(Mark One)
|
||
þ
|
ANNUAL REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006 |
|
OR
|
||
o
|
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.) |
Name of Each Exchange on |
||
Title of Each Class
|
Which Registered | |
Common Shares, Without Par Value
|
New York Stock Exchange | |
Depositary Shares Representing
Class F Cumulative Redeemable Preferred Shares |
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 |
Report |
||||||||
Item No.
|
Page | |||||||
3 | ||||||||
6 | ||||||||
14 | ||||||||
15 | ||||||||
57 | ||||||||
57 | ||||||||
59 | ||||||||
61 | ||||||||
64 | ||||||||
116 | ||||||||
118 | ||||||||
118 | ||||||||
118 | ||||||||
119 | ||||||||
120 | ||||||||
120 | ||||||||
120 | ||||||||
121 | ||||||||
121 | ||||||||
121 | ||||||||
EX-4.16 | ||||||||
EX-4.17 | ||||||||
EX-21.1 | ||||||||
EX-23.1 | ||||||||
EX-31.1 | ||||||||
EX-31.2 | ||||||||
EX-32.1 | ||||||||
EX-32.2 |
2
3
| Increase cash flows and property values through strategic leasing, re-tenanting, renovation and expansion of the Companys portfolio; |
4
| Continue to selectively acquire well-located, quality shopping centers (individually or in portfolio transactions) that have leases at rental rates below market rates or other cash flow growth or capital appreciation potential where the Companys financial strength, relationships with retailers and management capabilities can enhance value; | |
| Increase cash flows and property values by continuing to take advantage of attractive financing and refinancing opportunities (see Recent Developments Financings); | |
| Increase per share cash flows through the strategic disposition of low growth assets and utilizing the proceeds to repay debt, invest in other real estate assets and/or developments; | |
| Selectively develop 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 and | |
| Continue to manage and develop the properties of others to generate fee income, subject to restrictions imposed by federal income tax laws, and pursue opportunities for acquisitions. |
5
| 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. |
| 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. |
6
| 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. |
7
| Following the merger, the Company may not achieve expected cost savings and operating efficiencies, including the elimination of redundant administrative costs and property management costs; | |
| The Company may not effectively integrate the operations of IRRETI; | |
| The acquisition of the Inland portfolio may subject the Company to liabilities, including environmental liabilities; | |
| The IRRETI portfolio, including its development projects, may not perform or provide for additional revenue opportunities as well as the Company anticipates; | |
| The Company may experience difficulties and incur expenses associated with the assimilation and retention of Inland employees and | |
| The diversion of managements attention to the integration of the operations of IRRETI could have an adverse effect on the financial condition and operating results of Inland and the Company. |
8
| The Company may abandon development opportunities after expending resources to determine feasibility; | |
| Construction costs of a project may exceed the Companys original estimates; | |
| Occupancy rates and rents at a newly completed property may not be sufficient to make the property profitable; | |
| Rental rates per square foot could be less than projected; | |
| Financing may not be available to the Company on favorable terms for development of a property; | |
| The Company may not complete construction and lease-up on schedule, resulting in increased debt service expense and construction costs and | |
| The Company may not be able to obtain, or may experience delays in obtaining, necessary zoning, land use, building, occupancy and other required governmental permits and authorizations. |
9
| The Companys cash flow may not satisfy required payments of principal and interest; | |
| The Company may not be able to refinance existing indebtedness 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 acquisitions; | |
| Any default on the Companys indebtedness could result in acceleration of those obligations and possible loss of property to foreclosure and | |
| The risk that 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 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. |
11
| Adverse effects of changes in exchange rates for foreign currencies; | |
| Changes in foreign political environments; | |
| Challenges of complying with a wide variety of foreign laws including corporate governance, operations, taxes and litigation; | |
| Different lending practices; | |
| Cultural differences; | |
| Changes in applicable laws and regulations in the United States that affect foreign operations; | |
| Difficulties in managing international operations and | |
| Obstacles, including taxes, relating to the repatriation of earnings and cash. |
12
13
| The extent of institutional investor interest in the Company; | |
| The reputation of REITs in general 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; | |
| General economic and financial market conditions and | |
| Counterparties to certain transactions may enter into hedging transactions that could impact the price of the Companys common shares. In August 2006, the Company entered into a capped call transaction in connection with the sale of its 3.50% convertible senior notes due 2011, and in December 2006, the Company entered into a forward sale agreement for DDR common shares. |
14
Item 1b. | UNRESOLVED STAFF COMMENTS |
Item 2. | PROPERTIES |
| 129 of these properties are anchored by a Wal-Mart, Kohls or Target store; | |
| These properties range in size from 10,000 square feet to approximately 1,100,000 square feet of total GLA (with 73 properties exceeding 400,000 square feet of total GLA); | |
| Approximately 65.8% of the aggregate Company-owned GLA of these properties is leased to national tenants, including subsidiaries, approximately 20.1% is leased to regional tenants and approximately 9.3% is leased to local tenants; | |
| Approximately 95.2% of the aggregate Company-owned GLA of these properties was occupied as of December 31, 2006. With respect to the properties owned by the Company as of December 31 for each of the last five years beginning with 2002, between 94.3% and 95.3% of aggregate Company-owned GLA of these properties was occupied; | |
| Eight wholly-owned properties are currently being expanded by the Company, and six properties owned by joint ventures are being expanded. The Company is pursuing the expansion of 12 additional wholly-owned properties and three joint venture properties and | |
| Seven wholly-owned properties and four joint venture properties are currently being developed by the Company. The Company is pursuing the development of two additional wholly-owned properties. |
15
Average |
||||||||||||||||||||||||
Base |
Percentage of |
Percentage of |
||||||||||||||||||||||
Annualized |
Rent Per |
Total Leased |
Total Base |
|||||||||||||||||||||
Approximate |
Base Rent |
Sq. Foot |
Sq. Footage |
Rental Revenues |
||||||||||||||||||||
No. of |
Lease Area in |
Under Expiring |
Under |
Represented |
Represented by |
|||||||||||||||||||
Expiration |
Leases |
Square Feet |
Leases |
Expiring |
by Expiring |
Expiring |
||||||||||||||||||
Year
|
Expiring | (Thousands) | (Thousands) | Leases | Leases | Leases | ||||||||||||||||||
2007
|
796 | 3,551 | $ | 39,425 | $ | 11.10 | 7.0 | % | 7.8 | % | ||||||||||||||
2008
|
707 | 3,670 | 43,679 | 11.90 | 7.2 | 8.6 | ||||||||||||||||||
2009
|
674 | 4,191 | 49,032 | 11.70 | 8.2 | 9.6 | ||||||||||||||||||
2010
|
610 | 3,969 | 44,521 | 11.22 | 7.8 | 8.8 | ||||||||||||||||||
2011
|
640 | 5,063 | 61,903 | 12.23 | 9.9 | 12.2 | ||||||||||||||||||
2012
|
295 | 3,860 | 42,499 | 11.01 | 7.6 | 8.4 | ||||||||||||||||||
2013
|
156 | 2,724 | 27,570 | 10.12 | 5.4 | 5.4 | ||||||||||||||||||
2014
|
165 | 2,934 | 31,271 | 10.66 | 5.8 | 6.2 | ||||||||||||||||||
2015
|
163 | 2,751 | 30,049 | 10.92 | 5.4 | 5.9 | ||||||||||||||||||
2016
|
148 | 2,508 | 29,952 | 11.94 | 4.9 | 5.9 | ||||||||||||||||||
Total
|
4,354 | 35,221 | $ | 399,901 | $ | 11.35 | 69.2 | % | 78.8 | % | ||||||||||||||
Average |
||||||||||||||||||||||||
Base |
Percentage of |
Percentage of |
||||||||||||||||||||||
Annualized |
Rent Per |
Total Leased |
Total Base |
|||||||||||||||||||||
Approximate |
Base Rent |
Sq. Foot |
Sq. Footage |
Rental Revenues |
||||||||||||||||||||
No. of |
Lease Area in |
Under Expiring |
Under |
Represented |
Represented by |
|||||||||||||||||||
Expiration |
Leases |
Square Feet |
Leases |
Expiring |
by Expiring |
Expiring |
||||||||||||||||||
Year
|
Expiring | (Thousands) | (Thousands) | Leases | Leases | Leases | ||||||||||||||||||
2007
|
943 | 2,313 | $ | 43,914 | $ | 18.99 | 6.6 | % | 10.6 | % | ||||||||||||||
2008
|
509 | 1,758 | 26,631 | 15.15 | 5.0 | 6.4 | ||||||||||||||||||
2009
|
620 | 2,647 | 36,139 | 13.65 | 7.5 | 8.7 | ||||||||||||||||||
2010
|
516 | 3,099 | 43,388 | 14.00 | 8.8 | 10.5 | ||||||||||||||||||
2011
|
591 | 3,003 | 51,045 | 17.00 | 8.5 | 12.3 | ||||||||||||||||||
2012
|
165 | 2,044 | 25,142 | 12.30 | 5.8 | 6.1 | ||||||||||||||||||
2013
|
112 | 1,361 | 17,932 | 13.18 | 3.9 | 4.3 | ||||||||||||||||||
2014
|
111 | 2,013 | 25,212 | 12.52 | 5.7 | 6.1 | ||||||||||||||||||
2015
|
80 | 1,709 | 19,305 | 11.30 | 4.9 | 4.7 | ||||||||||||||||||
2016
|
91 | 2,387 | 23,981 | 10.05 | 6.8 | 5.8 | ||||||||||||||||||
Total
|
3,738 | 22,334 | $ | 312,689 | $ | 14.00 | 63.5 | % | 75.5 | % | ||||||||||||||
16
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Alabama | ||||||||||||||||||||||||||||||||||||||||||||
1
|
Birmingham, AL |
Brook Highland Plaza 5291 Hwy 280 South |
35242 | SC | Fee | 1994/2003 | 1994 | 100% | 423,493 | $ | 4,685,857 | $ | 10.01 | 94.9% | Dicks Sporting Goods (2017), Goodys (2009), Regal Cinemas (2014), Stein Mart (2011), Office Max (2011), Michaels (2009), Home Goods (2016), Books-A-Million (2010), Ross Dress For Less (2014), Lowes Home Improvement (Not Owned) | |||||||||||||||||||||||||||||
2
|
Birmingham, AL |
Eastwood Festival Center 7001 Crestwood Boulevard |
35210 | SC | Fee | 1989/1999 | 1995 | 100% | 300,280 | $ | 1,458,818 | $ | 7.30 | 66.6% | Office Depot (2007), Dollar Tree (2009), Burlington Coat Factory (2008), Home Depot (Not Owned), Western Supermarkets (Not Owned) | |||||||||||||||||||||||||||||
3
|
Birmingham, AL |
Riverchase Promenade Montgomery Highway |
35244 | SC | Fee (3 | ) | 1989 | 2002 | 14.5% | 120,108 | $ | 1,761,372 | $ | 15.42 | 95.1% | Marshalls (2008), Goodys (Not Owned), Toys R Us (Not Owned) | ||||||||||||||||||||||||||||
4
|
Gadsden, AL |
East Side Plaza 3010-3036 E. Meighan Boulevard |
35903 | SC | Fee | 1979/2004 | 2003 | 100% | 85,196 | $ | 271,508 | $ | 5.12 | 62.3% | Freds (2009), Food World (Not Owned) | |||||||||||||||||||||||||||||
5
|
Opelika, AL |
Pepperell Corners 2300-2600 Pepperell Parkway OP |
36801 | SC | Fee | 1995 | 2003 | 100% | 306,224 | $ | 1,506,377 | $ | 5.81 | 84.7% | Lowes Home Improvement (2012), Goodys (2010), Steve & Barrys (2014) | |||||||||||||||||||||||||||||
6
|
Scottsboro, AL |
Scottsboro Marketplace 24833 John P Reid Parkway |
35766 | SC | Fee | 1999 | 2003 | 100% | 40,560 | $ | 455,004 | $ | 11.22 | 100% | Goodys (2011), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
Arizona | ||||||||||||||||||||||||||||||||||||||||||||
7
|
Ahwatukee, AZ |
Foothills Towne Center (II) 4711 East Ray Road |
85044 | SC | Fee (3 | ) |
1996/1997/ 1999 |
1997 | 50% | 647,883 | $ | 10,286,617 | $ | 15.62 | 98.1% | Jo-Ann Stores (2010), Best Buy (2014), Bassett Furniture (2010), AMC Theatres (2021), Ashley Furniture Homestore (2011), Barnes & Noble (2012), Stein Mart (2011), Babies R Us (2007), Ross Dress For Less (2012), Office Max (2012) | ||||||||||||||||||||||||||||
8
|
Chandler, AZ |
Mervyns Plaza 2992 N. Alma School Road |
85224 | MV | Fee | 1985 | 2005 | 50% | 74,862 | $ | 673,200 | $ | 8.99 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
9
|
Mesa, AZ |
Superstition Springs Center 6505 East Southern Avenue |
85206 | MV | Fee | 1990 | 2005 | 50% | 86,858 | $ | 1,151,580 | $ | 13.26 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
10
|
Phoenix, AZ |
Paradise Village Gateway Tatum & Shea Boulevards |
85028 | SC | Fee | 1997/2004 | 2003 | 67% | 223,161 | $ | 4,083,270 | $ | 17.54 | 93.4% | Bed Bath & Beyond (2011), Ross Dress For Less (2007), PETsMART (2015), Staples (2010), Albertsons-Osco Drug (Not Owned) |
17
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
11
|
Phoenix, AZ |
Deer Valley Towne Center 2805 West Agua Fria Freeway |
85027 | SC | Fee | 1996 | 1999 | 100% | 197,009 | $ | 3,106,346 | $ | 15.77 | 100% | Ross Dress For Less (2009), Office Max (2013), PETsMART (2014), Michaels (2009), Target (Not Owned), AMC Theatres (Not Owned) | |||||||||||||||||||||||||||||
12
|
Phoenix, AZ |
Deer Valley 4255 W. Thunderbird Road |
85053 | MV | Fee | 1979 | 2005 | 50% | 81,009 | $ | 819,060 | $ | 10.11 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
13
|
Phoenix, AZ |
Arrowhead Crossing 7553 West Bell Road |
85382 | SC | Fee (3 | ) | 1995 | 1996 | 50% | 346,428 | $ | 4,551,902 | $ | 13.41 | 98.0% | Staples (2009), CompUSA (2013), Mac Frugals (2010), Barnes & Noble (2011), T.J. Maxx (2011), Circuit City (2016), DSW Shoe Warehouse (2017), Bassett Furniture (2009), Linens N Things (2011), Frys (Not Owned) | ||||||||||||||||||||||||||||
14
|
Phoenix, AZ |
Silver Creek Plaza 4710 E. Ray Road |
85044 | MV | Fee | 1994 | 2005 | 50% | 76,214 | $ | 855,780 | $ | 11.23 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
15
|
Phoenix, AZ |
Phoenix Spectrum Mall 1641 West Bethany Home Road |
85015 | SC | GL (3 | ) | 1961 | 2004 | 20% | 391,436 | $ | 5,313,524 | $ | 9.01 | 100% | Costco Wholesale (2020), Ross Dress For Less (2013), PETsMART (2019), Harkins Theatre (2002), Wal-Mart (Not Owned), Dillards (Not Owned) | ||||||||||||||||||||||||||||
16
|
Tucson, AZ |
Santa Cruz Plaza 3660 S. 16th Avenue |
85713 | MV | Fee | 1982 | 2005 | 50% | 76,126 | $ | 513,060 | $ | 6.74 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
Arkansas | ||||||||||||||||||||||||||||||||||||||||||||
17
|
Fayetteville, AR |
Spring Creek Centre 464 E. Joyce Boulevard |
72703 | SC | Fee (3 | ) |
1997/1999/ 2000/2001 |
1997 | 14.5% | 262,827 | $ | 3,078,826 | $ | 11.71 | 100% | T.J. Maxx (2011), Best Buy (2017), Goodys (2013), Old Navy (2010), Bed Bath & Beyond (2009), Wal-Mart Super Center (Not Owned), Home Depot (Not Owned) | ||||||||||||||||||||||||||||
18
|
Fayetteville, AR |
Steele Crossing 3533-3595 N. Shiloh Drive |
72703 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 50,314 | $ | 1,005,371 | $ | 14.40 | 100% | Kohls (Not Owned), Target (Not Owned) | ||||||||||||||||||||||||||||
19
|
N. Little Rock, AR |
McCain Plaza 4124 East McCain Boulevard |
72117 | SC | Fee | 1991/2004 | 1994 | 100% | 295,013 | $ | 1,866,558 | $ | 6.88 | 92.0% | Bed Bath & Beyond (2013), T.J. Maxx (2007), Cinemark (2011), Burlington Coat Factory (2014), Michaels (2014), Sports Authority (2013) | |||||||||||||||||||||||||||||
20
|
Russellville, AR |
Valley Park Centre 3093 East Main Street |
72801 | SC | Fee | 1992 | 1994 | 100% | 205,429 | $ | 1,427,695 | $ | 7.33 | 94.8% | Hobby Lobby (2016), Stage (2010), J.C. Penney (2012) |
18
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||||||||||||||||||||
21
|
Brasilia |
Patio Brasil Shopping SCS Quadra 07 BL A |
70307-902 | SC | Fee | 1997/2001 | 2006 | 4.85% | 329,642 | $ | 10,592,498 | $ | 32.59 | 98.6% | Lojas Americanas (2999), Otoch (2007), Riachuelo (2007), C&A (Not Owned) (2999), Renner (2011), Centauro (2007) | |||||||||||||||||||||||||||||
22
|
Capinas |
Parque Dom Pedro Av. Guilherme Campos, 500 |
01387-001 | SC | Fee | 2001 | 2006 | 48.27% | 1,367,064 | $ | 21,271,498 | $ | 16.18 | 96.2% | Lojas Americanas (2014), Casas Bahia (2011), Centauro (2012), Marisa (2016), Big (2021), Etna (2015), Pernambucanas (2012), Riachuelo (2012), C&A (Not Owned) (2999), Zara (2014), Renner (2014), FNAC (2012) | |||||||||||||||||||||||||||||
23
|
Estrada Do Campo Limpo |
Campo Limpo Shopping Estrada Do Campo Limpo 459 |
05777-001 | SC | Fee | 2005 | 2006 | 9.32% | 215,390 | $ | 1,952,987 | $ | 10.47 | 86.6% | C&A (2016), Marisa (2016), Compre Bem (2012), Casas Bahia (2011) | |||||||||||||||||||||||||||||
24
|
Franca |
Franca Shopping Av. Rio Negro, 1100 |
14406-901 | SC | Fee | 1993 | 2006 | 30.06% | 194,452 | $ | 1,408,105 | $ | 8.19 | 88.4% | C&A (2016), Casas Bahia (2009), Magazine Luiza (2010), Lojas Americanas (2014), C&C (2011) | |||||||||||||||||||||||||||||
25
|
Sao Bernado Do Campo |
Shopping Metropole Praca Samuel Sabatine, 200 |
09750-902 | SC | Fee | 1980/1995/1997 | 2006 | 4.66% | 273,613 | $ | 7,310,718 | $ | 31.12 | 85.9% | Lojas Americanas (2007), Renner (2007) | |||||||||||||||||||||||||||||
26
|
Sao Paulo |
Shopping Penha Ruo Dr Joao Ribeiro, 304 |
03634-010 | SC | Fee | 1992/2004 | 2006 | 34.1% | 321,299 | $ | 5,052,366 | $ | 16.83 | 93.4% | Marisa & Familia (2014), Sonda (2014), Lojas Americanas (2013), Kalunga (2010), C&A (2014) | |||||||||||||||||||||||||||||
27
|
Sao Paulo |
Plaza Sul Praca Leonor Kaupa |
04151-100 | SC | Fee | 1994 | 2006 | 9.32% | 265,322 | $ | 6,791,170 | $ | 31.31 | 81.7% | Lojas Americanas (2011), C&A (Not Owned) (2020), Luigi Bertolli (2007), Camicado (2010), Monday ACADEMIA (2009), Renner (2010), DEPAMERICANAS (2011), DEPOSITO VIVENDA DO CAMARAO (2007), DEP ShoeBIZ (2007) | |||||||||||||||||||||||||||||
28
|
Sao Paulo |
Boavista Shopping Rua Borba Gato, 59 |
04747-030 | SC | Fee | 2004 | 2006 | 46.61% | 279,933 | $ | 3,023,762 | $ | 12.95 | 83.4% | C&A (2014), Marisa & Familia (2014), Sonda (2999) | |||||||||||||||||||||||||||||
29
|
Sao Paula |
Tivoli Shopping Av. Santa Barbara, 777 |
13456-080 | SC | Fee | 1993/2006 | 2006 | 11.65% | 221,910 | $ | 2,401,498 | $ | 11.30 | 95.8% | Lojas Americanas (2014), Unimed (2010), Magazine Luiza (2008), C&A (Not Owned) (2016), Paulistao (2016) |
19
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
California | ||||||||||||||||||||||||||||||||||||||||||||
30
|
Anaheim, CA |
Anaheim Hills Festival Center 8100 E. Santa Ana Canyon Road |
92808 | MV | Fee | 1992 | 2005 | 50% | 77,883 | $ | 1,301,520 | $ | 16.71 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
31
|
Antioch, CA |
County East Shopping Center 2602 Somersville Road |
94509 | MV | Fee | 1970 | 2005 | 50% | 75,339 | $ | 1,181,160 | $ | 15.68 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
32
|
Buena Park, CA |
Buena Park Mall and Entertain 100 Buena Park |
90620 | SC | Fee (3 | ) | 1965 | 2004 | 50% | 723,988 | $ | 9,244,282 | $ | 16.44 | 76.4% | Circuit City (2018), DSW Shoe Warehouse (2013), Ross Dress For Less (2010), Bed Bath & Beyond (2011), Steve & Barrys (2014), Kohls (2024), Krikorian Premier Theatres (2023), Michaels (2014), Sears (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
33
|
Burbank, CA |
Burbank Town Center 245 E. Magnolia Boulevard |
91502 | MV | GL | 1991 | 2005 | 50% | 89,182 | $ | 1,624,860 | $ | 18.22 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
34
|
Chino, CA |
Chino Town Square Shopping 5517 Philadelphia Street |
91710 | MV | Fee | 1986 | 2005 | 50% | 81,282 | $ | 870,060 | $ | 10.70 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
35
|
Clovis, CA |
Sierra Vista Mall 1000 Shaw Avenue |
93612 | MV | GL | 1988 | 2005 | 50% | 75,088 | $ | 714,000 | $ | 9.51 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
36
|
El Cajon, CA |
Westfield Shopping Town 565 Fletcher Parkway |
92020 | MV | GL | 1989 | 2005 | 50% | 85,744 | $ | 1,253,580 | $ | 14.62 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
37
|
Fairfield, CA |
Westfield Solano Mall 1451 Gateway Boulevard |
94533 | MV | Fee | 1981 | 2005 | 50% | 89,223 | $ | 1,625,880 | $ | 18.22 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
38
|
Folsom, CA |
Folsom Square 1010 E. Bidwell Street |
95630 | MV | Fee | 2003 | 2005 | 50% | 79,080 | $ | 1,154,640 | $ | 14.60 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
39
|
Foothills Ranch, CA |
Foothills Ranch Town Center 26732 Portola Parkway |
92610 | MV | Fee | 1993 | 2005 | 50% | 77,934 | $ | 1,050,600 | $ | 13.48 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
40
|
Garden Grove, CA |
Garden Grove Center 13092 Harbor Boulevard |
92843 | MV | Fee | 1982 | 2005 | 50% | 83,746 | $ | 752,760 | $ | 8.99 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
41
|
Lancaster, CA |
Valley Central Discount 44707-44765 Valley Central Way |
93536 | SC | Fee (3 | ) | 1990 | 2001 | 20% | 353,483 | $ | 3,784,221 | $ | 10.77 | 99.4% | Marshalls (2007), Circuit City (2011), Staples (2008), Cinemark Movies 12 (2017), Wal-Mart (2010), 99 Cents Only (2014), Costco (Not Owned) | ||||||||||||||||||||||||||||
42
|
Lompoc, CA |
Mission Plaza 1600 N. H Street |
93436 | MV | Fee | 1992 | 2005 | 50% | 62,523 | $ | 350,880 | $ | 5.61 | 100% | Mervyns (2020) |
20
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
43
|
Long Beach, CA |
The Pike 95 South Pine Avenue |
90802 | SC | Fee | 2005 | 1* | 100% | 220,913 | $ | 3,217,049 | $ | 14.06 | 88.1% | Cinemark (2008), Borders Books and Music (2016), Club V2O (2019) | |||||||||||||||||||||||||||||
44
|
Madera, CA |
Madera 1467 Country Club Drive |
93638 | MV | Fee | 1990 | 2005 | 50% | 59,720 | $ | 200,940 | $ | 3.36 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
45
|
North Fullerton, CA |
North Fullerton 200 Imperial Highway |
92835 | MV | Fee | 1991 | 2005 | 50% | 76,360 | $ | 772,140 | $ | 10.11 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
46
|
Northridge, CA |
Northridge Plaza 8800 Corbin Avenue |
91324 | MV | GL | 1980 | 2005 | 50% | 75,326 | $ | 542,640 | $ | 7.20 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
47
|
Oceanside, CA |
Ocean Place Cinemas 401-409 Mission Avenue |
92054 | SC | Fee | 2000 | 1* | 100% | 80,450 | $ | 1,266,104 | $ | 16.36 | 96.2% | Regal Cinemas (2014) | |||||||||||||||||||||||||||||
48
|
Palmdale, CA |
Antelope Valley Mall 1305 W. Rancho Vista Boulevard |
93551 | MV | Fee | 1992 | 2005 | 50% | 76,550 | $ | 829,260 | $ | 10.83 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
49
|
Pasadena, CA |
Paseo Colorado 280 East Colorado Boulevard |
91101 | SC | Fee | 2001 | 2003 | 100% | 556,961 | $ | 11,295,175 | $ | 21.72 | 93.4% | Gelsons Market (2021), Loehmanns (2015), Equinox (2017), Macys (2010), Pacific Theatres Exhib. Corp (2016), DSW Shoe Warehouse (2011), J. Jill (2012), PF Changs China Bistro (2016), Bombay Company (2011), Tommy Bahama (2011), Sephora (2011) | |||||||||||||||||||||||||||||
50
|
Pleasant Hill, CA |
Downtown Pleasant Hill 2255 Contra Costa Blvd. #101 |
94523 | SC | Fee (3 | ) | 1999/2000 | 2001 | 20% | 345,930 | $ | 6,739,976 | $ | 20.84 | 93.5% | Albertsons (2020), Michaels (2010), Borders Books and Music (2015), Century Theatre (2016), Bed Bath & Beyond (2010), Ross Dress For Less (2010) | ||||||||||||||||||||||||||||
51
|
Porterville, CA |
Porterville Market Place 1275 W. Henderson Avenue |
93257 | MV | Fee | 1991 | 2005 | 50% | 76,378 | $ | 515,100 | $ | 6.74 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
52
|
Redding, CA |
Shasta Center 1755 Hilltop Drive |
96002 | MV | Fee | 1984 | 2005 | 50% | 61,363 | $ | 620,160 | $ | 10.11 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
53
|
Richmond, CA |
Hilltop Plaza 3401 Blume Drive |
94806 | SC | Fee (3 | ) | 1996/2000 | 2002 | 20% | 245,774 | $ | 3,759,633 | $ | 15.49 | 98.8% | Office Max (2011), PETsMART (2012), Ross Dress For Less (2008), Barnes & Noble (2011), Circuit City (2017), Century Theatre (2016) | ||||||||||||||||||||||||||||
54
|
San Diego, CA |
Southland Shopping Plaza 575 Saturn Boulevard |
92154 | MV | Fee | 1982 | 2005 | 50% | 75,207 | $ | 1,013,880 | $ | 13.48 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
55
|
San Diego, CA |
College Grove Shopping Center 3450 College Avenue |
92115 | MV | Fee | 1991 | 2005 | 50% | 73,872 | $ | 846,576 | $ | 11.46 | 100% | Mervyns (2020) |
21
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
56
|
San Francisco, CA |
Van Ness Plaza 215 1000 Van Ness Avenue |
94109 | SC | GL | 1998 | 2002 | 100% | 123,755 | $ | 3,796,758 | $ | 36.78 | 83.4% | AMC Theatres (2030), Crunch Fitness (2008) | |||||||||||||||||||||||||||||
57
|
Santa Maria, CA |
Town Center West 201 Town Center West |
93458 | MV | Fee | 1988 | 2005 | 50% | 84,886 | $ | 762,960 | $ | 8.99 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
58
|
Santa Rosa, CA |
Santa Rosa Plaza 600 Santa Rosa Plaza |
95401 | MV | Fee | 1981 | 2005 | 50% | 90,348 | $ | 1,526,940 | $ | 16.90 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
59
|
Slatten Ranch, CA |
Slatten Ranch Shopping Center 5849 Lone Tree Way |
94531 | MV | Fee | 2002 | 2005 | 50% | 78,819 | $ | 1,328,040 | $ | 16.85 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
60
|
Sonora, CA |
Sonora Crossroad Shopping 1151 Sanguinetti Road |
95370 | MV | Fee | 1993 | 2005 | 50% | 62,214 | $ | 733,380 | $ | 11.79 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
61
|
Tulare, CA |
Arbor Faire Shopping Center 1675 Hillman Street |
93274 | MV | Fee | 1991 | 2005 | 50% | 62,947 | $ | 566,100 | $ | 8.99 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
62
|
Ukiah, CA |
Ukiah 437 North Orchard Avenue |
95482 | MV | Fee | 1990 | 2005 | 50% | 58,841 | $ | 330,480 | $ | 5.62 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
63
|
Valencia, CA |
24235 Magic Mountain Parkway |
91355 | MV | GL | 1986 | 2006 | 100% | 75,590 | $ | 951,000 | $ | 12.58 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
64
|
West Covina, CA |
West Covina Shopping Center 2753 E. Eastland Center Drive |
91791 | MV | GL | 1979 | 2005 | 50% | 79,800 | $ | 1,545,300 | $ | 19.36 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
Colorado | ||||||||||||||||||||||||||||||||||||||||||||
65
|
Alamosa, CO |
Alamosa Plaza 145 Craft Drive |
81101 | SC | Fee | 1986 | 1*/2* | 100% | 19,875 | $ | 76,213 | $ | 7.53 | 88.7% | City Market, Inc. (Not Owned), Big R (Not Owned) | |||||||||||||||||||||||||||||
66
|
Aurora, CO |
Pioneer Hills 5400-5820 South Parker |
80012 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 127,215 | $ | 2,437,017 | $ | 17.52 | 100% | Bed Bath & Beyond (2012), Office Depot (2017), Home Depot (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
67
|
Broomfield, CO |
Flatiron Marketplace Garden 1 West Flatiron Circle |
80021 | SC | Fee | 2001 | 2003 | 100% | 245,182 | $ | 5,066,906 | $ | 20.65 | 95.8% | Nordstrom Rack (2011), Linens N Things (2017), Best Buy (2016), Office Depot (2016), Great Indoors (Not Owned) | |||||||||||||||||||||||||||||
68
|
Denver, CO |
Tamarack Square 777 East Hampden |
80231 | SC | Fee | 1976 | 2001 | 100% | 174,780 | $ | 1,936,476 | $ | 13.49 | 70.8% | Regency Theatres Tamarac Sq. (2008) |
22
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
69
|
Denver, CO |
Centennial Promenade 9555 East County Line Road |
80223 | SC | Fee | 1997/2002 | 1997 | 100% | 408,337 | $ | 6,856,637 | $ | 16.79 | 100% | Golfsmith Golf Center (2012), Soundtrack (2017), Ross Dress For Less (2008), Office Max (2012), Michaels (2007), Toys R Us (2011), Borders Books and Music (2017), Loehmanns (2012), Home Depot (Not Owned), Recreational Equipment (Not Owned) | |||||||||||||||||||||||||||||
70
|
Denver, CO |
University Hills 2730 South Colorado Boulevard |
80222 | SC | Fee | 1997 | 2003 | 100% | 244,383 | $ | 4,107,334 | $ | 16.81 | 100% | Linens N Things (2013), Pier 1 Imports (2014), Office Max (2012), King Soopers (2017) | |||||||||||||||||||||||||||||
71
|
Fort Collins, CO |
Mullberry and Lemay Crossings Mullberry Street & S. Lemay Avenue |
80525 | SC | Fee | 2004 | 2003 | 100% | 18,988 | $ | 425,171 | $ | 22.39 | 100% | Wal-Mart (Not Owned), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
72
|
Littleton, CO |
Aspen Grove 7301 South Santa Fe |
80120 | LC | Fee | 2002 | 1* | 100% | 231,450 | $ | 6,608,751 | $ | 28.10 | 95.2% | Coldwater Creek (2011), Talbots (2012), Ann Taylor (2012), J. Crew (2012), Banana Repubic (2012), Gap (2012), Williams-Sonoma (2014), J. Jill (2012), Bombay Company (2012), Pier 1 Imports (2011), Joseph A. Bank Clothers (2012), Buca di Beppo (2013), Champps (2022), Pottery Barn (2014) | |||||||||||||||||||||||||||||
73
|
Parker, CO |
Flatacres Marketcenter South Parker Road |
80134 | SC | GL (3 | ) | 2003 | 2003 | 14.5% | 116,644 | $ | 2,036,712 | $ | 14.89 | 100% | Bed Bath & Beyond (2014), Gart Sports (2014), Michaels (2013), Kohls (Not Owned) | ||||||||||||||||||||||||||||
74
|
Parker, CO |
Parker Pavilions 11153-11183 South Parker Road |
80134 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 89,631 | $ | 1,717,576 | $ | 18.82 | 96.0% | Office Depot (2016), Home Depot (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||||||||||
75
|
Plainville, CT |
Connecticut Commons I-84 & Route 9 |
06062 | SC | Fee (3 | ) | 1999/2001 | 1* | 14.5% | 463,394 | $ | 6,078,340 | $ | 11.81 | 93.9% | Lowes Home Improvement (2019), Kohls (2022), DSW Shoe Warehouse (2015), Dicks Sporting Goods (2020), PETsMART (2015), A.C. Moore (2014), Old Navy (2011), Linens N Things (2017), Plainville Theatre (Not Owned) |
23
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Florida | ||||||||||||||||||||||||||||||||||||||||||||
76
|
Bayonet Point, FL |
Point Plaza US 19 & SR 52 |
34667 | SC | Fee | 1985/2003 | 1*/2* | 100% | 209,714 | $ | 1,368,254 | $ | 6.52 | 100% | Publix Super Markets (2010), Bealls (2014), T.J. Maxx (2010) | |||||||||||||||||||||||||||||
77
|
Boynton Bay, FL |
Meadows Square Hypoluxo Road & N. Congress Avenue |
33461 | SC | Fee | 1986 | 2004 | 100% | 106,224 | $ | 1,430,752 | $ | 13.92 | 96.8% | Publix Super Markets (2011) | |||||||||||||||||||||||||||||
78
|
Brandon, FL |
Kmart Shopping Center 1602 Brandon Boulevard |
33511 | SC | GL |
1972/1997/ 2003 |
2* | 100% | 161,900 | $ | 787,939 | $ | 3.60 | 100% | Kmart (2007), Kane Furniture (Not Owned) | |||||||||||||||||||||||||||||
79
|
Brandon, FL |
Lake Brandon Plaza Causeway Boulevard |
33511 | SC | Fee (3 | ) | 1999 | 2003 | 14.5% | 148,267 | $ | 1,887,491 | $ | 11.65 | 100% | CompUSA (2017), Jo-Ann Stores (2017), Publix Super Markets (2019), Babies R Us (Not Owned) | ||||||||||||||||||||||||||||
80
|
Brandon, FL |
Lake Brandon Village Causeway Boulevard |
33511 | SC | Fee (3 | ) | 1997/2004 | 2003 | 14.5% | 113,986 | $ | 1,485,688 | $ | 13.03 | 100% | Linens N Things (2014), Sports Authority (2018), PETsMART (2020), Lowes Home Improvement (Not Owned) | ||||||||||||||||||||||||||||
81
|
Crystal River, FL |
Crystal River Plaza 420 Sun Coast Highway |
33523 | SC | Fee | 1986/2001 | 1*/2* | 100% | 160,135 | $ | 768,030 | $ | 7.39 | 64.9% | Bealls (2012), Bealls Outlet (2011) | |||||||||||||||||||||||||||||
82
|
Daytona Beach, FL |
Volusia 1808 W. International Speedway |
32114 | SC | Fee | 1984 | 2001 | 100% | 76,087 | $ | 885,207 | $ | 12.83 | 90.7% | Marshalls (2010) | |||||||||||||||||||||||||||||
83
|
Englewood, FL |
Rotondo Plaza 5855 Placida Road |
34224 | SC | Fee | 1991 | 2004 | 100% | 46,835 | $ | 450,719 | $ | 9.92 | 97.0% | Kash N Karry (2011) | |||||||||||||||||||||||||||||
84
|
Gulf Breeze, FL |
Gulf Breeze Marketplace 3749-3767 Gulf Breeze Parkway |
32561 | SC | Fee | 1998 | 2003 | 100% | 29,827 | $ | 415,604 | $ | 15.97 | 87.3% | Lowes Home Improvement (Not Owned) Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
85
|
Jacksonville, FL |
Jacksonville Regional 300 Dunn Avenue |
32218 | SC | Fee | 1988 | 1995 | 100% | 219,735 | $ | 1,412,132 | $ | 6.72 | 95.6% | J.C. Penney (2007) Winn Dixie Stores (2009) | |||||||||||||||||||||||||||||
86
|
Jacksonville, FL |
Arlington Road Plaza 926 Arlington Road |
32211 | SC | Fee | 1990/1999 | 2004 | 100% | 182,098 | $ | 861,692 | $ | 6.95 | 68.1% | Food Lion (2010) | |||||||||||||||||||||||||||||
87
|
Lakeland, FL |
Highlands Plaza Shopping Center 2228 Lakelands Highland Road |
33803 | SC | Fee | 1990 | 2004 | 100% | 102,572 | $ | 803,907 | $ | 8.50 | 92.2% | Winn Dixie Stores (2017) | |||||||||||||||||||||||||||||
88
|
Marianna, FL |
The Crossroads 2814-2822 Highway 71 |
32446 | SC | Fee | 1990 | 1*/2* | 100% | 63,894 | $ | 309,150 | $ | 5.45 | 88.9% | Bealls (2008) | |||||||||||||||||||||||||||||
89
|
Miami, FL |
The Shops of Midtown 3401 North Miami Avenue |
33127 | SC | Fee | 2006 | 1* | 100% | 208,976 | $ | 782,760 | $ | 3.75 | 100% | Circuit City (2022) |
24
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
90
|
Naples, FL |
Carillon Place 5010 Airport Road North |
33942 | SC | Fee (3 | ) | 1994 | 1995 | 14.5% | 267,808 | $ | 3,141,120 | $ | 11.98 | 97.9% | Wal-Mart (2014), T.J. Maxx (2009), Circuit City (2015), Ross Dress For Less (2010), Office Max (2010) | ||||||||||||||||||||||||||||
91
|
Ocala, FL |
Ocala West 2400 SW College Road |
32674 | SC | Fee | 1991 | 2003 | 100% | 104,563 | $ | 832,398 | $ | 7.96 | 100% | Sports Authority (2012), Hobby Lobby (2016) | |||||||||||||||||||||||||||||
92
|
Orange Park, FL |
The Village Shopping Center 950 Blanding Boulevard |
32065 | SC | Fee | 1993/2000 | 2004 | 100% | 72,531 | $ | 695,320 | $ | 9.59 | 100% | Bealls (2009), Albertsons (Not Owned) | |||||||||||||||||||||||||||||
93
|
Ormond Beach, FL |
Ormond Towne Square 1458 West Granada Boulevard |
32174 | SC | Fee | 1993 | 1994 | 100% | 234,042 | $ | 1,925,447 | $ | 8.67 | 94.8% | Bealls (2018), Ross Dress For Less (2016), Publix Super Markets (2013) | |||||||||||||||||||||||||||||
94
|
Oviedo, FL |
Oviedo Park Crossing Rte. 417 & Red Bug Lake Road |
32765 | SC | Fee (3 | ) | 1999 | 1* | 20% | 186,212 | $ | 2,020,892 | $ | 10.85 | 100% | Office Max (2014), Ross Dress For Less (2010), Michaels (2009), T.J. Maxx (2010), Linens N Things (2011), Lowes Home Improvement (Not Owned) | ||||||||||||||||||||||||||||
95
|
Palm Harbor, FL |
The Shoppes of Boot Ranch 300 East Lake Road |
34685 | SC | Fee | 1990 | 1995 | 100% | 52,395 | $ | 963,566 | $ | 18.39 | 100% | Albertsons (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||||||
96
|
Pensacola, FL |
Palafox Square 8934 Pensacola Boulevard |
32534 | SC | Fee |
1988/1997/ 1999 |
1*/2* | 100% | 17,150 | $ | 243,830 | $ | 14.22 | 100% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
97
|
Spring Hill, FL |
Mariner Square 13050 Cortez Boulevard |
34613 | SC | Fee | 1988/1997 | 1*/2* | 100% | 188,924 | $ | 1,625,916 | $ | 8.45 | 98.8% | Bealls (2011), Ross Dress For Less (2014), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
98
|
Tallahassee, FL |
Capital West 4330 West Tennessee Street |
32312 | SC | Fee | 1994/2004 | 2003 | 100% | 58,386 | $ | 437,776 | $ | 7.71 | 97.3% | Bealls Outlet (2009), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
99
|
Tampa, FL |
North Pointe Plaza 15001-15233 North Dale Mabry |
33618 | SC | Fee (3 | ) | 1990 | 1*/2* | 20% | 104,460 | $ | 1,301,376 | $ | 12.70 | 98.1% | Publix Super Markets (2010), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
100
|
Tampa, FL |
Horizon Park Shopping Center 3908 West Hillsborough Highway |
33614 | SC | Fee | 1987/2003 | 2004 | 100% | 215,817 | $ | 1,771,557 | $ | 9.97 | 82.3% | Northern Tool (2015), Babies R Us (2008), Pearl Artist & Craft Supply (2007) | |||||||||||||||||||||||||||||
101
|
Tampa, FL |
Town N Country 7021-7091 West Waters Avenue |
33634 | SC | Fee | 1990 | 1*/2* | 100% | 134,309 | $ | 1,026,791 | $ | 8.27 | 92.5% | Bealls (2007), Kash N Karry (2010), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
102
|
Tarpon Springs, FL |
Tarpon Square 41232 US 19, North |
34689 | SC | Fee | 1974/1998 | 1*/2* | 100% | 198,797 | $ | 1,402,282 | $ | 6.75 | 100% | Kmart (2009), Big Lots (2012), Staples (2013) | |||||||||||||||||||||||||||||
103
|
West Pasco, FL |
Pasco Square 7201 County Road 54 |
34653 | SC | Fee | 1986 | 1*/2* | 100% | 135,421 | $ | 793,789 | $ | 7.25 | 80.8% | Bealls Outlet (2013), Dollar General (2016), Wal-Mart (Not Owned) |
25
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||||||||||||||||||||||
104
|
Athens, GA |
Athens East 4375 Lexington Road |
30605 | SC | Fee | 2000 | 2003 | 100% | 24,000 | $ | 304,884 | $ | 14.95 | 85.0% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
105
|
Atlanta, GA |
Pleasant Hill Plaza 1630 Pleasant Hill Road |
30136 | SC | Fee | 1990 | 1994 | 100% | 99,025 | $ | 664,794 | $ | 13.00 | 51.6% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
106
|
Atlanta, GA |
Perimeter Pointe 1155 Mt. Vernon Highway |
30136 | SC | Fee (3 | ) | 1995/2002 | 1995 | 14.5% | 343,155 | $ | 4,784,540 | $ | 14.22 | 92.8% | Stein Mart (2010), Babies R Us (2012), Sports Authority (2012), L.A. Fitness (2016), Office Depot (2012), United Artists Theatre (2015) | ||||||||||||||||||||||||||||
107
|
Chamblee, GA |
Chamblee Plaza Peachtree Industrial Boulevard |
30341 | SC | Fee | 1976 | 2003 | 100% | 175,969 | $ | 928,495 | $ | 9.10 | 58.0% | POP-N-SHOP (2006) | |||||||||||||||||||||||||||||
108
|
Columbus, GA |
Bradley Park Crossing 1591 Bradley Park Drive Columbus |
31904 | SC | Fee | 1999 | 2003 | 100% | 119,786 | $ | 1,339,825 | $ | 11.32 | 98.8% | Goodys (2011), PETsMART (2015), Michaels (2009), Target (Not Owned) | |||||||||||||||||||||||||||||
109
|
Cummings, GA |
Cummings Marketplace Marketplace Boulevard |
30041 | SC | Fee | 1997/1999 | 2003 | 100% | 308,557 | $ | 3,755,272 | $ | 11.67 | 100% | Goodys (2012), Lowes Home Improvement (2019), Michaels (2010), Office Max (2013), Home Depot (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
110
|
Douglasville, GA |
Douglasville Marketplace 6875 Douglas Boulevard |
30135 | SC | Fee | 1999 | 2003 | 100% | 86,158 | $ | 1,450,285 | $ | 10.41 | 100% | Best Buy (2015), Babies R Us (2011), Lowes Home Improvement (Not Owned) | |||||||||||||||||||||||||||||
111
|
Lafayette, GA |
Lafayette Center 1109 North Main Street |
30728 | SC | Fee | 1990 | 2003 | 100% | 75,622 | $ | 466,121 | $ | 6.75 | 87.8% | Farmers Home Furniture (2009), Food Lion (2019) | |||||||||||||||||||||||||||||
112
|
Lawrenceville, GA |
Five Forks Village 850 Mall Parkway |
30044 | SC | Fee (3 | ) | 1990 | 2003 | 10% | 89,064 | $ | 496,220 | $ | 15.73 | 35.4% | |||||||||||||||||||||||||||||
113
|
Lilburn, GA |
Five Forks Crossing 3055 Five Forks Trickum Road |
30047 | SC | Fee (3 | ) | 2000/2001 | 2003 | 10% | 73,910 | $ | 700,052 | $ | 9.47 | 100% | Kroger (2012) | ||||||||||||||||||||||||||||
114
|
Lithonia, GA |
The Shoppes at Turner Hill 8200 Mall Parkway |
30038 | SC | Fee (3 | ) | 2004 | 2003 | 14.5% | 113,675 | $ | 1,655,283 | $ | 13.15 | 100% | Best Buy (2018), Bed Bath & Beyond (2013), Toys R Us (Not Owned), Sams Club (Not Owned) | ||||||||||||||||||||||||||||
115
|
Loganville, GA |
Midway Plaza 910 Athens Highway |
30052 | SC | Fee (3 | ) | 1995 | 2003 | 20% | 91,196 | $ | 960,455 | $ | 11.01 | 95.6% | Kroger (2016) | ||||||||||||||||||||||||||||
116
|
Madison, GA |
Beacon Heights 1462-1532 Eatonton Road |
30650 | SC | Fee | 1989 | 2003 | 100% | 85,105 | $ | 481,872 | $ | 5.66 | 100% | Ingles (2010), Freds (2011) |
26
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
117
|
Marietta, GA |
Town Center Prado 2609 Bells Ferry Road |
30066 | SC | Fee (3 | ) | 1995/2002 | 1995 | 14.5% | 301,297 | $ | 3,898,122 | $ | 12.98 | 98.2% | Stein Mart (2007), Ross Dress For Less (2013), Publix Super Markets (2015), Crunch Fitness (2011) | ||||||||||||||||||||||||||||
118
|
McDonough, GA |
McDonough Marketplace (LP-II) NE Corner 175 & Highway 20 |
30253 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 53,158 | $ | 845,151 | $ | 13.55 | 100% | Office Depot (2016), Lowes Home Improvement (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
119
|
Newnan, GA |
Newnan Crossing 955-1063 Bullsboro Drive |
30264 | SC | Fee | 1995 | 2003 | 100% | 156,497 | $ | 1,291,915 | $ | 8.32 | 99.2% | Lowes Home Improvement (2015), Belk (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
120
|
Stockbridge, GA |
Freeway Junction 3797-3879 Highway 138 West |
30281 | SC | Fee | 1988 | 2003 | 100% | 162,778 | $ | 829,736 | $ | 6.32 | 80.7% | Freds (2013), Northern Tool (2015), Farmers Home Furniture (2011), Goodwill Industries (2011) | |||||||||||||||||||||||||||||
121
|
Stockbridge, GA |
Pike Nurseries-Stockbridge 599 Highway 138 West |
30281 | SC | Fee | 1997 | 2003 | 100% | 0 | $ | 244,145 | $ | 0.00 | 100% | ||||||||||||||||||||||||||||||
122
|
Stone Mountain, GA |
Rivercliff Village Stone Mountain Highway |
30047 | SC | Fee | 1999 | 2003 | 100% | 2,000 | $ | 46,200 | $ | 23.10 | 100% | ||||||||||||||||||||||||||||||
123
|
Suwannee, GA |
Johns Creek Towne Center 3630 Peachtree Parkway |
30024 | SC | Fee | 2001/2004 | 2003 | 100% | 285,336 | $ | 3,906,154 | $ | 13.76 | 99.5% | Borders Books and Music (2021), PETsMART (2020), Kohls (2022), Michaels (2011), Staples (2016), Shoe Gallery (2014) | |||||||||||||||||||||||||||||
124
|
Tucker, GA |
Cofer Crossing 4349-4375 Lawrenceville Highway |
30084 | SC | Fee | 1998/2003 | 2003 | 100% | 130,832 | $ | 1,283,169 | $ | 9.23 | 100% | Goodys (2014), Kroger (2019), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
125
|
Union City, GA |
Shannon Square 4720 Jonesboro Road |
30291 | SC | Fee | 1986 | 2003 | 100% | 100,002 | $ | 510,696 | $ | 7.97 | 64.1% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
126
|
Warner Robbins, GA |
Warner Robins Place 2724 Watson Boulevard |
31093 | SC | Fee | 1997 | 2003 | 100% | 107,941 | $ | 1,209,282 | $ | 11.26 | 93.3% | T.J. Maxx (2010), Staples (2016), Lowes Home Improvement (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
127
|
Woodstock, GA |
Woodstock Place 10029 Highway 928 |
30188 | SC | GL | 1995 | 2003 | 100% | 44,691 | $ | 323,533 | $ | 12.89 | 56.1% |
27
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Idaho | ||||||||||||||||||||||||||||||||||||||||||||
128
|
Idaho Falls, ID |
Country Club Mall 1515 Northgate Mile |
83401 | SC | Fee | 1976/1992/1997 | 1998 | 100% | 148,593 | $ | 750,828 | $ | 7.13 | 70.9% | Office Max (2011), World Gym (2008), Fred Meyer, Inc. (Not Owned) | |||||||||||||||||||||||||||||
129
|
Meridian, ID |
Meridian Crossroads Eagle & Fairview Road |
83642 | SC | Fee |
1999/2001/ 2002/2003/ 2004 |
1 | * | 100% | 461,023 | $ | 6,190,132 | $ | 12.45 | 97.2% | Bed Bath & Beyond (2011), Old Navy (2010), Shopko (2020), Office Depot (2010), Ross Dress For Less (2012), Marshalls (2012), Sportsmans Warehouse (2015), Craft Warehouse (2013), Babies R Us (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||||||||||||
130
|
Decatur, IL |
Decatur Marketplace Maryland Street |
62521 | SC | Fee | 1999 | 2003 | 100% | 22,775 | $ | 257,970 | $ | 12.85 | 88.1% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
131
|
Deer Park, IL |
Deer Park Town Center 20530 North Rand Road #303 |
60010 | LC | Fee (3 | ) | 2000/2004 | 1 | * | 24.75% | 286,889 | $ | 7,702,840 | $ | 28.26 | 88.0% | Gap #581 (2010), Barnes & Noble (Not Owned), Century Cinemas (Not Owned), Pier 1 Imports (2012), Banana Repubic (2010), Pottery Barn Kids (2012), Pottery Barn (2013), Restoration Hardware (2010), Eddie Bauer Home (2011), Eddie Bauer Sportswear (2011), Coldwater Creek (2010), J. Crew(2011), Ann Taylor(2011), Talbots/Talbots Petites (2011), Williams-Sonoma (2013), Joseph A. Bank Clothiers (2011), California Pizza Kitchen (2013), Bath and Body Works (2011), J. Jill (2013), Bombay (2007), American Eagle (2007), Victorias Secret (2007) | |||||||||||||||||||||||||||
132
|
McHenry, IL |
The Shops at Fox River 3340 Shoppers Drive |
60050 | SC | Fee | 2006 | 1 | * | 100% | 41,400 | $ | 304,200 | $ | 7.35 | 100% | Bed Bath & Beyond (2008) | ||||||||||||||||||||||||||||
133
|
Mount Vernon, IL |
Times Square Mall 42nd & Broadway |
62864 | MM | Fee | 1974/1998/2000 | 2 | * | 100% | 269,328 | $ | 1,001,627 | $ | 4.30 | 82.2% | Sears (2013), Goodys (2015), J.C. Penney (2007) | ||||||||||||||||||||||||||||
134
|
Orland Park, IL |
Marley Creek Square 179th & South Wolf Road |
60467 | SC | Fee (3 | ) | 2006 | 2006 | 50% | 57,658 | $ | 407,539 | $ | 21.92 | 32.2% |
28
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
135
|
Orland Park, IL |
Home Depot Center 15800 Harlem Avenue |
60462 | SC | Fee | 1987/1993 | 2004 | 100% | 149,498 | $ | 1,448,664 | $ | 10.08 | 96.1% | Home Depot (2012) | |||||||||||||||||||||||||||||
136
|
Schaumburg, IL |
Woodfield Village Green 1430 East Golf Road |
60173 | SC | Fee (3 | ) | 1993/1998/2002 | 1995 | 14.5% | 508,815 | $ | 8,690,198 | $ | 17.08 | 100% | Circuit City (2009), Off 5TH (2011), PETsMART (2014), Home Goods (2014), Office Max (2010), Container Store (2011), Filenes Basement (2014), Marshalls (2009), Nordstrom Rack (2009), Borders Books and Music (2009), Expo Design Center (2019), Costco (Not Owned), Prairie Rock Restaurant (Not Owned) | ||||||||||||||||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||||||||||||
137
|
Bedford, IN |
Town Fair Center 1320 James Avenue |
47421 | SC | Fee | 1993/1997 | 2* | 100% | 223,431 | $ | 1,155,653 | $ | 6.22 | 83.2% | Kmart (2008), Goodys (2008), J.C. Penney (2008) | |||||||||||||||||||||||||||||
138
|
Highland, IN |
Highland Grove Shopping Center Highway 41 & Main Street |
46322 | SC | Fee (3 | ) | 1995/2001 | 1996 | 20% | 312,546 | $ | 3,559,373 | $ | 11.45 | 99.5% | Marshalls (2011), Kohls (2016), Circuit City (2016), Office Max (2012), Target (Not Owned), Jewel (Not Owned), Borders Books and Music (Not Owned) | ||||||||||||||||||||||||||||
139
|
Lafayette, IN |
Park East Marketplace 4205-4315 Commerce Drive |
47905 | SC | Fee | 2000 | 2003 | 100% | 35,100 | $ | 378,350 | $ | 13.85 | 77.8% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
Iowa | ||||||||||||||||||||||||||||||||||||||||||||
140
|
Cedar Rapids, IA |
Northland Square 303-367 Collins Road, NE |
52404 | SC | Fee | 1984 | 1998 | 100% | 187,068 | $ | 1,871,609 | $ | 10.00 | 100% | T.J. Maxx (2010), Office Max (2010), Barnes & Noble (2010), Kohls (2021) | |||||||||||||||||||||||||||||
141
|
Ottumwa, IA |
Quincy Place Mall 1110 Quincy Avenue |
52501 | MM | Fee | 1990/1999/2002 | 1*/2* | 100% | 241,427 | $ | 1,334,540 | $ | 6.58 | 84.1% | Herbergers (2020), J.C. Penney (2010), Goodys (2014), Target (Not Owned) |
29
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Kansas | ||||||||||||||||||||||||||||||||||||||||||||
142
|
Leawood, KS |
Town Center Plaza 5000 West 119th Street |
66209 | LC | Fee | 1996/2002 | 1998 | 100% | 308,628 | $ | 7,990,126 | $ | 27.10 | 93.6% | Barnes & Noble #2668 (2011), Coldwater Creek (2009), Limited/Limited Too (2009), Victorias Secret (2009), Express/Bath & Body/Structure (2009), Gap/Gap Body (2008), Gap Kids (2005), J. Jill (2013), Pottery Barn (2009), Williams-Sonoma (2009), American Eagle (2013), Pacific Sunwear (2012), Bravo Cucina Italiana (2013), Restoration Hardware (2012), Houlihans (2025), Bristol Seafood Bar & Grill (2011), Bombay (2006),The Jones Store (2009) | |||||||||||||||||||||||||||||
143
|
Merriam, KS |
Merriam Town Center 57 Antioch Road |
66202 | SC | Fee (3 | ) | 1998/2004 | 1 | * | 14.5% | 351,234 | $ | 4,192,624 | $ | 12.08 | 98.8% | Office Max (2013), PETsMART (2019), Hen House (2018), Marshalls (2008), Dicks Sporting Goods (2016), Cinemark (2018), Home Depot #2202 (Not Owned) | |||||||||||||||||||||||||||
144
|
Overland Park, KS |
Cherokee North Shopping Center 8800-8934 West 95th Street |
66212 | SC | Fee (3 | ) | 1987/2002 | 1998 | 24.75% | 60,765 | $ | 792,150 | $ | 14.06 | 91.6% | |||||||||||||||||||||||||||||
145
|
Overland Park, KS |
Overland Pointe Marketplace Intersection 135th & Antioch Road |
66213 | SC | Fee (3 | ) | 2001/2004 | 2003 | 14.5% | 42,632 | $ | 906,347 | $ | 17.51 | 100% | Home Depot (Not Owned), Sams Club (Not Owned), Babies R Us (Not Owned) | ||||||||||||||||||||||||||||
146
|
Wichita, KS |
Eastgate Plaza South Rock Road |
67207 | SC | Fee | 1955 | 2002 | 100% | 203,997 | $ | 2,048,017 | $ | 12.27 | 84.1% | Office Max (2007), T.J. Maxx (2011), Barnes & Noble (2012), Burlington Coat Factory (Not Owned) | |||||||||||||||||||||||||||||
Kentucky | ||||||||||||||||||||||||||||||||||||||||||||
147
|
Florence, KY |
Turfway Plaza 6825 Turfway Road |
41042 | SC | Fee | 1975/1998 | 2004 | 100% | 133,985 | $ | 968,461 | $ | 7.63 | 94.8% | Office Depot (2011), Party Town (2016), Big Lots (2008) | |||||||||||||||||||||||||||||
148
|
Frankfort, KY |
Eastwood Shopping Center 260 Versailles Road |
40601 | SC | Fee | 1963/1994 | 2004 | 100% | 155,104 | $ | 849,673 | $ | 5.71 | 95.9% | Sears (2011) | |||||||||||||||||||||||||||||
149
|
Lexington, KY |
North Park Marketplace 524 West New Circle |
40511 | SC | Fee | 1998 | 2003 | 100% | 46,647 | $ | 610,374 | $ | 14.15 | 92.5% | Staples (2016), Wal-Mart (Not Owned) |
30
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
150
|
Lexington, KY |
South Farm Marketplace Man-O-War Boulevard & Nichol |
40503 | SC | Fee | 1998 | 2003 | 100% | 27,643 | $ | 595,780 | $ | 21.55 | 100% | Lowes Home Improvement (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
151
|
Louisville, KY |
Outer Loop Plaza 7505 Outer Loop Highway |
40228 | SC | Fee | 1973/1989/1998 | 2004 | 100% | 120,777 | $ | 644,549 | $ | 5.91 | 90.3% | Valu Discount (2009) | |||||||||||||||||||||||||||||
152
|
Richmond, KY |
Carriage Gate 833-847 Eastern By-Pass |
40475 | SC | Fee | 1992 | 2003 | 100% | 158,041 | $ | 257,700 | $ | 6.84 | 23.9% | Food Lion (2017), Ballards (Not Owned) | |||||||||||||||||||||||||||||
Maine | ||||||||||||||||||||||||||||||||||||||||||||
153
|
Brunswick, ME |
Cooks Corners 172 Bath Road |
04011 | SC | GL | 1965 | 1997 | 100% | 301,992 | $ | 2,603,208 | $ | 8.41 | 98.5% | Hoyts Cinemas (2010), Brunswick Bookland (2014), Big Lots (2008), T.J. Maxx (2010), Sears (2012) | |||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||||||
154 | Salisbury, MD |
The Commons East North Point Drive |
21801 | SC | Fee | 1999 | 1* | 100% | 126,135 | $ | 1,683,102 | $ | 13.30 | 96.3% | Best Buy (2013), Michaels (2009), Home Depot (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||||||||||||||
155
|
Everett, MA |
Gateway Center 1 Mystic View Road |
02149 | SC | Fee | 2001 | 1* | 100% | 222,287 | $ | 4,535,719 | $ | 16.23 | 100% | Bed Bath & Beyond (2011), Old Navy (2011), Office Max (2020), Babies R Us (2013), Michaels (2012), Costco (Not Owned) | |||||||||||||||||||||||||||||
156
|
Framingham, MA |
Shoppers World 1 Worcester Road |
01701 | SC | Fee (3 | ) | 1994 | 1995 | 14.5% | 769,276 | $ | 14,428,379 | $ | 18.45 | 100% | Toys R Us (2020), Macys Furniture Gallery (2020), T.J. Maxx (2010), Babies R Us (2013), DSW Shoe Warehouse (2012), A.C. Moore (2007), Marshalls (2011), Bobs (2011), Linens N Things (2011), Sports Authority (2015), PETsMART (2011), Best Buy (2014), Barnes & Noble (2011), AMC Theatres (2014), Kohls (2010) | ||||||||||||||||||||||||||||
157
|
Bad Axe, MI |
Huron Crest Plaza 850 North Van Dyke Road |
48413 | SC | Fee | 1991 | 1993 | 100% | 63,415 | $ | 396,808 | $ | 8.51 | 73.5% | FARMER JACK (2012), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
158
|
Benton Harbor, MI |
Fairplain Plaza 100 Napier Avenue |
49022 | SC | Fee (3 | ) | 1998 | 2006 | 20% | 222,739 | $ | 1,546,949 | $ | 9.55 | 72.1% | Office Depot (2008), T.J. Maxx (2009), Kohls (Not Owned), Target (Not Owned) | ||||||||||||||||||||||||||||
159
|
Cheboygan, MI |
Kmart Shopping Plaza 1190 East State |
49721 | SC | Fee | 1988 | 1994 | 100% | 70,076 | $ | 255,713 | $ | 3.78 | 96.4% | Kmart (2010), Kmart (Not Owned) |
31
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
160
|
Detroit, MI |
Belair Center 8400 East Eight Mile Road |
48234 | SC | GL | 1989/2002 | 1998 | 100% | 343,619 | $ | 2,453,512 | $ | 6.81 | 97.7% | National Wholesale Liquidators (2016), Phoenix Theatres (2011), Bally Total Fitness (2016), Big Lots (2008), Kids R Us (2013), Forman Mills (2012), Target (Not Owned) | |||||||||||||||||||||||||||||
161
|
Gaylord, MI |
Pine Ridge Square 1401 West Main Street |
49735 | SC | Fee | 1991/2004 | 1993 | 100% | 150,203 | $ | 682,194 | $ | 5.22 | 87.0% | Dunhams Sporting Goods (2011), Big Lots (2010), Buy Low (2011) | |||||||||||||||||||||||||||||
162
|
Grandville, MI |
Grandville Marketplace Intersection 44th Street & Canal Avenue |
49418 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 201,726 | $ | 2,542,211 | $ | 12.27 | 98.4% | Circuit City (2017), Linens N Things (2013), Gander Mountain (2016), Office Max (2013), Lowes Home Improvement (Not Owned) | ||||||||||||||||||||||||||||
163
|
Houghton, MI |
Copper Country Mall Highway M26 |
49931 | SC | Fee | 1981/1999 | 1*/2* | 100% | 257,863 | $ | 995,195 | $ | 5.16 | 74.8% | Steve & Barrys (2013), J.C. Penney (2010), Office Max (2014) | |||||||||||||||||||||||||||||
164
|
Howell, MI |
Grand River Plaza 3599 East Grand River |
48843 | SC | Fee | 1991 | 1993 | 100% | 215,047 | $ | 994,340 | $ | 6.12 | 75.6% | Elder-Beerman (2011), Dunhams Sporting Goods (2011) | |||||||||||||||||||||||||||||
165
|
Lansing, MI |
The Marketplace at Delta Towns 8503 West Saginaw Highway 196 Ramp |
48917 | SC | Fee | 2000/2001 | 2003 | 100% | 135,697 | $ | 1,449,584 | $ | 11.14 | 95.9% | Michaels (2011), Gander Mountain (2015), Staples (2016), PETsMART (2016), Lowes Home Improvement (Not Owned), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
166
|
Mt. Pleasant, MI |
Indian Hills Plaza 4208 East Blue Grass Road |
48858 | SC | Fee | 1990 | 2* | 100% | 249,680 | $ | 1,665,584 | $ | 6.75 | 98.8% | Wal-Mart (2009), T.J. Maxx (2014), Kroger (2011) | |||||||||||||||||||||||||||||
167
|
Sault St. Marie, MI |
Cascade Crossings 4516 I-75 Business Spur |
49783 | SC | Fee | 1993/1998 | 1994 | 100% | 270,761 | $ | 1,727,682 | $ | 6.43 | 99.3% | Wal-Mart (2012), J.C. Penney (2008), Dunhams Sporting Goods (2011), Glens Market (2013) | |||||||||||||||||||||||||||||
168
|
Walker, MI |
Green Ridge Square II 3410 Alpine Avenue |
49504 | SC | Fee | 1991/1995 | 2004 | 100% | 91,749 | $ | 930,669 | $ | 11.68 | 86.8% | Circuit City (2010), Bed Bath & Beyond (2015) | |||||||||||||||||||||||||||||
169
|
Walker, MI |
Green Ridge Square 3390-B Alpine Avenue NW |
49504 | SC | Fee | 1989 | 1995 | 100% | 133,538 | $ | 1,551,937 | $ | 12.05 | 96.4% | T.J. Maxx (2011), Office Depot (2010), Target (Not Owned), Toys R Us (Not Owned) | |||||||||||||||||||||||||||||
Minnesota | ||||||||||||||||||||||||||||||||||||||||||||
170
|
Bemidji, MN |
Paul Bunyan Mall 1201 Paul Bunyan Drive |
56601 | MM | Fee | 1977/1998 | 2* | 100% | 297,803 | $ | 1,516,618 | $ | 5.30 | 96.2% | Kmart (2007), Herbergers (2010), J.C. Penney (2008) | |||||||||||||||||||||||||||||
171
|
Brainerd, MN |
Westgate Mall 1200 Highway 210 West |
56401 | SC | Fee | 1985/1998 | 1*/2* | 100% | 260,319 | $ | 1,853,790 | $ | 7.95 | 89.5% | Steve & Barrys (2013), Herbergers (2013), Movies 10 (2011) |
32
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
172
|
Coon Rapids, MN |
Riverdale Village 12921 Riverdale Drive |
55433 | SC | Fee (3 | ) | 2003 | 1* | 14.5% | 551,867 | $ | 8,948,743 | $ | 14.65 | 97.9% | Kohls (2020), Jo-Ann Stores (2010), Linens N Things (2016), Borders Books and Music (2023), Old Navy (2012), Sportsmans Warehouse (2017), Best Buy (2013), DSW Shoe Warehouse (2016), Sears (Not Owned), Costco (Not Owned), J.C. Penney (Not Owned) | ||||||||||||||||||||||||||||
173
|
Eagan, MN |
Eagan Promenade 1299 Promenade Place |
55122 | SC | Fee (3 | ) | 1997/2001 | 1997 | 50% | 278,211 | $ | 3,559,763 | $ | 12.80 | 100% | Byerlys (2016), PETsMART (2018), Barnes & Noble (2012), Office Max (2013), T.J. Maxx (2007), Bed Bath & Beyond (2012), Ethan Allen Furniture (Not Owned) | ||||||||||||||||||||||||||||
174
|
Hutchinson, MN |
Hutchinson Mall 1060 SR 15 |
55350 | SC | Fee | 1981 | 1*/2* | 100% | 121,001 | $ | 449,534 | $ | 4.53 | 74.1% | J.C. Penney (2011), Hennens Furniture (Not Owned) | |||||||||||||||||||||||||||||
175
|
Minneapolis, MN |
Maple Grove Crossing Weaver Lake Road & I-94 |
55369 | SC | Fee (3 | ) | 1995/2002 | 1996 | 50% | 265,957 | $ | 3,002,577 | $ | 11.29 | 100% | Kohls (2016), Barnes & Noble (2011), Gander Mountain (2011), Michaels (2012), Bed Bath & Beyond (2012), Cub Foods (Not Owned) | ||||||||||||||||||||||||||||
176
|
St. Paul, MN |
Midway Marketplace 1450 University Avenue |
55104 | SC | Fee (3 | ) | 1995 | 1997 | 14.5% | 324,354 | $ | 2,684,640 | $ | 8.28 | 100% | Wal-Mart (2022), Cub Foods (2015), PETsMART (2011), Mervyns (2016), Borders Books and Music Books And Music (Not Owned), Herbergers (Not Owned) | ||||||||||||||||||||||||||||
177
|
Worthington, MN |
Northland Mall 1635 Oxford Street |
56187 | SC | Fee | 1977 | 1*/2* | 100% | 185,658 | $ | 533,516 | $ | 5.07 | 56.7% | J.C. Penney (2007), Hy Vee Food StoreS (2011) | |||||||||||||||||||||||||||||
Mississippi | ||||||||||||||||||||||||||||||||||||||||||||
178 | Gulfport, MS |
Crossroads Center Crossroads Parkway |
39503 | SC | GL | 1999 | 2003 | 100% | 457,119 | $ | 5,285,910 | $ | 11.08 | 99.1% | Academy Sports (2015), Bed Bath & Beyond (2014), Ross Dress For Less (2015), Goodys (2011), T.J. Maxx (2009), Cinemark (2019), Office Depot (2014), Barnes & Noble (2014), Belks (Not Owned) | |||||||||||||||||||||||||||||
179
|
Jackson, MS |
The Junction 6351 I-55 North 3 |
39213 | SC | Fee | 1996 | 2003 | 100% | 107,780 | $ | 1,173,321 | $ | 10.89 | 100% | PETsMART (2012), Office Depot (2016), Home Depot (Not Owned), Target (Not Owned) |
33
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
180
|
Jackson, MS |
Metro Station 4700 Robinson Road |
39204 | SC | Fee | 1997 | 2003 | 100% | 52,617 | $ | 293,052 | $ | 7.85 | 70.9% | Office Depot (2012), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
181
|
Oxford, MS |
Oxford Place 2015-2035 University Avenue |
38655 | SC | Fee (3 | ) | 2000 | 2003 | 20% | 13,200 | $ | 331,088 | $ | 13.57 | 100% | Kroger (Not Owned) | ||||||||||||||||||||||||||||
182
|
Saltillo, MS |
Cross Creek Shopping Center 1040-1184 Cross Creek Drive |
38866 | SC | Fee | 1999 | 2003 | 100% | 55,749 | $ | 545,774 | $ | 10.05 | 87.1% | Staples (2016), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
183
|
Starkville, MS |
Starkville Crossing 882 Highway 12 West |
39759 | SC | Fee | 1999/2004 | 1994 | 100% | 133,691 | $ | 915,148 | $ | 6.85 | 100% | J.C. Penney (2010), Kroger (2042), Lowes Home Improvement (Not Owned) | |||||||||||||||||||||||||||||
184
|
Tupelo, MS |
Big Oaks Crossing 3850 North Gloster Street |
38801 | SC | Fee | 1992 | 1994 | 100% | 348,236 | $ | 1,926,726 | $ | 5.70 | 97.0% | Sams Club (2012), Goodys (2007), Wal-Mart (2012) | |||||||||||||||||||||||||||||
Missouri | ||||||||||||||||||||||||||||||||||||||||||||
185
|
Arnold, MO |
Jefferson County Plaza Vogel Road |
63010 | SC | Fee (3 | ) | 2002 | 1* | 50% | 42,091 | $ | 426,080 | $ | 15.00 | 67.5% | Home Depot(Not Owned), Target(Not Owned) | ||||||||||||||||||||||||||||
186
|
Fenton, MO |
Fenton Plaza Gravois & Highway 141 |
63206 | SC | Fee | 1970/1997 | 1*/2* | 100% | 93,420 | $ | 932,664 | $ | 10.69 | 92.0% | ||||||||||||||||||||||||||||||
187
|
Independence, MO |
Independence Commons 900 East 39th Street |
64057 | SC | Fee (3 | ) | 1995/1999 | 1995 | 14.5% | 386,066 | $ | 5,022,374 | $ | 13.10 | 99.3% | Kohls (2016), Bed Bath & Beyond (2012), Marshalls (2012), Best Buy (2016), Barnes & Noble (2011), AMC Theatres (2015) | ||||||||||||||||||||||||||||
188
|
Kansas City, MO |
Ward Parkway 8600 Ward Parkway |
64114 | SC | Fee (3 | ) | 1959/2004 | 2003 | 20% | 358,373 | $ | 5,341,077 | $ | 13.91 | 95.6% | Dicks Sporting Goods (2016), 24 Hour Fitness (2023), PETsMART (2016), Steve & Barrys (2014), AMC Theatres (2011), Off Broadway Shoes (2015), T.J. Maxx (2013), Target (Not Owned), Dillards (Not Owned) | ||||||||||||||||||||||||||||
189
|
Springfield, MO |
Morris Corners 1425 East Battlefield |
65804 | SC | GL | 1989 | 1998 | 100% | 56,033 | $ | 491,757 | $ | 8.78 | 100% | Toys R Us (2013) | |||||||||||||||||||||||||||||
190
|
St. John, MO |
St. John Crossing 9000-9070 St. Charles Rock Road |
63114 | SC | Fee | 2003 | 2003 | 100% | 93,513 | $ | 1,016,406 | $ | 11.56 | 94.0% | Shop N Save (2022) | |||||||||||||||||||||||||||||
191
|
St. Louis, MO |
Plaza at Sunset Hills 10980 Sunset Plaza |
63128 | SC | Fee | 1997 | 1998 | 100% | 415,435 | $ | 5,519,995 | $ | 12.09 | 99.5% | Toys R Us (2013), CompUSA (2013), Bed Bath & Beyond (2012), Marshalls (2012), Home Depot (2023), PETsMART (2012), Borders Books and Music (2011) | |||||||||||||||||||||||||||||
192
|
St. Louis, MO |
Keller Plaza 4500 Lemay Ferry Road |
63129 | SC | Fee | 1987 | 1998 | 100% | 52,842 | $ | 528,029 | $ | 6.91 | 100% | Keller Plaza 8 (2011), Sams Club (Not Owned) |
34
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
193
|
St. Louis, MO |
Southtowne Kings Highway & Chippewa |
63109 | SC | Fee | 2004 | 1998 | 100% | 67,628 | $ | 1,052,058 | $ | 16.33 | 95.3% | Office Max (2014) | |||||||||||||||||||||||||||||
194
|
St. Louis, MO |
Promenade at Brentwood 1 Brentwood Promenade Court |
63144 | SC | Fee | 1998 | 1998 | 100% | 299,584 | $ | 4,022,889 | $ | 13.43 | 100% | Target (2023), Bed Bath & Beyond (2009), PETsMART (2014), Lane Home Furnishings (2013) | |||||||||||||||||||||||||||||
195
|
St. Louis, MO |
Gravois Village 4523 Gravois Village Plaza |
63049 | SC | Fee | 1983 | 1998 | 100% | 110,992 | $ | 597,912 | $ | 5.60 | 96.2% | Kmart (2008) | |||||||||||||||||||||||||||||
196
|
St. Louis, MO |
Olympic Oaks Village 12109 Manchester Road |
63121 | SC | Fee | 1985 | 1998 | 100% | 92,372 | $ | 1,167,973 | $ | 15.70 | 80.5% | T.J. Maxx (2008) | |||||||||||||||||||||||||||||
Nevada | ||||||||||||||||||||||||||||||||||||||||||||
197
|
Carson City, NV |
Eagle Station 3871 South Carson Street |
89701 | SC | Fee | 1983 | 2005 | 50% | 60,494 | $ | 543,660 | $ | 8.99 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
198
|
Las Vegas, NV |
Family Place at Las Vegas Charleston & Maryland Boulevards |
89102 | SC | Fee | 2003 | 1* | 100% | 24,032 | $ | 431,256 | $ | 14.95 | 100% | ||||||||||||||||||||||||||||||
199
|
Las Vega, NV |
Loma Vista Shopping Center 4700 Meadow Lane |
89107 | MV | Fee | 1979 | 2005 | 50% | 75,687 | $ | 765,000 | $ | 10.11 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
200
|
Las Vegas, NV |
Nellis Crossing Shopping 1300 S. Nellis Boulevard |
89104 | MV | Fee | 1986 | 2005 | 50% | 76,016 | $ | 683,400 | $ | 8.99 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
201
|
Reno, NV |
Sierra Town Center 6895 Sierra Center Parkway |
89511 | MV | Fee | 2002 | 2005 | 50% | 79,239 | $ | 623,220 | $ | 7.87 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
202
|
Reno, NV |
Reno Riverside East First Street & Sierra |
89505 | SC | Fee | 2000 | 2000 | 100% | 52,474 | $ | 693,866 | $ | 13.22 | 100% | Century Theatre (2014) | |||||||||||||||||||||||||||||
203
|
SW Las Vegas, NV |
Grand Canyon Parkway Shopping
Ctr. 4265 S. Grand Canyon Drive |
89147 | MV | Fee | 2003 | 2005 | 50% | 79,294 | $ | 890,460 | $ | 11.23 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||||||||||||||
204
|
Freehold, NJ |
Freehold Marketplace NJ Hwy 33 & W. Main Street (Rte. 537) |
07728 | SC | Fee | 2005 | 1* | 100% | 0 | $ | 0 | $ | 0.00 | 0% | Wal-Mart (Not Owned), Sams Club (Not Owned) | |||||||||||||||||||||||||||||
205
|
Hamilton, NJ |
Hamilton Marketplace NJ State Highway 130 & Klockner Road |
08691 | SC | Fee | 2004 | 2003 | 100% | 446,940 | $ | 7,906,961 | $ | 14.97 | 100% | Staples (2015), Kohls (2023), Linens N Things (2014), Michaels (2013), Ross Dress For Less (2014), Shoprite (2028), Barnes & Noble (2014), Lowes Home Improvement (Not Owned), BJs Wholesale (Not Owned), Wal-Mart (Not Owned) |
35
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
206
|
Mays Landing, NJ |
Hamilton Commons 4215 Black Horse Pike |
08330 | SC | Fee | 2001 | 2004 | 100% | 398,870 | $ | 5,967,617 | $ | 15.59 | 96.0% | Regal Cinemas (2021), Ross Dress For Less (2012), Bed Bath & Beyond (2017), Marshalls (2012), Sports Authority (2015), Circuit City (2020) | |||||||||||||||||||||||||||||
207
|
Mays Landing, NJ |
Wrangleboro Consumer Square 2300 Wrangleboro Road |
08330 | SC | Fee | 1997 | 2004 | 100% | 839,019 | $ | 9,564,888 | $ | 11.83 | 96.3% | Best Buy (2017), Borders Books and Music (2017), Kohls (2018), Staples (2012), Babies R Us (2013), BJs Wholesale Club (2016), Dicks Sporting Goods (2013), Linens N Things (2012), Michaels (2008), Target (2023), PETsMART (2013) | |||||||||||||||||||||||||||||
208
|
Mt. Laurel, NJ |
Centerton Square Centerton Road & Marter Avenue |
08054 | SC | Fee | 2005 | 1* | 100% | 284,177 | $ | 6,671,795 | $ | 18.58 | 99.0% | Bed Bath & Beyond (2015), PETsMART (2015), DSW Shoe Warehouse (2015), Jo-Ann Stores (2015), T.J. Maxx (2015), Sports Authority (2016), Wegmans (Not Owned), Target (Not Owned), Costco (Not Owned) | |||||||||||||||||||||||||||||
209
|
Princeton, NJ |
Nassau Park Shopping Center Route 1 & Quaker Bridge Road |
02071 | SC | Fee | 1995 | 1997 | 100% | 287,686 | $ | 5,497,412 | $ | 19.21 | 99.5% | Borders Books and Music (2011), Best Buy (2012), Linens N Things (2011), PETsMART (2011), Babies R Us (2016), Target (Not Owned) | |||||||||||||||||||||||||||||
210
|
Princeton, NJ |
Nassau Park Pavilion Route 1 and Quaker Bridge Road |
02071 | SC | Fee | 1999/2004 | 1* | 100% | 202,622 | $ | 4,057,254 | $ | 15.68 | 100% | Dicks Sporting Goods (2015), Michaels (2009), Kohls (2019) | |||||||||||||||||||||||||||||
211
|
West Long Branch, NJ |
Monmouth Consumer Center 310 State Highway #36 |
07764 | SC | Fee | 1993 | 2004 | 100% | 292,999 | $ | 4,035,362 | $ | 13.77 | 100% | Sports Authority (2012), Barnes & Noble (2009), PETsMART (2008), Home Depot (2013) | |||||||||||||||||||||||||||||
New Mexico | ||||||||||||||||||||||||||||||||||||||||||||
212
|
Los Alamos, NM |
Mari Mac Village 800 Trinity Drive |
87533 | SC | Fee | 1978/1997 | 1*/2* | 100% | 93,021 | $ | 662,544 | $ | 7.12 | 100% | Smiths Food & Drug (2007), Furrs Pharmacy (2008), Bealls (2009) | |||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||||
213
|
Alden, NY |
Tops Plaza-Alden 12775 Broadway |
14004 | SC | Fee | 1999 | 2004 | 100% | 67,992 | $ | 711,350 | $ | 11.74 | 89.1% | Tops Markets (2019) |
36
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
214
|
Amherst, NY |
Tops Plaza-Amherst 3035 Niagara Falls Boulevard |
14828 | SC | Fee (3 | ) | 1986 | 2004 | 20% | 145,192 | $ | 1,141,412 | $ | 8.03 | 97.9% | Tops Markets (2010) | ||||||||||||||||||||||||||||
215
|
Amherst, NY |
Boulevard Consumer Square 1641-1703 Niagara Falls Boulevard |
14228 | SC | Fee |
1998/2001/ 2003 |
2004 | 100% | 573,952 | $ | 6,473,693 | $ | 10.37 | 96.9% | Target (2019), Kmart (2007), Babies R Us (2015), Barnes & Noble (2014), Best Buy (2016), Bed Bath & Beyond (2018), A.C. Moore (2013), Lowes Home Improvement (Not Owned) | |||||||||||||||||||||||||||||
216
|
Amherst, NY |
Burlington Plaza 1551 Niagara Falls Boulevard |
14228 | SC | GL |
1978/1982/ 1990/1998 |
2004 | 100% | 199,504 | $ | 2,106,207 | $ | 10.56 | 100% | Burlington Coat Factory (2014), Jo-Ann Stores (2014) | |||||||||||||||||||||||||||||
217
|
Amherst, NY |
Sheridan Harlem Plaza 4990 Harlem Road |
14226 | SC | Fee |
1960/1973/ 1982/1988/ 2003 |
2004 | 100% | 58,413 | $ | 630,581 | $ | 10.92 | 98.8% | ||||||||||||||||||||||||||||||
218
|
Amherst, NY |
Tops Plaza-Transit/N. French 9660 Transit Road |
14226 | SC | Fee | 1995/1998 | 2004 | 100% | 114,177 | $ | 1,172,939 | $ | 10.27 | 100% | Tops Markets (2016) | |||||||||||||||||||||||||||||
219
|
Amherst, NY |
University Plaza 3500 Main Street |
14226 | SC | GL |
1965/1995/ 2002 |
2004 | 100% | 162,879 | $ | 1,436,220 | $ | 9.09 | 97.0% | A.J. Wright (2012), Tops Markets (2009) | |||||||||||||||||||||||||||||
220
|
Arcade, NY |
Tops Plaza-Arcade Route 39 |
14009 | SC | Fee (3 | ) | 1995 | 2004 | 10% | 65,915 | $ | 662,409 | $ | 10.05 | 100% | Tops Markets (2015) | ||||||||||||||||||||||||||||
221
|
Avon, NY |
Tops Plaza-Avon 270 E. Main Street |
14414 | SC | Fee (3 | ) | 1997/2002 | 2004 | 10% | 63,288 | $ | 454,162 | $ | 8.05 | 89.2% | Tops Markets (2017) | ||||||||||||||||||||||||||||
222
|
Batavia, NY |
BJs Plaza 8326 Lewiston Road |
14020 | SC | Fee (3 | ) | 1996 | 2004 | 14.5% | 95,846 | $ | 821,821 | $ | 8.57 | 100% | BJs Wholesale Club (2016) | ||||||||||||||||||||||||||||
223
|
Batavia, NY |
Batavia Commons 419 West Main Street |
14020 | SC | Fee (3 | ) | 1990 | 2004 | 14.5% | 49,431 | $ | 530,599 | $ | 10.73 | 100% | |||||||||||||||||||||||||||||
224
|
Batavia, NY |
Martins Plaza 8351 Lewiston Road |
14020 | SC | Fee (3 | ) | 1994 | 2004 | 14.5% | 37,140 | $ | 445,778 | $ | 14.43 | 83.2% | Martins (Not Owned) | ||||||||||||||||||||||||||||
225
|
Big Flats, NY |
Big Flats Consumer Square 830 County Route 64 |
14814 | SC | Fee | 1993/2001 | 2004 | 100% | 641,264 | $ | 6,171,908 | $ | 9.62 | 100% | Dicks Sporting Goods (2008), 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 (2007) | |||||||||||||||||||||||||||||
226
|
Buffalo, NY |
Delaware Consumer Square 2636-2658 Delaware Avenue |
14216 | SC | GL | 1995 | 2004 | 100% | 238,531 | $ | 2,138,328 | $ | 9.23 | 97.2% | A.J. Wright (2012), Office Max (2012), Target (2015) | |||||||||||||||||||||||||||||
227
|
Buffalo, NY |
Elmwood Regal Center 1951-2023 Elmwood Avenue |
14207 | SC | Fee | 1997 | 2004 | 100% | 133,940 | $ | 1,524,235 | $ | 13.71 | 83.0% | Regal Cinemas (2017), Office Depot (2012) | |||||||||||||||||||||||||||||
228
|
Buffalo, NY |
Marshalls Plaza 2150 Delaware Avenue |
14216 | SC | Fee |
1960/1975/ 1983/1995 |
2004 | 100% | 82,196 | $ | 795,587 | $ | 10.77 | 89.8% | Marshalls (2009) |
37
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
229
|
Canandaigua, NY |
Tops Plaza 5150 North Street |
14424 | SC | Fee | 2002 | 2004 | 100% | 57,498 | $ | 769,500 | $ | 13.38 | 100% | Tops Markets (2023) | |||||||||||||||||||||||||||||
230
|
Cheektowaga, NY |
Borders Books and Music 2015 Walden Avenue |
14225 | SC | Fee (3 | ) | 1994 | 2004 | 14.5% | 26,500 | $ | 609,500 | $ | 23.00 | 100% | Borders Books and Music (2015) | ||||||||||||||||||||||||||||
231
|
Cheektowaga, NY |
Thruway Plaza 2195 Harlem Road |
14225 | SC | Fee |
1965/1995/ 1997/2004 |
2004 | 100% | 371,512 | $ | 2,656,718 | $ | 7.28 | 98.2% | Wal-Mart (2017), Movieland 8 Theatres (2019), Tops Markets (2019), A.J. Wright (2015), Value City Furniture (2009), M & T BANK (2017), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
232
|
Cheektowaga, NY |
Tops Plaza-Union Road 3825-3875 Union Road |
14225 | SC | Fee (3 | ) |
1978/1989/ 1995/2004 |
2004 | 20% | 151,357 | $ | 1,567,462 | $ | 11.22 | 92.3% | Tops Markets (2013) | ||||||||||||||||||||||||||||
233
|
Cheektowaga, NY |
Union Consumer Square 3733-3735 Union Road |
14225 | SC | Fee (3 | ) |
1989/1998/ 2004 |
2004 | 14.5% | 386,548 | $ | 4,390,405 | $ | 12.37 | 91.8% | Marshalls (2009), Office Max (2010), Sams Club (2024), Circuit City (2016), Jo-Ann Stores (2015) | ||||||||||||||||||||||||||||
234
|
Cheektowaga, NY |
Union Road Plaza 3637 Union Road |
14225 | SC | Fee (3 | ) |
1979/1982/ 1997/2003 |
2004 | 14.5% | 174,438 | $ | 1,198,011 | $ | 7.21 | 95.3% | Dicks Sporting Goods (2015) | ||||||||||||||||||||||||||||
235
|
Cheektowaga, NY |
Walden Place 2130-2190 Walden Avenue |
14225 | SC | Fee (3 | ) | 1994/1999 | 2004 | 14.5% | 68,002 | $ | 267,125 | $ | 17.47 | 22.5% | |||||||||||||||||||||||||||||
236
|
Cheektowaga, NY |
Consumer Square 1700-1750 Walden Avenue |
14225 | SC | Fee (3 | ) |
1997/1999/ 2004 |
2004 | 14.5% | 255,964 | $ | 2,330,224 | $ | 9.18 | 99.2% | Office Depot (2009), Linens N Things (2015), Michaels (2013), Target (2015) | ||||||||||||||||||||||||||||
237
|
Chili, NY |
Chili Plaza 800 Paul Road |
14606 | SC | Fee | 1998 | 2004 | 100% | 116,868 | $ | 748,189 | $ | 6.02 | 100% | Sears (2019) | |||||||||||||||||||||||||||||
238
|
Cicero, NY |
Bear Road Plaza 709-729 North Main Street |
13212 | SC | Fee |
1978/1988/ 1995 |
2004 | 100% | 59,483 | $ | 447,223 | $ | 8.15 | 92.3% | ||||||||||||||||||||||||||||||
239
|
Clarence, NY |
Barnes & Noble 7370 Transit Road |
14031 | SC | Fee (3 | ) | 1992 | 2004 | 14.5% | 16,030 | $ | 304,249 | $ | 18.98 | 100.0% | |||||||||||||||||||||||||||||
240
|
Clarence, NY |
Eastgate Plaza Transit & Greiner Road |
14031 | SC | GL (3 | ) |
1995/1997/ 1999/2001/ 2004 |
2004 | 14.5% | 520,876 | $ | 4,160,296 | $ | 8.15 | 98.0% | BJs Wholesale Club (2021), Dicks Sporting Goods (2011), Linens N Things (2015), Michaels (2010), Wal-Mart (2019) | ||||||||||||||||||||||||||||
241
|
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) | ||||||||||||||||||||||||||||
242
|
Cortland, NY |
Tops Plaza-Cortland Staples 3836 Route 281 |
13045 | SC | Fee | 1995 | 2004 | 100% | 134,223 | $ | 1,731,453 | $ | 12.90 | 100% | Tops Markets (2016), Staples (2017) | |||||||||||||||||||||||||||||
243
|
Dansville, NY |
Tops Plaza-Dansville 23-65 Franklin Street |
14437 | SC | Fee | 2001 | 2004 | 100% | 67,400 | $ | 629,039 | $ | 10.18 | 91.7% | Tops Markets (2021) | |||||||||||||||||||||||||||||
244
|
Depew, NY |
Tops Plaza-Depew 5175 Broadway |
14043 | SC | Fee |
1980/1990/ 1996 |
2004 | 100% | 148,245 | $ | 1,573,914 | $ | 10.84 | 98.0% | Tops Markets (2016), Big Lots (2011) |
38
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
245
|
Dewitt, NY |
Marshalls Plaza 3401 Erie Boulevard East |
13214 | SC | Fee | 2001/2003 | 2004 | 100% | 304,177 | $ | 2,969,020 | $ | 10.03 | 97.3% | Toys R Us (2018), Old Navy (2011), Marshalls (2019), Bed Bath & Beyond (2018), A.C. Moore (2014), Syracuse Orthopedic Specialist (2017) | |||||||||||||||||||||||||||||
246
|
Dewitt, NY |
Michaels-Dewitt 3133 Erie Boulevard |
13214 | SC | Fee | 2002 | 2004 | 100% | 49,713 | $ | 570,166 | $ | 11.47 | 100% | Michaels (2010) | |||||||||||||||||||||||||||||
247
|
Elmira, NY |
Tops
Plaza-Elmira Hudson Street |
14904 | SC | Fee (3 | ) | 1997 | 2004 | 10% | 98,330 | $ | 1,117,100 | $ | 11.36 | 100% | Tops Markets (2017) | ||||||||||||||||||||||||||||
248
|
Gates, NY |
Westgate Plaza 2000 Chili Avenue |
14624 | SC | Fee | 1998 | 2004 | 100% | 334,752 | $ | 3,219,908 | $ | 9.75 | 98.7% | Wal-Mart (2021), Staples (2015) | |||||||||||||||||||||||||||||
249
|
Greece, NY |
Jo-Ann/PETsMART
Plaza 3042 West Ridge Road |
14626 | SC | Fee | 1993/1999 | 2004 | 100% | 75,916 | $ | 799,191 | $ | 10.53 | 100% | PETsMART (2008), Jo-Ann Stores (2015) | |||||||||||||||||||||||||||||
250
|
Hamburg, NY |
BJs Plaza-Hamburg 4408 Milestrip Road |
14075 | SC | GL | 1990/1997 | 2004 | 100% | 175,965 | $ | 1,725,858 | $ | 10.23 | 95.9% | Office Max (2010), BJs Wholesale Club (2010) | |||||||||||||||||||||||||||||
251
|
Hamburg, NY |
McKinley Place 3701 McKinley Parkway |
14075 | SC | Fee | 1990/2001 | 2004 | 100% | 128,944 | $ | 1,450,399 | $ | 11.44 | 98.3% | Dicks Sporting Goods (2011), Rosas Home Store (2009) | |||||||||||||||||||||||||||||
252
|
Hamburg, NY |
Hamburg Village Square 140 Pine Street |
14075 | SC | Fee |
1960/1972/ 1984/1996 |
2004 | 100% | 92,717 | $ | 881,916 | $ | 10.82 | 87.9% | ||||||||||||||||||||||||||||||
253
|
Hamburg, NY |
Home Depot Plaza-Hamburg 4405 Milestrip Road |
14219 | SC | GL | 1999/2000 | 2004 | 100% | 139,413 | $ | 1,507,396 | $ | 10.81 | 100% | Home Depot (2012) | |||||||||||||||||||||||||||||
254
|
Hamburg, NY |
McKinley Milestrip Center 3540 McKinley Parkway |
14075 | SC | Fee | 1999 | 2004 | 100% | 106,774 | $ | 1,472,383 | $ | 13.79 | 100% | Old Navy (2010), Jo-Ann Stores (2015) | |||||||||||||||||||||||||||||
255
|
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) | ||||||||||||||||||||||||||||
256
|
Hamlin, NY |
Tops
Plaza-Hamlin 1800 Lake Road |
14464 | SC | Fee (3 | ) | 1997 | 2004 | 10% | 60,488 | $ | 491,705 | $ | 8.33 | 97.6% | Tops Markets (2017) | ||||||||||||||||||||||||||||
257
|
Irondequoit, NY |
Culver Ridge Plaza 2255 Ridge Road East |
14622 | SC | Fee (3 | ) |
1972/1984/ 1997 |
2004 | 20% | 226,812 | $ | 2,206,041 | $ | 11.03 | 88.2% | Regal Cinemas (2022), A.J. Wright (2014) | ||||||||||||||||||||||||||||
258
|
Irondequoit, NY |
Ridgeview Place 1850 Ridge Road East |
14617 | SC | Fee | 2000 | 2004 | 100% | 64,732 | $ | 847,629 | $ | 13.09 | 100% | ||||||||||||||||||||||||||||||
259
|
Ithaca, NY |
Tops Plaza-Ithaca 614-722 South Meadow |
14850 | SC | Fee |
1990/1999/ 2003 |
2004 | 100% | 229,320 | $ | 3,554,447 | $ | 16.00 | 96.9% | Office Depot (2014), Tops Markets (2022), Michaels (2013), Barnes & Noble (2018) | |||||||||||||||||||||||||||||
260
|
Jamestown, NY |
Tops Plaza-Jamestown 75 Washington Street |
14702 | SC | Fee (3 | ) | 1997 | 2004 | 20% | 98,001 | $ | 1,178,454 | $ | 13.08 | 92.0% | Tops Markets (2018) | ||||||||||||||||||||||||||||
261
|
Jamestown, NY |
Southside Plaza 708-744 Foote Avenue |
14701 | SC | Fee | 1980/1997 | 2004 | 100% | 63,140 | $ | 573,269 | $ | 9.30 | 97.7% | Quality Market (2017) | |||||||||||||||||||||||||||||
262
|
Lancaster, NY |
Regal Center 6703-6733 Transit Road |
14221 | SC | Fee (3 | ) | 1997 | 2004 | 14.5% | 112,949 | $ | 927,990 | $ | 8.43 | 97.5% | Regal Cinemas (2017) | ||||||||||||||||||||||||||||
263
|
Leroy, NY |
Tops Plaza-Leroy 128 West Main Street |
14482 | SC | Fee (3 | ) | 1997 | 2004 | 20% | 62,747 | $ | 583,543 | $ | 9.30 | 100% | Tops Markets (2017) |
39
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
264
|
Lockport, NY |
Wal-Mart/Tops
Plaza-Lockport 5789 & 5839 Transit Road & Hamm |
14094 | SC | GL | 1993 | 2004 | 100% | 296,582 | $ | 2,718,853 | $ | 9.17 | 100% | Wal-Mart (2015), Tops Markets (2021), Sears Hardware (2011) | |||||||||||||||||||||||||||||
265
|
Medina, NY |
Tops Plaza-Medina 11200 Maple Ridge Road |
14103 | SC | Fee | 1996 | 2004 | 100% | 80,028 | $ | 526,400 | $ | 6.58 | 100% | Tops Markets (2016) | |||||||||||||||||||||||||||||
266
|
New Hartford, NY |
Consumer Square 4725-4829 Commercial Drive |
13413 | SC | Fee (3 | ) | 2002 | 2004 | 14.5% | 514,717 | $ | 6,115,602 | $ | 11.97 | 99.3% | Barnes & Noble (2013), Bed Bath & Beyond (2018), Best Buy (2013), Staples (2018), Michaels (2013), Wal-Mart (2022), T.J. Maxx (2012) | ||||||||||||||||||||||||||||
267
|
New Hartford, NY |
Tops Plaza-New Hartford 40 Kellopp Road |
13413 | SC | Fee | 1998 | 2004 | 100% | 127,740 | $ | 1,180,160 | $ | 12.60 | 73.3% | Hanaford Brothers (2018) | |||||||||||||||||||||||||||||
268
|
Niagara Falls, NY |
Home Depot Plaza-Niagara Falls 720 & 750 Builders Way |
14304 | SC | Fee | 1994/2000 | 2004 | 100% | 43,842 | $ | 577,615 | $ | 13.38 | 98.5% | Regal Cinemas (2019), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
269
|
Niagara Falls, NY |
Pine Plaza 8207-8351 Niagara Falls Boulevard |
14304 | SC | Fee |
1980/1992/ 1998 |
2004 | 100% | 83,273 | $ | 709,286 | $ | 10.33 | 82.4% | Office Max (2015) | |||||||||||||||||||||||||||||
270
|
Niagara Falls, NY |
Tops-Portage 1000 Portage Road |
14301 | SC | Fee | 1991 | 2004 | 100% | 117,014 | $ | 1,200,084 | $ | 10.26 | 100% | Tops Markets (2013) | |||||||||||||||||||||||||||||
271
|
Niagara Falls, NY |
Wegmans Plaza-N Falls 1575-1653 Military Road |
14304 | SC | Fee | 1998 | 2004 | 100% | 122,876 | $ | 701,855 | $ | 6.42 | 89.0% | Wegmans Food Markets (2023) | |||||||||||||||||||||||||||||
272
|
Niskayuna, NY |
Mohawk Commons 402-442 Balltown Road |
12121 | SC | Fee | 2002 | 2004 | 100% | 399,901 | $ | 4,569,092 | $ | 11.22 | 100% | Price Chopper (2022), Lowes Home Improvement (2022), Marshalls (2012), Barnes & Noble (2014), Bed Bath & Beyond (2019), Target (Not Owned) | |||||||||||||||||||||||||||||
273
|
North Tonawanda, NY |
Mid-City
Plaza 955-987 Payne Avenue |
14120 | SC | Fee |
1960/1976/ 1980/1995/ 2004 |
2004 | 100% | 215,998 | $ | 2,044,760 | $ | 11.88 | 79.7% | Tops Markets (2024) | |||||||||||||||||||||||||||||
274
|
Norwich, NY |
Tops
Plaza-Norwich 54 East Main Street |
13815 | SC | GL (3 | ) | 1997 | 2004 | 10% | 85,453 | $ | 1,098,685 | $ | 13.04 | 98.6% | Tops Markets (2018) | ||||||||||||||||||||||||||||
275
|
Olean, NY |
Wal-Mart
Plaza-Olean 3142 West State Street |
14760 | SC | Fee | 1993/2004 | 2004 | 100% | 285,400 | $ | 2,249,822 | $ | 8.17 | 96.4% | Wal-Mart (2014), Eastwynn Theatres (2014), BJs Wholesale Club (2014), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
276
|
Ontario, NY |
Tops Plaza-Ontario Blockbuster 6254-6272 Furnace Road |
14519 | SC | Fee (3 | ) | 1998 | 2004 | 20% | 77,040 | $ | 787,174 | $ | 10.22 | 100% | Tops Markets (2019) | ||||||||||||||||||||||||||||
277
|
Orchard Road Park, NY |
Crossroad Plaza 3245 Southwestern Boulevard |
14127 | SC | Fee (3 | ) | 2000 | 2004 | 20% | 167,805 | $ | 1,763,751 | $ | 11.24 | 93.5% | Tops Markets (2022), Stein Mart (2012), Lowes Home Improvement (Not Owned) |
40
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
278
|
Plattsburgh, NY |
Consumer Square Rt. 3-Cornelia Road |
12901 | SC | Fee | 1993/2004 | 2004 | 100% | 491,513 | $ | 3,452,394 | $ | 7.31 | 96.1% | Sams Club (2013), Wal-Mart (2020), T.J. Maxx (2013), PETsMART (2014), Michaels (2011) | |||||||||||||||||||||||||||||
279
|
Rochester, NY |
Hen-Jef Plaza 400 Jefferson Road at Henrietta |
14620 | SC | Fee | 1983/1993 | 2004 | 100% | 159,517 | $ | 1,242,067 | $ | 9.42 | 82.7% | City Mattress (2009), CompUSA (2008), PETsMART (2008), The Tile Shop (2015) | |||||||||||||||||||||||||||||
280
|
Rochester, NY |
Panorama Plaza 1601 Penfield Road |
14625 | SC | Fee (3 | ) |
1959/1965/ 1972/1980/ 1986/1994 |
2004 | 20% | 278,241 | $ | 3,234,166 | $ | 12.46 | 93.3% | Linens N Things (2008), Tops Markets (2014) | ||||||||||||||||||||||||||||
281
|
Rochester, NY |
Henrietta Plaza 1100 Jefferson Road |
14467 | SC | Fee |
1972/1980/ 1988/1999 |
2004 | 100% | 245,426 | $ | 1,857,705 | $ | 8.23 | 92.0% | Big Lots (2010), Office Depot (2009), Tops Markets (2013) | |||||||||||||||||||||||||||||
282
|
Rome, NY |
Freedom Plaza 205-211 Erie Boulevard West |
13440 | SC | Fee |
1978/2000/ 2001 |
2004 | 100% | 194,467 | $ | 1,192,712 | $ | 5.86 | 100% | Staples (2015), J.C. Penney (2008), Tops Markets (2021), Marshalls (2016) | |||||||||||||||||||||||||||||
283
|
Springville, NY |
Springville Plaza 172-218 South Cascade Drive |
14141 | SC | Fee |
1980/1999/ 2004 |
2004 | 100% | 105,636 | $ | 910,679 | $ | 9.16 | 94.1% | Tops Markets (2023), Salvation Army (2009) | |||||||||||||||||||||||||||||
284
|
Tonawanda, NY |
Del-Ton Plaza 4220 Delaware Avenue |
14150 | SC | Fee | 1985/1996 | 2004 | 100% | 55,473 | $ | 375,366 | $ | 7.14 | 94.7% | ||||||||||||||||||||||||||||||
285
|
Tonawanda, NY |
Office Depot Plaza 2309 Eggert Road |
14150 | SC | Fee |
1976/1985/ 1996 |
2004 | 100% | 121,846 | $ | 1,117,828 | $ | 10.17 | 90.2% | CompUSA (2010), Office Depot (2011) | |||||||||||||||||||||||||||||
286
|
Tonawanda, NY |
Sheridan/Delaware Plaza 1692-1752 Sheridan Drive |
14223 | SC | Fee |
1950/1965/ 1975/1986/ 2000 |
2004 | 100% | 188,200 | $ | 1,342,313 | $ | 7.16 | 99.7% | Bon Ton (2010), Bon Ton Home Store (2010), Tops Markets (2020) | |||||||||||||||||||||||||||||
287
|
Tonawanda, NY |
Tops Plaza-Niagara Street 150 Niagara Street |
14150 | SC | Fee (3 | ) | 1997 | 2004 | 10% | 97,014 | $ | 1,237,690 | $ | 12.98 | 98.3% | Tops Markets (2017) | ||||||||||||||||||||||||||||
288
|
Tonawanda, NY |
Youngmann Plaza 750 Young Street |
14150 | SC | Fee (3 | ) | 1985/2003 | 2004 | 10% | 310,921 | $ | 2,324,541 | $ | 7.58 | 95.5% | BJs Wholesale Club (2010), Big Lots (2012), Gander Mountain (2015), Tops Markets (2021) | ||||||||||||||||||||||||||||
289
|
Utica, NY |
Tops Plaza-Dollar Tree 1154 Mohawk Street |
13501 | SC | Fee |
1961/1972/ 1988/1998 |
2004 | 100% | 191,047 | $ | 1,473,725 | $ | 10.75 | 71.7% | A.J. Wright (2014), Hanaford Brothers (2025) | |||||||||||||||||||||||||||||
290
|
Victor, NY |
Victor Square 2-10 Commerce Drive |
14564 | SC | Fee | 2000 | 2004 | 100% | 56,134 | $ | 913,696 | $ | 17.24 | 94.4% | ||||||||||||||||||||||||||||||
291
|
Warsaw, NY |
Tops Plaza-Warsaw 2382 Route 19 |
14569 | SC | Fee (3 | ) | 1998 | 2004 | 20% | 74,105 | $ | 715,721 | $ | 9.66 | 100% | Tops Markets (2015) | ||||||||||||||||||||||||||||
292
|
West Seneca, NY |
Home Depot Plaza 1881 Ridge Road |
14224 | SC | GL |
1975/1983/ 1987/1995 |
2004 | 100% | 139,453 | $ | 1,399,505 | $ | 10.33 | 97.2% | Home Depot (2016) |
41
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
293
|
West Seneca, NY |
Seneca-Ridge Plaza 3531 Seneca Street |
14224 | SC | Fee |
1980/1996/ 2004 |
2004 | 100% | 62,403 | $ | 291,082 | $ | 11.74 | 39.7% | ||||||||||||||||||||||||||||||
294
|
Williamsville, NY |
Williamsville Place 5395 Sheridan Drive |
14221 | SC | Fee |
1986/1995/ 2003 |
2004 | 100% | 98,846 | $ | 1,028,789 | $ | 13.46 | 77.3% | ||||||||||||||||||||||||||||||
295
|
Williamsville, NY |
Premier Place 7864-8020 Transit Road |
14221 | SC | Fee (3 | ) |
1986/1994/ 1998 |
2004 | 14.5% | 142,536 | $ | 1,295,070 | $ | 10.77 | 84.4% | Premier Liquors (2010), Stein Mart (2008) | ||||||||||||||||||||||||||||
North Carolina |
||||||||||||||||||||||||||||||||||||||||||||
296
|
Apex, NC |
Beaver Creek Commons 1335 W Williams Street |
27502 | SC | Fee | 2005 | 1* | 100% | 116,429 | $ | 2,255,511 | $ | 16.80 | 95.6% | Linens N Things (2016), Office Max (2014), Lowes Home Improvement (Not Owned), Super Target (Not Owned) | |||||||||||||||||||||||||||||
297
|
Apex, NC |
Beaver Creek Crossings South 1335 W Williams Street |
27502 | SC | Fee | 2006 | 1* | 100% | 207,524 | $ | 2,150,267 | $ | 9.25 | 100% | Dicks Sporting Goods (2017), Consolidated Theatres (2026), T.J. Maxx (2016), Circuit City (2021), Borders Books and Music (2022) | |||||||||||||||||||||||||||||
298
|
Asheville, NC |
River Hills 299 Swannanoa River Road |
28805 | SC | Fee (3 | ) | 1996 | 2003 | 14.5% | 190,970 | $ | 2,014,236 | $ | 10.55 | 100% | Goodys (2007), Carmike Cinemas (2017), Circuit City (2017), Dicks Sporting Goods (2017), Michaels (2008), Office Max (2011) | ||||||||||||||||||||||||||||
299
|
Durham, NC |
Oxford Road Commons 3500 Oxford Road |
27702 | SC | Fee | 1990/2001 | 1*/2* | 100% | 203,069 | $ | 1,262,491 | $ | 6.68 | 93.0% | Food Lion (2010), Burlington Coat Factory (2007), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
300
|
Fayetteville, NC |
Cross Pointe Centre 5075 Morganton Road |
28314 | SC | Fee | 1985/2003 | 2003 | 100% | 196,279 | $ | 1,500,496 | $ | 8.02 | 95.3% | Developers Realty Corp. (2012), T.J. Maxx (2011), Bed Bath & Beyond (2014) | |||||||||||||||||||||||||||||
301
|
Hendersonville, NC |
East Ridge Crossing 200 Thompson Street |
28792 | SC | GL | 1995/2004 | 2003 | 100% | 124,432 | $ | 655,227 | $ | 4.00 | 100% | Epic Theatres (2018), Ingles (2009), Burkes Outlet (2011), Big Lots (Not Owned) | |||||||||||||||||||||||||||||
302
|
Indian Trail, NC |
Union Town Center Independence & Faith Church Road |
28079 | SC | Fee | 1999 | 2004 | 100% | 96,160 | $ | 909,365 | $ | 10.86 | 87.1% | Food Lion (2020) | |||||||||||||||||||||||||||||
303
|
Mooresville, NC |
Mooresville Consumer Square I 355 West Plaza Drive |
28117 | SC | Fee | 1999 | 2004 | 100% | 472,182 | $ | 4,327,214 | $ | 9.43 | 97.2% | Wal-Mart (2019), Goodys (2010), Gander Mountain (2021) | |||||||||||||||||||||||||||||
304
|
New Bern, NC |
Rivertowne Square 3003 Claredon Boulevard |
28561 | SC | Fee | 1989/1999 | 1*/2* | 100% | 68,130 | $ | 598,928 | $ | 8.96 | 98.2% | Goodys (2012), Wal-Mart (Not Owned) |
42
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
305
|
Washington, NC |
Pamlico Plaza 536 Pamlico Plaza |
27889 | SC | Fee | 1990/1999 | 1*/2* | 100% | 80,269 | $ | 527,902 | $ | 6.67 | 98.5% | Goodys (2009), Office Depot (2009), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
306
|
Wilmington, NC |
University Centre S. College Road & New Centre Drive |
28403 | SC | Fee | 1989/2001 | 1*/2* | 100% | 411,887 | $ | 3,536,859 | $ | 9.20 | 93.2% | Lowes Home Improvement (2014), Old Navy (2011), Bed Bath & Beyond (2012), Ross Dress For Less (2012), Steve & Barrys (2014), Badcock Furniture (2014), Sams Club (Not Owned) | |||||||||||||||||||||||||||||
North Dakota |
||||||||||||||||||||||||||||||||||||||||||||
307
|
Dickinson, ND |
Prairie Hills Mall 1681 Third Road Avenue |
58601 | MM | Fee | 1978 | 1*/2* | 100% | 266,502 | $ | 1,120,171 | $ | 4.62 | 90.9% | Kmart (2008), Herbergers (2010), J.C. Penney (2008) | |||||||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||||||||||||
308
|
Ashtabula, OH |
Tops Plaza-Ashtabula 1144 West Prospect Road |
44004 | SC | Fee | 2000 | 2004 | 100% | 57,874 | $ | 904,720 | $ | 15.63 | 100% | Tops Markets (2021) | |||||||||||||||||||||||||||||
309
|
Aurora, OH |
Barrington Town Square 70-130 Barrington Town Square |
44202 | SC | Fee | 1996/2004 | 1* | 100% | 102,683 | $ | 1,036,287 | $ | 11.70 | 82.7% | Cinemark (2011), Heinens (Not Owned) | |||||||||||||||||||||||||||||
310
|
Bellefontaine, OH |
South Main Street Plaza 2250 South Main Street |
43311 | SC | Fee | 1995 | 1998 | 100% | 52,399 | $ | 445,579 | $ | 8.50 | 100% | Goodys (2010), Staples (2010) | |||||||||||||||||||||||||||||
311
|
Boardman, OH |
South Land Crossing I-680 & Us Route 224 |
44514 | SC | Fee | 1997 | 1* | 100% | 506,254 | $ | 4,185,018 | $ | 8.26 | 98.8% | Lowes Home Improvement (2016), Babies R Us (2009), Staples (2012), Dicks Sporting Goods (2012), Wal-Mart (2017), PETsMART (2013), Giant Eagle (2018) | |||||||||||||||||||||||||||||
312
|
Canton, OH |
Belden Park Crossings 5496 Dressker Road |
44720 | SC | Fee (3 | ) |
1995/2001/ 2003 |
1* | 14.5% | 478,106 | $ | 5,194,192 | $ | 10.95 | 99.3% | Value City Furniture (2011), H.H. Gregg Appliances (2011), Jo-Ann Stores (2008), PETsMART (2013), Dicks Sporting Goods (2010), DSW Shoe Warehouse (2012), Kohls (2016), Target (Not Owned) | ||||||||||||||||||||||||||||
313
|
Chillicothe, OH |
Chillicothe Place 867 N Bridge Street |
45601 | SC | GL (3 | ) | 1974/1998 | 1*/2* | 20% | 106,262 | $ | 1,019,135 | $ | 9.59 | 100% | Kroger (2041), Office Max (2013) | ||||||||||||||||||||||||||||
314
|
Chillicothe, OH |
Chillicothe Place (Lowes) 867 N Bridge Street |
45601 | SC | Fee | 1998 | 1* | 100% | 130,497 | $ | 822,132 | $ | 6.30 | 100% | Lowes Home Improvement (2015) | |||||||||||||||||||||||||||||
315
|
Cincinnati, OH |
Glenway Crossing 5100 Glen Crossing Way |
45238 | SC | Fee | 1990 | 2* | 100% | 235,433 | $ | 1,926,940 | $ | 10.81 | 75.7% | Steve & Barrys (2014), Michaels (2011) |
43
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
316
|
Cincinnati, OH |
Tri County Mall 117000 Princeton Park |
45246 | SC | Fee (3 | ) |
1960/1990/ 1992 |
2005 | 18% | 667,659 | $ | 10,052,257 | $ | 17.87 | 88.8% | Dillards (2018), Macys (Not Owned), Sears (Not Owned) | ||||||||||||||||||||||||||||
317
|
Columbus, OH |
Consumer Square West Columbus 3630 Soldano Boulevard |
43228 | SC | Fee | 1989/2003 | 2004 | 100% | 356,515 | $ | 2,238,410 | $ | 7.34 | 85.5% | Kroger (2014), Target (2011) | |||||||||||||||||||||||||||||
318
|
Columbus, OH |
Dublin Village Center 6561-6815 Dublin Center Drive |
43017 | SC | Fee | 1987 | 1998 | 100% | 227,003 | $ | 1,574,433 | $ | 11.76 | 59.0% | AMC Theatres (2007), Max Sports Center (2007), BJs Wholesale Club (Not Owned) | |||||||||||||||||||||||||||||
319
|
Columbus, OH |
Easton Market 3740 Easton Market |
43230 | SC | Fee | 1998 | 1998 | 100% | 509,611 | $ | 6,010,166 | $ | 12.15 | 97.0% | CompUSA (2013), Staples (2013), PETsMART (2014), Golfsmith Golf Center (2013), Michaels (2008), Dicks Sporting Goods (2013), DSW Shoe Warehouse (2012), Kittles Home Furnishings (2012), Bed Bath & Beyond (2014), T.J. Maxx (2008) | |||||||||||||||||||||||||||||
320
|
Columbus, OH |
Lennox Town Center 1647 Olentangy River Road |
43212 | SC | Fee (3 | ) | 1997 | 1998 | 50% | 352,913 | $ | 3,458,841 | $ | 9.80 | 100% | Target (2016), Barnes & Noble (2007), Staples (2011), AMC Theatres (2021) | ||||||||||||||||||||||||||||
321
|
Columbus, OH |
Sun Center 3622-3860 Dublin Granville Road |
43017 | SC | Fee (3 | ) | 1995 | 1998 | 79.45% | 305,428 | $ | 3,610,228 | $ | 11.91 | 99.2% | Babies R Us (2011), Michaels (2013), Ashley Furniture Homestore (2012), Stein Mart (2012), Whole Food Markets (2016), Staples (2010) | ||||||||||||||||||||||||||||
322
|
Dublin, OH |
Perimeter Center 6644-6804 Perimeter Loop Road |
43017 | SC | Fee | 1996 | 1998 | 100% | 137,556 | $ | 1,514,461 | $ | 11.27 | 97.7% | Giant Eagle (2014) | |||||||||||||||||||||||||||||
323
|
Elyria, OH |
Elyria Shopping Center 841 Cleveland Street |
44035 | SC | Fee | 1977 | 2* | 100% | 92,125 | $ | 704,695 | $ | 7.65 | 100% | Tops Markets (2010) | |||||||||||||||||||||||||||||
324
|
Gallipolis, OH |
Gallipolis Market Place 2145 Eastern Avenue |
45631 | SC | Fee | 1998 | 2003 | 100% | 25,950 | $ | 337,254 | $ | 13.63 | 95.4% | Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
325
|
Grove City, OH |
Derby Square Shopping Center 2161-2263 Stringtown Road |
43123 | SC | Fee (3 | ) | 1992 | 1998 | 20% | 128,210 | $ | 1,124,578 | $ | 9.40 | 93.3% | Giant Eagle (2016) | ||||||||||||||||||||||||||||
326
|
Huber Hts., OH |
North Heights Plaza 8280 Old Troy Pike |
45424 | SC | Fee | 1990 | 1993 | 100% | 163,819 | $ | 1,346,389 | $ | 10.83 | 75.9% | Cub Foods (2011), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
327
|
Lebanon, OH |
Countryside Place 1879 Deerfield Road |
45036 | SC | Fee | 1990/2002 | 1993 | 100% | 17,000 | $ | 79,374 | $ | 5.75 | 81.2% | Wal-Mart (Not Owned), Erb Lumber (Not Owned) | |||||||||||||||||||||||||||||
328
|
Macedonia, OH |
Macedonia Commons Macedonia Commons Boulevard |
44056 | SC | Fee (3 | ) | 1994 | 1994 | 50% | 233,619 | $ | 3,050,811 | $ | 12.01 | 99.5% | Tops Markets (2019), Kohls (2016), Wal-Mart (Not Owned) |
44
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
329
|
Macedonia, OH |
Macedonia Commons
(Phase II) 8210 Macedonia Commons |
44056 | SC | Fee | 1999 | 1* | 100% | 169,481 | $ | 1,601,734 | $ | 9.45 | 100% | Cinemark (2019), Home Depot (2020) | |||||||||||||||||||||||||||||
330
|
North Olmsted, OH |
Great Northern Plaza North 25859-26437 Great Northern |
44070 | SC | Fee (3 | ) |
1958/1998/ 2003 |
1997 | 14.5% | 624,587 | $ | 8,111,991 | $ | 13.06 | 99.0% | Best Buy (2010), DSW Shoe Warehouse (2015), Bed Bath & Beyond (2012), Marshalls (2008), PETsMART (2008), Steve & Barrys (2014), Home Depot (2019), K & G Menswear (2008), Jo-Ann Stores (2009), Marcs (2012), CompUSA (2008), Remington College (Not Owned) | ||||||||||||||||||||||||||||
331
|
Pataskala, OH |
Village Market/Rite-Aid Center 78-80 Oak Meadow Drive |
43062 | SC | Fee | 1980 | 1998 | 100% | 33,270 | $ | 201,200 | $ | 6.05 | 100% | Cardinal Foods (2007) | |||||||||||||||||||||||||||||
332
|
Pickerington, OH |
Shoppes at Turnberry 1701-1797 Hill Road North |
43147 | SC | Fee | 1990 | 1998 | 100% | 59,495 | $ | 628,011 | $ | 13.22 | 77.0% | ||||||||||||||||||||||||||||||
333
|
Solon, OH |
Uptown Solon Kruse Drive |
44139 | SC | Fee | 1998 | 1* | 100% | 183,255 | $ | 2,792,384 | $ | 15.74 | 96.8% | Mustard Seed Market & Cafe (2019), Bed Bath & Beyond (2009), Borders Books and Music (2018) | |||||||||||||||||||||||||||||
334
|
Stow, OH |
Stow Community Shopping Center Kent Road |
44224 | SC | Fee | 1997/2000 | 1* | 100% | 404,480 | $ | 2,986,704 | $ | 7.46 | 98.9% | Kmart (2006), Bed Bath & Beyond (2011), Giant Eagle (2017), Kohls (2019), Office Max (2011), Target (Not Owned) | |||||||||||||||||||||||||||||
335
|
Tiffin, OH |
Tiffin Mall 870 West Market Street |
44883 | MM | Fee | 1980/2004 | 1*/2* | 100% | 170,868 | $ | 731,821 | $ | 6.11 | 70.0% | Cinemark (2011), J.C. Penney (2010) | |||||||||||||||||||||||||||||
336
|
Toledo, OH |
Springfield Commons Shopping S. Holland-Sylvania Road |
43528 | SC | Fee (3 | ) | 1999 | 1* | 20% | 241,129 | $ | 2,779,908 | $ | 11.03 | 99.3% | Kohls (2019), Gander Mountain (2014), Bed Bath & Beyond (2010), Old Navy (2010) | ||||||||||||||||||||||||||||
337
|
Toledo, OH |
Dicks-Toledo 851 West Alexis Road |
43612 | SC | Fee | 1995 | 2004 | 100% | 80,160 | $ | 501,000 | $ | 6.25 | 100% | Dicks Sporting Goods (2016) | |||||||||||||||||||||||||||||
338
|
Westlake, OH |
West Bay Plaza 30100 Detroit Road |
44145 | SC | Fee |
1974/1997/ 2000 |
1*/2* | 100% | 162,330 | $ | 1,370,403 | $ | 8.54 | 98.8% | Marcs (2009), Kmart (2009) | |||||||||||||||||||||||||||||
339
|
Xenia, OH |
West Park Square 1700 West Park Square |
45385 | SC | Fee |
1994/1997/ 2001 |
1* | 100% | 104,873 | $ | 738,682 | $ | 8.12 | 77.9% | Kroger (2019), Wal-Mart (Not Owned) |
45
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Oregon | ||||||||||||||||||||||||||||||||||||||||||||
340
|
Portland, OR |
Tanasbourne Town Center NW Evergreen Parkway & NW Ring Road |
97006 | SC | Fee (3 | ) | 1995/2001 | 1996 | 50% | 309,617 | $ | 5,586,982 | $ | 18.18 | 99.2% | Linens N Things (2012), Ross Dress For Less (2008), Barnes & Noble (2011), Michaels (2009), Office Depot (2010), Haggans (2021), Nordstrom (Not Owned), Target (Not Owned), Mervyns (Not Owned) | ||||||||||||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||||||||||||||
341
|
Allentown, PA |
West Valley Market Place 1091 Mill Creek Road |
18106 | SC | Fee | 2001/2004 | 2003 | 100% | 259,239 | $ | 2,698,873 | $ | 10.47 | 99.5% | Wal-Mart (2021) | |||||||||||||||||||||||||||||
342
|
E. Norriton, PA |
Kmart Plaza 2692 Dekalb Pike |
19401 | SC | Fee | 1975/1997 | 1*/2* | 100% | 173,876 | $ | 1,331,209 | $ | 7.23 | 100% | Kmart (2010), Big Lots (2010) | |||||||||||||||||||||||||||||
343
|
Erie, PA |
Peach Street Square 1902 Keystone Drive |
16509 | SC | GL |
1995/1998/ 2003 |
1* | 100% | 557,769 | $ | 4,779,195 | $ | 8.89 | 91.3% | Lowes Home Improvement (2015), PETsMART (2015), Circuit City (2020), Kohls (2016), Wal-Mart (2015), Cinemark (2011), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
344
|
Erie, PA |
Erie Market Place 6660-6750 Peach Street |
16509 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 107,537 | $ | 1,065,115 | $ | 9.18 | 100% | Marshalls (2013), Bed Bath & Beyond (2013), Babies R Us (2015), Target (Not Owned) | ||||||||||||||||||||||||||||
345
|
Erie, PA |
Tops Plaza-Erie 1520 West 25th Street |
16505 | SC | Fee | 1995 | 2004 | 100% | 103,691 | $ | 1,325,624 | $ | 12.78 | 100% | Tops Markets (2016) | |||||||||||||||||||||||||||||
346
|
Hanover, PA |
BJs-Hanover 1785 Airport Road South |
18109 | SC | Fee | 1991 | 2004 | 100% | 112,230 | $ | 858,844 | $ | 7.65 | 100% | BJs Wholesale Club (2011) | |||||||||||||||||||||||||||||
347
|
Monaca, PA |
Township Market Place 115 Wagner Road |
15061 | SC | GL (3 | ) | 1999/2004 | 2003 | 14.5% | 298,589 | $ | 2,757,341 | $ | 9.23 | 100% | Cinemark (2019), Lowes Home Improvement (2016), Shop N Save (2019) | ||||||||||||||||||||||||||||
348
|
Mt. Nebo, PA |
Mt. Nebo Point Mt. Nebo Road & Lowries Run Road |
15237 | SC | Fee | 2005 | 1* | 100% | 72,882 | $ | 1,124,207 | $ | 13.93 | 100% | Sportsmans Warehouse (2020), Sams Club (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||||||
Puerto Rico | ||||||||||||||||||||||||||||||||||||||||||||
349
|
Arecibo, PR |
Plaza Del Atlantico PR #KM 80.3 |
00612 | MM | Fee | 1980/1993 | 2005 | 100% | 215,451 | $ | 3,209,401 | $ | 15.35 | 89.7% | Kmart (2013), Capri Del Atlantico (2013) | |||||||||||||||||||||||||||||
350
|
Bayamon, PR |
Plaza Del Sol Road PR#29 & PR#167, Hato Tejas |
00961 | MM | Fee |
1998/2003/ 2004 |
2005 | 100% | 526,373 | $ | 15,807,439 | $ | 30.70 | 93.5% | Wal-Mart (2022), Old Navy (2011), Science Park Cinema (2019), Bed Bath & Beyond (2017), Home Depot (Not Owned) | |||||||||||||||||||||||||||||
351
|
Bayamon, PR |
Rexville Plaza PR #167, KM 18.8 |
00961 | SC | Fee | 1980/2002 | 2005 | 100% | 126,023 | $ | 1,553,961 | $ | 11.42 | 98.9% | Pueblo Xtra (2009), Tiendas Capri (2013) |
46
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
352
|
Bayamon, PR |
Rio Hondo PR #22, PR #167 |
00961 | MM | Fee | 1982/2001 | 2005 | 100% | 461,321 | $ | 11,457,429 | $ | 23.63 | 97.0% | Tiendas Capri (2009), CompUSA (2021), Kmart (2011), Pueblo Xtra (2012), Marshalls (2015), Rio Hondo Cinema (Not Owned) | |||||||||||||||||||||||||||||
353
|
Carolina, PR |
Plaza Escorial Carreterra #3, KM 6.1 |
00987 | SC | Fee | 1997 | 2005 | 100% | 385,665 | $ | 7,534,321 | $ | 15.66 | 99.4% | Office Max (2015), Wal-Mart (2024), Borders Books and Music (2017), Old Navy (2009), Sams Club (2024), Home Depot (Not Owned), Caribbean Cinemas (Not Owned) | |||||||||||||||||||||||||||||
354
|
Cayey, PR |
Plaza Cayey State Road #1 & PR #735 |
00736 | SC | Fee | 1999/2004 | 2005 | 100% | 261,126 | $ | 3,173,157 | $ | 9.06 | 100% | Wal-Mart (2021), Cayey Cinema Corp. (Not Owned) | |||||||||||||||||||||||||||||
355
|
Fajardo, PR |
Plaza Fajardo Road PR #3 INT PR #940 |
00738 | SC | Fee | 1992 | 2005 | 100% | 245,319 | $ | 3,823,351 | $ | 15.29 | 100% | Wal-Mart (2012), Pueblo Xtra (2012) | |||||||||||||||||||||||||||||
356
|
Guayama, PR |
Plaza Wal-Mart Road PR #3 KM 135.0 |
00784 | SC | Fee | 1994 | 2005 | 100% | 163,598 | $ | 1,676,518 | $ | 10.44 | 98.2% | Wal-Mart (2018) | |||||||||||||||||||||||||||||
357
|
Hatillo, PR |
Plaza Del Norte Road #2,KM 81.9 |
00659 | MM | Fee | 1992 | 2005 | 100% | 505,877 | $ | 10,959,561 | $ | 22.22 | 93.8% | J.C. Penney (2012), Pueblo Xtra (2012), Wal-Mart (2012), Toys R Us/Kids R Us (Not Owned) | |||||||||||||||||||||||||||||
358
|
Humacao, PR |
Palma Real State Road #3, KM 78.20 |
00791 | SC | Fee | 1995 | 2005 | 100% | 340,608 | $ | 6,440,284 | $ | 16.58 | 99.0% | Capri Stores (2011), Pueblo Xtra (2020), Cinevista Theatres (2006), Wal-Mart (2020), Pep Boys (Not Owned), J. C. Penney (Not Owned) | |||||||||||||||||||||||||||||
359
|
Isabela, PR |
Plaza Isabela State Road #2 & #454,KM 111.6 |
00662 | SC | Fee | 1994 | 2005 | 100% | 238,410 | $ | 3,644,244 | $ | 14.13 | 100% | Pueblo Xtra (2014), Wal-Mart (2019) | |||||||||||||||||||||||||||||
360
|
San German, PR |
Camino Real State Road PR #122 |
00683 | SC | Fee | 1991 | 2005 | 100% | 22,356 | $ | 315,950 | $ | 5.14 | 100% | Pep Boys (2015) | |||||||||||||||||||||||||||||
361
|
San German, PR |
Del Oeste Road PR #2 INT PR #122 |
00683 | SC | Fee | 1991 | 2005 | 100% | 174,172 | $ | 2,317,077 | $ | 12.12 | 98.8% | Kmart (2016), Pueblo Xtra (2011) | |||||||||||||||||||||||||||||
362
|
San Juan, PR |
Senorial Plaza PR #53 & PR #177 |
00926 | MM | Fee | 1978/Mutiple | 2005 | 100% | 169,136 | $ | 2,597,385 | $ | 16.17 | 88.6% | Kmart (2010), Pueblo Xtra (Not Owned) | |||||||||||||||||||||||||||||
363
|
Vega Baja, PR |
Plaza Vega Baja Road PR #2 INT PR #155 |
00693 | SC | Fee | 1990 | 2005 | 100% | 174,728 | $ | 2,088,246 | $ | 10.71 | 100% | Kmart (2015), Pueblo Xtra (2010) | |||||||||||||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||||||||||||||||||||
364
|
Camden, SC |
Springdale Plaza 1671 Springdale Drive |
29020 | SC | Fee | 1990/2000 | 1993 | 100% | 180,127 | $ | 1,275,113 | $ | 7.13 | 99.3% | Steve & Barrys (2014), Belk (2015), Wal-Mart Super Center (Not Owned) |
47
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
365
|
Charleston, SC |
Ashley Crossing 2245 Ashley Crossing Drive |
29414 | SC | Fee | 1991 | 2003 | 100% | 188,883 | $ | 1,45,549 | $ | 7.76 | 92.5% | Food Lion (2011), Wal-Mart (2011) | |||||||||||||||||||||||||||||
366
|
Columbia, SC |
Harbison Court Harbison Boulevard |
29212 | SC | Fee (3 | ) | 1991 | 2002 | 14.5% | 236,707 | $ | 2,863,329 | $ | 12.41 | 97.5% | Barnes & Noble (2011), Ross Dress For Less (2014), Marshalls (2012), Office Max (2011), Babies R Us #8890 (Not Owned) | ||||||||||||||||||||||||||||
367
|
Mt. Pleasant, SC |
Wando Crossing 1500 Highway 17 North |
29465 | SC | Fee | 1992/2000 | 1995 | 100% | 209,139 | $ | 1,759,609 | $ | 10.81 | 77.8% | Office Depot (2010), T.J. Maxx (2007), Marshalls (2011), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
368
|
N. Charleston, SC |
North Pointe Plaza 7400 Rivers Avenue |
29406 | SC | Fee | 1989/2001 | 2* | 100% | 294,471 | $ | 2,066,522 | $ | 7.04 | 99.7% | Wal-Mart (2009), Office Max (2007), Helig Meyers (Not Owned) | |||||||||||||||||||||||||||||
369
|
N. Charleston, SC |
North Charleston Center 5900 Rivers Avenue |
29406 | SC | Fee | 1980/1993 | 2004 | 100% | 235,501 | $ | 1,071,400 | $ | 7.80 | 58.4% | Northern Tool (2016), Big Lots (2009) | |||||||||||||||||||||||||||||
370
|
Orangeburg, SC |
North Road Plaza 2795 North Road |
29115 | SC | Fee | 1994/1999 | 1995 | 100% | 50,760 | $ | 532,648 | $ | 10.49 | 100% | Goodys (2008), Wal-Mart (Not Owned) | |||||||||||||||||||||||||||||
371
|
S. Anderson, SC |
Crossroads Plaza 406 Highway 28 Bypass |
29624 | SC | Fee | 1990 | 1994 | 100% | 13,600 | $ | 53,812 | $ | 3.96 | 100% | ||||||||||||||||||||||||||||||
372
|
Simpsonville, SC |
Fairview Station 621 Fairview Road |
29681 | SC | Fee | 1990 | 1994 | 100% | 142,086 | $ | 881,915 | $ | 6.21 | 100% | Ingles (2011), Kohls (2015) | |||||||||||||||||||||||||||||
373
|
Union, SC |
West Towne Plaza U.S. Hwy 176 Bypass #1 |
29379 | SC | Fee | 1990 | 1993 | 100% | 184,331 | $ | 651,550 | $ | 5.04 | 70.1% | Wal-Mart (2009), Belk (2010) | |||||||||||||||||||||||||||||
South Dakota | ||||||||||||||||||||||||||||||||||||||||||||
374
|
Watertown, SD |
Watertown Mall 1300 9th Avenue |
56401 | MM | Fee | 1977 | 1*/2* | 100% | 240,262 | $ | 1,574,446 | $ | 6.92 | 94.7% | Dunhams Sporting Goods (2011), Herbergers (2009), J.C. Penney (2008), Hy Vee Supermarket (Not Owned) | |||||||||||||||||||||||||||||
Tennessee | ||||||||||||||||||||||||||||||||||||||||||||
375
|
Brentwood, TN |
Cool Springs Pointe I-65 and Moores Lane |
37027 | SC | Fee (3 | ) | 1999/2004 | 2000 | 14.5% | 201,414 | $ | 2,572,784 | $ | 12.77 | 100% | Best Buy (2014), Ross Dress For Less (2015), Linens N Things (2014), DSW Shoe Warehouse (2008) | ||||||||||||||||||||||||||||
376
|
Chattanooga, TN |
Overlook at Hamilton Place 2288 Gunbarrel Road |
37421 | SC | Fee | 1992/2004 | 2003 | 100% | 207,244 | $ | 1,797,167 | $ | 8.67 | 100% | Best Buy (2014), Hobby Lobby (2014), Fresh Market (2014) | |||||||||||||||||||||||||||||
377
|
Columbia, TN |
Columbia Square 845 Nashville Highway |
38401 | SC | Fee (3 | ) | 1993 | 2003 | 10% | 68,948 | $ | 502,041 | $ | 7.94 | 91.7% | Kroger (2022) | ||||||||||||||||||||||||||||
378
|
Farragut, TN |
Farragut Pointe 11132 Kingston Pike |
37922 | SC | Fee (3 | ) | 1991 | 2003 | 10% | 71,311 | $ | 536,825 | $ | 7.84 | 96.0% | Food City (2011) | ||||||||||||||||||||||||||||
379
|
Goodlettsville, TN |
Northcreek Commons 101-139 Northcreek Boulevard |
37072 | SC | Fee (3 | ) | 1987 | 2003 | 20% | 84,441 | $ | 728,601 | $ | 8.63 | 100% | Kroger (2012) |
48
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
380
|
Hendersonville, TN |
Hendersonville Lowes 1050 Lowes Road |
37075 | SC | Fee | 1999 | 2003 | 100% | 133,144 | $ | 1,222,439 | $ | 9.18 | 100% | Lowes Home Improvement (2019) | |||||||||||||||||||||||||||||
381
|
Johnson City, TN |
Johnson City Market Place Franklin & Knob Creek Roads |
37604 | SC | GL | 2005 | 2003 | 100% | 4,060 | $ | 413,892 | $ | 15.00 | 100% | Kohls (Not Owned) | |||||||||||||||||||||||||||||
382
|
Murfreesboro, TN |
Memorial Village 710 Memorial Boulevard |
37130 | SC | Fee | 1993 | 2003 | 100% | 117,697 | $ | 747,140 | $ | 6.35 | 100% | Murfreesboro Athletic Club (2014) | |||||||||||||||||||||||||||||
383
|
Murfreesboro, TN |
Towne Centre Old Fort Parkway |
37129 | SC | Fee (3 | ) | 1998 | 2003 | 14.5% | 108,023 | $ | 1,320,615 | $ | 12.23 | 100% | T.J. Maxx (2008), Books-A-Million (2009), Lowes Home Improvement (Not Owned), Toys R Us (Not Owned), Target (Not Owned) | ||||||||||||||||||||||||||||
384
|
Nashville, TN |
The Market Place Charlotte Pike |
37209 | SC | Fee (3 | ) | 1998 | 2003 | 14.5% | 167,795 | $ | 1,673,979 | $ | 9.98 | 100% | Lowes Home Improvement (2019), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||
385
|
Austin, TX |
Shops at Tech Ridge Center Ridge Drive |
78728 | SC | Fee (3 | ) | 2003 | 2003 | 24.75% | 282,798 | $ | 4,250,669 | $ | 14.56 | 99.3% | Ross Dress For Less (2014), Linens N Things (2014), Hobby Lobby (2018), Best Buy (2017), Toys R Us (Not Owned), Super Target (Not Owned) | ||||||||||||||||||||||||||||
386
|
Frisco, TX |
Frisco Market Place 7010 Preston Road |
75035 | SC | Fee (3 | ) | 2003 | 2003 | 14.5% | 20,959 | $ | 731,059 | $ | 19.33 | 100% | Kohls (Not Owned) | ||||||||||||||||||||||||||||
387
|
Irving, TX |
MacArthur Market Place Market Place Boulevard |
75063 | SC | Fee (3 | ) | 2004 | 2003 | 14.5% | 146,941 | $ | 2,084,490 | $ | 10.75 | 100% | Hollywood Theatres (2016), Office Max (2014), Kohls (Not Owned), Sams Club (Not Owned), Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
388
|
Lewisville, TX |
Lakepointe Crossings S Stemmons Freeway |
75067 | SC | Fee (3 | ) | 1991 | 2002 | 14.5% | 311,039 | $ | 3,509,234 | $ | 11.43 | 98.8% | 99 Cents Only Store (2009), RoomStore, The (2007), PETsMART(2009), Best Buy (2010), Academy Sports (2016), Mardell Christian Book Store (2012), Toys R Us (Not Owned), Conns Appliance (Not Owned), Garden Ridge (Not Owned) | ||||||||||||||||||||||||||||
389
|
McKinney, TX |
McKinney Market Place US Hwy 75 & El Dorado Parkway |
75070 | SC | Fee (3 | ) | 2000 | 2003 | 14.5% | 118,967 | $ | 1,168,375 | $ | 10.53 | 93.3% | Kohls (2021), Albertsons (Not Owned) |
49
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
390
|
Mesquite, TX |
The Market Place at Towne Centre Southbound Frontage Road I 635 |
75150 | SC | Fee (3 | ) | 2001 | 2003 | 14.5% | 170,625 | $ | 2,349,200 | $ | 12.71 | 100% | Linens N Things (2013), Michaels (2012), Ross Dress For Less (2013), Home Depot (Not Owned), Kohls (Not Owned) | ||||||||||||||||||||||||||||
391
|
San Antonio, TX |
Bandera Point North State Loop 1604/Bandera Road |
78227 | SC | Fee | 2001/2002 | 1 | * | 100% | 278,721 | $ | 4,374,724 | $ | 14.88 | 97.7% | T.J. Maxx (2011), Linens N Things (2012), Old Navy (2011), Ross Dress For Less (2012), Barnes & Noble (2011), Target (Not Owned), Lowes Home Improvement (Not Owned), Kohls (Not Owned), Chuck E Cheese (Not Owned), Credit Union (Not Owned), Racquetball & Fitness (Not Owned) | ||||||||||||||||||||||||||||
392
|
San Antonio, TX |
Ingram Park 6157 NW Loop 410 |
78238 | MV | Fee | 1985 | 2005 | 50% | 76,597 | $ | 430,440 | $ | 5.62 | 100% | Mervyns (2020) | |||||||||||||||||||||||||||||
393
|
San Antonio, TX |
Westover Market Place SH 151 at Loop 410 |
78209 | SC | Fee (3 | ) | 2005 | 1 | * | 10% | 188,062 | $ | 2,620,336 | $ | 13.74 | 98.1% | PETsMART (2016), Office Depot (2016), Sportsmans Warehouse (2015), Ross Dress For Less (2016), Lowes Home Improvement (Not Owned), Target (Not Owned) | |||||||||||||||||||||||||||
Utah | ||||||||||||||||||||||||||||||||||||||||||||
394
|
Logan, UT |
Family Place at Logan 400 North Street |
84321 | SC | Fee | 1975 | 1998 | 100% | 19,200 | $ | 209,194 | $ | 10.90 | 100% | Rite-Aid (Not Owned) | |||||||||||||||||||||||||||||
395
|
Midvale, UT |
Family Center at
Fort Union 50 900 East Ft. Union Boulevard |
84047 | SC | Fee | 1973/2000 | 1998 | 100% | 612,257 | $ | 7,171,398 | $ | 12.82 | 91.4% | Babies R Us (2014), Office Max (2012), Smiths Food & Drug (2024), Media Play (2009), Bed Bath & Beyond (2014), Wal-Mart (2015), Ross Dress For Less (2016) | |||||||||||||||||||||||||||||
396
|
Ogden, UT |
Family Center at Ogden 5-Point 21-129 Harrisville Road |
84404 | SC | Fee | 1977 | 1998 | 100% | 162,316 | $ | 661,027 | $ | 5.41 | 75.3% | Harmons (2012) | |||||||||||||||||||||||||||||
397
|
Orem, UT |
Family Center at Orem 1300 South Street |
84058 | SC | Fee | 1991 | 1998 | 100% | 150,667 | $ | 1,621,278 | $ | 10.76 | 100% | Kids R Us (2011), Media Play (2009), Office Depot (2008), Jo-Ann Stores (2012), R.C. Willey (Not Owned) |
50
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
398
|
Riverdale, UT |
Family Center at Riverdale 510 1050 West Riverdale Road |
84405 | SC | Fee | 1995/2003 | 1998 | 100% | 593,398 | $ | 4,882,292 | $ | 8.45 | 95.9% | Meier & Frank Department Store (2011), Office Max (2008), Gart Sports (2012), Sportsmans Warehouse (2009), Target SuperStore (2017), Media Play (2009), Circuit City (2016) | |||||||||||||||||||||||||||||
399
|
Riverdale, UT |
Family Center at Riverdale 526 1050 West Riverdale Road |
84405 | SC | Fee | 2005 | 1 | * | 100% | 35,347 | $ | 335,796 | $ | 9.50 | 100% | Jo-Ann Stores (2015), Sams Club (Not Owned), Super Wal-Mart (Not Owned) | ||||||||||||||||||||||||||||
400
|
Salt Lake City, UT |
Family Place at 33rd South 3300 South Street |
84115 | SC | Fee | 1978 | 1998 | 100% | 34,209 | $ | 200,588 | $ | 9.00 | 65.2% | ||||||||||||||||||||||||||||||
401
|
Taylorsville, UT |
Family Center at Midvalley 503 5600 South Redwood |
84123 | SC | Fee | 1982/2003 | 1998 | 100% | 641,256 | $ | 6,231,524 | $ | 10.41 | 93.3% | Shopko (2014), Jo-Ann Stores (2015), Gart Sports (2017), 24 Hour Fitness (2017), Bed Bath & Beyond (2015), Ross Dress For Less (2014), Home USA Warehouse (2012), Media Play (2009), PETsMART (2012), Harmons Superstore (Not Owned) | |||||||||||||||||||||||||||||
Vermont | ||||||||||||||||||||||||||||||||||||||||||||
402
|
Berlin, VT |
Berlin Mall 282 Berlin Mall Road, Unit #28 |
05602 | MM | Fee | 1986/1999 | 2 | * | 100% | 174,624 | $ | 1,667,090 | $ | 9.55 | 99.9% | Wal-Mart (2014), J.C. Penney (2009) | ||||||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||||||||||||||||||||||
403
|
Chester, VA |
Bermuda Square 12607-12649 Jefferson Davis |
23831 | SC | Fee | 1978 | 2003 | 100% | 116,310 | $ | 1,214,315 | $ | 10.72 | 97.4% | Ukrops (2008) | |||||||||||||||||||||||||||||
404
|
Fairfax, VA |
Fairfax Towne Center 12210 Fairfax Towne Center |
22033 | SC | Fee(3 | ) | 1994 | 1995 | 14.5% | 253,392 | $ | 4,849,085 | $ | 19.14 | 100% | Safeway (2019), T.J. Maxx (2009), Tower Records (2009), Bed Bath & Beyond (2010), United Artists Theatre (2014) | ||||||||||||||||||||||||||||
405
|
Lynchburg, VA |
Candlers Station 3700 Candlers Mountain Road |
24502 | SC | Fee | 1990 | 2003 | 100% | 270,765 | $ | 2,277,564 | $ | 8.46 | 99.0% | Goodys (2008), Cinemark (2015), Circuit City (2009), Staples (2013), T.J. Maxx (2009), Steve & Barrys (2014), Toys R Us (Not Owned) | |||||||||||||||||||||||||||||
406
|
Lynchburg, VA |
Fairview Square 2215 Florida Avenue |
24501 | SC | Fee | 1992 | 2004 | 100% | 85,209 | $ | 362,745 | $ | 6.60 | 64.5% | Food Lion (2012) | |||||||||||||||||||||||||||||
407
|
Martinsville, VA |
Liberty Fair Mall 240 Commonwealth Boulevard |
24112 | MM | Fee | 1989/1997 | 1 | */2* | 50% | 435,057 | $ | 2,796,347 | $ | 7.03 | 90.8% | Goodys (2007), Belk (2009), J.C. Penney (2009), Sears (2009), Office Max (2012), Kroger (2017) |
51
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Shopping Center Property List at December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
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) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
408
|
Midlothian, VA |
Genito Crossing Hull Street Road |
23112 | SC | Fee | 1985 | 2003 | 100% | 79,407 | $ | 677,383 | $ | 9.29 | 91.8% | Food Lion (2010) | |||||||||||||||||||||||||||||
409
|
Pulaski, VA |
Memorial Square 1000 Memorial Drive |
24301 | SC | Fee | 1990 | 1993 | 100% | 143,299 | $ | 813,944 | $ | 6.28 | 90.5% | Wal-Mart (2011), Food Lion (2011) | |||||||||||||||||||||||||||||
410
|
Winchester, VA |
Apple Blossom Corners 2190 S. Pleasant Valley |
22601 | SC | Fee(3 | ) | 1990/1997 | 2 | * | 20% | 240,560 | $ | 2,427,948 | $ | 9.95 | 100% | Martins Food Store (2040), Kohls (2018), Office Max (2012), Books-A-Million (2013) | |||||||||||||||||||||||||||
Washington | ||||||||||||||||||||||||||||||||||||||||||||
411
|
Kirkland, WA |
Totem Lakes Upper Totem Lakes Boulevard |
98034 | SC | Fee(3 | ) | 1999/2004 | 2004 | 20% | 228,210 | $ | 2,720,261 | $ | 15.63 | 77.8% | Guitar Center (2007), Ross Dress For Less (2010), CompUSA (2006), Rite-Aid (Not Owned) | ||||||||||||||||||||||||||||
West Virginia | ||||||||||||||||||||||||||||||||||||||||||||
412
|
Barboursville, WV |
Barboursville Center 5-13 Mall Road |
25504 | SC | GL | 1985 | 1998 | 100% | 70,900 | $ | 389,425 | $ | 5.49 | 100% | Discount Emporium (2006), Goodys (2014), Value City (Not Owned) | |||||||||||||||||||||||||||||
Wisconsin | ||||||||||||||||||||||||||||||||||||||||||||
413
|
Brookfield, WI |
Shoppers World of Brookfield North 124th Street and West CA |
53005 | SC | Fee(3 | ) | 1967 | 2003 | 14.5% | 182,722 | $ | 1,420,459 | $ | 7.77 | 100% | T.J. Maxx (2010), Marshalls Mega Store (2009), Office Max (2010), Burlington Coat Factory (2012) | ||||||||||||||||||||||||||||
414
|
Brown Deer, WI |
Brown Deer Center North Green Bay Road |
53209 | SC | Fee(3 | ) | 1967 | 2003 | 14.5% | 266,716 | $ | 1,951,845 | $ | 7.46 | 98.1% | Kohls (2023), Michaels (2012), Office Max (2010), T.J. Maxx (2007), Old Navy (2012) | ||||||||||||||||||||||||||||
415
|
Brown Deer, WI |
Market Place of Brown Deer North Green Bay Road |
53209 | SC | Fee(3 | ) | 1989 | 2003 | 14.5% | 143,372 | $ | 1,133,461 | $ | 8.10 | 97.6% | Marshalls Mega Store (2009), Pick N Save (2010) | ||||||||||||||||||||||||||||
416
|
Milwaukee, WI |
Point Loomis South 27th Street |
53221 | SC | Fee | 1962 | 2003 | 100% | 160,533 | $ | 707,571 | $ | 4.41 | 100% | Kohls (2007), Pick N Save (2007) | |||||||||||||||||||||||||||||
417
|
West Allis, WI |
West Allis Center West Cleveland Avenue and S. 108 |
53214 | SC | Fee | 1968 | 2003 | 100% | 246,081 | $ | 1,421,496 | $ | 5.47 | 100% | Kohls (2008), Marshalls Mega Store (2009), Pick N Save (2008) |
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 mini-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, 2006. | |
(3) | One of the one hundred seventeen (117) properties owned through unconsolidated joint ventures, which serve as collateral for joint venture mortgage debt aggregating approximately $2.5 billion (of which the Companys proportionate share is $525.6 million) as of December 31, 2006, and which is not reflected in the consolidated indebtedness. |
52
Developers Diversified Realty
Corporation |
Company- |
|||||||||||||||||||||||||||||||||||||||||||
Service Merchandise Property
List at December 31, 2006 |
Owned |
Average |
||||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Base |
|||||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
Rent |
Percent |
|||||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (Per SF) (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Alabama | ||||||||||||||||||||||||||||||||||||||||||||
1 | Huntsville, AL | 930A 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 | $ | 724,182 | $ | 13.58 | 100% | Ashley Furniture Homestore (2013) | |||||||||||||||||||||||||||||
3 | Mesa, AZ |
Continental Fiesta Plaza 1360 West Southern Avenue |
85202 | SC | Fee | 1984 | 2002 | 20% | 50,000 | $ | 208,000 | $ | 4.16 | 100% | IRCA (2009) | |||||||||||||||||||||||||||||
Connecticut | ||||||||||||||||||||||||||||||||||||||||||||
4 | Danbury, CT | 67 Newton Road | 06810 | SC | Lease | 1978 | 2002 | 20% | 51,750 | $ | 543,000 | $ | 10.49 | 100% | Homegoods (2012), Namco Pool Supplies (2012) | |||||||||||||||||||||||||||||
5 | Manchester, CT | 1520 Pleasant Valley Road | 06040 | SC | GL | 1993 | 2002 | 20% | 49,905 | $ | 485,844 | $ | 9.74 | 100% | Michaels (2014), PETsMART (2014) | |||||||||||||||||||||||||||||
Delaware | ||||||||||||||||||||||||||||||||||||||||||||
6 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
7 | 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) | |||||||||||||||||||||||||||||
8 | Ocala, FL |
Shady Oaks Shopping Center 2405 Southwest 27th Avenue |
32671 | SC | Lease | 1981 | 2002 | 20% | 54,816 | $ | 286,732 | $ | 5.23 | 100% | Kimco Ocala 665 (2007), Bealls Outlet (2012) | |||||||||||||||||||||||||||||
9 | Orlando, FL | 7175 West Colonial Drive | 32818 | SC | Fee | 1989 | 2005 | 20% | 51,550 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||||
10 | Pembrooke Pines, FL | 11251 Pines Boulevard | 33026 | SC | Fee | 1994 | 2004 | 20% | 50,000 | $ | 506,116 | $ | 10.12 | 100% | Homegoods (2010), 99 Cent Stuff (2014) | |||||||||||||||||||||||||||||
11 | Pensacola, FL | 7303 Plantation Road | 32504 | SC | Fee | 1976 | 2004 | 20% | 64,053 | $ | 800,663 | $ | 12.50 | 100% | American Water Works (2015) | |||||||||||||||||||||||||||||
12 | St. Petersburg, FL | 2500 66th Street North | 33710 | SC | Fee | 1975 | 2002 | 20% | 76,438 | $ | 1,099,479 | $ | 13.27 | 100% | Jo-Ann Stores (2014), Homegoods (2015) | |||||||||||||||||||||||||||||
13 | Stuart, FL | 3257 NW Federal Highway | 34957 | SC | GL | 1989 | 2002 | 20% | 50,000 | $ | 427,968 | $ | 8.56 | 100% | Office Depot (2011), 99 Cent Stuff (2014) | |||||||||||||||||||||||||||||
14 | Tampa, FL |
Hillsborough Galleria 4340 Hillsborough Avenue |
33614 | SC | Fee | 1989 | 2002 | 20% | 50,000 | $ | 240,000 | $ | 4.80 | 100% | Burdines-Macys Furniture & Mattress (2006) | |||||||||||||||||||||||||||||
Georgia | ||||||||||||||||||||||||||||||||||||||||||||
15 | Duluth, GA | 2075 Market Street | 30136 | SC | Fee | 1983 | 2002 | 20% | 56,225 | $ | 307,193 | $ | 5.46 | 100% | Mega Amusement (2013) | |||||||||||||||||||||||||||||
Illinois | ||||||||||||||||||||||||||||||||||||||||||||
16 | Burbank, IL | 7600 South Lacrosse Avenue | 60459 | SC | Fee | 1984 | 2002 | 20% | 27,213 | $ | 162,000 | $ | 11.73 | 50.8% | ||||||||||||||||||||||||||||||
17 | Crystal Lake, IL | 5561 Northwest Highway | 60014 | SC | Fee | 1989 | 2002 | 20% | 50,092 | $ | 335,300 | $ | 8.02 | 83.4% | Big Lots (2012) | |||||||||||||||||||||||||||||
18 | Downers Grove, IL | 1508 Butterfield Road | 60515 | SC | Lease | 1973 | 2003 | 20% | 35,943 | $ | 420,000 | $ | 11.69 | 100% | Wickes Funiture (2018) | |||||||||||||||||||||||||||||
19 | Lansing, IL | 16795 South Torrence Avenue | 60438 | SC | Fee | 1986 | 2002 | 20% | 51,177 | $ | 380,899 | $ | 8.03 | 92.7% | Pay/Half (2017) | |||||||||||||||||||||||||||||
Indiana | ||||||||||||||||||||||||||||||||||||||||||||
20 | Evansville, IN | 300 North Green River Road | 47715 | SC | Lease | 1978 | 2002 | 20% | 60,000 | $ | 374,238 | $ | 8.98 | 69.5% | Bed Bath & Beyond (2009) |
53
Developers Diversified Realty
Corporation |
Company- |
|||||||||||||||||||||||||||||||||||||||||||
Service Merchandise Property
List at December 31, 2006 |
Owned |
Average |
||||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Base |
|||||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
Rent |
Percent |
|||||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (Per SF) (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
Kentucky | ||||||||||||||||||||||||||||||||||||||||||||
21 | Lexington, KY | 1555 New Circle Road | 40509 | SC | Lease | 1978 | 2002 | 20% | 60,000 | $ | 367,684 | $ | 6.13 | 100% | Homegoods (2009), The Tile Shop (2013) | |||||||||||||||||||||||||||||
22 | Louisville, KY | 4601 Outer Loop Road | 40219 | SC | Fee | 1973 | 2002 | 20% | 49,410 | $ | 293,468 | $ | 5.94 | 100% | PETsMART (2018), A.J. Wright (2014) | |||||||||||||||||||||||||||||
23 | Owensboro, KY | 4810 Frederica Street | 42301 | SC | Fee | 1984 | 2002 | 20% | 49,980 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||||
24 | Paducah, KY | 5109 Hinkleville Road | 42001 | SC | Fee | 1984 | 2002 | 20% | 52,500 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||||
Louisiana | ||||||||||||||||||||||||||||||||||||||||||||
25 | Baton Rouge, LA | 9501 Cortina Mall | 70815 | SC | Fee | 1997 | 2004 | 20% | 90,000 | $ | 148,900 | $ | 1.65 | 100% | Flor-Line Associates (2008) | |||||||||||||||||||||||||||||
26 | Bossier City, LA | 2950 East Texas Street | 71111 | SC | Fee | 1982 | 2003 | 20% | 58,500 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||||
27 | 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) | |||||||||||||||||||||||||||||
28 | Metairie, LA | 6851 Veterans Boulevard | 70003 | SC | Fee | 1972 | 2002 | 20% | 92,992 | $ | 1,000,611 | $ | 10.76 | 100% | Office Depot (2009), Babies R Us (2014), PETsMART (2018) | |||||||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||||||||||||||
29 | Burlington, MA | 34 Cambridge Street | 01803 | SC | Lease | 1978 | 2003 | 20% | 70,800 | $ | 898,814 | $ | 12.70 | 100% | E & A Northeast (2014), Off Broadway Shoes (2014) | |||||||||||||||||||||||||||||
30 | Swansea, MA | 58 Swansea Mall Drive | 02777 | SC | GL | 1985 | 2002 | 20% | 49,980 | $ | 277,380 | $ | 5.55 | 100% | Pricerite Supermarket (2016) | |||||||||||||||||||||||||||||
Michigan | ||||||||||||||||||||||||||||||||||||||||||||
31 | Westland, MI | 7638 Nankin Road | 48185 | SC | Fee | 1980 | 2002 | 20% | 50,000 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||||
Mississippi | ||||||||||||||||||||||||||||||||||||||||||||
32 | Hattiesburg, MS |
1000 Turtle Creek Drive Suite 2 |
39402 | SC | Fee | 1995 | 2002 | 20% | 50,809 | $ | 406,472 | $ | 8.00 | 100% | Circuit City (2020) | |||||||||||||||||||||||||||||
Nevada | ||||||||||||||||||||||||||||||||||||||||||||
33 | Las Vegas, NV | 4701 Faircenter Parkway | 89102 | SC | Lease | 1990 | 2004 | 20% | 24,975 | $ | 174,825 | $ | 7.00 | 100% | Michaels (2011) | |||||||||||||||||||||||||||||
New Hampshire | ||||||||||||||||||||||||||||||||||||||||||||
34 | Salem, NH | 271 South Broadway | 03079 | SC | Lease | 1985 | 2003 | 20% | 50,110 | $ | 574,539 | $ | 11.47 | 100% | Bed Bath & Beyond (2011), A.C. Moore (2016) | |||||||||||||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||||||||||||||
35 | Paramus, NJ |
Bishops Corner East 651 Route 71 East |
06117 | SC | Lease | 1978 | 2003 | 20% | 54,850 | $ | 898,563 | $ | 18.29 | 89.6% | Homegoods (2008) | |||||||||||||||||||||||||||||
36 | Wayne, NJ | Route 23 West Belt Plaza | 07470 | SC | Lease | 1978 | 2002 | 20% | 49,157 | $ | 756,173 | $ | 15.38 | 100% | Homegoods (2010), PETsMART (2015) | |||||||||||||||||||||||||||||
New York | ||||||||||||||||||||||||||||||||||||||||||||
37 | Middletown, NY | 88-25 Dunning Road | 10940 | SC | Lease | 1989 | 2002 | 20% | 50,144 | $ | 409,649 | $ | 8.17 | 100% | Homegoods (2010), PETsMART (2010) | |||||||||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||||||||||||||||||||||
38 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
39 | Warr Acres, OK | 5537 Northwest Expressway | 73132 | SC | Fee | 1985 | 2002 | 20% | 50,000 | $ | 0 | $ | 0.00 | 0% |
54
Developers Diversified Realty
Corporation |
Company- |
|||||||||||||||||||||||||||||||||||||||||||
Service Merchandise Property
List at December 31, 2006 |
Owned |
Average |
||||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Base |
|||||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
Rent |
Percent |
|||||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (Per SF) (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||||||||||||||||||||
40 | N. Charleston, SC | 7400 Rivers Avenue | 29418 | SC | Fee | 1989 | 2002 | 20% | 50,000 | $ | 321,638 | $ | 6.43 | 100% | DDR Office (2011), Dollar Tree (2008) | |||||||||||||||||||||||||||||
Tennessee | ||||||||||||||||||||||||||||||||||||||||||||
41 | 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) | |||||||||||||||||||||||||||||
42 | Franklin, TN | 1735 Galleria Boulevard | 37064 | SC | Fee | 1992 | 2002 | 20% | 60,000 | $ | 683,409 | $ | 11.39 | 100% | H.H. Gregg Appliances (2010), Wild Oats Markets (2014) | |||||||||||||||||||||||||||||
43 | Knoxville, TN | 9333 Kingston Pike | 37922 | SC | Fee | 1986 | 2002 | 20% | 50,092 | $ | 262,983 | $ | 5.25 | 100% | Hobby Lobby (2010) | |||||||||||||||||||||||||||||
Texas | ||||||||||||||||||||||||||||||||||||||||||||
44 | Baytown, TX | 6731 Garth Road | 77521 | SC | Fee | 1981 | 2002 | 20% | 52,288 | $ | 0 | $ | 0.00 | 0% | ||||||||||||||||||||||||||||||
45 | Beaumont, TX | 4450 Dowlen | 77706 | SC | Lease | 1977 | 2003 | 20% | 63,404 | $ | 128,707 | $ | 4.25 | 47.8% | Marshalls (2012) | |||||||||||||||||||||||||||||
46 | Longview, TX | 3520 McCann Road | 75605 | SC | Fee | 1978 | 2004 | 20% | 40,524 | $ | 324,192 | $ | 8.00 | 100% | Stage (2015) | |||||||||||||||||||||||||||||
47 | McAllen, TX | 6600 US Expressway 83 | 78503 | SC | Fee | 1993 | 2002 | 20% | 59,086 | $ | 431,230 | $ | 7.96 | 91.6% | Michaels (2012), Bed Bath & Beyond (2018) | |||||||||||||||||||||||||||||
48 | Richardson, TX | 1300 East Beltline | 75081 | SC | Fee | 1978 | 2002 | 20% | 62,463 | $ | 454,600 | $ | 7.28 | 100% | Staples (2011), Conns Appliance Store (2014) | |||||||||||||||||||||||||||||
49 | Sugarland, TX | 15235 South West Freeway | 77478 | SC | GL | 1992 | 2002 | 20% | 50,000 | $ | 325,000 | $ | 6.50 | 100% | Conns Appliance Store (2018) | |||||||||||||||||||||||||||||
Virginia | ||||||||||||||||||||||||||||||||||||||||||||
50 | Chesapeake, VA | 4300 Portsmouth Boulevard | 23321 | SC | GL | 1990 | 2002 | 20% | 50,062 | $ | 364,093 | $ | 7.27 | 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, 2006. |
55
Company- |
||||||||||||||||||||||||||||||||||||||||||||||||
Owned |
Average |
|||||||||||||||||||||||||||||||||||||||||||||||
Type of |
Year |
DDR |
Gross |
Total |
Base Rent |
|||||||||||||||||||||||||||||||||||||||||||
Zip |
Property |
Ownership |
Developed/ |
Year |
Ownership |
Leasable |
Annualized |
(Per SF) |
Percent |
|||||||||||||||||||||||||||||||||||||||
Center/Property | Location | Code | (1) | Interest | Redeveloped | Acquired | Interest | Area (SF) | Base Rent | (2) | Leased | Anchor Tenants (Lease Expiration) | ||||||||||||||||||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||||||||||||||||||||||||
1
|
Silver Springs, MD(I) | Tech Center 29 Phase I | 20904 | IND | Fee | 1970 | 2001 | 100% | 176,674 | $ | 1,264,699 | $ | 9.59 | 18.3% | ||||||||||||||||||||||||||||||||||
2120-2162 Tech Road | ||||||||||||||||||||||||||||||||||||||||||||||||
2
|
Silver Springs, MD (II) | Tech Center 29 Phase II | 20904 | IND | Fee | 1991 | 2001 | 100% | 58,280 | $ | 324,450 | $ | 8.07 | 0% | ||||||||||||||||||||||||||||||||||
2180 Industrial Parkway | ||||||||||||||||||||||||||||||||||||||||||||||||
3
|
Silver Springs, MD (III) | Tech Center 29 Phase III | 20904 | OFF | Fee | 1988 | 2001 | 100% | 55,901 | $ | 920,882 | $ | 22.07 | 0% | ||||||||||||||||||||||||||||||||||
12200 Tech Road | ||||||||||||||||||||||||||||||||||||||||||||||||
Massachusetts | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | Chelmsford, MA | Apollo Drive Office Building | 01824 | OFF | Fee | 1987 | 2001 | 100% | 291,424 | $ | 0 | $ | 0 | 0% | ||||||||||||||||||||||||||||||||||
300 Apollo Drive | ||||||||||||||||||||||||||||||||||||||||||||||||
Ohio | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | Twinsburg, OH | Heritage Business I | 44087 | IND | Fee | 1990 | 3 | * | 100% | 35,866 | $ | 155,154 | $ | 6.82 | 0% | |||||||||||||||||||||||||||||||||
9177 Dutton Drive | ||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | Erie, PA | 38th Street Plaza | 16506 | IND | GL | 1973 | 2 | * | 100% | 96,000 | $ | 219,150 | $ | 5.40 | 42.3% | West Telemarketing (2008 | ) | |||||||||||||||||||||||||||||||
2310 West 38th Street | ||||||||||||||||||||||||||||||||||||||||||||||||
Utah | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | Salt Lake City, UT | The Hermes Building | 84111 | IND | Fee | 1985 | 1998 | 100% | 53,476 | $ | 724,479 | $ | 15.90 | 84.9% | ||||||||||||||||||||||||||||||||||
(Hermes) | 455 East 500 South Street |
2* | Original IPO Property | |
3* | Original IPO Property transferred to American Industrial Properties (AIP) in 1998 and reacquired in 2001 through AIP merger. | |
(1) | These properties are classified as the Companys business center segment. OFF indicates office property and IND indicates industrial property. | |
(2) | Calculated as total annualized base rental divided by Company-owned GLA actually leased as of December 31, 2006. |
56
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
|
54 | Chairman of the Board of Directors and Chief Executive Officer | ||||
David M. Jacobstein
|
60 | President and Chief Operating Officer | ||||
Daniel B. Hurwitz
|
42 | Senior Executive Vice President and Chief Investment Officer | ||||
Joan U. Allgood
|
54 | Executive Vice President Corporate Transactions and Governance | ||||
Richard E. Brown
|
55 | Executive Vice President of International | ||||
Timothy J. Bruce
|
49 | Executive Vice President of Development | ||||
William H. Schafer
|
48 | Executive Vice President and Chief Financial Officer | ||||
Robin R. Walker-Gibbons
|
50 | Executive Vice President of Leasing | ||||
Christa A. Vesy
|
36 | Senior Vice President and Chief Accounting Officer |
57
58
Item 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
High | Low | Dividends | ||||||||||
2006:
|
||||||||||||
First
|
$ | 56.99 | $ | 46.96 | $ | 0.59 | ||||||
Second
|
54.81 | 48.49 | 0.59 | |||||||||
Third
|
56.18 | 51.11 | 0.59 | |||||||||
Fourth
|
66.36 | 55.33 | 0.59 | |||||||||
2005:
|
||||||||||||
First
|
$ | 44.50 | $ | 38.74 | $ | 0.54 | ||||||
Second
|
47.59 | 38.91 | 0.54 | |||||||||
Third
|
49.49 | 43.87 | 0.54 | |||||||||
Fourth
|
48.29 | 42.03 | 0.54 |
59
60
Item 6. | SELECTED FINANCIAL DATA |
For the Years Ended December 31, | ||||||||||||||||||||
2006 (1) | 2005 (1) | 2004 (1) | 2003 (1) | 2002 (1) | ||||||||||||||||
Operating Data:
|
||||||||||||||||||||
Revenues
|
$ | 818,098 | $ | 719,563 | $ | 562,356 | $ | 429,982 | $ | 313,316 | ||||||||||
Expenses:
|
||||||||||||||||||||
Rental operations
|
269,767 | 236,403 | 183,905 | 146,574 | 103,149 | |||||||||||||||
Depreciation &
amortization
|
192,219 | 163,341 | 122,783 | 85,507 | 69,385 | |||||||||||||||
461,986 | 399,744 | 306,688 | 232,081 | 172,534 | ||||||||||||||||
Interest income
|
9,113 | 10,078 | 4,233 | 5,082 | 5,904 | |||||||||||||||
Interest expense
|
(221,525 | ) | (181,040 | ) | (123,527 | ) | (83,084 | ) | (69,493 | ) | ||||||||||
Other expense
|
(446 | ) | (2,532 | ) | (1,779 | ) | (10,119 | ) | (1,018 | ) | ||||||||||
(212,858 | ) | (173,494 | ) | (121,073 | ) | (88,121 | ) | (64,607 | ) | |||||||||||
Income before equity in net income
from joint ventures, gain on disposition of joint venture
interests, minority interests, income tax 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
|
143,254 | 146,325 | 134,595 | 109,780 | 76,175 | |||||||||||||||
Equity in net income from joint
ventures
|
30,337 | 34,873 | 40,895 | 44,967 | 32,769 | |||||||||||||||
Gain on disposition of joint
venture interests
|
| | | 7,950 | | |||||||||||||||
Minority interests
|
(8,453 | ) | (7,881 | ) | (5,064 | ) | (5,365 | ) | (21,569 | ) | ||||||||||
Income tax benefit (expenses) of
taxable REIT subsidiaries and franchise taxes
|
2,481 | (342 | ) | (1,469 | ) | (1,626 | ) | (742 | ) | |||||||||||
Income from continuing operations
|
167,619 | 172,975 | 168,957 | 155,706 | 86,633 | |||||||||||||||
Discontinued operations:
|
||||||||||||||||||||
Income from discontinued operations
|
2,571 | 4,861 | 10,603 | 10,163 | 7,632 | |||||||||||||||
Gain on disposition of real
estate, net
|
11,051 | 16,667 | 8,561 | 460 | 4,276 | |||||||||||||||
13,622 | 21,528 | 19,164 | 10,623 | 11,908 | ||||||||||||||||
Income before gain on disposition
of real estate
|
181,241 | 194,503 | 188,121 | 166,329 | 98,541 | |||||||||||||||
Gain on disposition of real estate
|
72,023 | 88,140 | 84,642 | 73,932 | 3,429 | |||||||||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (3,001 | ) | | | ||||||||||||||
Net income
|
$ | 253,264 | $ | 282,643 | $ | 269,762 | $ | 240,261 | $ | 101,970 | ||||||||||
Net income applicable to common
shareholders
|
$ | 198,095 | $ | 227,474 | $ | 219,056 | $ | 189,056 | $ | 69,368 | ||||||||||
61
For the Years Ended December 31, | ||||||||||||||||||||
2006 (1) | 2005 (1) | 2004 (1) | 2003 (1) | 2002 (1) | ||||||||||||||||
Earnings per share
data Basic:
|
||||||||||||||||||||
Income from continuing operations
|
$ | 1.69 | $ | 1.90 | $ | 2.10 | $ | 2.18 | $ | 0.90 | ||||||||||
Income from discontinued operations
|
0.13 | 0.20 | 0.20 | 0.13 | 0.19 | |||||||||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (0.03 | ) | | | ||||||||||||||
Net income applicable to common
shareholders
|
$ | 1.82 | $ | 2.10 | $ | 2.27 | $ | 2.31 | $ | 1.09 | ||||||||||
Weighted average number of common
shares
|
109,002 | 108,310 | 96,638 | 81,903 | 63,807 | |||||||||||||||
Earnings per share
data Diluted:
|
||||||||||||||||||||
Income from continuing operations
|
$ | 1.69 | $ | 1.88 | $ | 2.08 | $ | 2.14 | $ | 0.89 | ||||||||||
Income from discontinued operations
|
0.12 | 0.20 | 0.19 | 0.13 | 0.18 | |||||||||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (0.03 | ) | | | ||||||||||||||
Net income applicable to common
shareholders
|
$ | 1.81 | $ | 2.08 | $ | 2.24 | $ | 2.27 | $ | 1.07 | ||||||||||
Weighted average number of common
shares
|
109,613 | 109,142 | 99,024 | 84,188 | 64,837 | |||||||||||||||
Cash dividends
|
$ | 2.36 | $ | 2.16 | $ | 1.94 | $ | 1.69 | $ | 1.52 |
At December 31, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Real estate (at cost)
|
$ | 7,442,135 | $ | 7,029,337 | $ | 5,603,424 | $ | 3,884,911 | $ | 2,804,056 | ||||||||||
Real estate, net of accumulated
depreciation
|
6,580,869 | 6,336,514 | 5,035,193 | 3,426,698 | 2,395,264 | |||||||||||||||
Investments in and advances to
joint ventures
|
291,685 | 275,136 | 288,020 | 260,143 | 258,610 | |||||||||||||||
Total assets
|
7,179,753 | 6,862,977 | 5,583,547 | 3,941,151 | 2,776,852 | |||||||||||||||
Total debt
|
4,248,812 | 3,891,001 | 2,718,690 | 2,083,131 | 1,498,798 | |||||||||||||||
Shareholders equity
|
2,496,183 | 2,570,281 | 2,554,319 | 1,614,070 | 945,561 |
For the Years Ended December 31, | ||||||||||||||||||||
2006 (1) | 2005 (1) | 2004 (1) | 2003 (1) | 2002 (1) | ||||||||||||||||
Cash Flow Data:
|
||||||||||||||||||||
Cash flow provided by (used for):
|
||||||||||||||||||||
Operating activities
|
$ | 340,692 | $ | 355,423 | $ | 292,226 | $ | 263,129 | $ | 210,739 | ||||||||||
Investing activities
|
(203,047 | ) | (339,443 | ) | (1,134,601 | ) | (16,246 | ) | (279,997 | ) | ||||||||||
Financing activities
|
(139,922 | ) | (35,196 | ) | 880,553 | (251,561 | ) | 66,560 |
62
For the Years Ended December 31, | ||||||||||||||||||||
2006 (1) | 2005 (1) | 2004 (1) | 2003 (1) | 2002 (1) | ||||||||||||||||
Other Data:
|
||||||||||||||||||||
Funds from operations (2):
|
||||||||||||||||||||
Net income applicable to common
shareholders
|
$ | 198,095 | $ | 227,474 | $ | 219,056 | $ | 189,056 | $ | 69,368 | ||||||||||
Depreciation and amortization of
real estate investments
|
185,449 | 169,117 | 130,536 | 93,174 | 76,462 | |||||||||||||||
Equity in net income from joint
ventures
|
(30,337 | ) | (34,873 | ) | (40,895 | ) | (44,967 | ) | (32,769 | ) | ||||||||||
Gain on disposition of joint
venture interests
|
| | | (7,950 | ) | | ||||||||||||||
Joint ventures funds from
operations (2)
|
44,473 | 49,302 | 46,209 | 47,942 | 44,473 | |||||||||||||||
Minority interests (OP Units)
|
2,116 | 2,916 | 2,607 | 1,769 | 1,450 | |||||||||||||||
Gain on disposition of depreciable
real estate investments, net
|
(21,987 | ) | (58,834 | ) | (68,179 | ) | (67,352 | ) | (4,276 | ) | ||||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | 3,001 | | | |||||||||||||||
Funds from operations applicable
to common shareholders (2)
|
377,809 | 355,102 | 292,335 | 211,672 | 154,708 | |||||||||||||||
Preferred dividends
|
55,169 | 55,169 | 50,706 | 51,205 | 32,602 | |||||||||||||||
$ | 432,978 | $ | 410,271 | $ | 343,041 | $ | 262,877 | $ | 187,310 | |||||||||||
Weighted average shares and
OP Units (Diluted) (3)
|
110,826 | 110,700 | 99,147 | 84,319 | 65,910 |
(1) | As described in the consolidated financial statements, the Company acquired 20 properties in 2006 (including 15 of which were acquired through joint ventures and four of which the Company acquired its joint venture partners interest), 52 properties in 2005 (including 36 of which were acquired through joint ventures and one of which the Company acquired its joint venture partners interest), 112 properties in 2004 (18 of which were acquired through joint ventures and one of which the Company acquired its joint venture partners interest), 124 properties in 2003 (three of which the Company acquired its joint venture partners interest) and 11 properties in 2002 (four of which the Company acquired its joint venture partners interests). The Company sold 15 properties in 2006 (nine of which were owned through joint ventures), 47 properties in 2005 (12 of which were owned through joint ventures), 28 properties in 2004 (13 of which were owned through joint ventures), 38 properties in 2003 (12 of which were owned through joint ventures) and 15 properties in 2002 (six of which were owned through 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 are 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 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 dividends, (ii) gains (or losses) from disposition of depreciable real estate property, except for those sold through the Companys merchant building program, which are presented net of taxes, (iii) sales of securities, (iv) extraordinary items and (v) certain non-cash items. These non-cash items principally include real property depreciation, equity income from joint ventures and equity income from minority equity investments and adding the Companys proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, 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 large). 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. |
63
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; | |
| 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 sales over the Internet and the resulting retailing practices and space needs of its tenants; | |
| 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 may not realize the intended benefits of an acquisition or merger transaction. The 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 not be able to consummate its merger with Inland Retail Real Estate Trust, Inc. (IRRETI), as it is subject to certain conditions, including IRRETI shareholder approval (see 2006 Activity-Strategic Real Estate Transactions IRRETI Merger below); | |
| Although the Company anticipates completing the IRRETI merger in late February 2007, the merger is subject to certain closing conditions, including IRRETI shareholder approval. Once the merger is completed, the Company may not realize the intended benefits of the merger. For example, the Company may not achieve the anticipated costs savings and operating efficiencies, the Company may not be able to complete loan assumptions or financing on favorable terms. The Company may not effectively integrate the operations of IRRETI and the IRRETI portfolio, including its development projects, may not perform as well as the Company anticipates; | |
| 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 |
64
properties. In addition, the Company may be limited in its acquisition opportunities due to competition and other factors; |
| The Company may fail to dispose of properties on favorable terms. In addition, real estate investments can be illiquid and 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 or if it is unable to obtain all necessary zoning and other required governmental permits and authorizations; | |
| The Company may not complete projects on schedule as a result of various factors, many of which are beyond the Companys control, such as weather, labor conditions and material shortages, resulting in increased debt service expense and construction costs and decreases in revenue; | |
| The Companys financial condition may be affected by required payments of debt or related interest, 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; | |
| 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; | |
| The Company is subject to complex regulations related to its status as a real estate investment trust (REIT) and would be adversely affected if it failed to qualify as a REIT; | |
| The Company must make distributions to shareholders to continue to qualify as a REIT, and if the Company borrows funds to make distributions, those borrowings may not be available on favorable terms; | |
| Partnership or joint venture investments may involve risks not otherwise present for investments made solely by the Company, including the possibility a partner or co-venturer might become bankrupt, might 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; | |
| The Company may not realize anticipated returns from its real estate assets outside of the United States. The Company expects to continue to pursue international opportunities that may subject the Company to different or greater risk from those associated with its domestic operations. The Company holds an interest in a joint venture in Brazil and assets in Puerto Rico; | |
| 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 environments; | |
| Challenges of complying with a wide variety of foreign laws including corporate governance, operations, taxes and litigation; | |
| Different lending practices; | |
| Cultural 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. |
65
| Although the Companys international activities currently are a relatively small portion of the Companys 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; | |
| 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 and | |
| Changes in interest rates could adversely affect the market price of the Companys common shares, as well as its performance and cash flow. |
| 250,000 - 1,000,000 total square feet of retail stores; | |
| Two or more national tenant anchors such as Target, Wal-Mart, Home Depot or Lowes Home Improvement; | |
| Two or more junior anchor tenants such as Bed Bath & Beyond, Kohls, Circuit City, T.J. Maxx or PETsMART; | |
| 20,000 - 80,000 square feet of small retail shops and | |
| Two to four outparcels available for sale or ground lease. |
66
% of Total |
% of Total |
|||||||
Shopping Center |
Shopping Center |
|||||||
Tenant
|
Base Rent | GLA | ||||||
Wal-Mart/Sams Club
|
4.5 | % | 7.7 | % | ||||
Mervyns
|
2.8 | 2.5 | ||||||
Royal Ahold (Tops Markets)
|
2.8 | 2.7 | ||||||
T.J.
Maxx/Marshalls/A.J. Wright/Homegoods
|
2.0 | 2.4 | ||||||
PETsMART
|
1.9 | 1.5 | ||||||
Bed Bath & Beyond
|
1.6 | 1.4 | ||||||
Lowes Home Improvement
|
1.6 | 2.7 | ||||||
Kohls
|
1.5 | 2.1 | ||||||
The Gap/Old Navy/Banana Republic
|
1.2 | 0.9 | ||||||
Michaels
|
1.2 | 1.1 | ||||||
Sears/Kmart
|
1.2 | 3.4 | ||||||
Barnes &
Noble/B. Dalton
|
1.1 | 0.7 | ||||||
Home Depot
|
1.1 | 1.4 | ||||||
OfficeMax
|
1.1 | 1.1 | ||||||
AMC Theatres
|
1.0 | 0.4 | ||||||
Staples
|
1.0 | 0.9 |
67
Wholly-Owned Properties | Joint Venture Properties | |||||||||||||||
% of |
% of |
% of |
% of |
|||||||||||||
Shopping |
Company- |
Shopping |
Company- |
|||||||||||||
Center Base |
Owned |
Center Base |
Owned |
|||||||||||||
Rental |
Shopping |
Rental |
Shopping |
|||||||||||||
Tenant
|
Revenues | Center GLA | Revenues | Center GLA | ||||||||||||
Wal-Mart/Sams Club
|
5.2 | % | 8.7 | % | 1.8 | % | 3.1 | % | ||||||||
Royal Ahold (Tops Markets)
|
3.0 | 2.7 | 2.7 | 3.2 | ||||||||||||
T.J. Maxx/Marshalls/A.J. Wright/Homegoods
|
2.0 | 2.3 | 2.7 | 3.5 | ||||||||||||
PETsMART
|
1.9 | 1.5 | 2.4 | 2.2 | ||||||||||||
Lowes Home Improvement
|
1.8 | 3.0 | 0.8 | 1.1 | ||||||||||||
Bed Bath & Beyond
|
1.6 | 1.4 | 1.8 | 1.8 | ||||||||||||
Kohls
|
1.4 | 1.9 | 2.4 | 4.1 | ||||||||||||
Sears/Kmart
|
1.4 | 3.8 | 0.2 | 1.4 | ||||||||||||
The Gap/Old Navy/Banana Republic
|
1.2 | 0.8 | 1.1 | 0.9 | ||||||||||||
Home Depot
|
1.2 | 1.5 | 0.6 | 0.6 | ||||||||||||
Michaels
|
1.1 | 1.0 | 1.3 | 1.4 | ||||||||||||
OfficeMax
|
1.1 | 1.1 | 1.2 | 1.4 | ||||||||||||
Barnes & Noble/B. Dalton
|
1.0 | 0.6 | 1.5 | 0.9 | ||||||||||||
Dollar Tree
|
1.0 | 1.1 | 0.5 | 0.7 | ||||||||||||
Staples
|
1.0 | 0.9 | 0.4 | 0.4 | ||||||||||||
Dicks Sporting Goods
|
0.9 | 1.0 | 1.0 | 1.0 | ||||||||||||
AMC Theatres
|
0.8 | 0.3 | 1.5 | 1.0 | ||||||||||||
Best Buy
|
0.8 | 0.7 | 1.5 | 1.4 | ||||||||||||
Ross Dress For Less
|
0.8 | 0.8 | 1.3 | 1.3 | ||||||||||||
Circuit City
|
0.7 | 0.5 | 1.3 | 1.3 | ||||||||||||
DSW/Filenes Basement/Value
City Department Stores
|
0.5 | 0.3 | 1.0 | 0.9 | ||||||||||||
Linens N Things
|
0.4 | 0.3 | 1.5 | 1.4 | ||||||||||||
Mervyns
|
0.2 | 0.2 | 7.8 | 8.2 |
| Acquisition of high-quality stabilized retail real estate portfolios through joint ventures with institutional capital partners to preserve the Companys equity and enhance its investment returns through the creation of long-term fee income and promoted interests in the asset value; | |
| Ground-up development of new retail assets, as well as expansion and redevelopment of existing assets, to capture the valuation differential between development returns and current market pricing for stabilized retail assets; | |
| Value-added investments in well-located retail properties in need of re-tenanting or redevelopment and forward commitments with local joint venture partners as a means of controlling market-dominant sites and earning disproportionately higher returns on invested equity through fee income and promoted interests; |
68
| Opportunities for retail investment in select international markets through joint ventures with dominant local retail developers and property managers to take advantage of growing consumerism in international markets and the increasing globalization of the retail industry and | |
| Capital recycling opportunities to sell low-growth or non-core assets to increase the Companys internal growth and generate capital for reinvestment into higher yielding retail assets that better fit the Companys long-term investment strategy. |
| Premier relationships with the nations leading retailers; | |
| Broad in-house development and redevelopment capability; | |
| Dedicated ancillary income and peripheral land development departments; | |
| National asset management platform focused on maximizing portfolio profitability through strategic leasing and efficient property management; | |
| Ability to successfully source and execute accretive acquisitions, as well as integrate large portfolios into the Companys operations and | |
| Efficient access to capital through multiple relationships with private capital partners, banking institutions and other capital sources. |
Years |
Years in |
|||||||||
with |
Real Estate |
|||||||||
Name
|
Title
|
Company | Industry | |||||||
Scott A. Wolstein
|
CEO & Chairman | 25 | (1) | 25 | ||||||
David M. Jacobstein
|
President & COO | 7 | 21 | |||||||
Daniel B. Hurwitz
|
Senior EVP & CIO | 7 | 20 | |||||||
Joan U. Allgood
|
EVP-Corporate Transactions & Governance | 19 | (1) | 24 | ||||||
Richard E. Brown
|
EVP-International | 7 | 26 | |||||||
Timothy J. Bruce
|
EVP-Development | 4 | 20 | |||||||
William H. Schafer
|
EVP & CFO | 14 | (1) | 22 | ||||||
Robin R. Walker-Gibbons
|
EVP-Leasing | 11 | 25 | |||||||
Average per Executive
|
12 | 23 | ||||||||
Total Years
|
94 | 183 | ||||||||
(1) | Affiliated with pre-IPO entity. IPO in February 1993. |
69
70
| Lifestyle centers, which feature a critical mass of specialty retailers traditionally found in enclosed malls; | |
| Hybrid centers, which combine community center tenants with lifestyle tenants and | |
| Mixed use centers, which complement retail space with residential or office components. |
71
72
| First, the Companys new relationship with TIAA-CREF (see 2006 Strategic Transactions) and its existing relationship with MDT, two infinite-life vehicles, provide DDR with alternative sources of private equity and a fee stream that is both highly profitable and easily scaleable given the Companys existing operating platform. | |
| Second, the continued growth of the development pipeline and redevelopments, with average leveraged investment returns in the low double digits, represents a value creation opportunity for the Company. |
73
Strong development competencies can manufacture new products at yields significantly above cap rates currently available in the market for acquisitions. The Companys in-house development capability creates a competitive advantage, particularly with larger projects that need more expertise to successfully navigate the entitlement process and more financial strength to fund the project through to completion. |
| Third, the Company invested approximately $485 million in value-add projects and forward commitments through the Coventry II Joint Venture during 2006. Although Coventry has deployed its remaining capital from Fund II, the Company will still leverage its internal expertise by pursuing value-add opportunities and placing such opportunities both with Coventry and other capital sources, as appropriate. The Company continues to seek amply opportunities to create value and to exercise greater flexibility with which to operate. | |
| Lastly, the Company has expanded with an international investment division to evaluate new opportunities and manage existing foreign joint venture relationships. |
74
Buildings
|
Useful lives, ranging from 30 to 40 years | |
Furniture/fixtures and tenant
improvements
|
Useful lives, which approximate lease terms, where applicable |
75
76
Year Ended December 31, | ||||||||
2005 | 2004 | |||||||
Net income, as reported
|
$ | 282,643 | $ | 269,762 | ||||
Add: Stock-based employee
compensation included in reported net income
|
5,652 | 6,308 | ||||||
Deduct: Total stock-based employee
compensation expense determined under fair value based method
for all awards
|
(5,319 | ) | (5,062 | ) | ||||
$ | 282,976 | $ | 271,008 | |||||
Earnings Per Share:
|
||||||||
Basic as reported
|
$ | 2.10 | $ | 2.27 | ||||
Basic pro forma
|
$ | 2.10 | $ | 2.28 | ||||
Diluted as reported
|
$ | 2.08 | $ | 2.24 | ||||
Diluted pro forma
|
$ | 2.09 | $ | 2.25 | ||||
77
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Base and percentage rental revenues
|
$ | 574,905 | $ | 516,186 | $ | 58,719 | 11.4 | % | ||||||||
Recoveries from tenants
|
177,665 | 156,793 | 20,872 | 13.3 | % | |||||||||||
Ancillary income and other
property income
|
21,048 | 14,425 | 6,623 | 45.9 | % | |||||||||||
Management, development and other
fee income
|
30,294 | 22,859 | 7,435 | 32.5 | % | |||||||||||
Other
|
14,186 | 9,300 | 4,886 | 52.5 | % | |||||||||||
Total revenues
|
$ | 818,098 | $ | 719,563 | $ | 98,535 | 13.7 | % | ||||||||
78
Increase |
||||
(Decrease) | ||||
Core Portfolio Properties
|
$ | 12.5 | ||
Acquisition of real estate assets
|
44.5 | |||
Development and redevelopment of
14 shopping center properties
|
3.5 | |||
Consolidation of a joint venture
asset (EITF
04-05)
|
4.3 | |||
Transfer of 18 properties to
unconsolidated joint ventures
|
(9.3 | ) | ||
Business center properties under
redevelopment
|
(1.4 | ) | ||
Service Merchandise assets(1)
|
2.9 | |||
Straight-line rents
|
1.7 | |||
$ | 58.7 | |||
(1) | During 2006 the Company acquired the Service Merchandise sites previously owned through the KLA/SM Joint Venture and subsequently sold these assets to the Service Holdings LLC Joint Venture. These assets were consolidated within the Companys accounts for approximately two months during the third quarter of 2006. |
79
Increase |
||||
(Decrease) | ||||
Acquisition and
development/redevelopment of 32 shopping center properties in
2006 and 2005
|
$ | 17.9 | ||
Transfer of properties to joint
ventures in 2006 and 2005
|
(3.3 | ) | ||
Consolidation of a joint venture
asset (EITF
04-05)
|
1.2 | |||
Service Merchandise assets
|
0.8 | |||
Net increase in operating expenses
at the remaining shopping center and business center properties
|
4.3 | |||
$ | 20.9 | |||
Year Ended |
||||||||
December 31, | ||||||||
2006 | 2005 | |||||||
Lease termination fees (1)
|
$ | 13.3 | $ | 5.9 | ||||
Financing fees (2)
|
0.4 | 2.4 | ||||||
Other
|
0.5 | 1.0 | ||||||
$ | 14.2 | $ | 9.3 | |||||
(1) | For the year ended December 31, 2006, the Company executed lease terminations on four vacant Wal-Mart spaces in the Companys wholly-owned portfolio. | |
(2) | Represents financing fees received in connection with the MDT Joint Venture, excluding the Companys retained ownership of approximately 14.5%. The Companys fees are earned in conjunction with the timing and amount of the transaction by the joint venture. |
80
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Operating and maintenance
|
$ | 113,468 | $ | 97,599 | $ | 15,869 | 16.3 | % | ||||||||
Real estate taxes
|
95,620 | 84,756 | 10,864 | 12.8 | % | |||||||||||
General and administrative
|
60,679 | 54,048 | 6,631 | 12.3 | % | |||||||||||
Depreciation and amortization
|
192,219 | 163,341 | 28,878 | 17.7 | % | |||||||||||
$ | 461,986 | $ | 399,744 | $ | 62,242 | 15.6 | % | |||||||||
Operating |
||||||||||||
and |
Real Estate |
|||||||||||
Maintenance | Taxes | Depreciation | ||||||||||
Core Portfolio Properties
|
$ | 4.5 | $ | 5.3 | $ | 5.6 | ||||||
Acquisition and
development/redevelopment of 32 shopping center properties
|
11.6 | 6.8 | 20.7 | |||||||||
Consolidation of a joint venture
asset (EITF
04-05)
|
0.5 | 0.7 | 1.0 | |||||||||
Transfer of 18 properties to
unconsolidated joint ventures
|
(1.6 | ) | (2.4 | ) | (2.4 | ) | ||||||
Business center properties
|
0.1 | | 0.6 | |||||||||
Service Merchandise assets
|
1.2 | 0.5 | 1.3 | |||||||||
Provision for bad debt expense
|
(0.4 | ) | | | ||||||||
Personal property
|
| | 2.1 | |||||||||
$ | 15.9 | $ | 10.9 | $ | 28.9 | |||||||
81
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Interest income
|
$ | 9,113 | $ | 10,078 | $ | (965 | ) | (9.6 | )% | |||||||
Interest expense
|
(221,525 | ) | (181,040 | ) | (40,485 | ) | 22.4 | % | ||||||||
Other expense, net
|
(446 | ) | (2,532 | ) | 2,086 | (82.4 | )% | |||||||||
$ | (212,858 | ) | $ | (173,494 | ) | $ | (39,364 | ) | 22.7 | % | ||||||
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Equity in net income of joint
ventures
|
$ | 30,337 | $ | 34,873 | $ | (4,536 | ) | (13.0 | )% | |||||||
Minority interests
|
(8,453 | ) | (7,881 | ) | (572 | ) | 7.3 | % | ||||||||
Income tax benefit (expense) of
taxable REIT subsidiaries and franchise taxes
|
2,481 | (342 | ) | 2,823 | (825.4 | )% |
82
Increase |
||||
(Decrease) | ||||
Reduction in gains from
disposition transactions as compared to 2005
|
$ | (6.4 | ) | |
Disposition of joint venture
interests to DDR
|
1.5 | |||
Adoption of EITF
04-05
|
(0.8 | ) | ||
Acquisition of assets by
unconsolidated joint ventures
|
1.9 | |||
Debt refinancing and increased
interest rates at various joint ventures
|
(0.7 | ) | ||
$ | (4.5 | ) | ||
2006 Dispositions
|
2005 Dispositions
|
|
One 50% effectively owned shopping
center
|
Three 20% owned shopping centers | |
Four 25.5% effectively owned
shopping centers
|
One 24.75% owned shopping center | |
One 20.75% effectively owned
shopping center
|
Eight sites formerly occupied by Service Merchandise | |
Two sites formerly occupied by
Service Merchandise
|
||
One 10% effectively owned shopping
center
|
(Increase) |
||||
Decrease | ||||
Formation of the Mervyns Joint
Venture consolidated investment in September 2005, which is
owned approximately 50% by the Company
|
$ | (3.9 | ) | |
Conversion of 0.4 million
operating partnership units into common shares of the Company in
2006
|
1.0 | |||
Consolidation of a joint venture
asset (EITF
04-05)
|
(0.7 | ) | ||
Net decrease in net income from
consolidated joint venture investments
|
3.0 | |||
$ | (0.6 | ) | ||
83
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Income from discontinued operations
|
$ | 2,571 | $ | 4,861 | $ | (2,290 | ) | (47.1 | )% | |||||||
Gain on disposition of real
estate, net
|
11,051 | 16,667 | (5,616 | ) | (33.7 | )% | ||||||||||
$ | 13,622 | $ | 21,528 | (7,906 | ) | (36.7 | )% | |||||||||
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Gain on disposition of real estate
|
$ | 72,023 | $ | 88,140 | $ | (16,117 | ) | (18.3 | )% |
Year Ended |
||||||||
December 31, | ||||||||
2006 | 2005 | |||||||
Transfer of assets to the Service
Holdings LLC (1)
|
$ | 6.1 | $ | | ||||
Transfer of assets to the DPG
Realty Holdings Joint Venture (2)
|
0.6 | | ||||||
Transfer of assets to the MDT
Joint Venture (3)
|
9.2 | 81.2 | ||||||
Transfer of assets to the MDT
Preferred Joint Venture (4)
|
38.9 | | ||||||
Land sales (5)
|
14.8 | 6.0 | ||||||
Previously deferred gains (6)
|
1.3 | 0.9 | ||||||
Other loss on dispositions
|
1.1 | | ||||||
$ | 72.0 | $ | 88.1 | |||||
(1) | For the year ended December 31, 2006, the Company transferred 51 retail sites previously occupied by Service Merchandise. This disposition is not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(2) | For the year ended December 31, 2006, the Company transferred a newly developed expansion area adjacent to a shopping center owned by the joint venture. This disposition is not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(3) | For the year ended December 31, 2006, the Company transferred newly developed expansion areas adjacent to four shopping centers owned by the joint venture. For the year ended December 31, 2005, the Company transferred 12 assets. These dispositions are not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(4) | For the year ended December 31, 2006, the Company transferred six assets. These dispositions are not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(5) | These dispositions do not qualify for discontinued operations presentation. | |
(6) | These were primarily attributable to the recognition of additional gains from the leasing of units associated with master lease and other obligations on disposed properties. |
84
(In thousands) | ||||||||||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
Net Income
|
$ | 253,264 | $ | 282,643 | $ | (29,379 | ) | (10.4 | )% | |||||||
Increase in net operating revenues
(total revenues in excess of operating and maintenance expenses
and real estate taxes)
|
$ | 71.8 | ||
Increase in general and
administrative expenses
|
(6.6 | ) | ||
Increase in depreciation expense
|
(28.9 | ) | ||
Decrease in interest income
|
(1.0 | ) | ||
Increase in interest expense
|
(40.5 | ) | ||
Change in other expense
|
2.1 | |||
Decrease in equity in net income
of joint ventures
|
(4.5 | ) | ||
Increase in minority interest
expense
|
(0.6 | ) | ||
Change in income tax
benefit/expense
|
2.8 | |||
Decrease in income from
discontinued operations
|
(2.3 | ) | ||
Decrease in gain on disposition of
real estate of discontinued operations properties
|
(5.6 | ) | ||
Decrease in gain on disposition of
real estate
|
(16.1 | ) | ||
Decrease in net income
|
$ | (29.4 | ) | |
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Base and percentage rental revenues
|
$ | 516,186 | $ | 409,209 | $ | 106,977 | 26.1 | % | ||||||||
Recoveries from tenants
|
156,793 | 115,854 | 40,939 | 35.3 | % | |||||||||||
Ancillary income and other
property related income
|
14,425 | 7,274 | 7,151 | 98.3 | % | |||||||||||
Management, development and other
fee income
|
22,859 | 16,937 | 5,922 | 35.0 | % | |||||||||||
Other
|
9,300 | 13,082 | (3,782 | ) | (28.9 | )% | ||||||||||
Total revenues
|
$ | 719,563 | $ | 562,356 | $ | 157,207 | 28.0 | % | ||||||||
85
Increase |
||||
(Decrease) | ||||
Core Portfolio Properties
|
$ | 4.9 | ||
Acquisition of real estate assets
in 2005 and 2004
|
132.5 | |||
Development and redevelopment of
12 shopping center properties in 2005 and 2004
|
9.8 | |||
Transfer of 49 properties to
unconsolidated joint ventures in 2005 and 2004
|
(44.6 | ) | ||
Business center properties
|
(2.6 | ) | ||
Straightline rents
|
7.0 | |||
$ | 107.0 | |||
Increase |
||||
(Decrease) | ||||
Acquisition of properties in 2005
and 2004
|
$ | 47.3 | ||
Transfer of properties to
unconsolidated joint ventures in 2005 and 2004
|
(11.9 | ) | ||
Development properties becoming
operational and an increase in operating expenses at the
remaining shopping center and business center properties
|
5.5 | |||
$ | 40.9 | |||
86
Year Ended |
||||||||
December 31, | ||||||||
2005 | 2004 | |||||||
Lease termination fees and
bankruptcy settlements
|
$ | 5.9 | $ | 9.8 | ||||
Acquisition and financing
fees (1)
|
2.4 | 3.0 | ||||||
Other
|
1.0 | 0.3 | ||||||
$ | 9.3 | $ | 13.1 | |||||
(1) | Financing fees received in connection with the MDT Joint Venture. The Companys fees are earned in conjunction with the timing and the amount of the transaction at the joint venture. |
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Operating and maintenance
|
$ | 97,599 | $ | 63,929 | $ | 33,670 | 52.7 | % | ||||||||
Real estate taxes
|
84,756 | 72,850 | 11,906 | 16.3 | % | |||||||||||
General and administrative
|
54,048 | 47,126 | 6,922 | 14.7 | % | |||||||||||
Depreciation and amortization
|
163,341 | 122,783 | 40,558 | 33.0 | % | |||||||||||
$ | 399,744 | $ | 306,688 | $ | 93,056 | 30.3 | % | |||||||||
Operating and |
||||||||||||
Maintenance | Real Estate Taxes | Depreciation | ||||||||||
Core Portfolio Properties
|
$ | 2.0 | $ | 2.1 | $ | 2.4 | ||||||
Acquisition and
development/redevelopment of shopping center properties
|
35.1 | 18.3 | 49.1 | |||||||||
Transfer of 49 properties to
unconsolidated joint ventures
|
(6.1 | ) | (8.4 | ) | (11.1 | ) | ||||||
Business center properties
|
| (0.1 | ) | (0.6 | ) | |||||||
Provision for bad debt expense
|
2.7 | | | |||||||||
Personal property
|
| | 0.8 | |||||||||
$ | 33.7 | $ | 11.9 | $ | 40.6 | |||||||
87
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Interest income
|
$ | 10,078 | $ | 4,233 | $ | 5,845 | 138.1 | % | ||||||||
Interest expense
|
(181,040 | ) | (123,527 | ) | (57,513 | ) | 46.6 | % | ||||||||
Other expense
|
(2,532 | ) | (1,779 | ) | (753 | ) | 42.3 | % | ||||||||
$ | (173,494 | ) | $ | (121,073 | ) | $ | (52,421 | ) | 43.3 | % | ||||||
Year Ended |
||||||||
December 31, | ||||||||
2005 | 2004 | |||||||
Abandoned acquisition and
development projects
|
$ | 0.9 | $ | 1.8 | ||||
Litigation expense
|
1.6 | | ||||||
$ | 2.5 | $ | 1.8 | |||||
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Equity in net income of joint
ventures
|
$ | 34,873 | $ | 40,895 | $ | (6,022 | ) | (14.7 | )% | |||||||
Minority interests
|
(7,881 | ) | (5,064 | ) | (2,817 | ) | 55.6 | % | ||||||||
Income tax of taxable REIT
subsidiaries and franchise taxes
|
(342 | ) | (1,469 | ) | 1,127 | (76.7 | )% |
Increase |
||||
(Decrease) | ||||
Reduction in sale transactions as
compared to 2004
|
$ | (5.2 | ) | |
Joint ventures formed in 2004 and
2005
|
2.5 | |||
Debt refinancings, increased
interest rates and increased depreciation and amortization
charges at various joint ventures
|
(3.3 | ) | ||
$ | (6.0 | ) | ||
88
2005 Dispositions
|
2004 Dispositions
|
|
Three 20% owned shopping centers
|
One 20% owned shopping center
|
|
One 24.75% owned shopping center
|
One 35% owned shopping center
|
|
Eight sites formerly occupied by
Service Merchandise
|
Ten sites formerly occupied by
Service Merchandise
|
|
A portion of a 24.75% owned
shopping center
|
Increase |
||||
(Decrease) | ||||
Issuance of common operating
partnership units in conjunction with the acquisition of assets
from Benderson in May 2004
|
$ | 0.4 | ||
Formation of the Mervyns Joint
Venture consolidated investment in September 2005, which is
owned approximately 50% by the Company
|
1.6 | |||
Dividends on common operating
partnership units and a net increase in net income from
consolidated joint venture investments
|
1.0 | |||
Conversion of 0.2 million
operating partnership units into an equal amount of common
shares of the Company in 2004
|
(0.2 | ) | ||
$ | 2.8 | |||
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Income from discontinued operations
|
$ | 4,861 | $ | 10,603 | $ | (5,742 | ) | (54.2 | )% | |||||||
Gain on disposition of real
estate, net
|
16,667 | 8,561 | 8,106 | 94.7 | % | |||||||||||
$ | 21,528 | $ | 19,164 | $ | 2,364 | 12.3 | % | |||||||||
89
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Gain on disposition of real estate
|
$ | 88,140 | $ | 84,642 | $ | 3,498 | 4.1 | % | ||||||||
Cumulative effect of adoption of a
new accounting standard
|
| (3,001 | ) | 3,001 | (100.0 | )% |
For the Year Ended |
||||||||
December 31, | ||||||||
2005 | 2004 | |||||||
Transfer of assets to the MDT
Joint Venture (1)
|
$ | 81.2 | $ | 65.4 | ||||
Transfer of assets to the DPG
Realty Holdings Joint Venture (2)
|
| 4.2 | ||||||
Transfer of assets to the DDR
Markaz II Joint Venture (3)
|
| 2.5 | ||||||
Land sales (4)
|
6.0 | 14.3 | ||||||
Previously deferred gains (5)
|
0.9 | 0.8 | ||||||
Loss on disposition of non-core
assets (6)
|
| (2.6 | ) | |||||
$ | 88.1 | $ | 84.6 | |||||
(1) | The Company transferred 12 and 11 assets in 2005 and 2004, respectively. These dispositions are not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(2) | The Company transferred 12 assets in 2004. These dispositions are not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(3) | The Company transferred 13 assets in 2004. These dispositions are not classified as discontinued operations due to the Companys continuing involvement through its retained ownership interest and management agreements. | |
(4) | These sales did not meet the discontinued operations disclosure requirement. | |
(5) | These were primarily attributable to the recognition of additional gains from the leasing of units associated with master lease obligations and other obligations on disposed properties. | |
(6) | May be recovered through an earnout arrangement with the buyer over the next several years. |
(In thousands) | ||||||||||||||||
2005 | 2004 | $ Change | % Change | |||||||||||||
Net Income
|
$ | 282,643 | $ | 269,762 | $ | 12,881 | 4.8 | % | ||||||||
90
Increase in net operating revenues
(total revenues in excess of operating and maintenance expenses
and real estate taxes)
|
$ | 111.6 | ||
Increase in general and
administrative expense
|
(6.9 | ) | ||
Increase in other expense
|
(0.8 | ) | ||
Increase in depreciation expense
|
(40.5 | ) | ||
Increase in interest income
|
5.8 | |||
Increase in interest expense
|
(57.5 | ) | ||
Decrease in equity in net income
of joint ventures
|
(6.0 | ) | ||
Increase in minority interest
expense
|
(2.8 | ) | ||
Decrease in income tax expense
|
1.1 | |||
Increase in gain on disposition of
real estate
|
3.5 | |||
Increase in income from
discontinued operations
|
2.4 | |||
Decrease in cumulative effect of
adoption of a new accounting standard (FIN 46)
|
3.0 | |||
$ | 12.9 | |||
91
For the Years Ended | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Net income applicable to common
shareholders (1)
|
$ | 198,095 | $ | 227,474 | $ | 219,056 | ||||||
Depreciation and amortization of
real estate investments
|
185,449 | 169,117 | 130,536 | |||||||||
Equity in net income of joint
ventures
|
(30,337 | ) | (34,873 | ) | (40,895 | ) | ||||||
Joint ventures FFO (2)
|
44,473 | 49,302 | 46,209 | |||||||||
Minority equity interests (OP
Units)
|
2,116 | 2,916 | 2,607 | |||||||||
Gain on disposition of depreciable
real estate (3)
|
(21,987 | ) | (58,834 | ) | (68,179 | ) | ||||||
Cumulative effect of adoption of a
new accounting standard (4)
|
| | 3,001 | |||||||||
FFO applicable to common
shareholders
|
377,809 | 355,102 | 292,335 | |||||||||
Preferred dividends
|
55,169 | 55,169 | 50,706 | |||||||||
Total FFO
|
$ | 432,978 | $ | 410,271 | $ | 343,041 | ||||||
(1) | Includes straight-line rental revenues of approximately $16.0 million in 2006, $14.4 million in 2005 and $7.4 million in 2004 (including discontinued operations). | |
(2) | Joint ventures FFO is summarized as follows (in thousands): |
For the Years Ended | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Net income (a)
|
$ | 92,624 | $ | 122,586 | $ | 118,779 | ||||||
Depreciation and amortization of
real estate investments
|
83,017 | 87,508 | 68,456 | |||||||||
Gain on disposition of real estate,
net (b)
|
(22,013 | ) | (19,014 | ) | (37,866 | ) | ||||||
$ | 153,628 | $ | 191,080 | $ | 149,369 | |||||||
DDR Ownership interests (c)
|
$ | 44,473 | $ | 49,302 | $ | 46,209 | ||||||
(a) | Includes straight-line rental revenue of approximately $5.1 million, $6.6 million and $6.5 million in 2006, 2005 and 2004, respectively. The Companys proportionate share of straight-line rental revenues was $0.9 million, $1.1 million and $1.4 million in 2006, 2005 and 2004, respectively. These amounts include discontinued operations. | |
(b) | The gain or loss on disposition of recently developed shopping centers, owned by the Companys taxable REIT affiliates, is included in FFO, as the Company considers these properties as 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, 2006, a loss of $1.3 million was recorded, of which $0.3 million was the Companys proportionate share. These gains aggregated $30.8 million and $6.5 million for the years ended December 31, 2005, and 2004, respectively, of which the Companys proportionate share aggregated $7.6 million and $1.7 million, respectively. |
92
(c) | The Companys share of joint venture net income has been increased by $1.6 million and reduced by $2.1 million and $1.3 million for the years ended December 31, 2006, 2005 and 2004, respectively, related to basis differentials. At December 31, 2006, 2005 and 2004, the Company owned unconsolidated joint venture interests relating to 117, 110 and 103 operating shopping center properties, respectively. In addition, at December 31, 2006, the Company owned 50 shopping center sites formerly owned by Service Merchandise through its 20% owned joint venture. At December 31, 2005 and 2004, the Company owned 53 and 63 of these Service Merchandise sites, respectively, through its approximate 25% owned joint venture. The Company also owned an approximate 25% interest in the Prudential Retail Value Fund and a 50% joint venture equity interest in a real estate management/development company. |
(3) | The amount reflected as gain on disposition of real estate and real estate investments from continuing operations in the consolidated statement of operations includes residual land sales, which management considers 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 year ended December 31, 2006, 2005 and 2004, net gains resulting from residual land sales aggregated $14.8 million, $6.0 million and $13.7 million, respectively. For the years ended December 31, 2006, 2005 and 2004, merchant building gains aggregated $46.3 million, $39.9 million and $11.4 million, respectively. In 2005, these gains included a portion of the net gain recognized of approximately $6.6 million from the sale of a shopping center located in Plainville, Connecticut, through the Companys taxable REIT subsidiary, associated with its merchant building program. The remaining $14.3 million of the gain recognized on the disposition of the shopping center located in Plainville, Connecticut, was not included in the computation of FFO, as the Company believes such amount was derived primarily from the acquisition of its partners approximate 75% interest in the shopping center following substantial completion of development. Additionally, during 2005, the Companys gain on disposition of real estate was reduced by $1.9 million relating to debt prepayment costs incurred as a result of a sales transaction. This debt prepayment has been accounted for as a cost of sale, and neither the gross gain on disposition nor the related costs of the sale have been included in FFO. | |
(4) | The Company recorded a charge of $3.0 million in 2004 as a cumulative effect of adoption of a new accounting standard attributable to the consolidation of the shopping center in Martinsville, Virginia. This amount represents the minority partners share of cumulative losses in the partnership. |
93
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Cash flow provided by operating
activities
|
$ | 340,692 | $ | 355,423 | $ | 292,226 | ||||||
Cash flow used for investing
activities
|
(203,047 | ) | (339,443 | ) | (1,134,601 | ) | ||||||
Cash flow (used for) provided by
financing activities
|
(139,922 | ) | (35,196 | ) | 880,553 |
94
Total purchase price
|
$ | 6,200 | ||
Assets acquired by a joint venture
with TIAA-CREF
|
(3,000 | ) | ||
Assets acquired directly by DDR
|
3,200 | |||
DDR equity contribution to
TIAA-CREF joint venture
|
179 | |||
Total DDR financing requirements
|
3,379 | |||
Less: Debt assumed
|
(489 | ) | ||
Total cash required at closing
|
$ | 2,890 | ||
DDR common shares from forward
equity transaction
|
$ | 750 | ||
DDR common shares issued to IRRETI
shareholders
|
395 | |||
Increase in secured term loan
|
150 | |||
Temporary bridge financing
provided through revolving credit facilities, bridge loans
and/or preferred operating partnership units
|
1,595 | (1) | ||
$ | 2,890 | |||
(1) | Amounts are expected to be repaid through asset sales and formation of new joint venture(s). |
95
2006 | 2005 | 2004 | ||||||||||
Company (Including Consolidated
Joint Ventures):
|
||||||||||||
Acquisitions
|
$ | 370.2 | (1) | $ | 1,610.8 | (8) | $ | 2,170.8 | (13) | |||
Completed expansions
|
73.1 | 41.6 | 25.2 | |||||||||
Developments and construction in
progress
|
246.0 | 246.1 | 203.8 | |||||||||
Tenant improvements and building
renovations (2)
|
11.7 | 7.5 | 6.6 | |||||||||
Furniture and fixtures and
equipment
|
10.2 | (3) | 10.7 | (9) | 1.3 | |||||||
711.2 | 1,916.7 | 2,407.7 | ||||||||||
Less: Real estate dispositions and
property contributed to joint ventures
|
(289.8 | )(4) | (490.8 | )(10) | (689.2 | )(14) | ||||||
Company total
|
421.4 | 1,425.9 | 1,718.5 | |||||||||
Unconsolidated Joint
Ventures:
|
||||||||||||
Acquisitions/contributions
|
729.9 | (5) | 350.0 | (11) | 1,147.0 | (15) | ||||||
Completed expansions
|
0.0 | 9.3 | 10.3 | |||||||||
Developments and construction in
progress
|
139.6 | (6) | 87.5 | 38.9 | ||||||||
Tenant improvements and building
renovations (2)
|
9.1 | 6.8 | 0.6 | |||||||||
878.6 | 453.6 | 1,196.8 | ||||||||||
Less: Real estate dispositions
|
(409.0 | )(7) | (148.8 | )(12) | (306.7 | )(16) | ||||||
Joint ventures total
|
469.6 | 304.8 | 890.1 | |||||||||
891.0 | 1,730.7 | 2,608.6 | ||||||||||
Less: Proportionate joint venture
share owned by others
|
(401.0 | ) | (285.0 | ) | (807.8 | ) | ||||||
Total DDR net additions
|
$ | 490.0 | $ | 1,445.7 | $ | 1,800.8 | ||||||
(1) | Includes transfer to the Company from joint ventures (KLA/SM 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, Determining whether a General Partner, or the General Partners as a Group Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights. | |
(2) | In 2007, the Company anticipates recurring capital expenditures, including tenant improvements of approximately $13 million associated with its wholly-owned and consolidated portfolio and $11 million associated with its joint venture portfolio. | |
(3) | Includes certain Information Technology (IT) projects. | |
(4) | Includes asset dispositions, the sale of the KLA/SM Joint Venture to Service Holdings LLC, the sale of properties to the MDT Joint Venture and the MDT Preferred Joint Venture and the sale of several outparcels. | |
(5) | Reflects the DPG Joint Venture acquisition and adjustments to GAAP presentation from previous acquisitions. | |
(6) | Includes the acquisition of land in Allen, Texas, and Bloomfield Hills, Michigan, for the development of shopping centers by Coventry II joint ventures. | |
(7) | Includes asset dispositions, the transfer to DDR of the KLA/SM Joint Venture, five assets located in Pasadena, California; Phoenix, Arizona (two properties); Salisbury, Maryland and Apex, North Carolina. | |
(8) | Includes the transfer to DDR from a joint venture of a shopping center in Dublin, Ohio. | |
(9) | Includes the expansion of corporate headquarters, certain IT projects and fractional ownership interest in corporate jets. | |
(10) | Includes the transfer of 12 assets to the MDT Joint Venture, asset dispositions and the disposition of several outparcels. |
96
(11) | Reflects the MDT Joint Venture acquisition and adjustments to GAAP presentation from previous acquisitions. | |
(12) | Includes asset dispositions, the disposition of several outparcels by the RVIP VII joint venture and the transfer to DDR from a joint venture of a shopping center in Dublin, Ohio. | |
(13) | In addition to the acquisition of assets from Benderson, amount includes the consolidation of certain joint venture assets due to FIN 46, the transfers to DDR from joint ventures of assets in Littleton, Colorado and Merriam, Kansas, and the purchase of DDR corporate headquarters. | |
(14) | Includes the transfer of 11 assets to the MDT Joint Venture, the transfer of 12 assets to the DPG Joint Venture, the transfer of 13 assets to the DDR Markaz II Joint Venture and the disposition of several outparcels. | |
(15) | In addition to the acquisition of assets discussed in (13) above, this amount included the MDT Joint Ventures acquisition of 14 assets from Benderson, the purchase of a joint venture partners interest in shopping center developments in Deer Park, Illinois and Austin, Texas, the purchase of a fee interest in several Service Merchandise units and an earnout of two outparcels in Kildeer, Illinois. | |
(16) | Includes the transfer to DDR from joint ventures of shopping center assets in Littleton, Colorado and Merriam, Kansas, and adjustments due to GAAP presentation (FIN 46(R) and SFAS No. 144) and the demolition of a portion of an asset in Lancaster, California. |
97
98
Company- |
||||||||
DDRs |
Owned |
Acquisition |
||||||
Effective |
Square Feet |
Price |
||||||
Location
|
Interest (1) | (Thousands) | (Millions) | |||||
2006:
|
||||||||
Orland Park, Illinois
|
10.0% | 58 | $12.2 | |||||
Benton Harbor, Michigan (2)
|
20.0% | 223 | 27.1 | |||||
Bloomfield Hills, Michigan(3)
|
10.0% | Under Development | 68.4 | |||||
Cincinnati, Ohio (4)
|
18.0% | 668 | 194.4 | |||||
Allen, Texas(3)
|
10.0% | Under Development | 10.9 | |||||
50 retail sites in several states
formerly occupied by Service Merchandise
|
20.0% | 2,691 | 171.6 | |||||
2005:
|
||||||||
Merriam, Kansas
|
20.0% | Under Development | 15.7 | |||||
2004:
|
||||||||
Phoenix, Arizona
|
20.0% | 391 | 45.6 | |||||
Buena Park, California
|
20.0% | 724 | 91.5 | |||||
San Antonio, Texas
|
10.0% | 188 | 8.1 | (5) | ||||
Kirkland, Washington
|
20.0% | 228 | 37.0 | |||||
2003:
|
||||||||
Kansas City, Missouri
|
20.0% | 358 | 48.4 |
(1) | The Fund invested in certain assets with development partners, as such, the Companys effective interest may be less than 20%. | |
(2) | Approximately 100,000 sq. ft. under redevelopment. | |
(3) | A third party developer owns 50% of this investment. | |
(4) | Approximately 160,000 sq. ft. under redevelopment. | |
(5) | Net of $2.5 million sale to Target. |
99
Gross |
||||||
Company-Owned |
Purchase |
|||||
Square Feet |
Price |
|||||
Location
|
(Thousands) | (Millions) | ||||
Phoenix, Arizona (1)
|
197 | $ | 15.6 | |||
Pasadena, California (2)
|
557 | 55.9 | ||||
Valencia, California (3)
|
76 | 12.4 | ||||
Salisbury, Maryland (1)
|
126 | 1.5 | ||||
Apex, North Carolina (4)
|
324 | 4.4 | ||||
San Antonio, Texas (5)
|
Under Development | 22.4 | ||||
1,280 | $ | 112.2 | ||||
100
(1) | Reflects the Companys purchase price, net of debt assumed, associated with the acquisition of its partners 50% ownership interest. | |
(2) | Reflects the Companys purchase price, net of prepayment of debt, associated with the acquisition of its partners 75% ownership interest. | |
(3) | Mervyns asset structured as a financing lease. | |
(4) | Reflects the Companys purchase price associated with the acquisition of its partners 80% and 20% ownership interests in separate phases. | |
(5) | Reflects the Companys purchase price associated with the acquisition of its partners 50% ownership interest. |
Company- |
Gross |
|||
Owned |
Purchase |
|||
Square Feet |
Price |
|||
Location
|
(Thousands) | (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)
|
Under Development | 68.4 | ||
Cincinnati, Ohio (4)
|
668 | 194.4 | ||
Allen, Texas (2)
|
Under Development | 10.9 | ||
Sonae Sierra Brazil (5)
|
3,469 | 180.3 | ||
4,492 | $504.3 | |||
(1) | The Company purchased a 50% equity interest through its investment in the Mervyns Joint Venture. | |
(2) | The Company purchased a 10% equity interest through its investment in the Coventry II Joint Venture. | |
(3) | The Company purchased a 20% equity interest through its investment in the Coventry II Joint Venture. Approximately 100,000 sq. ft. under redevelopment. | |
(4) | The Company purchased an 18% equity interest through its investment in the Coventry II Joint Venture. Approximately 160,000 sq. ft. under redevelopment. | |
(5) | The Company purchased a 50% interest in an entity which owns a 93% interest in nine properties located in Sao Paulo, Brazil. |
101
Funded as of December 31, 2006
|
$ | 439.0 | ||
Projected net funding during 2007
|
154.8 | |||
Projected net funding thereafter
|
173.8 | |||
Total
|
$ | 767.6 | ||
Anticipated |
||||||||||||||||
DDRs |
JV Partners |
Proceeds from |
||||||||||||||
Proportionate |
Proportionate |
Construction |
||||||||||||||
Share | Share | Loans | Total | |||||||||||||
Funded as of December 31, 2006
|
$ | 12.6 | $ | 50.3 | $ | 84.9 | $ | 147.8 | ||||||||
Projected net funding during 2007
|
1.5 | 6.0 | 80.4 | 87.9 | ||||||||||||
Projected net funding thereafter
|
1.9 | 7.7 | 92.1 | 101.7 | ||||||||||||
Total
|
$ | 16.0 | $ | 64.0 | $ | 257.4 | $ | 337.4 | ||||||||
Company-Owned |
||||||||||||
Square Feet |
Sale Price |
Gain |
||||||||||
Location
|
(Thousands) | (Millions) | (Millions) | |||||||||
Shopping Center
Properties
|
||||||||||||
Core Portfolio Properties
(1)
|
822 | $ | 54.8 | $ | 11.1 | |||||||
Transfers to Joint Ventures
Interests
|
||||||||||||
Parker, Colorado; Lithonia,
Georgia; Overland Park, Kansas; Frisco, Texas; McKinney, Texas
and Mesquite, Texas (2)
|
644 | 122.7 | 38.9 | |||||||||
Birmingham, Alabama; McDonough,
Georgia; Coon Rapids, Minnesota and Monaca, Pennsylvania (3)
|
1,024 | 24.7 | 9.2 | |||||||||
2,490 | $ | 202.2 | $ | 59.2 | ||||||||
(1) | Properties located in Canton, Georgia; Cartersville, Georgia; Fort Olgethorpe, Georgia; Harrisburg, Illinois; Amherst, New York and Waynesville, North Carolina. |
102
(2) | The Company contributed six wholly-owned assets of the Company to the MDT Preferred 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). | |
(3) | The Company contributed four newly developed expansion areas adjacent to shopping centers currently owned by the MDT Joint Venture. The Company retained a 14.5% effective interest in these assets. The amount includes 100% of the selling price; the Company eliminated that portion of the gain associated with its 14.5% ownership interest (see 2006 Strategic Real Estate Transactions). |
Companys |
||||||||||||||||
Companys |
Proportionate |
|||||||||||||||
Effective |
Company-Owned |
Share of |
||||||||||||||
Ownership |
Square Feet |
Sale 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 | | (2) | ||||||||||
Service Merchandise Site
|
20.00 | % | | 1.4 | | (2) | ||||||||||
922 | $ | 102.0 | $ | 8.2 | ||||||||||||
(1) | Includes promoted income. | |
(2) | Less than $0.1 million. |
103
Company- |
Gross |
|||||||
Owned |
Purchase |
|||||||
Square Feet |
Price |
|||||||
Location
|
(Thousands) | (Millions) | ||||||
Caribbean Property Group (see 2005
Strategic Real Estate Transactions)
|
3,967 | $ | 1,173.8 | |||||
Mervyns (see 2005 Strategic Real
Estate transactions) (1)
|
2,823 | 410.6 | ||||||
Columbus, Ohio (2)
|
162 | 3.2 | ||||||
6,952 | $ | 1,587.6 | ||||||
(1) | Includes 36 assets consolidated by the Company and one wholly-owned asset of the Company. | |
(2) | Reflects the Companys purchase price, associated with the acquisition of its partners 20% ownership interest. |
104
Company- |
||||||||||||
Owned |
||||||||||||
Square Feet |
Sale Price |
Gain |
||||||||||
Location
|
(Thousands) | (Millions) | (Millions) | |||||||||
Shopping Center
Properties
|
||||||||||||
Core Portfolio
Properties (1)
|
637 | $ | 35.7 | $ | 10.7 | |||||||
Transfers to Joint Venture
Interests
|
||||||||||||
Aurora, Colorado; Parker,
Colorado; Plainville, Connecticut; Brandon, Florida
(2 properties); McDonough, Georgia; Grandville, Michigan;
Brentwood, Tennessee; Irving, Texas; Brookfield, Wisconsin and
Brown Deer Wisconsin (2 properties) (2)
|
2,097 | 348.0 | 81.2 | |||||||||
Business Center Properties
(3)
|
3,183 | 177.0 | 5.3 | |||||||||
5,917 | $ | 560.7 | $ | 97.2 | ||||||||
(1) | Properties located in Fern Park, Florida; Melbourne, Florida; Connersville, Indiana; Grand Forks, North Dakota; Ashland, Ohio; Cleveland (W 65th), Ohio; Hillsboro, Ohio; Wilmington, Ohio; Memphis, Tennessee and Fort Worth, Texas. The property in Grand Forks, North Dakota, represents the disposition of an asset through the merchant building program. This property was consolidated into the Company with the adoption of FIN 46 in 2004. | |
(2) | The Company transferred 12 wholly-owned assets of the Company to the MDT Joint Venture. The Company retained an effective 14.5% equity ownership interest in the joint venture. The amount includes 100% of the selling price; the Company eliminated that portion of the gain associated with its 14.5% ownership interest (see 2005 Strategic Real Estate Transactions). | |
(3) | Represents the disposition of 25 assets (see 2005 Strategic Real Estate Transactions). |
Companys |
||||||||||||||||
Companys |
Company- |
Proportionate |
||||||||||||||
Effective |
Owned |
Share |
||||||||||||||
Ownership |
Square Feet |
Sale Price |
of Gain |
|||||||||||||
Location
|
Percentage | (Thousands) | (Millions) | (Millions) | ||||||||||||
City of Industry, California (1);
Richmond, California and San Ysidro, California
|
20.75 | % | 416 | $ | 73.3 | $ | 6.7 | |||||||||
Long Beach, California (1)
|
25.50 | % | 343 | 75.6 | 4.4 | |||||||||||
Service Merchandise Sites
|
24.63 | % | 409 | 19.4 | 1.9 | |||||||||||
1,168 | $ | 168.3 | $ | 13.0 | ||||||||||||
(1) | The joint venture sold the remaining portion of the shopping center. |
105
106
Company- |
Gross |
|||||||
Owned |
Purchase |
|||||||
Square Feet |
Price |
|||||||
Location
|
(Thousands) | (Millions) | ||||||
Benderson Development Company (see
2004 Strategic Real Estate Transactions)
|
12,501 | $ | 2,014.4 | |||||
Littleton, Colorado (1)
|
228 | 6.3 | ||||||
12,729 | $ | 2,020.7 | ||||||
(1) | Reflects the Companys purchase price, net of debt assumed, associated with the acquisition of its partners 50% ownership interest. |
Company- |
Gross |
|||||
Owned |
Purchase |
|||||
Square Feet |
Price |
|||||
Location
|
(Thousands)
|
(Millions) | ||||
Phoenix, Arizona (1)
|
1,134 | $ | 45.6 | |||
Buena Park, California (1)
|
738 | 91.5 | ||||
San Antonio, Texas (2)
|
Under Development | 8.1 | ||||
Kirkland, Washington (1)
|
291 | 37.0 | ||||
Benderson Development Company (3)
|
2,497 | 299.0 | ||||
4,660 | $ | 481.2 | ||||
(1) | The Company purchased a 20% equity interest through its investment in the Coventry II Joint Venture. |
107
(2) | The Company purchased a 10% equity interest through its investment in the Coventry II Joint Venture. Approximately 16 acres of land were sold to Target for $2.5 million subsequent to the purchase. This project was substantially completed in 2006. | |
(3) | The MDT Joint Venture acquired an indirect ownership interest in 23 retail properties. Eight of the properties acquired by the MDT Joint Venture were owned by the Company and one of the properties was held by the Company through a joint venture. These nine properties were valued at approximately $239 million. Of the properties acquired by the MDT Joint Venture, 14 were owned by Benderson and valued at approximately $299 million. The Company owns a 14.5% equity interest in the MDT Joint Venture. |
Company- |
||||||||||||
Owned |
||||||||||||
Square Feet |
Sale Price |
Gain |
||||||||||
Location
|
(Thousands) | (Millions) | (Millions) | |||||||||
Shopping Center
Properties
|
||||||||||||
Core Portfolio Properties
(1)
|
684 | $ | 56.7 | $ | 6.1 | |||||||
Transfers to Joint Ventures
Interests
|
||||||||||||
Birmingham, Alabama; Fayetteville,
Arkansas (2 properties); Coon Rapids, Minnesota; Asheville,
North Carolina; Erie, Pennsylvania; Monaca, Pennsylvania;
Columbia, South Carolina; Murfreesboro, Tennessee; Nashville,
Tennessee and Lewisville, Texas (2)
|
2,321 | 285.3 | 65.4 | |||||||||
Lawrenceville, Georgia; Lilburn,
Georgia; Arcade, New York; Avon, New York; Elmira, New York;
Hamburg, New York; Hamlin, New York; Norwich, New York;
Tonawanda, New York (2 properties); Columbia, Tennessee and
Farragut, Tennessee (3)
|
1,168 | 128.6 | 4.2 | |||||||||
Loganville, Georgia; Oxford,
Mississippi; Amherst, New York; Cheektowaga, New York;
Irondequoit, New York; Jamestown, New York; Leroy, New York;
Ontario, New York; Orchard Park, New York; Rochester, New York;
Warsaw, New York; Chillicothe, Ohio and Goodlettsville,
Tennessee (4)
|
1,577 | 203.8 | 2.5 | |||||||||
Business Center Properties
(5)
|
94 | 8.3 | 1.9 | |||||||||
5,844 | $ | 682.7 | $ | 80.1 | ||||||||
(1) | Properties located in Trinidad, Colorado; Waterbury, Connecticut; Canton, Georgia; Cumming, Georgia; Marietta, Georgia; Peachtree City, Georgia; Suwanee, Georgia; Hazard, Kentucky; Las Vegas, Nevada; North Olmsted, Ohio; Sumter, South Carolina; Franklin, Tennessee and Milwaukee, Wisconsin. The property in North Olmsted, Ohio, represents the disposition of an asset through the merchant building program. This property was consolidated by the Company with the adoption of FIN 46 in 2004. | |
(2) | The Company transferred eleven wholly-owned assets of the Company to the MDT Joint Venture. The Company retained an effective 14.5% equity ownership interest in the joint venture. The amount includes 100% of the selling price; the Company eliminated that portion of the gain associated with its 14.5% ownership interest (see 2004 Strategic Real Estate Transactions). |
108
(3) | The Company formed the DPG Joint Venture with PREI in 2004 and contributed 12 neighborhood grocery-anchored retail properties of the Company. The Company retained a 10% equity ownership interest in the joint venture. The amount includes 100% of the selling price; the Company eliminated that portion of the gain associated with its 10% ownership interest (see 2004 Strategic Real Estate Transactions). | |
(4) | The Company formed DDR Markaz II in 2004 and contributed 13 neighborhood grocery-anchored retail properties of the Company. The Company retained a 20% equity ownership interest in the joint venture. The amount includes 100% of the selling price; the Company eliminated that portion of the gain associated with its 20% ownership interest (see 2004 Strategic Real Estate Transactions). | |
(5) | Properties located in Sorrento, California and Mentor, Ohio. |
Companys |
||||||||||||||||
Companys |
Company- |
Proportionate |
||||||||||||||
Effective |
Owned |
Share of |
||||||||||||||
Ownership |
Square Feet |
Sale Price |
Gain |
|||||||||||||
Location
|
Percentage | (Thousands) | (Millions) | (Millions) | ||||||||||||
Long Beach, California (1)
|
25.50 | % | 85 | $ | 16.6 | $ | 1.3 | |||||||||
Mission Viejo, California
|
20.75 | % | 46 | 18.0 | 2.0 | |||||||||||
Puente Hills, California (1)
|
20.75 | % | 519 | 66.2 | 4.0 | |||||||||||
San Antonio, Texas
|
35.00 | % | 320 | 59.1 | 6.7 | |||||||||||
Service Merchandise sites
|
24.63 | % | 692 | 20.7 | 0.5 | |||||||||||
1,662 | $ | 180.6 | $ | 14.5 | ||||||||||||
(1) | The joint venture sold a portion of the shopping center. |
109
2006 | 2005 | 2004 | ||||||||||
Equity:
|
||||||||||||
Common shares
|
$ | | (1) | $ | | $ | 737.4 | (5) | ||||
Preferred shares
|
| | 170.0 | (6) | ||||||||
OP Units
|
| | 16.2 | |||||||||
Total equity
|
| | 923.6 | |||||||||
Debt:
|
||||||||||||
Construction
|
11.1 | 14.6 | 55.4 | |||||||||
Permanent financing
|
| 327.1 | | |||||||||
Mortgage debt assumed
|
132.3 | 661.5 | 420.2 | |||||||||
Tax increment financing
|
| | 8.6 | |||||||||
Medium term notes
|
| 750.0 | (4) | 525.0 | (7) | |||||||
Convertible notes
|
250.0 | (2) | | | ||||||||
Unsecured term loan
|
| | 200.0 | (8) | ||||||||
Secured term loan
|
180.0 | (3) | 220.0 | (3) | | |||||||
Total debt
|
573.4 | 1,973.2 | 1,209.2 | |||||||||
$ | 573.4 | $ | 1,973.2 | $ | 2,132.8 | |||||||
(1) | Forward sale agreements to sell an aggregate of 11.6 million common shares were executed in December 2006. The proceeds are expected to be funded in February 2007 as a source of funding for the merger with IRRETI. | |
(2) | 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 a 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 shares of the Companys |
110
common stock, with an investment bank that had the economic impact of effectively increasing the 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 condensed consolidated balance sheet. | ||
(3) | This facility bears interest at LIBOR plus 0.85% and matures in June 2008. This facility has two one-year extension options to 2010. | |
(4) | Includes $200 million of five-year senior unsecured notes and $200 million of ten-year senior unsecured notes. The five-year notes have an interest coupon rate of 5.0%, are due on May 3, 2010, and were offered at 99.806% of par. The ten-year notes have an interest coupon rate of 5.5%, are due on May 1, 2015, and were offered at 99.642% of par. Also includes $350 million of seven-year senior unsecured notes. The seven-year notes have an interest coupon rate of 5.375%, are due on October 15, 2012, and were offered at 99.52% of par. | |
(5) | 15.0 million shares issued in May 2004 and 5.45 million shares in December 2004. | |
(6) | Issuance of Class I 7.5% Preferred Shares. | |
(7) | Includes $275 million five-year senior unsecured notes with a coupon rate of 3.875%. These notes are due January 30, 2009, and were offered at 99.584% of par. Also includes $250 million seven-year senior unsecured notes with a coupon rate of 5.25%. These notes are due April 15, 2011, and were offered at 99.574% of par. | |
(8) | This facility bore interest at LIBOR plus 0.75% and was repaid in 2006. |
111
Operating |
Capital |
|||||||||||
Year
|
Debt | Leases | Leases | |||||||||
2007
|
$ | 428,609 | $ | 5,320 | $ | 305 | ||||||
2008
|
664,517 | 5,232 | 315 | |||||||||
2009
|
391,870 | 4,970 | 315 | |||||||||
2010
|
1,059,147 | 4,882 | 315 | |||||||||
2011
|
704,340 | 4,879 | 315 | |||||||||
Thereafter
|
1,000,329 | 204,465 | 12,283 | |||||||||
$ | 4,248,812 | $ | 229,748 | $ | 13,848 | |||||||
112
MDT Joint Venture
|
$ | 2.1 | ||
MDT Preferred Joint Venture
|
3.3 | |||
DDR Markaz II
|
0.6 | |||
$ | 6.0 | |||
113
114
115
December 31, 2006 | December 31, 2005 | |||||||||||||||||||||||||||||||
Weighted |
Weighted |
Weighted |
Weighted |
|||||||||||||||||||||||||||||
Average |
Average |
Percentage |
Average |
Average |
Percentage |
|||||||||||||||||||||||||||
Amount |
Maturity |
Interest |
of |
Amount |
Maturity |
Interest |
of |
|||||||||||||||||||||||||
(Millions) | (Years) | Rate | Total | (Millions) | (Years) | Rate | Total | |||||||||||||||||||||||||
Fixed-Rate Debt (1)
|
$ | 3,799.0 | 4.8 | 5.6 | % | 89.4 | % | $ | 3,079.3 | 6.3 | 5.8 | % | 79.1 | % | ||||||||||||||||||
Variable-Rate Debt (1)
|
$ | 449.8 | 1.9 | 6.2 | % | 10.6 | % | $ | 811.4 | 1.9 | 5.1 | % | 20.9 | % |
(1) | Adjusted to reflect the $500 million of variable-rate debt that was swapped to a fixed-rate at December 31, 2006, and $60 million of fixed-rate debt that was swapped to a variable rate at December 31, 2006 and 2005. |
December 31, 2006 | December 31, 2005 | |||||||||||||||||||||||||||||||
Weighted |
Weighted |
Weighted |
Weighted |
|||||||||||||||||||||||||||||
Joint |
Companys |
Average |
Average |
Joint |
Companys |
Average |
Average |
|||||||||||||||||||||||||
Venture |
Proportionate |
Maturity |
Interest |
Venture |
Proportionate |
Maturity |
Interest |
|||||||||||||||||||||||||
Debt | Share | (Years) | Rate | Debt | Share | (Years) | Rate | |||||||||||||||||||||||||
Fixed-Rate Debt
|
$ | 1,745.0 | $ | 393.3 | 4.4 | 5.1 | % | $ | 1,564.6 | $ | 385.8 | 4.7 | 5.0 | % | ||||||||||||||||||
Variable-Rate Debt
|
$ | 750.1 | $ | 132.3 | 1.4 | 6.5 | % | $ | 608.8 | $ | 124.7 | 1.8 | 5.9 | % |
116
December 31, 2006 | December 31, 2005 | |||||||||||||||||||||||
100 Basis Point |
100 Basis Point |
|||||||||||||||||||||||
Decrease in |
Decrease in |
|||||||||||||||||||||||
Carrying |
Fair |
Market |
Carrying |
Fair |
Market |
|||||||||||||||||||
Value | Value | Interest Rates | Value | Value | Interest Rates | |||||||||||||||||||
Companys fixed-rate debt
|
$ | 3,799.0 | $ | 3,817.7 | (1) | $ | 3,946.0 | (2) | $ | 3,079.3 | $ | 3,106.0 | $ | 3,247.0 | ||||||||||
Companys proportionate share
of joint venture fixed-rate debt
|
$ | 393.3 | $ | 391.0 | (3) | $ | 409.4 | (4) | $ | 385.8 | $ | 386.9 | (3) | $ | 402.9 | (4) |
(1) | Includes the fair value of interest rate swaps that was a liability of $1.1 million at December 31, 2006. | |
(2) | Includes the fair value of interest rate swaps that was a liability of $15.4 million at December 31, 2006. | |
(3) | Includes the Companys proportionate share of the fair value of interest rate swaps that was a liability of $0.7 million and an asset of $0.3 million at December 31, 2006 and 2005, respectively. | |
(4) | Includes the Companys proportionate share of the fair value of interest rate swaps that was a liability of $4.8 million and $0.4 million at December 31, 2006 and 2005, respectively. |
117
December 31, | ||||||||
2006 | 2005 | |||||||
Total notes receivable
|
$ | 28.4 | $ | 127.7 | ||||
Percent fixed-rate loans
|
55.8 | % | 90.4 | % | ||||
Fair value of fixed-rate loans
|
$ | 16.50 | $ | 129.9 | ||||
Impact on fair value of 100 basis
point decrease in market interest rates
|
$ | 17.2 | $ | 131.3 |
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 |
118
Item 9B. | OTHER INFORMATION |
119
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, 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 |
120
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 |
||||||||||
Warrants and Rights |
Warrants and Rights |
column (a)) |
||||||||||
Plan category
|
(a) | (b) | (c) | |||||||||
Equity compensation plans approved
by security holders (1)
|
1,485,530 | (2) | $ | 37.81 | 2,140,792 | |||||||
Equity compensation plans not
approved by security holders (3)
|
41,666 | $ | 18.41 | N/A | ||||||||
Total
|
1,527,196 | $ | 37.28 | 2,140,792 |
(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 and 2004 Equity-Based Award Plan. Does not include 466,666 shares reserved for issuance under performance unit agreements and 184,220 shares reserved for issuance under outperformance unit agreements. | |
(2) | Does not include 297,958 shares of restricted stock, as these shares have been reflected in the Companys total shares outstanding. | |
(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 vested over a three-year period. |
Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
Item 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
a.) 1. | Financial Statements |
2. | Financial Statement Schedules |
121
III Real Estate and Accumulated Depreciation at December 31, 2006. |
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
2 | 2 | .1 | Agreement and Plan of Merger dated as of 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
between MPR Del Norte LP, S.E., MPR Vega Baja LP, S.E., MPR Fajarado LP, S.E., MPR Del Oeste LP, S.E. and MPR Guyama LP, S.E. and the Company dated November 2, 2004 |
Current Report on Form 8-K (Filed with the SEC on November 5, 2004) | ||||||
2 | 2 | .3 |
Purchase and Sale Agreement
between CRV Rio Hondo LP, LLLP, CRV Del Atlantico LP, LLLP, CRV Rexville LP, LLLP, CRV Senorial LP, LLLP and CRV Hamilton Land Acquisition LP, LLLP and the Company dated November 2, 2004 |
Current Report on Form 8-K (Filed with the SEC on November 5, 2004) | ||||||
2 | 2 | .4 |
Purchase and Sale Agreement
between CPR Del Sol LP, S.E., CPR Escorial LP, S.E., CPR Cayey LP, S.E., CPR Palma Real LP, S.E., CPR Isabela LP, S.E. and CPR San Germain LP, S.E. and the Company dated November 2, 2004 |
Current Report on Form 8-K (Filed with the SEC on November 5, 2004) | ||||||
3 | 3 | .1 | Amended and Restated Articles of Incorporation of the Company, as amended | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
3 | 3 | .2 | Second Amendment to the Amended and Restated Articles of Incorporation of the Company | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
3 | 3 | .3 | Third Amendment to the Amended and Restated Articles of Incorporation of the Company | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
3 | 3 | .4 | Fourth Amendment to the Amended and Restated Articles of Incorporation of the Company | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
3 | 3 | .5 | Fifth Amendment to the Amended and Restated Articles of Incorporation of the Company | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
3 | 3 | .6 | Sixth Amendment to the Amended and Restated Articles of Incorporation of the Company | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) |
122
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
3 | 3 | .7 | Seventh Amendment to the Amended and Restated Articles of Incorporation of the Company | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
3 | 3 | .8 | Code of Regulations of the Company | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
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 8.60% Class F Cumulative Redeemable Preferred Shares | Form 8-A Registration Statement (Filed with the SEC on March 21, 2002) | ||||||
4 | 4 | .3 | Specimen Certificate for Depositary Shares Relating to 8.60% Class F Cumulative Redeemable Preferred Shares | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004) | ||||||
4 | 4 | .4 | 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 | .5 | 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 | .6 | 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 | .7 | 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 | .8 | 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 | .9 | 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) | ||||||
4 | 4 | .10 | Indenture dated as of 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 | .11 | Indenture dated as of May 1, 1994 by and between the Company and National City Bank, as Trustee (the NCB Indenture) | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .12 | First Supplement to NCB Indenture | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .13 | Second Supplement to NCB Indenture | Form S-3 Registration No. 333-108361 (Filed with the SEC on August 29, 2003) | ||||||
4 | 4 | .14 | Third Supplement to NCB Indenture | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) |
123
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
4 | 4 | .15 | Fourth Supplement to NCB Indenture | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
4 | 4 | .16 | Fifth Supplement to NCB Indenture | Filed herewith | ||||||
4 | 4 | .17 | Sixth Supplement to NCB Indenture | Filed herewith | ||||||
4 | 4 | .18 | Seventh Supplement to NCB Indenture | Current Report on Form 8-K (Filed with the SEC on September 1, 2006) | ||||||
4 | 4 | .19 | 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 | .20 | 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 | .21 | 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 | .22 | 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 | .23 | Form of 3.875% Note due 2009 | Current Report on Form 8-K (Filed with the SEC on January 22, 2004) | ||||||
4 | 4 | .24 | Form of 5.25% Note due 2011 | Form S-4 Registration No. 333-117034 (Filed with the SEC on June 30, 2004) | ||||||
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 as of June 29, 2006 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 | Credit Agreement dated as of March 13, 2003 among the Company and Banc of America Securities, LLC and Wells Fargo Bank, National Association and other lenders named therein | Quarterly Report on Form 10-Q (Filed with the SEC on June 24, 2003) | ||||||
4 | 4 | .28 | Term Loan Credit Agreement dated as of May 20, 2004 among the Company and Banc One Capital Markets, Inc. and Wachovia Capital Markets, LLC and other lenders named therein | Current Report on Form 8-K (Filed with the SEC on June 24, 2004) | ||||||
4 | 4 | .29 | Waiver and First Amendment to Term Loan Credit Agreement dated as of March 10, 2006 between the Company and JPMorgan Chase Bank, N.A. | Quarterly Report on Form 10-Q (Filed with the SEC on May 10, 2006) | ||||||
4 | 4 | .30 | First Amended and Restated Secured Term Loan Agreement dated as of June 29, 2006 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) |
124
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
4 | 4 | .31 | Form of Indemnification Agreement | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004) | ||||||
4 | 4 | .32 | Shareholder Rights Agreement dated as of May 26, 1999 between the Company and National City Bank | Quarterly Report on Form 10-Q (Filed with the SEC on August 16, 1999; File No. 001-11690) | ||||||
4 | 4 | .33 | Registration Rights Agreement dated as of August 28, 2006 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 | Registration Rights Agreement | Form S-11 Registration No. 33-54930 (Filed with the SEC on November 23, 1992) | ||||||
10 | 10 | .2 | Stock Option Plan* | Form S-8 Registration No. 33-74562 (Filed with the SEC on January 28, 1994) | ||||||
10 | 10 | .3 | Amended and Restated Directors Deferred Compensation Plan* | Annual Report on Form 10-K (filed with the SEC on April 2, 2001) | ||||||
10 | 10 | .4 | Elective Deferred Compensation Plan* | Annual Report on Form 10-K (Filed with the SEC on March 15, 2004) | ||||||
10 | 10 | .5 | 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 | .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) | ||||||
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 | 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 | .11 | 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 | .12 | 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 | .13 | 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) |
125
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
10 | 10 | .14 | 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 | .15 | 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 | .16 | 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 | .17 | Performance Units Agreement, dated as of March 1, 2000, between the Company and Scott A. Wolstein* | Annual Report on Form 10-K (Filed with the SEC on March 8, 2002) | ||||||
10 | 10 | .18 | Performance Units Agreement, dated as of January 2, 2002, 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 as of 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 | .20 | Performance Units Agreement, dated as of January 2, 2002, between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on May 15, 2002) | ||||||
10 | 10 | .21 | Incentive Compensation Agreement, effective as of February 11, 1998, between the Company and Scott A. Wolstein* | Quarterly Report on Form 10-Q (Filed with the SEC on May 15, 2002) | ||||||
10 | 10 | .22 | Amended and Restated Employment Agreement dated as of November 6, 2006 between the Company and Joan U. Allgood* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .23 | Amended and Restated Employment Agreement, dated as of November 6, 2006, between the Company and Timothy J. Bruce* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .24 | Employment Agreement dated as of May 25, 1999 between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on August 16, 1999; File No. 001-11690) | ||||||
10 | 10 | .25 | Employment Agreement dated as of April 21, 1999 between the Company and David M. Jacobstein* | Quarterly Report on Form 10-Q (Filed with the SEC on August 16, 1999; File No. 001-11690) | ||||||
10 | 10 | .26 | Amended and Restated Employment Agreement dated as of November 6, 2006 between the Company and William H. Schafer* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .27 | Employment Agreement dated as of December 6, 2001, between the Company and Scott A. Wolstein* | Annual Report on Form 10-K (Filed with the SEC on March 8, 2002) |
126
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
10 | 10 | .28 | Amended and Restated Employment Agreement dated as of November 6, 2006 between the Company and Richard E. Brown* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .29 | Employment Agreement dated as of November 6, 2006 between the Company and Robin R. Walker-Gibbons* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .30 | Amended and Restated Change of Control Agreement dated as of November 6, 2006 between the Company and Joan U. Allgood* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .31 | Amended and Restated Change of Control Agreement dated as of November 6, 2006 between the Company and Richard E. Brown* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .32 | Amended and Restated Change of Control Agreement dated as of November 6, 2006 between the Company and William H. Schafer* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .33 | Form of Change of Control Agreement dated as of March 24, 1999 between the Company and each of Scott A. Wolstein* | Quarterly Report on Form 10-Q (Filed with the SEC on May 17, 1999; File No. 001-11690) | ||||||
10 | 10 | .34 | Amended and Restated Change of Control Agreement, dated as of November 6, 2006, between the Company and Timothy J. Bruce* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .35 | Change of Control Agreement dated as of May 25, 1999 between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on August 16, 1999; File No. 001-11690) | ||||||
10 | 10 | .36 | Change of Control Agreement dated as of May 17, 1999 between the Company and David M. Jacobstein* | Quarterly Report on Form 10-Q (Filed with the SEC on August 16, 1999; File No. 001-11690) | ||||||
10 | 10 | .37 | Amended and Restated Change of Control Agreement dated as of November 6, 2006 between the Company and Robin R. Walker-Gibbons* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .38 | Outperformance Long-Term Incentive Plan Agreement dated as of August 18, 2006 between the Company and Scott A. Wolstein* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .39 | Outperformance Long-Term Incentive Plan Agreement dated as of August 18, 2006 between the Company and Daniel B. Hurwitz* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .40 | Outperformance Long-Term Incentive Plan Agreement dated as of February 23, 2006 between the Company and Joan U. Allgood* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .41 | Outperformance Long-Term Incentive Plan Agreement dated as of February 23, 2006 between the Company and Richard E. Brown* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) |
127
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
10 | 10 | .42 | Outperformance Long-Term Incentive Plan Agreement dated as of February 23, 2006 between the Company and Timothy J. Bruce* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .43 | Outperformance Long-Term Incentive Plan Agreement dated as of February 23, 2006 between the Company and William H. Schafer* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .44 | Outperformance Long-Term Incentive Plan Agreement dated as of February 23, 2006 between the Company and Robin R. Walker-Gibbons* | Quarterly Report on Form 10-Q (Filed with the SEC on November 9, 2006) | ||||||
10 | 10 | .45 | 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 | .46 | Program Agreement for Retail Value Investment Program, dated as of February 11, 1998, 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 | .47 | Confirmation of Forward Sale Transaction dated as of December 4, 2006 between the Company and Deutsche Bank AG London | Current Report on Form 8-K (Filed with the SEC on December 7, 2006) | ||||||
10 | 10 | .48 | Confirmation of Forward Sale Transaction dated as of December 4, 2006 between the Company and Merrill Lynch International | Current Report on Form 8-K (Filed with the SEC on December 7, 2006) | ||||||
10 | 10 | .49 | Confirmation of Forward Sale Transaction dated as of December 4, 2006 between the Company and JPMorgan Chase Bank, National Association | Current Report on Form 8-K (Filed with the SEC on December 7, 2006) | ||||||
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 | ||||||
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 |
128
Exhibit No. |
||||||||||
Under Reg. |
Form 10-K |
Filed Herewith or |
||||||||
S-K |
Exhibit |
Incorporated Herein by |
||||||||
Item 601
|
No. |
Description
|
Reference
|
|||||||
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 | Voting Agreement, dated October 4, 2002, between the Company and certain stockholders named therein | Current Report on Form 8-K (Filed with the SEC on October 9, 2002) |
* | Management contracts and compensatory plans or arrangements required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
129
Page | ||
Financial Statements:
|
||
F-2 | ||
F-4 | ||
F-5 | ||
F-6 | ||
F-7 | ||
F-8 | ||
Financial Statement Schedules:
|
||
F-54 | ||
F-55 |
F-1
F-2
F-3
December 31, | ||||||||
2006 | 2005 | |||||||
Assets
|
||||||||
Land
|
$ | 1,768,702 | $ | 1,721,321 | ||||
Buildings
|
5,023,665 | 4,806,373 | ||||||
Fixtures and tenant improvements
|
196,275 | 152,958 | ||||||
Construction in progress and land
under development
|
453,493 | 348,685 | ||||||
7,442,135 | 7,029,337 | |||||||
Less: Accumulated depreciation
|
(861,266 | ) | (692,823 | ) | ||||
Real estate, net
|
6,580,869 | 6,336,514 | ||||||
Cash and cash equivalents
|
28,378 | 30,655 | ||||||
Accounts receivable, net
|
152,161 | 112,464 | ||||||
Notes receivable
|
18,161 | 24,996 | ||||||
Investments in and advances to
joint ventures
|
291,685 | 275,136 | ||||||
Deferred charges, net
|
23,708 | 21,157 | ||||||
Other assets
|
79,467 | 62,055 | ||||||
Real estate held for sale
|
5,324 | | ||||||
$ | 7,179,753 | $ | 6,862,977 | |||||
Liabilities and
Shareholders Equity
|
||||||||
Unsecured indebtedness:
|
||||||||
Senior notes
|
$ | 2,218,020 | $ | 1,966,268 | ||||
Term debt
|
| 200,000 | ||||||
Revolving credit facility
|
297,500 | 150,000 | ||||||
2,515,520 | 2,316,268 | |||||||
Secured indebtedness:
|
||||||||
Term debt
|
400,000 | 220,000 | ||||||
Mortgage and other secured
indebtedness
|
1,333,292 | 1,354,733 | ||||||
1,733,292 | 1,574,733 | |||||||
Total indebtedness
|
4,248,812 | 3,891,001 | ||||||
Accounts payable and accrued
expenses
|
134,781 | 111,186 | ||||||
Dividends payable
|
71,269 | 65,799 | ||||||
Other liabilities
|
106,775 | 93,261 | ||||||
4,561,637 | 4,161,247 | |||||||
Minority equity interests
|
104,596 | 99,181 | ||||||
Operating partnership minority
interests
|
17,337 | 32,268 | ||||||
4,683,570 | 4,292,696 | |||||||
Commitments and contingencies
(Note 11)
|
||||||||
Shareholders equity:
|
||||||||
Preferred shares (Note 12)
|
705,000 | 705,000 | ||||||
Common shares, without par value,
$.10 stated value; 200,000,000 shares authorized;
109,739,262 and 108,947,748 shares issued at
December 31, 2006 and 2005, respectively
|
10,974 | 10,895 | ||||||
Paid-in-capital
|
1,959,629 | 1,945,245 | ||||||
Accumulated distributions in
excess of net income
|
(159,615 | ) | (99,756 | ) | ||||
Deferred obligation
|
12,386 | 11,616 | ||||||
Accumulated other comprehensive
income
|
7,829 | 10,425 | ||||||
Less: Unearned
compensation-restricted stock
|
| (13,144 | ) | |||||
Common
shares in treasury at cost: 752,975 shares at
December 31, 2006
|
(40,020 | ) | | |||||
2,496,183 | 2,570,281 | |||||||
$ | 7,179,753 | $ | 6,862,977 | |||||
F-4
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenues from operations:
|
||||||||||||
Minimum rents
|
$ | 563,611 | $ | 506,221 | $ | 402,016 | ||||||
Percentage and overage rents
|
11,294 | 9,965 | 7,193 | |||||||||
Recoveries from tenants
|
177,665 | 156,793 | 115,854 | |||||||||
Ancillary and other property income
|
21,048 | 14,425 | 7,275 | |||||||||
Management, development and other
fee income
|
30,294 | 22,859 | 16,937 | |||||||||
Other
|
14,186 | 9,300 | 13,081 | |||||||||
818,098 | 719,563 | 562,356 | ||||||||||
Rental operation expenses:
|
||||||||||||
Operating and maintenance
|
113,468 | 97,599 | 63,929 | |||||||||
Real estate taxes
|
95,620 | 84,756 | 72,850 | |||||||||
General and administrative
|
60,679 | 54,048 | 47,126 | |||||||||
Depreciation and amortization
|
192,219 | 163,341 | 122,783 | |||||||||
461,986 | 399,744 | 306,688 | ||||||||||
356,112 | 319,819 | 255,668 | ||||||||||
Other income (expense):
|
||||||||||||
Interest income
|
9,113 | 10,078 | 4,233 | |||||||||
Interest expense
|
(221,525 | ) | (181,040 | ) | (123,527 | ) | ||||||
Other expense, net
|
(446 | ) | (2,532 | ) | (1,779 | ) | ||||||
(212,858 | ) | (173,494 | ) | (121,073 | ) | |||||||
Income before equity in net income
of joint ventures, minority interests, 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
|
143,254 | 146,325 | 134,595 | |||||||||
Equity in net income of joint
ventures
|
30,337 | 34,873 | 40,895 | |||||||||
Income before minority interests,
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
|
173,591 | 181,198 | 175,490 | |||||||||
Minority interests:
|
||||||||||||
Minority equity interests
|
(6,337 | ) | (4,965 | ) | (2,457 | ) | ||||||
Operating partnership minority
interests
|
(2,116 | ) | (2,916 | ) | (2,607 | ) | ||||||
(8,453 | ) | (7,881 | ) | (5,064 | ) | |||||||
Tax benefit (expense) of taxable
REIT subsidiaries and franchise taxes
|
2,481 | (342 | ) | (1,469 | ) | |||||||
Income from continuing operations
|
167,619 | 172,975 | 168,957 | |||||||||
Discontinued operations:
|
||||||||||||
Income from discontinued operations
|
2,571 | 4,861 | 10,603 | |||||||||
Gain on disposition of real estate,
net of tax
|
11,051 | 16,667 | 8,561 | |||||||||
13,622 | 21,528 | 19,164 | ||||||||||
Income before gain on disposition
of real estate and cumulative effect of adoption of a new
accounting standard
|
181,241 | 194,503 | 188,121 | |||||||||
Gain on disposition of real estate
|
72,023 | 88,140 | 84,642 | |||||||||
Income before cumulative effect of
adoption of a new accounting standard
|
253,264 | 282,643 | 272,763 | |||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (3,001 | ) | ||||||||
Net income
|
$ | 253,264 | $ | 282,643 | $ | 269,762 | ||||||
Preferred dividends
|
55,169 | 55,169 | 50,706 | |||||||||
Net income applicable to common
shareholders
|
$ | 198,095 | $ | 227,474 | $ | 219,056 | ||||||
Per share data:
|
||||||||||||
Basic earnings per share data:
|
||||||||||||
Income from continuing operations
|
$ | 1.69 | $ | 1.90 | $ | 2.10 | ||||||
Income from discontinued operations
|
0.13 | 0.20 | 0.20 | |||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (0.03 | ) | ||||||||
Net income applicable to common
shareholders
|
$ | 1.82 | $ | 2.10 | $ | 2.27 | ||||||
Diluted earnings per share data:
|
||||||||||||
Income from continuing operations
|
$ | 1.69 | $ | 1.88 | $ | 2.08 | ||||||
Income from discontinued operations
|
0.12 | 0.20 | 0.19 | |||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (0.03 | ) | ||||||||
Net income applicable to common
shareholders
|
$ | 1.81 | $ | 2.08 | $ | 2.24 | ||||||
F-5
Accumulated |
Accumulated |
Unearned |
||||||||||||||||||||||||||||||||||
Distributions in |
Other |
Compensation - |
Treasury |
|||||||||||||||||||||||||||||||||
Preferred |
Common |
Paid in |
Excess of |
Deferred |
Comprehensive |
Restricted |
Stock at |
|||||||||||||||||||||||||||||
Shares | Shares | Capital | Net Income | Obligation | Income/(Loss) | Stock | Cost | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2003
|
$ | 535,000 | $ | 9,379 | $ | 1,301,232 | $ | (116,737 | ) | $ | 8,336 | $ | (541 | ) | $ | (3,892 | ) | $ | (118,707 | ) | $ | 1,614,070 | ||||||||||||||
Issuance of 457,378 common shares
for cash related to exercise of stock options and dividend
reinvestment plan
|
| (27 | ) | (1,390 | ) | | | | | 6,323 | 4,906 | |||||||||||||||||||||||||
Issuance of 105,974 common shares
related to restricted stock plan
|
| | | | | | (2,956 | ) | 1,861 | (1,095 | ) | |||||||||||||||||||||||||
Vesting of restricted stock
|
| | | | 1,929 | | 1,433 | | 3,362 | |||||||||||||||||||||||||||
Issuance of 20,450,000 common
shares for cash underwritten offerings
|
| 1,500 | 637,662 | | | | | 97,587 | 736,749 | |||||||||||||||||||||||||||
Redemption of 284,304 operating
partnership units in exchange for common shares
|
| | 1,716 | | | | | 5,084 | 6,800 | |||||||||||||||||||||||||||
Issuance of Class I preferred
shares for cash underwritten offerings
|
170,000 | | (5,787 | ) | | | | | | 164,213 | ||||||||||||||||||||||||||
Dividends declared
common shares
|
| | | (194,078 | ) | | | | | (194,078 | ) | |||||||||||||||||||||||||
Dividends declared
preferred shares
|
| | | (51,237 | ) | | | | | (51,237 | ) | |||||||||||||||||||||||||
Comprehensive income (Note 14):
|
||||||||||||||||||||||||||||||||||||
Net income
|
| | | 269,762 | | | | | 269,762 | |||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest
rate contracts
|
| | | | | 867 | | | 867 | |||||||||||||||||||||||||||
Comprehensive income
|
| | | 269,762 | | 867 | | | 270,629 | |||||||||||||||||||||||||||
Balance, December 31, 2004
|
705,000 | 10,852 | 1,933,433 | (92,290 | ) | 10,265 | 326 | (5,415 | ) | (7,852 | ) | 2,554,319 | ||||||||||||||||||||||||
Issuance of 425,985 common shares
for cash related to exercise of stock options, dividend
reinvestment plan and performance unit plan
|
| 43 | 10,857 | | | | (6,740 | ) | 6,206 | 10,366 | ||||||||||||||||||||||||||
Issuance of 88,360 common shares
related to restricted stock plan
|
| | 2,306 | | | | (2,905 | ) | 1,646 | 1,047 | ||||||||||||||||||||||||||
Vesting of restricted stock
|
| | (1,351 | ) | | 1,351 | | 1,916 | | 1,916 | ||||||||||||||||||||||||||
Dividends declared
common shares
|
| | | (234,940 | ) | | | | | (234,940 | ) | |||||||||||||||||||||||||
Dividends declared
preferred shares
|
| | | (55,169 | ) | | | | | (55,169 | ) | |||||||||||||||||||||||||
Comprehensive income (Note 14):
|
||||||||||||||||||||||||||||||||||||
Net income
|
| | | 282,643 | | | | | 282,643 | |||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Change in fair value of interest
rate contracts
|
| | | | | 10,619 | | | 10,619 | |||||||||||||||||||||||||||
Amortization of interest rate
contracts
|
| | | | | (520 | ) | | | (520 | ) | |||||||||||||||||||||||||
Comprehensive income
|
| | | 282,643 | | 10,099 | | | 292,742 | |||||||||||||||||||||||||||
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 14):
|
||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||
F-6
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Cash flow from operating activities:
|
||||||||||||
Net income
|
$ | 253,264 | $ | 282,643 | $ | 269,762 | ||||||
Adjustments to reconcile net income
to net cash flow provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
193,527 | 170,701 | 132,647 | |||||||||
Stock-based compensation
|
3,446 | | | |||||||||
Amortization of deferred finance
costs and settled interest rate protection agreements
|
7,756 | 7,433 | 7,300 | |||||||||
Net cash received from interest
rate hedging contracts
|
| 10,645 | | |||||||||
Ineffective portion of derivative
financing investments
|
1,157 | | | |||||||||
Equity in net income of joint
ventures
|
(30,337 | ) | (34,873 | ) | (40,895 | ) | ||||||
Cash distributions from joint
ventures
|
23,304 | 39,477 | 38,724 | |||||||||
Operating partnership minority
interest expense
|
2,116 | 2,916 | 2,607 | |||||||||
Gain on disposition of real estate
and impairment charge, net
|
(83,074 | ) | (104,165 | ) | (92,616 | ) | ||||||
Cumulative effect of adoption of a
new accounting standard
|
| | 3,001 | |||||||||
Net change in accounts receivable
|
(38,013 | ) | (32,207 | ) | (6,611 | ) | ||||||
Net change in accounts payable and
accrued expenses
|
9,875 | 11,146 | (15,048 | ) | ||||||||
Net change in other operating
assets and liabilities
|
(2,329 | ) | 1,707 | (6,645 | ) | |||||||
Total adjustments
|
87,428 | 72,780 | 22,464 | |||||||||
Net cash flow provided by operating
activities
|
340,692 | 355,423 | 292,226 | |||||||||
Cash flow from investing activities:
|
||||||||||||
Real estate developed or acquired,
net of liabilities assumed
|
(454,357 | ) | (863,795 | ) | (1,907,683 | ) | ||||||
Decrease in restricted cash
|
| | 99,340 | |||||||||
Equity contributions to joint
ventures
|
(206,645 | ) | (28,244 | ) | (11,433 | ) | ||||||
Repayment (advances) to joint
ventures, net
|
622 | (83,476 | ) | (7,355 | ) | |||||||
Repayment (issuance) of notes
receivable, net
|
6,834 | (7,172 | ) | 2,228 | ||||||||
Proceeds resulting from
contribution of properties to joint ventures and repayments of
advances from affiliates
|
298,059 | 344,292 | 635,445 | |||||||||
Return of investments in joint
ventures
|
50,862 | 87,349 | 39,342 | |||||||||
Proceeds from disposition of real
estate
|
101,578 | 211,603 | 15,515 | |||||||||
Net cash flow used for investing
activities
|
(203,047 | ) | (339,443 | ) | (1,134,601 | ) | ||||||
Cash flow from financing activities:
|
||||||||||||
Proceeds from (repayment of)
revolving credit facilities, net
|
147,500 | 90,000 | (126,500 | ) | ||||||||
Proceeds from borrowings from term
debt, net
|
(20,000 | ) | 70,000 | 50,000 | ||||||||
Proceeds from mortgage and other
secured debt
|
11,093 | 158,218 | 105,394 | |||||||||
Principal payments on rental
property debt
|
(153,732 | ) | (809,396 | ) | (203,255 | ) | ||||||
Repayment of senior notes
|
| (1,000 | ) | (140,000 | ) | |||||||
Proceeds from issuance of
convertible senior notes, net of underwriting commissions and
offering expenses of $5,550 in 2006
|
244,450 | | | |||||||||
Proceeds from issuance of medium
term notes, net of underwriting commissions and $1,390 and $421
of offering expenses paid in 2005 and 2004, respectively
|
| 741,139 | 520,003 | |||||||||
Payment of deferred financing costs
(bank borrowings)
|
(4,047 | ) | (6,994 | ) | (4,120 | ) | ||||||
Payment of underwriting commissions
for forward equity contract
|
(4,000 | ) | | | ||||||||
Purchased option arrangement on
common shares
|
(10,337 | ) | | | ||||||||
Purchase of operating partnership
minority interests
|
(2,097 | ) | | | ||||||||
Proceeds from the issuance of
common shares, net of underwriting commissions and $609 of
offering expenses paid in 2004
|
| | 736,749 | |||||||||
Proceeds from the issuance of
preferred shares, net of underwriting commissions and $432 of
offering expenses paid in 2004
|
| | 164,213 | |||||||||
Proceeds from the issuance of
common shares in conjunction with exercise of stock options,
401(k) plan and dividend reinvestment plan
|
9,560 | 12,139 | 7,170 | |||||||||
Distributions to operating
partnership minority interests
|
(2,347 | ) | (2,902 | ) | (2,354 | ) | ||||||
Repurchase of common shares
|
(48,313 | ) | | | ||||||||
Dividends paid
|
(307,652 | ) | (286,400 | ) | (226,747 | ) | ||||||
Net cash (used for) provided by
financing activities
|
(139,922 | ) | (35,196 | ) | 880,553 | |||||||
(Decrease) increase in cash and
cash equivalents
|
(2,277 | ) | (19,216 | ) | 38,178 | |||||||
Cash and cash equivalents,
beginning of year
|
30,655 | 49,871 | 11,693 | |||||||||
Cash and cash equivalents, end of
year
|
$ | 28,378 | $ | 30,655 | $ | 49,871 | ||||||
F-7
F-8
For the Year Ended |
||||||||||||
December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Contribution of net assets to
joint ventures
|
$ | 2.9 | $ | 13.6 | $ | 70.7 | ||||||
Consolidation of the net assets
(excluding mortgages as disclosed below) of joint ventures
|
368.9 | | 10.2 | |||||||||
Mortgages assumed, shopping center
acquisitions and consolidation of joint ventures
|
132.9 | 661.5 | 458.7 | |||||||||
Liabilities assumed with the
acquisition of shopping centers
|
| | 46.9 | |||||||||
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
|
71.3 | 65.8 | 62.1 | |||||||||
Fair value of interest rate swaps
|
1.1 | 0.3 | 2.6 | |||||||||
Deferred payment of swaption
|
2.8 | | | |||||||||
Share issuance for operating
partnership unit redemption
|
14.9 | | 6.8 |
Buildings
|
Useful lives, ranging from 30 to 40 years | |
Furniture/fixtures and tenant
improvements
|
Useful lives, which approximate lease terms, where applicable |
F-9
F-10
F-11
F-12
Year Ended December 31, | ||||||||
2005 | 2004 | |||||||
Net income, as reported
|
$ | 282,643 | $ | 269,762 | ||||
Add: Stock-based employee
compensation included in reported net income
|
5,652 | 6,308 | ||||||
Deduct: Total stock-based employee
compensation expense determined under fair value-based method
for all awards
|
(5,319 | ) | (5,062 | ) | ||||
$ | 282,976 | $ | 271,008 | |||||
Earnings per share:
|
||||||||
Basic as reported
|
$ | 2.10 | $ | 2.27 | ||||
Basic pro forma
|
$ | 2.10 | $ | 2.28 | ||||
Diluted as reported
|
$ | 2.08 | $ | 2.24 | ||||
Diluted pro forma
|
$ | 2.09 | $ | 2.25 | ||||
F-13
F-14
F-15
F-16
Effective |
||||||
Ownership |
||||||
Unconsolidated Real Estate Ventures
|
Percentage (1) |
Assets Owned
|
||||
Sun Center Limited
|
79.45 | % | A shopping center in Columbus, Ohio | |||
Continental Sawmill LLC
|
63.4 | Land | ||||
DDR Aspen Grove Office Parcel LLC
|
50.0 | Land | ||||
DDRA Community Centers Five, LP
|
50.0 | Six 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
|
47.0 | Nine shopping centers and a management company in Sao Paulo, Brazil | ||||
Retail Value Investment Program
IIIB LP
|
25.5 | A shopping center in Deer Park, Illinois | ||||
Retail Value Investment Program VI
LP
|
25.5 | A shopping center in Overland Park, Kansas | ||||
Retail Value Investment Program
VIII LP
|
25.5 | A shopping center in Austin, Texas | ||||
Retail Value Investment Program
VII LLC
|
20.75 | 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 under development 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 Markaz LLC
|
20.0 | Seven shopping centers in several states | ||||
DDR Markaz II LLC
|
20.0 | 13 neighborhood grocery-anchored retail properties in several states | ||||
Service Holdings LLC
|
20.0 | 50 retail sites in several states | ||||
Coventry II DDR Tri-County LLC
|
18.0 | A shopping center in Cincinnati, Ohio | ||||
DDR Macquarie LLC
|
14.5 | 48 shopping centers in several states | ||||
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 under development in Allen, Texas | ||||
Coventry II DDR Westover LLC
|
10.0 | A shopping center under development in San Antonio (Westover), Texas | ||||
DPG Realty Holdings LLC
|
10.0 | 12 neighborhood grocery-anchored retail properties in several states | ||||
DDR MDT PS LLC
|
0.00 | (2) | Seven 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. | |
(2) | See MDT Preferred Joint Venture discussed below. |
F-17
December 31, | ||||||||
2006 | 2005 | |||||||
Combined balance
sheets
|
||||||||
Land
|
$ | 933,916 | $ | 894,477 | ||||
Buildings
|
2,788,863 | 2,480,025 | ||||||
Fixtures and tenant improvements
|
59,166 | 58,060 | ||||||
Construction in progress
|
157,762 | 37,550 | ||||||
3,939,707 | 3,470,112 | |||||||
Less: Accumulated depreciation
|
(247,012 | ) | (195,708 | ) | ||||
Real estate, net
|
3,692,695 | 3,274,404 | ||||||
Receivables, net
|
75,024 | 76,744 | ||||||
Leasehold interests
|
15,195 | 23,297 | ||||||
Other assets
|
132,984 | 109,490 | ||||||
$ | 3,915,898 | $ | 3,483,935 | |||||
Mortgage debt
|
$ | 2,495,080 | $ | 2,173,401 | ||||
Amounts payable to DDR
|
4,960 | 108,020 | ||||||
Other liabilities
|
94,648 | 78,406 | ||||||
2,594,688 | 2,359,827 | |||||||
Accumulated equity
|
1,321,210 | 1,124,108 | ||||||
$ | 3,915,898 | $ | 3,483,935 | |||||
Companys share of
accumulated equity(1)
|
$ | 252,937 | $ | 178,908 | ||||
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Combined statements of
operations
|
||||||||||||
Revenues from operations
|
$ | 430,877 | $ | 417,434 | $ | 313,480 | ||||||
Rental operation expenses
|
146,631 | 147,983 | 106,526 | |||||||||
Depreciation and amortization
expense
|
81,618 | 82,753 | 62,089 | |||||||||
Interest expense
|
129,708 | 113,466 | 73,491 | |||||||||
357,957 | 344,202 | 242,106 | ||||||||||
Income before gain on disposition
of real estate and discontinued operations
|
72,920 | 73,232 | 71,374 | |||||||||
Tax expense
|
(1,176 | ) | | | ||||||||
Gain on disposition of real estate
|
398 | 858 | 4,787 | |||||||||
Income from continuing operations
|
72,142 | 74,090 | 76,161 | |||||||||
Discontinued operations:
|
||||||||||||
Income (loss) from discontinued
operations, net of tax
|
139 | (486 | ) | 3,006 | ||||||||
Gain on disposition of real
estate, net of tax
|
20,343 | 48,982 | 39,612 | |||||||||
20,482 | 48,496 | 42,618 | ||||||||||
Net income
|
$ | 92,624 | $ | 122,586 | $ | 118,779 | ||||||
Companys share of net income
(2)
|
$ | 28,530 | $ | 36,828 | $ | 42,150 | ||||||
F-18
For the Year Ended |
||||||||
December 31. | ||||||||
2006 | 2005 | |||||||
Companys proportionate share
of accumulated equity
|
$ | 252.9 | $ | 178.9 | ||||
Basis differentials (2)
|
92.3 | 46.3 | ||||||
Deferred development fees, net of
portion relating to the Companys interest
|
(3.0 | ) | (3.0 | ) | ||||
Basis differential upon transfer
of assets (2)
|
(74.3 | ) | (74.9 | ) | ||||
Notes receivable from investments
|
18.8 | 19.8 | ||||||
Amounts payable to DDR (3)
|
5.0 | 108.0 | ||||||
Investments in and advances to
joint ventures (1)
|
$ | 291.7 | $ | 275.1 | ||||
(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 joint ventures investments. | |
(2) | Basis differentials occur primarily when the Company has purchased interests in existing joint ventures at fair market values, which differ from their proportionate share of the historical net assets of the joint ventures. In addition, certain acquisition, transaction and other costs, including capitalized interest, may not be reflected in the net assets at the joint venture level. Basis differentials upon transfer of assets are primarily associated with assets previously owned by the Company that have been transferred into a 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 assets. Differences in income also occur when the Company acquires assets from 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 $1.6 million and reduced by $2.1 million and $1.3 million for the years ended December 31, 2006, 2005 and 2004, respectively, to reflect additional basis depreciation and basis differences in assets sold. | |
(3) | In 2005, the Company advanced $101.4 million to the KLA/SM LLC joint venture. This advance was repaid when the Company acquired its partners interests in the joint venture and subsequently sold these assets to the Service Holdings LLC joint venture, and the Company did not advance funds to this partnership to fund the acquisition. |
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Management and other fees
|
$ | 23.7 | $ | 16.7 | $ | 11.4 | ||||||
Acquisition, financing and
guarantee fees
|
0.5 | 2.4 | 3.0 | |||||||||
Development fees and leasing
commissions
|
6.1 | 5.6 | 3.8 | |||||||||
Interest income
|
5.4 | 6.8 | 1.9 | |||||||||
Disposition fees
|
| 0.2 | 0.2 |
F-19
F-20
DDR |
||||||
Effective |
Owned |
|||||
Ownership |
Square Feet |
|||||
Location
|
Interest(1) | (Thousands) | ||||
Phoenix, Arizona
|
20 | % | 391 | |||
Buena Park, California
|
20 | % | 724 | |||
Orland Park, Illinois
|
10 | % | 58 | |||
Merriam, Kansas
|
20 | % | Under Development | |||
Benton Harbor, Michigan
|
20 | % | 223 | |||
Bloomfield Hills, Michigan
|
10 | % | Under Development | |||
Kansas City, Missouri
|
20 | % | 358 | |||
Cincinnati, Ohio
|
18 | % | 668 | |||
Allen, Texas
|
10 | % | Under Development | |||
San Antonio (Westover), Texas
|
10 | % | 188 | |||
Kirkland, Washington
|
20 | % | 228 | |||
50 retail sites in several states
formerly occupied by Service Merchandise
|
20 | % | 2,691 |
(1) | The Fund invested in certain assets with development partners, as such, the Companys effective interest may be less than 20%. |
F-21
DDR |
||||||||
Effective |
Company-Owned |
|||||||
Ownership |
Square Feet |
|||||||
Location | Interest | (Thousands) | ||||||
Deer Park, Illinois
|
25.5 | % | 287 | |||||
Kansas City, Kansas
|
25.5 | % | 61 | |||||
Austin, Texas
|
25.5 | % | 283 |
Joint |
Companys |
|||||||||||||
Number of |
Sale |
Venture |
Proportionate |
|||||||||||
Properties |
Price |
Gain |
Share of Gain |
|||||||||||
Year
|
Sold | (Millions) | (Millions) | (Millions) | ||||||||||
2006
|
One | $ | 8.1 | $ | 3.7 | $ | 1.2 | |||||||
2005
|
Three (1) | 73.3 | 21.1 | 6.7 | ||||||||||
2004
|
One (1) | 84.2 | 18.6 | 6.0 |
(1) | One of the properties was sold over a two-year period. A majority of the shopping center was sold in 2004 and the outparcels were sold in 2005. |
F-22
Joint |
Companys |
|||||||||||||
Number of |
Sales |
Venture |
Proportionate |
|||||||||||
Properties |
Price |
Gain |
Share of Gain |
|||||||||||
Year
|
Sold | (Millions) | (Millions) | (Millions) | ||||||||||
2006
|
One | $ | 3.2 | $ | 0.2 | (1) | $ | | (1) | |||||
2005
|
Eight | 19.4 | 7.6 | 1.9 | ||||||||||
2004
|
Ten | 20.7 | 2.0 | 0.5 |
(1) | Less than $0.1 million. |
| A 20% interest in a shopping center in Columbus, Ohio, purchased in 2005; | |
| A 20% interest in a shopping center development in Apex, North Carolina, purchased in 2006; | |
| A 50% interest in a shopping center in Phoenix, Arizona, purchased in 2006; | |
| A 50% interest in a shopping center in Littleton, Colorado, purchased in 2004; | |
| A 50% interest in a shopping center in Salisbury, Maryland, purchased in 2006 and | |
| A 75% interest in a shopping center in Pasadena, California, purchased in 2006. |
| A 10% interest in a shopping center in Kildeer, Illinois, sold in 2006; | |
| A 20.75% interest in five properties held in the PREI Fund originally acquired from Burnham. The shopping center in Everett, Washington, was sold in 2006. The shopping centers in City of Industry, |
F-23
California; Richmond, California and San Ysidro, California, were sold in 2005. The shopping center Mission Viejo, California, was sold in 2004; |
| A 24.75% interest in a property held in the PREI Fund in Long Beach, California, sold in 2005; | |
| A 24.75% interest in four properties held in the PREI Fund in Kansas City, Kansas and Kansas City, Missouri, sold in 2006; | |
| An approximate 25% interest in one, eight and ten Service Merchandise sites sold in 2006, 2005 and 2004, respectively; | |
| A 20% interest in a Service Merchandise site sold in 2006; | |
| A 35% interest in a shopping center in San Antonio, Texas, sold in 2004 and | |
| A 50% interest in a property held in Community Centers Five in Fort Worth, Texas, sold in 2006. |
F-24
F-25
For the Year Ended |
||||||||
December 31, |
||||||||
(Unaudited) | ||||||||
2005 | 2004 | |||||||
Pro forma revenues
|
$ | 727,508 | $ | 739,458 | ||||
Pro forma income from continuing
operations
|
$ | 174,526 | $ | 211,230 | ||||
Pro forma income from discontinued
operations
|
$ | 21,528 | $ | 15,918 | ||||
Pro forma income before cumulative
effect of adoption of a new accounting standard
|
$ | 284,194 | $ | 311,790 | ||||
Pro forma net income applicable to
common shareholders
|
$ | 229,025 | $ | 253,620 | ||||
Per share data:
|
||||||||
Basic earnings per share data:
|
||||||||
Income from continuing operations
applicable to common shareholders
|
$ | 1.92 | $ | 2.24 | ||||
Income from discontinued operations
|
0.20 | 0.15 | ||||||
Cumulative effect of adoption of a
new accounting standard
|
| (0.03 | ) | |||||
Net income applicable to common
shareholders
|
$ | 2.12 | $ | 2.36 | ||||
Diluted earning per share data:
|
||||||||
Income from continuing operations
applicable to common shareholders
|
$ | 1.90 | $ | 2.22 | ||||
Income from discontinued operations
|
0.20 | 0.15 | ||||||
Cumulative effect of adoption of a
new accounting standard
|
| (0.03 | ) | |||||
Net income applicable to common
shareholders
|
$ | 2.10 | $ | 2.34 | ||||
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 | ||||||||
F-26
December 31, | ||||||||
2006 | 2005 | |||||||
Deferred financing costs
|
$ | 39,748 | $ | 31,681 | ||||
Less: Accumulated amortization
|
(16,040 | ) | (10,524 | ) | ||||
$ | 23,708 | $ | 21,157 | |||||
F-27
December 31, | ||||||||
2006 | 2005 | |||||||
Intangible assets:
|
||||||||
In-place leases (including lease
origination costs and fair market value of leases), net
|
$ | 1,485 | $ | 2,568 | ||||
Tenant relations, net
|
12,969 | 14,538 | ||||||
Total intangible assets
|
14,454 | 17,106 | ||||||
Other assets:
|
||||||||
Fair value hedge
|
| 292 | ||||||
Prepaids, deposits and other assets
|
65,013 | 44,657 | ||||||
Total other assets
|
$ | 79,467 | $ | 62,055 | ||||
F-28
Borrowings |
Weighted |
|||||||||||||||||||||||
Spread |
Outstanding |
Average |
||||||||||||||||||||||
Over |
(Millions) |
Interest Rate |
||||||||||||||||||||||
LIBOR |
Maturity |
December 31 | December 31 | |||||||||||||||||||||
Financial Institution
|
12/31/06 | Date | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||
Key Bank Capital Markets and Banc
of America Securities LLC (1)
|
0.85 | % | June 2008 | $ | 400.0 | $ | 220.0 | 5.9 | % | 5.1 | % | |||||||||||||
JP Morgan and several other
lenders (2)
|
0.75 | % | May 2007 | | $ | 200.0 | | 5.1 | % |
(1) | Facility allows for two one-year extension options. In 2006, the facility was amended to add an accordion feature to increase the loan, at the Companys option, up to $500 million and covenant modifications. The Term Loan is secured by the equity in certain assets that are already encumbered by first mortgages. The weighted average interest rate at December 31, 2006 reflects the effect of $400 million of interest rate swaps (Note 10). | |
(2) | This facility was repaid in 2006. |
F-29
Year
|
Amount | |||
2007
|
$ | 428,609 | ||
2008
|
664,517 | |||
2009
|
391,870 | |||
2010
|
1,059,147 | |||
2011
|
704,340 | |||
Thereafter
|
1,000,329 | |||
$ | 4,248,812 | |||
F-30
2006 | 2005 | |||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Senior notes
|
$ | 2,218,020 | $ | 2,221,553 | $ | 1,966,268 | $ | 1,960,210 | ||||||||
Term Loans
|
400,000 | 400,000 | 420,000 | 420,000 | ||||||||||||
Mortgages payable
|
1,333,292 | 1,347,501 | 1,354,733 | 1,387,136 | ||||||||||||
$ | 3,951,312 | $ | 3,969,054 | $ | 3,741,001 | $ | 3,767,346 | |||||||||
F-31
F-32
2007
|
$ | 529,293 | ||
2008
|
494,445 | |||
2009
|
450,326 | |||
2010
|
404,942 | |||
2011
|
349,553 | |||
Thereafter
|
1,829,388 | |||
$ | 4,057,947 | |||
Operating |
Capital |
|||||||
Leases | Leases | |||||||
2007
|
$ | 5,320 | $ | 305 | ||||
2008
|
5,232 | 315 | ||||||
2009
|
4,970 | 315 | ||||||
2010
|
4,882 | 315 | ||||||
2011
|
4,879 | 315 | ||||||
Thereafter
|
204,465 | 12,283 | ||||||
$ | 229,748 | $ | 13,848 | |||||
F-33
December 31 | ||||||||
2006 | 2005 | |||||||
MDT Joint Venture
|
$ | 2.1 | $ | 4.9 | ||||
MDT Preferred Joint Venture
|
3.3 | | ||||||
DDR Markaz II
|
0.6 | 2.5 | ||||||
$ | 6.0 | $ | 7.4 | |||||
F-34
12. | Minority Equity Interests, Operating Partnership Minority Interests, Preferred Shares, Common Shares and Common Shares in Treasury and Deferred Obligations |
December 31 | ||||||||
2006 | 2005 | |||||||
Mervyns Joint Venture
|
$ | 77.6 | $ | 75.1 | ||||
Shopping centers and development
parcels in Arizona, Missouri, New York, Texas and Utah
|
8.2 | 6.8 | ||||||
Business center in Massachusetts
|
16.5 | 14.3 | ||||||
Coventry
|
2.3 | 3.0 | ||||||
$ | 104.6 | $ | 99.2 | |||||
F-35
2006 | 2005 | |||||||
Class F 8.60%
cumulative redeemable preferred shares, without par value, $250
liquidation value; 750,000 shares authorized;
600,000 shares issued and outstanding at December 31,
2006 and 2005
|
$ | 150,000 | $ | 150,000 | ||||
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,
2006 and 2005
|
180,000 | 180,000 | ||||||
Class H 7.375%
cumulative redeemable preferred shares, without par value, $500
liquidation value; 410,000 shares authorized;
410,000 shares issued and outstanding at December 31,
2006 and 2005
|
205,000 | 205,000 | ||||||
Class I 7.5%
cumulative redeemable preferred shares, without par value, $500
liquidation value; 360,000 shares authorized;
360,000 shares issued and outstanding at December 31,
2006 and 2005
|
170,000 | 170,000 | ||||||
$ | 705,000 | $ | 705,000 | |||||
| 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-36
Issuance Date
|
Shares | Net Proceeds | ||||||
December 2004
|
5.45 | $ | 248 | |||||
May 2004
|
15.0 | $ | 491 |
For the Year Ended December 31 | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Lease terminations and bankruptcy
settlements
|
$ | 13,313 | $ | 5,912 | $ | 9,827 | ||||||
Acquisitions and financing fees
|
414 | 2,424 | 2,997 | |||||||||
Other, net
|
459 | 964 | 257 | |||||||||
Total other income
|
$ | 14,186 | $ | 9,300 | $ | 13,081 | ||||||
For the Year Ended December 31 | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Net income
|
$ | 253,264 | $ | 282,643 | $ | 269,762 | ||||||
Other comprehensive income:
|
||||||||||||
Change in fair value of interest
rate contracts
|
(2,729 | ) | 10,619 | 867 | ||||||||
Amortization of interest rate
contracts
|
(1,454 | ) | (520 | ) | | |||||||
Foreign currency translation
|
1,587 | | | |||||||||
Other comprehensive income
|
(2,596 | ) | 10,099 | 867 | ||||||||
Total comprehensive income
|
$ | 250,668 | $ | 292,742 | $ | 270,629 | ||||||
F-37
December 31 |
||||
2006 | ||||
Land
|
$ | 685 | ||
Building
|
7,679 | |||
Other real estate assets
|
194 | |||
8,558 | ||||
Less: Accumulated depreciation
|
(3,326 | ) | ||
5,232 | ||||
Other assets
|
92 | |||
Total assets held for sale
|
$ | 5,324 | ||
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenues
|
$ | 6,627 | $ | 29,008 | $ | 42,890 | ||||||
Expenses:
|
||||||||||||
Operating
|
1,406 | 10,926 | 14,967 | |||||||||
Impairment charge
|
| 642 | 586 | |||||||||
Interest, net
|
1,342 | 5,152 | 6,917 | |||||||||
Depreciation
|
1,308 | 7,360 | 9,864 | |||||||||
Minority interests
|
| 67 | (47 | ) | ||||||||
4,056 | 24,147 | 32,287 | ||||||||||
Income from discontinued operations
|
2,571 | 4,861 | 10,603 | |||||||||
Gain on dispostion of real estate
|
11,051 | 16,667 | 8,561 | |||||||||
$ | 13,622 | $ | 21,528 | $ | 19,164 | |||||||
Number |
||||||||
of |
Gain on |
|||||||
Properties |
Dispostion of |
|||||||
Sold | Real Estate | |||||||
2006
|
6 | $ | 11.1 | |||||
2005
|
35 | 16.7 | ||||||
2004
|
15 | 8.6 |
F-38
For the Year Ended December 31 | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Transfer of assets to the Service
Holdings LLC Joint Venture (1)
|
$ | 6.1 | $ | | $ | | ||||||
Transfer of assets to the DPG
Realty Holdings Joint Venture (2)
|
0.6 | | 4.2 | |||||||||
Transfer of assets to the Markaz
II Joint Venture (3)
|
| | 2.5 | |||||||||
Transfer of assets to the MDT
Joint Venture (4)
|
9.2 | 81.2 | 65.4 | |||||||||
Transfer of assets to the MDT
Preferred Joint Venture (5)
|
38.9 | | | |||||||||
Land sales (6)
|
14.8 | 6.0 | 14.3 | |||||||||
Previously deferred gains (7)
|
1.3 | 0.9 | 0.8 | |||||||||
Gain (loss) on disposition of
non-core assets (8)
|
1.1 | | (2.6 | ) | ||||||||
$ | 72.0 | $ | 88.1 | $ | 84.6 | |||||||
(1) | The Company transferred 51 retail sites previously occupied by Service Merchandise. This disposition is not classified as discontinued operations because of the Companys continuing involvement due to its retained ownership interest and management agreements. | |
(2) | The Company transferred a newly developed expansion area adjacent to a shopping center owned by the joint venture in 2006. The Company transferred 12 assets in 2004. These dispositions are not classified as discontinued operations because of the Companys continuing involvement due to its retained ownership interest and management agreements. | |
(3) | The Company transferred 13 assets in 2004. These dispositions are not classified as discontinued operations because of the Companys continuing involvement due to its retained ownership interest and management agreements. | |
(4) | The Company transferred newly developed expansion areas adjacent to four shopping centers owned by the joint venture in 2006. The Company transferred 12 and 11 assets in 2005 and 2004, respectively. These dispositions are not classified as discontinued operations because of the Companys continuing involvement due to its retained ownership interest and management agreements. | |
(5) | The Company transferred six assets in 2006. These dispositions are not classified as discontinued operations because of the Companys continuing involvement due to its retained ownership interest and management agreements. | |
(6) | These dispositions do not qualify for discontinued operations presentation. | |
(7) | These were primarily attributable to the recognition of additional gains from the leasing of units associated with master lease obligations and other obligations on disposed assets. | |
(8) | The loss recorded in 2004 may be recovered through an earnout arrangement with the buyer over the next several years. |
F-39
17. | Benefit Plans |
F-40
For the Year Ended December 31 | ||||||
2006 | 2005 | 2004 | ||||
Weighted average fair value of
grants
|
$6.50 | $4.52 | $3.40 | |||
Risk-free interest rate (range)
|
4.4% - 5.1% | 3.2% - 4.3% | 2.2% - 3.3% | |||
Dividend yield (range)
|
4.2% - 5.0% | 4.6% - 5.4% | 4.5% - 5.8% | |||
Expected life (range)
|
3 - 4 years | 3 - 6 years | 3 - 5 years | |||
Expected volatility (range)
|
19.8% - 20.3% | 19.8% - 22.9% | 19.9% - 22.7% |
F-41
Weighted- |
||||||||||||||||||||
Weighted- |
Average |
|||||||||||||||||||
Average |
Remaining |
Aggregate |
||||||||||||||||||
Number of Options |
Exercise |
Contractual |
Intrinsic |
|||||||||||||||||
Employees | Directors | Price | Term | Value | ||||||||||||||||
Balance December 31, 2003
|
2,785 | 125 | $ | 20.48 | ||||||||||||||||
Granted
|
665 | | 36.40 | |||||||||||||||||
Exercised
|
(1,402 | ) | (37 | ) | 20.06 | |||||||||||||||
Forfeited
|
(72 | ) | | 26.92 | ||||||||||||||||
Balance December 31, 2004
|
1,976 | 88 | $ | 25.66 | ||||||||||||||||
Granted
|
622 | | 41.96 | |||||||||||||||||
Exercised
|
(639 | ) | (26 | ) | 20.00 | |||||||||||||||
Forfeited
|
(56 | ) | | 34.76 | ||||||||||||||||
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 | 7.4 | $ | 39,205 | |||||||||||||
Options exercisable at
December 31,
|
||||||||||||||||||||
2006
|
616 | 42 | $ | 28.75 | 6.1 | $ | 22,517 | |||||||||||||
2005
|
635 | 62 | 25.22 | 6.2 | 15,198 | |||||||||||||||
2004
|
532 | 84 | 18.63 | 5.7 | 15,865 |
Options Outstanding | Options Exercisable | |||||||||||||||||||
Weighted- |
||||||||||||||||||||
Outstanding |
Average |
Weighted- |
Weighted- |
|||||||||||||||||
Range of |
as of |
Remaining |
Average |
Exercisable as |
Average |
|||||||||||||||
Exercise Prices
|
12/31/06 | Contractual Life | Exercise Price | of 12/31/06 | Exercise Price | |||||||||||||||
$11.50-$16.00
|
26,211 | 3.4 | $ | 13.18 | 26,211 | $ | 13.18 | |||||||||||||
$16.01-$22.50
|
130,343 | 3.7 | 20.10 | 130,343 | 20.10 | |||||||||||||||
$22.51-$29.00
|
196,990 | 6.0 | 23.38 | 196,990 | 23.38 | |||||||||||||||
$29.01-$35.50
|
37,240 | 6.8 | 29.86 | 35,572 | 29.63 | |||||||||||||||
$35.51-$42.00
|
789,020 | 7.7 | 39.01 | 261,356 | 38.02 | |||||||||||||||
$42.01-$48.50
|
60,101 | 8.6 | 45.86 | 7,898 | 46.30 | |||||||||||||||
$48.51-$56.00
|
287,291 | 9.2 | 51.21 | | | |||||||||||||||
1,527,196 | 7.4 | $ | 37.28 | 658,370 | $ | 28.75 | ||||||||||||||
F-42
Weighted- |
||||||||
Average |
||||||||
Grant Date |
||||||||
Options | Fair Value | |||||||
Unvested at December 31, 2005
|
1,268 | $ | 4.27 | |||||
Granted
|
302 | 6.50 | ||||||
Vested
|
(660 | ) | 3.74 | |||||
Forfeited
|
(41 | ) | 4.64 | |||||
Unvested at December 31, 2006
|
869 | $ | 5.42 | |||||
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, 2005
|
170 | |||
Vested
|
(34 | ) | ||
Unvested at December 31, 2006
|
136 | |||
F-43
F-44
Range | ||
Risk-free interest rate
|
4.4%-5.0% | |
Dividend yield
|
4.4%-4.5% | |
Expected life
|
3-5 years | |
Expected volatility
|
19%-21% |
Weighted- |
||||||||
Average |
||||||||
Grant Date |
||||||||
Awards | Fair Value | |||||||
Unvested at December 31, 2005
|
191 | $ | 33.46 | |||||
Granted
|
65 | 50.81 | ||||||
Vested
|
(94 | ) | 32.37 | |||||
Unvested at December 31, 2006
|
162 | $ | 41.04 | |||||
F-45
18. | Earnings and Dividends Per Share |
F-46
For the Year Ended December 31, |
||||||||||||
(In thousands, except per share amounts) | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Income from continuing operations
|
$ | 167,619 | $ | 172,975 | $ | 168,957 | ||||||
Add: Gain on disposition of real
estate and real estate investments
|
72,023 | 88,140 | 84,642 | |||||||||
Less: Preferred stock dividends
|
(55,169 | ) | (55,169 | ) | (50,706 | ) | ||||||
Basic Income from
continuing operations applicable to common shareholders
|
184,473 | 205,946 | 202,893 | |||||||||
Add: Operating partnership
minority interests
|
| | 2,607 | |||||||||
Diluted Income from
continuing operations applicable to common shareholders
|
$ | 184,473 | $ | 205,946 | $ | 205,500 | ||||||
Number of Shares:
|
||||||||||||
Basic Average shares
outstanding
|
109,002 | 108,310 | 96,638 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Stock options
|
546 | 677 | 997 | |||||||||
Operating partnership minority
interests
|
| | 1,308 | |||||||||
Restricted stock
|
65 | 155 | 81 | |||||||||
Diluted Average shares
outstanding
|
109,613 | 109,142 | 99,024 | |||||||||
Per share data:
|
||||||||||||
Basic earnings per share data:
|
||||||||||||
Income from continuing operations
applicable to common shareholders
|
$ | 1.69 | $ | 1.90 | $ | 2.10 | ||||||
Income from discontinued operations
|
0.13 | 0.20 | 0.20 | |||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (0.03 | ) | ||||||||
Net income applicable to common
shareholders
|
$ | 1.82 | $ | 2.10 | $ | 2.27 | ||||||
Diluted earnings per share data:
|
||||||||||||
Income from continuing operations
applicable to common shareholders
|
$ | 1.69 | $ | 1.88 | $ | 2.08 | ||||||
Income from discontinued operations
|
0.12 | 0.20 | 0.19 | |||||||||
Cumulative effect of adoption of a
new accounting standard
|
| | (0.03 | ) | ||||||||
Net income applicable to common
shareholders
|
$ | 1.81 | $ | 2.08 | $ | 2.24 | ||||||
F-47
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Book income (loss) before income
taxes
|
$ | 7,770 | $ | (5,166 | ) | $ | (5,952 | ) | ||||
Components of income tax (benefit)
expense are as follows:
|
||||||||||||
Current:
|
||||||||||||
Federal
|
$ | 3,410 | $ | | $ | | ||||||
State and local
|
490 | | | |||||||||
3,900 | | | ||||||||||
Deferred:
|
||||||||||||
Federal
|
(6,428 | ) | (1,875 | ) | 366 | |||||||
State and local
|
(945 | ) | (276 | ) | 53 | |||||||
(7,373 | ) | (2,151 | ) | 419 | ||||||||
Total (benefit) expense
|
$ | (3,473 | ) | $ | (2,151 | ) | $ | 419 | ||||
F-48
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Statutory rate of 34% applied to
pre-tax income (loss)
|
$ | 2,642 | $ | (1,757 | ) | $ | (2,024 | ) | ||||
Effect of state and local income
taxes, net of federal tax benefit
|
388 | (258 | ) | (298 | ) | |||||||
Valuation allowance (decrease)
increase
|
(13,043 | ) | 2,855 | (1,226 | ) | |||||||
Other
|
6,540 | (2,991 | ) | 3,967 | ||||||||
Total (benefit) expense
|
$ | (3,473 | ) | $ | (2,151 | ) | $ | 419 | ||||
Effective tax rate
|
(44.70 | )% | 41.64 | % | (7.04 | )% | ||||||
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Deferred tax assets (1)
|
$ | 45,100 | $ | 53,394 | $ | 49,390 | ||||||
Deferred tax liabilities
|
(237 | ) | (2,861 | ) | (3,863 | ) | ||||||
Valuation allowance (1)
|
(36,037 | ) | (49,080 | ) | (46,225 | ) | ||||||
Net deferred tax asset (liability)
|
$ | 8,826 | $ | 1,453 | $ | (698 | ) | |||||
(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. Reconciliation of GAAP net income to taxable income is as follows (in thousands): |
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
GAAP net income
|
$ | 253,263 | $ | 282,643 | $ | 269,762 | ||||||
Add: Book depreciation and
amortization (1)
|
93,189 | 64,854 | 38,999 | |||||||||
Less: Tax depreciation and
amortization (1)
|
(80,852 | ) | (52,362 | ) | (31,066 | ) | ||||||
Book/tax differences on
gains/losses from capital transactions
|
12,161 | (4,382 | ) | (7,006 | ) | |||||||
Joint venture equity in earnings,
net (1)
|
(41,694 | ) | (111,351 | ) | (64,578 | ) | ||||||
Dividends from subsidiary REIT
investments
|
33,446 | 96,868 | 32,997 | |||||||||
Deferred income
|
(2,136 | ) | 1,495 | (2,085 | ) | |||||||
Compensation expense
|
(9,215 | ) | (10,589 | ) | 2,301 | |||||||
Legal judgment
|
| | (9,190 | ) | ||||||||
Miscellaneous book/tax
differences, net
|
(6,068 | ) | (12,186 | ) | (8,503 | ) | ||||||
Taxable income before adjustments
|
252,094 | 254,990 | 221,631 | |||||||||
Less: Capital gains
|
(69,977 | ) | (84,041 | ) | (73,110 | ) | ||||||
Taxable income subject to the 90%
dividend requirement
|
$ | 182,117 | $ | 170,949 | $ | 148,521 | ||||||
(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. |
F-49
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Cash dividends paid
|
$ | 306,929 | $ | 285,710 | $ | 226,537 | ||||||
Less: Dividends designated to
prior year
|
(6,900 | ) | (14,651 | ) | (19,557 | ) | ||||||
Plus: Dividends designated from
the following year
|
6,900 | 6,900 | 14,651 | |||||||||
Less: Portion designated capital
gain distribution
|
(69,977 | ) | (84,041 | ) | (73,110 | ) | ||||||
Less: Return of capital
|
(54,835 | ) | (22,969 | ) | | |||||||
Dividends paid deduction
|
$ | 182,117 | $ | 170,949 | $ | 148,521 | ||||||
For the Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Ordinary income
|
$ | 1.31 | $ | 1.24 | $ | 1.19 | ||||||
Capital gains
|
0.37 | 0.44 | 0.51 | |||||||||
Return of capital
|
0.50 | 0.21 | | |||||||||
Unrecaptured Section 1250 gain
|
0.13 | 0.17 | 0.08 | |||||||||
$ | 2.31 | $ | 2.06 | $ | 1.78 | |||||||
Gross |
||||||||||||||||||||
2006 |
Date |
Ordinary |
Capital Gain |
Return of |
Total |
|||||||||||||||
Dividends
|
Paid | Income | Distributions | Capital | Dividends | |||||||||||||||
4th quarter 2005
|
01/06/06 | $ | 0.30 | $ | 0.12 | $ | 0.12 | $ | 0.54 | |||||||||||
1st quarter
|
04/03/06 | 0.33 | 0.13 | 0.13 | 0.59 | |||||||||||||||
2nd quarter
|
07/05/06 | 0.34 | 0.12 | 0.13 | 0.59 | |||||||||||||||
3rd quarter
|
10/02/06 | 0.34 | 0.13 | 0.12 | 0.59 | |||||||||||||||
4th quarter
|
01/08/07 | | | | | |||||||||||||||
$ | 1.31 | $ | .50 | $ | .50 | $ | 2.31 | |||||||||||||
Gross |
||||||||||||||||||||
2005 |
Date |
Ordinary |
Capital Gain |
Return of |
Total |
|||||||||||||||
Dividends
|
Paid | Income | Distributions | Capital | Dividends | |||||||||||||||
4th quarter 2004
|
01/06/05 | $ | 0.26 | $ | 0.13 | $ | 0.05 | $ | 0.44 | |||||||||||
1st quarter
|
04/04/05 | 0.32 | 0.16 | 0.06 | 0.54 | |||||||||||||||
2nd quarter
|
07/05/05 | 0.33 | 0.16 | 0.05 | 0.54 | |||||||||||||||
3rd quarter
|
10/03/05 | 0.33 | 0.16 | 0.05 | 0.54 | |||||||||||||||
4th quarter
|
01/08/06 | | | | | |||||||||||||||
$ | 1.24 | $ | 0.61 | $ | 0.21 | $ | 2.06 | |||||||||||||
F-50
Gross |
||||||||||||||||
2004 |
Date |
Ordinary |
Capital Gain |
Total |
||||||||||||
Dividends
|
Paid | Income | Distributions | Dividends | ||||||||||||
4th quarter 2003
|
01/05/04 | $ | 0.18 | $ | 0.10 | $ | 0.28 | |||||||||
1st quarter
|
04/05/04 | 0.31 | 0.15 | 0.46 | ||||||||||||
2nd quarter
|
07/06/04 | 0.31 | 0.15 | 0.46 | ||||||||||||
3rd quarter
|
10/04/04 | 0.34 | 0.17 | 0.51 | ||||||||||||
4th quarter
|
01/06/05 | 0.05 | 0.02 | 0.07 | ||||||||||||
$ | 1.19 | $ | 0.59 | $ | 1.78 | |||||||||||
20. | Segment Information |
2006 | ||||||||||||||||
Business |
Shopping |
|||||||||||||||
Centers | Centers | Other | Total | |||||||||||||
Total revenues
|
$ | 4,386 | $ | 813,712 | $ | 818,098 | ||||||||||
Operating expenses
|
(1,999 | ) | (207,089 | ) | (209,088 | ) | ||||||||||
2,387 | 606,623 | 609,010 | ||||||||||||||
Unallocated expenses (1)
|
$ | (463,275 | ) | (463,275 | ) | |||||||||||
Equity in net income of
joint ventures
|
30,337 | 30,337 | ||||||||||||||
Minority interests
|
(8,453 | ) | (8,453 | ) | ||||||||||||
Income from continuing operations
|
$ | 167,619 | ||||||||||||||
Total real estate assets
|
$ | 90,772 | $ | 7,359,921 | $ | 7,450,693 | ||||||||||
2005 | ||||||||||||||||
Business |
Shopping |
|||||||||||||||
Centers | Centers | Other | Total | |||||||||||||
Total revenues
|
$ | 7,077 | $ | 712,486 | $ | 719,563 | ||||||||||
Operating expenses
|
(1,800 | ) | (180,554 | ) | (182,354 | ) | ||||||||||
5,277 | 531,932 | 537,209 | ||||||||||||||
Unallocated expenses (1)
|
$ | (391,226 | ) | (391,226 | ) | |||||||||||
Equity in net income of joint
ventures
|
34,873 | 34,873 | ||||||||||||||
Minority interests
|
(7,881 | ) | (7,881 | ) | ||||||||||||
Income from continuing operations
|
$ | 172,975 | ||||||||||||||
Total real estate assets
|
$ | 86,374 | $ | 6,942,963 | $ | 7,029,337 | ||||||||||
F-51
2004 | ||||||||||||||||
Business |
Shopping |
|||||||||||||||
Centers | Centers | Other | Total | |||||||||||||
Total revenues
|
$ | 8,674 | $ | 553,682 | $ | 562,356 | ||||||||||
Operating expenses
|
(1,734 | ) | (135,045 | ) | (136,779 | ) | ||||||||||
6,940 | 418,637 | 425,577 | ||||||||||||||
Unallocated expenses (1)
|
$ | (292,451 | ) | (292,451 | ) | |||||||||||
Equity in net income of
joint ventures
|
40,895 | 40,895 | ||||||||||||||
Minority interests
|
(5,064 | ) | (5,064 | ) | ||||||||||||
Income from continuing operations
|
$ | 168,957 | ||||||||||||||
Total real estate assets
|
$ | 264,615 | $ | 5,338,809 | $ | 5,603,424 | ||||||||||
(1) | Unallocated expenses consist of general and administrative, interest income, interest expense, tax benefit/expense, other income/expense and depreciation and amortization as listed in the consolidated statements of operations. |
21. | Subsequent Events |
F-52
First | Second | Third | Fourth | Total | ||||||||||||||||
2006:
|
||||||||||||||||||||
Revenues
|
$ | 200,565 | $ | 198,342 | $ | 204,779 | $ | 214,412 | $ | 818,098 | ||||||||||
Net income
|
49,727 | 78,736 | 62,812 | 61,989 | 253,264 | |||||||||||||||
Net income applicable to common
shareholders
|
35,935 | 64,943 | 49,020 | 48,197 | 198,095 | |||||||||||||||
Basic:
|
||||||||||||||||||||
Net income per common share
|
$ | 0.33 | $ | 0.59 | $ | 0.45 | $ | 0.44 | $ | 1.82 | ||||||||||
Weighted average number of shares
|
108,962 | 109,393 | 109,120 | 108,638 | 109,002 | |||||||||||||||
Diluted:
|
||||||||||||||||||||
Net income per common share
|
$ | 0.33 | $ | 0.59 | $ | 0.45 | $ | 0.44 | $ | 1.81 | ||||||||||
Weighted average number of shares
|
109,609 | 110,866 | 109,670 | 109,308 | 109,613 | |||||||||||||||
2005:
|
||||||||||||||||||||
Revenues
|
$ | 170,003 | $ | 174,432 | $ | 178,638 | $ | 196,490 | $ | 719,563 | ||||||||||
Net income
|
105,550 | 67,954 | 60,277 | 48,862 | 282,643 | |||||||||||||||
Net income applicable to common
shareholders
|
91,758 | 54,162 | 46,485 | 35,069 | 227,474 | |||||||||||||||
Basic:
|
||||||||||||||||||||
Net income per common share
|
$ | 0.85 | $ | 0.50 | $ | 0.43 | $ | 0.32 | $ | 2.10 | ||||||||||
Weighted average number of shares
|
108,005 | 108,276 | 108,431 | 108,523 | 108,310 | |||||||||||||||
Diluted:
|
||||||||||||||||||||
Net income per common share
|
$ | 0.84 | $ | 0.50 | $ | 0.43 | $ | 0.32 | $ | 2.08 | ||||||||||
Weighted average number of shares
|
110,244 | 109,022 | 109,211 | 109,168 | 109,142 |
F-53
SCHEDULE II |
Balance at |
||||||||||||||||
Beginning |
Charged to |
Balance at |
||||||||||||||
of Year | Expense | Deductions | End of Year | |||||||||||||
Year ended December 31, 2006
|
||||||||||||||||
Allowance for uncollectable
accounts
|
$ | 21,408 | $ | 7,498 | $ | 10,882 | $ | 18,024 | ||||||||
Valuation allowance for a deferred
tax asset
|
$ | 49,080 | $ | (13,043 | ) | $ | | $ | 36,037 | |||||||
Year ended December 31, 2005
|
||||||||||||||||
Allowance for uncollectable
accounts
|
$ | 14,192 | $ | 8,170 | $ | 954 | $ | 21,408 | ||||||||
Valuation allowance for a deferred
tax asset
|
$ | 46,225 | $ | 2,855 | $ | | $ | 49,080 | ||||||||
Year ended December 31, 2004
|
||||||||||||||||
Allowance for uncollectable
accounts
|
$ | 15,206 | $ | 5,268 | $ | 6,282 | $ | 14,192 | ||||||||
Valuation allowance for a deferred
tax asset
|
$ | 48,081 | $ | | $ | 1,856 | $ | 46,225 | ||||||||
F-54
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
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 | $ | 4,683 | $ | 1,680 | $ | 0 | S/L 30 | 1972(C) | ||||||||||||||||||||||||
Stow, OH
|
1,036 | 9,028 | 0 | 993 | 23,307 | 24,300 | 9,064 | 15,236 | 0 | S/L 30 | 1969(C) | |||||||||||||||||||||||||||||||||
Westlake, OH
|
424 | 3,803 | 203 | 424 | 9,976 | 10,400 | 5,131 | 5,269 | 0 | S/L30 | 1974(C) | |||||||||||||||||||||||||||||||||
E. Norrition, PA
|
80 | 4,698 | 233 | 70 | 8,745 | 8,815 | 5,874 | 2,941 | 0 | S/L 30 | 1975(C) | |||||||||||||||||||||||||||||||||
Palm Harbor, FL
|
1,137 | 4,089 | 0 | 1,137 | 4,163 | 5,300 | 1,582 | 3,718 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Tarpon Springs, FL
|
248 | 7,382 | 81 | 244 | 11,892 | 12,136 | 8,723 | 3,413 | 0 | S/L 30 | 1974(C) | |||||||||||||||||||||||||||||||||
Bayonet Pt., FL
|
2,113 | 8,181 | 128 | 1,887 | 11,629 | 13,516 | 6,528 | 6,988 | 0 | S/L 30 | 1985(C) | |||||||||||||||||||||||||||||||||
McHenry, IL
|
963 | 3,949 | 0 | 963 | 3,949 | 4,912 | 10 | 4,902 | 0 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
Miami, FL
|
11,626 | 30,457 | 0 | 11,626 | 30,457 | 42,083 | 161 | 41,922 | 0 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
Starkville, MS
|
1,271 | 8,209 | 0 | 703 | 6,486 | 7,189 | 2,265 | 4,924 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Gulfport, MS
|
8,795 | 36,370 | 0 | 0 | 47,817 | 47,817 | 5,401 | 42,416 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Tupelo, MS
|
2,282 | 14,979 | 0 | 2,213 | 17,454 | 19,667 | 6,316 | 13,351 | 11,166 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Jacksonville, FL
|
3,005 | 9,425 | 0 | 3,028 | 9,907 | 12,935 | 3,713 | 9,222 | 6,407 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Long Beach, CA (Pike)
|
0 | 111,512 | 0 | 0 | 130,839 | 130,839 | 10,436 | 120,403 | 0 | S/L 31.5 | 2005(C) | |||||||||||||||||||||||||||||||||
Brunswick, MA
|
3,836 | 15,459 | 0 | 3,796 | 18,975 | 22,771 | 5,656 | 17,115 | 0 | S/L 30 | 1973(C) | |||||||||||||||||||||||||||||||||
Oceanside, CA
|
0 | 10,643 | 0 | 0 | 14,134 | 14,134 | 2,503 | 11,631 | 0 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Reno, NV
|
0 | 366 | 0 | 1,132 | 4,699 | 5,831 | 327 | 5,504 | 3,479 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Everett, MA
|
9,311 | 44,647 | 0 | 9,311 | 49,273 | 58,584 | 8,514 | 50,070 | 0 | S/L 31.5 | 2001(C) | |||||||||||||||||||||||||||||||||
Pasadena, CA
|
47,215 | 101,475 | 2,053 | 47,215 | 104,182 | 151,397 | 3,505 | 147,892 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Salisbury, MD
|
2,070 | 12,495 | 277 | 2,070 | 12,817 | 14,887 | 2,264 | 12,623 | 0 | S/L 31.5 | 1999(C) | |||||||||||||||||||||||||||||||||
Atlanta, GA
|
475 | 9,374 | 0 | 475 | 9,787 | 10,262 | 4,162 | 6,100 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Jackson, MS
|
4,190 | 6,783 | 0 | 4,190 | 6,813 | 11,003 | 877 | 10,126 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Saltillo, MS
|
2,217 | 4,132 | 0 | 2,217 | 4,145 | 6,362 | 535 | 5,827 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Gadsen, AL
|
322 | 965 | 0 | 322 | 2,176 | 2,498 | 651 | 1,847 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Jackson, MS (Metro)
|
622 | 2,271 | 0 | 622 | 2,283 | 2,905 | 289 | 2,616 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Opelika, AL
|
3,183 | 11,666 | 0 | 2,415 | 14,411 | 16,826 | 1,705 | 15,121 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Scottsboro, AL
|
788 | 2,781 | 0 | 788 | 2,793 | 3,581 | 356 | 3,225 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Gulf Breeze, FL
|
2,485 | 2,214 | 0 | 2,485 | 2,214 | 4,699 | 289 | 4,410 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Apex, NC
|
7,473 | 16,701 | 0 | 17,230 | 60,730 | 77,960 | 1,526 | 76,434 | 15,573 | S/L 31.5 | 2006(C) | |||||||||||||||||||||||||||||||||
Ocala, FL
|
1,916 | 3,893 | 0 | 1,916 | 5,866 | 7,782 | 557 | 7,225 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Tallahassee, FL
|
1,881 | 2,956 | 0 | 1,881 | 5,681 | 7,562 | 575 | 6,987 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chamblee, GA
|
5,862 | 5,971 | 0 | 5,862 | 6,276 | 12,138 | 846 | 11,292 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Cumming, GA (Marketplace)
|
14,255 | 23,653 | 0 | 14,543 | 23,848 | 38,391 | 3,040 | 35,351 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Douglasville, GA
|
3,856 | 9,625 | 0 | 3,540 | 9,723 | 13,263 | 1,261 | 12,002 | 0 | S/L 31.5 | 2003(A) |
F-55
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Athens, GA
|
1,649 | 2,084 | 0 | 1,477 | 2,087 | 3,564 | 267 | 3,297 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Griffin, GA
|
138 | 2,638 | 0 | 138 | 2,643 | 2,781 | 332 | 2,449 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Columbus, GA
|
4,220 | 8,159 | 0 | 4,220 | 8,274 | 12,494 | 1,054 | 11,440 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lafayette, GA
|
1,493 | 2,572 | 0 | 1,493 | 2,586 | 4,079 | 332 | 3,747 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Madison, GA
|
1,816 | 2,297 | 0 | 1,816 | 2,659 | 4,475 | 309 | 4,166 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Newnan, GA
|
2,632 | 11,063 | 0 | 2,620 | 11,075 | 13,695 | 1,403 | 12,292 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Stockbridge, GA (Freeway)
|
963 | 1,911 | 0 | 963 | 4,586 | 5,549 | 338 | 5,211 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Stockbridge, GA (Pike)
|
987 | 972 | 0 | 987 | 972 | 1,959 | 126 | 1,833 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Union City, GA
|
2,288 | 6,246 | 0 | 2,288 | 6,438 | 8,726 | 799 | 7,927 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Tucker, GA
|
1,121 | 10,299 | 0 | 1,171 | 10,844 | 12,015 | 1,333 | 10,682 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Warner Robins, GA
|
5,977 | 7,459 | 0 | 5,977 | 7,472 | 13,449 | 964 | 12,485 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Woodstock, GA
|
2,022 | 8,440 | 0 | 2,022 | 8,453 | 10,475 | 1,071 | 9,404 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Fayetteville, NC
|
8,524 | 10,627 | 0 | 8,524 | 11,113 | 19,637 | 1,376 | 18,261 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Hendersonville, NC
|
2,049 | 1,718 | 0 | 2,049 | 4,670 | 6,719 | 369 | 6,350 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Charleston, SC
|
3,479 | 9,850 | 0 | 3,479 | 10,022 | 13,501 | 1,263 | 12,238 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Denver, CO (University)
|
20,733 | 22,818 | 0 | 20,786 | 23,665 | 44,451 | 3,013 | 41,438 | 27,800 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chattanooga, TN
|
1,845 | 13,214 | 0 | 1,845 | 14,919 | 16,764 | 1,902 | 14,862 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Hendersonville, TN
|
3,743 | 9,268 | 0 | 3,607 | 9,335 | 12,942 | 1,182 | 11,760 | 8,577 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Johnson City, TN
|
124 | 521 | 0 | 41 | 1,124 | 1,165 | 31 | 1,134 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Murfreesboro, TN (Memorial)
|
1,462 | 4,355 | 0 | 1,462 | 5,951 | 7,413 | 878 | 6,535 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Chester, VA
|
10,780 | 4,752 | 0 | 10,780 | 4,878 | 15,658 | 693 | 14,965 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lynchburg,VA
|
5,447 | 11,194 | 0 | 5,447 | 11,227 | 16,674 | 1,452 | 15,222 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Midlothian, VA
|
2,982 | 4,143 | 0 | 2,982 | 4,143 | 7,125 | 534 | 6,591 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Brookfield, WI
|
588 | 0 | 0 | 588 | 8 | 596 | 0 | 596 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Milwaukee, WI
|
4,527 | 3,600 | 0 | 4,527 | 4,406 | 8,933 | 484 | 8,449 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Decatur, IL
|
767 | 2,224 | 0 | 700 | 2,275 | 2,975 | 296 | 2,679 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Gallipolis, OH
|
1,249 | 1,790 | 0 | 1,249 | 1,797 | 3,046 | 232 | 2,814 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lexington, KY (South)
|
3,344 | 2,805 | 0 | 3,344 | 2,805 | 6,149 | 367 | 5,782 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lexington, KY (North)
|
2,915 | 3,447 | 0 | 2,919 | 3,057 | 5,976 | 437 | 5,539 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Richmond, KY
|
1,870 | 5,661 | 0 | 1,870 | 5,819 | 7,689 | 720 | 6,969 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Overland Park, KS
|
2,720 | 2,702 | 0 | 175 | 0 | 175 | 0 | 175 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Allentown, PA
|
5,882 | 20,060 | 0 | 5,882 | 22,726 | 28,608 | 2,564 | 26,044 | 17,378 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
St. John, MO
|
2,613 | 7,040 | 0 | 2,827 | 7,806 | 10,633 | 897 | 9,736 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Suwanee, GA
|
13,479 | 23,923 | 0 | 13,479 | 28,489 | 41,968 | 3,470 | 38,498 | 0 | S/L 31.5 | 2003(A) |
F-56
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
West Allis, WI
|
2,452 | 10,982 | 0 | 2,452 | 11,207 | 13,659 | 1,395 | 12,264 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Ft. Collins, CO
|
2,767 | 2,054 | 0 | 1,129 | 4,504 | 5,633 | 438 | 5,195 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lafayette, IN
|
1,217 | 2,689 | 0 | 1,217 | 2,705 | 3,922 | 351 | 3,571 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Stone Mountain, GA
|
2,156 | 0 | 0 | 2,179 | 0 | 2,179 | 0 | 2,179 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Hamilton, NJ
|
8,039 | 49,896 | 0 | 11,613 | 72,376 | 83,989 | 7,043 | 76,946 | 65,000 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Lansing, MI
|
1,598 | 6,999 | 0 | 1,801 | 11,471 | 13,272 | 1,017 | 12,255 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Erie, PA (Peach)
|
10,880 | 19,201 | 0 | 6,373 | 43,952 | 50,325 | 13,983 | 36,342 | 27,917 | S/L 31.5 | 1995(C) | |||||||||||||||||||||||||||||||||
Erie, PA (Hills)
|
0 | 2,564 | 13 | 0 | 3,796 | 3,796 | 3,122 | 674 | 0 | S/L 30 | 1973(C) | |||||||||||||||||||||||||||||||||
San Francisco, CA
|
15,332 | 35,803 | 0 | 6,075 | 14,189 | 20,264 | 2,150 | 18,114 | 0 | S/L 31.5 | 2002(A) | |||||||||||||||||||||||||||||||||
Chillicothe, OH
|
43 | 2,549 | 2 | 1,170 | 4,366 | 5,536 | 1,560 | 3,976 | 0 | S/L 30 | 1974(C) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
18,701 | 18,811 | 118 | 18,701 | 18,941 | 37,642 | 415 | 37,227 | 17,181 | S/L 31.5 | 1999(A) | |||||||||||||||||||||||||||||||||
Martinsville, VA
|
3,163 | 28,819 | 0 | 3,163 | 29,374 | 32,537 | 14,612 | 17,925 | 19,435 | S/L 30 | 1989(C) | |||||||||||||||||||||||||||||||||
Tampa, FL (Waters)
|
4,105 | 6,640 | 324 | 3,905 | 7,433 | 11,338 | 3,824 | 7,514 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Macedonia, OH (Phase II)
|
4,392 | 10,885 | 0 | 4,392 | 10,996 | 15,388 | 2,654 | 12,734 | 0 | S/L 31.5 | 1998(C) | |||||||||||||||||||||||||||||||||
Huber Hts, OH
|
757 | 14,469 | 1 | 757 | 14,606 | 15,363 | 6,219 | 9,144 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Lebanon, OH
|
651 | 911 | 31 | 812 | 1,445 | 2,257 | 372 | 1,885 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Xenia, OH
|
948 | 3,938 | 0 | 673 | 6,064 | 6,737 | 2,262 | 4,475 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Boardman, OH
|
9,025 | 27,983 | 0 | 8,152 | 28,223 | 36,375 | 8,401 | 27,974 | 25,992 | S/L 31.5 | 1997(A) | |||||||||||||||||||||||||||||||||
Solon, OH
|
6,220 | 7,454 | 0 | 6,220 | 21,435 | 27,655 | 5,107 | 22,548 | 15,467 | S/L 31.5 | 1998(C) | |||||||||||||||||||||||||||||||||
Cincinnati, OH
|
2,399 | 11,238 | 172 | 2,399 | 15,983 | 18,382 | 5,677 | 12,705 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Mt. Laruel, NJ
|
9,586 | 46,773 | 0 | 9,755 | 49,426 | 59,181 | 2,856 | 56,325 | 48,000 | S/L 31.5 | 2005(C) | |||||||||||||||||||||||||||||||||
Bedford, IN
|
706 | 8,425 | 6 | 1,067 | 10,189 | 11,256 | 4,082 | 7,174 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Watertown, SD
|
63 | 6,443 | 442 | 63 | 11,641 | 11,704 | 7,504 | 4,200 | 0 | S/L 30 | 1977(C) | |||||||||||||||||||||||||||||||||
Pensacola, FL
|
1,805 | 4,010 | 273 | 816 | 3,147 | 3,963 | 774 | 3,189 | 0 | S/L 30 | 1988(C) | |||||||||||||||||||||||||||||||||
Los Alamos, NM
|
725 | 3,500 | 30 | 725 | 4,902 | 5,627 | 3,428 | 2,199 | 0 | S/L 30 | 1978(C) | |||||||||||||||||||||||||||||||||
Pulaski, VA
|
528 | 6,396 | 2 | 499 | 6,607 | 7,106 | 2,886 | 4,220 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Sunset)
|
12,791 | 38,404 | 0 | 13,394 | 44,018 | 57,412 | 12,317 | 45,095 | 33,695 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Brentwood)
|
10,628 | 32,053 | 0 | 10,018 | 32,330 | 42,348 | 8,793 | 33,555 | 25,027 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Cedar Rapids, IA
|
4,219 | 12,697 | 0 | 4,219 | 13,369 | 17,588 | 3,981 | 13,607 | 9,406 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Olympic)
|
2,775 | 8,370 | 0 | 2,775 | 9,936 | 12,711 | 3,247 | 9,464 | 2,826 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Gravois)
|
1,336 | 4,050 | 0 | 1,525 | 4,875 | 6,400 | 1,322 | 5,078 | 1,243 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Morris)
|
0 | 2,048 | 0 | 0 | 2,143 | 2,143 | 632 | 1,511 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Keller)
|
1,632 | 4,936 | 0 | 1,632 | 5,425 | 7,057 | 1,392 | 5,665 | 1,065 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Louis, MO (Southtowne)
|
4,159 | 3,818 | 0 | 5,403 | 6,993 | 12,396 | 475 | 11,921 | 0 | S/L 31.5 | 2004(C) |
F-57
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Aurora, OH
|
832 | 7,560 | 0 | 1,592 | 13,759 | 15,351 | 3,392 | 11,959 | 0 | S/L 31.5 | 1995(C) | |||||||||||||||||||||||||||||||||
Worthington, MN
|
374 | 6,404 | 441 | 374 | 7,421 | 7,795 | 6,099 | 1,696 | 0 | S/L 30 | 1977(C) | |||||||||||||||||||||||||||||||||
Idaho Falls, ID (DDRC)
|
1,302 | 5,703 | 0 | 1,418 | 6,406 | 7,824 | 1,756 | 6,068 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Mount Vernon, IL
|
1,789 | 9,399 | 111 | 1,789 | 16,518 | 18,307 | 5,859 | 12,448 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Fenton, MO
|
414 | 4,244 | 476 | 430 | 7,378 | 7,808 | 4,398 | 3,410 | 0 | S/L 30 | 1983(A) | |||||||||||||||||||||||||||||||||
Simpsonville, SC
|
431 | 6,563 | 0 | 417 | 6,805 | 7,222 | 2,917 | 4,305 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Cambden, SC
|
627 | 7,519 | 7 | 871 | 10,222 | 11,093 | 4,045 | 7,048 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Union, SC
|
685 | 7,629 | 1 | 685 | 7,873 | 8,558 | 3,326 | 5,232 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
N. Charleston, SC
|
911 | 11,346 | 1 | 1,081 | 16,387 | 17,468 | 6,985 | 10,483 | 11,074 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
S. Anderson, SC
|
1,366 | 6,117 | 13 | 1,366 | 6,155 | 7,521 | 4,264 | 3,257 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Orangeburg, SC
|
318 | 1,693 | 0 | 318 | 3,425 | 3,743 | 1,072 | 2,671 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Mt. Pleasant, SC
|
2,584 | 10,470 | 0 | 2,430 | 16,516 | 18,946 | 5,031 | 13,915 | 0 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Sault St. Marie, MI
|
1,826 | 13,710 | 0 | 1,826 | 15,218 | 17,044 | 5,793 | 11,251 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Cheboygan, MI
|
127 | 3,612 | 0 | 127 | 3,840 | 3,967 | 1,552 | 2,415 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Walker, MI ( Grand Rapids)
|
1,926 | 8,039 | 0 | 1,926 | 8,790 | 10,716 | 3,051 | 7,665 | 8,146 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Detroit, MI
|
6,738 | 26,988 | 27 | 6,738 | 30,485 | 37,223 | 8,193 | 29,030 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Houghton, MI
|
440 | 7,301 | 1,821 | 440 | 15,352 | 15,792 | 9,501 | 6,291 | 0 | S/L 30 | 1980(C) | |||||||||||||||||||||||||||||||||
Bad Axe, MI
|
184 | 3,647 | 0 | 184 | 4,068 | 4,252 | 1,718 | 2,534 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Gaylord, MI
|
270 | 8,728 | 2 | 270 | 10,504 | 10,774 | 4,078 | 6,696 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Howell, MI
|
332 | 11,938 | 1 | 332 | 12,904 | 13,236 | 5,510 | 7,726 | 0 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Mt. Pleasant, MI
|
767 | 7,769 | 20 | 767 | 13,670 | 14,437 | 5,354 | 9,083 | 7,505 | S/L 31.5 | 1993(A) | |||||||||||||||||||||||||||||||||
Elyria, OH
|
352 | 5,693 | 0 | 352 | 8,451 | 8,803 | 4,029 | 4,774 | 0 | S/L 30 | 1977(C) | |||||||||||||||||||||||||||||||||
Meridian, ID
|
24,591 | 31,779 | 0 | 22,142 | 48,356 | 70,498 | 7,186 | 63,312 | 24,254 | S/L 31.5 | 2001(C) | |||||||||||||||||||||||||||||||||
Midvale, UT ( FT.
Union I, II, III & Wingers)
|
25,662 | 56,759 | 0 | 23,180 | 62,295 | 85,475 | 15,399 | 70,076 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Taylorsville, UT
|
24,327 | 53,686 | 0 | 29,873 | 74,359 | 104,232 | 19,066 | 85,166 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Orem, UT
|
5,428 | 12,259 | 0 | 5,428 | 13,190 | 18,618 | 3,564 | 15,054 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Logan, UT
|
774 | 1,651 | 0 | 774 | 1,751 | 2,525 | 488 | 2,037 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
St. Lake City, UT (33rd)
|
986 | 2,132 | 0 | 986 | 2,142 | 3,128 | 581 | 2,547 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Riverdale, UT
|
15,845 | 36,479 | 0 | 15,845 | 43,413 | 59,258 | 11,525 | 47,733 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Bemidji, MN
|
442 | 8,229 | 500 | 442 | 10,900 | 11,342 | 7,713 | 3,629 | 0 | S/L 30 | 1977(C) | |||||||||||||||||||||||||||||||||
Salt Lake City, UT
|
2,801 | 5,997 | 0 | 2,801 | 6,521 | 9,322 | 1,938 | 7,384 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Ogden, UT
|
3,620 | 7,716 | 0 | 3,620 | 8,057 | 11,677 | 2,246 | 9,431 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV (Maryland)
|
936 | 3,747 | 0 | 1,547 | 5,949 | 7,496 | 757 | 6,739 | 0 | S/L 31.5 | 2003(C) |
F-58
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Birmingham, AL Eastwood)
|
3,726 | 13,974 | 0 | 3,726 | 17,483 | 21,209 | 6,211 | 14,998 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Birmingham, Al (Brook)
|
10,573 | 26,002 | 0 | 11,434 | 48,008 | 59,442 | 13,393 | 46,049 | 26,267 | S/L 31.5 | 1995(A) | |||||||||||||||||||||||||||||||||
Ormond Beach, FL
|
1,048 | 15,812 | 4 | 1,048 | 18,020 | 19,068 | 6,798 | 12,270 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Antioch, CA
|
3,066 | 12,220 | 0 | 3,066 | 12,220 | 15,286 | 385 | 14,901 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Santa Rosa, CA
|
3,783 | 15,964 | 0 | 3,783 | 15,964 | 19,747 | 502 | 19,245 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
San Diego, CA (College)
|
0 | 11,079 | 55 | 0 | 11,135 | 11,135 | 257 | 10,878 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV
|
6,458 | 3,488 | 0 | 6,458 | 3,488 | 9,946 | 112 | 9,834 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
West Covina, CA
|
0 | 20,456 | 0 | 0 | 20,456 | 20,456 | 642 | 19,814 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
2,443 | 6,221 | 0 | 2,443 | 6,221 | 8,664 | 198 | 8,466 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Northridge, CA
|
0 | 56 | 0 | 0 | 56 | 56 | 5 | 51 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Fairfield, CA
|
9,140 | 11,514 | 0 | 9,140 | 11,514 | 20,654 | 363 | 20,291 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Garden Grove, CA
|
4,955 | 5,392 | 0 | 4,955 | 5,392 | 10,347 | 172 | 10,175 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
San Diego, CA
|
5,508 | 8,294 | 0 | 5,508 | 8,294 | 13,802 | 262 | 13,540 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Carson City, NV
|
1,928 | 4,841 | 0 | 1,928 | 4,841 | 6,769 | 154 | 6,615 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Tucson, AZ
|
1,938 | 4,151 | 0 | 1,938 | 4,151 | 6,089 | 133 | 5,956 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Redding, CA
|
1,978 | 5,831 | 0 | 1,978 | 5,831 | 7,809 | 185 | 7,624 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
San Antonio, TX
|
2,403 | 2,697 | 0 | 2,403 | 2,697 | 5,100 | 87 | 5,013 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Chandler, AZ
|
2,136 | 5,831 | 0 | 2,136 | 5,831 | 7,967 | 185 | 7,782 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Chino, CA
|
4,974 | 7,052 | 0 | 4,974 | 7,052 | 12,026 | 224 | 11,802 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV
|
2,621 | 6,039 | 0 | 2,621 | 6,039 | 8,660 | 192 | 8,468 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Clovis, CA
|
0 | 9,057 | 0 | 0 | 9,057 | 9,057 | 286 | 8,771 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Santa Maria, CA
|
1,117 | 8,736 | 0 | 1,117 | 8,736 | 9,853 | 276 | 9,577 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
El Cajon, CA
|
0 | 15,648 | 0 | 0 | 15,648 | 15,648 | 492 | 15,156 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Ukiah, CA
|
1,632 | 2,368 | 0 | 1,632 | 2,368 | 4,000 | 76 | 3,924 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Madera, CA
|
1,770 | 746 | 0 | 1,770 | 746 | 2,516 | 26 | 2,490 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Mesa, AZ
|
2,551 | 11,951 | 0 | 2,551 | 11,951 | 14,502 | 377 | 14,125 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Burbank, CA
|
0 | 20,834 | 0 | 0 | 20,834 | 20,834 | 611 | 20,223 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
North Fullerton, CA
|
4,163 | 5,980 | 0 | 4,163 | 5,980 | 10,143 | 190 | 9,953 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Tulare, CA
|
2,868 | 4,200 | 0 | 2,868 | 4,200 | 7,068 | 134 | 6,934 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Porterville, CA
|
1,681 | 4,408 | 0 | 1,681 | 4,408 | 6,089 | 141 | 5,948 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Lompac, CA
|
2,275 | 2,074 | 0 | 2,275 | 2,074 | 4,349 | 67 | 4,282 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Palmdale, CA
|
4,589 | 6,544 | 0 | 4,589 | 6,544 | 11,133 | 207 | 10,926 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Anaheim, CA
|
8,900 | 11,925 | 0 | 8,900 | 11,925 | 20,825 | 376 | 20,449 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Sonora, CA
|
1,889 | 6,860 | 0 | 1,889 | 6,860 | 8,749 | 217 | 8,532 | 0 | S/L 40.0 | 2005(A) |
F-59
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Phoenix, AZ
|
2,334 | 8,453 | 0 | 2,334 | 8,453 | 10,787 | 267 | 10,520 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Foot Hill Ranch, CA
|
5,409 | 9,383 | 0 | 5,409 | 9,383 | 14,792 | 296 | 14,496 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Reno, NV
|
2,695 | 5,078 | 0 | 2,695 | 5,078 | 7,773 | 162 | 7,611 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Las Vegas, NV
|
5,736 | 5,795 | 0 | 5,736 | 5,795 | 11,531 | 184 | 11,347 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Folsom, CA
|
3,461 | 11,036 | 0 | 3,461 | 11,036 | 14,497 | 348 | 14,149 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Slatten Ranch, CA
|
5,439 | 11,728 | 0 | 5,439 | 11,728 | 17,167 | 370 | 16,797 | 0 | S/L 40.0 | 2005(A) | |||||||||||||||||||||||||||||||||
Cicero, NY (Bear Rd)
|
1,784 | 3,242 | 0 | 1,784 | 3,277 | 5,061 | 282 | 4,779 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Buffalo, NY
|
2,341 | 8,995 | 0 | 2,341 | 9,232 | 11,573 | 811 | 10,762 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
West Seneca, NY
|
2,929 | 12,926 | 0 | 2,929 | 12,926 | 15,855 | 1,096 | 14,759 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
N. Tonawanda, NY
|
5,878 | 21,291 | 0 | 5,878 | 21,746 | 27,624 | 1,928 | 25,696 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY
|
5,873 | 22,458 | 0 | 5,873 | 22,860 | 28,733 | 1,971 | 26,762 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Jamestown, NY
|
155 | 4,849 | 0 | 155 | 4,860 | 5,015 | 433 | 4,582 | 1,454 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
2,655 | 7,369 | 0 | 2,655 | 7,746 | 10,401 | 642 | 9,759 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Ithaca, NY
|
9,198 | 42,969 | 0 | 9,198 | 43,003 | 52,201 | 3,583 | 48,618 | 18,272 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
3,303 | 16,239 | 0 | 3,303 | 16,597 | 19,900 | 1,441 | 18,459 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Lynchburg, VA
|
1,848 | 1,911 | 0 | 1,848 | 1,935 | 3,783 | 184 | 3,599 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Depew, NY
|
5,017 | 16,867 | 0 | 5,017 | 17,134 | 22,151 | 1,425 | 20,726 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Rochester, NY
|
9,323 | 15,757 | 0 | 9,323 | 15,858 | 25,181 | 1,404 | 23,777 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niagara, NY
|
894 | 6,699 | 0 | 894 | 6,826 | 7,720 | 603 | 7,117 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
West Seneca, NY
|
2,576 | 2,590 | 0 | 2,576 | 2,688 | 5,264 | 233 | 5,031 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Tonawanda, NY
|
1,519 | 1,830 | 0 | 1,519 | 2,165 | 3,684 | 183 | 3,501 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Orland Park, IL
|
10,430 | 13,081 | 0 | 10,430 | 13,090 | 23,520 | 1,119 | 22,401 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Florence, KY
|
3,946 | 6,296 | 0 | 3,946 | 6,414 | 10,360 | 571 | 9,789 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
4,071 | 17,142 | 0 | 4,071 | 17,142 | 21,213 | 1,488 | 19,725 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Tonawanda, NY
|
3,061 | 6,887 | 0 | 3,061 | 6,906 | 9,967 | 596 | 9,371 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY
|
4,152 | 22,075 | 0 | 4,152 | 22,075 | 26,227 | 1,856 | 24,371 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Columbus, OH (Consumer Square)
|
9,828 | 22,858 | 0 | 9,828 | 23,271 | 33,099 | 2,038 | 31,061 | 13,522 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Louisville, KY (Outer Loop)
|
4,180 | 747 | 0 | 4,180 | 981 | 5,161 | 97 | 5,064 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Frankfurt, KY (Eastwood)
|
2,307 | 8,546 | 0 | 2,307 | 8,654 | 10,961 | 767 | 10,194 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Tampa, FL (Horizon Park)
|
12,112 | 11,277 | 0 | 12,112 | 12,422 | 24,534 | 1,135 | 23,399 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Olean, NY
|
8,834 | 29,813 | 0 | 8,834 | 30,260 | 39,094 | 2,845 | 36,249 | 4,410 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
N. Charleston SC (N Charl Ctr)
|
5,146 | 5,990 | 0 | 5,146 | 8,173 | 13,319 | 619 | 12,700 | 10,458 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Jacsonville, FL (Arlington Road)
|
4,672 | 5,085 | 0 | 4,672 | 5,126 | 9,798 | 482 | 9,316 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
West Long Branch, NJ (Monmouth)
|
14,131 | 51,982 | 0 | 14,131 | 52,840 | 66,971 | 4,431 | 62,540 | 12,742 | S/L 31.5 | 2004(A) |
F-60
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Big Flats, NY (Big Flats I)
|
22,229 | 52,579 | 0 | 22,229 | 55,694 | 77,923 | 5,420 | 72,503 | 13,361 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hanover, PA
|
4,408 | 4,707 | 0 | 4,408 | 4,707 | 9,115 | 428 | 8,687 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Mays Landing, NJ (Wrangelboro)
|
49,033 | 107,230 | 0 | 49,033 | 108,175 | 157,208 | 9,122 | 148,086 | 48,127 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Plattsburgh, NY
|
10,734 | 34,028 | 0 | 10,734 | 34,941 | 45,675 | 3,122 | 42,553 | 8,253 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niagara Falls, NY
|
3,175 | 7,432 | 0 | 3,175 | 7,729 | 10,904 | 642 | 10,262 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Williamsville, NY
|
5,021 | 6,768 | 0 | 5,021 | 7,110 | 12,131 | 590 | 11,541 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niagara Falls, NY
|
4,956 | 11,370 | 0 | 1,973 | 3,191 | 5,164 | 282 | 4,882 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY
|
29,729 | 78,602 | 0 | 29,729 | 79,617 | 109,346 | 6,831 | 102,515 | 24,492 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Greece, NY
|
3,901 | 4,922 | 0 | 3,901 | 4,922 | 8,823 | 423 | 8,400 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Buffalo, NY (Elmwood)
|
6,010 | 19,044 | 0 | 6,010 | 19,098 | 25,108 | 1,609 | 23,499 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Orange Park, FL (The Village)
|
1,929 | 5,476 | 0 | 1,929 | 5,514 | 7,443 | 470 | 6,973 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Lakeland, FL (Highlands)
|
4,112 | 4,328 | 0 | 4,112 | 4,403 | 8,515 | 389 | 8,126 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Lockport, NY
|
9,253 | 23,829 | 0 | 9,253 | 23,882 | 33,135 | 2,042 | 31,093 | 12,090 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Cortland, NY
|
1,622 | 22,235 | 0 | 1,622 | 22,235 | 23,857 | 1,858 | 21,999 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Rochester, NY (Hen-Jef)
|
7,156 | 7,581 | 0 | 7,156 | 7,584 | 14,740 | 663 | 14,077 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Buffalo, , NY (Delaware)
|
3,568 | 29,001 | 0 | 3,620 | 29,458 | 33,078 | 2,360 | 30,718 | 998 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY (University Plaza)
|
3,909 | 14,134 | 0 | 3,909 | 14,214 | 18,123 | 1,208 | 16,915 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Cheektowaga, NY (Thruway)
|
15,471 | 25,600 | 0 | 15,471 | 26,671 | 42,142 | 2,458 | 39,684 | 4,689 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Walker, MI (Alpine Ave)
|
1,454 | 9,284 | 0 | 1,454 | 11,540 | 12,994 | 1,257 | 11,737 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Toledo, OH
|
1,316 | 3,961 | 0 | 1,316 | 3,961 | 5,277 | 346 | 4,931 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY
|
4,054 | 11,995 | 0 | 4,054 | 12,184 | 16,238 | 1,030 | 15,208 | 4,910 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Erie, PA
|
2,175 | 13,286 | 0 | 2,175 | 14,487 | 16,662 | 1,168 | 15,494 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
New Hartford, NY
|
1,279 | 13,685 | 0 | 1,279 | 13,732 | 15,011 | 1,163 | 13,848 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niagara Falls, NY
|
2,784 | 3,872 | 0 | 2,784 | 3,988 | 6,772 | 392 | 6,380 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Medina, NY
|
2,269 | 2,881 | 0 | 2,269 | 2,881 | 5,150 | 257 | 4,893 | 3,637 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Tonawanda, NY (Sher/Delaware)
|
5,090 | 14,874 | 0 | 5,090 | 14,942 | 20,032 | 1,269 | 18,763 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Mays Landing, NJ (Hamilton)
|
36,224 | 56,949 | 0 | 36,224 | 57,393 | 93,617 | 4,870 | 88,747 | 14,078 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Gates, NY
|
9,369 | 40,672 | 0 | 9,369 | 40,772 | 50,141 | 3,428 | 46,713 | 24,454 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Lantana, FL
|
5,448 | 12,333 | 0 | 5,448 | 12,402 | 17,850 | 812 | 17,038 | 3,937 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Rome, NY (Freedom)
|
4,565 | 5,078 | 0 | 4,565 | 8,786 | 13,351 | 571 | 12,780 | 4,181 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Englewood, FL
|
2,172 | 2,983 | 0 | 2,172 | 3,155 | 5,327 | 211 | 5,116 | 1,839 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Utica, NY
|
2,869 | 14,621 | 0 | 2,869 | 14,637 | 17,506 | 1,249 | 16,257 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Hamburg, NY (Milestrip)
|
2,527 | 14,711 | 0 | 2,527 | 14,872 | 17,399 | 1,309 | 16,090 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Mooresville, NC
|
14,369 | 43,748 | 422 | 14,369 | 44,190 | 58,559 | 3,161 | 55,398 | 23,489 | S/L 31.5 | 2004(A) |
F-61
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Alden, NY
|
4,547 | 3,926 | 0 | 4,547 | 3,926 | 8,473 | 340 | 8,133 | 4,256 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Amherst, NY (Sheridan/Harlem)
|
2,620 | 2,554 | 0 | 2,620 | 2,702 | 5,322 | 234 | 5,088 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Indian Trail, NC
|
3,172 | 7,075 | 0 | 3,172 | 7,543 | 10,715 | 636 | 10,079 | 6,830 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Dewitt, NY
|
1,140 | 6,756 | 0 | 1,140 | 6,756 | 7,896 | 567 | 7,329 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Chili, NY
|
2,143 | 8,109 | 0 | 2,143 | 8,109 | 10,252 | 696 | 9,556 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Ashtabula, OH
|
1,444 | 9,912 | 0 | 1,444 | 9,912 | 11,356 | 828 | 10,528 | 6,801 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Irondequoit, NY (Ridgeview)
|
4,163 | 2,502 | 0 | 4,163 | 2,699 | 6,862 | 277 | 6,585 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Springville, NY
|
1,454 | 9,835 | 0 | 1,454 | 9,879 | 11,333 | 837 | 10,496 | 5,851 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Niskayuna, NY
|
20,297 | 51,155 | 0 | 20,297 | 51,916 | 72,213 | 4,522 | 67,691 | 23,715 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Dansville, NY
|
2,806 | 4,905 | 0 | 2,806 | 4,925 | 7,731 | 420 | 7,311 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Canandaigua, NY
|
5,132 | 5,073 | 0 | 5,132 | 5,073 | 10,205 | 348 | 9,857 | 5,364 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Dewitt, NY (Dewitt Commons)
|
9,738 | 26,351 | 0 | 9,738 | 31,140 | 40,878 | 3,164 | 37,714 | 0 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Victor, NY
|
2,374 | 6,433 | 0 | 2,374 | 6,433 | 8,807 | 507 | 8,300 | 6,504 | S/L 31.5 | 2004(A) | |||||||||||||||||||||||||||||||||
Alamosa, CO
|
161 | 1,034 | 211 | 161 | 1,307 | 1,468 | 926 | 542 | 0 | S/L 30 | 1986(C) | |||||||||||||||||||||||||||||||||
Wilmington, NC
|
4,785 | 16,852 | 1,183 | 4,287 | 34,765 | 39,052 | 12,662 | 26,390 | 20,135 | S/L 31.5 | 1989(C) | |||||||||||||||||||||||||||||||||
Berlin, VT
|
859 | 10,948 | 24 | 866 | 14,371 | 15,237 | 7,826 | 7,411 | 4,940 | S/L 30 | 1986(C) | |||||||||||||||||||||||||||||||||
Brainerd, MN
|
703 | 9,104 | 272 | 1,182 | 16,653 | 17,835 | 6,516 | 11,319 | 0 | S/L 31.5 | 1991(A) | |||||||||||||||||||||||||||||||||
Spring Hill, FL
|
1,084 | 4,816 | 266 | 2,096 | 11,078 | 13,174 | 4,448 | 8,726 | 4,955 | S/L 30 | 1988(C) | |||||||||||||||||||||||||||||||||
Tiffin, OH
|
432 | 5,908 | 435 | 432 | 10,863 | 11,295 | 4,854 | 6,441 | 0 | S/L 30 | 1980(C) | |||||||||||||||||||||||||||||||||
Broomfield, CO (Flatiron Gard)
|
23,681 | 31,809 | 0 | 13,841 | 42,775 | 56,616 | 4,246 | 52,370 | 0 | S/L 31.5 | 2003(A) | |||||||||||||||||||||||||||||||||
Denver, CO (Centennial)
|
7,833 | 35,550 | 0 | 7,971 | 53,270 | 61,241 | 14,471 | 46,770 | 37,544 | S/L 31.5 | 1997(C) | |||||||||||||||||||||||||||||||||
Dickinson, ND
|
57 | 6,864 | 355 | 51 | 7,881 | 7,932 | 7,388 | 544 | 0 | S/L 30 | 1978(C) | |||||||||||||||||||||||||||||||||
West Pasco, FL
|
1,422 | 6,552 | 9 | 1,358 | 6,666 | 8,024 | 4,394 | 3,630 | 4,784 | S/L 30 | 1986(C) | |||||||||||||||||||||||||||||||||
Marianna, FL
|
1,496 | 3,500 | 130 | 1,496 | 3,736 | 5,232 | 1,938 | 3,294 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Hutchinson, MN
|
402 | 5,510 | 657 | 427 | 6,987 | 7,414 | 5,551 | 1,863 | 0 | S/L 30 | 1981(C) | |||||||||||||||||||||||||||||||||
New Bern, NC
|
780 | 8,204 | 72 | 441 | 5,280 | 5,721 | 2,407 | 3,314 | 0 | S/L 31.5 | 1989(C) | |||||||||||||||||||||||||||||||||
Bayamon, PR (Plaza Del Sol)
|
132,074 | 152,441 | 0 | 132,759 | 154,565 | 287,324 | 9,343 | 277,981 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Carolina, PR (Plaza Escorial)
|
28,522 | 76,947 | 0 | 28,601 | 77,190 | 105,791 | 4,794 | 100,997 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Humacao, PR (Palma Real)
|
16,386 | 74,059 | 0 | 16,386 | 74,094 | 90,480 | 4,607 | 85,873 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Isabela, PR (Plaza Isabela)
|
8,175 | 41,094 | 0 | 8,175 | 41,841 | 50,016 | 2,577 | 47,439 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
San German, PR (Camino Real)
|
3,215 | 24 | 0 | 3,223 | 24 | 3,247 | 7 | 3,240 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Cayey, PR (Plaza Cayey)
|
19,214 | 25,584 | 0 | 19,611 | 26,105 | 45,716 | 1,637 | 44,079 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Bayamon, PR (Rio Hondol)
|
91,645 | 98,007 | 0 | 91,898 | 101,354 | 193,252 | 5,913 | 187,339 | 55,802 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
San Juan, PR (Senorial Plaza)
|
10,338 | 23,285 | 0 | 10,338 | 23,850 | 34,188 | 1,474 | 32,714 | 14,490 | S/L 31.5 | 2005(A) |
F-62
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Bayamon, PR (Rexville Plaza)
|
4,294 | 11,987 | 0 | 4,294 | 12,149 | 16,443 | 767 | 15,676 | 8,730 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Arecibo, PR (Atlantico)
|
7,965 | 29,898 | 0 | 8,094 | 30,717 | 38,811 | 1,890 | 36,921 | 14,580 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Hatillo, PR (Plaza Del Norte)
|
101,219 | 105,465 | 0 | 101,219 | 106,421 | 207,640 | 6,555 | 201,085 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Vega Baja, PR (Plaza Vega Baja)
|
7,076 | 18,684 | 0 | 7,076 | 18,699 | 25,775 | 1,178 | 24,597 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Guyama, PR (Plaza Wal-Mart)
|
1,960 | 18,721 | 0 | 1,960 | 18,736 | 20,696 | 1,171 | 19,525 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Fajardo, PR (Plaza Fajardo)
|
4,376 | 41,199 | 0 | 4,376 | 41,199 | 45,575 | 2,562 | 43,013 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
San German, PR (Del Oeste)
|
6,470 | 20,751 | 0 | 6,470 | 21,117 | 27,587 | 1,310 | 26,277 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Princeton, NJ
|
7,121 | 29,783 | 0 | 7,121 | 35,934 | 43,055 | 9,226 | 33,829 | 25,310 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Princeton, NJ (Pavilion)
|
6,327 | 44,466 | 0 | 7,217 | 54,639 | 61,856 | 9,063 | 52,793 | 0 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Phoenix, AZ
|
15,352 | 22,812 | 1,601 | 15,352 | 26,141 | 41,493 | 7,217 | 34,276 | 16,733 | S/L 31.5 | 2000(C) | |||||||||||||||||||||||||||||||||
Wichita, KS ( Eastgate)
|
5,058 | 11,362 | 0 | 5,222 | 12,386 | 17,608 | 1,982 | 15,626 | 0 | S/L 31.5 | 2002(A) | |||||||||||||||||||||||||||||||||
Russellville, AR
|
624 | 13,391 | 0 | 624 | 14,019 | 14,643 | 5,513 | 9,130 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
N. Little Rock, AR
|
907 | 17,160 | 0 | 907 | 18,973 | 19,880 | 5,768 | 14,112 | 0 | S/L 31.5 | 1994(A) | |||||||||||||||||||||||||||||||||
Ottumwa, IA
|
338 | 8,564 | 103 | 321 | 16,725 | 17,046 | 6,273 | 10,773 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Washington, NC
|
991 | 3,118 | 34 | 878 | 4,414 | 5,292 | 1,988 | 3,304 | 0 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
Leawood, KS
|
13,002 | 69,086 | 0 | 13,231 | 76,088 | 89,319 | 8,916 | 80,403 | 49,117 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Littleton, CO
|
12,249 | 50,709 | 0 | 12,448 | 52,426 | 64,874 | 7,072 | 57,802 | 0 | S/L 31.5 | 2002(C) | |||||||||||||||||||||||||||||||||
Durham, NC
|
2,210 | 11,671 | 278 | 2,210 | 13,795 | 16,005 | 6,881 | 9,124 | 6,864 | S/L 31.5 | 1990(C) | |||||||||||||||||||||||||||||||||
San Antonio, TX (N. Bandera)
|
3,475 | 37,327 | 0 | 3,475 | 37,691 | 41,166 | 5,464 | 35,702 | 0 | S/L 31.5 | 2002(A) | |||||||||||||||||||||||||||||||||
Crystal River, FL
|
1,217 | 5,796 | 365 | 1,219 | 7,433 | 8,652 | 4,398 | 4,254 | 0 | S/L 31.5 | 1986(C) | |||||||||||||||||||||||||||||||||
Bellefontaine, OH
|
998 | 3,221 | 0 | 998 | 5,544 | 6,542 | 1,387 | 5,155 | 0 | S/L 30 | 1998(A) | |||||||||||||||||||||||||||||||||
Dublin, OH (Perimeter Center)
|
3,609 | 11,546 | 0 | 3,609 | 11,743 | 15,352 | 3,353 | 11,999 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Hamilton, OH
|
495 | 1,618 | 0 | 495 | 1,618 | 2,113 | 449 | 1,664 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Pataskala, OHI
|
514 | 1,679 | 0 | 514 | 1,707 | 2,221 | 469 | 1,752 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Pickerington, OH
|
1,896 | 6,086 | 0 | 1,896 | 6,824 | 8,720 | 1,758 | 6,962 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Barboursville, WV
|
431 | 1,417 | 2 | 0 | 2,555 | 2,555 | 524 | 2,031 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Columbus, OH (Easton Market)
|
11,087 | 44,494 | 0 | 12,075 | 48,280 | 60,355 | 12,803 | 47,552 | 0 | S/L 31.5 | 1998(A) | |||||||||||||||||||||||||||||||||
Columbus, OH (Dublin Village))
|
6,478 | 29,792 | 0 | 6,478 | 29,771 | 36,249 | 25,131 | 11,118 | 0 | S/L 31.5 | 2005(A) | |||||||||||||||||||||||||||||||||
Denver, CO (Tamarac Square Mall)
|
2,990 | 12,252 | 0 | 2,987 | 13,575 | 16,562 | 3,061 | 13,501 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Chelmsford, MA (Apollo Drive)
|
8,124 | 26,760 | 0 | 8,116 | 26,804 | 34,920 | 4,271 | 30,649 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Daytona Beach, FL (Volusia Point)
|
3,838 | 4,485 | 0 | 3,834 | 4,741 | 8,575 | 879 | 7,696 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Twinsburg, OH (Heritage Business)
|
254 | 1,623 | 0 | 254 | 1,798 | 2,052 | 309 | 1,743 | 0 | S/L 31.5 | 2001(A) | |||||||||||||||||||||||||||||||||
Silver Springs, MD (Tech Center
29-1)
|
7,484 | 20,980 | 0 | 7,476 | 23,901 | 31,377 | 4,419 | 26,958 | 6,552 | S/L 31.5 | 2001(A) |
F-63
Developers Diversified Realty
Corporation |
||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation
(continued) |
||||||||||||||||||||||||||||||||||||||||||||
December 31, 2006 |
||||||||||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
Date |
|||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Portfolio Balance (DDR)
|
223,278 | 333,678 | 0 | 223,278 | 330,119 | 553,397 | 14,504 | 542,452 | 276,104 | (2) | S/L 31.5 | |||||||||||||||||||||||||||||||||
$ | 1,988,701 | $ | 4,937,976 | $ | 14,288 | $ | 1,970,291 | (3) | $ | 5,480,402 | (4) | $ | 7,450,693 | $ | 864,592 | $ | 6,589,660 | $ | 1,319,232 | |||||||||||||||||||||||||
(1) | S/L refers to straight-line depreciation. | |
(2) | Includes $258.5 million of mortgage debt which encumbers 37 Mervyns sites. | |
(3) | Includes $200.9 million of land under development at December 31, 2006. | |
(4) | Includes $252.6 million of construction in progress at December 31, 2006. | |
(B) | The aggregate cost for federal income tax purposes was approximately $7.3 billion at December 31, 2006. |
F-64
2006 | 2005 | 2004 | ||||||||||
Balance, beginning of year
|
$ | 7,029,337 | $ | 5,603,424 | $ | 3,884,911 | ||||||
Acquisitions and transfers from
joint ventures
|
370,218 | 1,610,808 | 2,170,793 | |||||||||
Developments, improvements and
expansions
|
236,147 | 203,054 | 243,929 | |||||||||
Changes in land under development
and construction in progress
|
104,808 | 102,826 | (7,011 | ) | ||||||||
Real estate held for sale
|
(8,558 | ) | | | ||||||||
Sales, retirements and transfers
to joint ventures
|
(289,817 | ) | (490,775 | ) | (689,198 | ) | ||||||
Balance, end of year
|
$ | 7,442,135 | $ | 7,029,337 | $ | 5,603,424 | ||||||
2006 | 2005 | 2004 | ||||||||||
Balance, beginning of year
|
$ | 692,823 | $ | 568,231 | $ | 458,213 | ||||||
Depreciation for year
|
193,527 | 170,701 | 132,647 | |||||||||
Real estate held for sale
|
(3,326 | ) | | | ||||||||
Sales and retirements
|
(21,758 | ) | (46,109 | ) | (22,629 | ) | ||||||
Balance, end of year
|
$ | 861,266 | $ | 692,823 | $ | 568,231 | ||||||
F-65
By: |
/s/ Scott
A. Wolstein Scott A. Wolstein, Chairman and Chief Executive Officer |
/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/ Dean
S. Adler Dean S. Adler |
Director
|
|||
/s/ Terrance
R. Ahern Terrance R. Ahern |
Director
|
|||
/s/ Robert
H. Gidel Robert H. Gidel |
Director
|
|||
Victor 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
|