Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Acquired Shopping Centers

In 2012 and 2011, the Company acquired the following shopping centers:

Location			Date Acquired	Gross Purchase Price (in millions)		Face Value of Mortgage Debt Assumed (in millions)
Raleigh, North Carolina			December 2012	$	44.8		N/A
Charlotte, North Carolina			December 2012		106.4		N/A
Independence, Missouri	(A	)	September 2012		57.8	$	33.6	(B	)
St. Louis, Missouri	(A	)	September 2012		6.5		3.4	(B	)
Tucson, Arizona			August 2012		125.4		24.4
Phoenix, Arizona	(A	)	July 2012		137.3		105.4	(B	)
Phoenix, Arizona	(A	)	April 2012		59.9		47.2	(B	)
Portland, Oregon	(A	)	April 2012		77.9		56.6	(B	)
Chicago, Illinois			March 2012		47.4		N/A
Columbus, Ohio			December 2011		79.6		45.2
Charlotte, North Carolina			September 2011		74.0		50.8
Charlotte, North Carolina			September 2011		11.0		6.6
Colorado Springs, Colorado			September 2011		25.0		9.6
Macedonia, Ohio and Maple Grove, Minnesota	(A	)	January and March 2011		79.7		50.2	(B	)

(A) Acquired from unconsolidated joint venture. Due to the change in control that occurred, the Company recorded an aggregate gain of $80.0 million and $22.7 million for the years ended December 31, 2012 and 2011, respectively, associated with these acquisitions related to the difference between the Company’s carrying value and fair value of its previously held equity interest on the respective acquisition date.

(B) Mortgage repaid at closing.

Schedule of Acquisition Costs

The acquisition costs were allocated as follows (in thousands):

							Weighted Average Amortization Period (in Years)
	2012			2011			2012		2011
Land	$	118,360		$	73,415			N/A		N/A
Buildings		461,794			183,068			N/A		N/A
Tenant improvements		14,479			3,678			N/A		N/A
In-place leases (including lease origination costs and fair market value of leases)(A)		51,059			18,069			6.2		5.0
Tenant relations		45,100			16,977			9.3		9.6
		690,792			295,207
Less: Mortgage debt assumed		(25,414	)		(122,885	)		N/A		N/A
Less: Below-market leases		(26,162	)		(14,300	)		18.4		16.5
Net assets acquired	$	639,216		$	158,022

(A) Includes above-market value of leases of $11.8 million and $1.4 million for 2012 and 2011, respectively.

Consideration

	2012		2011
Consideration:
Cash (including debt repaid at closing)	$	596,008	$	143,063
Fair value of previously held equity interests(A)		43,208		14,959
Total consideration	$	639,216	$	158,022

(A) Prior to the acquisition, the Company’s investment basis was negative due to deferred gains and distributions in excess of equity in net income. The Company’s intent was to fund any share of future operating deficits if the need arose, even though there was no such legal obligation to fund such amounts.

Unaudited Supplement to Pro Forma Operating Data

The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2012, as if the acquisition of the interests in the properties acquired in 2012 were completed on January 1, 2011. The following unaudited supplemental pro forma operating data is presented for the years ended December 31, 2011 and 2010, as if the acquisition of the interests in the properties acquired in 2011 were completed on January 1, 2010. The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures were adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods.

	For the Years Ended December 31, (in thousands, except per share amounts) (Unaudited)
	2012			2011			2010
Pro forma revenues	$	835,454		$	822,719		$	766,917
Pro forma (loss) income from continuing operations	$	(92,582	)	$	48,461		$	(144,755	)
Pro forma loss from discontinued operations	$	(16,416	)	$	(18,590	)	$	(86,786	)
Pro forma net (loss) income attributable to DDR common shareholders	$	(138,077	)	$	2,504		$	(234,129	)
Per share data:
Basic earnings per share data:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.41	)	$	0.07		$	(0.71	)
Loss from discontinued operations attributable to DDR common shareholders		(0.05	)		(0.06	)		(0.25	)
Net (loss) income attributable to DDR common shareholders	$	(0.46	)	$	0.01		$	(0.96	)
Diluted earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.41	)	$	(0.01	)	$	(0.71	)
Loss from discontinued operations attributable to DDR common shareholders		(0.05	)		(0.06	)		(0.25	)
Net loss attributable to DDR common shareholders	$	(0.46	)	$	(0.07	)	$	(0.96	)