | |||
DDRA Community Centers Five LP
|
50.0 | Five shopping centers in several states | ||||
DOTRS LLC
|
50.0 | A shopping center in Macedonia, Ohio | ||||
Jefferson County Plaza LLC
|
50.0 | A shopping center in St. Louis (Arnold), Missouri | ||||
Lennox Town Center Limited
|
50.0 | A shopping center in Columbus, Ohio | ||||
Sansone Group/DDRC LLC
|
50.0 | A management and development company | ||||
Sonae Sierra Brazil BV Sarl
|
47.4 | Nine shopping centers, one shopping center under development and a management company in Brazil | ||||
Retail Value Investment Program IIIB LP
|
25.75 | A shopping center in Deer Park, Illinois | ||||
Retail Value Investment Program VIII LP
|
25.75 | A shopping center in Austin, Texas | ||||
RO & SW Realty LLC
|
25.25 | 11 shopping centers in several states | ||||
Cole MT Independence Missouri JV LLC
|
25.0 | A shopping center in Independence, Missouri | ||||
DDR Macquarie Fund
|
25.0 | 50 shopping centers in several states | ||||
Retail Value Investment Program VII LLC
|
21.0 | Two shopping centers in California | ||||
Coventry II DDR Buena Park LLC
|
20.0 | A shopping center in Buena Park, California | ||||
Coventry II DDR Fairplain LLC
|
20.0 | A shopping center in Benton Harbor, Michigan | ||||
Coventry II DDR Merriam Village LLC
|
20.0 | A shopping center in Merriam, Kansas | ||||
Coventry II DDR Phoenix Spectrum LLC
|
20.0 | A shopping center in Phoenix, Arizona | ||||
Coventry II DDR Totem Lakes LLC
|
20.0 | A shopping center in Kirkland, Washington | ||||
Coventry II DDR Ward Parkway LLC
|
20.0 | A shopping center in Kansas City, Missouri | ||||
DDR Domestic Retail Fund I
|
20.0 | 63 shopping centers in several states | ||||
DDR Markaz II LLC
|
20.0 | 13 neighborhood grocery-anchored retail properties in several states | ||||
DDR SAU Retail Fund LLC
|
20.0 | 29 shopping centers located in several states | ||||
Service Holdings LLC
|
20.0 | 44 retail sites in several states | ||||
Coventry II DDR Westover LLC
|
20.0 | A shopping center in San Antonio, Texas | ||||
Coventry II DDR Tri-County LLC
|
20.0 | A shopping center in Cincinnati, Ohio | ||||
DDRTC Core Retail Fund LLC
|
15.0 | 66 assets in several states | ||||
Macquarie DDR Trust
|
12.3 | An Australian Real Estate Investment Trust | ||||
Coventry II DDR Bloomfield LLC
|
10.0 | A shopping center under development in Bloomfield Hills, Michigan | ||||
Coventry II DDR Marley Creek Square LLC
|
10.0 | A shopping center in Orland Park, Illinois | ||||
Coventry II DDR Montgomery Farm LLC
|
10.0 | A shopping center in Allen, Texas | ||||
DPG Realty Holdings LLC
|
10.0 | 12 neighborhood grocery-anchored retail properties in several states | ||||
TRT DDR Venture I
|
10.0 | Three shopping centers in several states | ||||
DDR MDT PS LLC
|
0.0 | Six shopping centers in several states |
(1) | Ownership may be held through different investment structures. Percentage ownerships are subject to change as certain investments contain promoted structures. |
F-18
December 31, | ||||||||
2008 | 2007 | |||||||
Combined balance sheets
|
||||||||
Land
|
$ | 2,378,033 | $ | 2,384,069 | ||||
Buildings
|
6,353,985 | 6,253,167 | ||||||
Fixtures and tenant improvements
|
131,622 | 101,115 | ||||||
8,863,640 | 8,738,351 | |||||||
Less: Accumulated depreciation
|
(606,530 | ) | (412,806 | ) | ||||
8,257,110 | 8,325,545 | |||||||
Construction in progress
|
412,357 | 207,387 | ||||||
Real estate, net
|
8,669,467 | 8,532,932 | ||||||
Receivables, net
|
136,410 | 124,540 | ||||||
Leasehold interests
|
12,615 | 13,927 | ||||||
Other assets
|
315,591 | 365,925 | ||||||
$ | 9,134,083 | $ | 9,037,324 | |||||
Mortgage debt
|
$ | 5,776,897 | $ | 5,551,839 | ||||
Amounts payable to DDR
|
64,967 | 8,492 | ||||||
Other liabilities
|
237,363 | 201,083 | ||||||
6,079,227 | 5,761,414 | |||||||
Accumulated equity
|
3,054,856 | 3,275,910 | ||||||
$ | 9,134,083 | $ | 9,037,324 | |||||
Companys share of accumulated equity(1)
|
$ | 622,569 | $ | 614,477 | ||||
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Combined statements of operations
|
||||||||||||
Revenues from operations
|
$ | 946,340 | $ | 812,630 | $ | 429,190 | ||||||
Rental operation expenses
|
328,875 | 272,277 | 145,893 | |||||||||
Impairment charges
|
3,887 | | | |||||||||
Depreciation and amortization expense
|
241,652 | 193,032 | 81,262 | |||||||||
Interest expense
|
307,580 | 269,405 | 129,000 | |||||||||
881,994 | 734,714 | 356,155 | ||||||||||
Income before gain on disposition of real estate and
discontinued operations
|
64,346 | 77,916 | 73,035 | |||||||||
Income tax expense (primarily Sonae Sierra Brazil), net
|
(15,479 | ) | (4,839 | ) | (1,176 | ) | ||||||
(Loss) gain on disposition of real estate
|
(67 | ) | 94,386 | 398 | ||||||||
Other
|
(31,318 | ) | | | ||||||||
Income from continuing operations
|
17,482 | 167,463 | 72,257 | |||||||||
Discontinued operations:
|
||||||||||||
Income (loss) from discontinued operations, net of tax
|
105 | (784 | ) | 24 | ||||||||
Gain on disposition of real estate, net of tax
|
7,364 | 2,516 | 20,343 | |||||||||
7,469 | 1,732 | 20,367 | ||||||||||
Net income
|
$ | 24,951 | $ | 169,195 | $ | 92,624 | ||||||
Companys share of net income(2)
|
$ | 17,335 | $ | 44,537 | $ | 28,530 | ||||||
F-19
For the Year Ended |
||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
Companys proportionate share of accumulated equity
|
$ | 622.6 | $ | 614.5 | ||||
Basis differentials(2)
|
(4.6 | ) | 114.1 | |||||
Deferred development fees, net of portion relating to the
Companys interest
|
(5.2 | ) | (3.8 | ) | ||||
Basis differential upon transfer of assets(2)
|
(95.4 | ) | (97.2 | ) | ||||
Notes receivable from investments
|
1.4 | 2.0 | ||||||
Amounts payable to DDR
|
65.0 | 8.5 | ||||||
Investments in and advances to joint ventures(1)
|
$ | 583.8 | $ | 638.1 | ||||
(1) | The difference between the Companys share of accumulated equity and the investments in, and advances to, joint ventures recorded on the Companys consolidated balance sheets primarily results from the basis differentials, as described below, deferred development fees, net of the portion relating to the Companys interest notes and amounts receivable from the unconsolidated joint ventures investments. | |
(2) | 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. 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. This amount represents the aggregate difference between the Companys historical cost basis and the basis reflected at the joint venture level. Certain basis differentials indicated above are amortized over the life of the related asset. | |
Differences in income also occur when the Company acquires assets from unconsolidated joint ventures. The difference between the Companys share of net income, as reported above, and the amounts included in the consolidated statements of operations is attributable to the amortization of such basis differentials, deferred gains and differences in gain (loss) on sale of certain assets due to the basis differentials. The Companys share of joint venture net income has been increased by $0.4 million, reduced by $1.2 million and increased by $1.6 million for the years ended December 31, 2008, 2007 and 2006, respectively, to reflect additional basis depreciation and basis differences in assets sold. |
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Management and other fees
|
$ | 50.3 | $ | 40.4 | $ | 23.7 | ||||||
Acquisition, financing, guarantee and
|
1.6 | 8.5 | 0.5 | |||||||||
other fees(1)
|
||||||||||||
Development fees and leasing commissions
|
12.0 | 9.6 | 6.1 | |||||||||
Interest income
|
0.8 | 0.5 | 5.4 |
(1) | Acquisition fees of $6.3 million were earned from the formation of the DDRTC Core Retail Fund LLC in 2007, excluding the Companys retained ownership. Financing fees were earned from several unconsolidated joint venture interests, excluding the Companys retained ownership. The Companys fees were earned in conjunction with services rendered by |
F-20
the Company in connection with the acquisition of the IRRETI real estate assets and financings and re-financings of unconsolidated joint ventures. |
December 31, | ||||||||
2008 | 2007 | |||||||
Real estate assets
|
$ | 1,759.2 | $ | 1,802.2 | ||||
Non-recourse debt
|
1,150.7 | 1,177.5 | ||||||
DDR direct ownership interest
|
14.5 | % | 14.5 | % | ||||
DDR maximum exposure to loss:
|
||||||||
Investment in DDR Macquarie Fund
|
26.5 | 36.3 | ||||||
Annual asset management and performance fees
|
10.4 | 9.2 |
F-21
F-22
| A 10% interest in a shopping center in Kildeer, Illinois, sold in 2006; | |
| A 20% interest in Service Merchandise sites, six sites sold in 2007 and one site sold in 2006; | |
| A 20.75% interest in one property in Everett, Washington, sold in 2006; | |
| A 25.5% interest in five properties in Kansas City, Kansas and Kansas City, Missouri, one sold in 2007 and four sold in 2006; | |
| An approximate 25% interest in one Service Merchandise site sold in 2006 and | |
| A 50% interest in a property in Fort Worth, Texas, sold in 2006. |
DDRTC Core Retail Fund LLC
|
$ | 47.3 | ||
Macquarie DDR Trust
|
31.7 | |||
DDR-SAU
Retail Fund LLC
|
9.0 | |||
Coventry II DDR Bloomfield LLC
|
10.8 | |||
Coventry II DDR Merriam Village LLC
|
3.3 | |||
RO & SW Realty LLC/Central Park Solon LLC
(Note 17)
|
3.2 | |||
DPG Realty Holdings LLC
|
1.7 | |||
$ | 107.0 | |||
F-23
3. | Acquisitions and Pro Forma Financial Information |
Land
|
$ | 478,197 | ||
Building
|
1,078,815 | |||
Tenant improvements
|
9,949 | |||
Intangible assets
|
41,673 | |||
$ | 1,608,634 | |||
F-24
For the Year Ended December 31, |
||||||||
(Unaudited) | ||||||||
2007 | 2006 | |||||||
Pro forma revenues
|
$ | 926,030 | $ | 928,841 | ||||
Pro forma income from continuing operations
|
$ | 145,557 | $ | 203,928 | ||||
Pro forma income from discontinued operations
|
$ | 21,302 | $ | 20,457 | ||||
Pro forma net income applicable to common shareholders
|
$ | 184,909 | $ | 244,460 | ||||
Per share data:
|
||||||||
Basic earnings per share data:
|
||||||||
Income from continuing operations applicable to common
shareholders
|
$ | 1.33 | $ | 1.77 | ||||
Income from discontinued operations
|
0.17 | 0.17 | ||||||
Net income applicable to common shareholders
|
$ | 1.50 | $ | 1.94 | ||||
Diluted earning per share data:
|
||||||||
Income from continuing operations applicable to common
shareholders
|
$ | 1.32 | $ | 1.77 | ||||
Income from discontinued operations
|
0.16 | 0.16 | ||||||
Net income applicable to common shareholders
|
$ | 1.48 | $ | 1.93 | ||||
Company- |
||||
Owned |
||||
Interest |
Square Feet |
|||
Acquired | (Thousands) | |||
Phoenix, Arizona
|
50% | 197 | ||
Pasadena, California
|
75% | 557 | ||
Salisbury, Maryland
|
50% | 126 | ||
Apex, North Carolina
|
80%/20% | 324 | ||
San Antonio, Texas
|
50% | Under Development | ||
1,204 | ||||
4. | Notes Receivable |
F-25
December
|
Maturity |
Interest |
||||||||||
2008
|
2007
|
Date
|
Rate
|
|||||||||
Tax Increment Financing Bonds(1):
|
||||||||||||
Town of Plainville, Connecticut
|
$ | 6.8 | $ | 7.0 | April 2021 | 7.13% | ||||||
City of Merriam, Kansas
|
4.8 | 6.0 | February 2016 | 6.9% | ||||||||
City of St. Louis, Missouri
|
2.8 | 2.5 | July 2026 | 7.1% - 8.5% | ||||||||
Chemung County Industrial Development Agency
|
2.0 | 1.9 | April 2014 and April 2018 | 5.5% | ||||||||
16.4 | 17.4 | |||||||||||
Other notes
|
2.1 | 1.2 | ||||||||||
Financing receivables
|
57.3 | | December 2010 to September 2017 | 6.0% -12.0% | ||||||||
$ | 75.8 | $ | 18.6 | |||||||||
(1) | Interest and principal 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. |
2008 | ||||
Balance at January 1
|
$ | | ||
Additions:
|
||||
New mortgage loans
|
62,729 | |||
Deductions:
|
||||
Loan loss reserve(1)
|
(5,400 | ) | ||
Balance at December 31
|
$ | 57,329 | ||
(1) | Amount classified in other expense, net in the consolidated statements of operations for the year ended December 31, 2008. |
5. | Deferred Charges |
December 31, | ||||||||
2008 | 2007 | |||||||
Deferred financing costs
|
$ | 56,827 | $ | 54,547 | ||||
Less: Accumulated amortization
|
(30,214 | ) | (23,375 | ) | ||||
$ | 26,613 | $ | 31,172 | |||||
F-26
6. | Other Assets |
December 31, | ||||||||
2008 | 2007 | |||||||
Intangible assets:
|
||||||||
In-place leases (including lease origination costs and fair
market value of leases), net
|
$ | 21,721 | $ | 31,201 | ||||
Tenant relations, net
|
15,299 | 22,102 | ||||||
Total intangible assets
|
37,020 | 53,303 | ||||||
Other assets:
|
||||||||
Prepaids, deposits and other assets
|
91,770 | 80,191 | ||||||
Total other assets
|
$ | 128,790 | $ | 133,494 | ||||
7. | Revolving Credit Facilities and Term Loans |
F-27
8. | Fixed-Rate Notes |
F-28
Maximum Common |
||||||||||||||||
Conversion Price | Option Price | Shares | Option Cost | |||||||||||||
2007 Senior Convertible Notes
|
$ | 74.56 | $ | 82.71 | 1.1 | $ | 32.6 | |||||||||
2006 Senior Convertible Notes
|
$ | 64.23 | $ | 65.17 | 0.5 | $ | 10.3 |
9. | Mortgages Payable and Scheduled Principal Repayments |
Year
|
Amount | |||
2009
|
$ | 399,685 | ||
2010
|
1,983,887 | |||
2011
|
1,609,142 | |||
2012
|
1,041,529 | |||
2013
|
432,348 | |||
Thereafter
|
450,773 | |||
$ | 5,917,364 | |||
F-29
10. | Financial Instruments |
Level 1 | Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; |
Level 2 | 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 | |
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
Fair Value Measurements |
||||||||||||||||
at December 31, 2008 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments
|
$ | | $ | | $ | 21.7 | $ | 21.7 |
F-30
Derivative Financial |
||||
Instruments | ||||
Balance of Level 3 at December 31, 2007
|
$ | | ||
Transfers into level 3
|
(17.1 | ) | ||
Total losses included in other comprehensive (loss) income
|
(4.6 | ) | ||
Balance at December 31, 2008
|
$ | (21.7 | ) | |
F-31
2008 | 2007 | |||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Senior notes
|
$ | 2,452,741 | $ | 1,442,264 | $ | 2,622,219 | $ | 2,450,361 | ||||||||
Revolving Credit Facilities and Term Debt
|
1,827,183 | 1,752,260 | 1,509,459 | 1,509,459 | ||||||||||||
Mortgages payable and other indebtedness
|
1,637,440 | 1,570,877 | 1,459,336 | 1,501,345 | ||||||||||||
$ | 5,917,364 | $ | 4,765,401 | $ | 5,591,014 | $ | 5,461,165 | |||||||||
F-32
11. | Commitments and Contingencies |
F-33
| Retained Equity With regard to retained capital, the Company has adjusted its dividend policy to the minimum required to maintain its REIT status. The Company did not pay a dividend in January 2009 as it had already distributed sufficient funds to comply with its 2008 tax requirements. Moreover, the Company expects to fund a portion of its 2009 dividend payout through common shares and has the flexibility to distribute up to 90% of dividends in shares. This new policy is consistent with the Companys top priorities to improve liquidity and lower leverage. This change in dividend payment is expected to save in excess of $300 million of retained capital in 2009. | |
| Issuance of Common Shares The Company has several alternatives to raise equity through the sale of its common shares. As discussed in Note 12, in December 2008, the Company issued $41.9 million of equity capital through its continuous equity program. The Company intends to continue to issue additional shares under this program in 2009. As discussed in Note 22, on February 23, 2009, the Company entered into a stock purchase agreement with Mr. Alexander Otto for the sale of 30 million of the Companys common shares and warrants for 10 million of the Companys common shares for |
F-34
additional potential cash in the future. The sale of the common shares and warrants is subject to shareholder approval and the satisfaction or waiver of customary and other conditions. There can be no assurances the Company will be able to obtain such approval or satisfy such conditions. The Company intends to use the estimated $112.5 million in gross proceeds received from this strategic investment in 2009 to reduce leverage. |
| Debt Financing and Refinancing The Company had approximately $372.8 million of consolidated debt maturities during 2009, excluding obligations where there is an extension option. The largest debt maturity in 2009 related to the repayment of senior unsecured notes in the amount of $227.0 million in January 2009. Funding of this repayment was primarily through retained capital and our Revolving Credit Facilities. The remaining $145.8 million in maturities is related to various loans secured by certain shopping centers. The Company plans to refinance approximately $80 million of this remaining indebtedness related to two assets. Furthermore, the Company has received lender approval to extend a mortgage loans aggregating $29.6 million. All three loans are scheduled to mature in the first quarter of 2009. The Company is planning to either repay the remaining maturities with its Revolving Credit Facility or financings discussed below or seek extensions with the existing lender. |
The Company is also in active discussions with various life insurance companies regarding the financing of assets that are currently unencumbered. The total loan proceeds are expected to range from $100 million to $200 million depending on the number of assets financed. The loan-to-value ratio required by these lenders is expected to fall within the 50% to 60% range. |
| Asset Sales During the months of January and February 2009, the Company and its consolidated joint ventures sold seven assets generating in excess of $65.8 million in gross proceeds. During 2008, the Company and its joint ventures sold 23 assets generating aggregate gross proceeds of almost $200 million, of which the Companys proportionate share aggregated $136.1 million. The Company is also in various stages of discussions with third parties for the sale of additional assets with aggregate values in excess of $500 million, including four assets that are under contract or subject to letters of intent, aggregating $30 million, of which the Companys share is approximately $14 million. | |
| Debt Repurchases Given the current economic environment, the Companys publicly traded debt securities are trading at significant discounts to par. During the fourth quarter of 2008 and in January 2009, the Company repurchased approximately $77.1 million of debt securities at a discount to par aggregating $15.2 million. Although $48 million of this debt repurchase reflected above related to unsecured debt maturing in January 2009 at a small discount, the debt with maturities in 2010 and beyond are trading at much wider discounts. The Company intends to utilize the proceeds from retained capital, equity issuances, secured financing and asset sales, as discussed above, to repurchase its debt securities at a discount to par to further improve its leverage ratios. |
F-35
December 31, | ||||||||
2008 | 2007 | |||||||
DDR Macquarie Fund LLC
|
$ | | $ | 0.1 | ||||
DDR Markaz II
|
0.1 | 0.2 | ||||||
DDR MDT PS LLC
|
0.3 | 1.1 | ||||||
TRT DDR Venture I
|
0.5 | 1.0 | ||||||
$ | 0.9 | $ | 2.4 | |||||
F-36
2009
|
$ | 568,085 | ||
2010
|
522,242 | |||
2011
|
465,346 | |||
2012
|
397,698 | |||
2013
|
336,481 | |||
Thereafter
|
1,570,923 | |||
$ | 3,860,775 | |||
F-37
2009
|
$ | 5,317 | ||
2010
|
5,008 | |||
2011
|
4,947 | |||
2012
|
4,493 | |||
2013
|
4,017 | |||
Thereafter
|
141,652 | |||
$ | 165,434 | |||
12. | Minority Equity Interests, Operating Partnership Minority Interests, Preferred Shares, Common Shares, Common Shares in Treasury and Deferred Compensation Obligations |
December 31, | ||||||||
2008 | 2007 | |||||||
MV LLC
|
$ | 70.2 | $ | 74.6 | ||||
Shopping centers and development parcels in Arizona, Missouri,
Utah and Wisconsin
|
15.4 | 3.8 | ||||||
Business center in Massachusetts
|
| 20.5 | ||||||
Consolidated joint venture interests primarily outside the
United States
|
34.5 | 12.9 | ||||||
$ | 120.1 | $ | 111.8 | |||||
F-38
2008 | 2007 | |||||||
Class G 8.0% cumulative redeemable preferred
shares, without par value, $250 liquidation value;
750,000 shares authorized; 720,000 shares issued and
outstanding at December 31, 2008 and 2007
|
$ | 180,000 | $ | 180,000 | ||||
Class H 7.375% cumulative redeemable preferred
shares, without par value, $500 liquidation value;
750,000 shares authorized; 410,000 shares issued and
outstanding at December 31, 2008 and 2007
|
205,000 | 205,000 | ||||||
Class I 7.5% cumulative redeemable preferred
shares, without par value, $500 liquidation value;
750,000 shares authorized; 340,000 shares issued and
outstanding at December 31, 2008 and 2007
|
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-39
13. | Other Revenue |
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Lease terminations and bankruptcy settlements
|
$ | 6,327 | $ | 4,961 | $ | 13,989 | ||||||
Acquisition and financing fees(1)
|
1,991 | 7,881 | 414 | |||||||||
Other
|
973 | 855 | 454 | |||||||||
Total other revenue
|
$ | 9,291 | $ | 13,697 | $ | 14,857 | ||||||
(1) | Includes acquisition fees of $6.3 million earned from the formation of the DDRTC Core Retail Fund LLC in February 2007, excluding the Companys retained ownership interest. The Companys fees were earned in conjunction with services rendered by the Company in connection with the acquisition of the IRRETI real estate assets. Financing fees are earned in connection with the formation and refinancing of unconsolidated joint ventures, excluding the Companys retained ownership interest. The Companys fees are earned in conjunction with the closing and are based upon the amount of the financing transaction by the joint venture. |
14. | Impairment Charges and Impairment of Joint Venture Investments |
F-40
F-41
Fair-Value Measurements at December 31, 2008 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Unconsolidated joint venture investments
|
$ | 31.7 | $ | | $ | 75.3 | $ | 107.0 |
15. | Discontinued Operations and Disposition of Real Estate and Real Estate Investments |
December 31, |
||||
2007 | ||||
Land
|
$ | 3,365 | ||
Building
|
2,494 | |||
Other real estate assets
|
4 | |||
5,863 | ||||
Less: Accumulated depreciation
|
(67 | ) | ||
Total assets held for sale
|
$ | 5,796 | ||
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Revenues
|
$ | 12,182 | $ | 40,553 | $ | 51,374 | ||||||
Expenses:
|
||||||||||||
Operating
|
3,990 | 11,708 | 14,990 | |||||||||
Interest, net
|
2,331 | 10,308 | 14,268 | |||||||||
Depreciation
|
4,342 | 9,929 | 13,150 | |||||||||
Minority interests
|
110 | (434 | ) | (440 | ) | |||||||
10,773 | 31,511 | 41,968 | ||||||||||
Income from discontinued operations
|
1,409 | 9,042 | 9,406 | |||||||||
(Loss) gain on disposition of real estate, net of tax
|
(4,830 | ) | 12,260 | 11,051 | ||||||||
$ | (3,421 | ) | $ | 21,302 | $ | 20,457 | ||||||
F-42
Number of |
Gain (loss) on |
|||||||
Properties |
Disposition of |
|||||||
Sold | Real Estate | |||||||
2008
|
22 | $ | (4.8 | ) | ||||
2007
|
67 | 12.3 | ||||||
2006
|
6 | 11.1 |
For the Year Ended |
||||||||||||
December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Transfer of assets to DDR Domestic Retail Fund I (1)(2)
|
$ | | $ | 1.8 | $ | | ||||||
Transfer of assets to TRT DDR Venture I (1)(3)
|
| 50.3 | | |||||||||
Transfer of assets to DPG Realty Holdings LLC (1)(4)
|
| | 0.6 | |||||||||
Transfer of assets to DDR Macquarie Fund (1)(5)
|
| | 9.2 | |||||||||
Transfer of assets to the MDT PS LLC (1)(6)
|
| | 38.9 | |||||||||
Transfer of assets to Service Holdings LLC (1)(7)
|
| | 6.1 | |||||||||
Land sales (8)
|
6.2 | 14.0 | 14.8 | |||||||||
Previously deferred gains and other loss on dispositions (9)
|
0.8 | 2.8 | 2.4 | |||||||||
$ | 7.0 | $ | 68.9 | $ | 72.0 | |||||||
(1) | This disposition is not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(2) | The Company transferred two wholly-owned assets. The Company did not record a gain on the contribution of 54 assets, as these assets were recently acquired through the merger with IRRETI. | |
(3) | The Company transferred three recently developed assets. | |
(4) | The Company transferred a newly developed expansion area adjacent to a shopping center owned by the joint venture. | |
(5) | The Company transferred three assets in 2007 and newly developed expansion areas adjacent to four shopping centers owned by the joint venture in 2006. The Company did not record a gain on the contribution of three assets in 2007, as these assets were recently acquired through the merger with IRRETI. | |
(6) | The Company transferred six recently developed assets. | |
(7) | The Company transferred 51 retail sites previously occupied by Service Merchandise. | |
(8) | These dispositions did not meet the criteria for discontinued operations, as the land did not have any significant operations prior to disposition. | |
(9) | These gains and losses are primarily attributable to the subsequent leasing of units related to master lease and other obligations originally established on disposed properties, which are no longer required. |
F-43
16. | Comprehensive (Loss) Income |
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Net (loss) income
|
$ | (57,776 | ) | $ | 276,047 | $ | 253,264 | |||||
Other comprehensive (loss) income:
|
||||||||||||
Change in fair value of interest rate contracts
|
(13,293 | ) | (20,126 | ) | (2,729 | ) | ||||||
Amortization of interest rate contracts
|
(643 | ) | (1,454 | ) | (1,454 | ) | ||||||
Foreign currency translation
|
(44,878 | ) | 22,716 | 1,587 | ||||||||
Other comprehensive (loss) income
|
(58,814 | ) | 1,136 | (2,596 | ) | |||||||
Total comprehensive (loss) income
|
$ | (116,590 | ) | $ | 277,183 | $ | 250,668 | |||||
17. | Transactions with Related Parties |
F-44
18. | Benefit Plans |
For the Year Ended December 31, | ||||||
2008 | 2007 | 2006 | ||||
Weighted-average fair value of grants
|
$3.39 | $9.76 | $6.50 | |||
Risk-free interest rate (range)
|
2.0% - 2.9% | 4.1% - 4.8% | 4.4% - 5.1% | |||
Dividend yield (range)
|
6.9% - 9.0% | 4.0% - 4.9% | 4.2% - 5.0% | |||
Expected life (range)
|
3 - 5 years | 3 - 5 years | 3 - 4 years | |||
Expected volatility (range)
|
22.3% - 36.3% | 19.2% - 20.3% | 19.8% - 20.3% |
F-45
Weighted- |
||||||||||||||||||||
Weighted- |
Average |
|||||||||||||||||||
Average |
Remaining |
Aggregate |
||||||||||||||||||
Number of Options |
Exercise |
Contractual |
Intrinsic |
|||||||||||||||||
Employees | Directors | Price | Term | Value | ||||||||||||||||
Balance December 31, 2005
|
1,903 | 62 | $ | 32.46 | ||||||||||||||||
Granted
|
302 | | 51.19 | |||||||||||||||||
Exercised
|
(679 | ) | (20 | ) | 29.31 | |||||||||||||||
Forfeited
|
(41 | ) | | 42.85 | ||||||||||||||||
Balance December 31, 2006
|
1,485 | 42 | $ | 37.28 | ||||||||||||||||
Granted
|
341 | | 65.54 | |||||||||||||||||
Exercised
|
(148 | ) | | 32.22 | ||||||||||||||||
Forfeited
|
(25 | ) | | 47.21 | ||||||||||||||||
Balance December 31, 2007
|
1,653 | 42 | $ | 43.37 | ||||||||||||||||
Granted
|
665 | | 37.43 | |||||||||||||||||
Exercised
|
(51 | ) | (10 | ) | 27.01 | |||||||||||||||
Forfeited
|
(82 | ) | | 45.31 | ||||||||||||||||
Balance December 31, 2008
|
2,185 | 32 | $ | 41.97 | 6.8 | $ | | |||||||||||||
Options exercisable at December 31,
|
||||||||||||||||||||
2008
|
1,268 | 32 | $ | 40.06 | 5.3 | $ | | |||||||||||||
2007
|
1,003 | 42 | 35.67 | 5.7 | 5,706 | |||||||||||||||
2006
|
616 | 42 | 28.75 | 6.1 | 22,517 |
Options Outstanding | ||||||||||||||||||||
Weighted- |
Options Exercisable | |||||||||||||||||||
Outstanding |
Average |
Weighted- |
Weighted- |
|||||||||||||||||
Range of |
as of |
Remaining |
Average |
Exercisable as of |
Average |
|||||||||||||||
Exercise Prices
|
12/31/08 | Contractual Life | Exercise Price | 12/31/08 | Exercise price | |||||||||||||||
$6.88-$13.76
|
18 | 1.4 | $ | 13.21 | 18 | $ | 13.21 | |||||||||||||
$13.77-$20.63
|
46 | 3.0 | 19.55 | 46 | 19.55 | |||||||||||||||
$20.64-$27.51
|
173 | 3.8 | 22.93 | 173 | 22.93 | |||||||||||||||
$27.52-$34.38
|
65 | 6.1 | 30.11 | 39 | 29.61 | |||||||||||||||
$34.39-$41.27
|
926 | 7.7 | 37.27 | 311 | 36.42 | |||||||||||||||
$41.28-$48.15
|
404 | 5.8 | 41.82 | 404 | 41.82 | |||||||||||||||
$48.16-$55.02
|
252 | 6.7 | 50.97 | 176 | 50.94 | |||||||||||||||
$55.03-$61.90
|
20 | 8.0 | 56.15 | 12 | 55.98 | |||||||||||||||
$61.91-$68.78
|
313 | 7.8 | 65.78 | 121 | 65.91 | |||||||||||||||
2,217 | 6.7 | $ | 41.97 | 1,300 | $ | 40.06 | ||||||||||||||
F-46
Weighted- |
||||||||
Average |
||||||||
Grant Date |
||||||||
Options | Fair Value | |||||||
Unvested at December 31, 2007
|
650 | $ | 7.73 | |||||
Granted
|
665 | 3.39 | ||||||
Vested
|
(352 | ) | 6.86 | |||||
Forfeited
|
(46 | ) | 5.28 | |||||
Unvested at December 31, 2008
|
917 | $ | 5.03 | |||||
Weighted |
||||||||
Average |
||||||||
Grant Date |
||||||||
Awards | Fair Value | |||||||
Unvested at December 31, 2007
|
146 | $ | 54.47 | |||||
Granted
|
132 | 37.10 | ||||||
Vested
|
(81 | ) | 45.39 | |||||
Forfeited
|
(4 | ) | 48.67 | |||||
Unvested at December 31, 2008
|
193 | $ | 46.50 | |||||
F-47
Range | ||
Risk-free interest rate
|
4.4%-6.4% | |
Dividend yield
|
7.8%-10.9% | |
Expected life
|
10 years | |
Expected volatility
|
20%-23% |
Awards | ||||
Unvested at December 31, 2007
|
385 | |||
Vested
|
(91 | ) | ||
Unvested at December 31, 2008
|
294 | |||
F-48
Range | ||
Risk-free interest rate
|
4.4%-5.0% | |
Dividend yield
|
4.4%-4.5% | |
Expected life
|
3-5 years | |
Expected volatility
|
19%-21% |
Range | ||
Risk-free interest rate
|
3.4% | |
Dividend yield
|
5.9% | |
Expected life
|
5 years | |
Expected volatility
|
21% |
F-49
F-50
19. | Earnings and Dividends Per Share |
For the Year Ended December 31, |
||||||||||||
(In thousands, except per share amounts) | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
(Loss) income from continuing operations
|
$ | (61,317 | ) | $ | 185,894 | $ | 160,784 | |||||
Plus: Gain on disposition of real estate and real estate
investments
|
6,962 | 68,851 | 72,023 | |||||||||
Less: Preferred share dividends
|
(42,269 | ) | (50,934 | ) | (55,169 | ) | ||||||
Basic and Diluted (Loss) income from continuing
operations applicable to common shareholders
|
$ | (96,624 | ) | $ | 203,811 | $ | 177,638 | |||||
Number of Shares:
|
||||||||||||
Basic Average shares outstanding
|
119,843 | 120,879 | 109,002 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Stock options
|
102 | 456 | 546 | |||||||||
Restricted stock
|
42 | 162 | 65 | |||||||||
Diluted Average shares outstanding
|
119,987 | 121,497 | 109,613 | |||||||||
Per share data:
|
||||||||||||
Basic earnings per share data:
|
||||||||||||
(Loss) income from continuing operations applicable to common
shareholders
|
$ | (0.80 | ) | $ | 1.68 | $ | 1.63 | |||||
(Loss) income from discontinued operations
|
(0.03 | ) | 0.18 | 0.19 | ||||||||
Net (loss) income applicable to common shareholders
|
$ | (0.83 | ) | $ | 1.86 | $ | 1.82 | |||||
Diluted earnings per share data:
|
||||||||||||
(Loss) income from continuing operations applicable to common
shareholders
|
$ | (0.80 | ) | $ | 1.67 | $ | 1.62 | |||||
(Loss) income from discontinued operations
|
(0.03 | ) | 0.18 | 0.19 | ||||||||
Net (loss) income applicable to common shareholders
|
$ | (0.83 | ) | $ | 1.85 | $ | 1.81 | |||||
F-51
20. | Federal Income Taxes |
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Book (loss) income before income taxes
|
$ | (11,605 | ) | $ | 47,315 | $ | 7,770 | |||||
Components of income tax (benefit) expense are as follows:
|
||||||||||||
Current:
|
||||||||||||
Federal
|
1,611 | $ | 1,188 | $ | 3,410 | |||||||
State and local
|
237 | 1,759 | 490 | |||||||||
1,848 | 2,947 | 3,900 | ||||||||||
Deferred:
|
||||||||||||
Federal
|
(18,747 | ) | (12,962 | ) | (6,428 | ) | ||||||
State and local
|
(2,757 | ) | (1,939 | ) | (945 | ) | ||||||
(21,504 | ) | (14,901 | ) | (7,373 | ) | |||||||
Total benefit
|
$ | (19,656 | ) | $ | (11,954 | ) | $ | (3,473 | ) | |||
F-52
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Statutory rate of 34% applied to pre-tax (loss) income
|
$ | (3,946 | ) | $ | 16,087 | $ | 2,642 | |||||
Effect of state and local income taxes, net of federal tax
benefit
|
(580 | ) | 2,366 | 388 | ||||||||
Valuation allowance decrease
|
(17,410 | ) | (22,180 | ) | (13,043 | ) | ||||||
Other
|
2,280 | (8,227 | ) | 6,540 | ||||||||
Total benefit
|
$ | (19,656 | ) | $ | (11,954 | ) | $ | (3,473 | ) | |||
Effective tax rate
|
169.37 | %(1) | (25.27 | )% | (44.70 | )% | ||||||
(1) | The 2008 effective tax rate includes the discrete impact from the release of the valuation allowance in the third quarter 2008. Without this discrete impact, the effective tax rate is approximately 33.97%. |
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Deferred tax assets (1)
|
$ | 45,960 | $ | 41,825 | $ | 45,100 | ||||||
Deferred tax liabilities
|
(729 | ) | (688 | ) | (237 | ) | ||||||
Valuation allowance (1)
|
| (17,410 | ) | (36,037 | ) | |||||||
Net deferred tax asset
|
$ | 45,231 | $ | 23,727 | $ | 8,826 | ||||||
(1) | The majority of the deferred tax assets and valuation allowance is attributable to interest expense, subject to limitations and basis differentials in assets due to purchase price accounting. |
F-53
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
GAAP net (loss) income
|
$ | (57,776 | ) | $ | 276,047 | $ | 253,264 | |||||
Plus: Book depreciation and amortization(1)
|
179,015 | 112,202 | 93,189 | |||||||||
Less: Tax depreciation and amortization(1)
|
(147,606 | ) | (99,894 | ) | (80,852 | ) | ||||||
Book/tax differences on gains/losses from capital transactions
|
1,598 | 12,384 | 12,161 | |||||||||
Joint venture equity in earnings, net(1)
|
68,856 | (4,321 | ) | (41,695 | ) | |||||||
Dividends from subsidiary REIT investments
|
3,640 | 32,281 | 33,446 | |||||||||
Deferred income
|
13,212 | 9,471 | (2,136 | ) | ||||||||
Compensation expense
|
6,892 | 8,818 | (9,215 | ) | ||||||||
Impairment charges
|
186,821 | | | |||||||||
Miscellaneous book/tax differences, net
|
(2,923 | ) | (20,950 | ) | (6,068 | ) | ||||||
Taxable income before adjustments
|
251,729 | 326,038 | 252,094 | |||||||||
Less: Capital gains
|
(1,388 | ) | (116,108 | ) | (69,977 | ) | ||||||
Taxable income subject to the 90% dividend requirement
|
$ | 250,341 | $ | 209,930 | $ | 182,117 | ||||||
(1) | 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, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Cash dividends paid
|
$ | 366,049 | $ | 353,094 | $ | 306,929 | ||||||
Less: Dividends designated to prior year
|
(6,967 | ) | (6,967 | ) | (6,900 | ) | ||||||
Plus: Dividends designated from the following year
|
6,967 | 6,967 | 6,900 | |||||||||
Less: Portion designated capital gain distribution
|
(1,388 | ) | (116,108 | ) | (69,977 | ) | ||||||
Less: Return of capital
|
(114,320 | ) | (27,056 | ) | (54,835 | ) | ||||||
Dividends paid deduction
|
$ | 250,341 | $ | 209,930 | $ | 182,117 | ||||||
For the Year Ended December 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||
Ordinary income
|
$ | 1.7563 | $ | 1.5089 | $ | 1.3053 | ||||||
Capital gains
|
0.0098 | 0.8345 | 0.5016 | |||||||||
Return of capital
|
0.9639 | 0.2266 | 0.5031 | |||||||||
$ | 2.7300 | $ | 2.5700 | $ | 2.3100 | |||||||
F-54
Gross |
||||||||||||||||||||
2008 |
Date |
Ordinary |
Capital Gain |
Return of |
Total |
|||||||||||||||
Dividends
|
Paid | Income | Distributions | Capital | Dividends | |||||||||||||||
4th quarter 2007
|
01/08/08 | $ | 0.4246 | $ | 0.0023 | $ | 0.2331 | $ | 0.6600 | |||||||||||
1st quarter
|
04/08/08 | 0.4439 | 0.0025 | 0.2436 | 0.6900 | |||||||||||||||
2nd quarter
|
07/08/08 | 0.4439 | 0.0025 | 0.2436 | 0.6900 | |||||||||||||||
3rd quarter
|
10/07/08 | 0.4439 | 0.0025 | 0.2436 | 0.6900 | |||||||||||||||
$ | 1.7563 | $ | 0.0098 | $ | 0.9639 | $ | 2.7300 | |||||||||||||
Gross |
||||||||||||||||||||
2007 |
Date |
Ordinary |
Capital Gain |
Return of |
Total |
|||||||||||||||
Dividends
|
Paid | Income | Distributions | Capital | Dividends | |||||||||||||||
4th quarter 2006
|
01/08/07 | $ | 0.3464 | $ | 0.1916 | $ | 0.0520 | $ | 0.5900 | |||||||||||
1st quarter
|
04/09/07 | 0.3875 | 0.2143 | 0.0582 | 0.6600 | |||||||||||||||
2nd quarter
|
07/03/07 | 0.3875 | 0.2143 | 0.0582 | 0.6600 | |||||||||||||||
3rd quarter
|
10/02/07 | 0.3875 | 0.2143 | 0.0582 | 0.6600 | |||||||||||||||
4th quarter
|
01/08/08 | | | | | |||||||||||||||
$ | 1.5089 | $ | 0.8345 | $ | 0.2266 | $ | 2.5700 | |||||||||||||
Gross |
||||||||||||||||||||
2006 |
Date |
Ordinary |
Capital Gain |
Return of |
Total |
|||||||||||||||
Dividends
|
Paid | Income | Distributions | Capital | Dividends | |||||||||||||||
4th quarter 2005
|
01/08/06 | $ | 0.3051 | $ | 0.1173 | $ | 0.1176 | $ | 0.5400 | |||||||||||
1st quarter
|
04/03/06 | 0.3334 | 0.1281 | 0.1285 | 0.5900 | |||||||||||||||
2nd quarter
|
07/05/06 | 0.3334 | 0.1281 | 0.1285 | 0.5900 | |||||||||||||||
3rd quarter
|
10/02/06 | 0.3334 | 0.1281 | 0.1285 | 0.5900 | |||||||||||||||
4th quarter
|
01/08/07 | | | | | |||||||||||||||
$ | 1.3053 | $ | 0.5016 | $ | 0.5031 | $ | 2.3100 | |||||||||||||
21. | Segment Information |
F-55
2008 | ||||||||||||||||
Other |
Shopping |
|||||||||||||||
Investments | Centers | Other | Total | |||||||||||||
Total revenues
|
$ | 6,061 | $ | 925,411 | $ | 931,472 | ||||||||||
Operating expenses
|
(2,036 | ) | (334,947 | ) | (336,983 | ) | ||||||||||
4,025 | 590,464 | 594,489 | ||||||||||||||
Unallocated expenses (1)
|
$ | (577,756 | ) | (577,756 | ) | |||||||||||
Equity in net income of
joint ventures
(2)
|
(89,238 | ) | (89,238 | ) | ||||||||||||
Minority equity interests
|
11,188 | 11,188 | ||||||||||||||
Loss from continuing operations
|
$ | (61,317 | ) | |||||||||||||
Total real estate assets
|
$ | 49,707 | $ | 9,056,928 | $ | 9,106,635 | ||||||||||
2007 | ||||||||||||||||
Other |
Shopping |
|||||||||||||||
Investments | Centers | Other | Total | |||||||||||||
Total revenues
|
$ | 5,198 | $ | 927,938 | $ | 933,136 | ||||||||||
Operating expenses
|
(2,077 | ) | (236,760 | ) | (238,837 | ) | ||||||||||
3,121 | 691,178 | 694,299 | ||||||||||||||
Unallocated expenses (1)
|
$ | (533,416 | ) | (533,416 | ) | |||||||||||
Equity in net income of
joint ventures
|
43,229 | 43,229 | ||||||||||||||
Minority equity interests
|
(18,218 | ) | (18,218 | ) | ||||||||||||
Income from continuing operations
|
$ | 185,894 | ||||||||||||||
Total real estate assets
|
$ | 101,989 | $ | 8,882,749 | $ | 8,984,738 | ||||||||||
2006 | ||||||||||||||||
Other |
Shopping |
|||||||||||||||
Investments | Centers | Other | Total | |||||||||||||
Total revenues
|
$ | 4,437 | $ | 768,914 | $ | 773,351 | ||||||||||
Operating expenses
|
(1,923 | ) | (193,597 | ) | (195,520 | ) | ||||||||||
2,514 | 575,317 | 577,831 | ||||||||||||||
Unallocated expenses (1)
|
$ | (438,491 | ) | (438,491 | ) | |||||||||||
Equity in net income of
joint ventures
|
30,337 | 30,337 | ||||||||||||||
Minority equity interests
|
(8,893 | ) | (8,893 | ) | ||||||||||||
Income from continuing operations
|
$ | 160,784 | ||||||||||||||
Total real estate assets
|
$ | 90,772 | $ | 7,359,921 | $ | 7,450,693 | ||||||||||
(1) | Unallocated expenses consist of general and administrative, interest income, interest expense, other income/expense, tax benefit/expense and depreciation and amortization as listed in the consolidated statements of operations. | |
(2) | Includes impairment of joint venture investments. |
F-56
22. | Subsequent Events |
F-57
23. | Quarterly Results of Operations (Unaudited) |
First | Second | Third | Fourth | Total | ||||||||||||||||
2008
|
||||||||||||||||||||
Revenues
|
$ | 237,940 | $ | 229,424 | $ | 232,909 | $ | 231,199 | $ | 931,472 | ||||||||||
Net income (loss)
|
43,424 | 39,927 | 38,515 | (179,642 | ) | (57,776 | ) | |||||||||||||
Net income (loss) applicable to common shareholders
|
32,857 | 29,360 | 27,948 | (190,210 | ) | (100,045 | ) | |||||||||||||
Basic:
|
||||||||||||||||||||
Net income (loss) per common share
|
$ | 0.28 | $ | 0.25 | $ | 0.23 | $ | (1.57 | ) | $ | (0.83 | ) | ||||||||
Weighted average number of shares
|
119,148 | 119,390 | 119,795 | 121,019 | 119,843 | |||||||||||||||
Diluted:
|
||||||||||||||||||||
Net income (loss) per common share
|
$ | 0.28 | $ | 0.25 | $ | 0.23 | $ | (1.57 | ) | $ | (0.83 | ) | ||||||||
Weighted average number of shares
|
119,349 | 119,568 | 119,882 | 121,019 | 119,987 | |||||||||||||||
2007
|
||||||||||||||||||||
Revenues
|
$ | 217,687 | $ | 249,398 | $ | 230,506 | $ | 235,545 | $ | 933,136 | ||||||||||
Net income
|
62,536 | 127,437 | 43,283 | 42,791 | 276,047 | |||||||||||||||
Net income applicable to common shareholders
|
48,744 | 111,429 | 32,716 | 32,224 | 225,113 | |||||||||||||||
Basic:
|
||||||||||||||||||||
Net income per common share
|
$ | 0.42 | $ | 0.90 | $ | 0.27 | $ | 0.27 | $ | 1.86 | ||||||||||
Weighted average number of shares
|
114,851 | 124,455 | 123,329 | 120,786 | 120,879 | |||||||||||||||
Diluted:
|
||||||||||||||||||||
Net income per common share
|
$ | 0.42 | $ | 0.89 | $ | 0.26 | $ | 0.27 | $ | 1.85 | ||||||||||
Weighted average number of shares
|
115,661 | 125,926 | 123,727 | 121,103 | 121,497 |
F-58
High | Low | Dividends | ||||||||||
2008
|
||||||||||||
First
|
$ | 44.31 | $ | 32.20 | $ | 0.69 | ||||||
Second
|
45.66 | 34.44 | 0.69 | |||||||||
Third
|
41.55 | 27.60 | 0.69 | |||||||||
Fourth
|
31.50 | 1.73 | | |||||||||
2007
|
||||||||||||
First
|
$ | 72.33 | $ | 61.43 | $ | 0.66 | ||||||
Second
|
66.70 | 50.75 | 0.66 | |||||||||
Third
|
56.85 | 46.28 | 0.66 | |||||||||
Fourth
|
59.27 | 37.42 | 0.66 |
F-59
SCHEDULE II |
Balance at |
Charged to |
|||||||||||||||
Beginning of |
(Income) |
Balance at |
||||||||||||||
Year | Expense | Deductions | End of Year | |||||||||||||
Year ended December 31, 2008
|
||||||||||||||||
Allowance for uncollectible accounts (1)
|
$ | 34,163 | $ | 24,343 | $ | 19,498 | $ | 39,008 | ||||||||
Valuation allowance for a deferred tax asset
|
$ | 17,410 | $ | (17,410 | ) | $ | | $ | | |||||||
Year ended December 31, 2007
|
||||||||||||||||
Allowance for uncollectible accounts (1)
|
$ | 18,024 | $ | 9,133 | $ | (7,006 | )* | $ | 34,163 | |||||||
Valuation allowance for a deferred tax asset
|
$ | 36,037 | $ | (22,180 | ) | $ | (3,553 | ) | $ | 17,410 | ||||||
Year ended December 31, 2006
|
||||||||||||||||
Allowance for uncollectible accounts (1)
|
$ | 21,408 | $ | 7,498 | $ | 10,882 | $ | 18,024 | ||||||||
Valuation allowance for a deferred tax asset
|
$ | 49,080 | $ | (13,043 | ) | $ | | $ | 36,037 | |||||||
F-60
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Brandon, FL
|
$ | 0 | $ | 4,111 | $ | 0 | $ | 0 | $ | 6,363 | 6,363 | $ | 4,903 | $ | 1,461 | $ | 0 | S/L 30.0 | 1972(C) | |||||||||||||||||||||||||
Stow, OH
|
1,036 | 9,028 | 0 | 993 | 33,497 | 34,490 | 10,307 | 24,182 | 0 | S/L 30.0 | 1969(C) | |||||||||||||||||||||||||||||||||
Westlake, OH
|
424 | 3,803 | 203 | 424 | 10,003 | 10,427 | 5,554 | 4,874 | 0 | S/L 30.0 | 1974(C) | |||||||||||||||||||||||||||||||||
E. Norrition, PA
|
80 | 4,698 | 233 | 70 | 8,744 | 8,814 | 6,201 | 2,613 | 0 | S/L 30.0 | 1975(C) | |||||||||||||||||||||||||||||||||
Palm Harbor, FL
|
1,137 | 4,089 | 0 | 1,137 | 4,168 | 5,305 | 1,840 | 3,464 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Tarpon Springs, FL
|
248 | 7,382 | 81 | 244 | 11,955 | 12,199 | 9,124 | 3,074 | 0 | S/L 30.0 | 1974(C) | |||||||||||||||||||||||||||||||||
Bayonet Pt., FL
|
2,113 | 8,181 | 128 | 1,806 | 11,632 | 13,438 | 7,268 | 6,169 | 0 | S/L 30.0 | 1985(C) | |||||||||||||||||||||||||||||||||
McHenry, IL
|
963 | 3,949 | 0 | 10,648 | 41,067 | 51,715 | 1,897 | 49,818 | 0 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
Miami, FL
|
11,626 | 30,457 | 0 | 24,860 | 79,335 | 104,195 | 4,833 | 99,362 | 0 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
San Antonio, TX (Village)
|
3,370 | 21,033 | 0 | 2,505 | 25,865 | 28,370 | 806 | 27,564 | 0 | S/L 31.5 | 2007(C) | |||||||||||||||||||||||||||||||||
Starkville, MS
|
1,271 | 8,209 | 0 | 703 | 6,683 | 7,386 | 2,680 | 4,706 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Gulfport, MS
|
8,795 | 36,370 | 0 | 0 | 49,999 | 49,999 | 8,885 | 41,114 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Tupelo, MS
|
2,282 | 14,979 | 0 | 2,213 | 17,556 | 19,769 | 7,458 | 12,312 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Jacksonville, FL
|
3,005 | 9,425 | 0 | 3,028 | 9,948 | 12,976 | 4,388 | 8,588 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Long Beach, CA (Pike)
|
0 | 111,512 | 0 | 0 | 134,217 | 134,217 | 18,902 | 115,314 | 0 | S/L 31.5 | 2005(C) | |||||||||||||||||||||||||||||||||
Brunswick, MA
|
3,836 | 15,459 | 0 | 3,796 | 19,338 | 23,134 | 6,925 | 16,209 | 0 | S/L 30.0 | 1973(C) | |||||||||||||||||||||||||||||||||
Oceanside, CA
|
0 | 10,643 | 0 | 0 | 14,444 | 14,444 | 3,534 | 10,909 | 0 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Reno, NV
|
0 | 366 | 0 | 1,132 | 4,699 | 5,831 | 625 | 5,206 | 3,296 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Everett, MA
|
9,311 | 44,647 | 0 | 9,462 | 50,294 | 59,756 | 11,684 | 48,072 | 0 | S/L 31.5 | 2001(C) | |||||||||||||||||||||||||||||||||
Pasadena, CA
|
47,215 | 101,475 | 2,053 | 47,360 | 105,307 | 152,667 | 10,640 | 142,027 | 79,100 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Salisbury, MD
|
1,531 | 9,174 | 174 | 1,531 | 9,585 | 11,116 | 2,830 | 8,286 | 0 | S/L 31.5 | 1999(C) | |||||||||||||||||||||||||||||||||
Salisbury, MD
|
539 | 3,321 | 104 | 540 | 3,433 | 3,973 | 344 | 3,629 | 0 | S/L 31.5 | 1999(C) | |||||||||||||||||||||||||||||||||
Atlanta, GA
|
475 | 9,374 | 0 | 475 | 10,122 | 10,597 | 4,778 | 5,820 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Jackson, MS
|
4,190 | 6,783 | 0 | 4,190 | 6,838 | 11,028 | 1,345 | 9,684 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Freehold, NJ
|
2,460 | 2,475 | 0 | 2,460 | 2,478 | 4,938 | 37 | 4,901 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Opelika, AL
|
3,183 | 11,666 | 0 | 2,415 | 7,948 | 10,363 | 3,632 | 6,731 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Scottsboro, AL
|
788 | 2,781 | 0 | 788 | 2,793 | 3,581 | 545 | 3,036 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Gulf Breeze, FL
|
2,485 | 2,214 | 0 | 2,485 | 2,239 | 4,724 | 449 | 4,275 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Apex, NC (South)
|
9,576 | 43,619 | 0 | 10,521 | 51,021 | 61,542 | 3,570 | 57,972 | 0 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
Ocala, FL
|
1,916 | 3,893 | 0 | 1,916 | 6,002 | 7,918 | 952 | 6,967 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Tallahassee, FL
|
1,881 | 2,956 | 0 | 1,881 | 6,681 | 8,562 | 1,027 | 7,535 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chamblee, GA
|
5,862 | 5,971 | 0 | 5,862 | 6,338 | 12,200 | 1,349 | 10,850 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Cumming, GA (Marketplace)
|
14,255 | 23,653 | 0 | 14,249 | 23,863 | 38,112 | 4,645 | 33,467 | 0 | S/L 31.5 | 2003(A) |
F-61
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Douglasville, GA
|
3,856 | 9,625 | 0 | 3,540 | 9,723 | 13,263 | 1,926 | 11,337 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Athens, GA
|
1,649 | 2,084 | 0 | 1,477 | 2,103 | 3,580 | 412 | 3,168 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Griffin, GA
|
138 | 2,638 | 0 | 138 | 2,699 | 2,837 | 527 | 2,309 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Columbus, GA
|
4,220 | 8,159 | 0 | 4,220 | 8,274 | 12,494 | 1,621 | 10,873 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Newnan, GA
|
2,632 | 11,063 | 0 | 2,620 | 11,594 | 14,214 | 2,206 | 12,008 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Union City, GA
|
2,288 | 6,246 | 0 | 2,288 | 7,172 | 9,460 | 1,503 | 7,957 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Warner Robins, GA
|
5,977 | 7,459 | 0 | 5,729 | 7,613 | 13,342 | 1,503 | 11,840 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Woodstock, GA
|
2,022 | 8,440 | 0 | 1,199 | 1,408 | 2,607 | 120 | 2,487 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Fayetteville, NC
|
8,524 | 10,627 | 0 | 8,524 | 14,216 | 22,740 | 2,188 | 20,552 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Charleston, SC
|
3,479 | 9,850 | 0 | 3,479 | 10,033 | 13,512 | 4,400 | 9,112 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Denver, CO (University)
|
20,733 | 22,818 | 0 | 20,804 | 23,656 | 44,460 | 4,651 | 39,809 | 26,545 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chattanooga, TN
|
1,845 | 13,214 | 0 | 1,845 | 15,365 | 17,210 | 3,110 | 14,100 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Hendersonville, TN
|
3,743 | 9,268 | 0 | 3,607 | 9,335 | 12,942 | 1,802 | 11,140 | 7,691 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Johnson City, TN
|
124 | 521 | 0 | 0 | 2,180 | 2,180 | 188 | 1,992 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chester, VA
|
10,780 | 4,752 | 0 | 10,780 | 5,065 | 15,845 | 1,028 | 14,818 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lynchburg,VA
|
5,447 | 11,194 | 0 | 5,447 | 11,820 | 17,267 | 2,453 | 14,814 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Brookfield, WI
|
588 | 0 | 0 | 588 | 2,864 | 3,452 | 168 | 3,285 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Milwaukee, WI
|
4,527 | 3,600 | 0 | 4,527 | 4,800 | 9,327 | 803 | 8,524 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Gallipolis, OH
|
1,249 | 1,790 | 0 | 1,249 | 1,986 | 3,235 | 372 | 2,864 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lexington, KY (South)
|
3,344 | 2,805 | 0 | 3,344 | 2,805 | 6,149 | 558 | 5,591 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lexington, KY (North)
|
2,915 | 3,447 | 0 | 2,919 | 3,394 | 6,313 | 774 | 5,539 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Richmond, KY
|
1,870 | 5,661 | 0 | 1,870 | 7,308 | 9,178 | 1,254 | 7,923 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Allentown, PA
|
5,882 | 20,060 | 0 | 5,882 | 22,757 | 28,639 | 4,017 | 24,622 | 15,899 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
St. John, MO
|
2,613 | 7,040 | 0 | 2,827 | 7,899 | 10,726 | 1,414 | 9,312 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Suwanee, GA
|
13,479 | 23,923 | 0 | 13,479 | 28,708 | 42,187 | 5,519 | 36,667 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
West Allis, WI
|
2,452 | 10,982 | 0 | 2,452 | 11,537 | 13,989 | 2,151 | 11,837 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chesterfield, MI
|
566 | 2,324 | 0 | 382 | 2,327 | 2,709 | 209 | 2,499 | 0 | S/L 31.5 | 2006(A) | |||||||||||||||||||||||||||||||||
Ft. Collins, CO
|
2,767 | 2,054 | 0 | 1,129 | 4,506 | 5,635 | 756 | 4,879 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lafayette, IN
|
1,217 | 2,689 | 0 | 1,217 | 2,705 | 3,922 | 537 | 3,385 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Hamilton, NJ
|
8,039 | 49,896 | 0 | 11,774 | 79,596 | 91,370 | 11,937 | 79,434 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lansing, MI
|
1,598 | 6,999 | 0 | 1,801 | 11,478 | 13,279 | 1,750 | 11,529 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Erie, PA (Peach)
|
10,880 | 19,201 | 0 | 6,373 | 44,194 | 50,567 | 16,850 | 33,717 | 27,195 | S/L 31.5 | 1995(C) | |||||||||||||||||||||||||||||||||
Erie, PA (Hills)
|
0 | 2,564 | 13 | 723 | 3,834 | 4,557 | 3,168 | 1,390 | 0 | S/L 30.0 | 1973(C) |
F-62
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
San Francisco, CA
|
15,332 | 35,803 | 0 | 10,456 | 24,423 | 34,879 | 3,462 | 31,417 | 0 | S/L 31.5 | 2002(A) | |||||||||||||||||||||||||||||||||
Chillicothe, OH
|
43 | 2,549 | 2 | 1,170 | 4,366 | 5,536 | 1,837 | 3,698 | 0 | S/L 30.0 | 1974(C) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
18,701 | 18,811 | 118 | 18,701 | 19,287 | 37,988 | 1,663 | 36,324 | 16,733 | S/L 30.0 | 1999(A) | |||||||||||||||||||||||||||||||||
Martinsville, VA
|
3,163 | 28,819 | 0 | 3,163 | 29,683 | 32,846 | 16,537 | 16,309 | 18,936 | S/L 30.0 | 1989(C) | |||||||||||||||||||||||||||||||||
Tampa, FL (Waters)
|
4,105 | 6,640 | 324 | 3,905 | 8,249 | 12,154 | 4,660 | 7,494 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Macedonia, OH (Phase II)
|
4,392 | 10,885 | 0 | 4,392 | 10,996 | 15,388 | 3,353 | 12,035 | 0 | S/L 31.5 | 1998(C) | |||||||||||||||||||||||||||||||||
Huber Hts, OH
|
757 | 14,469 | 1 | 757 | 25,105 | 25,862 | 7,743 | 18,119 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Lebanon, OH
|
651 | 911 | 31 | 812 | 1,428 | 2,240 | 446 | 1,795 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Xenia, OH
|
948 | 3,938 | 0 | 673 | 6,039 | 6,712 | 2,623 | 4,089 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Boardman, OH
|
9,025 | 27,983 | 0 | 8,152 | 28,233 | 36,385 | 10,188 | 26,197 | 25,320 | S/L 31.5 | 1997(A) | |||||||||||||||||||||||||||||||||
Solon, OH
|
6,220 | 7,454 | 0 | 6,220 | 21,628 | 27,848 | 6,601 | 21,248 | 0 | S/L 31.5 | 1998(C) | |||||||||||||||||||||||||||||||||
Cincinnati, OH
|
2,399 | 11,238 | 172 | 2,399 | 14,132 | 16,531 | 6,889 | 9,642 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Bedford, IN
|
706 | 8,425 | 6 | 1,067 | 10,596 | 11,663 | 4,784 | 6,879 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Watertown, SD
|
63 | 6,443 | 442 | 63 | 12,579 | 12,642 | 8,503 | 4,138 | 0 | S/L 30.0 | 1977(C) | |||||||||||||||||||||||||||||||||
Pensacola, FL
|
1,805 | 4,010 | 273 | 816 | 3,142 | 3,958 | 1,030 | 2,928 | 0 | S/L 30.0 | 1988(C) | |||||||||||||||||||||||||||||||||
Los Alamos, NM
|
725 | 3,500 | 30 | 725 | 4,921 | 5,646 | 3,749 | 1,897 | 0 | S/L 30.0 | 1978(C) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Sunset)
|
12,791 | 38,404 | 0 | 13,403 | 44,319 | 57,722 | 15,542 | 42,180 | 32,822 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Brentwood)
|
10,628 | 32,053 | 0 | 10,018 | 32,400 | 42,418 | 10,923 | 31,494 | 24,382 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Cedar Rapids, IA
|
4,219 | 12,697 | 0 | 4,219 | 13,969 | 18,188 | 4,805 | 13,383 | 8,609 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Olympic)
|
2,775 | 8,370 | 0 | 2,775 | 10,356 | 13,131 | 3,939 | 9,192 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Gravois)
|
1,336 | 4,050 | 0 | 1,525 | 4,925 | 6,450 | 1,673 | 4,777 | 448 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Morris)
|
0 | 2,048 | 0 | 0 | 2,143 | 2,143 | 773 | 1,369 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Southtowne)
|
4,159 | 3,818 | 0 | 5,403 | 7,783 | 13,186 | 1,048 | 12,138 | 0 | S/L 31.5 | 2004(C) | |||||||||||||||||||||||||||||||||
Aurora, OH
|
832 | 7,560 | 0 | 1,592 | 14,043 | 15,635 | 4,709 | 10,926 | 0 | S/L 31.5 | 1995(C) | |||||||||||||||||||||||||||||||||
Nampa, ID
|
1,395 | 8,563 | 0 | 1,395 | 8,563 | 9,958 | 386 | 9,573 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Idaho Falls, ID (DDRC)
|
1,302 | 5,703 | 0 | 1,418 | 6,414 | 7,832 | 2,399 | 5,433 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Mount Vernon, IL
|
1,789 | 9,399 | 111 | 1,789 | 16,769 | 18,558 | 7,157 | 11,401 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Fenton, MO
|
414 | 4,244 | 476 | 430 | 7,541 | 7,971 | 5,057 | 2,914 | 0 | S/L 30.0 | 1983(A) | |||||||||||||||||||||||||||||||||
Simpsonville, SC
|
431 | 6,563 | 0 | 417 | 6,828 | 7,245 | 3,329 | 3,917 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Cambden, SC
|
627 | 7,519 | 7 | 1,021 | 10,908 | 11,929 | 5,230 | 6,699 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
N. Charleston, SC
|
911 | 11,346 | 1 | 1,081 | 16,853 | 17,934 | 8,122 | 9,813 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Orangeburg, SC
|
318 | 1,693 | 0 | 318 | 3,445 | 3,763 | 1,298 | 2,465 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
MT. Pleasant, SC
|
2,584 | 10,470 | 0 | 2,430 | 17,673 | 20,103 | 6,189 | 13,913 | 0 | S/L 31.5 | 1995(A) |
F-63
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Sault ST. Marie, MI
|
1,826 | 13,710 | 0 | 1,826 | 15,219 | 17,045 | 6,811 | 10,234 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Cheboygan, MI
|
127 | 3,612 | 0 | 127 | 4,131 | 4,258 | 1,917 | 2,340 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Walker, MI (Grand Rapids)
|
1,926 | 8,039 | 0 | 1,926 | 8,924 | 10,850 | 3,679 | 7,171 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Detroit, MI
|
6,738 | 26,988 | 27 | 6,738 | 17,308 | 24,046 | 15,847 | 8,200 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Houghton, MI
|
440 | 7,301 | 1,821 | 413 | 13,807 | 14,220 | 10,409 | 3,811 | 0 | S/L 30.0 | 1980(C) | |||||||||||||||||||||||||||||||||
Bad Axe, MI
|
184 | 3,647 | 0 | 184 | 4,433 | 4,617 | 1,981 | 2,636 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Gaylord, MI
|
270 | 8,728 | 2 | 251 | 10,801 | 11,052 | 4,914 | 6,138 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Howell, MI
|
332 | 11,938 | 1 | 332 | 16,160 | 16,492 | 6,798 | 9,693 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Mt. Pleasant, MI
|
767 | 7,769 | 20 | 1,142 | 13,670 | 14,812 | 6,682 | 8,130 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Elyria, OH
|
352 | 5,693 | 0 | 352 | 8,469 | 8,821 | 4,653 | 4,168 | 0 | S/L 30.0 | 1977(C) | |||||||||||||||||||||||||||||||||
Meridian, ID
|
24,591 | 31,779 | 0 | 24,841 | 60,210 | 85,051 | 10,473 | 74,578 | 37,200 | S/L 31.5 | 2001(C) | |||||||||||||||||||||||||||||||||
Midvale, UT (FT. Union I, II, III &
Wingers)
|
25,662 | 56,759 | 0 | 28,393 | 73,823 | 102,216 | 20,158 | 82,058 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Taylorsville, UT
|
24,327 | 53,686 | 0 | 31,368 | 76,893 | 108,261 | 22,642 | 85,619 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Orem, UT
|
5,428 | 12,259 | 0 | 5,428 | 13,195 | 18,623 | 4,454 | 14,170 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Salt Lake City, UT (33rd)
|
986 | 2,132 | 0 | 986 | 2,285 | 3,271 | 752 | 2,519 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Riverdale, UT
|
15,845 | 36,479 | 0 | 15,845 | 43,423 | 59,268 | 14,501 | 44,767 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Bemidji, MN
|
442 | 8,229 | 500 | 442 | 11,570 | 12,012 | 8,496 | 3,517 | 0 | S/L 30.0 | 1977(C) | |||||||||||||||||||||||||||||||||
Salt Lake City, UT
|
2,801 | 5,997 | 0 | 2,801 | 6,888 | 9,689 | 2,430 | 7,260 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Ogden, UT
|
3,620 | 7,716 | 0 | 3,620 | 8,414 | 12,034 | 2,826 | 9,207 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Birmingham, AL Eastwood)
|
3,726 | 13,974 | 0 | 3,726 | 17,129 | 20,855 | 7,472 | 13,384 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Birmingham, Al (Brookhighland)
|
10,573 | 26,002 | 0 | 11,434 | 51,440 | 62,874 | 16,713 | 46,161 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Ormond Beach, FL
|
1,048 | 15,812 | 4 | 1,048 | 18,025 | 19,073 | 8,104 | 10,969 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Antioch, CA
|
3,066 | 12,220 | 0 | 3,066 | 6,308 | 9,374 | 983 | 8,391 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Santa Rosa, CA
|
3,783 | 15,964 | 0 | 3,783 | 14,869 | 18,652 | 1,284 | 17,367 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
San Diego, CA (College)
|
0 | 11,079 | 55 | 0 | 9,465 | 9,465 | 804 | 8,661 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV
|
6,458 | 3,488 | 0 | 6,458 | 2,939 | 9,397 | 275 | 9,121 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
West Covina, CA
|
0 | 20,456 | 0 | 0 | 19,341 | 19,341 | 1,650 | 17,691 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
2,443 | 6,221 | 0 | 2,443 | 5,633 | 8,076 | 497 | 7,578 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Fairfield, CA
|
9,140 | 11,514 | 0 | 9,140 | 4,941 | 14,081 | 922 | 13,159 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Garden Grove, CA
|
4,955 | 5,392 | 0 | 4,955 | 4,853 | 9,808 | 430 | 9,378 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
San Diego, CA
|
5,508 | 8,294 | 0 | 5,508 | 3,394 | 8,902 | 665 | 8,237 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Carson City, NV
|
1,928 | 4,841 | 0 | 1,928 | 4,450 | 6,378 | 387 | 5,992 | 0 | S/L 40.0 | 2005(A) |
F-64
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Tucson, AZ
|
1,938 | 4,151 | 0 | 1,938 | 3,785 | 5,723 | 330 | 5,393 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Redding, CA
|
1,978 | 5,831 | 0 | 1,978 | 5,384 | 7,362 | 467 | 6,895 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
San Antonio, TX
|
2,403 | 2,697 | 0 | 2,403 | 2,387 | 4,790 | 213 | 4,577 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Chandler, AZ
|
2,136 | 5,831 | 0 | 2,136 | 5,349 | 7,485 | 466 | 7,019 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Chino, CA
|
4,974 | 7,052 | 0 | 4,974 | 2,948 | 7,922 | 564 | 7,358 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV
|
2,621 | 6,039 | 0 | 2,621 | 5,546 | 8,167 | 483 | 7,684 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Clovis, CA
|
0 | 9,057 | 0 | 0 | 7,809 | 7,809 | 728 | 7,081 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Santa Maria, CA
|
1,117 | 8,736 | 0 | 1,117 | 8,185 | 9,302 | 701 | 8,601 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
El Cajon, CA
|
0 | 15,648 | 0 | 0 | 14,743 | 14,743 | 1,260 | 13,483 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Ukiah, CA
|
1,632 | 2,368 | 0 | 1,632 | 2,133 | 3,765 | 187 | 3,577 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Madera, CA
|
1,770 | 746 | 0 | 1,770 | 603 | 2,373 | 56 | 2,317 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Mesa, AZ
|
2,551 | 11,951 | 0 | 2,551 | 11,123 | 13,674 | 960 | 12,714 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Burbank, CA
|
0 | 20,834 | 0 | 0 | 19,661 | 19,661 | 1,637 | 18,024 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
North Fullerton, CA
|
4,163 | 5,980 | 0 | 4,163 | 5,427 | 9,590 | 478 | 9,113 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Tulare, CA
|
2,868 | 4,200 | 0 | 2,868 | 3,793 | 6,661 | 335 | 6,326 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Porterville, CA
|
1,681 | 4,408 | 0 | 1,681 | 4,038 | 5,719 | 351 | 5,368 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Lompac, CA
|
2,275 | 2,074 | 0 | 2,275 | 1,821 | 4,096 | 163 | 3,932 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Palmdale, CA
|
4,589 | 6,544 | 0 | 4,589 | 5,949 | 10,538 | 523 | 10,014 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Anaheim, CA
|
8,900 | 11,925 | 0 | 8,900 | 7,578 | 16,478 | 958 | 15,520 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Sonora, CA
|
1,889 | 6,860 | 0 | 1,889 | 5,100 | 6,989 | 550 | 6,439 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
2,334 | 8,453 | 0 | 2,334 | 7,835 | 10,169 | 678 | 9,491 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Foot Hill Ranch, CA
|
5,409 | 9,383 | 0 | 5,409 | 2,631 | 8,040 | 753 | 7,288 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Reno, NV
|
2,695 | 5,078 | 0 | 2,695 | 4,629 | 7,324 | 405 | 6,919 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV
|
5,736 | 5,795 | 0 | 5,736 | 3,429 | 9,165 | 462 | 8,703 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Folsom, CA
|
3,461 | 11,036 | 0 | 3,461 | 10,205 | 13,666 | 886 | 12,779 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Slatten Ranch, CA
|
5,439 | 11,728 | 0 | 5,439 | 8,379 | 13,818 | 942 | 12,877 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Buffalo, NY
|
2,341 | 8,995 | 0 | 2,341 | 9,580 | 11,921 | 1,461 | 10,460 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
West Seneca, NY
|
2,929 | 12,926 | 0 | 2,929 | 12,941 | 15,870 | 1,945 | 13,925 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
N. Tonawanda, NY
|
5,878 | 21,291 | 0 | 5,878 | 22,480 | 28,358 | 3,516 | 24,842 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY
|
5,873 | 22,458 | 0 | 5,873 | 23,225 | 29,098 | 3,508 | 25,590 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Ithaca, NY
|
9,198 | 42,969 | 0 | 9,198 | 43,150 | 52,348 | 6,393 | 45,955 | 15,933 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
3,303 | 16,239 | 0 | 3,303 | 16,766 | 20,069 | 2,653 | 17,415 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
West Seneca, NY
|
2,576 | 2,590 | 0 | 2,576 | 3,530 | 6,106 | 485 | 5,622 | 0 | S/L 31.5 | 2004(A) |
F-65
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Orland Park, IL
|
10,430 | 13,081 | 0 | 10,430 | 13,101 | 23,531 | 1,991 | 21,540 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
4,071 | 17,142 | 0 | 4,071 | 17,155 | 21,226 | 2,605 | 18,621 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Tonawanda, NY
|
3,061 | 6,887 | 0 | 3,061 | 7,683 | 10,744 | 1,154 | 9,590 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
4,152 | 22,075 | 0 | 4,152 | 22,660 | 26,812 | 3,317 | 23,495 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Columbus, OH (Consumer Square)
|
9,828 | 22,858 | 0 | 9,828 | 23,371 | 33,199 | 3,637 | 29,563 | 12,544 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Louisville, KY (Outer Loop)
|
4,180 | 747 | 0 | 4,180 | 1,010 | 5,190 | 184 | 5,006 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Olean, NY
|
8,834 | 29,813 | 0 | 8,834 | 30,525 | 39,359 | 4,982 | 34,376 | 3,662 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
N. Charleston, SC (N Charl Ctr)
|
5,146 | 5,990 | 0 | 5,146 | 8,456 | 13,602 | 1,255 | 12,347 | 10,027 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Jacsonville, FL (Arlington Road)
|
4,672 | 5,085 | 0 | 4,672 | (509 | ) | 4,163 | 857 | 3,306 | 0 | S/L 31.5 | 2004(A) | ||||||||||||||||||||||||||||||||
West Long Branch, NJ (Monmouth)
|
14,131 | 51,982 | 0 | 14,131 | 53,716 | 67,847 | 7,885 | 59,963 | 9,597 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Big Flats, NY (Big Flats I)
|
22,229 | 52,579 | 0 | 22,279 | 56,185 | 78,464 | 9,852 | 68,612 | 8,289 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hanover, PA
|
4,408 | 4,707 | 0 | 4,408 | 4,707 | 9,115 | 750 | 8,365 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Mays Landing, NJ (Wrangelboro)
|
49,033 | 107,230 | 0 | 49,033 | 109,194 | 158,227 | 16,436 | 141,791 | 43,475 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Plattsburgh, NY
|
10,734 | 34,028 | 0 | 10,767 | 35,296 | 46,063 | 5,697 | 40,366 | 4,458 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Williamsville, NY
|
5,021 | 6,768 | 0 | 5,021 | 8,335 | 13,356 | 1,172 | 12,184 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niagara Falls, NY
|
4,956 | 11,370 | 0 | 1,973 | 3,191 | 5,164 | 493 | 4,671 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY
|
29,729 | 78,602 | 0 | 28,672 | 73,602 | 102,274 | 11,360 | 90,914 | 20,875 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Greece, NY
|
3,901 | 4,922 | 0 | 3,901 | 4,922 | 8,823 | 751 | 8,071 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Buffalo, NY (Elmwood)
|
6,010 | 19,044 | 0 | 6,010 | 19,100 | 25,110 | 2,866 | 22,244 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Orange Park, FL (The Village)
|
1,929 | 5,476 | 0 | 1,929 | 5,515 | 7,444 | 835 | 6,609 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Lakeland, FL (Highlands)
|
4,112 | 4,328 | 0 | 4,112 | 4,425 | 8,537 | 683 | 7,854 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Lockport, NY
|
9,253 | 23,829 | 0 | 9,253 | 24,121 | 33,374 | 3,640 | 29,734 | 10,124 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Buffalo, NY (Delaware)
|
3,568 | 29,001 | 0 | 3,620 | 29,555 | 33,175 | 4,304 | 28,872 | 715 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Cheektowaga, NY (Thruway)
|
15,471 | 25,600 | 0 | 15,471 | 26,888 | 42,359 | 4,450 | 37,910 | 4,060 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Walker, MI (Alpine Ave)
|
1,454 | 9,284 | 0 | 1,454 | 11,892 | 13,346 | 2,346 | 10,999 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Toledo, OH
|
1,316 | 3,961 | 0 | 1,316 | 3,961 | 5,277 | 613 | 4,664 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY
|
4,054 | 11,995 | 0 | 4,054 | 12,053 | 16,107 | 1,808 | 14,299 | 4,204 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
New Hartford, NY
|
1,279 | 13,685 | 0 | 1,279 | 13,743 | 15,022 | 2,079 | 12,943 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Tonawanda, NY (Sher/Delaware)
|
5,090 | 14,874 | 0 | 5,090 | 14,942 | 20,032 | 2,255 | 17,777 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Mays Landing, NJ (Hamilton)
|
36,224 | 56,949 | 0 | 36,224 | 59,240 | 95,464 | 8,788 | 86,676 | 11,349 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Gates, NY
|
9,369 | 40,672 | 0 | 9,369 | 41,558 | 50,927 | 6,233 | 44,694 | 23,783 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Rome, NY (Freedom)
|
4,565 | 5,078 | 0 | 4,565 | 9,239 | 13,804 | 1,189 | 12,615 | 3,571 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Englewood, FL
|
2,172 | 2,983 | 0 | 2,172 | 3,195 | 5,367 | 424 | 4,944 | 1,352 | S/L 31.5 | 2004(A) |
F-66
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Hamburg, NY (Milestrip)
|
2,527 | 14,711 | 0 | 2,527 | 14,872 | 17,399 | 2,382 | 15,017 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Mooresville, NC
|
14,369 | 43,688 | 0 | 14,369 | 44,410 | 58,779 | 6,125 | 52,655 | 22,869 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY (Sheridan/Harlem)
|
2,620 | 2,554 | 0 | 2,620 | 2,848 | 5,468 | 442 | 5,027 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Indian Trail, NC
|
3,172 | 7,075 | 0 | 3,172 | 7,368 | 10,540 | 1,153 | 9,386 | 6,634 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Dewitt, NY
|
1,140 | 6,756 | 0 | 881 | 5,677 | 6,558 | 844 | 5,714 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Chili, NY
|
2,143 | 8,109 | 0 | 2,143 | 8,109 | 10,252 | 1,235 | 9,017 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Horseheads, NY
|
659 | 2,426 | 0 | 4,682 | 19,484 | 24,166 | 273 | 23,893 | 30,618 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Ashtabula, OH
|
1,444 | 9,912 | 0 | 1,444 | 9,916 | 11,360 | 1,473 | 9,888 | 6,608 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niskayuna, NY
|
20,297 | 51,155 | 0 | 20,297 | 51,916 | 72,213 | 8,128 | 64,085 | 20,804 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Dansville, NY
|
2,806 | 4,905 | 0 | 2,806 | 5,041 | 7,847 | 768 | 7,079 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Dewitt, NY (Dewitt Commons)
|
9,738 | 26,351 | 0 | 9,738 | 32,044 | 41,782 | 6,370 | 35,412 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Victor, NY
|
2,374 | 6,433 | 0 | 2,374 | 6,517 | 8,891 | 955 | 7,936 | 6,297 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Wilmington, NC
|
4,785 | 16,852 | 1,183 | 4,287 | 34,528 | 38,815 | 15,396 | 23,418 | 24,500 | S/L 31.5 | 1989(C) | |||||||||||||||||||||||||||||||||
Berlin, VT
|
859 | 10,948 | 24 | 866 | 15,466 | 16,332 | 8,932 | 7,401 | 0 | S/L 30.0 | 1986(C) | |||||||||||||||||||||||||||||||||
Brainerd, MN
|
703 | 9,104 | 272 | 1,182 | 15,955 | 17,137 | 7,388 | 9,749 | 0 | S/L 31.5 | 1991(A) | |||||||||||||||||||||||||||||||||
Spring Hill, FL
|
1,084 | 4,816 | 266 | 2,096 | 11,051 | 13,147 | 5,234 | 7,913 | 4,521 | S/L 30.0 | 1988(C) | |||||||||||||||||||||||||||||||||
Tiffin, OH
|
432 | 5,908 | 435 | 432 | 7,907 | 8,339 | 5,767 | 2,572 | 0 | S/L 30.0 | 1980(C) | |||||||||||||||||||||||||||||||||
Broomfield, CO (Flatiron Gard)
|
23,681 | 31,809 | 0 | 13,707 | 42,731 | 56,438 | 7,116 | 49,323 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Denver, CO (Centennial)
|
7,833 | 35,550 | 0 | 8,082 | 56,549 | 64,631 | 18,087 | 46,544 | 36,573 | S/L 31.5 | 1997(C) | |||||||||||||||||||||||||||||||||
Dickinson, ND
|
57 | 6,864 | 355 | 51 | 7,799 | 7,850 | 7,596 | 254 | 0 | S/L 30.0 | 1978(C) | |||||||||||||||||||||||||||||||||
New Bern, NC
|
780 | 8,204 | 72 | 441 | 5,285 | 5,726 | 2,717 | 3,008 | 0 | S/L 31.5 | 1989(C) | |||||||||||||||||||||||||||||||||
Bayamon, PR (Plaza Del Sol)
|
132,074 | 152,441 | 0 | 132,759 | 155,203 | 287,962 | 19,400 | 268,563 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Carolina, PR (Plaza Escorial)
|
28,522 | 76,947 | 0 | 28,601 | 77,432 | 106,033 | 9,836 | 96,197 | 57,500 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Humacao, PR (Palma Real)
|
16,386 | 74,059 | 0 | 16,386 | 75,214 | 91,600 | 9,513 | 82,088 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Isabela, PR (Plaza Isabela)
|
8,175 | 41,094 | 0 | 8,175 | 42,507 | 50,682 | 5,373 | 45,308 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
San German, PR (Camino Real)
|
3,215 | 24 | 0 | 3,232 | 24 | 3,256 | 14 | 3,243 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Cayey, PR (Plaza Cayey)
|
19,214 | 25,584 | 0 | 18,629 | 26,235 | 44,864 | 3,390 | 41,474 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Bayamon, PR (Rio Hondo)
|
91,645 | 98,007 | 0 | 91,898 | 101,795 | 193,693 | 12,531 | 181,162 | 109,500 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
San Juan, PR (Senorial Plaza)
|
10,338 | 23,285 | 0 | 10,238 | 26,922 | 37,160 | 3,041 | 34,119 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Bayamon, PR (Rexville Plaza)
|
4,294 | 11,987 | 0 | 4,294 | 12,237 | 16,531 | 1,586 | 14,945 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Arecibo, PR (Atlantico)
|
7,965 | 29,898 | 0 | 8,094 | 30,890 | 38,984 | 3,945 | 35,039 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Hatillo, PR (Plaza Del Norte)
|
101,219 | 105,465 | 0 | 101,219 | 109,884 | 211,103 | 13,617 | 197,486 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Vega Baja, PR (Plaza Vega Baja)
|
7,076 | 18,684 | 0 | 7,076 | 18,728 | 25,804 | 2,410 | 23,393 | 0 | S/L 31.5 | 2005(A) |
F-67
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Guyama, PR (Plaza Wal-Mart)
|
1,960 | 18,721 | 0 | 1,960 | 18,922 | 20,882 | 2,412 | 18,470 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Fajardo, PR (Plaza Fajardo)
|
4,376 | 41,199 | 0 | 4,376 | 41,502 | 45,878 | 5,254 | 40,624 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
San German, PR (Del Oeste)
|
6,470 | 20,751 | 0 | 6,470 | 21,117 | 27,587 | 2,714 | 24,874 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Princeton, NJ
|
7,121 | 29,783 | 0 | 7,121 | 36,049 | 43,170 | 11,600 | 31,570 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Princeton, NJ (Pavilion)
|
6,327 | 44,466 | 0 | 7,343 | 55,589 | 62,932 | 12,651 | 50,280 | 0 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
15,352 | 22,813 | 1,601 | 15,352 | 26,545 | 41,897 | 9,002 | 32,894 | 30,000 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Wichita, KS ( Eastgate)
|
5,058 | 11,362 | 0 | 5,222 | 12,549 | 17,771 | 2,956 | 14,814 | 0 | S/L 31.5 | 2002(A) | |||||||||||||||||||||||||||||||||
Russellville, AR
|
624 | 13,391 | 0 | 624 | 14,832 | 15,456 | 6,373 | 9,083 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
N. Little Rock, AR
|
907 | 17,160 | 0 | 907 | 19,228 | 20,135 | 6,968 | 13,167 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Ottumwa, IA
|
338 | 8,564 | 103 | 317 | 16,545 | 16,862 | 7,484 | 9,378 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Washington, NC
|
991 | 3,118 | 34 | 878 | 4,476 | 5,354 | 2,268 | 3,085 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Leawood, KS
|
13,002 | 69,086 | 0 | 13,527 | 79,210 | 92,737 | 14,489 | 78,248 | 46,435 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Littleton, CO
|
12,249 | 50,709 | 0 | 12,621 | 53,334 | 65,955 | 10,747 | 55,209 | 42,200 | S/L 31.5 | 2002(C) | |||||||||||||||||||||||||||||||||
Durham, NC
|
2,210 | 11,671 | 278 | 2,210 | 13,776 | 15,986 | 7,838 | 8,148 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
San Antonio, TX (N. Bandera)
|
3,475 | 37,327 | 0 | 3,475 | 37,981 | 41,456 | 7,860 | 33,597 | 0 | S/L 31.5 | 2002(A) | |||||||||||||||||||||||||||||||||
Crystal River, FL
|
1,217 | 5,796 | 365 | 1,219 | 9,827 | 11,046 | 4,948 | 6,098 | 0 | S/L 31.5 | 1986(C) | |||||||||||||||||||||||||||||||||
Dublin, OH (Perimeter Center)
|
3,609 | 11,546 | 0 | 3,609 | 11,708 | 15,317 | 4,064 | 11,253 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Hamilton, OH
|
495 | 1,618 | 0 | 495 | 1,618 | 2,113 | 552 | 1,561 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Barboursville, WV
|
431 | 1,417 | 2 | 0 | 1,959 | 1,959 | 647 | 1,312 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Columbus, OH (Easton Market)
|
11,087 | 44,494 | 0 | 12,243 | 49,112 | 61,355 | 15,936 | 45,418 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Columbus, OH (Dublin Village))
|
6,478 | 29,792 | 0 | 6,478 | 29,681 | 36,159 | 29,654 | 6,505 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Denver, CO (Tamarac Square Mall)
|
2,990 | 12,252 | 0 | 2,987 | 13,957 | 16,944 | 4,195 | 12,749 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Daytona Beach, FL (Volusia Point)
|
3,838 | 4,485 | 0 | 3,834 | 5,059 | 8,893 | 1,291 | 7,602 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Twinsburg, OH (Heritage Business)
|
254 | 1,623 | 0 | 254 | 1,774 | 2,028 | 427 | 1,601 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Silver Springs, MD (Tech Center
29-1)
|
7,484 | 20,980 | 0 | 7,476 | 25,183 | 32,659 | 6,450 | 26,208 | 6,173 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
San Antonio, TX (Center)
|
1,232 | 7,881 | 0 | 1,014 | 7,256 | 8,270 | 304 | 7,966 | 0 | S/L 31.5 | 2007(C) | |||||||||||||||||||||||||||||||||
San Antonio, TX (Lifestyle)
|
1,613 | 10,791 | 0 | 5,427 | 54,036 | 59,463 | 985 | 58,478 | 0 | S/L 31.5 | 2007(C) | |||||||||||||||||||||||||||||||||
McHenry, IL
|
332 | 1,302 | 0 | 1,884 | 7,021 | 8,905 | 76 | 8,829 | 0 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
San Antonio, TX (Terrell)
|
4,980 | 11,880 | 0 | 4,980 | 11,880 | 16,860 | 377 | 16,484 | 12,774 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Macon, GA
|
2,940 | 5,192 | 0 | 2,940 | 5,447 | 8,387 | 314 | 8,073 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Snellville, GA (Commons)
|
10,185 | 51,815 | 0 | 10,318 | 52,499 | 62,817 | 3,117 | 59,700 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Union, NJ
|
7,659 | 15,689 | 0 | 7,650 | 15,670 | 23,320 | 936 | 22,385 | 0 | S/L 31.5 | 2007(A) |
F-68
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Spartanburg, SC (Northpoint)
|
1,015 | 8,992 | 0 | 1,015 | 8,992 | 10,007 | 553 | 9,455 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Taylors, SC (Hampton)
|
1,732 | 4,506 | 0 | 1,732 | 4,506 | 6,238 | 272 | 5,966 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Dothan, AL (Shops)
|
2,065 | 20,972 | 0 | 2,065 | 20,974 | 23,039 | 1,249 | 21,789 | 11,409 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Bradenton, FL (Cortez)
|
10,766 | 31,203 | 0 | 10,766 | 31,262 | 42,028 | 1,911 | 40,116 | 12,198 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Clearwater, FL
|
5,579 | 15,855 | 0 | 5,579 | 16,259 | 21,838 | 1,018 | 20,819 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
New Tampa, FL
|
1,707 | 3,338 | 0 | 1,707 | 3,343 | 5,050 | 208 | 4,841 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Tequesta, FL
|
2,108 | 7,400 | 0 | 2,108 | 8,271 | 10,379 | 561 | 9,818 | 5,200 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Kennesaw, GA (Town)
|
6,175 | 9,028 | 0 | 6,175 | 9,029 | 15,204 | 533 | 14,670 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Lawrenceville, GA (Springfield)
|
3,049 | 10,890 | 0 | 3,049 | 10,892 | 13,941 | 649 | 13,292 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Roswell, GA (Village)
|
6,566 | 15,005 | 0 | 6,566 | 15,057 | 21,623 | 892 | 20,731 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Hagerstown, MD
|
2,440 | 9,697 | 0 | 2,440 | 10,209 | 12,649 | 683 | 11,966 | 6,770 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Greensboro, NC (Golden)
|
5,012 | 11,162 | 0 | 5,012 | 11,163 | 16,175 | 679 | 15,496 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Greensboro, NC (Wendover)
|
3,153 | 9,455 | 0 | 3,153 | 9,536 | 12,689 | 565 | 12,124 | 5,450 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Brick, NJ
|
4,261 | 21,479 | 0 | 4,261 | 21,554 | 25,815 | 1,292 | 24,522 | 10,300 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
East Hanover, NJ (Plaza)
|
3,847 | 23,798 | 0 | 3,847 | 23,998 | 27,845 | 1,443 | 26,401 | 9,280 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
East Hanover, NJ (Sony)
|
6,861 | 11,165 | 0 | 6,861 | 11,165 | 18,026 | 671 | 17,354 | 6,445 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Camp Hill, PA
|
1,631 | 8,402 | 0 | 1,631 | 8,402 | 10,033 | 506 | 9,527 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Middletown, RI
|
3,804 | 16,805 | 0 | 3,804 | 16,805 | 20,609 | 1,011 | 19,599 | 10,000 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Conway, SC
|
1,217 | 7,038 | 0 | 1,217 | 7,045 | 8,262 | 459 | 7,804 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Lexington, SC
|
1,795 | 9,933 | 0 | 1,795 | 9,933 | 11,728 | 591 | 11,138 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Newport News, VA (Denbigh)
|
10,064 | 21,272 | 0 | 10,064 | 21,489 | 31,553 | 1,331 | 30,222 | 11,457 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Richmond, VA (Downtown)
|
12,002 | 34,736 | 0 | 11,990 | 34,740 | 46,730 | 2,067 | 44,663 | 18,480 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Springfield, VA (Loisdale)
|
12,627 | 30,572 | 0 | 12,627 | 30,572 | 43,199 | 1,803 | 41,396 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Springfield, VA (Spring Mall)
|
4,389 | 9,466 | 0 | 4,389 | 10,145 | 14,534 | 623 | 13,911 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Sterling, VA
|
8,426 | 18,651 | 0 | 8,426 | 18,651 | 27,077 | 1,109 | 25,968 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Windsor Court, CT
|
6,090 | 11,745 | 0 | 6,090 | 11,746 | 17,836 | 701 | 17,134 | 8,015 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Ocala, FL
|
2,877 | 9,407 | 0 | 2,877 | 9,408 | 12,285 | 566 | 11,719 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Plant City, FL
|
3,687 | 9,849 | 0 | 3,687 | 9,858 | 13,545 | 586 | 12,959 | 5,900 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Brandon, FL
|
3,571 | 12,190 | 0 | 3,571 | 12,190 | 15,761 | 718 | 15,043 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Atlanta, GA (Abernathy)
|
11,634 | 31,341 | 0 | 11,634 | 31,358 | 42,992 | 1,841 | 41,151 | 13,392 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Norcross, GA
|
3,007 | 8,489 | 0 | 3,007 | 8,507 | 11,514 | 508 | 11,006 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Bowie, MD
|
5,739 | 14,301 | 0 | 5,739 | 14,307 | 20,046 | 860 | 19,187 | 8,424 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Ashville, NC (Oakley)
|
2,651 | 8,908 | 0 | 2,651 | 8,924 | 11,575 | 597 | 10,978 | 5,175 | S/L 31.5 | 2007(A) |
F-69
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Cary, NC (Mill Pond)
|
6,913 | 17,301 | 0 | 6,913 | 17,334 | 24,247 | 1,034 | 23,213 | 8,500 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Charlotte, NC (Camfield)
|
2,842 | 9,807 | 0 | 2,842 | 9,843 | 12,685 | 591 | 12,093 | 5,150 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Cornelius, NC
|
4,382 | 15,184 | 0 | 4,382 | 15,277 | 19,659 | 900 | 18,759 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Greensboro, NC (Capital)
|
3,070 | 13,386 | 0 | 3,070 | 13,463 | 16,533 | 818 | 15,715 | 6,700 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Raleigh, NC (Capital)
|
2,728 | 10,665 | 0 | 2,728 | 10,665 | 13,393 | 640 | 12,753 | 5,478 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Raleigh, NC (Wakefield)
|
3,345 | 11,482 | 0 | 3,345 | 11,496 | 14,841 | 695 | 14,147 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Wilmington, NC (Oleander)
|
2,270 | 4,812 | 0 | 2,270 | 4,963 | 7,233 | 324 | 6,909 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Wilson, NC
|
1,598 | 8,160 | 0 | 1,598 | 8,240 | 9,838 | 499 | 9,338 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Morgantown, WV
|
4,645 | 10,341 | 0 | 4,645 | 10,341 | 14,986 | 673 | 14,314 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Greenwood, SC
|
607 | 4,094 | 0 | 607 | 4,094 | 4,701 | 252 | 4,450 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Edgewater, NJ
|
7,714 | 30,473 | 0 | 7,714 | 30,585 | 38,299 | 1,805 | 36,495 | 14,000 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Cullman, AL
|
2,542 | 7,651 | 0 | 2,542 | 7,651 | 10,193 | 469 | 9,724 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Dothan, AL
|
1,293 | 6,005 | 0 | 1,293 | 6,005 | 7,298 | 366 | 6,932 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Culver City, CA
|
4,239 | 4,824 | 0 | 4,239 | 4,824 | 9,063 | 290 | 8,773 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Highland Ranch, CO
|
1,380 | 4,739 | 0 | 1,380 | 4,739 | 6,119 | 288 | 5,831 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Manchester, CT
|
4,334 | 10,428 | 0 | 4,334 | 9,408 | 13,742 | 638 | 13,104 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Dania Beach, FL
|
9,593 | 17,686 | 0 | 9,593 | 17,686 | 27,279 | 1,075 | 26,203 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Plantation, FL (Vision)
|
1,032 | 580 | 0 | 1,032 | 580 | 1,612 | 35 | 1,577 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Vero Beach, FL
|
2,653 | 4,667 | 0 | 2,653 | 4,667 | 7,320 | 284 | 7,035 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Duluth, GA (Sofa)
|
815 | 2,692 | 0 | 815 | 2,692 | 3,507 | 165 | 3,342 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Gainesville, GA
|
1,073 | 1,586 | 0 | 1,073 | 1,586 | 2,659 | 95 | 2,564 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Lawrenceville, GA (Eckerd)
|
1,457 | 1,057 | 0 | 1,457 | 1,057 | 2,514 | 64 | 2,450 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Macon, GA (K-Mart)
|
1,397 | 1,142 | 0 | 1,397 | 1,142 | 2,539 | 67 | 2,473 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Marietta, GA (Eckerd)
|
1,622 | 1,050 | 0 | 1,622 | 1,050 | 2,672 | 64 | 2,609 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Rome, GA
|
1,523 | 4,065 | 0 | 1,523 | 4,065 | 5,588 | 249 | 5,339 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Snellville, GA (Eckerd)
|
1,303 | 1,494 | 0 | 1,303 | 1,494 | 2,797 | 90 | 2,708 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Sylvania, GA
|
431 | 3,774 | 0 | 431 | 3,774 | 4,205 | 235 | 3,970 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Warner Robbins, GA (Lowes)
|
3,667 | 10,940 | 0 | 3,667 | 10,940 | 14,607 | 672 | 13,934 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Rockford, IL
|
1,107 | 3,165 | 0 | 1,107 | 3,165 | 4,272 | 191 | 4,081 | 3,223 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Covington, LA
|
1,054 | 1,394 | 0 | 1,054 | 1,423 | 2,477 | 92 | 2,386 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Worcester, MA
|
5,395 | 10,938 | 0 | 5,395 | 10,938 | 16,333 | 656 | 15,677 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Dearborn Heights, MI
|
2,463 | 2,946 | 0 | 2,463 | 2,946 | 5,409 | 178 | 5,232 | 3,550 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Livonia, MI
|
1,411 | 2,727 | 0 | 1,411 | 2,727 | 4,138 | 165 | 3,973 | 2,477 | S/L 31.5 | 2007(A) |
F-70
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Port Huron, MI
|
1,662 | 3,270 | 0 | 1,662 | 3,270 | 4,932 | 198 | 4,735 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Westland, MI
|
1,400 | 2,531 | 0 | 1,400 | 2,531 | 3,931 | 155 | 3,776 | 2,625 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Cary, NC
|
2,264 | 4,581 | 0 | 2,264 | 4,581 | 6,845 | 277 | 6,568 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Concord, NC (Eckerd)
|
885 | 2,119 | 0 | 885 | 2,119 | 3,004 | 128 | 2,877 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Raleigh, NC (Eckerd)
|
1,249 | 2,127 | 0 | 1,249 | 2,127 | 3,376 | 128 | 3,248 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Winston-Salem, NC (Wal-Mart)
|
7,156 | 15,010 | 0 | 7,156 | 15,010 | 22,166 | 931 | 21,236 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Buffalo, NY (Eckerd)
|
1,229 | 2,428 | 0 | 1,229 | 2,428 | 3,657 | 146 | 3,511 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Cheektowaga, NY (Eckerd)
|
1,740 | 2,417 | 0 | 1,740 | 2,417 | 4,157 | 145 | 4,013 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Dunkirk, NY
|
0 | 1,487 | 0 | 0 | 1,487 | 1,487 | 91 | 1,396 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Amherst, NY (Eckerd)
|
1,483 | 1,917 | 0 | 1,483 | 1,917 | 3,400 | 116 | 3,285 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Alliance, OH
|
812 | 16,244 | 0 | 812 | 16,244 | 17,056 | 1,002 | 16,054 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Cincinnati, OH (Kroger)
|
2,805 | 5,028 | 0 | 2,805 | 5,028 | 7,833 | 303 | 7,530 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Steubenville, OH
|
3,324 | 10,423 | 0 | 3,324 | 10,423 | 13,747 | 639 | 13,107 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Weschester, OH
|
1,449 | 3,916 | 0 | 1,449 | 3,916 | 5,365 | 244 | 5,121 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Oklahoma City, OK
|
395 | 1,697 | 0 | 395 | 1,697 | 2,092 | 101 | 1,991 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Cheswick, PA
|
863 | 2,225 | 0 | 863 | 2,225 | 3,088 | 134 | 2,954 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Connelsville, PA
|
1,356 | 2,524 | 0 | 1,356 | 2,524 | 3,880 | 151 | 3,729 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Harborcreek, PA
|
1,062 | 2,124 | 0 | 1,062 | 2,124 | 3,186 | 127 | 3,059 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Erie, PA (Eckerd)
|
958 | 2,223 | 0 | 958 | 2,223 | 3,181 | 133 | 3,048 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Millcreek, PA (Eckerd)
|
1,525 | 2,416 | 0 | 1,525 | 2,416 | 3,941 | 145 | 3,796 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Millcreek, PA (Eckerd)
|
0 | 1,486 | 0 | 0 | 1,486 | 1,486 | 90 | 1,395 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Erie, PA (Eckerd)
|
1,578 | 2,721 | 0 | 1,578 | 2,721 | 4,299 | 163 | 4,137 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Erie, PA (Eckerd)
|
1,641 | 2,015 | 0 | 1,641 | 2,015 | 3,656 | 121 | 3,536 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Penn, PA
|
852 | 2,418 | 0 | 852 | 2,418 | 3,270 | 145 | 3,124 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Monroeville, PA
|
2,863 | 2,935 | 0 | 2,863 | 2,935 | 5,798 | 175 | 5,622 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Monroeville, PA (Eckerd)
|
1,431 | 2,024 | 0 | 1,431 | 2,024 | 3,455 | 122 | 3,333 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
New Castle, PA
|
1,331 | 2,016 | 0 | 1,331 | 2,016 | 3,347 | 121 | 3,226 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Pittsburgh, PA
|
1,771 | 2,523 | 0 | 1,771 | 2,523 | 4,294 | 151 | 4,143 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Plum Borough, PA
|
1,671 | 2,424 | 0 | 1,671 | 2,424 | 4,095 | 145 | 3,950 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Taega Cay, SC
|
1,387 | 2,451 | 0 | 1,387 | 2,451 | 3,838 | 148 | 3,690 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Gaffney, SC
|
1,189 | 2,363 | 0 | 1,189 | 2,363 | 3,552 | 144 | 3,408 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Greenville, SC (Eckerd)
|
1,452 | 1,909 | 0 | 1,452 | 1,909 | 3,361 | 115 | 3,246 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Greenville, SC (Wal-Mart)
|
5,659 | 14,411 | 0 | 5,659 | 14,411 | 20,070 | 897 | 19,174 | 0 | S/L 31.5 | 2007(A) |
F-71
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2008 |
Total |
Date |
||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
Cost, |
of |
||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost (B) |
Net |
Depreciable |
Construction |
||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
of |
Lives |
(C) |
||||||||||||||||||||||||||||||||||||||||
& |
& |
Accumulated |
Accumulated |
(Years) |
Acquisition |
|||||||||||||||||||||||||||||||||||||||
Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Depreciation | Encumbrances | (1) | (A) | ||||||||||||||||||||||||||||||||||
Mt. Pleasant, SC (Bi-Lo)
|
2,420 | 7,979 | 0 | 2,420 | 7,979 | 10,399 | 492 | 9,907 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Piedmont, SC
|
589 | 1,687 | 0 | 589 | 1,687 | 2,276 | 102 | 2,174 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Spartanburg, SC (Blackstock)
|
1,223 | 2,128 | 0 | 1,223 | 2,128 | 3,351 | 128 | 3,222 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Spartanburg, SC (Eckerd)
|
1,255 | 2,226 | 0 | 1,255 | 2,226 | 3,481 | 134 | 3,347 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Woodruff, SC
|
1,145 | 2,353 | 0 | 1,145 | 2,353 | 3,498 | 143 | 3,355 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Baytown, TX (Lowes)
|
1,568 | 10,383 | 0 | 1,568 | 10,383 | 11,951 | 633 | 11,318 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Ft. Worth, TX (CVS )
|
860 | 1,913 | 0 | 860 | 1,913 | 2,773 | 114 | 2,659 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Ft. Worth , TX (CVS)
|
701 | 1,276 | 0 | 701 | 1,276 | 1,977 | 77 | 1,901 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Garland, TX
|
1,567 | 73 | 0 | 1,567 | 73 | 1,640 | 4 | 1,635 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Grand Prairie, TX
|
2,892 | 3,226 | 0 | 2,892 | 3,226 | 6,118 | 205 | 5,913 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Houston, TX
|
4,380 | 8,729 | 0 | 4,380 | 8,729 | 13,109 | 543 | 12,567 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Richland Hills, TX
|
1,094 | 1,605 | 0 | 1,094 | 1,605 | 2,699 | 97 | 2,603 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Richardson, TX (CVS)
|
1,045 | 1,594 | 0 | 1,045 | 1,594 | 2,639 | 96 | 2,543 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Rowlett, TX
|
1,241 | 211 | 0 | 1,241 | 211 | 1,452 | 12 | 1,440 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Tyler, TX
|
316 | 1,384 | 0 | 316 | 1,219 | 1,535 | 83 | 1,452 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Olympia, WA
|
2,946 | 3,094 | 0 | 2,946 | 3,094 | 6,040 | 190 | 5,850 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Oshkosh, WI
|
1,250 | 3,176 | 0 | 1,250 | 3,176 | 4,426 | 192 | 4,234 | 2,817 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Weirton, WV
|
694 | 2,109 | 0 | 694 | 2,109 | 2,803 | 127 | 2,676 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Lakeland, FL (Highlands)
|
2,800 | 3,148 | 0 | 2,800 | 3,442 | 6,242 | 298 | 5,944 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Plantation, FL (Fountains)
|
20,697 | 36,751 | 0 | 20,697 | 39,305 | 60,002 | 2,469 | 57,533 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Evansville, IN (East)
|
8,964 | 18,764 | 0 | 8,964 | 18,800 | 27,764 | 1,166 | 26,598 | 0 | S/L 31.5 | 2007(A) | |||||||||||||||||||||||||||||||||
Portfolio Balance (DDR)
|
492,046 | 523,078 | 0 | 492,055 | 523,085 | 1,015,140 | 26,650 | 988,483 | 387,374 | (2) | S/L 31.5 | |||||||||||||||||||||||||||||||||
$ | 2,525,663 | $ | 5,873,157 | $ | 12,403 | $ | 2,543,856 | (3) | $ | 6,562,779 | (4) | $ | 9,106,635 | $ | 1,208,903 | $ | 7,897,732 | $ | 1,565,989 | |||||||||||||||||||||||||
(1) | S/L refers to straight-line depreciation. | |
(2) | Includes $258.5 million of mortgage debt which encumbers 37 Mervyns sites. | |
(3) | Includes $469.9 million of land under development at December 31, 2008. | |
(4) | Includes $409.6 million of construction in progress at December 31, 2008. | |
(B) | The Aggregate Cost for Federal Income Tax purposes was approximately $9.1 billion at December 31, 2008. |
F-72
2008 | 2007 | 2006 | ||||||||||
Balance, beginning of year
|
$ | 8,978,875 | $ | 7,442,135 | $ | 7,029,337 | ||||||
Acquisitions and transfers from joint ventures
|
10,994 | 3,048,672 | 370,218 | |||||||||
Developments, improvements and expansions
|
215,045 | 283,806 | 236,147 | |||||||||
Changes in land under development and construction in progress
|
214,622 | 211,432 | 104,808 | |||||||||
Real estate held for sale
|
| (5,863 | ) | (8,558 | ) | |||||||
Sales and transfers to joint ventures
|
(312,901 | ) | (2,001,307 | ) | (289,817 | ) | ||||||
Balance, end of year
|
$ | 9,106,635 | $ | 8,978,875 | $ | 7,442,135 | ||||||
2008 | 2007 | 2006 | ||||||||||
Balance, beginning of year
|
$ | 1,024,048 | $ | 861,266 | $ | 692,823 | ||||||
Depreciation for year
|
246,374 | 224,375 | 193,527 | |||||||||
Real estate held for sale
|
| (67 | ) | (3,326 | ) | |||||||
Sales
|
(61,519 | ) | (61,526 | ) | (21,758 | ) | ||||||
Balance, end of year
|
$ | 1,208,903 | $ | 1,024,048 | $ | 861,266 | ||||||
F-73
Principal |
||||||||||||||||||||||||
Amount of |
||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||
subject to |
||||||||||||||||||||||||
Final |
Periodic |
delinquent |
||||||||||||||||||||||
Maturity |
Payment |
Prior |
Face Amount of |
Carrying Amount of |
principal |
|||||||||||||||||||
Description
|
Interest Rate | Date | Terms | Liens | Mortgages | Mortgages | or interest | |||||||||||||||||
MEZZANINE LOANS
MULTI-FAMILY |
||||||||||||||||||||||||
Multifamily Development/Mesa, AZ
|
LIBOR+6.0 |
%, Floor 11% |
Mar-11 | Interest Monthly, principal at maturity | | 5,211 | 5,211 | | ||||||||||||||||
Multifamily Development/Dallas, TX
|
LIBOR+6.5 |
%, Floor 11.5% |
Apr-11 | Interest Monthly, principal at maturity | | 2,822 | 2,822 | | ||||||||||||||||
Multifamily Development/Dallas, TX
|
LIBOR+8.0 |
%, Floor 12% |
Jun-11 | Interest Monthly, principal at maturity | | 7,624 | 7,624 | | ||||||||||||||||
RETAIL
|
||||||||||||||||||||||||
Retail Development/ BonitaSprings, FL
|
LIBOR+6.0 |
%, Floor 11% |
May-11 | Interest Monthly, principal at maturity | | 10,806 | 5,406(1 | ) | | |||||||||||||||
Retail Development/ Bloomfield Hills, MI
|
LIBOR+7.0 |
%, Floor 12% |
Jul-11 | Interest Monthly, principal at maturity | | 58,089 | 58,089 | | ||||||||||||||||
Retail Development/ Orlando, FL
|
Prime+0.5 |
%, Floor 7% |
Oct-08 | Interest Monthly, principal at maturity | | 18,988 | 18,988 | 18,988 | ||||||||||||||||
MIXED USE
|
||||||||||||||||||||||||
Mixed Use Development/ Washington DC
|
LIBOR+7.0 |
%, Floor 11% |
Dec-10 | Interest Monthly, principal at maturity | | 12,600 | 12,600 | | ||||||||||||||||
Mixed Use Development/ East Lansing, MI
|
LIBOR+10.0 |
%, Floor 14% |
Sep-11 | Interest Monthly, principal at maturity | | 4,679 | 4,679 | | ||||||||||||||||
$ | 120,819 | $ | 115,419 | |||||||||||||||||||||
(1) | Includes a $5.4 million loan loss reserve. |
F-74
Year Ended |
Year Ended |
|||||||
December 31, |
December 31, |
|||||||
2008 | 2007 | |||||||
Balance at beginning of period
|
$ | | $ | | ||||
Additions during period:
|
||||||||
New mortgage loans
|
120,819 | | ||||||
Deductions during period:
|
||||||||
Provision for loan loss reserve
|
(5,400 | ) | | |||||
Collections of principal
|
| | ||||||
Balance at close of period
|
$ | 115,419 | $ | | ||||
F-75
By: |
/s/ Scott
A. Wolstein
|
/s/ Scott
A. Wolstein Scott A. Wolstein |
Chairman, Chief Executive Officer and Director (Principal
Executive Officer)
|
|||
/s/ William
H. Schafer William H. Schafer |
Executive Vice President and Chief Financial Officer (Principal
Financial and Accounting Officer)
|
|||
/s/ Christa
A. Vesy Christa A. Vesy |
Senior Vice President and Chief Accounting Officer
|
|||
/s/ Dean
S. Adler Dean S. Adler |
Director
|
|||
/s/ Terrance
R. Ahern Terrance R. Ahern |
Director
|
|||
Robert H. Gidel |
Director
|
|||
/s/ Victor
B. MacFarlane Victor B. MacFarlane |
Director
|
|||
/s/ Craig
Macnab Craig Macnab |
Director
|
|||
/s/ Scott
D. Roulston Scott D. Roulston |
Director
|
|||
/s/ Barry
A. Sholem Barry A. Sholem |
Director
|
|||
/s/ William
B. Summers, Jr. William B. Summers, Jr. |
Director
|
|||
F-76