Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)						Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances		Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land		Buildings & Improvements		Total
Bayamon, PR	$	132,074	$	152,441	$	-	$	132,759	$	165,993	$	298,752	$	39,712	$	259,040	$	-	S/L 31.5	2005(A)
Carolina, PR		28,522		76,947		-		28,601		81,832		110,433		20,262		90,171		-	S/L 31.5	2005(A)
Humacao, PR		16,386		74,059		-		16,386		82,469		98,855		21,768		77,087		-	S/L 31.5	2005(A)
Isabela, PR		8,175		41,094		-		8,236		42,757		50,993		10,891		40,102		22,678	S/L 31.5	2005(A)
San German, PR		3,215		24		-		3,215		41		3,256		29		3,227		-	S/L 31.5	2005(A)
Cayey, PR		18,226		25,101		-		18,538		26,122		44,660		6,839		37,821		21,472	S/L 31.5	2005(A)
Bayamon, PR		91,645		98,007		-		92,027		108,265		200,292		26,696		173,596		125,700	S/L 31.5	2005(A)
Rio Piedras, PR		10,338		23,285		-		10,338		29,754		40,092		7,130		32,962		-	S/L 31.5	2005(A)
Bayamon, PR		4,294		11,987		-		4,584		22,820		27,404		3,727		23,677		-	S/L 31.5	2005(A)
Arecibo, PR		7,965		29,898		-		8,094		32,351		40,445		8,139		32,306		-	S/L 31.5	2005(A)
Hatillo, PR		101,219		105,465		-		101,219		127,645		228,864		30,493		198,371		-	S/L 31.5	2005(A)
Vega Baja, PR		7,076		18,684		-		7,076		18,796		25,872		4,866		21,006		-	S/L 31.5	2005(A)
Guayama, PR		1,960		18,721		-		1,960		19,598		21,558		4,944		16,614		12,065	S/L 31.5	2005(A)
Fajardo, PR		4,376		41,199		-		4,376		41,730		46,106		10,660		35,446		25,816	S/L 31.5	2005(A)
San German, PR		6,470		20,751		-		6,470		21,326		27,796		5,530		22,266		-	S/L 31.5	2005(A)
Brandon, FL		-		4,111		-		-		6,350		6,350		5,199		1,151		-	S/L 30.0	1972(C)
Stow, OH		993		9,028		-		993		36,248		37,241		14,591		22,650		-	S/L 30.0	1969(C)
Westlake, OH		424		3,803		201		424		10,375		10,799		6,532		4,267		-	S/L 30.0	1974(C)
E. Norriton, PA		70		4,698		233		70		8,841		8,911		6,832		2,079		-	S/L 30.0	1975(C)
Palm Harbor, FL		1,137		4,089		-		1,137		4,678		5,815		2,433		3,382		-	S/L 31.5	1995(A)
Homestead, FL		23,390		59,639		-		23,390		61,464		84,854		5,721		79,133		-	S/L 31.5	2008(C)
Tarpon Springs, FL		146		7,382		81		146		9,226		9,372		6,761		2,611		-	S/L 30.0	1974(C)
McHenry, IL		1,294		5,251		-		13,771		58,591		72,362		8,816		63,546		-	S/L 31.5	2006(C)
Miami, FL		11,626		30,457		-		26,743		111,274		138,017		17,554		120,463		-	S/L 31.5	2006(C)
San Antonio, TX		3,990		28,404		-		3,990		36,505		40,495		5,626		34,869		-	S/L 31.5	2007(C)
Starkville, MS		703		6,921		-		703		7,059		7,762		3,598		4,164		-	S/L 31.5	1994(A)
Gulfport, MS		-		36,370		-		-		51,870		51,870		17,326		34,544		23,968	S/L 31.5	2003(A)
Tupelo, MS		2,213		14,979		-		2,213		18,880		21,093		9,892		11,201		-	S/L 31.5	1994(A)
Jacksonville, FL		2,714		9,425		-		2,714		9,823		12,537		5,816		6,721		-	S/L 31.5	1995(A)
Long Beach, CA		-		111,512		-		-		143,943		143,943		40,238		103,705		-	S/L 31.5	2005(C)
Brunswick, ME		3,796		15,459		-		3,796		20,461		24,257		9,697		14,560		-	S/L 31.5	1973(C)
Oceanside, CA		-		10,643		-		-		14,377		14,377		5,434		8,943		-	S/L 31.5	2000(C)
Reno, NV		-		366		-		1,132		4,696		5,828		1,219		4,609		2,751	S/L 31.5	2000(C)
Everett, MA		9,311		44,647		-		9,462		51,488		60,950		18,478		42,472		-	S/L 31.5	2001(C)
Pasadena, CA		46,957		101,475		2,053		46,957		105,858		152,815		26,893		125,922		-	S/L 31.5	2003(A)
Salisbury, MD		2,070		12,495		277		2,071		13,051		15,122		4,912		10,210		8,506	S/L 31.5	1999(C)
Duluth, GA		475		9,374		-		475		10,117		10,592		5,911		4,681		-	S/L 31.5	1994(A)
Apex, NC		9,576		43,619		-		10,521		55,103		65,624		10,429		55,195		-	S/L 31.5	2006(C)
Erie, PA		6,373		19,201		-		6,373		51,299		57,672		23,490		34,182		-	S/L 31.5	1995(C)

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)						Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances		Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land		Buildings & Improvements		Total
San Francisco, CA		10,464		25,730		-		10,464		26,135		36,599		6,818		29,781		-	S/L 31.5	2002(A)
Chillicothe, OH		43		2,549		2		1,170		4,405		5,575		2,392		3,183		4,183	S/L 31.5	1974(C)
Phoenix, AZ		18,701		18,811		118		18,701		19,814		38,515		4,239		34,276		17,153	S/L 31.5	1999(A)
Macedonia, OH		11,582		34,323		-		11,582		34,706		46,288		4,986		41,302		20,267	S/L 31.5	2011(A)
Huber Hts, OH		757		14,469		-		757		25,291		26,048		12,599		13,449		-	S/L 31.5	1993(A)
Boardman, OH		8,152		27,983		-		8,152		28,805		36,957		13,818		23,139		25,322	S/L 31.5	1997(A)
Solon, OH		6,220		7,454		-		6,220		22,531		28,751		9,429		19,322		-	S/L 31.5	1998(C)
Bedford, IN		706		8,425		6		1,067		11,509		12,576		6,136		6,440		-	S/L 31.5	1993(A)
Sunset Hills, MO		12,791		38,404		-		13,403		48,486		61,889		22,361		39,528		27,257	S/L 31.5	1998(A)
Brentwood, MO		10,018		32,053		-		10,018		33,135		43,153		15,202		27,951		32,139	S/L 31.5	1998(A)
Cedar Rapids, IA		4,219		12,697		-		4,219		14,067		18,286		6,585		11,701		6,490	S/L 31.5	1998(A)
Des Peres, MO		2,775		8,370		-		2,775		10,401		13,176		5,205		7,971		-	S/L 31.5	1998(A)
Springfield, MO		-		2,048		-		-		2,518		2,518		1,084		1,434		-	S/L 31.5	1998(A)
St. Louis, MO		4,159		3,818		-		6,051		7,652		13,703		2,259		11,444		-	S/L 31.5	2004(C)
Aurora, OH		832		7,560		-		1,592		14,071		15,663		6,319		9,344		-	S/L 31.5	1995(C)
Nampa, ID		1,395		8,563		-		9,609		92,025		101,634		8,807		92,827		-	S/L 31.5	2007(A)
Fenton, MO		414		4,244		476		430		7,253		7,683		5,762		1,921		-	S/L 30.0	1983(A)
Simpsonville, SC		417		6,563		-		417		6,793		7,210		4,099		3,111		-	S/L 31.5	1994(A)
Camden, SC		627		7,519		7		1,021		11,686		12,707		6,570		6,137		-	S/L 31.5	1993(A)
N. Charleston, SC		911		11,346		1		1,081		16,888		17,969		10,297		7,672		10,668	S/L 31.5	1993(A)
Mt. Pleasant, SC		2,430		10,470		-		2,430		21,180		23,610		9,532		14,078		11,679	S/L 31.5	1995(A)
Sault St. Marie, MI		1,826		13,710		-		1,826		18,259		20,085		8,888		11,197		-	S/L 31.5	1994(A)
Grand Rapids, MI		3,380		17,323		-		3,380		24,539		27,919		10,123		17,796		-	S/L 31.5	1995(A)
Howell, MI		332		11,938		1		332		15,827		16,159		9,228		6,931		-	S/L 31.5	1993(A)
Mt. Pleasant, MI		767		7,769		20		1,142		21,242		22,384		8,795		13,589		-	S/L 31.5	1993(A)
Meridian, ID		24,591		31,779		-		24,841		62,317		87,158		19,376		67,782		-	S/L 31.5	2001(C)
Midvale, UT		25,662		56,759		-		28,395		88,405		116,800		31,107		85,693		-	S/L 31.5	1998(A)
Taylorsville, UT		24,327		53,686		-		31,368		77,421		108,789		32,744		76,045		-	S/L 31.5	1998(A)
Orem, UT		5,428		12,259		-		5,428		17,171		22,599		6,280		16,319		-	S/L 31.5	1998(A)
Riverdale, UT		24,755		45,635		-		24,755		57,573		82,328		21,884		60,444		-	S/L 31.5	1998(A)
Ogden, UT		3,620		7,716		-		8,305		8,886		17,191		4,120		13,071		-	S/L 31.5	1998(A)
Birmingham, AL		10,573		26,002		-		11,434		52,697		64,131		24,441		39,690		24,014	S/L 31.5	1995(A)
Valencia, CA		-		15,784		-		-		17,950		17,950		3,301		14,649		-	S/L 31.5	2006(A)
Allentown, PA		4,408		4,707		-		4,408		4,707		9,115		1,368		7,747		-	S/L 31.5	2004(A)
Mooresville, NC		14,369		43,688		-		14,369		46,323		60,692		12,231		48,461		17,706	S/L 31.5	2004(A)
Wilmington, NC		4,287		16,852		1,183		4,287		34,684		38,971		19,992		18,979		-	S/L 31.5	1989(C)
Spring Hill, FL		1,084		4,816		266		2,096		11,672		13,768		6,702		7,066		3,355	S/L 30.0	1988(C)
Broomfield, CO		13,707		31,809		-		5,975		26,556		32,531		12,540		19,991		-	S/L 31.5	2003(A)
Centennial, CO		7,833		35,550		-		8,082		62,062		70,144		25,524		44,620		-	S/L 31.5	1997(C)

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)						Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances		Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land		Buildings & Improvements		Total
New Bern, NC		441		6,575		-		441		6,593		7,034		3,700		3,334		-	S/L 31.5	1989(C)
Princeton, NJ		13,448		74,249		-		14,464		95,818		110,282		36,798		73,484		57,000	S/L 31.5	1998(A)
Phoenix, AZ		15,352		22,813		1,601		15,352		26,603		41,955		11,980		29,975		30,000	S/L 31.5	2000(C)
Russellville, AR		606		13,391		-		606		18,069		18,675		8,949		9,726		-	S/L 31.5	1994(A)
N. Little Rock, AR		907		17,160		-		907		21,301		22,208		9,590		12,618		-	S/L 31.5	1994(A)
Washington, NC		878		3,118		34		878		6,134		7,012		3,109		3,903		-	S/L 31.5	1990(C)
Littleton, CO		12,249		50,709		-		12,621		55,651		68,272		18,967		49,305		-	S/L 31.5	2002(C)
Durham, NC		2,210		11,671		278		1,579		13,081		14,660		9,849		4,811		-	S/L 31.5	1990(C)
San Antonio, TX		3,475		37,327		-		4,873		47,338		52,211		13,375		38,836		24,800	S/L 31.5	2002(A)
Crystal River, FL		1,217		5,796		365		1,219		10,245		11,464		5,923		5,541		-	S/L 31.5	1986(C)
Denver, CO		2,987		11,950		-		1,141		4,387		5,528		840		4,688		-	S/L 31.5	2001(A)
Dublin, OH		3,609		11,546		-		3,609		14,400		18,009		5,896		12,113		-	S/L 31.5	1998(A)
Columbus, OH		11,087		44,494		-		12,243		53,054		65,297		23,559		41,738		50,200	S/L 31.5	1998(A)
Freehold, NJ		2,460		2,475		-		3,166		3,267		6,433		417		6,016		-	S/L 31.5	1994(A)
Jackson, MS		4,190		6,783		-		4,190		7,474		11,664		2,306		9,358		-	S/L 31.5	2003(A)
Scottsboro, AL		788		2,781		-		788		3,233		4,021		1,133		2,888		-	S/L 31.5	2003(A)
Ocala, FL		1,916		3,893		-		1,916		6,018		7,934		1,745		6,189		-	S/L 31.5	2003(A)
Tallahassee, FL		1,881		2,956		-		1,881		7,299		9,180		2,070		7,110		-	S/L 31.5	2003(A)
Cumming, GA		14,249		23,653		-		14,249		24,954		39,203		8,282		30,921		-	S/L 31.5	2003(A)
Douglasville, GA		3,540		9,625		-		3,540		9,877		13,417		3,246		10,171		-	S/L 31.5	2003(A)
Columbus, GA		4,220		8,159		-		4,220		10,262		14,482		3,167		11,315		-	S/L 31.5	2003(A)
Newnan, GA		2,620		11,063		-		2,620		11,593		14,213		3,751		10,462		-	S/L 31.5	2003(A)
Warner Robins, GA		5,729		7,459		-		5,729		7,915		13,644		2,655		10,989		6,626	S/L 31.5	2003(A)
Woodstock, GA		1,486		2,573		-		1,486		2,630		4,116		1,853		2,263		-	S/L 31.5	2003(A)
Fayetteville, NC		8,524		10,627		-		8,524		14,715		23,239		4,361		18,878		9,681	S/L 31.5	2003(A)
Charleston, SC		3,479		9,850		-		3,479		16,743		20,222		7,612		12,610		-	S/L 31.5	2003(A)
Denver, CO		20,733		22,818		-		20,804		24,633		45,437		8,159		37,278		-	S/L 31.5	2003(A)
Chattanooga, TN		1,845		13,214		-		1,845		16,617		18,462		5,803		12,659		9,704	S/L 31.5	2003(A)
Hendersonville, TN		3,249		9,068		-		3,249		9,123		12,372		2,965		9,407		5,456	S/L 31.5	2003(A)
Johnson City, TN		-		521		-		-		2,013		2,013		416		1,597		-	S/L 31.5	2003(A)
Chester, VA		10,780		4,752		-		10,780		7,117		17,897		2,753		15,144		7,284	S/L 31.5	2003(A)
Milwaukee, WI		4,527		3,600		-		4,527		4,888		9,415		1,528		7,887		-	S/L 31.5	2003(A)
Suwanee, GA		13,479		23,923		-		13,335		30,528		43,863		9,691		34,172		25,322	S/L 31.5	2003(A)
West Allis, WI		2,371		10,982		-		2,371		11,904		14,275		3,727		10,548		-	S/L 31.5	2003(A)
Chesterfield, MI		566		2,324		-		48		1,012		1,060		569		491		-	S/L 31.5	2006(A)
Orland Park, IL		10,430		13,081		-		10,430		13,403		23,833		3,679		20,154		6,532	S/L 31.5	2004(A)
Louisville, KY		4,180		747		-		4,288		2,416		6,704		587		6,117		-	S/L 31.5	2004(A)
N. Charleston, SC		5,146		5,990		-		5,146		10,167		15,313		2,804		12,509		-	S/L 31.5	2004(A)
West Long Branch, NJ		14,131		51,982		-		14,131		57,197		71,328		15,062		56,266		1,440	S/L 31.5	2004(A)

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)						Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances		Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land		Buildings & Improvements		Total
Mays Landing, NJ		49,033		107,230		-		49,033		114,447		163,480		32,169		131,311		63,520	S/L 31.5	2004(A)
Lakeland, FL		2,778		2,302		-		2,778		2,457		5,235		1,200		4,035		-	S/L 31.5	2004(A)
Toledo, OH		1,316		3,961		-		1,316		3,961		5,277		1,132		4,145		-	S/L 31.5	2004(A)
Mays Landing, NJ		36,224		56,949		-		36,224		61,649		97,873		17,403		80,470		5,061	S/L 31.5	2004(A)
Indian Trail, NC		2,999		7,075		-		2,999		7,623		10,622		2,206		8,416		-	S/L 31.5	2004(A)
Ashtabula, OH		1,444		9,912		-		1,444		10,058		11,502		2,821		8,681		-	S/L 31.5	2004(A)
Horseheads, NY		659		2,426		-		4,777		33,390		38,167		3,660		34,507		-	S/L 31.5	2007(A)
West Seneca, NY		2,929		12,926		-		2,929		13,193		16,122		3,664		12,458		-	S/L 31.5	2004(A)
N. Tonawanda, NY		5,806		21,291		-		5,806		22,648		28,454		6,748		21,706		-	S/L 31.5	2004(A)
Amherst, NY		-		28,331		-		-		25,205		25,205		9,737		15,468		-	S/L 31.5	2004(A)
Ithaca, NY		9,198		42,969		-		9,198		44,289		53,487		12,064		41,423		10,144	S/L 31.5	2004(A)
Hamburg, NY		3,303		16,239		-		3,303		16,546		19,849		4,720		15,129		-	S/L 31.5	2004(A)
Hamburg, NY		6,598		31,853		-		6,598		33,640		40,238		9,435		30,803		-	S/L 31.5	2004(A)
Tonawanda, NY		3,061		6,887		-		3,061		8,319		11,380		2,391		8,989		-	S/L 31.5	2004(A)
Hamburg, NY		4,152		22,075		-		4,152		22,738		26,890		6,338		20,552		-	S/L 31.5	2004(A)
Olean, NY		8,834		29,813		-		8,844		31,632		40,476		9,133		31,343		-	S/L 31.5	2004(A)
Big Flats, NY		22,229		52,579		-		22,279		57,956		80,235		18,174		62,061		-	S/L 31.5	2004(A)
Williamsville, NY		5,021		6,768		-		5,021		8,851		13,872		2,940		10,932		-	S/L 31.5	2004(A)
Greece, NY		3,901		4,922		-		3,901		4,923		8,824		1,392		7,432		-	S/L 31.5	2004(A)
Buffalo, NY		6,010		19,044		-		6,010		19,528		25,538		5,346		20,192		-	S/L 31.5	2004(A)
Lockport, NY		9,253		23,829		-		9,253		24,225		33,478		6,781		26,697		5,114	S/L 31.5	2004(A)
Buffalo, NY		3,568		29,001		-		3,620		29,658		33,278		8,193		25,085		9,963	S/L 31.5	2004(A)
Cheektowaga, NY		15,471		25,600		-		15,471		27,158		42,629		8,264		34,365		2,517	S/L 31.5	2004(A)
New Hartford, NY		1,279		13,685		-		1,279		13,776		15,055		3,872		11,183		-	S/L 31.5	2004(A)
Gates, NY		9,369		40,672		-		9,369		42,075		51,444		12,058		39,386		-	S/L 31.5	2004(A)
Rome, NY		4,565		5,078		-		4,565		9,411		13,976		2,424		11,552		2,023	S/L 31.5	2004(A)
Dewitt, NY		881		5,686		-		561		4,196		4,757		1,577		3,180		-	S/L 31.5	2004(A)
Niskayuna, NY		20,297		51,155		-		20,297		52,586		72,883		15,053		57,830		13,878	S/L 31.5	2004(A)
Victor, NY		2,374		6,433		-		2,374		7,007		9,381		1,908		7,473		5,802	S/L 31.5	2004(A)
Allentown, PA		5,558		20,060		-		5,558		23,098		28,656		6,957		21,699		12,250	S/L 31.5	2003(A)
St. John, MO		2,613		7,040		-		2,827		8,122		10,949		2,565		8,384		-	S/L 31.5	2003(A)
Ft. Collins, CO		1,129		2,054		-		1,129		4,579		5,708		1,376		4,332		-	S/L 31.5	2003(A)
Lakeland, FL		1,445		-		-		1,445		5,863		7,308		1,207		6,101		-	S/L 31.5	2003(A)
Hamilton, NJ		8,039		49,896		-		11,774		85,560		97,334		23,049		74,285		40,419	S/L 31.5	2003(A)
Lansing, MI		1,598		6,999		-		1,801		11,825		13,626		3,405		10,221		6,496	S/L 31.5	2003(A)
San Antonio, TX		1,613		10,791		-		6,168		70,946		77,114		9,264		67,850		-	S/L 31.5	2007(C)
San Antonio, TX		2,381		6,487		-		2,381		15,647		18,028		4,257		13,771		-	S/L 31.5	2007(A)
Kyle, TX		2,548		7,349		-		4,676		17,014		21,690		1,183		20,507		21,470	S/L 31.5	2009(C)
Brandon, FL		4,775		13,117		-		4,775		14,243		19,018		1,366		17,652		-	S/L 31.5	2009(A)

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)						Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances		Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land		Buildings & Improvements		Total
Atlanta, GA		14,078		41,050		-		14,078		41,950		56,028		4,020		52,008		43,300	S/L 31.5	2009(A)
Marietta, GA		9,745		27,737		-		9,137		28,710		37,847		2,945		34,902		-	S/L 31.5	2009(A)
Maple Grove, MN		8,917		23,954		-		8,917		24,336		33,253		1,426		31,827		-	S/L 31.5	2011(A)
Charlotte, NC		27,707		45,021		-		27,707		45,364		73,071		1,986		71,085		50,045	S/L 31.5	2011(A)
Charlotte, NC		4,733		5,424		-		4,733		5,452		10,185		229		9,956		-	S/L 31.5	2011(A)
Colorado Springs, CO		4,075		20,248		-		4,075		20,663		24,738		959		23,779		9,196	S/L 31.5	2011(A)
Columbus, OH		18,716		64,617		-		18,716		64,784		83,500		2,478		81,022		44,758	S/L 31.5	2011(A)
Portland, OR		20,208		50,738		-		20,208		50,904		71,112		1,365		69,747		-	S/L 31.5	2012(A)
Phoenix, AZ		15,090		36,880		-		15,090		37,903		52,993		1,038		51,955		-	S/L 31.5	2012(A)
Tucson, AZ		19,298		94,117		-		19,298		94,203		113,501		1,486		112,015		24,202	S/L 31.5	2012(A)
Phoenix, AZ		34,201		88,475		-		34,201		90,312		124,513		1,339		123,174		-	S/L 31.5	2012(A)
Independence, MO		5,011		45,752		-		5,011		45,757		50,768		407		50,361		-	S/L 31.5	2012(A)
Arnold, MO		892		5,283		-		892		5,285		6,177		46		6,131		-	S/L 31.5	2012(A)
Charlotte, NC		11,224		82,124		-		11,224		82,124		93,348		-		93,348		-	S/L 31.5	2012(A)
Raleigh, NC		3,317		35,411		-		3,317		35,411		38,728		-		38,728		-	S/L 31.5	2012(A)
Tinley Park, IL		9,120		37,496		-		9,120		37,525		46,645		1,155		45,490		-	S/L 31.5	2012(A)
Macon, GA		2,940		5,192		-		2,940		5,477		8,417		1,025		7,392		-	S/L 31.5	2007(A)
Snellville, GA		10,185		51,815		-		10,342		54,205		64,547		10,250		54,297		21,200	S/L 31.5	2007(A)
Union, NJ		7,650		15,689		-		7,650		22,823		30,473		3,499		26,974		-	S/L 31.5	2007(A)
Boiling Springs, SC		1,015		4,486		-		1,015		4,491		5,506		1,262		4,244		-	S/L 31.5	2007(A)
Taylors, SC		1,732		4,506		-		1,732		4,507		6,239		863		5,376		-	S/L 31.5	2007(A)
Dothan, AL		3,358		26,903		-		3,358		27,968		31,326		5,261		26,065		-	S/L 31.5	2007(A)
Bradenton, FL		10,766		31,203		-		10,916		35,024		45,940		12,857		33,083		-	S/L 31.5	2007(A)
Clearwater, FL		5,579		15,855		-		5,579		17,539		23,118		3,296		19,822		6,956	S/L 31.5	2007(A)
Tampa, FL		1,699		3,338		-		1,699		3,390		5,089		634		4,455		-	S/L 31.5	2007(A)
Tequesta, FL		2,108		7,400		-		2,108		8,524		10,632		2,086		8,546		-	S/L 31.5	2007(A)
Kennesaw, GA		6,175		9,028		-		6,175		9,522		15,697		1,742		13,955		-	S/L 31.5	2007(A)
Roswell, GA		6,566		15,005		-		6,566		15,736		22,302		6,697		15,605		-	S/L 31.5	2007(A)
Hagerstown, MD		2,440		9,697		-		2,440		11,743		14,183		2,240		11,943		-	S/L 31.5	2007(A)
Greensboro, NC		5,012		11,162		-		5,105		11,527		16,632		2,216		14,416		-	S/L 31.5	2007(A)
Greensboro, NC		3,153		9,455		-		3,153		9,755		12,908		1,878		11,030		4,676	S/L 31.5	2007(A)
East Hanover, NJ		3,847		23,798		-		3,847		24,376		28,223		4,603		23,620		-	S/L 31.5	2007(A)
Camp Hill, PA		1,631		8,402		-		1,631		8,406		10,037		1,607		8,430		-	S/L 31.5	2007(A)
Middletown, RI		3,804		16,805		-		3,842		16,931		20,773		3,233		17,540		-	S/L 31.5	2007(A)
Lexington, SC		1,795		9,933		-		1,795		9,977		11,772		1,885		9,887		4,206	S/L 31.5	2007(A)
Newport News, VA		10,064		21,272		-		4,026		11,063		15,089		4,064		11,025		-	S/L 31.5	2007(A)
Richmond, VA		11,879		34,736		-		11,879		35,614		47,493		6,788		40,705		12,218	S/L 31.5	2007(A)
Springfield, VA		12,627		30,572		-		12,627		31,546		44,173		5,950		38,223		10,809	S/L 31.5	2007(A)
Springfield, VA		4,389		9,466		-		4,389		10,167		14,556		2,111		12,445		-	S/L 31.5	2007(A)

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)						Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances		Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land		Buildings & Improvements		Total
Sterling, VA		8,426		18,651		-		8,426		18,689		27,115		3,532		23,583		-	S/L 31.5	2007(A)
Windsor Court, CT		6,090		11,745		-		6,090		11,749		17,839		2,230		15,609		7,096	S/L 31.5	2007(A)
Ocala, FL		2,877		9,407		-		853		4,475		5,328		1,796		3,532		-	S/L 31.5	2007(A)
Valrico, FL		3,282		12,190		-		3,282		15,031		18,313		2,334		15,979		-	S/L 31.5	2007(A)
Atlanta, GA		11,120		31,341		-		11,120		32,982		44,102		6,142		37,960		11,796	S/L 31.5	2007(A)
Norcross, GA		3,007		8,489		-		3,007		8,535		11,542		1,609		9,933		-	S/L 31.5	2007(A)
Bowie, MD		5,739		14,301		-		5,744		14,402		20,146		2,770		17,376		-	S/L 31.5	2007(A)
Ashville, NC		2,651		8,908		-		2,651		9,032		11,683		1,943		9,740		-	S/L 31.5	2007(A)
Charlotte, NC		2,842		9,807		-		2,842		10,025		12,867		1,909		10,958		-	S/L 31.5	2007(A)
Cornelius, NC		4,382		15,184		-		4,382		18,661		23,043		4,027		19,016		-	S/L 31.5	2007(A)
Greensboro, NC		1,682		7,593		-		1,682		7,654		9,336		1,861		7,475		-	S/L 31.5	2007(A)
Raleigh, NC		2,728		10,665		-		2,728		10,817		13,545		2,054		11,491		-	S/L 31.5	2007(A)
Wilson, NC		1,598		8,160		-		1,635		9,110		10,745		1,749		8,996		-	S/L 31.5	2007(A)
Morgantown, WV		4,645		10,341		-		4,645		10,425		15,070		2,130		12,940		-	S/L 31.5	2007(A)
Edgewater, NJ		7,714		30,473		-		7,714		30,855		38,569		5,786		32,783		-	S/L 31.5	2007(A)
Highland Ranch, CO		1,380		4,682		-		1,380		4,838		6,218		872		5,346		-	S/L 31.5	2007(A)
Dania Beach, FL		9,593		17,686		-		9,593		17,691		27,284		3,416		23,868		-	S/L 31.5	2007(A)
Plantation, FL		21,729		37,331		-		22,112		93,830		115,942		15,458		100,484		45,800	S/L 31.5	2007(A)
Duluth, GA		815		2,692		-		545		2,094		2,639		644		1,995		-	S/L 31.5	2007(A)
Lawrenceville, GA		1,457		1,057		-		1,486		1,146		2,632		219		2,413		-	S/L 31.5	2007(A)
Rome, GA		1,523		4,007		-		1,523		4,966		6,489		754		5,735		-	S/L 31.5	2007(A)
Snellville, GA		1,303		1,494		-		1,303		1,494		2,797		285		2,512		-	S/L 31.5	2007(A)
Sylvania, GA		431		3,774		-		431		3,774		4,205		747		3,458		-	S/L 31.5	2007(A)
Worcester, MA		5,395		10,938		-		1,517		4,583		6,100		2,084		4,016		5,264	S/L 31.5	2007(A)
Dearborn Heights, MI		2,463		2,946		-		2,463		2,946		5,409		566		4,843		-	S/L 31.5	2007(A)
Livonia, MI		1,396		2,680		-		1,396		2,680		4,076		516		3,560		-	S/L 31.5	2007(A)
Westland, MI		1,400		2,531		-		1,400		2,531		3,931		491		3,440		2,625	S/L 31.5	2007(A)
Cary, NC		2,264		4,581		-		1,079		3,742		4,821		1,206		3,615		-	S/L 31.5	2007(A)
Winston-Salem, NC		7,156		15,010		-		7,156		15,010		22,166		2,956		19,210		5,620	S/L 31.5	2007(A)
Cheektowaga, NY		1,740		2,417		-		1,740		2,417		4,157		460		3,697		-	S/L 31.5	2007(A)
Dunkirk, NY		-		1,487		-		-		1,487		1,487		288		1,199		-	S/L 31.5	2007(A)
Alliance, OH		812		16,244		-		812		16,244		17,056		3,183		13,873		7,002	S/L 31.5	2007(A)
Cincinnati, OH		2,805		5,028		-		2,805		5,028		7,833		964		6,869		2,537	S/L 31.5	2007(A)
Cheswick, PA		863		2,225		-		863		2,225		3,088		424		2,664		-	S/L 31.5	2007(A)
Erie, PA		958		2,206		-		958		2,206		3,164		409		2,755		-	S/L 31.5	2007(A)
Erie, PA		1,525		2,399		-		378		921		1,299		433		866		-	S/L 31.5	2007(A)
Erie, PA		-		1,486		-		-		1,486		1,486		286		1,200		-	S/L 31.5	2007(A)
Erie, PA		1,578		2,703		-		1,578		2,711		4,289		501		3,788		-	S/L 31.5	2007(A)
Erie, PA		1,641		2,015		-		1,641		2,015		3,656		384		3,272		-	S/L 31.5	2007(A)

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2012

(In thousands)

	Initial Cost						Total Cost(1)								Accumulated Depreciation		Total Cost, Net  of Accumulated Depreciation		Encumbrances			Depreciable Lives (Years)(2)	Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land			Buildings & Improvements			Total
Monroeville, PA		1,431		2,006		-		1,431			2,014			3,445		372		3,073		-		S/L 31.5	2007(A)
New Castle, PA		1,331		2,016		-		1,331			2,016			3,347		385		2,962		-		S/L 31.5	2007(A)
Pittsburgh, PA		1,771		2,523		-		1,445			2,148			3,593		478		3,115		-		S/L 31.5	2007(A)
Greenville, SC		1,452		1,891		-		1,452			1,956			3,408		361		3,047		-		S/L 31.5	2007(A)
Greenville, SC		5,659		14,411		-		5,659			14,411			20,070		2,848		17,222		5,464		S/L 31.5	2007(A)
Woodruff, SC		1,145		2,353		-		1,145			2,353			3,498		454		3,044		-		S/L 31.5	2007(A)
Grand Prairie, TX		2,892		3,226		-		2,892			3,226			6,118		652		5,466		-		S/L 31.5	2007(A)
Houston, TX		4,380		8,729		-		4,380			8,775			13,155		1,747		11,408		-		S/L 31.5	2007(A)
Olympia, WA		2,946		3,050		-		2,946			3,050			5,996		565		5,431		-		S/L 31.5	2007(A)
Lakeland, FL		2,800		3,148		-		2,800			3,682			6,482		1,370		5,112		-		S/L 31.5	2007(A)
Evansville, IN		8,964		18,764		-		8,964			18,797			27,761		3,732		24,029		-		S/L 31.5	2007(A)
Apex, NC		2,362		4,452		-		2,362			4,452			6,814		499		6,315		-		S/L 31.5	2007(A)
Portfolio Balance (DDR) – unencumbered		205,696		194,608		-		205,697			194,609			400,306		1,491		398,815		-		S/L 31.5
Portfolio Balance (DDR) – encumbered		62,753		180,721		-		62,753			180,721			243,474		60,884		182,590		46,277		S/L 31.5
	$	2,098,335	$	5,327,191	$	7,203	$	2,154,968	(3)	$	6,484,143	(4)	$	8,639,111	$	1,670,717	$	6,968,394	$	1,246,938	(5)

(1) The Aggregate Cost for Federal Income Tax purposes was approximately $8.7 billion at December 31, 2012.

(2) S/L refers to straight-line depreciation.

(3) Includes $254.6 million of land under development at December 31, 2012.

(4) Includes $220.5 million of construction in progress at December 31, 2012.

(5) Does not include tax-exempt certificates and fair market value of debt adjustments aggregating $15.7 million and $11.5 million, respectively.

The changes in Total Real Estate Assets, excluding real estate held for sale, for the three years ended December 31, 2012 are as follows:

	2012			2011			2010
Balance, beginning of year	$	8,266,839		$	8,411,239		$	8,812,484
Acquisitions and transfers from joint ventures		594,633			260,161			—
Developments, improvements and expansions		105,132			104,245			174,315
Changes in land under development and construction in progress		3,188			(15,153	)		(2,409	)
Real estate held for sale		—			(3,267	)		—
Adjustment of property carrying values		(135,813	)		(125,844	)		(171,900	)
Sales, transfers to joint ventures and retirements		(194,868	)		(364,542	)		(401,251	)
Balance, end of year	$	8,639,111		$	8,266,839		$	8,411,239

The changes in Accumulated Depreciation and Amortization, excluding real estate held for sale, for the three years ended December 31, 2012 are as follows:

	2012			2011			2010
Balance, beginning of year	$	1,550,066		$	1,452,112		$	1,332,534
Depreciation for year		233,619			230,332			227,304
Real estate held for sale		—			(977	)		—
Sales and retirements		(112,968	)		(131,401	)		(107,726	)
Balance, end of year	$	1,670,717		$	1,550,066		$	1,452,112