10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-11690

DDR Corp.

(Exact name of registrant as specified in its charter)

Ohio	34-1723097
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3300 Enterprise Parkway, Beachwood, Ohio 44122

(Address of principal executive offices—zip code)

(216) 755-5500

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of November 1, 2013, the registrant had 359,243,879 outstanding common shares, $0.10 par value per share.

PART I

FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS—Unaudited
Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012	2
Condensed Consolidated Statements of Operations for the Three-Month Periods Ended September  30, 2013 and 2012	3
Condensed Consolidated Statements of Operations for the Nine-Month Periods Ended September 30, 2013 and 2012	4
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three- and Nine-Month Periods Ended September 30, 2013 and 2012	5
Consolidated Statement of Equity for the Nine-Month Period Ended September 30, 2013	6
Condensed Consolidated Statements of Cash Flows for the Nine-Month Periods Ended September 30, 2013 and 2012	7
Notes to Condensed Consolidated Financial Statements	8

1

DDR Corp.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

	September 30, 2013			December 31, 2012
Assets
Land	$	1,902,915		$	1,900,401
Buildings		5,970,428			5,773,961
Fixtures and tenant improvements		542,226			489,626
		8,415,569			8,163,988
Less: Accumulated depreciation		(1,779,865	)		(1,670,717	)
		6,635,704			6,493,271
Land held for development and construction in progress		496,368			475,123
Real estate held for sale, net		7,369			—
Total real estate assets, net		7,139,441			6,968,394
Investments in and advances to joint ventures		631,983			613,017
Cash and cash equivalents		35,351			31,174
Restricted cash		25,853			23,658
Notes receivable, net		77,857			68,718
Other assets, net		434,658			350,876
	$	8,345,143		$	8,055,837
Liabilities and Equity
Unsecured indebtedness:
Senior notes	$	2,453,336		$	2,147,097
Unsecured term loan		350,000			350,000
Revolving credit facilities		42,869			147,905
		2,846,205			2,645,002
Secured indebtedness:
Secured term loan		400,000			400,000
Mortgage indebtedness		1,349,852			1,274,141
		1,749,852			1,674,141
Total indebtedness		4,596,057			4,319,143
Accounts payable and other liabilities		346,933			326,024
Dividends payable		49,826			44,210
Total liabilities		4,992,816			4,689,377
Commitments and contingencies (Note 9)
DDR Equity:
Class H—7.375% cumulative redeemable preferred shares, without par value, $500 liquidation value; 750,000 shares authorized; 110,000 and 410,000 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively		55,000			205,000
Class J—6.5% cumulative redeemable preferred shares, without par value, $500 liquidation value; 750,000 shares authorized; 400,000 shares issued and outstanding at September 30, 2013 and December 31, 2012		200,000			200,000
Class K—6.25% cumulative redeemable preferred shares, without par value, $500 liquidation value; 750,000 shares authorized; 300,000 shares issued and outstanding at September 30, 2013		150,000			—
Common shares, with par value, $0.10 stated value; 600,000,000 and 500,000,000 shares authorized; 324,215,984 and 315,239,299 shares issued at September 30, 2013 and December 31, 2012, respectively		32,422			31,524
Paid-in capital		4,789,730			4,629,257
Accumulated distributions in excess of net income		(1,867,741	)		(1,694,822	)
Deferred compensation obligation		16,492			15,556
Accumulated other comprehensive loss		(29,866	)		(27,925	)
Less: Common shares in treasury at cost: 980,825 and 977,673 shares at September 30, 2013 and December 31, 2012, respectively		(17,484	)		(16,452	)
Total DDR shareholders’ equity		3,328,553			3,342,138
Non-controlling interests		23,774			24,322
Total equity		3,352,327			3,366,460
	$	8,345,143		$	8,055,837

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

2

DDR Corp.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30,

(Dollars in thousands, except per share amounts)

(Unaudited)

	2013			2012
Revenues from operations:
Minimum rents	$	150,654		$	134,046
Percentage and overage rents		885			296
Recoveries from tenants		48,443			41,839
Fee and other income		19,386			21,096
		219,368			197,277
Rental operation expenses:
Operating and maintenance		34,728			31,287
Real estate taxes		28,541			24,668
Impairment charges		24,136			2,560
General and administrative		19,246			18,547
Depreciation and amortization		74,141			59,620
		180,792			136,682
Other income (expense):
Interest income		6,691			5,661
Interest expense		(57,936	)		(53,724	)
Other income (expense), net		(2,282	)		(1,868	)
		(53,527	)		(49,931	)
(Loss) income before earnings from equity method investments and other items		(14,951	)		10,664
Equity in net income of joint ventures		3,780			5,486
Impairment of joint venture investments		—			(26,111	)
Gain on change in control of interests		—			40,645
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes		(11,171	)		30,684
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(406	)		(263	)
(Loss) income from continuing operations		(11,577	)		30,421
Income (loss) from discontinued operations		9,443			(3,816	)
(Loss) income before gain on disposition of real estate		(2,134	)		26,605
Gain on disposition of real estate, net of tax		1,929			261
Net (loss) income	$	(205	)	$	26,866
Non-controlling interests		(170	)		(128	)
Net (loss) income attributable to DDR	$	(375	)	$	26,738
Write-off of preferred share original issuance costs		—			(5,804	)
Preferred dividends		(6,608	)		(7,681	)
Net (loss) income attributable to DDR common shareholders	$	(6,983	)	$	13,253
Per share data:
Basic earnings per share data:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04
Diluted earnings per share data:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

3

DDR Corp.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30,

(Dollars in thousands, except per share amounts)

(Unaudited)

	2013			2012
Revenues from operations:
Minimum rents	$	436,950		$	387,299
Percentage and overage rents		3,261			2,433
Recoveries from tenants		140,896			123,953
Fee and other income		58,934			57,369
		640,041			571,054
Rental operation expenses:
Operating and maintenance		101,412			93,215
Real estate taxes		82,940			73,326
Impairment charges		54,134			44,692
General and administrative		59,123			56,691
Depreciation and amortization		211,200			178,535
		508,809			446,459
Other income (expense):
Interest income		20,365			9,829
Interest expense		(166,990	)		(161,203	)
Loss on debt retirement, net		—			(13,495	)
Other income (expense), net		(3,288	)		(7,100	)
		(149,913	)		(171,969	)
Loss before earnings from equity method investments and other items		(18,681	)		(47,374	)
Equity in net income of joint ventures		5,543			16,966
Impairment of joint venture investments		—			(26,671	)
Gain on change in control of interests		1,066			79,993
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes		(12,072	)		22,914
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(2,481	)		(798	)
(Loss) income from continuing operations		(14,553	)		22,116
Loss from discontinued operations		(2,623	)		(53,671	)
Loss before gain on disposition of real estate		(17,176	)		(31,555	)
Gain on disposition of real estate, net of tax		347			6,161
Net loss	$	(16,829	)	$	(25,394	)
Non-controlling interests		(556	)		(424	)
Net loss attributable to DDR	$	(17,385	)	$	(25,818	)
Write-off of preferred share original issuance costs		(5,246	)		(5,804	)
Preferred dividends		(21,113	)		(21,616	)
Net loss attributable to DDR common shareholders	$	(43,744	)	$	(53,238	)
Per share data:
Basic earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.13	)	$	0.00
Loss from discontinued operations attributable to DDR common shareholders		(0.01	)		(0.19	)
Net loss attributable to DDR common shareholders	$	(0.14	)	$	(0.19	)
Diluted earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.13	)	$	0.00
Loss from discontinued operations attributable to DDR common shareholders		(0.01	)		(0.19	)
Net loss attributable to DDR common shareholders	$	(0.14	)	$	(0.19	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

4

DDR Corp.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE- AND NINE-MONTH PERIODS ENDED SEPTEMBER 30,

(Dollars in thousands)

(Unaudited)

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Net (loss) income	$	(205	)	$	26,866		$	(16,829	)	$	(25,394	)
Other comprehensive (loss) income:
Foreign currency translation		(429	)		6,662			(16,364	)		(11,757	)
Change in fair value of interest-rate contracts		(1,537	)		(3,988	)		11,107			(14,995	)
Amortization of interest-rate contracts		118			415			354			235
Unrealized gains on available-for-sale securities		2,639			—			2,639			—
Total other comprehensive income (loss)		791			3,089			(2,264	)		(26,517	)
Comprehensive income (loss)		586			29,955			(19,093	)		(51,911	)
Comprehensive (loss) income attributable to non-controlling interests:
Allocation of net income		(170	)		(128	)		(556	)		(424	)
Foreign currency translation		(290	)		(558	)		323			(423	)
Total comprehensive loss attributable to non-controlling interests		(460	)		(686	)		(233	)		(847	)
Total comprehensive income (loss) attributable to DDR	$	126		$	29,269		$	(19,326	)	$	(52,758	)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

5

DDR Corp.

CONSOLIDATED STATEMENT OF EQUITY

FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2013

(Dollars in thousands)

(Unaudited)

	DDR Equity
	Preferred Shares			Common Shares		Paid-in Capital			Accumulated Distributions in Excess of Net Income			Deferred Compensation Obligation			Accumulated Other Comprehensive Loss			Treasury Stock at Cost			Non- Controlling Interests			Total
Balance, December 31, 2012	$	405,000		$	31,524	$	4,629,257		$	(1,694,822	)	$	15,556		$	(27,925	)	$	(16,452	)	$	24,322		$	3,366,460
Issuance of common shares related to stock plans					10		1,280												255						1,545
Issuance of common shares for cash offering					888		155,923												1,237						158,048
Issuance of preferred shares		150,000					(5,137	)																	144,863
Issuance of restricted stock							(3,118	)					1,103						2,015						—
Vesting of restricted stock							3,042						(167	)					(4,539	)					(1,664	)
Stock-based compensation							3,237																		3,237
Contributions from non-controlling interests																						281			281
Distributions to non-controlling interests																						(1,062	)		(1,062	)
Redemption of preferred shares		(150,000	)				5,246			(5,246	)														(150,000	)
Dividends declared-common shares										(129,210	)														(129,210	)
Dividends declared-preferred shares										(21,078	)														(21,078	)
Comprehensive (loss) income										(17,385	)					(1,941	)					233			(19,093	)
Balance, September 30, 2013	$	405,000		$	32,422	$	4,789,730		$	(1,867,741	)	$	16,492		$	(29,866	)	$	(17,484	)	$	23,774		$	3,352,327

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

6

DDR Corp.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30,

(Dollars in thousands)

(Unaudited)

	2013			2012
Net cash flow provided by operating activities:	$	276,678		$	197,425
Cash flow from investing activities:
Real estate acquired, net of liabilities assumed		(326,661	)		(236,580	)
Real estate developed and improvements to operating real estate		(158,909	)		(138,348	)
Proceeds from disposition of real estate		156,654			96,736
Equity contributions to joint ventures		(20,143	)		(54,803	)
Issuance of joint venture advances, net		(41,000	)		(149,921	)
Distributions of proceeds from sale and refinancing of joint venture interests		1,696			1,034
Return of investments in joint ventures		5,479			9,517
Purchase of securities available for sale		(1,800	)		—
Issuance of notes receivable		(22,014	)		(592	)
Repayment of notes receivable		13,715			975
Change in restricted cash – capital improvements		(2,526	)		6,681
Net cash flow used for investing activities:		(395,509	)		(465,301	)
Cash flow from financing activities:
(Repayments) proceeds of revolving credit facilities, net		(104,340	)		66,502
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses of $650 and $709 in 2013 and 2012, respectively		295,591			291,503
Repayment of senior notes		—			(445,682	)
Proceeds from mortgages and other secured debt		45,042			353,506
Repayment of term loans and mortgage debt		(112,835	)		(327,905	)
Payment of debt issuance costs		(3,921	)		(9,038	)
Redemption of preferred shares		(150,000	)		(170,000	)
Proceeds from issuance of preferred shares, net of underwriting commissions and offering expenses of $412 and $845 in 2013 and 2012, respectively		144,863			192,855
Proceeds from issuance of common shares, net of underwriting commissions and offering expenses of $473 and $805 in 2013 and 2012, respectively		158,048			418,522
Repurchase of common shares in conjunction with equity award plans		(4,060	)		(2,757	)
Contributions from non-controlling interests		281			249
Distributions to non-controlling interests and redeemable operating partnership units		(1,057	)		(8,774	)
Dividends paid		(144,671	)		(111,523	)
Net cash flow provided by financing activities:		122,941			247,458
Cash and cash equivalents
Increase (decrease) in cash and cash equivalents		4,110			(20,418	)
Effect of exchange rate changes on cash and cash equivalents		67			(561	)
Cash and cash equivalents, beginning of period		31,174			41,206
Cash and cash equivalents, end of period	$	35,351		$	20,227

Supplemental disclosure of non-cash investing and financing activities:

At September 30, 2013, dividends payable were $49.8 million. During the nine months ended September 30, 2013, as part of the consideration used to acquire real estate assets, the Company assumed debt of $148.5 million. In addition, in conjunction with the acquisition of its partner’s interest in five shopping centers, the Company reversed its previously held equity interest by decreasing Investments in and Advances to Joint Ventures by $15.4 million and increased net assets by $1.0 million for its previously held proportionate share of the assets. In conjunction with the redemption of $150.0 million of the Company’s $205.0 million, 7.375% Class H Cumulative Redeemable Preferred Shares (“Class H Preferred Shares”), the Company recorded a charge to net income attributable to common shareholders of $5.2 million related to the prorated write-off of the Class H Preferred Shares’ original issuance costs. At September 30, 2013, accounts payable included $25.1 million for accrued but unpaid real estate asset expenditures. The foregoing transactions did not provide for or require the use of cash for the nine-month period ended September 30, 2013.

At September 30, 2012, dividends payable were $43.2 million. During the nine months ended September 30, 2012, as part of the consideration used to acquire real estate assets, the Company assumed debt of $25.4 million. In addition, in conjunction with the acquisition of its partners’ interests in five shopping centers, the Company reversed its previously held equity interest by increasing Investments in and Advances to Joint Ventures by $36.8 million, as the investment basis was negative, increasing net assets by $80.0 million for its previously held proportionate share of the assets and assumed debt of $246.2 million. In conjunction with the redemption of the Company’s 7.50% Class I Cumulative Redeemable Preferred Shares, the Company recorded a charge to net income attributable to common shareholders of $5.8 million related to the write-off of original issuance costs. The foregoing transactions did not provide for or require the use of cash for the nine-month period ended September 30, 2012.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

7

DDR Corp.

Notes to Condensed Consolidated Financial Statements

1. NATURE OF BUSINESS AND FINANCIAL STATEMENT PRESENTATION

DDR Corp. and its related real estate joint ventures and subsidiaries (collectively, the “Company” or “DDR”) are primarily engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. In addition, the Company engages in the origination and acquisition of loans and debt securities, which are generally collateralized directly or indirectly by shopping centers. Unless otherwise provided, references herein to the Company or DDR include DDR Corp., its wholly-owned and majority-owned subsidiaries and its consolidated and unconsolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local retailers. Consequently, the Company’s credit risk is concentrated in the retail industry.

Use of Estimates in Preparation of Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.

Unaudited Interim Financial Statements

These financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three- and nine-month periods ended September 30, 2013 and 2012, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

Principles of Consolidation

The condensed consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). Investments in joint ventures that the Company does not control are accounted for under the equity method of accounting.

At September 30, 2013 and December 31, 2012, the Company’s investments in consolidated real estate joint ventures in which the Company was deemed to be the primary beneficiary had total real estate assets of $186.3 million and $184.6 million, respectively, mortgages of $19.4 million and $21.5 million, respectively, and other liabilities of $1.8 million and $1.9 million, respectively.

8

New Accounting Standards Implemented

Presentation of Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of comprehensive income. This guidance requires presentation of reclassification adjustments from other comprehensive income to net income in a single note or on the face of the financial statements. This guidance was effective for the Company on January 1, 2013. This guidance did not materially impact the Company’s consolidated financial statements.

2. INVESTMENTS IN AND ADVANCES TO JOINT VENTURES

At September 30, 2013 and December 31, 2012, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 203 and 206 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	September 30, 2013			December 31, 2012
Condensed Combined Balance Sheets
Land	$	1,552,832		$	1,569,548
Buildings		4,653,035			4,681,462
Fixtures and tenant improvements		284,451			244,293
		6,490,318			6,495,303
Less: Accumulated depreciation		(873,212	)		(833,816	)
		5,617,106			5,661,487
Land held for development and construction in progress		283,241			348,822
Real estate, net		5,900,347			6,010,309
Cash and restricted cash(A)		355,283			467,200
Receivables, net		104,422			99,098
Other assets		410,985			427,014
	$	6,771,037		$	7,003,621
Mortgage debt	$	4,210,034		$	4,246,407
Notes and accrued interest payable to DDR(B)		156,743			143,338
Other liabilities		293,711			342,614
		4,660,488			4,732,359
Redeemable preferred equity		198,521			154,556
Accumulated equity		1,912,028			2,116,706
	$	6,771,037		$	7,003,621
Company’s share of Accumulated Equity	$	391,417		$	432,500

(A) Includes $230.8 million and $347.9 million at September 30, 2013 and December 31, 2012, respectively, from Sonae Sierra Brasil.

9

(B) The Company has net amounts receivable from several joint ventures aggregating $35.9 million and $34.3 million at September 30, 2013 and December 31, 2012, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining amounts were fully reserved by the Company in prior years.

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Condensed Combined Statements of Operations
Revenues from operations	$	181,671		$	183,187		$	545,603		$	498,018
Operating expenses(A)		65,435			62,191			191,389			174,252
Impairment charges		21,875			—			66,438			840
Depreciation and amortization		58,080			64,491			179,027			142,361
Interest expense		58,433			58,876			175,840			167,740
		203,823			185,558			612,694			485,193
(Loss) income before tax expense and discontinued operations		(22,152	)		(2,371	)		(67,091	)		12,825
Income tax expense (primarily Sonae Sierra Brasil), net		(6,446	)		(6,591	)		(20,299	)		(18,781	)
Loss from continuing operations		(28,598	)		(8,962	)		(87,390	)		(5,956	)
Discontinued operations:
Loss from discontinued operations		(2,403	)		(42,976	)		(7,054	)		(57,661	)
(Loss) gain on disposition of real estate, net of tax(B)		(21,228	)		1,183			(27,133	)		1,290
Loss before gain on disposition of real estate, net		(52,229	)		(50,755	)		(121,577	)		(62,327	)
Gain on disposition of real estate, net		151			1,128			794			14,230
Net loss	$	(52,078	)	$	(49,627	)	$	(120,783	)	$	(48,097	)
Non-controlling interests		(5,800	)		(6,155	)		(19,715	)		(19,689	)
Net loss attributable to unconsolidated joint ventures	$	(57,878	)	$	(55,782	)	$	(140,498	)	$	(67,786	)
Company’s share of equity in net income (loss) of joint ventures(C)	$	2,800		$	(1,613	)	$	4,328		$	11,739
Amortization of basis differentials(D)		980			7,099			1,215			5,227
Equity in net income of joint ventures	$	3,780		$	5,486		$	5,543		$	16,966

(A) Operating expenses for the nine-month period ended September 30, 2012, include transaction costs associated with the formation of the unconsolidated joint venture BRE DDR Retail Holdings I.

(B) Primarily attributable to an investment in the Coventry II Fund in which the Company had a 20% interest. The joint venture recorded a loss of $32.6 million on the transfer of its ownership of one of its properties to the lender. The Company’s share of the loss is zero as the Company had previously written off its investment in this operating property.

(C) The Company is not recording income or loss from those investments in which its investment basis is zero and the Company does not have the obligation or intent to fund any additional capital.

(D) The difference between the Company’s share of net loss, as reported above, and the amounts included in the condensed consolidated statements of operations is attributable to the amortization of basis differentials, deferred gains and differences in gain (loss) on sale of certain assets due to the basis differentials and other than temporary impairment charges.

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Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment basis and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions):

	September 30, 2013			December 31, 2012
Company’s share of accumulated equity	$	391.4		$	432.5
Redeemable preferred equity and other(A)		199.0	(B)		155.0
Basis differentials		8.6			(5.9	)
Deferred development fees, net of portion related to the Company’s interest		(2.9	)		(2.9	)
Notes and accrued interest payable to DDR		35.9	(B)		34.3
Investments in and Advances to Joint Ventures	$	632.0		$	613.0

(A) Primarily relates to $198.5 million and $154.6 million of preferred equity investments through investments with affiliates of Blackstone Real Estate Partners VII L.P. (“Blackstone”) at September 30, 2013 and December 31, 2012, respectively.

(B) In conjunction with the Company’s acquisition of its joint venture partner’s interest in 30 assets in October 2013, $148.8 million was applied to fund the acquisition cost of the assets (Note 17).

Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Management and other fees	$	7.4	$	7.6	$	22.6	$	20.9
Development fees and leasing commissions		2.7		2.3		7.9		6.2
Interest income		5.3		4.7		14.4		5.1

BRE DDR Retail Holdings II Joint Venture

In August 2013, a newly formed joint venture between consolidated affiliates of the Company and an affiliate of Blackstone acquired a portfolio of seven prime shopping centers, (“BRE DDR Retail Holdings II”). The purchase price was $332.0 million, including assumed debt of $206.6 million and $28.0 million of new mortgage debt. An affiliate of Blackstone owns 95% of the common equity of the joint venture and an affiliate of DDR owns the remaining 5%. DDR also invested $30.0 million in preferred equity in the joint venture with a fixed dividend rate of 9%. DDR’s investment was funded primarily through proceeds from asset sales. DDR will provide leasing and management services and has certain rights allowing it to potentially acquire four assets in the portfolio.

DDRTC Core Retail Fund LLC

In April 2013, the Company purchased its unconsolidated joint venture partner’s 85% ownership interest in five assets. The aggregate purchase price of these assets was $110.5 million. The Company recorded an aggregate Gain on Change in Control of Interests related to the difference between the Company’s carrying value and fair value of the previously held equity interest. At closing, $92.4 million of aggregate mortgage debt was repaid. Upon acquisition, these shopping centers were unencumbered and consolidated into the Company’s results from operations.

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3. ACQUISITIONS

In the nine-month period ended September 30, 2013, the Company acquired the following operating shopping centers:

Location	Date Acquired	Gross Purchase Price (in millions)		Face Value of Mortgage Debt Assumed (in millions)
Orlando, FL and Atlanta, GA	July 2013	$	258.5	$	139.4
Parcels adjacent to existing shopping centers	June 2013		11.7		N/A
Tampa, FL, Atlanta, GA, Newport News, VA and Richmond, VA (2 assets) (A)	April 2013		110.5		N/A
Dallas, TX	March 2013		40.3		N/A
Oakland, CA	February 2013		41.1		N/A

(A) Acquired from unconsolidated joint venture.

The Company accounted for these acquisitions utilizing the purchase method of accounting. The acquisition cost of the operating shopping centers was allocated as follows (in thousands):

				Weighted Average Amortization Period (in Years)
Land	$	76,915			N/A
Buildings		323,047			N/A
Tenant improvements		9,714			N/A
In-place leases (including lease origination costs and fair market value of leases)(A)		52,253			5.9
Tenant relations		25,916			7.2
		487,845
Less: Mortgage debt assumed		(148,497	)
Less: Below-market leases		(16,716	)		18.7
Net assets acquired	$	322,632

(A) Includes above-market value of leases of $6.0 million.

Consideration:
Cash (including debt repaid at closing)	$	306,100
Fair value of previously held equity interests		16,532
Total consideration	$	322,632

The costs related to the acquisition of these assets, which were not material, were expensed as incurred and included in other income (expense), net.

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The following unaudited supplemental pro forma operating data is presented for the three- and nine-month periods ended September 30, 2013 and 2012, as if the acquisition of the interests in the properties acquired in 2013 and 2012 was completed on January 1, 2012 (in thousands, except per share amounts). The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures was 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.

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Pro forma revenues	$	220,586		$	214,349		$	658,291		$	631,873
Pro forma loss from continuing operations	$	(11,638	)	$	(10,521	)	$	(15,767	)	$	(58,757	)
Pro forma income (loss) from discontinued operations	$	9,443		$	(3,816	)	$	(2,623	)	$	(53,671	)
Pro forma net loss attributable to DDR common shareholders	$	(7,044	)	$	(27,689	)	$	(44,958	)	$	(134,111	)
Per share data:
Basic earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	(0.07	)	$	(0.13	)	$	(0.26	)
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.17	)
Net loss attributable to DDR common shareholders	$	(0.02	)	$	(0.08	)	$	(0.14	)	$	(0.43	)
Diluted earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	(0.07	)	$	(0.13	)	$	(0.26	)
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.17	)
Net loss attributable to DDR common shareholders	$	(0.02	)	$	(0.08	)	$	(0.14	)	$	(0.43	)

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4. NOTES RECEIVABLE

The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and/or real estate assets, some of which are subordinate to other financings.

Notes receivable consist of the following (in thousands):

	September 30, 2013		December 31, 2012
Loans receivable	$	71,645	$	60,378
Other notes		1,038		3,093
Tax Increment Financing Bonds (“TIF Bonds”)(A)		5,174		5,247
	$	77,857	$	68,718

(A) Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement.

As of September 30, 2013 and December 31, 2012, the Company had seven and six loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the nine-month periods ended September 30, 2013 and 2012 (in thousands):

	2013			2012
Balance at January 1	$	60,378		$	84,541
Additions:
New mortgage loans		21,967			592
Interest		319			790
Accretion of discount		651			615
Deductions:
Payments of principal and interest		(11,670	)		—
Other(A)		—			(31,700	)
Balance at September 30	$	71,645		$	54,838

(A) Loan assumed by the Company’s unconsolidated joint venture BRE DDR Retail Holdings I and reclassified into Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2012, upon the Company’s acquisition of its equity interest of the joint venture. This loan was applied toward funding of the Company’s acquisition of its joint venture partner’s interest in 30 prime power centers that were previously owned by BRE DDR Retail Holdings I (the “Blackstone Acquisition”) (Note 17).

In addition, at September 30, 2013, the Company had one loan outstanding aggregating $9.8 million that matured in September 2011 and was more than 90 days past due. The Company is no longer accruing interest income on this note as no payments have been received. A loan loss reserve of $4.3 million was established in 2012 based on the estimated value of the underlying real estate collateral.

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5. OTHER ASSETS, NET

Other assets consist of the following (in thousands):

	September 30, 2013		December 31, 2012
Intangible assets:
In-place leases (including lease origination costs and fair market value of leases), net	$	102,485	$	67,105
Tenant relations, net		79,358		62,175
Total intangible assets, net(A)		181,843		129,280
Other assets:
Accounts receivable, net(B)		119,061		126,228
Deferred charges, net		38,367		42,498
Prepaid expenses		15,850		12,469
Other assets		44,042		29,821
Deposits		35,495		10,580
Total other assets, net	$	434,658	$	350,876

(A) The Company recorded amortization expense of $8.6 million and $4.9 million for the three-month periods ended September 30, 2013 and 2012, and $22.4 million and $11.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively, related to these intangible assets.

(B) Includes straight-line rents receivable, net, of $61.4 million and $58.2 million at September 30, 2013 and December 31, 2012, respectively.

6. REVOLVING CREDIT FACILITIES AND TERM LOANS

The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) and term loans (in millions):

	Carrying Value at September 30, 2013		Weighted-Average Interest Rate at September 30, 2013			Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	42.9		2.2	%	April 2017
PNC Facility		—		N/A		April 2017
Unsecured Term Loan — Tranche 1		50.0		2.3	%	January 2017
Unsecured Term Loan — Tranche 2		300.0		3.4	%	January 2019
Secured indebtedness:
Secured Term Loan		400.0		2.0	%	April 2017

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Revolving Credit Facilities

The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by JP Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was last amended in January 2013. The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, and an accordion feature for expansion of availability to $1.25 billion upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level and the ability to extend the maturity for one year to April 2018 at the Company’s option. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 30 basis points on the entire facility at September 30, 2013. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At September 30, 2013, the Company had US$5.0 million of Euro borrowings and US$25.4 million of Canadian dollar borrowings outstanding (Note 8).

The Company also maintains a $65 million unsecured revolving credit facility with PNC Bank, National Association, (the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility was also amended in January 2013 to reflect terms consistent with those contained in the Unsecured Credit Facility.

The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either (i) the prime rate plus a specified spread (0.40% at September 30, 2013), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.40% at September 30, 2013). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard and Poor’s. The Company is required to comply with certain covenants relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these covenants at September 30, 2013.

Secured Term Loan

The Company maintains a collateralized term loan (the “Secured Term Loan”) with a syndicate of financial institutions, for which KeyBank National Association serves as the administrative agent, which was amended in January 2013. The Secured Term Loan includes an option to extend the maturity for one year to April 2018, at the Company’s option. Borrowings under the Secured Term Loan bear interest at variable rates based on LIBOR, as defined in the loan agreement, plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.55% at September 30, 2013). The collateral for the Secured Term Loan is real estate assets, or investment interests in certain assets, that are already encumbered by first mortgage loans. The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these covenants at September 30, 2013.

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7. SENIOR NOTES

In May 2013, the Company issued $300 million aggregate principal amount of 3.375% senior unsecured notes due May 2023. The Company used the net proceeds to partially fund the Blackstone Acquisition (Note 17).

8. FINANCIAL INSTRUMENTS

Measurement of Fair Value

At September 30, 2013, the Company used pay-fixed interest rate swaps to manage its exposure to changes in benchmark interest rates (the “Swaps”). The estimated fair values were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk. The Company determined that the significant inputs used to value its derivatives fell within Level 2 of the fair value hierarchy.

Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets and liabilities, which consist of interest rate swap agreements (included in Other Liabilities) and marketable securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan and investments in securities at September 30, 2013 and December 31, 2012, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
Assets (liabilities):	Level 1		Level 2			Level 3		Total
September 30, 2013
Derivative financial instruments	$	—	$	(6.0	)	$	—	$	(6.0	)
Marketable securities	$	7.5	$	—		$	—	$	7.5
December 31, 2012
Derivative financial instruments	$	—	$	(17.1	)	$	—	$	(17.1	)
Marketable securities	$	2.9	$	—		$	—	$	2.9

The unrealized gain of $11.1 million included in other comprehensive income (loss) (“OCI”) is attributable to the net change in fair value during the nine-month period ended September 30, 2013, related to derivative financial instruments, none of which were reported in the Company’s condensed consolidated statements of operations because the swaps are documented and qualify as hedging instruments.

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Other Fair Value Instruments

Investments in unconsolidated joint ventures are considered financial assets. See discussion of related fair value considerations in Note 13.

Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Marketable Securities, Accounts Payable, Accrued Expenses and Other Liabilities

The carrying amounts reported in the condensed consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. The Company’s marketable equity securities have been classified as available-for-sale and are recorded at fair value, with any realized gains and losses recorded using the specific identification method and any unrealized gains or losses recorded in OCI. The fair value of cash and cash equivalents, restricted cash and available-for-sale securities are classified as Level 1 in the fair value hierarchy.

Notes Receivable and Advances to Affiliates

The fair value is estimated using a discounted cash flow analysis, in which the Company used unobservable inputs such as market interest rates determined by the loan to value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as Level 3 in the fair value hierarchy. The fair value of these notes was approximately $305.9 million and $250.7 million at September 30, 2013 and December 31, 2012, respectively, as compared to the carrying amounts of $303.6 million and $250.4 million, respectively. The carrying value of the TIF bonds, which was $5.2 million at both September 30, 2013 and December 31, 2012, approximated their fair value.

Debt

The fair market value of senior notes, except senior convertible notes, is determined using the trading price of the Company’s public debt. The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile including the Company’s nonperformance risk and loan to value. The Company’s senior notes, except senior convertible notes, and all other debt including senior convertible notes are classified as Level 2 and Level 3, respectively, in the fair value hierarchy.

Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.

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Debt instruments at September 30, 2013 and December 31, 2012, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior notes	$	2,453,336	$	2,702,949	$	2,147,097	$	2,503,127
Revolving Credit Facilities and term loans		792,869		794,912		897,905		903,210
Mortgage indebtedness		1,349,852		1,371,949		1,274,141		1,324,969
	$	4,596,057	$	4,869,810	$	4,319,143	$	4,731,306

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

The Company has interests in consolidated joint ventures that own real estate assets in Canada and Russia. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company uses non-derivative financial instruments to economically hedge a portion of this exposure. The Company manages its currency exposure related to the net assets of its Canadian and European subsidiaries through foreign currency-denominated debt agreements.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company generally uses interest rate swaps as part of its interest rate risk management strategy. Swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

As of September 30, 2013 and December 31, 2012, the notional amount of the Company’s Swaps was $631.8 million and $632.8 million, respectively. The following table discloses certain information regarding the Company’s 10 outstanding interest rate swaps (not including the specified spreads), as well as their classification on the condensed consolidated balance sheets, as of September 30, 2013 and December 31, 2012 (in millions):

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Maturity Date	Aggregate Notional Amount		Counterparty Pays Variable Rate	DDR Pays Fixed Rate			Fair Value
							September 30, 2013					December 31, 2012
							Asset		Liability			Asset		Liability
June 2014	$	100.0	1 Month LIBOR		1.0	%	$	—	$	(0.6	)	$	—	$	(1.2	)
June 2015	$	50.0	1 Month LIBOR		0.6	%		—		(0.2	)		—		(0.3	)
July 2015	$	100.0	1 Month LIBOR		0.5	%		—		(0.4	)		—		(0.5	)
September 2017	$	81.8	1 Month LIBOR		2.8	%		—		(5.6	)		—		(7.8	)
January 2018	$	100.0	1 Month LIBOR		0.9	%		1.0		—			—		(0.7	)
February 2019	$	100.0	1 Month LIBOR		1.6	%		—		(0.3	)		—		(3.5	)
February 2019	$	100.0	1 Month LIBOR		1.5	%		0.1		—			—		(3.1	)
Other Assets							$	1.1		N/A		$	—		N/A
Accounts Payable								N/A	$	(7.1	)		N/A	$	(17.1	)

All components of the Swaps were included in the assessment of hedge effectiveness. The Company expects that within the next 12 months it will reflect an increase to interest expense (and a corresponding decrease to earnings) of approximately $6.7 million, which includes amortization of previously settled interest rate contracts.

The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in accumulated OCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2013, such derivatives were used to hedge the forecasted variable cash flows associated with existing or probable future obligations. The ineffective portion of the change in the fair value of derivatives is recognized directly in earnings. During the nine-month periods ended September 30, 2013 and 2012, the amount of hedge ineffectiveness recorded was not material.

The Company is exposed to credit risk in the event of non-performance by the counterparties to the Swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes.

Credit Risk-Related Contingent Features

The Company has agreements with each of its Swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its Swaps, resulting in an acceleration of payment under the Swaps.

Net Investment Hedges

The Company is exposed to foreign exchange risk from its consolidated and unconsolidated international investments. The Company has foreign currency-denominated debt agreements that expose the Company to fluctuations in foreign exchange rates. The Company has designated these foreign currency borrowings as a hedge of its net investment in its Canadian and European subsidiaries. Changes in the spot rate value are recorded as adjustments to the debt balance with offsetting unrealized gains and losses recorded in OCI. Because the notional amount of the non-derivative instrument substantially matches the portion of the net investment designated as being hedged, and the non-derivative instrument is denominated in the functional currency of the hedged net investment, the hedge ineffectiveness recognized in earnings is not material.

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Effect on Net Income (Loss) and OCI

The effect of the Company’s cash flow hedges and net investment hedge instruments on net income (loss) and OCI is as follows (in millions):

	Amount of Gain (Loss) Recognized in OCI (Effective Portion)												Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)
	Three-Month Periods Ended September 30						Nine-Month Periods Ended September 30								Three-Month Periods Ended September 30					Nine-Month Periods Ended September 30
	2013			2012			2013			2012					2013			2012		2013			2012
Cash flow hedges:
Interest rate contracts	$	(1.5	)	$	(4.0	)	$	11.1		$	(10.3	)		Interest expense	$	(0.1	)	$	0.4	$	(0.3	)	$	0.2
Net investment hedges:
Euro-denominated	$	(0.2	)	$	(0.2	)	$	(0.1	)	$	0.1				$	—		$	—	$	—		$	—
Canadian dollar-denominated		(0.5	)		(1.3	)		0.8			(0.9	)				—			—		—			—
Total:	$	(0.7	)	$	(1.5	)	$	0.7		$	(0.8	)			$	—		$	—	$	—		$	—

9. COMMITMENTS AND CONTINGENCIES

Legal Matters

Coventry II

The Company is a party to various joint ventures with the Coventry II Fund, through which 10 existing or proposed retail properties, along with a portfolio of former Service Merchandise locations, were acquired at various times from 2003 through 2006. The properties were acquired by the joint ventures as value-add investments, with major renovation and/or ground-up development contemplated for many of the properties. The Company was generally responsible for day-to-day management of the properties through December 2011. On November 4, 2009, Coventry Real Estate Advisors L.L.C., Coventry Real Estate Fund II, L.L.C. and Coventry Fund II Parallel Fund, L.L.C. (collectively, “Coventry”) filed suit against the Company and certain of its affiliates and officers in the Supreme Court of the State of New York, County of New York. The complaint alleges that the Company: (i) breached contractual obligations under a co-investment agreement and various joint venture limited liability company agreements, project development agreements and management and leasing agreements; (ii) breached its fiduciary duties as a member of various limited liability companies; (iii) fraudulently induced the plaintiffs to enter into certain agreements; and (iv) made certain material misrepresentations. The complaint also requests that a general release made by Coventry in favor of the Company in connection with one of the joint venture properties be voided on the grounds of economic duress. The complaint seeks compensatory and consequential damages in an amount not less than $500 million, as well as punitive damages.

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In response to this action, the Company filed a motion to dismiss the complaint or, in the alternative, to sever the plaintiffs’ claims. In June 2010, the court granted the motion in part (which was affirmed on appeal), dismissing Coventry’s claim that the Company breached a fiduciary duty owed to Coventry. The Company also filed an answer to the complaint, and asserted various counterclaims against Coventry. On October 10, 2011, the Company filed a motion for summary judgment, seeking dismissal of all of Coventry’s remaining claims. On April 18, 2013, the court issued an order granting the majority of the Company’s motion. Among other findings, the order dismissed all claims of fraud and misrepresentation against the Company and its officers, dismissed all claims for breach of the joint venture agreements and development agreements, and dismissed Coventry’s claim of economic duress. The court’s decision denied the Company’s motion solely with respect to several claims for breach of contract under the Company’s prior management agreements in connection with certain assets. Coventry appealed the court’s ruling. The Company cross-appealed the ruling with respect to those limited aspects of the motion that were not granted.

The Company believes that the allegations in the lawsuit are without merit and that it has strong defenses against this lawsuit. The Company will continue to vigorously defend itself against the allegations contained in the complaint. This lawsuit is subject to the uncertainties inherent in the litigation process and, therefore, no assurance can be given as to its ultimate outcome and no loss provision has been recorded in the accompanying financial statements because a loss contingency is not deemed probable or estimable. However, based on the information presently available to the Company, the Company does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Contract Termination

In January 2008, the Company entered into a Services Agreement (the “Agreement”) with Oxford Building Services, Inc. (“Oxford”). Oxford’s obligations under the Agreement were guaranteed by Control Building Services, Inc. (“Control”), an affiliate of Oxford. The Agreement required that Oxford identify and contract directly with various service providers (“Vendors”) to provide maintenance, repairs, supplies and a variety of on-site services to certain properties in the Company’s portfolio, in exchange for which Oxford would pay such Vendors for the services. Under the Agreement, the Company remitted funds to Oxford to pay the Vendors under the Vendors’ contracts with Oxford.

On or about January 23, 2013, Oxford advised the Company that approximately $11 million paid by the Company to Oxford for the sole purpose of paying various Vendors had instead been used to repay commercial financing obligations incurred by Oxford and its affiliates to a third-party lender. As a result, Oxford had insufficient funds to pay the Vendors in accordance with the Agreement. On January 28, 2013, the Company terminated the Agreement based upon Oxford’s violations of the Agreement principally due to its insolvency. On February 26, 2013, Oxford and several affiliates filed petitions for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey (Case No. 13-13821).

In its initial filings in the bankruptcy case, Oxford has claimed that the Company refused to pay Oxford approximately $5 million allegedly due and owing to Vendors for work performed at the Company’s properties prior to the termination of the Agreement. Further, Oxford threatened to

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commence litigation against the Company to recover the alleged amounts owed should a consensual resolution not be reached. The Company denies that any sums are due to Oxford, and if any such claim is asserted, the Company will vigorously defend against it. Furthermore, as a result of the funds previously paid by the Company to Oxford, the Company also denies that any sums are due from the Company to any Vendors and will vigorously defend against any such claims. On March 18, 2013, the Company filed suit in the Court of Common Pleas, Cuyahoga County, Ohio, against Control, Control Equity Group, Inc. (the non-bankrupt parent company of Oxford) and the individual principals of Oxford. The suit asserts claims for, among other things, breach of the Control guaranty, fraud, conversion and civil conspiracy.

Other

In addition to the litigation discussed above, the Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.

10. EQUITY

Common Shares

In May 2013, the Company entered into forward sale agreements with respect to 39.1 million of its common shares. In September 2013 and October 2013, the Company settled forward equity agreements totaling 3.96 million and 35.14 million common shares, respectively, for an aggregate net proceeds of $701.3 million, at a price to the Company of $17.94 per share. The Company used the net proceeds received upon settlement of the forward sale agreements to partially fund the Blackstone Acquisition (Note 17).

From January 1, 2013 through September 30, 2013, the Company issued 5.0 million common shares at a weighted-average price of $17.70 per share, generating gross proceeds of $88.4 million. The net proceeds primarily were used to acquire shopping center assets (Note 3).

Common share dividends declared were as follows:

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Common share dividends declared	$	0.135	$	0.12	$	0.405	$	0.36

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Preferred Shares

In April 2013, the Company issued $150.0 million of its newly designated 6.250% Class K cumulative redeemable preferred shares (“Class K Preferred Shares”) at a price of $500.00 per share (or $25.00 per depositary share). In May 2013, the Company redeemed $150.0 million of its Class H Preferred Shares at a redemption price of $25.1127 per depositary share (the sum of $25.00 per depositary share and dividends per depositary share of $0.1127 prorated to the redemption date). The Company recorded a charge of $5.2 million to net loss attributable to common shareholders related to the write-off of the Class H Preferred Shares’ original issuance costs.

2013 Value Sharing Equity Program

On December 31, 2012, the Company adopted the 2013 Value Sharing Equity Program (“2013 VSEP”), which granted awards to certain officers of the Company on January 1, 2013. The 2013 VSEP awards, if earned, may result in the granting of common shares of the Company to participants on future measurement dates over three years, subject to an additional service-based vesting schedule. As a result, in general, the total compensation available to participants under the 2013 VSEP, if any, will be fully earned only after seven years (the three-year performance period and the final four-year service-based vesting period).

The 2013 VSEP is designed to allow DDR to reward participants for superior financial performance and allow them to share in “value created” (as defined below), based upon (1) increases in DDR’s adjusted market capitalization over pre-established periods of time and (2) increases in relative total shareholder return of DDR as compared to the performance of the FTSE NAREIT Equity REITs Total Return Index for the FTSE International Limited NAREIT U.S. Real Estate Index Series (the “NAREIT Index”). Under the 2013 VSEP, participants are granted two types of performance-based awards – a “relative performance award” and an “absolute performance award” – that, if earned, are settled with DDR common shares that are generally subject to additional service-based vesting requirements for a period of four years.

Absolute Performance Awards. Under the absolute performance awards, on five specified measurement dates (occurring on December 31, 2013 and every six months thereafter through December 31, 2015), DDR will measure the “Value Created” during the period between the start of the 2013 VSEP and the applicable measurement date. Value Created is measured for each period for the absolute performance awards as the increase in DDR’s market capitalization (i.e. the product of DDR’s five-day trailing average share price as of each measurement date (price-only appreciation, not total shareholder return) and the number of shares outstanding as of the measurement date), as adjusted for equity issuances and/or equity repurchases, between the start of the 2013 VSEP and the applicable measurement date. The share price used for purposes of determining Value Created for the absolute performance awards during any measurement period is capped based on an 8.0% per year compound annual growth rate for DDR shares from the start of the 2013 VSEP through the end of 2015 (the “Maximum Ending Share Price”).

Each participant has been assigned a “percentage share” of the Value Created for the absolute performance awards, but the total share of Value Created for all participants for the absolute performance awards is capped at $18.0 million (the aggregate percentage share for all participants for

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the absolute performance awards is 1.4133%). As a result, each participant’s total share of Value Created for the absolute performance awards is capped at an individual maximum limit. After the first measurement date, each participant will earn DDR common shares with an aggregate value equal to two-sixths of the participant’s percentage share of the Value Created for this award. After each of the next three measurement dates, each participant will earn DDR common shares with an aggregate value equal to three-sixths, then four-sixths, and then five-sixths, respectively, of the participant’s percentage share of the Value Created for this award. After the final measurement date (or, if earlier, upon a change in control, as defined in the 2013 VSEP), each participant will earn DDR common shares with an aggregate value equal to the participant’s full percentage share of the Value Created. In addition, for each measurement date, the number of DDR common shares earned by a participant will be reduced by the number of DDR common shares previously earned by the participant for prior measurement periods.

Relative Performance Awards. Under the relative performance awards, on December 31, 2015 (or, if earlier, upon a change in control), DDR will compare its dividend-adjusted share price performance during the period between the start of the 2013 VSEP and December 31, 2015, to the performance of a comparable hypothetical investment in the NAREIT Index (in each case as adjusted for equity issuances and/or equity repurchases during the same period). No relative performance awards will be earned by participants unless and until the absolute performance awards have already been earned by DDR achieving its Maximum Ending Share Price, and thus achieving maximum performance for the absolute performance awards.

If DDR’s relative performance exceeds the NAREIT Index, then the relative performance awards may be earned provided certain conditions are met. First, DDR’s five-day trailing average share price as of December 31, 2015, must be equal to or exceed the Maximum Ending Share Price. Second, the participant must be employed with DDR on the measurement date for the relative performance awards. If, after satisfaction of those conditions, DDR’s relative performance exceeds the NAREIT Index performance (subject to a not-less-than-minimum level of NAREIT Index performance), then each participant will earn DDR common shares based on the participant’s full “percentage share” of the Value Created for the relative performance awards, which percentage shares have been assigned by DDR. The total share of Value Created for all participants for the relative performance awards is capped at $36.0 million (the aggregate percentage share for all participants for the relative performance awards is 1.9337%), and, as a result, each participant’s total share of Value Created for the relative performance awards is capped at an individual maximum limit.

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Unless otherwise determined by DDR, the DDR shares earned under the absolute performance awards and relative performance awards will generally be subject to additional service-based restrictions that are expected to vest in 20% annual increments beginning on the date of grant and on each of the first four anniversaries of the date of grant. The fair value of the 2013 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions:

	Range
Risk-free interest rate		0.36	%
Weighted-average dividend yield		4.0	%
Expected life		3 years
Expected volatility		18-24	%

As of September 30, 2013, $7.7 million of total unrecognized compensation costs are related to the two market metric components associated with the awards granted under the 2013 VSEP and are expected to be recognized over the 6.25-year term, which includes the vesting period.

11. OTHER COMPREHENSIVE LOSS

The changes in accumulated other comprehensive loss by component are as follows (in thousands):

	Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Net Unrealized Gains on Marketable Securities(A)		Total
Balance, December 31, 2012	$	(22,247	)	$	(5,678	)	$	—	$	(27,925	)
Other comprehensive income (loss) before reclassifications		11,107			(16,041	)		2,639		(2,295	)
Amounts reclassified from accumulated other comprehensive loss(B)		354			—			—		354
Net current-period other comprehensive income (loss)		11,461			(16,041	)		2,639		(1,941	)
Balance, September 30, 2013	$	(10,786	)	$	(21,719	)	$	2,639	$	(29,866	)

(A) Included in Other Assets in the condensed consolidated balance sheets.

(B) Reflects amortization classified in Interest Expense of $0.4 million offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, which were previously recognized in Accumulated Other Comprehensive Income in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2013.

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12. FEE AND OTHER INCOME

Fee and other income from continuing operations was composed of the following (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Management, development and other fee income	$	10.3	$	10.2	$	31.2	$	33.1
Ancillary and other property income		8.0		6.8		21.1		19.5
Lease termination fees		1.0		4.0		6.2		4.5
Other miscellaneous		0.1		0.1		0.4		0.3
Total fee and other income	$	19.4	$	21.1	$	58.9	$	57.4

13. IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS

The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2013 and 2012, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Land held for development	$	—	$	1.6	$	—	$	8.0
Undeveloped land		—		1.0		2.6		20.1
Assets marketed for sale (A)		24.1		—		51.5		16.6
Total continuing operations	$	24.1	$	2.6	$	54.1	$	44.7
Sold assets or assets held for sale		—		5.7		12.7		61.1
Total discontinued operations	$	—	$	5.7	$	12.7	$	61.1
Joint venture investments		—		26.1		—		26.7
Total impairment charges	$	24.1	$	34.4	$	66.8	$	132.5

(A) The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions.

Items Measured at Fair Value on a Non-Recurring Basis

For a description of the Company’s methodology on determining fair value, refer to Note 11 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

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The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the nine-month period ended September 30, 2013 and the year ended December 31, 2012. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total		Total Losses
September 30, 2013
Long-lived assets held and used	$	—	$	—	$	161.4	$	161.4	$	66.8
December 31, 2012
Long-lived assets held and used and held for sale		—		—		180.7		180.7		126.5
Unconsolidated joint venture investment		—		—		4.7		4.7		26.7
Deconsolidated joint venture investment		—		—		56.1		56.1		9.3

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions):

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at						Range
Description	September 30, 2013		December 31, 2012		Valuation Technique	Unobservable Inputs	2013	2012
Impairment of consolidated assets	$	87.1	$	136.6	Indicative Bid(A) / Contracted Price	Indicative Bid(A) / Contracted Price	N/A	N/A
		74.3		44.1	Income Capitalization Approach(B)	Market Capitalization Rate	7.7 – 10%	8 – 12%
						Price Per Square Foot	$12 – $117	$15 – $47
Impairment of joint venture investments(C)		—		4.7	Income Capitalization Approach	Market Capitalization Rate	—	8%
					Discounted Cash Flow	Discount Rate	—	11%
						Terminal Capitalization Rate	—	5.5 – 8.5%
Deconsolidated joint venture investment(D)		—		56.1	Discounted Cash Flow	Discount Rate	—	8 – 15%

(A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s determination of reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.

(B) Vacant space in certain assets was valued on a price per square foot.

(C) The fair value measurements also include consideration of the fair market value of debt. These inputs are further described in the debt section of Note 8.

(D) Related to loss reported in Change in Control and Sale of Interests recorded in 2012.

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14. DISCONTINUED OPERATIONS

The Company sold 28 properties during the nine-month period ended September 30, 2013, and had one property held for sale at September 30, 2013. In addition, the Company sold 29 properties in 2012. These asset sales are included in discontinued operations for the three- and nine-month periods ended September 30, 2013 and 2012. The balance sheet related to the asset held for sale and the operating results related to assets sold or designated as held for sale as of September 30, 2013, are as follows (in thousands):

	September 30, 2013
Land	$	1,682
Buildings		7,441
Fixtures and tenant improvements		245
		9,368
Less: Accumulated depreciation		(1,999	)
Total asset held for sale	$	7,369

	Three-Month Periods Ended September 30,					Nine-Month Periods Ended September 30,
	2013		2012			2013			2012
Revenues	$	2,169	$	7,786		$	11,956		$	27,164
Operating expenses		561		2,490			3,608			9,512
Impairment charges		—		5,698			12,661			61,165
Interest, net		412		1,547			2,609			5,957
Depreciation and amortization		454		1,691			2,941			7,322
		1,427		11,426			21,819			83,956
Income (loss) from discontinued operations		742		(3,640	)		(9,863	)		(56,792	)
Gain (loss) on disposition of real estate, net of tax		8,701		(176	)		7,240			3,121
Income (loss) from discontinued operations	$	9,443	$	(3,816	)	$	(2,623	)	$	(53,671	)

15. EARNINGS PER SHARE

The following table calculates the Company’s earnings per share (“EPS”) and provides a reconciliation of net loss from continuing operations and the number of common shares used in the computations of “basic” EPS, which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

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	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Basic Earnings:
Continuing Operations:
(Loss) income from continuing operations	$	(11,577	)	$	30,421		$	(14,553	)	$	22,116
Plus: Gain on disposition of real estate		1,929			261			347			6,161
Plus: Loss attributable to non-controlling interests		(170	)		(128	)		(556	)		(424	)
Write-off of preferred share original issuance costs		—			(5,804	)		(5,246	)		(5,804	)
Preferred dividends		(6,608	)		(7,681	)		(21,113	)		(21,616	)
Less: Earnings attributable to unvested shares and operating partnership units		(330	)		(323	)		(1,052	)		(919	)
Basic—(Loss) income from continuing operations	$	(16,756	)	$	16,746		$	(42,173	)	$	(486	)
Discontinued Operations:
Basic—Income (loss) from discontinued operations		9,443			(3,816	)		(2,623	)		(53,671	)
Basic—Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$	(7,313	)	$	12,930		$	(44,796	)	$	(54,157	)
Diluted Earnings:
Continuing Operations:
Basic—(Loss) income from continuing operations	$	(16,426	)	$	17,069		$	(41,121	)	$	433
Less: Earnings attributable to unvested shares and operating partnership units		(330	)		(323	)		(1,052	)		(919	)
Diluted—(Loss) income from continuing operations		(16,756	)		16,746			(42,173	)		(486	)
Discontinued Operations:
Basic—Income (loss) from discontinued operations		9,443			(3,816	)		(2,623	)		(53,671	)
Diluted—Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$	(7,313	)	$	12,930		$	(44,796	)	$	(54,157	)
Number of Shares:
Basic—Average shares outstanding		318,184			302,232			316,146			286,016
Effect of dilutive securities:
Stock options		—			490			—			479
Value sharing equity program		—			202			—			169
Forward equity agreement		—			—			—			1,033
Diluted—Average shares outstanding		318,184			302,924			316,146			287,697
Basic Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05		$	(0.13	)	$	0.00
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.19	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04		$	(0.14	)	$	(0.19	)
Dilutive Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05		$	(0.13	)	$	0.00
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.19	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04		$	(0.14	)	$	(0.19	)

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The following potentially dilutive securities are considered in the calculation of EPS as described below:

Potentially Dilutive Securities:

• The Company’s senior convertible notes due 2040, which are convertible into common shares of the Company with a conversion price of $15.44 at September 30, 2013, were not included in the computation of diluted EPS for all periods presented because the Company’s common share price did not exceed 125% of the conversion price in these periods and would therefore be anti-dilutive.

• Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the three- and nine-month periods ended September 30, 2013, because they were anti-dilutive due to the Company’s loss from continuing operations (Note 10).

• The 39.1 million common shares that were subject to the forward equity agreements entered into in May 2013 were not included in the computation of diluted EPS using the treasury stock method for the three- and nine-month periods ended September 30, 2013, because they were anti-dilutive due to the Company’s loss from continuing operations. The Company settled the forward equity agreements on September 27, 2013 and October 1, 2013.

16. SEGMENT INFORMATION

The Company has three reportable operating segments: shopping centers, loan investments and Brazil equity investment. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of the revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard.

The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 14) (in thousands):

	Three-Month Period Ended September 30, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	219,354		$	14							$	219,368
Operating expenses(B)		(87,330	)		(75	)							(87,405	)
Net operating income (loss)		132,024			(61	)							131,963
Depreciation and amortization		(74,141	)										(74,141	)
Interest income					6,691								6,691
Other income (expense), net									$	(2,282	)		(2,282	)
Unallocated expenses(C)										(77,588	)		(77,588	)
Equity in net (loss) income of joint ventures		(660	)				$	4,440					3,780
Loss from continuing operations												$	(11,577	)

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	Three-Month Period Ended September 30, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	197,272		$	5							$	197,277
Operating expenses(B)		(58,365	)		(150	)							(58,515	)
Net operating income (loss)		138,907			(145	)							138,762
Depreciation and amortization		(59,620	)										(59,620	)
Interest income					5,661								5,661
Other income (expense), net									$	(1,868	)		(1,868	)
Gain on change in control of interests		40,645											40,645
Unallocated expenses(C)										(72,534	)		(72,534	)
Equity in net (loss) income of joint ventures		(441	)				$	5,927					5,486
Impairment of joint venture investments													(26,111	)
Income from continuing operations												$	30,421
	Nine-Month Period Ended September 30, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	640,012		$	29							$	640,041
Operating expenses(B)		(238,109	)		(377	)							(238,486	)
Net operating income (loss)		401,903			(348	)							401,555
Depreciation and amortization		(211,200	)										(211,200	)
Interest income					20,365								20,365
Other income (expense), net									$	(3,288	)		(3,288	)
Gain on change in control on interests		1,066											1,066
Unallocated expenses(C)										(228,594	)		(228,594	)
Equity in net (loss) income of joint ventures		(7,677	)				$	13,220					5,543
Loss from continuing operations												$	(14,553	)
As of September 30, 2013:
Total gross real estate assets	$	8,921,305										$	8,921,305
Notes receivable, net				$	302,130	(D)			$	(224,273	)(D)	$	77,857

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	Nine-Month Period Ended September 30, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	571,042		$	12							$	571,054
Operating expenses(B)		(210,800	)		(433	)							(211,233	)
Net operating income (loss)		360,242			(421	)							359,821
Depreciation and amortization		(178,535	)										(178,535	)
Interest income					9,829								9,829
Other income (expense), net									$	(7,100	)		(7,100	)
Gain on change in control of interests		79,993											79,993
Unallocated expenses(C)										(232,187	)		(232,187	)
Equity in net (loss) income of joint ventures		(3,484	)				$	20,450					16,966
Impairment of joint venture investments													(26,671	)
Income from continuing operations												$	22,116
As of September 30, 2012:
Total gross real estate assets	$	8,583,201							$	7,093		$	8,590,294
Notes receivable, net				$	240,583	(D)			$	(177,470	)(D)	$	63,113

(A) The carrying value of the Brazil Equity Investment is not a measure used by executive management for purposes of decision making related to asset allocation or performance assessment of this segment.

(B) Includes impairment charges of $24.1 million and $2.6 million for the three-month periods ended September 30, 2013 and 2012, respectively, and $54.1 million and $44.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively.

(C) Unallocated expenses consist of general and administrative expenses, interest expense, loss/gain on debt retirement, and tax benefit/expense as listed in the condensed consolidated statements of operations.

(D) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheet.

17. SUBSEQUENT EVENTS

In October 2013, the Company acquired sole ownership of a portfolio of 30 prime power centers that were previously owned by BRE DDR Retail Holdings I, the Company’s joint venture with an affiliate of Blackstone. The transaction was valued at approximately $1.46 billion ($1.54 billion at 100%). The transaction included a cash payment of $566.4 million to an affiliate of Blackstone, of which $25.0 million was funded in the second quarter of 2013 and is recorded in Other Assets on the condensed consolidated balance sheet as of September 30, 2013. Furthermore, in connection with the closing of the Blackstone Acquisition, the Company assumed an affiliate of Blackstone’s 95% share of $792.9 million of mortgage debt, of which $139.0 million was repaid upon closing. In addition, $148.8 million of the preferred equity interest and mezzanine loan previously funded by the Company was repaid upon the closing of the Blackstone Acquisition. The Company will account for this transaction as a step acquisition. Due to the change in control that occurred, the Company expects to record a Gain on Change in Control of Interest related to the difference between the Company’s carrying value and fair value of the previously held equity interest. The Company funded the cash portion of the consideration received by an affiliate of Blackstone, and the repayment of certain of the BRE DDR Retail Holdings I’s debt, with a portion of the net proceeds of its issuance and sale of 3.375% Notes due 2023 and its issuance and sale of 39.1 million of its common shares in a forward equity offering (Note 10).

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides readers with a perspective from management on the Company’s financial condition, results of operations, liquidity and other factors that may affect the Company’s future results. The Company believes it is important to read the MD&A in conjunction with its Annual Report on Form 10-K for the year ended December 31, 2012, as amended, as well as other publicly available information.

Executive Summary

The Company is a self-administered and self-managed Real Estate Investment Trust (“REIT”) in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. In addition, the Company engages in the origination and acquisition of loans and debt securities collateralized directly or indirectly by shopping centers. As of September 30, 2013, the Company’s portfolio consisted of 431 shopping centers (including 203 shopping centers owned through unconsolidated joint ventures and three shopping centers that are otherwise consolidated by the Company) in which the Company had an economic interest. These properties consist of shopping centers, lifestyle centers and enclosed malls owned in the United States, Puerto Rico and Brazil. At September 30, 2013, the Company owned almost 117 million total square feet of gross leasable area (“GLA”), which includes all of the aforementioned properties. These amounts do not include 26 assets that the Company has a nominal interest in and has not managed since January 1, 2012. At September 30, 2013, the aggregate occupancy of the Company’s operating shopping center portfolio in which the Company has an economic interest was 92.1%, as compared to 91.3% at September 30, 2012. The Company owned 458 shopping centers (including 210 shopping centers owned through unconsolidated joint ventures and three that were otherwise consolidated by the Company) and one office property at September 30, 2012. The average annualized base rent per occupied square foot was $14.00 at September 30, 2013, as compared to $13.66 at December 31, 2012 and $13.79 at September 30, 2012.

Net loss attributable to DDR common shareholders for the three-month period ended September 30, 2013, was $7.0 million, or $0.02 per share (basic and diluted), compared to net income attributable to DDR common shareholders of $13.3 million, or $0.04 per share (basic and diluted), for the prior-year comparable period. Net loss attributable to DDR common shareholders for the nine-month period ended September 30, 2013, was $43.7 million, or $0.14 per share (basic and diluted), compared to net loss attributable to DDR common shareholders of $53.2 million, or $0.19 per share (basic and diluted), for the prior-year comparable period. Funds from operations attributable to DDR common shareholders (“FFO”) for the three-month period ended September 30, 2013, was $89.9 million, compared to $112.7 million for the prior-year comparable period. FFO for the nine-month period ended September 30, 2013, was $252.4 million, compared to $250.5 million for the prior-year comparable period. The increase in FFO for the nine-month period ended September 30, 2013, primarily was due to organic growth and net shopping center acquisition activity as well as a reduction in impairment charges of non-depreciable assets and the loss on debt retirement related to the Company’s repurchase of senior unsecured notes recorded in 2012, partially offset by the gain on change in control of interests recorded in 2012.

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Third Quarter 2013 Operating Results

During the third quarter of 2013, the Company continued to pursue opportunities to position itself for long-term growth while also lowering the Company’s risk profile and cost of capital. The Company continued making progress on its balance sheet initiatives; strengthening the operations of its prime portfolio and recycling capital from non-prime asset sales into the acquisition of prime assets (i.e., market-dominant shopping centers with high-quality tenants located in attractive markets with strong demographic profiles, which are referred to as “Prime,” “Prime Portfolio” or “Prime Assets”) to improve portfolio quality. The Company continues to carefully consider opportunities that fit its selective acquisition requirements and remains prudent in its underwriting and bidding practices.

Significant third quarter 2013 and other recent transactional activity included the following:

• Acquired $258.5 million of wholly-owned Prime shopping centers;

• Closed on a new unconsolidated joint venture with an affiliate of The Blackstone Group L.P. (“Blackstone”) that acquired a portfolio of seven Prime power centers with a total value of $332.0 million;

• Completed the disposition of $137.9 million of non-Prime Assets, of which DDR’s pro-rata share of the proceeds was $103.8 million and

• Acquired, in October 2013, its joint venture partner’s interest in 30 Prime Assets (“Blackstone Acquisition”) from DDR’s previously existing joint venture with an affiliate of Blackstone funded through a combination of a portion of the net proceeds from the issuance of unsecured debt and common equity upon the settlement of the Company’s forward equity offering, the repayment of a preferred equity interest and a mezzanine loan and the assumption of existing mortgage debt.

The Company continued its trend of consistent internal growth and strong operating performance in the first nine months of 2013 as evidenced by the number of leases executed during the third quarter, the increase in the occupancy rate and the upward trend in the average annualized base rental rates.

• The Company leased approximately 3.0 million square feet in the third quarter of 2013, including 210 new leases and 233 renewals for a total of 443 leases. For the nine months ended September 30, 2013, the Company leased approximately 7.8 million square feet for a total of 1,335 leases. Less than 1.1 million square feet of total GLA leases (or 2.1% of total average annualized base rent) expiring in 2013 remained as of November 1, 2013, compared to the 6.1 million square feet of total GLA expiring in 2013, determined as of December 31, 2012.

• The Company continued to execute both new leases and renewals at positive rental spreads. At December 31, 2012, the Company had 1,466 leases expiring in 2013 with an average base rent per square foot of $16.94. For the comparable leases executed in the third quarter of 2013, the Company generated positive leasing spreads on a pro rata basis of 14.5% for

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new leases and 7.0% for renewals. The Company’s leasing spread calculation only includes deals that were executed within one year of the date the prior tenant vacated and, as a result, is a good benchmark to compare the average annualized base rent of expiring leases with the comparable executed market rental rates.

• The aggregate occupancy of the Company’s operating shopping center portfolio increased to 92.1% at September 30, 2013, as compared to 91.5% at December 31, 2012 and 91.3% at September 30, 2012. In addition, the Company’s total portfolio average annualized base rent per square foot increased to $14.00 at September 30, 2013, as compared to $13.66 at December 31, 2012, and $13.79 at September 30, 2012.

• The weighted-average cost of tenant improvements and lease commissions estimated to be incurred for new leases executed during the third quarter of 2013 remained low at $3.80 per rentable square foot over the lease term. The Company generally does not expend a significant amount of capital on lease renewals.

Results of Operations

Continuing Operations

Shopping center properties owned as of January 1, 2012, but excluding properties under development or redevelopment and those classified in discontinued operations, are referred to herein as the “Comparable Portfolio Properties.”

Revenues from Operations (in thousands)

	Three-Month Periods Ended September 30,
	2013		2012		$ Change
Base and percentage rental revenues	$	151,539	$	134,342	$	17,197
Recoveries from tenants		48,443		41,839		6,604
Fee and other income		19,386		21,096		(1,710	)
Total revenues	$	219,368	$	197,277	$	22,091
	Nine-Month Periods Ended September 30,
	2013		2012		$ Change
Base and percentage rental revenues(A)	$	440,211	$	389,732	$	50,479
Recoveries from tenants(B)		140,896		123,953		16,943
Fee and other income(C)		58,934		57,369		1,565
Total revenues	$	640,041	$	571,054	$	68,987

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(A) The increase is due to the following (in millions):

	Increase
Acquisition of shopping centers	$	38.0
Comparable Portfolio Properties		10.4
Straight-line rents		1.5
Development or redevelopment properties		0.6
	$	50.5

The following tables present the statistics for the Company’s operating shopping center portfolio affecting base and percentage rental revenues summarized by the following portfolios: combined shopping center portfolio, wholly-owned shopping center portfolio and joint venture shopping center portfolio:

	Combined Shopping Center Portfolio (1)
	September 30,
	2013			2012
Centers owned		431			458
Aggregate occupancy rate		92.1	%		91.3	%
Average annualized base rent per occupied square foot	$	14.00	(2)	$	13.79

	Wholly-Owned Shopping Centers September 30,						Joint Venture Shopping Centers(1) September 30,
	2013			2012			2013			2012
Centers owned		225			245			203			210
Centers owned through consolidated joint ventures		N/A			N/A			3			3
Aggregate occupancy rate		92.3	%		91.6	%		91.9	%		90.9	%
Average annualized base rent per occupied square foot	$	13.34	(2)	$	12.92		$	14.81	(3)	$	14.83
Comparable Portfolio Properties:
Aggregate occupancy rate		93.1	%		92.6	%		N/A			N/A
Average annualized base rent per occupied square foot	$	13.07		$	12.63			N/A			N/A

(1) Excludes shopping centers owned through the Company’s joint venture with Coventry Real Estate Fund II (“Coventry II Fund”), which are no longer managed by the Company and in which the Company’s investment basis is not material.

(2) Increase primarily was due to the Company’s strategic portfolio realignment achieved through the recycling of capital from non-prime asset sales into the acquisition of Prime Assets as well as continued leasing of the existing portfolio at positive rental spreads.

(3) Decrease within the joint venture portfolio primarily was due to the impact of exchange rate fluctuations with the Brazilian Real, the sale of assets in Brazil and the inclusion of the BRE DDR Retail Holdings I assets in 2012.

(B) The increase in Recoveries from tenants primarily was driven by the impact of acquisition properties. Recoveries from tenants for all properties on a blended basis were approximately 89.0% and 89.2% of reimbursable operating expenses and real estate taxes for the nine-month periods ended September 30, 2013 and 2012, respectively.

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(C) Composed of the following (in millions):

	Three-Month Periods Ended September 30,
	2013		2012		Increase (Decrease)
Management, development and other fee income	$	10.3	$	10.2	$	0.1
Ancillary and other property income		8.0		6.8		1.2
Lease termination fees		1.0		4.0		(3.0	)
Other miscellaneous		0.1		0.1		—
	$	19.4	$	21.1	$	(1.7	)
	Nine-Month Periods Ended September 30,
	2013		2012		Increase (Decrease)
Management, development and other fee income	$	31.2	$	33.1	$	(1.9	)
Ancillary and other property income		21.1		19.5		1.6
Lease termination fees		6.2		4.5		1.7
Other miscellaneous		0.4		0.3		0.1
	$	58.9	$	57.4	$	1.5

The decrease in management, development and other fee income for the nine-month period ended September 30, 2013, compared to the comparable period in 2012, largely is the result of a decrease in the number of properties owned by the Company’s unconsolidated joint ventures. This fee income is expected to decrease as a result of the Blackstone Acquisition that closed in October 2013 (see Sources and Uses of Capital).

Expenses from Operations (in thousands)

	Three-Month Periods Ended September 30,
	2013		2012		$ Change
Operating and maintenance	$	34,728	$	31,287	$	3,441
Real estate taxes		28,541		24,668		3,873
Impairment charges		24,136		2,560		21,576
General and administrative		19,246		18,547		699
Depreciation and amortization		74,141		59,620		14,521
	$	180,792	$	136,682	$	44,110

	Nine-Month Periods Ended September 30,
	2013		2012		$ Change
Operating and maintenance(A)	$	101,412	$	93,215	$	8,197
Real estate taxes(A)		82,940		73,326		9,614
Impairment charges(B)		54,134		44,692		9,442
General and administrative(C)		59,123		56,691		2,432
Depreciation and amortization(A)		211,200		178,535		32,665
	$	508,809	$	446,459	$	62,350

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(A) The changes for the nine-month period ended September 30, 2013, compared to the comparable period in 2012, are due to the following (in millions):

	Operating and Maintenance		Real Estate Taxes		Depreciation and Amortization
Acquisitions of shopping centers	$	5.7	$	6.9	$	25.4
Comparable Portfolio Properties		1.4		2.6		3.9
Development or redevelopment properties		1.1		0.1		3.4
	$	8.2	$	9.6	$	32.7

The increase in depreciation expense for the Comparable Portfolio Properties and the development or redevelopment properties is attributable to a combination of accelerated depreciation charges related to changes in the estimated useful life of certain assets that are expected to be redeveloped in future periods and assets placed in service in 2012.

(B) The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2013 and 2012, related to its shopping center assets marketed for sale. These impairments are more fully described in Note 13, “Impairment Charges and Impairment of Joint Venture Investments,” in the notes to the condensed consolidated financial statements included herein.

(C) General and administrative expenses were approximately 4.9% and 4.7% of total revenues, including total revenues of unconsolidated joint ventures, managed properties and discontinued operations, for the nine-month periods ended September 30, 2013 and 2012, respectively. The Company continues to expense certain internal leasing salaries, legal salaries and related expenses associated with leasing and re-leasing of existing space.

Other Income and Expenses (in thousands)

	Three-Month Periods Ended September 30,
	2013			2012			$ Change
Interest income	$	6,691		$	5,661		$	1,030
Interest expense		(57,936	)		(53,724	)		(4,212	)
Other income (expense), net		(2,282	)		(1,868	)		(414	)
	$	(53,527	)	$	(49,931	)	$	(3,596	)
	Nine-Month Periods Ended September 30,
	2013			2012			$ Change
Interest income(A)	$	20,365		$	9,829		$	10,536
Interest expense(B)		(166,990	)		(161,203	)		(5,787	)
Loss on debt retirement(C)		—			(13,495	)		13,495
Other income (expense), net(D)		(3,288	)		(7,100	)		3,812
	$	(149,913	)	$	(171,969	)	$	22,056

(A) The weighted-average interest rate of loan receivables, including loans to affiliates, was 9.0% and 8.5% at September 30, 2013 and 2012, respectively. The increase in the amount of interest income recognized in the first nine months of 2013 primarily is due to the preferred equity investment in the

39

unconsolidated joint ventures with affiliates of Blackstone. The interest income from the preferred equity investment is expected to decrease as a result of the Blackstone Acquisition that closed in October 2013 (see Sources and Uses of Capital).

(B) The weighted-average debt outstanding and related weighted-average interest rates, including amounts allocated to discontinued operations, are as follows:

	Nine-Month Periods Ended September 30,
	2013			2012
Weighted-average debt outstanding (in billions)	$	4.5		$	4.2
Weighted-average interest rate		5.0	%		5.3	%

The weighted-average interest rate (based on contractual rates and excluding convertible debt accretion and deferred financing costs) at September 30, 2013 and 2012 was 4.8%.

Interest costs capitalized in conjunction with development and redevelopment projects and unconsolidated development and redevelopment joint venture interests were $2.0 million and $6.8 million for the three- and nine-month periods ended September 30, 2013, respectively, as compared to $3.5 million and $9.9 million for the comparable periods in 2012. The Company ceases the capitalization of interest as assets are placed in service or upon the suspension of construction activities.

(C) For the nine-month period ended September 30, 2012, the Company repurchased $60.0 million aggregate principal amount of its 9.625% senior unsecured notes at a premium to par value.

(D) Other income (expense) was composed of the following (in millions):

	Nine-Month Periods Ended September 30,
	2013			2012
Transaction and other expenses, net	$	(2.4	)	$	(3.0	)
Litigation-related expenses		(1.2	)		(3.5	)
Debt extinguishment gain (costs), net		0.3			(0.6	)
	$	(3.3	)	$	(7.1	)

Other Items (in thousands)

	Three-Month Periods Ended September 30,
	2013			2012			$ Change
Equity in net income of joint ventures	$	3,780		$	5,486		$	(1,706	)
Impairment of joint venture investments		—			(26,111	)		26,111
Gain on change in control of interests		—			40,645			(40,645	)
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(406	)		(263	)		(143	)

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	Nine-Month Periods Ended September 30,
	2013			2012			$ Change
Equity in net income of joint ventures(A)	$	5,543		$	16,966		$	(11,423	)
Impairment of joint venture investments(B)		—			(26,671	)		26,671
Gain on change in control of interests(C)		1,066			79,993			(78,927	)
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(2,481	)		(798	)		(1,683	)

(A) The decrease in equity in net income of joint ventures for the nine-month period ended September 30, 2013, compared to the comparable prior-year period, primarily is a result of lower net income from the Company’s investment in Sonae Sierra Brasil in 2013, as discussed below, and impairment charges recorded on several assets. For the nine-month period ended September 30, 2013, impairment charges were recorded at six shopping centers of which the Company’s proportionate share was approximately $7.5 million.

At September 30, 2013 and 2012, the Company had an approximate 33% interest in an unconsolidated joint venture, Sonae Sierra Brasil, which owns real estate in Brazil and is headquartered in Sao Paulo, Brazil. This entity uses the functional currency of Brazilian Real. The Company has generally chosen not to mitigate any of the foreign currency risk through the use of hedging instruments for this entity. The operating cash flow generated by this investment has been generally retained by the joint venture and reinvested in the operation of the joint venture including ground-up developments and expansions in Brazil. The weighted-average exchange rate of the Brazilian Real to U.S. Dollar used for recording the equity in net income was 2.10 and 1.90 for the nine-month periods ended September 30, 2013 and 2012, respectively, which represents a 10.5% increase. The overall decrease in equity in net income from the Sonae Sierra Brasil joint venture, net of the impact of foreign currency translation, for the nine-month period ended September 30, 2013, as compared to the comparable period in 2012, primarily is due to the sale of three shopping centers in the fourth quarter of 2012 and a gain recognized on the strategic asset swap and partial sale of two assets in the portfolio in the first quarter of 2012, partially offset by expansion activity coming on line as well as increases in parking revenue and ancillary income.

(B) The other than temporary impairment charges of the joint venture investments are more fully described in Note 13 “Impairment Charges and Impairment of Joint Venture Investments,” in the notes to the condensed consolidated financial statements included herein.

(C) Since January 1, 2012 through September 30, 2013, the Company has acquired its partners’ interests in ten shopping centers (five assets in each of 2013 and 2012). The Company accounted for these transactions as step acquisitions. Due to the change in control that occurred, the Company recorded an aggregate net gain associated with these transactions related to the difference between the Company’s carrying value and fair value of the previously held equity interests.

Discontinued Operations (in thousands)

	Three-Month Periods Ended September 30,
	2013		2012			$ Change
Income (loss) from discontinued operations	$	742	$	(3,640	)	$	4,382
Gain (loss) on disposition of real estate, net of tax		8,701		(176	)		8,877
	$	9,443	$	(3,816	)	$	13,259

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	Nine-Month Periods Ended September 30,
	2013			2012			$ Change
Loss from discontinued operations	$	(9,863	)	$	(56,792	)	$	46,929
Gain on disposition of real estate, net of tax		7,240			3,121			4,119
	$	(2,623	)	$	(53,671	)	$	51,048

The Company sold 28 shopping center properties during the nine-month period ended September 30, 2013, and had one shopping center classified as held for sale at September 30, 2013, aggregating 2.1 million square feet. In addition, the Company sold 29 properties in 2012, aggregating 3.1 million square feet. Included in the reported loss from discontinued operations for the nine-month periods ended September 30, 2013 and 2012, is $12.7 million and $61.2 million, respectively, of impairment charges.

Gain on Disposition of Real Estate (in thousands)

	Three-Month Periods Ended September 30,
	2013		2012		$ Change
Gain on disposition of real estate, net	$	1,929	$	261	$	1,668

	Nine-Month Periods Ended September 30,
	2013		2012		$ Change
Gain on disposition of real estate, net(A)	$	347	$	6,161	$	(5,814	)

(A) Amounts are generally attributable to the sale of land. The sales of land did not meet the criteria for discontinued operations because the land did not have any significant operations prior to disposition.

Non-Controlling Interests (in thousands)

	Three-Month Periods Ended September 30,
	2013			2012			$ Change
Non-controlling interests	$	(170	)	$	(128	)	$	(42	)

	Nine-Month Periods Ended September 30,
	2013			2012			$ Change
Non-controlling interests	$	(556	)	$	(424	)	$	(132	)

Net (Loss) Income (in thousands)

	Three-Month Periods Ended September 30,
	2013			2012		$ Change
Net (loss) income attributable to DDR	$	(375	)	$	26,738	$	(27,113	)

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	Nine-Month Periods Ended September 30,
	2013			2012			$ Change
Net loss attributable to DDR	$	(17,385	)	$	(25,818	)	$	8,433

A summary of changes in net loss attributable to DDR in 2013 as compared to 2012 for the periods ended September 30 is as follows (in millions):

	Three- Months			Nine- Months
Increase in net operating revenues (total revenues in excess of operating and maintenance expenses and real estate taxes)	$	14.8		$	51.2
Increase in consolidated impairment charges		(21.6	)		(9.4	)
Increase in general and administrative expenses		(0.7	)		(2.5	)
Increase in depreciation expense		(14.5	)		(32.7	)
Increase in interest income		1.0			10.5
Increase in interest expense		(4.2	)		(5.8	)
Decrease in loss on retirement of debt		—			13.5
Change in other income (expense), net		(0.4	)		3.8
Decrease in equity in net income of joint ventures		(1.7	)		(11.4	)
Decrease in impairment of joint venture investments		26.1			26.7
Decrease in gain on change in control of interests		(40.6	)		(78.9	)
Increase in income tax expense		(0.1	)		(1.7	)
Decrease in loss from discontinued operations		13.3			51.0
Increase (decrease) in gain on disposition of real estate		1.6			(5.8	)
Change in non-controlling interests		(0.1	)		(0.1	)
(Increase) decrease in net loss attributable to DDR	$	(27.1	)	$	8.4

Funds From Operations

Definition and Basis of Presentation

The Company believes that FFO, which is a non-GAAP financial measure, provides an additional and useful means to assess the financial performance of REITs. FFO is frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs, most of which present FFO along with net income as calculated in accordance with GAAP.

FFO excludes GAAP historical cost depreciation and amortization of real estate and real estate investments, which assume that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions, and many companies use different depreciable lives and methods. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from depreciable property dispositions and extraordinary items, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition, disposition and development activities and interest costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP.

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FFO is generally defined and calculated by the Company as net income (loss), adjusted to exclude: (i) preferred share dividends, (ii) gains and losses from disposition of depreciable real estate property, which are presented net of taxes, (iii) impairment charges on depreciable real estate property and related investments, (iv) extraordinary items and (v) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income (loss) from joint ventures and equity income (loss) from non-controlling interests, and the Company’s proportionate share of FFO from its unconsolidated joint ventures and non-controlling interests, determined on a consistent basis. For the periods presented below, the Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”). Other real estate companies may calculate FFO in a different manner.

The Company believes that certain gains and charges recorded in its operating results are not reflective of its core operating performance. As a result, the Company also computes Operating FFO and discusses it with the users of its financial statements, in addition to other measures such as net income/loss determined in accordance with GAAP as well as FFO. Operating FFO is generally calculated by the Company as FFO excluding certain charges and gains that management believes are not indicative of the results of the Company’s operating real estate portfolio. The disclosure of these charges and gains is regularly requested by users of the Company’s financial statements.

Operating FFO is a non-GAAP financial measure, and, as described above, its use combined with the required primary GAAP presentations has been beneficial to management in improving the understanding of the Company’s operating results among the investing public and making comparisons of other REITs’ operating results to the Company’s more meaningful. The adjustments may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. The Company will continue to evaluate the usefulness and relevance of the reported non-GAAP measures, and such reported measures could change. Additionally, the Company provides no assurances that these charges and gains are non-recurring. These charges and gains could be reasonably expected to recur in future results of operations.

These measures of performance are used by the Company for several business purposes and by other REITs. The Company uses FFO and/or Operating FFO in part: (i) as a measure of a real estate asset’s performance, (ii) to influence acquisition, disposition and capital investment strategies and (iii) to compare the Company’s performance to that of other publicly traded shopping center REITs.

For the reasons described above, management believes that FFO and Operating FFO provide the Company and investors with an important indicator of the Company’s operating performance. They provide recognized measures of performance other than GAAP net income, which may include non-cash items (often significant). Other real estate companies may calculate FFO and Operating FFO in a different manner.

Management recognizes the limitations of FFO and Operating FFO when compared to GAAP’s income from continuing operations. FFO and Operating FFO do not represent amounts available for dividends, capital replacement or expansion, debt service obligations or other commitments and uncertainties. Management does not use FFO or Operating FFO as an indicator of

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the Company’s cash obligations and funding requirements for future commitments, acquisitions or development activities. Neither FFO nor Operating FFO represents cash generated from operating activities in accordance with GAAP, and neither is necessarily indicative of cash available to fund cash needs, including the payment of dividends. Neither FFO nor Operating FFO should be considered an alternative to net income (computed in accordance with GAAP) or as an alternative to cash flow as a measure of liquidity. FFO and Operating FFO are simply used as additional indicators of the Company’s operating performance. The Company believes that to further understand its performance, FFO and Operating FFO should be compared with the Company’s reported net income (loss) and considered in addition to cash flows in accordance with GAAP, as presented in its condensed consolidated financial statements.

Reconciliation Presentation

FFO and Operating FFO attributable to DDR common shareholders were as follows (in millions):

	Three-Month Periods Ended September 30,
	2013		2012		$ Change
FFO attributable to DDR common shareholders	$	89.9	$	112.7	$	(22.8	)
Operating FFO attributable to DDR common shareholders		90.0		82.9		7.1

	Nine-Month Periods Ended September 30,
	2013		2012		$ Change
FFO attributable to DDR common shareholders(A)	$	252.4	$	250.5	$	1.9
Operating FFO attributable to DDR common shareholders(B)		262.2		221.3		40.9

(A) The increase in FFO for the nine-month period ended September 30, 2013, as compared to the comparable period in 2012, primarily was due to organic growth and net shopping center acquisition activity as well as a reduction in impairment charges of non-depreciable assets and the loss on debt retirement related to the Company’s repurchase of 9.625% senior unsecured notes recorded in 2012, partially offset by the gain on change in control of interests recorded in 2012.

(B) The increase in Operating FFO for the nine-month period ended September 30, 2013, as compared to the comparable period in 2012, primarily was due to organic growth and net shopping center acquisition activity.

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The Company’s reconciliation of net (loss) income attributable to DDR common shareholders to FFO attributable to DDR common shareholders and Operating FFO attributable to DDR common shareholders is as follows (in millions):

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Net (loss) income attributable to DDR common shareholders(A), (B)	$	(7.0	)	$	13.3		$	(43.7	)	$	(53.2	)
Depreciation and amortization of real estate investments		72.5			59.1			207.5			179.2
Equity in net income of joint ventures		(3.8	)		(5.5	)		(5.5	)		(17.0	)
Impairment of depreciable joint venture investments		—			26.1			—			26.7
Joint ventures’ FFO(C)		12.7			13.8			37.1			40.5
Non-controlling interests (OP Units)		0.1			—			0.2			0.1
Impairment of depreciable real estate assets, net of non-controlling interests		24.1			5.7			64.2			77.8
(Gain) loss on disposition of depreciable real estate		(8.7	)		0.2			(7.4	)		(3.6	)
FFO attributable to DDR common shareholders	$	89.9		$	112.7		$	252.4		$	250.5
Non-operating items(D)		0.1			(29.8	)		9.8			(29.2	)
Operating FFO attributable to DDR common shareholders	$	90.0		$	82.9		$	262.2		$	221.3

(A) Includes the following deductions from net (loss) income (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Write-off of preferred share original issuance costs	$	—	$	5.8	$	5.2	$	5.8
Preferred dividends		6.6		7.7		21.1		21.6

(B) Straight-line rental revenue and straight-line ground rent expense, including discontinued operations, for the three- and nine-month periods were as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Straight-line rents	$	1.2	$	1.2	$	4.3	$	2.9
Straight-line ground rent expense		0.3		0.3		0.9		0.9

(C) At September 30, 2013 and 2012, the Company had an economic investment in unconsolidated joint venture interests relating to 203 and 210 operating shopping center properties, respectively. These joint ventures represent the investments in which the Company was recording its share of equity in net income or loss and, accordingly, FFO and Operating FFO.

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Joint ventures’ FFO and Operating FFO is summarized as follows (in millions):

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Net loss attributable to unconsolidated joint ventures (1)	$	(57.9	)	$	(55.8	)	$	(140.5	)	$	(67.8	)
Depreciation and amortization of real estate investments		58.6			68.3			180.9			157.7
Impairment of depreciable real estate assets		21.9			39.4			66.4			47.6
Loss (gain) on disposition of depreciable real estate, net		21.2			(1.2	)		26.7			(14.4	)
FFO	$	43.8		$	50.7		$	133.5		$	123.1
FFO at DDR’s ownership interests (2)	$	12.7		$	13.8		$	37.1		$	40.5
Operating FFO at DDR’s ownership interests (D)	$	12.3		$	13.6		$	36.4		$	41.2

(1) Revenues include the following (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Straight-line rents	$	0.9	$	1.7	$	2.8	$	3.7
DDR’s proportionate share		0.1		0.3		0.5		0.7

(2) FFO at DDR ownership interests considers the impact of basis differentials.

(D) Amounts are described in the Operating FFO Adjustments section below.

Operating FFO Adjustments

The Company’s adjustments to arrive at Operating FFO are composed of the following for the three- and nine-month periods ended September 30, 2013 and 2012 (in millions). The Company provides no assurances that these charges and gains are non-recurring. These charges and gains could be reasonably expected to recur in future results of operations.

	Three-Month Periods     Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Impairment charges – non-depreciable consolidated assets	$	—		$	2.6		$	2.6		$	28.1
Loss on debt retirement, net (A)		—			—			—			13.5
Other (income) expense, net (B)		2.4			2.9			4.0			8.1
Equity in net (income) loss of joint ventures – currency adjustments, debt extinguishment costs, transaction costs and other expenses		(0.4	)		(0.3	)		(0.7	)		0.8
Gain on disposition of non-depreciable real estate, net		(1.9	)		(0.2	)		(0.2	)		(5.8	)
Gain on change in control of interests(A)		—			(40.6	)		(1.1	)		(80.0	)
Discontinued operations, loss on debt extinguishment, net		—			—			—			0.3
Write-off of preferred share original issuance costs		—			5.8			5.2			5.8
Total non–operating items	$	0.1		$	(29.8	)	$	9.8		$	(29.2	)
FFO attributable to DDR common shareholders		89.9			112.7			252.4			250.5
Operating FFO attributable to DDR common shareholders	$	90.0		$	82.9		$	262.2		$	221.3

(A) Amount agrees to the face of the condensed consolidated statements of operations.

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(B) Amounts included in other income/expense are detailed as follows:

	Three-Month Periods     Ended September 30,					Nine-Month Periods     Ended September 30,
	2013		2012			2013			2012
Transaction and other expenses (income), net	$	2.0	$	(0.1	)	$	3.0		$	3.0
Litigation-related expenses		0.4		2.0			1.2			3.5
Debt extinguishment (gain) costs, net		—		—			(0.2	)		0.6
	$	2.4	$	1.9		$	4.0		$	7.1

Liquidity and Capital Resources

The Company periodically evaluates opportunities to issue and sell additional debt or equity securities, obtain credit facilities from lenders or repurchase, refinance or otherwise restructure long-term debt for strategic reasons or to further strengthen the financial position of the Company. In the first nine months of 2013, the Company continued to strategically manage cash flow from operating and financing activities. The Company also completed public equity and debt offerings in order to strengthen its balance sheet, finance strategic investments and improve its financial flexibility.

The Company’s consolidated and unconsolidated debt obligations generally require monthly or semi-annual payments of principal and/or interest over the term of the obligation. While the Company currently believes that it has several viable sources to obtain capital and fund its business, including capacity under its facilities described below, no assurance can be provided that these obligations will be refinanced or repaid as currently anticipated.

The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by JP Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was last amended in January 2013. The Unsecured Credit Facility provides for borrowings of $750 million, and includes an accordion feature for expansion of availability to $1.25 billion upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. The Company also maintains a $65 million unsecured revolving credit facility with PNC Bank, National Association (together with the Unsecured Credit Facility, the “Revolving Credit Facilities”), which was also amended in January 2013. The Company’s borrowings under these facilities bear interest at variable rates based on LIBOR plus 140 basis points at September 30, 2013, subject to adjustment based on the Company’s current corporate credit ratings from Moody’s Investors Service (“Moody’s”) and Standard and Poor’s (“S&P”).

The Revolving Credit Facilities and the indentures under which the Company’s senior and subordinated unsecured indebtedness is, or may be, issued contain certain financial and operating covenants including, among other things, leverage ratios and debt service coverage and fixed charge coverage ratios, as well as limitations on the Company’s ability to incur secured and unsecured indebtedness, sell all or substantially all of the Company’s assets and engage in mergers and certain acquisitions. These credit facilities and indentures also contain customary default provisions including the failure to make timely payments of principal and interest payable thereunder, the failure to comply with the Company’s financial and operating covenants, the occurrence of a material adverse effect on the Company and the failure of the Company or its majority-owned subsidiaries (i.e., entities in which

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the Company has a greater than 50% interest) to pay, when due, certain indebtedness in excess of certain thresholds beyond applicable grace and cure periods. In the event the Company’s lenders or note holders declare a default, as defined in the applicable agreements governing the debt, the Company may be unable to obtain further funding, and/or an acceleration of any outstanding borrowings may occur. As of September 30, 2013, the Company was in compliance with all of its financial covenants in the agreements governing its debt. Although the Company intends to operate in compliance with these covenants, if the Company were to violate these covenants, the Company may be subject to higher finance costs and fees or accelerated maturities. The Company believes it will continue to be able to operate in compliance with these covenants for the remainder of 2013 and beyond.

Certain of the Company’s credit facilities and indentures permit the acceleration of the maturity of the underlying debt in the event certain other debt of the Company has been accelerated. Furthermore, a default under a loan by the Company or its affiliates, a foreclosure on a mortgaged property owned by the Company or its affiliates or the inability to refinance existing indebtedness may have a negative impact on the Company’s financial condition, cash flows and results of operations. These facts, and an inability to predict future economic conditions, have led the Company to adopt a strict focus on lowering leverage and increasing financial flexibility.

The Company expects to fund its obligations from available cash, current operations and utilization of its Revolving Credit Facilities; however, the Company may issue long-term debt and/or equity securities in lieu of, or in addition to, borrowing under its Revolving Credit Facilities. The following information summarizes the availability under the Revolving Credit Facilities at September 30, 2013 (in millions):

Cash and cash equivalents	$	35.4
Revolving Credit Facilities	$	815.0
Less:
Amount outstanding		(42.9	)
Letters of credit		(10.9	)
Borrowing capacity available	$	761.2

In June 2013, the Company entered into agreements for the future issuance of up to $250.0 million of common shares under a continuous equity program. This program replaced any previous continuous equity program maintained by the Company. As of November 1, 2013, the Company had $246.6 million of its common shares available for future issuance under its continuous equity program.

The Company intends to continue to maintain a longer-term financing strategy and rely less on the use of short-term debt. The Company believes its Revolving Credit Facilities are sufficient for its liquidity strategy and longer-term capital structure needs. Part of the Company’s overall strategy includes scheduling future debt maturities in a balanced manner, including incorporating a healthy level of conservatism regarding possible future market conditions.

The Company has no debt maturing through the remainder of 2013. The Company has $352.6 million of mortgage debt maturing in 2014 and no unsecured maturities until May 2015.

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Management believes that the scheduled debt maturities in future years are manageable. The Company continually evaluates its debt maturities and, based on management’s assessment, believes it has viable financing and refinancing alternatives. The Company continues to look beyond 2014 to ensure that it executes its strategy to lower leverage, increase liquidity, improve the Company’s credit ratings and extend debt duration, with the goal of lowering the Company’s balance sheet risk and cost of capital.

Unconsolidated Joint Ventures

After reflecting the debt repaid in October 2013 in connection with the Blackstone Acquisition, the Company’s unconsolidated joint venture mortgage debt outstanding at September 30, 2013, that matures in 2013 or had matured and is now past due, is all attributable to the Coventry II Fund (see Off-Balance Sheet Arrangements) and aggregates $100.1 million (of which the Company’s proportionate share was $11.0 million).

Cash Flow Activity

The Company’s core business of leasing space to well-capitalized retailers continues to generate consistent and predictable cash flow after expenses, interest payments and preferred share dividends. This capital is available for use at the Company’s discretion for investment, debt repayment and the payment of dividends on common shares.

The Company’s cash flow activities are summarized as follows (in thousands):

	Nine-Month Periods Ended September 30,
	2013			2012
Cash flow provided by operating activities	$	276,678		$	197,425
Cash flow used for investing activities		(395,509	)		(465,301	)
Cash flow provided by financing activities		122,941			247,458

Operating Activities: The change in cash flow provided by operating activities for the nine-month period ended September 30, 2013, as compared to the comparable period in 2012, primarily was due to additional cash flow from acquired properties and the decrease in settlement of accreted debt discount on the repayment of senior convertible notes and cash paid for interest rate hedging contracts, partially offset by changes in accounts receivable, accounts payable and accrued expenses.

Investing Activities: The change in cash flow used for investing activities for the nine-month period ended September 30, 2013, as compared to the comparable period in 2012, primarily was due to an increase in proceeds from the disposition of real estate, a decrease in equity contributions and advances to joint ventures, partially offset by an increase in asset acquisitions.

Financing Activities: The change in cash flow provided by financing activities for the nine-month period ended September 30, 2013, as compared to the comparable period in 2012, primarily was due to a decrease in proceeds from the issuance of common and preferred shares, partially offset by a decrease in the repayment of debt.

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The Company satisfied its REIT requirement of distributing at least 90% of ordinary taxable income with declared common and preferred share cash dividends of $150.3 million for the nine-month period ended September 30, 2013, as compared to $125.6 million for the same period in 2012. Because actual distributions were greater than 100% of taxable income, federal income taxes have not been incurred by the Company thus far during 2013.

The Company declared a quarterly dividend of $0.135 per common share for each of the first three quarters of 2013. In November 2013, the Company declared its fourth quarter 2013 dividend of $0.135 per common share, payable on January 7, 2014, to shareholders of record at the close of business on December 17, 2013. The Board of Directors of the Company will continue to monitor the 2014 dividend policy and provide for adjustments as determined to be in the best interests of the Company and its shareholders to maximize the Company’s free cash flow, while still adhering to REIT payout requirements.

Sources and Uses of Capital

The Company has a portfolio management strategy to recycle capital from lower quality, lower growth potential assets into Prime Assets with long-term growth potential.

Acquisition of Assets

BRE DDR Retail Holdings I – Acquired Assets

In October 2013, the Company acquired sole ownership of a portfolio of 30 Prime power centers that were previously owned by BRE DDR Retail Holdings I, the Company’s joint venture with an affiliate of Blackstone. The transaction was valued at approximately $1.46 billion ($1.54 billion at 100%). The transaction included a cash payment of $566.4 million to an affiliate of Blackstone. Furthermore, in connection with the closing of the Blackstone Acquisition, the Company assumed an affiliate of Blackstone’s 95% share of $792.9 million of mortgage debt, of which $139.0 million was repaid upon closing. In addition, $148.8 million of the preferred equity interest and mezzanine loan previously funded by the Company was repaid upon the closing of the Blackstone Acquisition. The Company will account for this transaction as a step acquisition. Due to the change in control that occurred, the Company expects to record a Gain on Change in Control of Interest related to the difference between the Company’s carrying value and fair value of the previously held equity interest. The Company funded the cash portion of the consideration received by an affiliate of Blackstone, and the repayment of certain of the BRE DDR Retail Holdings I’s debt, with a portion of the net proceeds of its issuance and sale of 3.375% Notes due 2023 and its issuance and sale of 39.1 million of its common shares in a forward equity offering. The portfolio of properties has been owned, developed, leased and managed through various ventures affiliated with the Company since 1995. The portfolio is comprised of 11.8 million total square feet.

BRE DDR Retail Holdings II

In August 2013, a newly formed joint venture (“BRE DDR Retail Holdings II”) between consolidated affiliates of the Company and an affiliate of Blackstone acquired a portfolio of seven Prime shopping centers aggregating approximately 2.4 million square feet of GLA. The purchase price was $332.0 million, including assumed debt of $206.6 million and $28.0 million of new

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mortgage debt. An affiliate of Blackstone owns 95% of the common equity of the joint venture and an affiliate of DDR owns the remaining 5%. DDR also invested $30.0 million in preferred equity in the joint venture with a fixed dividend rate of 9%. DDR’s investment was funded primarily through proceeds from asset sales. DDR will provide leasing and management services and has certain rights allowing it to potentially acquire four assets in the portfolio. The seven assets are located in Los Angeles, California; San Diego, California; Washington, D.C.; Portland, Oregon; Cincinnati, Ohio and Harrisburg, Pennsylvania.

Additional Acquisitions

In July 2013, the Company acquired two Prime power centers in Orlando, Florida and Atlanta, Georgia, with a combined GLA of 1.4 million square feet for a gross purchase price of $258.5 million. The Company assumed a $139.4 million mortgage with the acquisition.

In April 2013, the Company acquired its joint venture partner’s 85% interest for $93.9 million in five Prime power centers, aggregating 1.3 million of total square feet. The Company funded its investment primarily with proceeds from the issuance of common shares, proceeds from asset sales and corporate debt. These Prime power centers are unencumbered. The Company acquired its joint venture partner’s interest in The Walk at Highwoods Preserve (Tampa, Florida), Douglasville Pavilion (Atlanta, Georgia), Commonwealth Center and Chesterfield Crossing (Richmond, Virginia) and Jefferson Plaza (Newport News, Virginia).

In the second quarter of 2013, the Company originated $28.5 million in mezzanine loans (of which $22.2 million was funded as of September 30, 2013). These loans are collateralized by a development project and a Prime shopping center, both in Chicago, Illinois, and earn interest ranging between 9.0% and 9.5%.

In the first quarter of 2013, the Company acquired the property leased by Whole Foods at Bay Place in Oakland, California, and The Marketplace at Highland Village in Dallas, Texas, for an aggregate purchase price of $81.4 million. No debt was assumed in these transaction and these properties are unencumbered.

Dispositions

During the nine-month period ended September 30, 2013, the Company sold 28 shopping center properties aggregating 2.0 million square feet and other consolidated non-income producing assets at an aggregate sales price of $157.8 million. The Company recorded a net gain of $7.6 million, which excludes the impact of an aggregate $69.8 million in related impairment charges that were recorded in prior periods related to the assets sold in 2013.

During the nine-month period ended September 30, 2013, the Company’s unconsolidated joint ventures sold assets generating gross proceeds of $91.0 million, of which the Company’s proportionate share was $40.7 million. The aggregate net loss of $27.1 million is comprised of the following: (1) a $38.3 million loss on sale of which the Company did not record any of the loss because this investment was previously written down to zero offset by (2) a gain on sale of four assets aggregating $11.2 million, of which the Company’s proportionate share was $2.3 million.

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As discussed above, a part of the Company’s portfolio management strategy is to recycle capital from lower quality, lower growth potential assets into Prime Assets with long-term growth potential. The Company has been marketing certain non-Prime Assets for sale and is focused on selling single-tenant assets and/or smaller shopping centers that do not meet the Company’s current business strategy. The Company has entered into agreements, including contracts executed through November 1, 2013, to sell real estate assets that are subject to contingencies. An aggregate loss of approximately $6 million could be recorded if all such sales were consummated on the terms as negotiated through November 1, 2013. Given the Company’s experience over the past few years, it is difficult for many buyers to complete these transactions in the timing contemplated or at all. The Company has not recorded an impairment charge on the assets that would result in a loss at September 30, 2013, as the undiscounted cash flows, when considering and evaluating the various alternative courses of action that may occur, exceeded the assets’ current carrying values at September 30, 2013. The Company evaluates all potential sale opportunities taking into account the long-term growth prospects of assets being sold, the use of proceeds and the impact to the Company’s balance sheet, in addition to the impact on operating results. As a result, if actual results differ from expectations, it is possible that additional assets could be sold in subsequent periods for a gain or loss after taking into account the above considerations.

Development Opportunities

The Company’s current policy is that the Company and its joint venture partners may commence construction on various developments only after substantial tenant leasing has occurred and acceptable construction financing is available.

As disclosed below, in May 2013, the Company opened Belgate Shopping Center, the Company’s first ground-up domestic development in over four years. Belgate is a 100% leased, 900,000-square-foot Prime power center located in Charlotte, North Carolina, anchored by IKEA, Walmart and a complementary lineup of premier junior anchors.

The Company will continue to closely monitor its expected spending in 2013 for developments and redevelopments, both for consolidated and unconsolidated projects, as the Company considers this funding to be discretionary spending. The Company does not anticipate expending a significant amount of funds on joint venture development projects for the remainder of 2013, excluding projects through Sonae Sierra Brasil. The projects in Brazil are expected to be funded with operating cash flow generated by Sonae Sierra Brasil or proceeds from local debt financing.

One of the important benefits of the Company’s asset class is the ability to phase development and redevelopment projects over time until appropriate leasing levels can be achieved. To maximize the return on capital spending and balance the Company’s de-leveraging strategy, the Company generally adheres to strict investment criteria thresholds. The revised underwriting criteria, generally followed for the past three years, includes a higher cash-on-cost project return threshold and incorporates more conservative underwriting assumptions such as a longer period before the leases commence and a higher stabilized vacancy rate. The Company applies this revised strategy to both its consolidated and certain unconsolidated joint ventures that own assets under development and redevelopment because the Company has significant influence and, in most cases, approval rights over decisions relating to significant capital expenditures.

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The Company’s consolidated land holdings are classified in two separate line items on the condensed consolidated balance sheets included herein, Land and Land Held for Development and Construction in Progress. At September 30, 2013, the $1.9 billion of Land classified on the Company’s balance sheet primarily consists of land that is part of its operating shopping center portfolio. However, this amount also includes a small portion of vacant land comprised primarily of outlots or expansion pads adjacent to the shopping center properties. The Company believes that approximately 203 acres of this land, which has a recorded cost basis of approximately $21 million, is available for future development.

Included in Land Held for Development and Construction in Progress at September 30, 2013, are $251.9 million of recorded costs related to land and projects under development, for which active construction had temporarily ceased or had not yet commenced. The Company estimates that if it proceeded with the development of these sites, approximately 2.5 to 4.0 million square feet of GLA could be developed. Based on the Company’s intentions and business plans, the Company believes that the expected undiscounted cash flows exceed its current carrying value on each of these projects. However, if the Company were to dispose of certain of these assets in the market, the Company would likely incur a loss, which may be material. The Company evaluates its intentions with respect to these assets each reporting period and records an impairment charge equal to the difference between the current carrying value and fair value when the expected undiscounted cash flows are less than the asset’s carrying value.

Developments and Redevelopments (Wholly-Owned and Consolidated Joint Ventures)

As part of its portfolio management strategy to develop, expand, improve and re-tenant various consolidated properties, the Company has invested $244.5 million in various development and redevelopment projects and expects to expend an aggregate project cost of approximately $56.0 million on a net basis, after deducting sales proceeds from outlot sales, for the remainder of 2013. The current significant development projects are as follows:

Location	Estimated Initial Owned Anchor Opening		Estimated Owned GLA (Thousands)		Estimated Gross Cost ($ Millions)		Estimated Net Cost ($ Millions)		Cost Incurred at September 30, 2013 ($ Millions)
Merriam, KS (Merriam Village)		3Q14		59.8	$	20.6	$	18.7	$	11.2
Seabrook, NH (Seabrook Town Center)		2Q14		165.0		95.0		75.1		47.6
Charlotte, NC (Belgate)		2Q13		186.2		57.7		23.8		49.1
Total				411.0	$	173.3	$	117.6	$	107.9

The Company’s redevelopment projects are typically substantially complete within a year of the construction commencement date. At September 30, 2013, the Company’s significant redevelopment projects are as follows:

Location	Estimated Owned GLA (Thousands)		Estimated Gross Cost ($ Millions)		Cost Incurred at September 30, 2013 ($ Millions)
Phoenix, AZ (Ahwatukee Foothills Town Centre)		203.6	$	14.4	$	6.1
Roswell, GA (Sandy Plains Village)		142.6		14.3		9.5
Tinley Park, IL (Brookside Marketplace)		72.3		11.8		9.0
Lansing, MI (Marketplace at Delta Township)		38.6		5.8		3.9
Charlotte, NC (Cotswold Village)		56.5		4.3		1.1
Columbus, OH (Easton Market)		128.0		6.5		5.8
Bayamon, PR (Plaza Del Sol)		172.5		64.4		22.3
Fajardo, PR (Plaza Fajardo)		36.3		8.8		5.5
Midvale, UT (Family Center at Ft. Union)		123.7		14.0		13.2
Chester, VA (Bermuda Square)		71.2		14.1		0.2
Total		1,045.3	$	158.4	$	76.6

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For redevelopment assets completed in 2012 and in the first nine months of 2013, the assets placed in service were completed at $157 cost per square foot.

Development and Redevelopments (Unconsolidated Joint Ventures)

In addition, the Company’s unconsolidated joint ventures have projects being developed that have incurred $171.1 million in project costs in the first nine months of 2013, with projected expenditures of $45.8 million on a net basis for the remainder of 2013. A significant amount of the projected expenditures is related to projects under development at the Company’s joint venture in Brazil as follows:

Location	DDR’s Effective Ownership Percentage			Estimated Initial Owned Anchor Opening		Estimated Owned GLA (Thousands)		Estimated Gross Cost ($ Millions)		Estimated Net Cost ($ Millions)		Cost Incurred at September 30, 2013 ($ Millions)
Goiania, Brazil		33.3	%		4Q13		881.2	$	232.4	$	209.1	$	202.3
Londrina, Brazil		29.5	%		2Q13		521.6		177.1		173.7		175.6
Total							1,402.8	$	409.5	$	382.8	$	377.9

At September 30, 2013, the Company’s significant unconsolidated joint venture redevelopment projects were as follows:

Location	DDR’s Effective Ownership Percentage			Estimated Owned GLA (Thousands)		Estimated Cost ($ Millions)		Gross Cost Incurred at September 30, 2013 ($ Millions)
Plant City, FL (Lake Walden Square)		5	%		108.7	$	14.0	$	9.1
Newnan, GA (Newnan Pavilion)		15	%		110.3		9.6		8.4
Greensboro, NC (Wendover Village)		20	%		104.8		6.8		3.3
Total					323.8	$	30.4	$	20.8

Off-Balance Sheet Arrangements

The Company has a number of off-balance sheet joint ventures and other unconsolidated entities with varying economic structures. Through these interests, the Company has investments in operating properties, development properties, two management companies and one development company. Such arrangements are generally with institutional investors located throughout the United States and Brazil.

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The unconsolidated joint ventures that have total assets greater than $250 million (based on the historical cost of acquisition by the unconsolidated joint venture) at September 30, 2013, are as follows (in order of gross asset book value):

Unconsolidated Real Estate Ventures	Effective Ownership Percentage(A)			Assets Owned	Company- Owned Square Feet (Millions)		Total Debt (Millions)
BRE DDR Retail Holdings I		5.0	%(B)	44 shopping centers in several states		10.6	$	918.8
DDRTC Core Retail Fund LLC		15.0	%	31 shopping centers in several states		9.8		921.8
DDR Domestic Retail Fund I		20.0	%	59 shopping centers in several states		8.2		929.1
Sonae Sierra Brazil BV Sarl		33.3	%	Nine shopping centers, a management company and one development project in Brazil		3.8		399.6
BRE DDR Retail Holdings II		5.0	%(C)	Seven shopping centers in several states		1.7		243.5
DDR – SAU Retail Fund LLC		20.0	%	27 shopping centers in several states		2.4		180.7

(A) Ownership may be held through different investment structures. Percentage ownerships are subject to change, as certain investments contain promoted structures.

(B) Excludes interest owned through $168.1 million preferred equity investment. The Company acquired 30 of these assets as part of the Blackstone Acquisition (See Sources and Uses of Capital).

(C) Excludes interest owned through $30.4 million preferred equity investment.

Funding for Unconsolidated Joint Ventures

The Company has provided loans and advances to certain unconsolidated entities and/or related partners in the amount of $297.3 million at September 30, 2013. Included in this amount is the $198.5 million in preferred equity, including accrued interest, with rates ranging from 9-10%, due from its joint ventures with affiliates of Blackstone. The Company used the repayment of approximately $148.8 million of the preferred equity as consideration to fund the Blackstone Acquisition (see Sources and Uses of Capital). Also included in this amount is $66.9 million of financing that the Company advanced to one of its unconsolidated joint ventures, which accrued interest at the greater of LIBOR plus 700 basis points, or 12%, and a default rate of 16%, and had an initial maturity of July 2011 (the “Bloomfield Loan”). This advance was reserved in full in prior periods (see Coventry II Fund discussion below).

Coventry II Fund

At September 30, 2013, the Company maintained several investments with the Coventry II Fund. The Company co-invested approximately 20% in each joint venture. The Company’s management and leasing agreements with the joint ventures expired by their own terms on December 31, 2011, and the Company decided not to renew these agreements (see Part II, Item 1. Legal Proceedings).

As of September 30, 2013, the aggregate carrying amount of the Company’s net investment in the Coventry II Fund joint ventures was $2.4 million. The Service Holdings LLC joint venture sold 17 assets in the first nine months of 2013. In addition, the asset owned by Coventry II DDR Tri-County LLC was foreclosed by the lender in September 2013. The Company had previously written down its investment to zero in these assets. In addition to its existing equity and notes receivable, including the

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Bloomfield Loan, at September 30, 2013, the Company had provided for one partial payment guaranty to a third-party lender in connection with the financing of one of the Coventry II Fund projects that aggregates $0.1 million.

Although the Company will not acquire additional investments through the Coventry II Fund joint ventures, additional funds may be required to address ongoing operational needs and costs associated with the joint ventures undergoing development or redevelopment. The Coventry II Fund is exploring a variety of strategies to obtain such funds, including potential dispositions and financings. The Company continues to maintain the position that it does not intend to fund any of its joint venture partners’ capital contributions or their share of debt maturities.

A summary of the Coventry II Fund investments as of September 30, 2013, is as follows (in millions):

Unconsolidated Real Estate Ventures	Shopping Center or Development Owned	Loan Balance Outstanding at September 30, 2013
Coventry II DDR Bloomfield LLC	Bloomfield Hills, Michigan	$	39.8	(A),  (B), (C), (D)
Coventry II DDR Buena Park LLC	Buena Park, California		73.0	(B)
Coventry II DDR Fairplain LLC	Benton Harbor, Michigan		18.7	(B)
Coventry II DDR Marley Creek Square LLC	Orland Park, Illinois		10.5	(B),  (C), (D), (E)
Coventry II DDR Phoenix Spectrum LLC	Phoenix, Arizona		66.2
Coventry II DDR Totem Lakes LLC	Kirkland, Washington		27.5	(B), (D)
Coventry II DDR Westover LLC	San Antonio, Texas		19.7	(B)
Service Holdings LLC	20 retail sites in several states		77.2	(B),  (C), (D)

(A) In 2009, the senior secured lender sent to the borrower a formal notice of default and filed a foreclosure action. The Company paid its 20% guaranty of this loan in 2009, and the senior secured lender initiated legal proceedings against the Coventry II Fund for its failure to fund its 80% payment guaranty. The senior secured lender and the Coventry II Fund subsequently entered into a settlement agreement in connection with the legal proceedings. In addition, the Bloomfield Loan from the Company is cross-defaulted with this third-party loan. The Bloomfield Loan is considered past due and has been fully reserved by the Company.

(B) As of November 1, 2013, lenders are managing the cash receipts and expenditures related to the assets collateralizing these loans.

(C) As of November 1, 2013, these loans are in default, and the Coventry II Fund is exploring a variety of strategies with the lenders.

(D) The Company has written its investment basis in this joint venture down to zero and is no longer reporting an allocation of income or loss.

(E) As of November 1, 2013, the Company provided an interest payment guaranty that was not greater than the proportion of its investment interest.

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Other Joint Ventures

The Company is involved with overseeing the development activities for several of its unconsolidated joint ventures that are constructing or redeveloping shopping centers. The Company earns a fee for its services commensurate with the level of oversight and services provided. The Company generally provides a completion guaranty to the third-party lending institution(s) providing construction financing.

The Company’s unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $4.2 billion and $4.4 billion at September 30, 2013 and 2012, respectively (see Item 3. Quantitative and Qualitative Disclosures About Market Risk). Such mortgages are generally non-recourse to the Company and its partners; however, certain mortgages may have recourse to the Company and its partners in certain limited situations, such as misuse of funds and material misrepresentations. In connection with certain of the Company’s unconsolidated joint ventures, the Company agreed to fund any amounts due to the joint venture’s lender if such amounts are not paid by the joint venture based on the Company’s pro rata share of such amount, which aggregated $5.2 million at September 30, 2013, including guaranties associated with the Coventry II Fund joint ventures.

The Company has generally chosen not to mitigate any of the foreign currency risk through the use of hedging instruments for Sonae Sierra Brasil. The Company will continue to monitor and evaluate this risk and may enter into hedging agreements at a later date.

The Company has interests in consolidated and unconsolidated joint ventures that own real estate assets in Canada and Russia. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. As such, the Company uses non-derivative financial instruments to hedge this exposure. The Company manages currency exposure related to the net assets of the Company’s Canadian and European subsidiaries primarily through foreign currency-denominated debt agreements into which the Company enters. Gains and losses in the parent company’s net investments in its subsidiaries are economically offset by losses and gains in the parent company’s foreign currency-denominated debt obligations.

For the nine months ended September 30, 2013, $0.7 million of net gains related to the foreign currency-denominated debt agreements were included in the Company’s cumulative translation adjustment. As the notional amount of the non-derivative instrument substantially matches the portion of the net investment designated as being hedged and the non-derivative instrument is denominated in the functional currency of the hedged net investment, the hedge ineffectiveness recognized in earnings was not material.

Financing Activities

In May 2013, the Company issued $300 million aggregate principal amount of 3.375% senior unsecured notes due May 2023. The forward sale agreements entered into in May 2013 were settled in September 2013 and October 2013, totaling 3.96 million and 35.14 million common shares, respectively, for aggregate net proceeds of $701.3 million, at a price to the Company of $17.94 per share. The net proceeds from the issuance of unsecured debt and the forward sale of common shares were used to fund the Blackstone Acquisition.

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In the first nine months of 2013, the Company issued 5.0 million common shares at a weighted-average price of $17.70 per share, primarily through the use of the Company’s continuous equity program, generating gross proceeds of $88.4 million, to partially fund the acquisition of Prime Assets (see Liquidity and Capital Resources and Sources and Uses of Capital).

Also, in April 2013, the Company issued $150.0 million of newly designated 6.250% Class K Preferred Shares at a price of $500.00 per preferred share (or $25.00 per depositary share). In addition, in May 2013, the Company redeemed $150.0 million of its 7.375% Class H Cumulative Redeemable Preferred shares (“Class H Preferred Shares”) at a redemption price of $25.1127 per depositary share (the sum of $25.00 per depositary share and dividends per depositary share of $0.1127 prorated to the redemption date). The Company recorded a non-cash charge of $5.2 million to net income attributable to common shareholders in the second quarter of 2013 related to the prorated write-off of Class H Preferred Shares’ original issuance costs.

Capitalization

At September 30, 2013, the Company’s capitalization consisted of $4.6 billion of debt, $405.0 million of preferred shares and $5.1 billion of market equity (market equity is defined as common shares and OP Units outstanding multiplied by $15.71, the closing price of the Company’s common shares on the New York Stock Exchange at September 30, 2013), resulting in a debt to total market capitalization ratio of 0.46 to 1.0 at September 30, 2013 and 2012. The closing price of the common shares on the New York Stock Exchange was $15.36 at September 30, 2012. At September 30, 2013 and 2012, the Company’s total debt consisted of the following (in billions):

	At September 30,
	2013		2012
Fixed-rate debt (A)	$	4.3	$	3.7
Variable-rate debt		0.3		0.6
	$	4.6	$	4.3

(A) Includes $631.8 million and $533.1 million of variable-rate debt that had been effectively swapped to a fixed rate through the use of interest rate derivative contracts at September 30, 2013 and 2012, respectively.

It is management’s strategy to have access to the capital resources necessary to manage the Company’s balance sheet, to repay upcoming maturities and to consider making prudent opportunistic investments. Accordingly, the Company may seek to obtain funds through additional debt or equity financings and/or joint venture capital in a manner consistent with its intention to operate with a conservative debt capitalization policy and to reduce the Company’s cost of capital by maintaining an investment grade rating with Moody’s, S&P and Fitch Ratings, Inc. The security rating is not a recommendation to buy, sell or hold securities, as it may be subject to revision or withdrawal at any time by the rating organization. Each rating should be evaluated independently of any other rating. The Company may not be able to obtain financing on favorable terms, or at all, which may negatively affect future ratings.

The Company’s credit facilities and the indentures under which the Company’s senior and subordinated unsecured indebtedness is, or may be, issued contain certain financial and operating covenants, including, among other things, debt service coverage and fixed charge coverage ratios, as well as limitations on the Company’s ability to incur secured and unsecured indebtedness, sell all or substantially all of the Company’s assets and engage in mergers and certain acquisitions. Although

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the Company intends to operate in compliance with these covenants, if the Company were to violate these covenants, the Company may be subject to higher finance costs and fees or accelerated maturities. In addition, certain of the Company’s credit facilities and indentures may permit the acceleration of maturity in the event certain other debt of the Company has been accelerated. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would have a negative impact on the Company’s financial condition and results of operations.

Contractual Obligations and Other Commitments

The Company has no remaining debt maturities in 2013, and, as such, has turned its focus to the timing and opportunities for the consolidated secured debt maturing in 2014 and beyond. As of September 30, 2013, there are no unsecured maturities until May 2015.

At September 30, 2013, the Company had letters of credit outstanding of $27.1 million. The Company has not recorded any obligations associated with these letters of credit, the majority of which are collateral for existing indebtedness and other obligations of the Company.

In conjunction with the development of shopping centers, the Company had entered into commitments with general contractors aggregating approximately $18.5 million for its wholly-owned and consolidated joint venture properties at September 30, 2013. These obligations, composed principally of construction contracts, are generally due in 12 to 36 months, as the related construction costs are incurred, and are expected to be financed through operating cash flow, new or existing construction loans, asset sales or revolving credit facilities.

The Company routinely enters into contracts for the maintenance of its properties. These contracts typically can be cancelled upon 30 to 60 days’ notice without penalty. At September 30, 2013, the Company had purchase order obligations, typically payable within one year, aggregating approximately $7.3 million related to the maintenance of its properties and general and administrative expenses.

Inflation

Most of the Company’s long-term leases contain provisions designed to mitigate the adverse impact of inflation. Such provisions include clauses enabling the Company to receive additional rental income from escalation clauses that generally increase rental rates during the terms of the leases and/or percentage rentals based on tenants’ gross sales. Such escalations are determined by negotiation, increases in the consumer price index or similar inflation indices. In addition, many of the Company’s leases are for terms of less than 10 years, permitting the Company to seek increased rents at market rates upon renewal. Most of the Company’s leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes, insurance and utilities, thereby reducing the Company’s exposure to increases in costs and operating expenses resulting from inflation.

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Economic Conditions

The Company believes there has been a favorable shift in the supply-and-demand dynamic for quality locations in well-positioned shopping centers. Many retailers have strong store opening plans for the remainder of 2013 and 2014. The Company continues to see strong demand from a broad range of retailers for its space, particularly in the off-price sector, which is a reflection of the general outlook of consumers who are demanding more value for their dollars. This is evidenced by the continued high volume of leasing activity, which was 7.8 million square feet of space for both new leases and renewals for the first nine months of 2013. The Company also benefits from its real estate asset class (shopping centers) typically having a higher return on capital expenditures, as well as a diversified tenant base with only one tenant exceeding 3.0% of annualized consolidated revenues and the Company’s proportionate share of unconsolidated joint venture revenues (Walmart at 3.7%). Other significant tenants include Target, Lowe’s, Home Depot, Kohl’s, TJX Companies, PetSmart, Publix and Bed Bath & Beyond, all of which have relatively strong credit ratings, remain well-capitalized and have outperformed other retail categories on a relative basis over time. The Company believes these tenants should continue providing it with a stable revenue base for the foreseeable future, given the long-term nature of these leases. Moreover, the majority of the tenants in the Company’s shopping centers provide day-to-day consumer necessities with a focus toward value and convenience versus high-priced discretionary luxury items, which the Company believes will enable many of the tenants to continue operating even in a challenging economic environment.

The retail shopping sector continues to be affected by the competitive nature of the retail business and the competition for market share as well as general economic conditions where stronger retailers have out-positioned some of the weaker retailers. These shifts can force some market share away from weaker retailers which could require them to downsize and close stores and/or declare bankruptcy. In many cases, the loss of a weaker tenant or downsizing of space creates a value-add opportunity to re-lease space at higher rents to a stronger retailer. Overall, the Company believes its portfolio remained stable at September 30, 2013, as evidenced by the increase in the occupancy rate as further described below. However, there can be no assurance that these events will not adversely affect the Company (see Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as amended).

Historically, the Company’s portfolio has performed consistently throughout many economic cycles, including downward cycles. Broadly speaking, national retail sales have grown since World War II, including during several recessions and housing slowdowns. In the past, the Company has not experienced significant volatility in its long-term portfolio occupancy rate. The Company has experienced downward cycles before and has made the necessary adjustments to leasing and development strategies to accommodate the changes in the operating environment and mitigate risk. More importantly, the quality of the property revenue stream is high and consistent, as it is generally derived from retailers with good credit profiles under long-term leases, with very little reliance on overage rents generated by tenant sales performance.

The Company believes that the quality of its shopping center portfolio is strong, as evidenced by the high historical occupancy rates, which have generally ranged from 92% to 96% since the Company’s initial public offering in 1993. The shopping center portfolio occupancy was at 92.1% at September 30, 2013 as compared to 91.3% at September 30, 2012. Notwithstanding the lower occupancy rate at the lower end of the historical range, the Company continues to sign new leases at rental rates that have reflected consistent growth on an annual basis.

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The total portfolio average annualized base rent per occupied square foot, including the results of Sonae Sierra Brasil, was $14.00 at September 30, 2013, as compared to $13.66 at December 31, 2012, and $13.79 at September 30, 2012. The increase primarily was due to the Company’s strategic portfolio realignment achieved through the recycling of capital from non-prime asset sales into the acquisition of Prime Assets as well as continued lease up of the existing portfolio at positive rental spreads. Moreover, the Company has been able to achieve these results without significant capital investment in tenant improvements or leasing commissions. The weighted-average cost of tenant improvements and lease commissions estimated to be incurred over the expected lease term for new leases executed during the third quarter of 2013 for the U.S. portfolio was only $3.80 per rentable square foot. The Company generally does not expend a significant amount of capital on lease renewals. The Company is very conscious of and sensitive to the risks posed by the economy, but believes that the position of its portfolio and the general diversity and credit quality of its tenant base should enable it to successfully navigate through these challenging economic times.

New Accounting Standards

New Accounting Standards are more fully described in Note 1, “Nature of Business and Financial Statement Presentation,” of the Company’s condensed consolidated financial statements.

FORWARD-LOOKING STATEMENTS

Management’s discussion and analysis should be read in conjunction with the condensed consolidated financial statements and the notes thereto appearing elsewhere in this report. Historical results and percentage relationships set forth in the condensed consolidated financial statements, including trends that might appear, should not be taken as indicative of future operations. The Company considers portions of this information to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectations for future periods. Forward-looking statements include, without limitation, statements related to acquisitions (including any related pro forma financial information) and other business development activities, future capital expenditures, financing sources and availability and the effects of environmental and other regulations. Although the Company believes that the expectations reflected in these forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not statements of historical fact should be deemed to be forward-looking statements. Without limiting the foregoing, the words “will,” “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates” and similar expressions are intended to identify forward-looking statements. Readers should exercise caution in interpreting and relying on forward-looking statements because such statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and that could materially affect the Company’s actual results, performance or achievements. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward looking statements, please refer to Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

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Factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following:

• The Company is subject to general risks affecting the real estate industry, including the need to enter into new leases or renew leases on favorable terms to generate rental revenues, and any economic downturn may adversely affect the ability of the Company’s tenants, or new tenants, to enter into new leases or the ability of the Company’s existing tenants to renew their leases at rates at least as favorable as their current rates;

• The Company could be adversely affected by changes in the local markets where its properties are located, as well as by adverse changes in national economic and market conditions;

• The Company may fail to anticipate the effects on its properties of changes in consumer buying practices, including sales over the Internet and the resulting retailing practices and space needs of its tenants, or a general downturn in its tenants’ businesses, which may cause tenants to close stores or default in payment of rent;

• The Company is subject to competition for tenants from other owners of retail properties, and its tenants are subject to competition from other retailers and methods of distribution. The Company is dependent upon the successful operations and financial condition of its tenants, in particular its major tenants, and could be adversely affected by the bankruptcy of those tenants;

• The Company relies on major tenants, which makes it vulnerable to changes in the business and financial condition of, or demand for its space by, such tenants;

• The Company may not realize the intended benefits of acquisition or merger transactions. The acquired assets may not perform as well as the Company anticipated, or the Company may not successfully integrate the assets and realize improvements in occupancy and operating results. The acquisition of certain assets may subject the Company to liabilities, including environmental liabilities;

• The Company may fail to identify, acquire, construct or develop additional properties that produce a desired yield on invested capital, or may fail to effectively integrate acquisitions of properties or portfolios of properties. In addition, the Company may be limited in its acquisition opportunities due to competition, the inability to obtain financing on reasonable terms or any financing at all, and other factors;

• The Company may fail to dispose of properties on favorable terms. In addition, real estate investments can be illiquid, particularly as prospective buyers may experience increased costs of financing or difficulties obtaining financing, and could limit the Company’s ability to promptly make changes to its portfolio to respond to economic and other conditions;

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• The Company may abandon a development opportunity after expending resources if it determines that the development opportunity is not feasible due to a variety of factors, including a lack of availability of construction financing on reasonable terms, the impact of the economic environment on prospective tenants’ ability to enter into new leases or pay contractual rent, or the inability of the Company to obtain all necessary zoning and other required governmental permits and authorizations;

• The Company may not complete development projects on schedule as a result of various factors, many of which are beyond the Company’s control, such as weather, labor conditions, governmental approvals, material shortages or general economic downturn resulting in limited availability of capital, increased debt service expense and construction costs and decreases in revenue;

• The Company’s financial condition may be affected by required debt service payments, the risk of default and restrictions on its ability to incur additional debt or to enter into certain transactions under its credit facilities and other documents governing its debt obligations. In addition, the Company may encounter difficulties in obtaining permanent financing or refinancing existing debt. Borrowings under the Company’s revolving credit facilities are subject to certain representations and warranties and customary events of default, including any event that has had or could reasonably be expected to have a material adverse effect on the Company’s business or financial condition;

• Changes in interest rates could adversely affect the market price of the Company’s common shares, as well as its performance and cash flow;

• Debt and/or equity financing necessary for the Company to continue to grow and operate its business may not be available or may not be available on favorable terms;

• Disruptions in the financial markets could affect the Company’s ability to obtain financing on reasonable terms and have other adverse effects on the Company and the market price of the Company’s common shares;

• The Company is subject to complex regulations related to its status as a REIT and would be adversely affected if it failed to qualify as a REIT;

• The Company must make distributions to shareholders to continue to qualify as a REIT, and if the Company must borrow funds to make distributions, those borrowings may not be available on favorable terms or at all;

• Joint venture investments may involve risks not otherwise present for investments made solely by the Company, including the possibility that a partner or co-venturer may become bankrupt, may at any time have interests or goals different from those of the Company and may take action contrary to the Company’s instructions, requests, policies or objectives, including the Company’s policy with respect to maintaining its qualification as a REIT. In addition, a partner or co-venturer may not have access to sufficient capital to satisfy its funding obligations to the joint venture. The partner could cause a default under the joint venture loan for reasons outside the Company’s control. Furthermore, the Company could be required to reduce the carrying value of its equity method investments if a loss in the carrying value of the investment is other than temporary;

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• The Company’s decision to dispose of real estate assets, including land held for development and construction in progress, would change the holding period assumption in the undiscounted cash flow impairment analyses, which could result in material impairment losses and adversely affect the Company’s financial results;

• The outcome of pending or future litigation, including litigation with tenants or joint venture partners, may adversely affect the Company’s results of operations and financial condition;

• The Company may not realize anticipated returns from its real estate assets outside the United States. The Company may continue to pursue international opportunities that may subject the Company to different or greater risks than those associated with its domestic operations. The Company owns assets in Puerto Rico, an interest in an unconsolidated joint venture that owns properties in Brazil and an interest in consolidated joint ventures that were formed to develop and own properties in Canada and Russia;

• International ownership and development activities carry risks in addition to those the Company faces with its domestic properties and operations. Although the Company’s international activities are currently a relatively small portion of its business, to the extent the Company expands its international activities, these risks could significantly increase and adversely affect its results of operations and financial condition. These risks include the following:

• Adverse effects of changes in exchange rates for foreign currencies;

• Changes in foreign political or economic environments;

• Challenges of complying with a wide variety of foreign laws, including tax laws, and addressing different practices and customs relating to corporate governance, operations and litigation;

• Different lending practices;

• Cultural and consumer differences;

• Changes in applicable laws and regulations in the United States that affect foreign operations;

• Difficulties in managing international operations and

• Obstacles to the repatriation of earnings and cash.

• The Company is subject to potential environmental liabilities;

• The Company may incur losses that are uninsured or exceed policy coverage due to its liability for certain injuries to persons, property or the environment occurring on its properties and

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• The Company could incur additional expenses to comply with or respond to claims under the Americans with Disabilities Act or otherwise be adversely affected by changes in government regulations, including changes in environmental, zoning, tax and other regulations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company’s primary market risk exposure is interest rate risk. The Company’s debt, excluding unconsolidated joint venture debt, is summarized as follows:

	September 30, 2013										December 31, 2012
	Amount (Millions)		Weighted- Average Maturity (Years)		Weighted- Average Interest Rate			Percentage of Total			Amount (Millions)		Weighted- Average Maturity (Years)		Weighted- Average Interest Rate			Percentage of Total
Fixed-Rate Debt(A)	$	4,256.1		5.0		5.0	%		92.6	%	$	3,885.0		5.3		5.1	%		89.9	%
Variable-Rate Debt(A)	$	340.0		4.1		1.8	%		7.4	%	$	434.1		3.0		1.9	%		10.1	%

(A) Adjusted to reflect the $631.8 million and $632.8 million of variable-rate debt that LIBOR was swapped to at a fixed-rate of 1.3% at September 30, 2013 and December 31, 2012, respectively.

The Company’s unconsolidated joint ventures’ indebtedness is summarized as follows:

	September 30, 2013									December 31, 2012
	Joint Venture Debt (Millions)		Company’s Proportionate Share (Millions)		Weighted- Average Maturity (Years)		Weighted- Average Interest Rate			Joint Venture Debt (Millions)		Company’s Proportionate Share (Millions)		Weighted- Average Maturity (Years)		Weighted- Average Interest Rate
Fixed-Rate Debt	$	3,008.3	$	489.8		3.8		5.6	%	$	3,083.7	$	518.6		4.0		5.3	%
Variable-Rate Debt	$	1,201.7	$	203.0		4.8		7.9	%	$	1,162.7	$	206.3		4.3		6.9	%

The Company intends to use retained cash flow, proceeds from asset sales, equity and debt financing and variable-rate indebtedness available under its Revolving Credit Facilities to repay indebtedness and fund capital expenditures of the Company’s shopping centers. Thus, to the extent the Company incurs additional variable-rate indebtedness, its exposure to increases in interest rates in an inflationary period could increase. The Company does not believe, however, that increases in interest expense as a result of inflation will significantly impact the Company’s distributable cash flow.

The interest rate risk on a portion of the Company’s variable-rate debt described above has been mitigated through the use of interest rate swap agreements (the “Swaps”) with major financial institutions. At September 30, 2013 and December 31, 2012, the interest rate on the Company’s $631.8 million and $632.8 million, respectively, consolidated floating rate debt was swapped to fixed rates. The Company is exposed to credit risk in the event of nonperformance by the counterparties to the Swaps. The Company believes it mitigates its credit risk by entering into Swaps with major financial institutions.

The carrying value of the Company’s fixed-rate debt is adjusted to include the $631.8 million and $632.8 million of variable-rate debt that was swapped to a fixed rate at September 30, 2013 and December 31, 2012, respectively. The fair value of the Company’s fixed-rate debt is adjusted to (i)

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include the swaps reflected in the carrying value and (ii) include the Company’s proportionate share of the joint venture fixed-rate debt. An estimate of the effect of a 100 basis-point increase at September 30, 2013 and December 31, 2012, is summarized as follows (in millions):

	September 30, 2013								December 31, 2012
	Carrying Value		Fair Value			100 Basis Point Increase in Market Interest Rates			Carrying Value		Fair Value			100 Basis Point Increase in Market Interest Rates
Company’s fixed-rate debt	$	4,256.1	$	4,535.8	(A)	$	4,289.7	(B)	$	3,885.0	$	4,311.8	(A)	$	4,132.2	(B)
Company’s proportionate share of joint venture fixed-rate debt	$	489.8	$	495.6		$	481.1		$	518.6	$	528.1		$	510.2

(A) Includes the fair value of interest rate swaps, which was a liability of $6.0 million, net, and $17.1 million at September 30, 2013 and December 31, 2012, respectively.

(B) Includes the fair value of interest rate swaps, which was an asset of $14.3 million and $7.8 million at September 30, 2013 and December 31, 2012, respectively.

The sensitivity to changes in interest rates of the Company’s fixed-rate debt was determined using a valuation model based upon factors that measure the net present value of such obligations that arise from the hypothetical estimate as discussed above.

Further, a 100 basis point increase in short-term market interest rates on variable-rate debt at September 30, 2013, would result in an increase in interest expense of approximately $2.5 million for the Company and $1.5 million representing the Company’s proportionate share of the joint ventures’ interest expense relating to variable-rate debt outstanding for the nine-month period ended September 30, 2013. The estimated increase in interest expense for the period does not give effect to possible changes in the daily balance of the Company’s or joint ventures’ outstanding variable-rate debt.

The Company and its joint ventures intend to continually monitor and actively manage interest costs on their variable-rate debt portfolio and may enter into swap positions based on market fluctuations. In addition, the Company believes that it has the ability to obtain funds through additional equity and/or debt offerings and joint venture capital. Accordingly, the cost of obtaining such protection agreements in relation to the Company’s access to capital markets will continue to be evaluated. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. As of September 30, 2013, the Company had no other material exposure to market risk.

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ITEM 4. CONTROLS AND PROCEDURES

Based on their evaluation as required by Securities Exchange Act Rules 13a-15(b) and 15d-15(b), the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) have concluded that the Company’s disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and were effective as of the end of such period to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act is accumulated and communicated to the Company’s management, including its CEO and CFO, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

During the three-month period ended September 30, 2013, there were no changes in the Company’s internal control over financial reporting that materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

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PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Coventry II

The Company is a party to various joint ventures with the Coventry II Fund, through which 10 existing or proposed retail properties, along with a portfolio of former Service Merchandise locations, were acquired at various times from 2003 through 2006. The properties were acquired by the joint ventures as value-add investments, with major renovation and/or ground-up development contemplated for many of the properties. The Company was generally responsible for day-to-day management of the properties through December 2011. On November 4, 2009, Coventry Real Estate Advisors L.L.C., Coventry Real Estate Fund II, L.L.C. and Coventry Fund II Parallel Fund, L.L.C. (collectively, “Coventry”) filed suit against the Company and certain of its affiliates and officers in the Supreme Court of the State of New York, County of New York. The complaint alleges that the Company: (i) breached contractual obligations under a co-investment agreement and various joint venture limited liability company agreements, project development agreements and management and leasing agreements; (ii) breached its fiduciary duties as a member of various limited liability companies; (iii) fraudulently induced the plaintiffs to enter into certain agreements; and (iv) made certain material misrepresentations. The complaint also requests that a general release made by Coventry in favor of the Company in connection with one of the joint venture properties be voided on the grounds of economic duress. The complaint seeks compensatory and consequential damages in an amount not less than $500 million, as well as punitive damages.

In response to this action, the Company filed a motion to dismiss the complaint or, in the alternative, to sever the plaintiffs’ claims. In June 2010, the court granted the motion in part (which was affirmed on appeal), dismissing Coventry’s claim that the Company breached a fiduciary duty owed to Coventry. The Company also filed an answer to the complaint, and asserted various counterclaims against Coventry. On October 10, 2011, the Company filed a motion for summary judgment, seeking dismissal of all of Coventry’s remaining claims. On April 18, 2013, the court issued an order granting the majority of the Company’s motion. Among other findings, the order dismissed all claims of fraud and misrepresentation against the Company and its officers, dismissed all claims for breach of the joint venture agreements and development agreements, and dismissed Coventry’s claim of economic duress. The court’s decision denied the Company’s motion solely with respect to several claims for breach of contract under the Company’s prior management agreements in connection with certain assets. Coventry appealed the court’s ruling. The Company cross-appealed the ruling with respect to those limited aspects of the motion that were not granted.

The Company believes that the allegations in the lawsuit are without merit and that it has strong defenses against this lawsuit. The Company will continue to vigorously defend itself against the allegations contained in the complaint. This lawsuit is subject to the uncertainties inherent in the litigation process and, therefore, no assurance can be given as to its ultimate outcome and no loss provision has been recorded in the accompanying financial statements because a loss contingency is not deemed probable or estimable. However, based on the information presently available to the Company, the Company does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

69

Other

In addition to the litigation discussed above, the Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.

ITEM 1A. RISK FACTORS

None.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ISSUER PURCHASES OF EQUITY SECURITIES

	(a) Total Number of Shares Purchased (1)		(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (Millions)
July 1 – 31, 2013		126,200	$	17.19		—		—
August 1 – 31, 2013		—		—		—		—
September 1 – 30, 2013		—		—		—		—
Total		126,200	$	17.19		—		—

(1) Consists of common shares surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the vesting and/or exercise of awards under the Company’s equity-based compensation plans.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

2.1	Agreement of Purchase and Sale between the Parties listed on Schedule A attached thereto, as REIT Seller, BRE Pentagon Retail Holding B, LLC, as Homart Seller, JDN Real Estate – Lakeland, L.P., as REIT Buyer, and the Company, as Homart Buyer, dated as of May 15, 2013*
3.1	Third Amended and Restated Articles of Incorporation of the Company
3.2	Amended and Restated Code of Regulations of the Company
31.1	Certification of principal executive officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
31.2	Certification of principal financial officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
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, as adopted pursuant to Section 906 of this report pursuant to the Sarbanes-Oxley Act of 2002 1
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, as adopted pursuant to Section 906 of this report pursuant to the Sarbanes-Oxley Act of 2002 1
101.INS	XBRL Instance Document2
101.SCH	XBRL Taxonomy Extension Schema Document2
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document2
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document 2
101.LAB	XBRL Taxonomy Extension Label Linkbase Document 2
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document 2

* Certain immaterial schedules and exhibits to this exhibit have been omitted pursuant to the provisions of Regulation S-K, Item 601(b)(2). A copy of any of the omitted schedules and exhibits will be furnished to the Securities and Exchange Commission upon request.

1 Pursuant to SEC Release No. 34-4751, these exhibits are deemed to accompany this report and are not “filed” as part of this report.

2 Submitted electronically herewith.

71

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, (ii) Condensed Consolidated Statements of Operations for the Three- and Nine-Month Periods Ended September 30, 2013 and 2012, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three- and Nine-Month Periods Ended September 30, 2013 and 2012, (iv) Consolidated Statement of Equity for the Nine-Month Period Ended September 30, 2013, (v) Condensed Consolidated Statements of Cash Flows for the Nine-Month Periods Ended September 30, 2013 and 2012 and (vi) Notes to Condensed Consolidated Financial Statements.

72

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DDR CORP.
November 8, 2013	/s/ Christa A. Vesy
(Date)	Christa A. Vesy Executive Vice President and Chief Accounting Officer (Authorized Officer)

73

EXHIBIT INDEX

Exhibit No. Under Reg. S-K Item 601	Form 10-Q Exhibit No.	Description	Filed Herewith or Incorporated Herein by Reference
2	2.1	Agreement of Purchase and Sale between the Parties listed on Schedule A attached thereto, as REIT Seller, BRE Pentagon Retail Holding B, LLC, as Homart Seller, JDN Real Estate – Lakeland, L.P., as REIT Buyer, and the Company, as Homart Buyer, dated as of May 15, 2013*	Quarterly Report on Form 10-Q (Filed with the SEC on August 8, 2013; File No. 001-11690)
3	3.1	Third Amended and Restated Articles of Incorporation of the Company	Current Report on Form 8-K (Filed with the SEC on September 13, 2013; File No. 001-11690)
3	3.2	Amended and Restated Code of Regulations of the Company	Current Report on Form 8-K (Filed with the SEC on September 13, 2013; File No. 001-11690)
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, as adopted pursuant to Section 906 of this report pursuant to the Sarbanes-Oxley Act of 2002	Filed herewith
32	32.2	Certification of chief financial officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of this report pursuant to the Sarbanes-Oxley Act of 2002	Filed herewith
101	101.INS	XBRL Instance Document	Submitted electronically herewith
101	101.SCH	XBRL Taxonomy Extension Schema Document	Submitted electronically herewith
101	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Submitted electronically herewith
101	101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Submitted electronically herewith
101	101.LAB	XBRL Taxonomy Extension Label Linkbase Document	Submitted electronically herewith
101	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document	Submitted electronically herewith

* Certain immaterial schedules and exhibits to this exhibit have been omitted pursuant to the provisions of Regulation S-K, Item 601(b)(2). A copy of any of the omitted schedules and exhibits will be furnished to the Securities and Exchange Commission upon request.

74

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Daniel B. Hurwitz, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DDR Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 8, 2013    

Date

/s/ Daniel B. Hurwitz

Daniel B. Hurwitz

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, David J. Oakes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of DDR Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 8, 2013    

Date

/s/ David J. Oakes

David J. Oakes

President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Daniel B. Hurwitz, Chief Executive Officer of DDR Corp. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Daniel B. Hurwitz

Daniel B. Hurwitz

Chief Executive Officer

November 8, 2013

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David J. Oakes, President and Chief Financial Officer of DDR Corp. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2013, as filed with the Securities and Exchange Commission (the “Report”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ David J. Oakes

David J. Oakes

President and Chief Financial Officer

November 8, 2013

XML

Subsequent Events - Additional Information (Detail) (USD $) Share data in Millions, unless otherwise specified	9 Months Ended	1 Months Ended		1 Months Ended			1 Months Ended
	Sep. 30, 2013	May 31, 2013 Senior Unsecured Notes Due May 2023 [Member]	Sep. 30, 2013 Forward Sale [Member]	Oct. 31, 2013 Subsequent Events [Member] ShoppingCenter	Oct. 31, 2013 Subsequent Events [Member] Senior Unsecured Notes Due May 2023 [Member]	Oct. 31, 2013 Subsequent Events [Member] Forward Sale [Member]	Oct. 31, 2013 Subsequent Events [Member] Preferred Equity Interest and Mezzanine Loan [Member]
Subsequent Event [Line Items]
Number of prime power centers acquired				30
Transaction value for sole ownership interest acquired				$ 1,460,000,000
Total Transaction value for sole ownership interest acquired				1,540,000,000
Ownership interest acquired cash paid	306,100,000			566,400,000
Notes maturity date		May 31, 2023			May 31, 2023
Sale of common shares			39.1			39.1
Sole ownership interest acquired, mortgage debt assumed that was repaid at closing				139,000,000
Preferred equity and Mezzanine loan repaid				148,800,000			148,800,000
Ownership interest percentage				100.00%
Ownership interest of joint venture partner				95.00%
Sole ownership interest acquired, mortgage debt assumed				792,900,000
Sole ownership interest acquired, cash deposit paid	$ 25,000,000
Interest rate of Notes		3.375%

XML

Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) (Fair Value Measurements [Member], USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	$ 161.4
Long-lived assets held and used and held for sale, Fair Value Measurements		180.7
Unconsolidated joint venture investment, Fair Value Measurements		4.7
Deconsolidated joint venture investment, Fair Value Measurements		56.1
Long-lived assets held and used and held for sale, Total Losses	66.8	126.5
Unconsolidated joint venture investment, Total Losses		26.7
Deconsolidated joint venture investment, Total Losses		9.3
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	0
Long-lived assets held and used and held for sale, Fair Value Measurements		0
Unconsolidated joint venture investment, Fair Value Measurements		0
Deconsolidated joint venture investment, Fair Value Measurements		0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	0
Long-lived assets held and used and held for sale, Fair Value Measurements		0
Unconsolidated joint venture investment, Fair Value Measurements		0
Deconsolidated joint venture investment, Fair Value Measurements		0
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	161.4
Long-lived assets held and used and held for sale, Fair Value Measurements		180.7
Unconsolidated joint venture investment, Fair Value Measurements		4.7
Deconsolidated joint venture investment, Fair Value Measurements		$ 56.1

XML

Discontinued Operations - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2013 Property	Dec. 31, 2012 Property
Discontinued Operations And Disposal Groups [Abstract]
Number of properties sold	28	29
Number of assets held for sale	1

XML

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Legal Matters

Coventry II

The Company is a party to various joint ventures with the Coventry II Fund, through which 10 existing or proposed retail properties, along with a portfolio of former Service Merchandise locations, were acquired at various times from 2003 through 2006. The properties were acquired by the joint ventures as value-add investments, with major renovation and/or ground-up development contemplated for many of the properties. The Company was generally responsible for day-to-day management of the properties through December 2011. On November 4, 2009, Coventry Real Estate Advisors L.L.C., Coventry Real Estate Fund II, L.L.C. and Coventry Fund II Parallel Fund, L.L.C. (collectively, “Coventry”) filed suit against the Company and certain of its affiliates and officers in the Supreme Court of the State of New York, County of New York. The complaint alleges that the Company: (i) breached contractual obligations under a co-investment agreement and various joint venture limited liability company agreements, project development agreements and management and leasing agreements; (ii) breached its fiduciary duties as a member of various limited liability companies; (iii) fraudulently induced the plaintiffs to enter into certain agreements; and (iv) made certain material misrepresentations. The complaint also requests that a general release made by Coventry in favor of the Company in connection with one of the joint venture properties be voided on the grounds of economic duress. The complaint seeks compensatory and consequential damages in an amount not less than $500 million, as well as punitive damages.

In response to this action, the Company filed a motion to dismiss the complaint or, in the alternative, to sever the plaintiffs’ claims. In June 2010, the court granted the motion in part (which was affirmed on appeal), dismissing Coventry’s claim that the Company breached a fiduciary duty owed to Coventry. The Company also filed an answer to the complaint, and asserted various counterclaims against Coventry. On October 10, 2011, the Company filed a motion for summary judgment, seeking dismissal of all of Coventry’s remaining claims. On April 18, 2013, the court issued an order granting the majority of the Company’s motion. Among other findings, the order dismissed all claims of fraud and misrepresentation against the Company and its officers, dismissed all claims for breach of the joint venture agreements and development agreements, and dismissed Coventry’s claim of economic duress. The court’s decision denied the Company’s motion solely with respect to several claims for breach of contract under the Company’s prior management agreements in connection with certain assets. Coventry appealed the court’s ruling. The Company cross-appealed the ruling with respect to those limited aspects of the motion that were not granted.

The Company believes that the allegations in the lawsuit are without merit and that it has strong defenses against this lawsuit. The Company will continue to vigorously defend itself against the allegations contained in the complaint. This lawsuit is subject to the uncertainties inherent in the litigation process and, therefore, no assurance can be given as to its ultimate outcome and no loss provision has been recorded in the accompanying financial statements because a loss contingency is not deemed probable or estimable. However, based on the information presently available to the Company, the Company does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Contract Termination

In January 2008, the Company entered into a Services Agreement (the “Agreement”) with Oxford Building Services, Inc. (“Oxford”). Oxford’s obligations under the Agreement were guaranteed by Control Building Services, Inc. (“Control”), an affiliate of Oxford. The Agreement required that Oxford identify and contract directly with various service providers (“Vendors”) to provide maintenance, repairs, supplies and a variety of on-site services to certain properties in the Company’s portfolio, in exchange for which Oxford would pay such Vendors for the services. Under the Agreement, the Company remitted funds to Oxford to pay the Vendors under the Vendors’ contracts with Oxford.

On or about January 23, 2013, Oxford advised the Company that approximately $11 million paid by the Company to Oxford for the sole purpose of paying various Vendors had instead been used to repay commercial financing obligations incurred by Oxford and its affiliates to a third-party lender. As a result, Oxford had insufficient funds to pay the Vendors in accordance with the Agreement. On January 28, 2013, the Company terminated the Agreement based upon Oxford’s violations of the Agreement principally due to its insolvency. On February 26, 2013, Oxford and several affiliates filed petitions for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey (Case No. 13-13821).

In its initial filings in the bankruptcy case, Oxford has claimed that the Company refused to pay Oxford approximately $5 million allegedly due and owing to Vendors for work performed at the Company’s properties prior to the termination of the Agreement. Further, Oxford threatened to commence litigation against the Company to recover the alleged amounts owed should a consensual resolution not be reached. The Company denies that any sums are due to Oxford, and if any such claim is asserted, the Company will vigorously defend against it. Furthermore, as a result of the funds previously paid by the Company to Oxford, the Company also denies that any sums are due from the Company to any Vendors and will vigorously defend against any such claims. On March 18, 2013, the Company filed suit in the Court of Common Pleas, Cuyahoga County, Ohio, against Control, Control Equity Group, Inc. (the non-bankrupt parent company of Oxford) and the individual principals of Oxford. The suit asserts claims for, among other things, breach of the Control guaranty, fraud, conversion and civil conspiracy.

Other

In addition to the litigation discussed above, the Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.

XML

Acquisitions - Unaudited Supplement to Pro Forma Operating Data (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Combinations [Abstract]
Pro forma revenues	$ 220,586	$ 214,349	$ 658,291	$ 631,873
Pro forma loss from continuing operations	(11,638)	(10,521)	(15,767)	(58,757)
Pro forma income (loss) from discontinued operations	9,443	(3,816)	(2,623)	(53,671)
Pro forma net loss attributable to DDR common shareholders	$ (7,044)	$ (27,689)	$ (44,958)	$ (134,111)
Basic earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$ (0.05)	$ (0.07)	$ (0.13)	$ (0.26)
Income (loss) from discontinued operations attributable to DDR common shareholders	$ 0.03	$ (0.01)	$ (0.01)	$ (0.17)
Net loss attributable to DDR common shareholders	$ (0.02)	$ (0.08)	$ (0.14)	$ (0.43)
Diluted earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$ (0.05)	$ (0.07)	$ (0.13)	$ (0.26)
Income (loss) from discontinued operations attributable to DDR common shareholders	$ 0.03	$ (0.01)	$ (0.01)	$ (0.17)
Net loss attributable to DDR common shareholders	$ (0.02)	$ (0.08)	$ (0.14)	$ (0.43)

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Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues from operations:
Minimum rents	$ 150,654	$ 134,046	$ 436,950	$ 387,299
Percentage and overage rents	885	296	3,261	2,433
Recoveries from tenants	48,443	41,839	140,896	123,953
Fee and other income	19,386	21,096	58,934	57,369
Total revenue from operations	219,368	197,277	640,041	571,054
Rental operation expenses:
Operating and maintenance	34,728	31,287	101,412	93,215
Real estate taxes	28,541	24,668	82,940	73,326
Impairment charges	24,136	2,560	54,134	44,692
General and administrative	19,246	18,547	59,123	56,691
Depreciation and amortization	74,141	59,620	211,200	178,535
Total rental operation expenses	180,792	136,682	508,809	446,459
Other income (expense):
Interest income	6,691	5,661	20,365	9,829
Interest expense	(57,936)	(53,724)	(166,990)	(161,203)
Loss on debt retirement, net			0	(13,495)
Other income (expense), net	(2,282)	(1,868)	(3,288)	(7,100)
Total other income (expense)	(53,527)	(49,931)	(149,913)	(171,969)
(Loss) income before earnings from equity method investments and other items	(14,951)	10,664	(18,681)	(47,374)
Equity in net income of joint ventures	3,780	5,486	5,543	16,966
Impairment of joint venture investments	0	(26,111)	0	(26,671)
Gain on change in control of interests	0	40,645	1,066	79,993
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes	(11,171)	30,684	(12,072)	22,914
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	(406)	(263)	(2,481)	(798)
(Loss) income from continuing operations	(11,577)	30,421	(14,553)	22,116
Income (loss) from discontinued operations	9,443	(3,816)	(2,623)	(53,671)
(Loss) income before gain on disposition of real estate	(2,134)	26,605	(17,176)	(31,555)
Gain on disposition of real estate, net of tax	1,929	261	347	6,161
Net (loss) income	(205)	26,866	(16,829)	(25,394)
Non-controlling interests	(170)	(128)	(556)	(424)
Net (loss) income attributable to DDR	(375)	26,738	(17,385)	(25,818)
Write-off of preferred share original issuance costs	0	(5,804)	(5,246)	(5,804)
Preferred dividends	(6,608)	(7,681)	(21,113)	(21,616)
Net (loss) income attributable to DDR common shareholders	$ (6,983)	$ 13,253	$ (43,744)	$ (53,238)
Basic earnings per share data:
(Loss) income from continuing operations attributable to DDR common shareholders	$ (0.05)	$ 0.05	$ (0.13)	$ 0.00
Income (loss) from discontinued operations attributable to DDR common shareholders	$ 0.03	$ (0.01)	$ (0.01)	$ (0.19)
Net (loss) income attributable to DDR common shareholders	$ (0.02)	$ 0.04	$ (0.14)	$ (0.19)
Diluted earnings per share data:
(Loss) income from continuing operations attributable to DDR common shareholders	$ (0.05)	$ 0.05	$ (0.13)	$ 0.00
Income (loss) from discontinued operations attributable to DDR common shareholders	$ 0.03	$ (0.01)	$ (0.01)	$ (0.19)
Net (loss) income attributable to DDR common shareholders	$ (0.02)	$ 0.04	$ (0.14)	$ (0.19)

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Investments in and Advances to Joint Ventures

9 Months Ended

Sep. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

2. INVESTMENTS IN AND ADVANCES TO JOINT VENTURES

At September 30, 2013 and December 31, 2012, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 203 and 206 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	September 30, 2013			December 31, 2012
Condensed Combined Balance Sheets
Land	$	1,552,832		$	1,569,548
Buildings		4,653,035			4,681,462
Fixtures and tenant improvements		284,451			244,293
		6,490,318			6,495,303
Less: Accumulated depreciation		(873,212	)		(833,816	)
		5,617,106			5,661,487
Land held for development and construction in progress		283,241			348,822
Real estate, net		5,900,347			6,010,309
Cash and restricted cash(A)		355,283			467,200
Receivables, net		104,422			99,098
Other assets		410,985			427,014
	$	6,771,037		$	7,003,621
Mortgage debt	$	4,210,034		$	4,246,407
Notes and accrued interest payable to DDR(B)		156,743			143,338
Other liabilities		293,711			342,614
		4,660,488			4,732,359
Redeemable preferred equity		198,521			154,556
Accumulated equity		1,912,028			2,116,706
	$	6,771,037		$	7,003,621
Company’s share of Accumulated Equity	$	391,417		$	432,500

(A) Includes $230.8 million and $347.9 million at September 30, 2013 and December 31, 2012, respectively, from Sonae Sierra Brasil.

(B) The Company has net amounts receivable from several joint ventures aggregating $35.9 million and $34.3 million at September 30, 2013 and December 31, 2012, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining amounts were fully reserved by the Company in prior years.

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Condensed Combined Statements of Operations
Revenues from operations	$	181,671		$	183,187		$	545,603		$	498,018
Operating expenses(A)		65,435			62,191			191,389			174,252
Impairment charges		21,875			—			66,438			840
Depreciation and amortization		58,080			64,491			179,027			142,361
Interest expense		58,433			58,876			175,840			167,740
		203,823			185,558			612,694			485,193
(Loss) income before tax expense and discontinued operations		(22,152	)		(2,371	)		(67,091	)		12,825
Income tax expense (primarily Sonae Sierra Brasil), net		(6,446	)		(6,591	)		(20,299	)		(18,781	)
Loss from continuing operations		(28,598	)		(8,962	)		(87,390	)		(5,956	)
Discontinued operations:
Loss from discontinued operations		(2,403	)		(42,976	)		(7,054	)		(57,661	)
(Loss) gain on disposition of real estate, net of tax(B)		(21,228	)		1,183			(27,133	)		1,290
Loss before gain on disposition of real estate, net		(52,229	)		(50,755	)		(121,577	)		(62,327	)
Gain on disposition of real estate, net		151			1,128			794			14,230
Net loss	$	(52,078	)	$	(49,627	)	$	(120,783	)	$	(48,097	)
Non-controlling interests		(5,800	)		(6,155	)		(19,715	)		(19,689	)
Net loss attributable to unconsolidated joint ventures	$	(57,878	)	$	(55,782	)	$	(140,498	)	$	(67,786	)
Company’s share of equity in net income (loss) of joint ventures(C)	$	2,800		$	(1,613	)	$	4,328		$	11,739
Amortization of basis differentials(D)		980			7,099			1,215			5,227
Equity in net income of joint ventures	$	3,780		$	5,486		$	5,543		$	16,966

(A) Operating expenses for the nine-month period ended September 30, 2012, include transaction costs associated with the formation of the unconsolidated joint venture BRE DDR Retail Holdings I.

(B) Primarily attributable to an investment in the Coventry II Fund in which the Company had a 20% interest. The joint venture recorded a loss of $32.6 million on the transfer of its ownership of one of its properties to the lender. The Company’s share of the loss is zero as the Company had previously written off its investment in this operating property.

(C) The Company is not recording income or loss from those investments in which its investment basis is zero and the Company does not have the obligation or intent to fund any additional capital.

(D) The difference between the Company’s share of net loss, as reported above, and the amounts included in the condensed consolidated statements of operations is attributable to the amortization of basis differentials, deferred gains and differences in gain (loss) on sale of certain assets due to the basis differentials and other than temporary impairment charges.

Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment basis and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions):

	September 30, 2013			December 31, 2012
Company’s share of accumulated equity	$	391.4		$	432.5
Redeemable preferred equity and other(A)		199.0	(B)		155.0
Basis differentials		8.6			(5.9	)
Deferred development fees, net of portion related to the Company’s interest		(2.9	)		(2.9	)
Notes and accrued interest payable to DDR		35.9	(B)		34.3
Investments in and Advances to Joint Ventures	$	632.0		$	613.0

(A) Primarily relates to $198.5 million and $154.6 million of preferred equity investments through investments with affiliates of Blackstone Real Estate Partners VII L.P. (“Blackstone”) at September 30, 2013 and December 31, 2012, respectively.

(B) In conjunction with the Company’s acquisition of its joint venture partner’s interest in 30 assets in October 2013, $148.8 million was applied to fund the acquisition cost of the assets (Note 17).

Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Management and other fees	$	7.4	$	7.6	$	22.6	$	20.9
Development fees and leasing commissions		2.7		2.3		7.9		6.2
Interest income		5.3		4.7		14.4		5.1

BRE DDR Retail Holdings II Joint Venture

In August 2013, a newly formed joint venture between consolidated affiliates of the Company and an affiliate of Blackstone acquired a portfolio of seven prime shopping centers, (“BRE DDR Retail Holdings II”). The purchase price was $332.0 million, including assumed debt of $206.6 million and $28.0 million of new mortgage debt. An affiliate of Blackstone owns 95% of the common equity of the joint venture and an affiliate of DDR owns the remaining 5%. DDR also invested $30.0 million in preferred equity in the joint venture with a fixed dividend rate of 9%. DDR’s investment was funded primarily through proceeds from asset sales. DDR will provide leasing and management services and has certain rights allowing it to potentially acquire four assets in the portfolio.

DDRTC Core Retail Fund LLC

In April 2013, the Company purchased its unconsolidated joint venture partner’s 85% ownership interest in five assets. The aggregate purchase price of these assets was $110.5 million. The Company recorded an aggregate Gain on Change in Control of Interests related to the difference between the Company’s carrying value and fair value of the previously held equity interest. At closing, $92.4 million of aggregate mortgage debt was repaid. Upon acquisition, these shopping centers were unencumbered and consolidated into the Company’s results from operations.

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Segment Information

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment Information

16. SEGMENT INFORMATION

The Company has three reportable operating segments: shopping centers, loan investments and Brazil equity investment. Each consolidated shopping center is considered a separate operating segment; however, each shopping center on a stand-alone basis represents less than 10% of the revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard.

The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 14) (in thousands):

	Three-Month Period Ended September 30, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	219,354		$	14							$	219,368
Operating expenses(B)		(87,330	)		(75	)							(87,405	)
Net operating income (loss)		132,024			(61	)							131,963
Depreciation and amortization		(74,141	)										(74,141	)
Interest income					6,691								6,691
Other income (expense), net									$	(2,282	)		(2,282	)
Unallocated expenses(C)										(77,588	)		(77,588	)
Equity in net (loss) income of joint ventures		(660	)				$	4,440					3,780
Loss from continuing operations												$	(11,577	)

	Three-Month Period Ended September 30, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	197,272		$	5							$	197,277
Operating expenses(B)		(58,365	)		(150	)							(58,515	)
Net operating income (loss)		138,907			(145	)							138,762
Depreciation and amortization		(59,620	)										(59,620	)
Interest income					5,661								5,661
Other income (expense), net									$	(1,868	)		(1,868	)
Gain on change in control of interests		40,645											40,645
Unallocated expenses(C)										(72,534	)		(72,534	)
Equity in net (loss) income of joint ventures		(441	)				$	5,927					5,486
Impairment of joint venture investments													(26,111	)
Income from continuing operations												$	30,421
	Nine-Month Period Ended September 30, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	640,012		$	29							$	640,041
Operating expenses(B)		(238,109	)		(377	)							(238,486	)
Net operating income (loss)		401,903			(348	)							401,555
Depreciation and amortization		(211,200	)										(211,200	)
Interest income					20,365								20,365
Other income (expense), net									$	(3,288	)		(3,288	)
Gain on change in control on interests		1,066											1,066
Unallocated expenses(C)										(228,594	)		(228,594	)
Equity in net (loss) income of joint ventures		(7,677	)				$	13,220					5,543
Loss from continuing operations												$	(14,553	)
As of September 30, 2013:
Total gross real estate assets	$	8,921,305										$	8,921,305
Notes receivable, net				$	302,130	(D)			$	(224,273	)(D)	$	77,857

	Nine-Month Period Ended September 30, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	571,042		$	12							$	571,054
Operating expenses(B)		(210,800	)		(433	)							(211,233	)
Net operating income (loss)		360,242			(421	)							359,821
Depreciation and amortization		(178,535	)										(178,535	)
Interest income					9,829								9,829
Other income (expense), net									$	(7,100	)		(7,100	)
Gain on change in control of interests		79,993											79,993
Unallocated expenses(C)										(232,187	)		(232,187	)
Equity in net (loss) income of joint ventures		(3,484	)				$	20,450					16,966
Impairment of joint venture investments													(26,671	)
Income from continuing operations												$	22,116
As of September 30, 2012:
Total gross real estate assets	$	8,583,201							$	7,093		$	8,590,294
Notes receivable, net				$	240,583	(D)			$	(177,470	)(D)	$	63,113

(A) The carrying value of the Brazil Equity Investment is not a measure used by executive management for purposes of decision making related to asset allocation or performance assessment of this segment.

(B) Includes impairment charges of $24.1 million and $2.6 million for the three-month periods ended September 30, 2013 and 2012, respectively, and $54.1 million and $44.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively.

(C) Unallocated expenses consist of general and administrative expenses, interest expense, loss/gain on debt retirement, and tax benefit/expense as listed in the condensed consolidated statements of operations.

(D) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheet.

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Financial Instruments - Effect of the Company's Derivative Instruments on Net Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest Rate Products [Member]
Derivative Instruments, Gain (Loss) Recognized in OCI, (Effective Portion) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in OCI, (Effective Portion)	$ (1.5)	$ (4.0)	$ 11.1	$ (10.3)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) Recognized in OCI, (Effective Portion) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into (Income) Loss, (Effective Portion)	$ (0.1)	$ 0.4	$ (0.3)	$ 0.2

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Notes Receivable - Loans Receivable on Real Estate (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Mortgage Loans On Real Estate [Abstract]
Balance at January 1	$ 60,378	$ 84,541
Additions:
New mortgage loans	21,967	592
Interest	319	790
Accretion of discount	651	615
Deductions:
Payments of principal and interest	(11,670)	0
Other	0	(31,700)
Balance at September 30	$ 71,645	$ 54,838

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Equity

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Equity

10. EQUITY

Common Shares

In May 2013, the Company entered into forward sale agreements with respect to 39.1 million of its common shares. In September 2013 and October 2013, the Company settled forward equity agreements totaling 3.96 million and 35.14 million common shares, respectively, for an aggregate net proceeds of $701.3 million, at a price to the Company of $17.94 per share. The Company used the net proceeds received upon settlement of the forward sale agreements to partially fund the Blackstone Acquisition (Note 17).

From January 1, 2013 through September 30, 2013, the Company issued 5.0 million common shares at a weighted-average price of $17.70 per share, generating gross proceeds of $88.4 million. The net proceeds primarily were used to acquire shopping center assets (Note 3).

Common share dividends declared were as follows:

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Common share dividends declared	$	0.135	$	0.12	$	0.405	$	0.36

Preferred Shares

In April 2013, the Company issued $150.0 million of its newly designated 6.250% Class K cumulative redeemable preferred shares (“Class K Preferred Shares”) at a price of $500.00 per share (or $25.00 per depositary share). In May 2013, the Company redeemed $150.0 million of its Class H Preferred Shares at a redemption price of $25.1127 per depositary share (the sum of $25.00 per depositary share and dividends per depositary share of $0.1127 prorated to the redemption date). The Company recorded a charge of $5.2 million to net loss attributable to common shareholders related to the write-off of the Class H Preferred Shares’ original issuance costs.

2013 Value Sharing Equity Program

On December 31, 2012, the Company adopted the 2013 Value Sharing Equity Program (“2013 VSEP”), which granted awards to certain officers of the Company on January 1, 2013. The 2013 VSEP awards, if earned, may result in the granting of common shares of the Company to participants on future measurement dates over three years, subject to an additional service-based vesting schedule. As a result, in general, the total compensation available to participants under the 2013 VSEP, if any, will be fully earned only after seven years (the three-year performance period and the final four-year service-based vesting period).

The 2013 VSEP is designed to allow DDR to reward participants for superior financial performance and allow them to share in “value created” (as defined below), based upon (1) increases in DDR’s adjusted market capitalization over pre-established periods of time and (2) increases in relative total shareholder return of DDR as compared to the performance of the FTSE NAREIT Equity REITs Total Return Index for the FTSE International Limited NAREIT U.S. Real Estate Index Series (the “NAREIT Index”). Under the 2013 VSEP, participants are granted two types of performance-based awards – a “relative performance award” and an “absolute performance award” – that, if earned, are settled with DDR common shares that are generally subject to additional service-based vesting requirements for a period of four years.

Absolute Performance Awards. Under the absolute performance awards, on five specified measurement dates (occurring on December 31, 2013 and every six months thereafter through December 31, 2015), DDR will measure the “Value Created” during the period between the start of the 2013 VSEP and the applicable measurement date. Value Created is measured for each period for the absolute performance awards as the increase in DDR’s market capitalization (i.e. the product of DDR’s five-day trailing average share price as of each measurement date (price-only appreciation, not total shareholder return) and the number of shares outstanding as of the measurement date), as adjusted for equity issuances and/or equity repurchases, between the start of the 2013 VSEP and the applicable measurement date. The share price used for purposes of determining Value Created for the absolute performance awards during any measurement period is capped based on an 8.0% per year compound annual growth rate for DDR shares from the start of the 2013 VSEP through the end of 2015 (the “Maximum Ending Share Price”).

Each participant has been assigned a “percentage share” of the Value Created for the absolute performance awards, but the total share of Value Created for all participants for the absolute performance awards is capped at $18.0 million (the aggregate percentage share for all participants for the absolute performance awards is 1.4133%). As a result, each participant’s total share of Value Created for the absolute performance awards is capped at an individual maximum limit. After the first measurement date, each participant will earn DDR common shares with an aggregate value equal to two-sixths of the participant’s percentage share of the Value Created for this award. After each of the next three measurement dates, each participant will earn DDR common shares with an aggregate value equal to three-sixths, then four-sixths, and then five-sixths, respectively, of the participant’s percentage share of the Value Created for this award. After the final measurement date (or, if earlier, upon a change in control, as defined in the 2013 VSEP), each participant will earn DDR common shares with an aggregate value equal to the participant’s full percentage share of the Value Created. In addition, for each measurement date, the number of DDR common shares earned by a participant will be reduced by the number of DDR common shares previously earned by the participant for prior measurement periods.

Relative Performance Awards. Under the relative performance awards, on December 31, 2015 (or, if earlier, upon a change in control), DDR will compare its dividend-adjusted share price performance during the period between the start of the 2013 VSEP and December 31, 2015, to the performance of a comparable hypothetical investment in the NAREIT Index (in each case as adjusted for equity issuances and/or equity repurchases during the same period). No relative performance awards will be earned by participants unless and until the absolute performance awards have already been earned by DDR achieving its Maximum Ending Share Price, and thus achieving maximum performance for the absolute performance awards.

If DDR’s relative performance exceeds the NAREIT Index, then the relative performance awards may be earned provided certain conditions are met. First, DDR’s five-day trailing average share price as of December 31, 2015, must be equal to or exceed the Maximum Ending Share Price. Second, the participant must be employed with DDR on the measurement date for the relative performance awards. If, after satisfaction of those conditions, DDR’s relative performance exceeds the NAREIT Index performance (subject to a not-less-than-minimum level of NAREIT Index performance), then each participant will earn DDR common shares based on the participant’s full “percentage share” of the Value Created for the relative performance awards, which percentage shares have been assigned by DDR. The total share of Value Created for all participants for the relative performance awards is capped at $36.0 million (the aggregate percentage share for all participants for the relative performance awards is 1.9337%), and, as a result, each participant’s total share of Value Created for the relative performance awards is capped at an individual maximum limit.

Unless otherwise determined by DDR, the DDR shares earned under the absolute performance awards and relative performance awards will generally be subject to additional service-based restrictions that are expected to vest in 20% annual increments beginning on the date of grant and on each of the first four anniversaries of the date of grant. The fair value of the 2013 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions:

	Range
Risk-free interest rate		0.36	%
Weighted-average dividend yield		4.0	%
Expected life		3 years
Expected volatility		18-24	%

As of September 30, 2013, $7.7 million of total unrecognized compensation costs are related to the two market metric components associated with the awards granted under the 2013 VSEP and are expected to be recognized over the 6.25-year term, which includes the vesting period.

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Investments in and Advances to Joint Ventures - Service Fees and Income Earned by Company's Unconsolidated Joint Ventures (Detail) (Unconsolidated Joint Ventures [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and other fees	$ 7.4	$ 7.6	$ 22.6	$ 20.9
Development fees and leasing commissions	2.7	2.3	7.9	6.2
Interest income	$ 5.3	$ 4.7	$ 14.4	$ 5.1

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Discontinued Operations - Operating Results Relating to Assets Sold or Designated as Held for Sale (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations And Disposal Groups [Abstract]
Revenues	$ 2,169	$ 7,786	$ 11,956	$ 27,164
Operating expenses	561	2,490	3,608	9,512
Impairment charges	0	5,698	12,661	61,165
Interest, net	412	1,547	2,609	5,957
Depreciation and amortization	454	1,691	2,941	7,322
Total expenses	1,427	11,426	21,819	83,956
Income (loss) from discontinued operations	742	(3,640)	(9,863)	(56,792)
Gain (loss) on disposition of real estate, net of tax	8,701	(176)	7,240	3,121
Income (loss) from discontinued operations	$ 9,443	$ (3,816)	$ (2,623)	$ (53,671)

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Other Assets, Net - Components of Other Assets (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, net	$ 181,843	$ 129,280
Accounts receivable, net	119,061	126,228
Deferred charges, net	38,367	42,498
Prepaid expenses	15,850	12,469
Other assets	44,042	29,821
Deposits	35,495	10,580
Total other assets, net	434,658	350,876
Lease Origination Costs and Fair Market Value of Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, net	102,485	67,105
Tenant Relations, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, net	$ 79,358	$ 62,175

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net (Loss) Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS

The following table calculates the Company’s earnings per share (“EPS”) and provides a reconciliation of net loss from continuing operations and the number of common shares used in the computations of “basic” EPS, which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Basic Earnings:
Continuing Operations:
(Loss) income from continuing operations	$	(11,577	)	$	30,421		$	(14,553	)	$	22,116
Plus: Gain on disposition of real estate		1,929			261			347			6,161
Plus: Loss attributable to non-controlling interests		(170	)		(128	)		(556	)		(424	)
Write-off of preferred share original issuance costs		—			(5,804	)		(5,246	)		(5,804	)
Preferred dividends		(6,608	)		(7,681	)		(21,113	)		(21,616	)
Less: Earnings attributable to unvested shares and operating partnership units		(330	)		(323	)		(1,052	)		(919	)
Basic—(Loss) income from continuing operations	$	(16,756	)	$	16,746		$	(42,173	)	$	(486	)
Discontinued Operations:
Basic—Income (loss) from discontinued operations		9,443			(3,816	)		(2,623	)		(53,671	)
Basic—Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$	(7,313	)	$	12,930		$	(44,796	)	$	(54,157	)
Diluted Earnings:
Continuing Operations:
Basic—(Loss) income from continuing operations	$	(16,426	)	$	17,069		$	(41,121	)	$	433
Less: Earnings attributable to unvested shares and operating partnership units		(330	)		(323	)		(1,052	)		(919	)
Diluted—(Loss) income from continuing operations		(16,756	)		16,746			(42,173	)		(486	)
Discontinued Operations:
Basic—Income (loss) from discontinued operations		9,443			(3,816	)		(2,623	)		(53,671	)
Diluted—Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$	(7,313	)	$	12,930		$	(44,796	)	$	(54,157	)
Number of Shares:
Basic—Average shares outstanding		318,184			302,232			316,146			286,016
Effect of dilutive securities:
Stock options		—			490			—			479
Value sharing equity program		—			202			—			169
Forward equity agreement		—			—			—			1,033
Diluted—Average shares outstanding		318,184			302,924			316,146			287,697
Basic Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05		$	(0.13	)	$	0.00
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.19	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04		$	(0.14	)	$	(0.19	)
Dilutive Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05		$	(0.13	)	$	0.00
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.19	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04		$	(0.14	)	$	(0.19	)

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Investments in and Advances to Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2013

Equity Method Investments And Joint Ventures [Abstract]

Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments

Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	September 30, 2013			December 31, 2012
Condensed Combined Balance Sheets
Land	$	1,552,832		$	1,569,548
Buildings		4,653,035			4,681,462
Fixtures and tenant improvements		284,451			244,293
		6,490,318			6,495,303
Less: Accumulated depreciation		(873,212	)		(833,816	)
		5,617,106			5,661,487
Land held for development and construction in progress		283,241			348,822
Real estate, net		5,900,347			6,010,309
Cash and restricted cash(A)		355,283			467,200
Receivables, net		104,422			99,098
Other assets		410,985			427,014
	$	6,771,037		$	7,003,621
Mortgage debt	$	4,210,034		$	4,246,407
Notes and accrued interest payable to DDR(B)		156,743			143,338
Other liabilities		293,711			342,614
		4,660,488			4,732,359
Redeemable preferred equity		198,521			154,556
Accumulated equity		1,912,028			2,116,706
	$	6,771,037		$	7,003,621
Company’s share of Accumulated Equity	$	391,417		$	432,500

(A) Includes $230.8 million and $347.9 million at September 30, 2013 and December 31, 2012, respectively, from Sonae Sierra Brasil.

(B) The Company has net amounts receivable from several joint ventures aggregating $35.9 million and $34.3 million at September 30, 2013 and December 31, 2012, respectively, which are included in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheets. The remaining amounts were fully reserved by the Company in prior years.

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Condensed Combined Statements of Operations
Revenues from operations	$	181,671		$	183,187		$	545,603		$	498,018
Operating expenses(A)		65,435			62,191			191,389			174,252
Impairment charges		21,875			—			66,438			840
Depreciation and amortization		58,080			64,491			179,027			142,361
Interest expense		58,433			58,876			175,840			167,740
		203,823			185,558			612,694			485,193
(Loss) income before tax expense and discontinued operations		(22,152	)		(2,371	)		(67,091	)		12,825
Income tax expense (primarily Sonae Sierra Brasil), net		(6,446	)		(6,591	)		(20,299	)		(18,781	)
Loss from continuing operations		(28,598	)		(8,962	)		(87,390	)		(5,956	)
Discontinued operations:
Loss from discontinued operations		(2,403	)		(42,976	)		(7,054	)		(57,661	)
(Loss) gain on disposition of real estate, net of tax(B)		(21,228	)		1,183			(27,133	)		1,290
Loss before gain on disposition of real estate, net		(52,229	)		(50,755	)		(121,577	)		(62,327	)
Gain on disposition of real estate, net		151			1,128			794			14,230
Net loss	$	(52,078	)	$	(49,627	)	$	(120,783	)	$	(48,097	)
Non-controlling interests		(5,800	)		(6,155	)		(19,715	)		(19,689	)
Net loss attributable to unconsolidated joint ventures	$	(57,878	)	$	(55,782	)	$	(140,498	)	$	(67,786	)
Company’s share of equity in net income (loss) of joint ventures(C)	$	2,800		$	(1,613	)	$	4,328		$	11,739
Amortization of basis differentials(D)		980			7,099			1,215			5,227
Equity in net income of joint ventures	$	3,780		$	5,486		$	5,543		$	16,966

(A) Operating expenses for the nine-month period ended September 30, 2012, include transaction costs associated with the formation of the unconsolidated joint venture BRE DDR Retail Holdings I.

(B) Primarily attributable to an investment in the Coventry II Fund in which the Company had a 20% interest. The joint venture recorded a loss of $32.6 million on the transfer of its ownership of one of its properties to the lender. The Company’s share of the loss is zero as the Company had previously written off its investment in this operating property.

(C) The Company is not recording income or loss from those investments in which its investment basis is zero and the Company does not have the obligation or intent to fund any additional capital.

(D) The difference between the Company’s share of net loss, as reported above, and the amounts included in the condensed consolidated statements of operations is attributable to the amortization of basis differentials, deferred gains and differences in gain (loss) on sale of certain assets due to the basis differentials and other than temporary impairment charges.

Investments in and Advances to Joint Ventures

Investments in and Advances to Joint Ventures include the following items, which represent the difference between the Company’s investment basis and its share of all of the unconsolidated joint ventures’ underlying net assets (in millions):

	September 30, 2013			December 31, 2012
Company’s share of accumulated equity	$	391.4		$	432.5
Redeemable preferred equity and other(A)		199.0	(B)		155.0
Basis differentials		8.6			(5.9	)
Deferred development fees, net of portion related to the Company’s interest		(2.9	)		(2.9	)
Notes and accrued interest payable to DDR		35.9	(B)		34.3
Investments in and Advances to Joint Ventures	$	632.0		$	613.0

(A) Primarily relates to $198.5 million and $154.6 million of preferred equity investments through investments with affiliates of Blackstone Real Estate Partners VII L.P. (“Blackstone”) at September 30, 2013 and December 31, 2012, respectively.

(B) In conjunction with the Company’s acquisition of its joint venture partner’s interest in 30 assets in October 2013, $148.8 million was applied to fund the acquisition cost of the assets (Note 17).

Service Fees and Income Earned from Company's Unconsolidated Joint Ventures

Service fees and income earned by the Company through management, financing, leasing and development activities performed related to all of the Company’s unconsolidated joint ventures are as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Management and other fees	$	7.4	$	7.6	$	22.6	$	20.9
Development fees and leasing commissions		2.7		2.3		7.9		6.2
Interest income		5.3		4.7		14.4		5.1

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Nature of Business and Financial Statement Presentation (Policies)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Use of Estimates in Preparation of Financial Statements

Use of Estimates in Preparation of Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.

Unaudited Interim Financial Statements

Unaudited Interim Financial Statements

These financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three- and nine-month periods ended September 30, 2013 and 2012, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

Principles of Consolidation

Principles of Consolidation

The condensed consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). Investments in joint ventures that the Company does not control are accounted for under the equity method of accounting.

At September 30, 2013 and December 31, 2012, the Company’s investments in consolidated real estate joint ventures in which the Company was deemed to be the primary beneficiary had total real estate assets of $186.3 million and $184.6 million, respectively, mortgages of $19.4 million and $21.5 million, respectively, and other liabilities of $1.8 million and $1.9 million, respectively.

Presentation of Other Comprehensive Income

Presentation of Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of comprehensive income. This guidance requires presentation of reclassification adjustments from other comprehensive income to net income in a single note or on the face of the financial statements. This guidance was effective for the Company on January 1, 2013. This guidance did not materially impact the Company’s consolidated financial statements.

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Investments in and Advances to Joint Ventures - Investments in and Advances to Joint Ventures (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Notes and accrued interest payable to DDR	$ 35,900,000	$ 34,300,000
Investments in and Advances to Joint Ventures	631,983,000	613,017,000
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of accumulated equity	391,400,000	432,500,000
Redeemable preferred equity and other	199,000,000	155,000,000
Basis differentials	8,600,000	(5,900,000)
Deferred development fees, net of portion related to the Company's interest	(2,900,000)	(2,900,000)
Notes and accrued interest payable to DDR	35,900,000	34,300,000
Investments in and Advances to Joint Ventures	$ 632,000,000	$ 613,000,000

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Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2013

Text Block [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component

The changes in accumulated other comprehensive loss by component are as follows (in thousands):

	Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Net Unrealized Gains on Marketable Securities(A)		Total
Balance, December 31, 2012	$	(22,247	)	$	(5,678	)	$	—	$	(27,925	)
Other comprehensive income (loss) before reclassifications		11,107			(16,041	)		2,639		(2,295	)
Amounts reclassified from accumulated other comprehensive loss(B)		354			—			—		354
Net current-period other comprehensive income (loss)		11,461			(16,041	)		2,639		(1,941	)
Balance, September 30, 2013	$	(10,786	)	$	(21,719	)	$	2,639	$	(29,866	)

(A) Included in Other Assets in the condensed consolidated balance sheets.

(B) Reflects amortization classified in Interest Expense of $0.4 million offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, which were previously recognized in Accumulated Other Comprehensive Income in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2013.

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Nature of Business and Financial Statement Presentation - Additional Information (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Total real estate assets, net	$ 7,139,441,000	$ 6,968,394,000
Variable Interest Entity, Primary Beneficiary [Member]
Significant Accounting Policies [Line Items]
Total real estate assets, net	186,300,000	184,600,000
Mortgages	19,400,000	21,500,000
Other real estate liabilities	$ 1,800,000	$ 1,900,000

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Acquisitions - Summary of Acquired Shopping Centers (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition [Line Items]
Face Value of Mortgage Debt Assumed		$ 246,200,000
Orlando, FL and Atlanta, GA [Member]
Business Acquisition [Line Items]
Acquisition date of shopping centers	July 2013
Gross Purchase Price	258,500,000
Face Value of Mortgage Debt Assumed	139,400,000
Parcels Adjacent to Existing Shopping Centers [Member]
Business Acquisition [Line Items]
Acquisition date of shopping centers	June 2013
Gross Purchase Price	11,700,000
Face Value of Mortgage Debt Assumed
Tampa, FL, Atlanta, GA, Newport News, VA and Richmond, VA (2 assets) [Member]
Business Acquisition [Line Items]
Acquisition date of shopping centers	April 2013
Gross Purchase Price	110,500,000
Face Value of Mortgage Debt Assumed
Dallas, TX [Member]
Business Acquisition [Line Items]
Acquisition date of shopping centers	March 2013
Gross Purchase Price	40,300,000
Face Value of Mortgage Debt Assumed
Oakland, CA [Member]
Business Acquisition [Line Items]
Acquisition date of shopping centers	February 2013
Gross Purchase Price	41,100,000
Face Value of Mortgage Debt Assumed

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Revolving Credit Facilities and Term Loans (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Information Regarding Company's Revolving Credit Facilities, Term Loans

The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) and term loans (in millions):

	Carrying Value at		Weighted-Average Interest Rate at
	September 30, 2013		September 30, 2013			Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	42.9		2.2	%	April 2017
PNC Facility		—		N/A		April 2017
Unsecured Term Loan – Tranche 1		50.0		2.3	%	January 2017
Unsecured Term Loan – Tranche 2		300.0		3.4	%	January 2019
Secured indebtedness:
Secured Term Loan		400.0		2.0	%	April 2017

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Financial Instruments - Debt Instruments with Carrying Values Different than Estimated Fair Values (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Senior notes, Carrying Amount	$ 2,453,336	$ 2,147,097
Revolving Credit Facilities and term loans, Carrying Amount	792,869	897,905
Mortgage indebtedness, Carrying Amount	1,349,852	1,274,141
Total indebtedness	4,596,057	4,319,143
Senior notes, Fair Value	2,702,949	2,503,127
Revolving Credit Facilities and term loans, Fair Value	794,912	903,210
Mortgage indebtedness, Fair Value	1,371,949	1,324,969
Long-term debt, Fair Value Total	$ 4,869,810	$ 4,731,306

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Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Dec. 31, 2012			$ (27,925)
Net current-period other comprehensive income (loss)	791	3,089	(2,264)	(26,517)
Balance at Sep. 30, 2013	(29,866)		(29,866)
Gains and Losses on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Dec. 31, 2012			(22,247)
Other comprehensive income (loss) before reclassifications			11,107
Amounts reclassified from accumulated other comprehensive loss			354
Net current-period other comprehensive income (loss)			11,461
Balance at Sep. 30, 2013	(10,786)		(10,786)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Dec. 31, 2012			(5,678)
Other comprehensive income (loss) before reclassifications			(16,041)
Amounts reclassified from accumulated other comprehensive loss			0
Net current-period other comprehensive income (loss)			(16,041)
Balance at Sep. 30, 2013	(21,719)		(21,719)
Net Unrealized Gains on Marketable Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Dec. 31, 2012			0
Other comprehensive income (loss) before reclassifications			2,639
Amounts reclassified from accumulated other comprehensive loss			0
Net current-period other comprehensive income (loss)			2,639
Balance at Sep. 30, 2013	2,639		2,639
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at Dec. 31, 2012			(27,925)
Other comprehensive income (loss) before reclassifications			(2,295)
Amounts reclassified from accumulated other comprehensive loss			354
Net current-period other comprehensive income (loss)			(1,941)
Balance at Sep. 30, 2013	$ (29,866)		$ (29,866)

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Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013 Derivative	Sep. 30, 2012	Sep. 30, 2013 Derivative	Sep. 30, 2012	Dec. 31, 2012
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Change in fair value of interest-rate contracts	$ (1,537,000)	$ (3,988,000)	$ 11,107,000	$ (14,995,000)
Approximate fair value of notes	305,900,000		305,900,000		250,700,000
Carrying amount of notes	303,600,000		303,600,000		250,400,000
Tax Increment Financing Bonds ("TIF Bonds")	5,174,000		5,174,000		5,247,000
Aggregate notional amount	631,800,000		631,800,000		632,800,000
Number of interest rate derivatives held	10		10
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ (6,700,000)		$ (6,700,000)

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Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Amounts receivable from joint ventures	$ 35,900	$ 34,300
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Cash and restricted cash	355,283	467,200
Amounts receivable from joint ventures	35,900	34,300
Sonae Sierra Brasil BV SARL [Member] | Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Cash and restricted cash	$ 230,800	$ 347,900

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Equity - Additional Information (Detail) (USD $) Share data in Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended			1 Months Ended		1 Months Ended				12 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Forward Sale [Member]	Oct. 31, 2013 Subsequent Events [Member] Forward Contracts [Member]	Oct. 31, 2013 Subsequent Events [Member] Forward Sale [Member]	Apr. 30, 2013 Class K Preferred Stock [Member]	May 31, 2013 Class H Preferred Shares [Member]	Sep. 30, 2013 Class H Preferred Shares [Member]	Dec. 31, 2012 Class H Preferred Shares [Member]	Dec. 31, 2012 VSEP Grants [Member]	Dec. 31, 2012 Additional Vesting [Member]	Dec. 31, 2012 Performance Period [Member]	Sep. 30, 2013 Absolute Performance Awards [Member]	Sep. 30, 2013 Relative Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of common shares					39.1		39.1
Shares settled under forward equity agreement			3.96			35.14
Settlement rate of shares settled under forward equity agreement			$ 17.94			$ 17.94
Proceeds from issuance of common stock, forward equity agreements			$ 158,048,000	$ 418,522,000		$ 701,300,000
Common shares issued			5.0
Common equity program, generating gross proceeds per share			$ 17.70
Gross proceeds			88,400,000
Cumulative redeemable preferred shares	205,000,000		205,000,000					150,000,000		55,000,000	205,000,000
Preferred stock dividend rate			7.375%	7.50%				6.25%
preferred stock stated value								$ 500.00		$ 500.00	$ 500.00
Cumulative redeemable preferred shares share redemption price per share								$ 25.00	$ 25.00
Preferred Stock redemption value									150,000,000
Cumulative redeemable preferred shares total redemption price per share									$ 25.1127
Redeemable preferred stock dividend per share prorated to redemption date									$ 0.1127
Write-off of preferred share original issuance costs	0	5,804,000	5,246,000	5,804,000					5,200,000
Period for which the options granted are generally vested												7 years	4 years	3 years
Compound annual growth rate															8.00%
Performance awards															18,000,000	36,000,000
Aggregate percentage of performance awards															1.4133%	1.9337%
Expected vesting percentage			20.00%
Unrecognized compensation costs			$ 7,700,000
Term of recognition of unrecognized stock option compensation costs			6 years 3 months

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Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

17. SUBSEQUENT EVENTS

In October 2013, the Company acquired sole ownership of a portfolio of 30 prime power centers that were previously owned by BRE DDR Retail Holdings I, the Company’s joint venture with an affiliate of Blackstone. The transaction was valued at approximately $1.46 billion ($1.54 billion at 100%). The transaction included a cash payment of $566.4 million to an affiliate of Blackstone, of which $25.0 million was funded in the second quarter of 2013 and is recorded in Other Assets on the condensed consolidated balance sheet as of September 30, 2013. Furthermore, in connection with the closing of the Blackstone Acquisition, the Company assumed an affiliate of Blackstone’s 95% share of $792.9 million of mortgage debt, of which $139.0 million was repaid upon closing. In addition, $148.8 million of the preferred equity interest and mezzanine loan previously funded by the Company was repaid upon the closing of the Blackstone Acquisition. The Company will account for this transaction as a step acquisition. Due to the change in control that occurred, the Company expects to record a Gain on Change in Control of Interest related to the difference between the Company’s carrying value and fair value of the previously held equity interest. The Company funded the cash portion of the consideration received by an affiliate of Blackstone, and the repayment of certain of the BRE DDR Retail Holdings I’s debt, with a portion of the net proceeds of its issuance and sale of 3.375% Notes due 2023 and its issuance and sale of 39.1 million of its common shares in a forward equity offering (Note 10).

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Consolidated Statement of Equity (USD $) In Thousands	Total	Preferred Shares [Member]	Common Shares [Member]	Paid-in Capital [Member]	Accumulated Distributions in Excess of Net Income [Member]	Deferred Compensation Obligation [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock at Cost [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2012	$ 3,366,460	$ 405,000	$ 31,524	$ 4,629,257	$ (1,694,822)	$ 15,556	$ (27,925)	$ (16,452)	$ 24,322
Issuance of common shares related to stock plans	1,545		10	1,280				255
Issuance of common shares for cash offering	158,048		888	155,923				1,237
Issuance of preferred shares	144,863	150,000		(5,137)
Issuance of restricted stock				(3,118)		1,103		2,015
Vesting of restricted stock	(1,664)			3,042		(167)		(4,539)
Stock-based compensation	3,237			3,237
Contributions from non-controlling interests	281								281
Distributions to non-controlling interests	(1,062)								(1,062)
Redemption of preferred shares	(150,000)	(150,000)		5,246	(5,246)
Dividends declared-common shares	(129,210)				(129,210)
Dividends declared-preferred shares	(21,078)				(21,078)
Comprehensive (loss) income	(19,093)				(17,385)		(1,941)		233
Balance at Sep. 30, 2013	$ 3,352,327	$ 405,000	$ 32,422	$ 4,789,730	$ (1,867,741)	$ 16,492	$ (29,866)	$ (17,484)	$ 23,774

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Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Statement Of Cash Flows [Abstract]
Senior notes, issuance cost	$ 650	$ 709
Preferred shares, issuance cost	412	845
Common shares, issuance cost	$ 473	$ 805

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Acquisitions

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

In the nine-month period ended September 30, 2013, the Company acquired the following operating shopping centers:

Location	Date Acquired	Gross Purchase Price (in millions)		Face Value of Mortgage Debt Assumed (in millions)
Orlando, FL and Atlanta, GA	July 2013	$	258.5	$	139.4
Parcels adjacent to existing shopping centers	June 2013		11.7		N/A
Tampa, FL, Atlanta, GA, Newport News, VA and Richmond, VA (2 assets) (A)	April 2013		110.5		N/A
Dallas, TX	March 2013		40.3		N/A
Oakland, CA	February 2013		41.1		N/A

(A) Acquired from unconsolidated joint venture.

The Company accounted for these acquisitions utilizing the purchase method of accounting. The acquisition cost of the operating shopping centers was allocated as follows (in thousands):

				Weighted Average Amortization Period (in Years)
Land	$	76,915			N/A
Buildings		323,047			N/A
Tenant improvements		9,714			N/A
In-place leases (including lease origination costs and fair market value of leases)(A)		52,253			5.9
Tenant relations		25,916			7.2
		487,845
Less: Mortgage debt assumed		(148,497	)
Less: Below-market leases		(16,716	)		18.7
Net assets acquired	$	322,632

(A) Includes above-market value of leases of $6.0 million.

Consideration:
Cash (including debt repaid at closing)	$	306,100
Fair value of previously held equity interests		16,532
Total consideration	$	322,632

The costs related to the acquisition of these assets, which were not material, were expensed as incurred and included in other income (expense), net.

The following unaudited supplemental pro forma operating data is presented for the three- and nine-month periods ended September 30, 2013 and 2012, as if the acquisition of the interests in the properties acquired in 2013 and 2012 was completed on January 1, 2012 (in thousands, except per share amounts). The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures was 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.

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Pro forma revenues	$	220,586		$	214,349		$	658,291		$	631,873
Pro forma loss from continuing operations	$	(11,638	)	$	(10,521	)	$	(15,767	)	$	(58,757	)
Pro forma income (loss) from discontinued operations	$	9,443		$	(3,816	)	$	(2,623	)	$	(53,671	)
Pro forma net loss attributable to DDR common shareholders	$	(7,044	)	$	(27,689	)	$	(44,958	)	$	(134,111	)
Per share data:
Basic earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	(0.07	)	$	(0.13	)	$	(0.26	)
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.17	)
Net loss attributable to DDR common shareholders	$	(0.02	)	$	(0.08	)	$	(0.14	)	$	(0.43	)
Diluted earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	(0.07	)	$	(0.13	)	$	(0.26	)
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.17	)
Net loss attributable to DDR common shareholders	$	(0.02	)	$	(0.08	)	$	(0.14	)	$	(0.43	)

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Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income Loss Reclassification Adjustment	$ (118)	$ (415)	$ (354)	$ (235)
Interest Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income Loss Reclassification Adjustment			400
Equity in Net Income of Joint Ventures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income Loss Reclassification Adjustment			$ 100

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Nature of Business and Financial Statement Presentation

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Nature of Business and Financial Statement Presentation

1. NATURE OF BUSINESS AND FINANCIAL STATEMENT PRESENTATION

DDR Corp. and its related real estate joint ventures and subsidiaries (collectively, the “Company” or “DDR”) are primarily engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers. In addition, the Company engages in the origination and acquisition of loans and debt securities, which are generally collateralized directly or indirectly by shopping centers. Unless otherwise provided, references herein to the Company or DDR include DDR Corp., its wholly-owned and majority-owned subsidiaries and its consolidated and unconsolidated joint ventures. The Company’s tenant base primarily includes national and regional retail chains and local retailers. Consequently, the Company’s credit risk is concentrated in the retail industry.

Use of Estimates in Preparation of Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.

Unaudited Interim Financial Statements

These financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three- and nine-month periods ended September 30, 2013 and 2012, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

Principles of Consolidation

The condensed consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). Investments in joint ventures that the Company does not control are accounted for under the equity method of accounting.

At September 30, 2013 and December 31, 2012, the Company’s investments in consolidated real estate joint ventures in which the Company was deemed to be the primary beneficiary had total real estate assets of $186.3 million and $184.6 million, respectively, mortgages of $19.4 million and $21.5 million, respectively, and other liabilities of $1.8 million and $1.9 million, respectively.

New Accounting Standards Implemented

Presentation of Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on the presentation of comprehensive income. This guidance requires presentation of reclassification adjustments from other comprehensive income to net income in a single note or on the face of the financial statements. This guidance was effective for the Company on January 1, 2013. This guidance did not materially impact the Company’s consolidated financial statements.

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Investments in and Advances to Joint Ventures - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended			1 Months Ended
	Aug. 31, 2013	Sep. 30, 2013 Assets Store	Sep. 30, 2012 Assets	Dec. 31, 2012 Store	Apr. 30, 2013 DDRTC JV [Member] Assets	Aug. 31, 2013 BRE DDR Retail Holdings II [Member] ShoppingCenter Assets
Schedule of Equity Method Investments [Line Items]
Shopping centers owned		203		206
Shopping centers owned						7
Joint venture purchase price						$ 332,000,000
Debt assumed			246,200,000			206,600,000
New Mortgage Debt		21,967,000	592,000			28,000,000
Ownership interest of joint venture partner					85.00%	95.00%
Ownership interest in joint venture	5.00%
Investment on preferred equity	30,000,000	198,500,000		154,600,000
Fixed distribution rate	9.00%
Number of assets included in right of first offer						4
Number of joint venture assets acquired		5	5		5
Purchase price of acquired entities					110,500,000
Repaid mortgage debt					$ 92,400,000

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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Summary of Acquired Shopping Centers

In the nine-month period ended September 30, 2013, the Company acquired the following operating shopping centers:

Location	Date Acquired	Gross Purchase Price (in millions)		Face Value of Mortgage Debt Assumed (in millions)
Orlando, FL and Atlanta, GA	July 2013	$	258.5	$	139.4
Parcels adjacent to existing shopping centers	June 2013		11.7		N/A
Tampa, FL, Atlanta, GA, Newport News, VA and Richmond, VA (2 assets)   (A)	April 2013		110.5		N/A
Dallas, TX	March 2013		40.3		N/A
Oakland, CA	February 2013		41.1		N/A

(A) Acquired from unconsolidated joint venture.

Schedule of Acquisition Cost of Shopping Centers

The acquisition cost of the operating shopping centers was allocated as follows (in thousands):

				Weighted Average Amortization Period (in Years)
Land	$	76,915			N/A
Buildings		323,047			N/A
Tenant improvements		9,714			N/A
In-place leases (including lease origination costs and fair market value of leases)(A)		52,253			5.9
Tenant relations		25,916			7.2
		487,845
Less: Mortgage debt assumed		(148,497	)
Less: Below-market leases		(16,716	)		18.7
Net assets acquired	$	322,632

(A) Includes above-market value of leases of $6.0 million.

Consideration

Consideration:
Cash (including debt repaid at closing)	$	306,100
Fair value of previously held equity interests		16,532
Total consideration	$	322,632

Unaudited Supplemental to Pro Forma Operating Data

The following unaudited supplemental pro forma operating data is presented for the three- and nine-month periods ended September 30, 2013 and 2012, as if the acquisition of the interests in the properties acquired in 2013 and 2012 was completed on January 1, 2012 (in thousands, except per share amounts). The Gain on Change in Control related to the acquisitions from unconsolidated joint ventures was 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.

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Pro forma revenues	$	220,586		$	214,349		$	658,291		$	631,873
Pro forma loss from continuing operations	$	(11,638	)	$	(10,521	)	$	(15,767	)	$	(58,757	)
Pro forma income (loss) from discontinued operations	$	9,443		$	(3,816	)	$	(2,623	)	$	(53,671	)
Pro forma net loss attributable to DDR common shareholders	$	(7,044	)	$	(27,689	)	$	(44,958	)	$	(134,111	)
Per share data:
Basic earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	(0.07	)	$	(0.13	)	$	(0.26	)
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.17	)
Net loss attributable to DDR common shareholders	$	(0.02	)	$	(0.08	)	$	(0.14	)	$	(0.43	)
Diluted earnings per share data:
Loss from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	(0.07	)	$	(0.13	)	$	(0.26	)
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.17	)
Net loss attributable to DDR common shareholders	$	(0.02	)	$	(0.08	)	$	(0.14	)	$	(0.43	)

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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets and liabilities, which consist of interest rate swap agreements (included in Other Liabilities) and marketable securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan and investments in securities at September 30, 2013 and December 31, 2012, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
	Level 1		Level 2			Level 3		Total
Assets (liabilities):
September 30, 2013
Derivative financial instruments	$	—	$	(6.0	)	$	—	$	(6.0	)
Marketable securities	$	7.5	$	—		$	—	$	7.5
December 31, 2012
Derivative financial instruments	$	—	$	(17.1	)	$	—	$	(17.1	)
Marketable securities	$	2.9	$	—		$	—	$	2.9

Debt Instruments with Carrying Values Different than Estimated Fair Values

Debt instruments at September 30, 2013 and December 31, 2012, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior notes	$	2,453,336	$	2,702,949	$	2,147,097	$	2,503,127
Revolving Credit Facilities and term loans		792,869		794,912		897,905		903,210
Mortgage indebtedness		1,349,852		1,371,949		1,274,141		1,324,969
	$	4,596,057	$	4,869,810	$	4,319,143	$	4,731,306

Information Regarding Swaps

The following table discloses certain information regarding the Company’s 10 outstanding interest rate swaps (not including the specified spreads), as well as their classification on the condensed consolidated balance sheets, as of September 30, 2013 and December 31, 2012 (in millions):

Maturity Date	Aggregate Notional Amount		Counterparty Pays Variable Rate		DDR Pays Fixed Rate			Fair Value
								September 30, 2013					December 31, 2012
								Asset		Liability			Asset		Liability
June 2014	$	100.0		1 Month LIBOR		1.0	%	$	—	$	(0.6	)	$	—	$	(1.2	)
June 2015	$	50.0		1 Month LIBOR		0.6	%		—		(0.2	)		—		(0.3	)
July 2015	$	100.0		1 Month LIBOR		0.5	%		—		(0.4	)		—		(0.5	)
September 2017	$	81.8		1 Month LIBOR		2.8	%		—		(5.6	)		—		(7.8	)
January 2018	$	100.0		1 Month LIBOR		0.9	%		1.0		—			—		(0.7	)
February 2019	$	100.0		1 Month LIBOR		1.6	%		—		(0.3	)		—		(3.5	)
February 2019	$	100.0		1 Month LIBOR		1.5	%		0.1		—			—		(3.1	)
Other Assets								$	1.1		N/A		$	—		N/A
Accounts Payable									N/A	$	(7.1	)		N/A	$	(17.1	)

Effect of Company's Derivative Instruments on Net Income (Loss)

The effect of the Company’s cash flow hedges and net investment hedge instruments on net income (loss) and OCI is as follows (in millions):

	Amount of Gain (Loss) Recognized in OCI (Effective Portion)											Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)
	Three-Month Periods Ended September 30						Nine-Month Periods Ended September 30							Three-Month Periods Ended September 30					Nine-Month Periods Ended September 30
	2013			2012			2013		2012					2013			2012		2013			2012
Cash flow hedges:
Interest rate contracts	$	(1.5	)	$	(4.0	)	$	11.1	$	(10.3	)		Interest expense	$	(0.1	)	$	0.4	$	(0.3	)	$	0.2

Net Investment Hedge Derivative Instruments on OCI

	Amount of Gain (Loss) Recognized in OCI (Effective Portion)												Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)
	Three-Month Periods Ended September 30						Nine-Month Periods Ended September 30								Three-Month Periods Ended September 30					Nine-Month Periods Ended September 30
	2013			2012			2013			2012					2013			2012		2013			2012
Cash flow hedges:
Interest rate contracts	$	(1.5	)	$	(4.0	)	$	11.1		$	(10.3	)		Interest expense	$	(0.1	)	$	0.4	$	(0.3	)	$	0.2
Net investment hedges:
Euro-denominated	$	(0.2	)	$	(0.2	)	$	(0.1	)	$	0.1				$	—		$	—	$	—		$	—
Canadian dollar-denominated		(0.5	)		(1.3	)		0.8			(0.9	)				—			—		—			—
Total:	$	(0.7	)	$	(1.5	)	$	0.7		$	(0.8	)			$	—		$	—	$	—		$	—

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Equity - Summary of Fair Value of Value Sharing Equity Program Grants (Detail) (VSEP Grants [Member])	9 Months Ended
	Sep. 30, 2013
Fair Value Inputs, Equity, Quantitative Information [Line Items]
Risk-free interest rate	0.36%
Weighted-average dividend yield	4.00%
Expected life	3 years
Minimum [Member]
Fair Value Inputs, Equity, Quantitative Information [Line Items]
Expected volatility	18.00%
Maximum [Member]
Fair Value Inputs, Equity, Quantitative Information [Line Items]
Expected volatility	24.00%

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Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Components of Condensed Balance Sheet Related to Assets Held for Sale

The balance sheet related to the asset held for sale and the operating results related to assets sold or designated as held for sale as of September 30, 2013, are as follows (in thousands):

	September 30, 2013
Land	$	1,682
Buildings		7,441
Fixtures and tenant improvements		245
		9,368
Less: Accumulated depreciation		(1,999	)
Total asset held for sale	$	7,369

Operating Results Relating to Assets Sold or Designated as Held for Sale

The operating results related to assets sold or designated as held for sale as of September 30, 2013, are as follows (in thousands):
	Three-Month Periods Ended September 30,					Nine-Month Periods Ended September 30,
	2013		2012			2013			2012
Revenues	$	2,169	$	7,786		$	11,956		$	27,164
Operating expenses		561		2,490			3,608			9,512
Impairment charges		—		5,698			12,661			61,165
Interest, net		412		1,547			2,609			5,957
Depreciation and amortization		454		1,691			2,941			7,322
		1,427		11,426			21,819			83,956
Income (loss) from discontinued operations		742		(3,640	)		(9,863	)		(56,792	)
Gain (loss) on disposition of real estate, net of tax		8,701		(176	)		7,240			3,121
Income (loss) from discontinued operations	$	9,443	$	(3,816	)	$	(2,623	)	$	(53,671	)

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Equity - Common Share Dividends Declared (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Equity [Abstract]
Common share dividends declared	$ 0.135	$ 0.120	$ 0.405	$ 0.360

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Notes Receivable - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended	1 Months Ended
	Sep. 30, 2013 SecurityLoan	Dec. 31, 2012 SecurityLoan	Oct. 31, 2013 Subsequent Events [Member] ShoppingCenter
Mortgage Loans on Real Estate [Line Items]
Number of loans receivable outstanding	7	6
Number of prime power centers acquired			30
Maturity date of the principal amount	September 2011
Principal amount of loans subject to delinquent principal or interest	$ 9.8
Number of loans outstanding	1
Loan loss reserve	$ 4.3
Past due on interest payments	90 days

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Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Business Acquisition [Line Items]
Less: Mortgage debt assumed		$ (246,200)
Shopping Centers Acquired [Member]
Business Acquisition [Line Items]
Land	76,915
Buildings	323,047
Tenant improvements	9,714
Assets acquired	487,845
Less: Mortgage debt assumed	(148,497)
Less: Below-market leases	(16,716)
Net assets acquired	322,632
Leases, Acquired-in-Place, Market Adjustment [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	5 years 10 months 24 days
Leases, Acquired-in-Place, Market Adjustment [Member] | Shopping Centers Acquired [Member]
Business Acquisition [Line Items]
Intangible assets acquired	52,253
Tenant Relations [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	7 years 2 months 12 days
Tenant Relations [Member] | Shopping Centers Acquired [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 25,916
Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	18 years 8 months 12 days

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Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Parenthetical) (Detail) (USD $)			9 Months Ended
	Sep. 30, 2013	Aug. 31, 2013	Sep. 30, 2013 Coventry II Fund JV [Member]
Schedule of Equity Method Investments [Line Items]
Investment Percentage in joint venture		5.00%	20.00%
Loss on property transfer			$ 32,600,000
Joint venture net loss attributable to company			0
Investment basis Value For which No Income Loss Recognized	0
Obligation or Intent to fund additional capital	$ 0

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Common shares, par value	$ 0.10	$ 0.10
Common shares, shares authorized	600,000,000	500,000,000
Common shares, shares issued	324,215,984	315,239,299
Treasury at cost	980,825	977,673
Class H Preferred Shares [Member]
Cumulative redeemable preferred shares, liquidation value	$ 500	$ 500
Cumulative redeemable preferred shares, shares authorized	750,000	750,000
Cumulative redeemable preferred shares, shares issued	110,000	410,000
Cumulative redeemable preferred shares, shares outstanding	110,000	410,000
Preferred stock dividend rate	7.375%	7.375%
Cumulative redeemable preferred shares, par value
Class J Preferred Shares [Member]
Cumulative redeemable preferred shares, liquidation value	$ 500	$ 500
Cumulative redeemable preferred shares, shares authorized	750,000	750,000
Cumulative redeemable preferred shares, shares issued	400,000	400,000
Cumulative redeemable preferred shares, shares outstanding	400,000	400,000
Preferred stock dividend rate	6.50%	6.50%
Class K Preferred Shares [Member]
Cumulative redeemable preferred shares, liquidation value	$ 500
Cumulative redeemable preferred shares, shares authorized	750,000
Cumulative redeemable preferred shares, shares issued	300,000
Cumulative redeemable preferred shares, shares outstanding	300,000
Preferred stock dividend rate	6.25%
Cumulative redeemable preferred shares, par value

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Revolving Credit Facilities and Term Loans

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Revolving Credit Facilities and Term Loans

6. REVOLVING CREDIT FACILITIES AND TERM LOANS

The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) and term loans (in millions):

	Carrying Value at		Weighted-Average Interest Rate at
	September 30, 2013		September 30, 2013			Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	42.9		2.2	%	April 2017
PNC Facility		—		N/A		April 2017
Unsecured Term Loan – Tranche 1		50.0		2.3	%	January 2017
Unsecured Term Loan – Tranche 2		300.0		3.4	%	January 2019
Secured indebtedness:
Secured Term Loan		400.0		2.0	%	April 2017

Revolving Credit Facilities

The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by JP Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was last amended in January 2013. The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, and an accordion feature for expansion of availability to $1.25 billion upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level and the ability to extend the maturity for one year to April 2018 at the Company’s option. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 30 basis points on the entire facility at September 30, 2013. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At September 30, 2013, the Company had US$5.0 million of Euro borrowings and US$25.4 million of Canadian dollar borrowings outstanding (Note 8).

The Company also maintains a $65 million unsecured revolving credit facility with PNC Bank, National Association, (the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility was also amended in January 2013 to reflect terms consistent with those contained in the Unsecured Credit Facility.

The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either (i) the prime rate plus a specified spread (0.40% at September 30, 2013), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.40% at September 30, 2013). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard and Poor’s. The Company is required to comply with certain covenants relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these covenants at September 30, 2013.

Secured Term Loan

The Company maintains a collateralized term loan (the “Secured Term Loan”) with a syndicate of financial institutions, for which KeyBank National Association serves as the administrative agent, which was amended in January 2013. The Secured Term Loan includes an option to extend the maturity for one year to April 2018, at the Company’s option. Borrowings under the Secured Term Loan bear interest at variable rates based on LIBOR, as defined in the loan agreement, plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.55% at September 30, 2013). The collateral for the Secured Term Loan is real estate assets, or investment interests in certain assets, that are already encumbered by first mortgage loans. The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these covenants at September 30, 2013.

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Condensed Consolidated Statements of Comprehensive Loss (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (205)	$ 26,866	$ (16,829)	$ (25,394)
Other comprehensive (loss) income:
Foreign currency translation	(429)	6,662	(16,364)	(11,757)
Change in fair value of interest-rate contracts	(1,537)	(3,988)	11,107	(14,995)
Amortization of interest-rate contracts	118	415	354	235
Unrealized gains on available-for-sale securities	2,639	0	2,639	0
Total other comprehensive income (loss)	791	3,089	(2,264)	(26,517)
Comprehensive income (loss)	586	29,955	(19,093)	(51,911)
Comprehensive (loss) income attributable to non-controlling interests:
Allocation of net income	(170)	(128)	(556)	(424)
Foreign currency translation	(290)	(558)	323	(423)
Total comprehensive loss attributable to non-controlling interests	(460)	(686)	(233)	(847)
Total comprehensive income (loss) attributable to DDR	$ 126	$ 29,269	$ (19,326)	$ (52,758)

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Other Assets, Net - Components of Other Assets (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 8.6	$ 4.9	$ 22.4	$ 11.7
Straight-line rents receivable, net	$ 61.4		$ 61.4		$ 58.2

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets
Land	$ 1,902,915	$ 1,900,401
Buildings	5,970,428	5,773,961
Fixtures and tenant improvements	542,226	489,626
Total real estate rental property	8,415,569	8,163,988
Less: Accumulated depreciation	(1,779,865)	(1,670,717)
Real estate rental property, net	6,635,704	6,493,271
Land held for development and construction in progress	496,368	475,123
Real estate held for sale, net	7,369	0
Total real estate assets, net	7,139,441	6,968,394
Investments in and advances to joint ventures	631,983	613,017
Cash and cash equivalents	35,351	31,174
Restricted cash	25,853	23,658
Notes receivable, net	77,857	68,718
Other assets, net	434,658	350,876
Total assets	8,345,143	8,055,837
Unsecured indebtedness:
Senior notes	2,453,336	2,147,097
Unsecured term loan	350,000	350,000
Revolving credit facilities	42,869	147,905
Total unsecured indebtedness	2,846,205	2,645,002
Secured indebtedness:
Secured term loan	400,000	400,000
Mortgage indebtedness	1,349,852	1,274,141
Total secured indebtedness	1,749,852	1,674,141
Total indebtedness	4,596,057	4,319,143
Accounts payable and other liabilities	346,933	326,024
Dividends payable	49,826	44,210
Total liabilities	4,992,816	4,689,377
Commitments and contingencies (Note 9)
DDR Equity:
Cumulative redeemable preferred shares	205,000
Common shares, with par value, $0.10 stated value; 600,000,000 and 500,000,000 shares authorized; 324,215,984 and 315,239,299 shares issued at September 30, 2013 and December 31, 2012, respectively	32,422	31,524
Paid-in capital	4,789,730	4,629,257
Accumulated distributions in excess of net income	(1,867,741)	(1,694,822)
Deferred compensation obligation	16,492	15,556
Accumulated other comprehensive loss	(29,866)	(27,925)
Less: Common shares in treasury at cost: 980,825 and 977,673 shares at September 30, 2013 and December 31, 2012, respectively	(17,484)	(16,452)
Total DDR shareholders' equity	3,328,553	3,342,138
Non-controlling interests	23,774	24,322
Total equity	3,352,327	3,366,460
Total liabilities and equity	8,345,143	8,055,837
Class H Preferred Shares [Member]
DDR Equity:
Cumulative redeemable preferred shares	55,000	205,000
Class J Preferred Shares [Member]
DDR Equity:
Cumulative redeemable preferred shares	200,000	200,000
Class K Preferred Shares [Member]
DDR Equity:
Cumulative redeemable preferred shares	$ 150,000	$ 0

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Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Sep. 30, 2013
Business Combinations [Abstract]
Above-market value of leases	$ 6.0

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Discontinued Operations - Components of Condensed Balance Sheet Related to Assets Held for Sale (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Discontinued Operations And Disposal Groups [Abstract]
Land	$ 1,682
Buildings	7,441
Fixtures and tenant improvements	245
Carrying amount of real estate assets held for sale	9,368
Less: Accumulated depreciation	(1,999)
Total asset held for sale	$ 7,369	$ 0

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Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges on Consolidated Assets (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Impairment Charges And Impairment Of Joint Venture Investments [Abstract]
Land held for development	$ 0	$ 1,600,000	$ 0	$ 8,000,000
Undeveloped land	0	1,000,000	2,600,000	20,100,000
Assets marketed for sale	24,100,000	0	51,500,000	16,600,000
Total continuing operations	24,136,000	2,560,000	54,134,000	44,692,000
Sold assets or assets held for sale	0	5,700,000	12,700,000	61,100,000
Total discontinued operations	0	5,698,000	12,661,000	61,165,000
Joint venture investments	0	26,111,000	0	26,671,000
Total impairment charges	$ 24,100,000	$ 34,400,000	$ 66,800,000	$ 132,500,000

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Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Components of Notes Receivable

Notes receivable consist of the following (in thousands):

	September 30, 2013		December 31, 2012
Loans receivable	$	71,645	$	60,378
Other notes		1,038		3,093
Tax Increment Financing Bonds (“TIF Bonds”)(A)		5,174		5,247
	$	77,857	$	68,718

(A) Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement.

Loans Receivable on Real Estate

The following table reconciles the loans receivable on real estate for the nine-month periods ended September 30, 2013 and 2012 (in thousands):

	2013			2012
Balance at January 1	$	60,378		$	84,541
Additions:
New mortgage loans		21,967			592
Interest		319			790
Accretion of discount		651			615
Deductions:
Payments of principal and interest		(11,670	)		—
Other(A)		—			(31,700	)
Balance at September 30	$	71,645		$	54,838

(A) Loan assumed by the Company’s unconsolidated joint venture BRE DDR Retail Holdings I and reclassified into Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2012, upon the Company’s acquisition of its equity interest of the joint venture. This loan was applied toward funding of the Company’s acquisition of its joint venture partner’s interest in 30 prime power centers that were previously owned by BRE DDR Retail Holdings I (the “Blackstone Acquisition”) (Note 17).

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Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

15. EARNINGS PER SHARE

The following table calculates the Company’s earnings per share (“EPS”) and provides a reconciliation of net loss from continuing operations and the number of common shares used in the computations of “basic” EPS, which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

	Three-Month Periods Ended September 30,						Nine-Month Periods Ended September 30,
	2013			2012			2013			2012
Basic Earnings:
Continuing Operations:
(Loss) income from continuing operations	$	(11,577	)	$	30,421		$	(14,553	)	$	22,116
Plus: Gain on disposition of real estate		1,929			261			347			6,161
Plus: Loss attributable to non-controlling interests		(170	)		(128	)		(556	)		(424	)
Write-off of preferred share original issuance costs		—			(5,804	)		(5,246	)		(5,804	)
Preferred dividends		(6,608	)		(7,681	)		(21,113	)		(21,616	)
Less: Earnings attributable to unvested shares and operating partnership units		(330	)		(323	)		(1,052	)		(919	)
Basic—(Loss) income from continuing operations	$	(16,756	)	$	16,746		$	(42,173	)	$	(486	)
Discontinued Operations:
Basic—Income (loss) from discontinued operations		9,443			(3,816	)		(2,623	)		(53,671	)
Basic—Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$	(7,313	)	$	12,930		$	(44,796	)	$	(54,157	)
Diluted Earnings:
Continuing Operations:
Basic—(Loss) income from continuing operations	$	(16,426	)	$	17,069		$	(41,121	)	$	433
Less: Earnings attributable to unvested shares and operating partnership units		(330	)		(323	)		(1,052	)		(919	)
Diluted—(Loss) income from continuing operations		(16,756	)		16,746			(42,173	)		(486	)
Discontinued Operations:
Basic—Income (loss) from discontinued operations		9,443			(3,816	)		(2,623	)		(53,671	)
Diluted—Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$	(7,313	)	$	12,930		$	(44,796	)	$	(54,157	)
Number of Shares:
Basic—Average shares outstanding		318,184			302,232			316,146			286,016
Effect of dilutive securities:
Stock options		—			490			—			479
Value sharing equity program		—			202			—			169
Forward equity agreement		—			—			—			1,033
Diluted—Average shares outstanding		318,184			302,924			316,146			287,697
Basic Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05		$	(0.13	)	$	0.00
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.19	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04		$	(0.14	)	$	(0.19	)
Dilutive Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$	(0.05	)	$	0.05		$	(0.13	)	$	0.00
Income (loss) from discontinued operations attributable to DDR common shareholders		0.03			(0.01	)		(0.01	)		(0.19	)
Net (loss) income attributable to DDR common shareholders	$	(0.02	)	$	0.04		$	(0.14	)	$	(0.19	)

The following potentially dilutive securities are considered in the calculation of EPS as described below:

Potentially Dilutive Securities:

• The Company’s senior convertible notes due 2040, which are convertible into common shares of the Company with a conversion price of $15.44 at September 30, 2013, were not included in the computation of diluted EPS for all periods presented because the Company’s common share price did not exceed 125% of the conversion price in these periods and would therefore be anti-dilutive.

• Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the three- and nine-month periods ended September 30, 2013, because they were anti-dilutive due to the Company’s loss from continuing operations (Note 10).

• The 39.1 million common shares that were subject to the forward equity agreements entered into in May 2013 were not included in the computation of diluted EPS using the treasury stock method for the three- and nine-month periods ended September 30, 2013, because they were anti-dilutive due to the Company’s loss from continuing operations. The Company settled the forward equity agreements on September 27, 2013 and October 1, 2013.

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Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Combined Statements of Operations
Revenues from operations	$ 219,368	$ 197,277	$ 640,041	$ 571,054
Operating expenses	180,792	136,682	508,809	446,459
Impairment charges	24,136	2,560	54,134	44,692
Depreciation and amortization	74,141	59,620	211,200	178,535
Interest expense	57,936	53,724	166,990	161,203
(Loss) income before tax expense and discontinued operations	(11,171)	30,684	(12,072)	22,914
Income tax expense (primarily Sonae Sierra Brasil), net	(406)	(263)	(2,481)	(798)
Loss from continuing operations	(11,577)	30,421	(14,553)	22,116
Discontinued Operations:
(Loss) gain on disposition of real estate, net of tax	8,701	(176)	7,240	3,121
Loss before gain on disposition of real estate, net	(2,134)	26,605	(17,176)	(31,555)
Gain on disposition of real estate, net	1,929	261	347	6,161
Non-controlling interests	(170)	(128)	(556)	(424)
Net loss attributable to unconsolidated joint ventures	(375)	26,738	(17,385)	(25,818)
Equity in net income of joint ventures	3,780	5,486	5,543	16,966
Unconsolidated Joint Ventures [Member]
Condensed Combined Statements of Operations
Revenues from operations	181,671	183,187	545,603	498,018
Operating expenses	65,435	62,191	191,389	174,252
Impairment charges	21,875	0	66,438	840
Depreciation and amortization	58,080	64,491	179,027	142,361
Interest expense	58,433	58,876	175,840	167,740
Total expenses	203,823	185,558	612,694	485,193
(Loss) income before tax expense and discontinued operations	(22,152)	(2,371)	(67,091)	12,825
Income tax expense (primarily Sonae Sierra Brasil), net	(6,446)	(6,591)	(20,299)	(18,781)
Loss from continuing operations	(28,598)	(8,962)	(87,390)	(5,956)
Discontinued Operations:
Loss from discontinued operations	(2,403)	(42,976)	(7,054)	(57,661)
(Loss) gain on disposition of real estate, net of tax	(21,228)	1,183	(27,133)	1,290
Loss before gain on disposition of real estate, net	(52,229)	(50,755)	(121,577)	(62,327)
Gain on disposition of real estate, net	151	1,128	794	14,230
Net loss	(52,078)	(49,627)	(120,783)	(48,097)
Non-controlling interests	(5,800)	(6,155)	(19,715)	(19,689)
Net loss attributable to unconsolidated joint ventures	(57,878)	(55,782)	(140,498)	(67,786)
Company's share of equity in net income (loss) of joint ventures	2,800	(1,613)	4,328	11,739
Amortization of basis differentials	980	7,099	1,215	5,227
Equity in net income of joint ventures	$ 3,780	$ 5,486	$ 5,543	$ 16,966

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Impairment Charges and Impairment of Joint Venture Investments - Summary of Significant Unobservable Inputs (Detail) (Fair Value Measurements [Member], USD $) In Millions, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Impairment of Consolidated Assets [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Unobservable Input	Price Per Square Foot	Price Per Square Foot
Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Unobservable Input	Terminal Capitalization Rate	Terminal Capitalization Rate
Income Capitalization Approach [Member] | Impairment of Consolidated Assets [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	$ 74.3	$ 44.1
Valuation Technique	Income Capitalization Approach(B)	Income Capitalization Approach (B)
Unobservable Input	Market Capitalization Rate	Market Capitalization Rate
Income Capitalization Approach [Member] | Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	0	4.7
Valuation Technique	Income Capitalization Approach	Income Capitalization Approach
Unobservable Input	Market Capitalization Rate	Market Capitalization Rate
Indicative Bid/Contracted Price [Member] | Impairment of Consolidated Assets [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	87.1	136.6
Valuation Technique	Indicative Bid(A) / Contracted Price	Indicative Bid (A) / Contracted Price
Unobservable Input	Indicative Bid(A) / Contracted Price	Indicative Bid (A) / Contracted Price
Discounted Cash Flow [Member] | Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Valuation Technique	Discounted Cash Flow	Discounted Cash Flow
Unobservable Input	Discount Rate	Discount Rate
Discounted Cash Flow [Member] | Deconsolidated Joint Venture Investment, Discounted Cash Flow [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 56.1
Valuation Technique	Discounted Cash Flow	Discounted Cash Flow
Unobservable Input	Discount Rate	Discount Rate
Level 3 [Member] | Income Capitalization Approach [Member] | Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	0.00%	8.00%
Level 3 [Member] | Discounted Cash Flow [Member] | Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	0.00%	11.00%
Minimum [Member] | Level 3 [Member] | Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	0.00%	5.50%
Minimum [Member] | Level 3 [Member] | Income Capitalization Approach [Member] | Impairment of Consolidated Assets [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	7.70%	8.00%
Range (per square foot)	12	15
Minimum [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Deconsolidated Joint Venture Investment, Discounted Cash Flow [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	0.00%	8.00%
Maximum [Member] | Level 3 [Member] | Impairment of Joint Venture Investments, Income Capitalization Approach [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	0.00%	8.50%
Maximum [Member] | Level 3 [Member] | Income Capitalization Approach [Member] | Impairment of Consolidated Assets [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	10.00%	12.00%
Range (per square foot)	117	47
Maximum [Member] | Level 3 [Member] | Discounted Cash Flow [Member] | Deconsolidated Joint Venture Investment, Discounted Cash Flow [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	0.00%	15.00%

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Notes Receivable - Components of Notes Receivable (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Receivables [Abstract]
Loans receivable	$ 71,645	$ 60,378	$ 54,838	$ 84,541
Other notes	1,038	3,093
Tax Increment Financing Bonds ("TIF Bonds")	5,174	5,247
Notes receivable, net	$ 77,857	$ 68,718	$ 63,113

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Financial Instruments - Information Regarding Swaps (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Notional amount of interest rate derivatives	$ 631.8	$ 632.8
Asset	1.1	0
Liability	(7.1)	(17.1)
Interest Rate Swaps One [Member]
Derivative [Line Items]
Maturity Date	Jun. 28, 2014
Notional amount of interest rate derivatives	100.0
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	1.00%
Asset	0	0
Liability	(0.6)	(1.2)
Interest Rate Swaps Two [Member]
Derivative [Line Items]
Maturity Date	Jun. 01, 2015
Notional amount of interest rate derivatives	50.0
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	0.60%
Asset	0	0
Liability	(0.2)	(0.3)
Interest Rate Swaps Three [Member]
Derivative [Line Items]
Maturity Date	Jul. 01, 2015
Notional amount of interest rate derivatives	100.0
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	0.50%
Asset	0	0
Liability	(0.4)	(0.5)
Interest Rate Swaps Four [Member]
Derivative [Line Items]
Maturity Date	Sep. 01, 2017
Notional amount of interest rate derivatives	81.8
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	2.80%
Asset	0	0
Liability	(5.6)	(7.8)
Interest Rate Swaps Five [Member]
Derivative [Line Items]
Maturity Date	Jan. 02, 2018
Notional amount of interest rate derivatives	100.0
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	0.90%
Asset	1.0	0
Liability	0	(0.7)
Interest Rate Swaps Six [Member]
Derivative [Line Items]
Maturity Date	Feb. 01, 2019
Notional amount of interest rate derivatives	100.0
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	1.60%
Asset	0	0
Liability	(0.3)	(3.5)
Interest Rate Swaps Seven [Member]
Derivative [Line Items]
Maturity Date	Feb. 01, 2019
Notional amount of interest rate derivatives	100.0
Counterparty Pays Variable Rate	1 Month LIBOR
Fixed Rate	1.50%
Asset	0.1	0
Liability	$ 0	$ (3.1)

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Company's Reportable Segments

The tables below present information about the Company’s reportable operating segments and reflect the impact of discontinued operations (Note 14) (in thousands):

	Three-Month Period Ended September 30, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	219,354		$	14							$	219,368
Operating expenses(B)		(87,330	)		(75	)							(87,405	)
Net operating income (loss)		132,024			(61	)							131,963
Depreciation and amortization		(74,141	)										(74,141	)
Interest income					6,691								6,691
Other income (expense), net									$	(2,282	)		(2,282	)
Unallocated expenses(C)										(77,588	)		(77,588	)
Equity in net (loss) income of joint ventures		(660	)				$	4,440					3,780
Loss from continuing operations												$	(11,577	)

	Three-Month Period Ended September 30, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	197,272		$	5							$	197,277
Operating expenses(B)		(58,365	)		(150	)							(58,515	)
Net operating income (loss)		138,907			(145	)							138,762
Depreciation and amortization		(59,620	)										(59,620	)
Interest income					5,661								5,661
Other income (expense), net									$	(1,868	)		(1,868	)
Gain on change in control of interests		40,645											40,645
Unallocated expenses(C)										(72,534	)		(72,534	)
Equity in net (loss) income of joint ventures		(441	)				$	5,927					5,486
Impairment of joint venture investments													(26,111	)
Income from continuing operations												$	30,421
	Nine-Month Period Ended September 30, 2013
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	640,012		$	29							$	640,041
Operating expenses(B)		(238,109	)		(377	)							(238,486	)
Net operating income (loss)		401,903			(348	)							401,555
Depreciation and amortization		(211,200	)										(211,200	)
Interest income					20,365								20,365
Other income (expense), net									$	(3,288	)		(3,288	)
Gain on change in control on interests		1,066											1,066
Unallocated expenses(C)										(228,594	)		(228,594	)
Equity in net (loss) income of joint ventures		(7,677	)				$	13,220					5,543
Loss from continuing operations												$	(14,553	)
As of September 30, 2013:
Total gross real estate assets	$	8,921,305										$	8,921,305
Notes receivable, net				$	302,130	(D)			$	(224,273	)(D)	$	77,857

	Nine-Month Period Ended September 30, 2012
	Shopping Centers			Loan Investments			Brazil Equity Investment (A)		Other			Total
Total revenues	$	571,042		$	12							$	571,054
Operating expenses(B)		(210,800	)		(433	)							(211,233	)
Net operating income (loss)		360,242			(421	)							359,821
Depreciation and amortization		(178,535	)										(178,535	)
Interest income					9,829								9,829
Other income (expense), net									$	(7,100	)		(7,100	)
Gain on change in control of interests		79,993											79,993
Unallocated expenses(C)										(232,187	)		(232,187	)
Equity in net (loss) income of joint ventures		(3,484	)				$	20,450					16,966
Impairment of joint venture investments													(26,671	)
Income from continuing operations												$	22,116
As of September 30, 2012:
Total gross real estate assets	$	8,583,201							$	7,093		$	8,590,294
Notes receivable, net				$	240,583	(D)			$	(177,470	)(D)	$	63,113

(A) The carrying value of the Brazil Equity Investment is not a measure used by executive management for purposes of decision making related to asset allocation or performance assessment of this segment.

(B) Includes impairment charges of $24.1 million and $2.6 million for the three-month periods ended September 30, 2013 and 2012, respectively, and $54.1 million and $44.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively.

(C) Unallocated expenses consist of general and administrative expenses, interest expense, loss/gain on debt retirement, and tax benefit/expense as listed in the condensed consolidated statements of operations.

(D) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the condensed consolidated balance sheet.

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Fee and Other Income (Tables)

9 Months Ended

Sep. 30, 2013

Text Block [Abstract]

Schedule of Fee and Other Income from Continuing Operations

Fee and other income from continuing operations was composed of the following (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Management, development and other fee income	$	10.3	$	10.2	$	31.2	$	33.1
Ancillary and other property income		8.0		6.8		21.1		19.5
Lease termination fees		1.0		4.0		6.2		4.5
Other miscellaneous		0.1		0.1		0.4		0.3
Total fee and other income	$	19.4	$	21.1	$	58.9	$	57.4

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Impairment Charges and Impairment of Joint Venture Investments (Tables)

9 Months Ended

Sep. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges on Consolidated Assets

The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2013 and 2012, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Land held for development	$	—	$	1.6	$	—	$	8.0
Undeveloped land		—		1.0		2.6		20.1
Assets marketed for sale (A)		24.1		—		51.5		16.6
Total continuing operations	$	24.1	$	2.6	$	54.1	$	44.7
Sold assets or assets held for sale		—		5.7		12.7		61.1
Total discontinued operations	$	—	$	5.7	$	12.7	$	61.1
Joint venture investments		—		26.1		—		26.7
Total impairment charges	$	24.1	$	34.4	$	66.8	$	132.5

(A) The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions.

Impairment Charges Measured at Fair Value on Non-Recurring Basis

The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the nine-month period ended September 30, 2013 and the year ended December 31, 2012. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total		Total Losses
September 30, 2013
Long-lived assets held and used	$	—	$	—	$	161.4	$	161.4	$	66.8
December 31, 2012
Long-lived assets held and used and held for sale		—		—		180.7		180.7		126.5
Unconsolidated joint venture investment		—		—		4.7		4.7		26.7
Deconsolidated joint venture investment		—		—		56.1		56.1		9.3

Summary of Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions):

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at						Range
Description	September 30, 2013		December 31, 2012		Valuation Technique	Unobservable Inputs	2013	2012
Impairment of consolidated assets	$	87.1	$	136.6	Indicative Bid(A) / Contracted Price	Indicative Bid(A) / Contracted Price	N/A	N/A
		74.3		44.1	Income Capitalization Approach(B)	Market Capitalization Rate	7.7 – 10%	8 – 12%
						Price Per Square Foot	$12 – $117	$15 – $47
Impairment of joint venture investments(C)		—		4.7	Income Capitalization Approach	Market Capitalization Rate	—	8%
					Discounted Cash Flow	Discount Rate	—	11%
						Terminal Capitalization Rate	—	5.5 – 8.5%
Deconsolidated joint venture investment(D)		—		56.1	Discounted Cash Flow	Discount Rate	—	8 – 15%

(A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s determination of reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.

(B) Vacant space in certain assets was valued on a price per square foot.

(C) The fair value measurements also include consideration of the fair market value of debt. These inputs are further described in the debt section of Note 8.

(D) Related to loss reported in Change in Control and Sale of Interests recorded in 2012.

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Other Assets, Net

9 Months Ended

Sep. 30, 2013

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets, Net

5. OTHER ASSETS, NET

Other assets consist of the following (in thousands):

	September 30, 2013		December 31, 2012
Intangible assets:
In-place leases (including lease origination costs and fair market value of leases), net	$	102,485	$	67,105
Tenant relations, net		79,358		62,175
Total intangible assets, net(A)		181,843		129,280
Other assets:
Accounts receivable, net(B)		119,061		126,228
Deferred charges, net		38,367		42,498
Prepaid expenses		15,850		12,469
Other assets		44,042		29,821
Deposits		35,495		10,580
Total other assets, net	$	434,658	$	350,876

(A) The Company recorded amortization expense of $8.6 million and $4.9 million for the three-month periods ended September 30, 2013 and 2012, and $22.4 million and $11.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively, related to these intangible assets.

(B) Includes straight-line rents receivable, net, of $61.4 million and $58.2 million at September 30, 2013 and December 31, 2012, respectively.

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Financial Instruments - Items Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	$ (6.0)	$ (17.1)
Marketable securities	7.5	2.9
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0	0
Marketable securities	7.5	2.9
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	(6.0)	(17.1)
Marketable securities	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0	0
Marketable securities	$ 0	$ 0

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Other Assets, Net (Tables)

9 Months Ended

Sep. 30, 2013

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Components of Other Assets

Other assets consist of the following (in thousands):

	September 30, 2013		December 31, 2012
Intangible assets:
In-place leases (including lease origination costs and fair market value of leases), net	$	102,485	$	67,105
Tenant relations, net		79,358		62,175
Total intangible assets, net(A)		181,843		129,280
Other assets:
Accounts receivable, net(B)		119,061		126,228
Deferred charges, net		38,367		42,498
Prepaid expenses		15,850		12,469
Other assets		44,042		29,821
Deposits		35,495		10,580
Total other assets, net	$	434,658	$	350,876

(A) The Company recorded amortization expense of $8.6 million and $4.9 million for the three-month periods ended September 30, 2013 and 2012, and $22.4 million and $11.7 million for the nine-month periods ended September 30, 2013 and 2012, respectively, related to these intangible assets.

(B) Includes straight-line rents receivable, net, of $61.4 million and $58.2 million at September 30, 2013 and December 31, 2012, respectively.

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Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Aug. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Land	$ 1,902,915		$ 1,900,401
Buildings	5,970,428		5,773,961
Fixtures and tenant improvements	542,226		489,626
Total real estate rental property	8,415,569		8,163,988
Less: Accumulated depreciation	(1,779,865)		(1,670,717)
Land held for development and construction in progress	496,368		475,123
Total real estate assets, net	7,139,441		6,968,394
Other assets	434,658		350,876
Total assets	8,345,143		8,055,837
Mortgage debt	1,749,852		1,674,141
Total liabilities	4,992,816		4,689,377
Redeemable preferred equity	198,500	30,000	154,600
Total liabilities and equity	8,345,143		8,055,837
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Land	1,552,832		1,569,548
Buildings	4,653,035		4,681,462
Fixtures and tenant improvements	284,451		244,293
Total real estate rental property	6,490,318		6,495,303
Less: Accumulated depreciation	(873,212)		(833,816)
Total real estate assets, net	5,617,106		5,661,487
Land held for development and construction in progress	283,241		348,822
Total real estate assets, net	5,900,347		6,010,309
Cash and restricted cash	355,283		467,200
Receivables, net	104,422		99,098
Other assets	410,985		427,014
Total assets	6,771,037		7,003,621
Mortgage debt	4,210,034		4,246,407
Notes and accrued interest payable to DDR	156,743		143,338
Other liabilities	293,711		342,614
Total liabilities	4,660,488		4,732,359
Redeemable preferred equity	198,521		154,556
Accumulated equity	1,912,028		2,116,706
Total liabilities and equity	6,771,037		7,003,621
Company's share of Accumulated Equity	$ 391,417		$ 432,500

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Financial Instruments

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Financial Instruments

8. FINANCIAL INSTRUMENTS

Measurement of Fair Value

At September 30, 2013, the Company used pay-fixed interest rate swaps to manage its exposure to changes in benchmark interest rates (the “Swaps”). The estimated fair values were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk. The Company determined that the significant inputs used to value its derivatives fell within Level 2 of the fair value hierarchy.

Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets and liabilities, which consist of interest rate swap agreements (included in Other Liabilities) and marketable securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan and investments in securities at September 30, 2013 and December 31, 2012, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
Assets (liabilities):	Level 1		Level 2			Level 3		Total
September 30, 2013
Derivative financial instruments	$	—	$	(6.0	)	$	—	$	(6.0	)
Marketable securities	$	7.5	$	—		$	—	$	7.5
December 31, 2012
Derivative financial instruments	$	—	$	(17.1	)	$	—	$	(17.1	)
Marketable securities	$	2.9	$	—		$	—	$	2.9

The unrealized gain of $11.1 million included in other comprehensive income (loss) (“OCI”) is attributable to the net change in fair value during the nine-month period ended September 30, 2013, related to derivative financial instruments, none of which were reported in the Company’s condensed consolidated statements of operations because the swaps are documented and qualify as hedging instruments.

Other Fair Value Instruments

Investments in unconsolidated joint ventures are considered financial assets. See discussion of related fair value considerations in Note 13.

Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Marketable Securities, Accounts Payable, Accrued Expenses and Other Liabilities

The carrying amounts reported in the condensed consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. The Company’s marketable equity securities have been classified as available-for-sale and are recorded at fair value, with any realized gains and losses recorded using the specific identification method and any unrealized gains or losses recorded in OCI. The fair value of cash and cash equivalents, restricted cash and available-for-sale securities are classified as Level 1 in the fair value hierarchy.

Notes Receivable and Advances to Affiliates

The fair value is estimated using a discounted cash flow analysis, in which the Company used unobservable inputs such as market interest rates determined by the loan to value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as Level 3 in the fair value hierarchy. The fair value of these notes was approximately $305.9 million and $250.7 million at September 30, 2013 and December 31, 2012, respectively, as compared to the carrying amounts of $303.6 million and $250.4 million, respectively. The carrying value of the TIF bonds, which was $5.2 million at both September 30, 2013 and December 31, 2012, approximated their fair value.

Debt

The fair market value of senior notes, except senior convertible notes, is determined using the trading price of the Company’s public debt. The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile including the Company’s nonperformance risk and loan to value. The Company’s senior notes, except senior convertible notes, and all other debt including senior convertible notes are classified as Level 2 and Level 3, respectively, in the fair value hierarchy.

Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.

Debt instruments at September 30, 2013 and December 31, 2012, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior notes	$	2,453,336	$	2,702,949	$	2,147,097	$	2,503,127
Revolving Credit Facilities and term loans		792,869		794,912		897,905		903,210
Mortgage indebtedness		1,349,852		1,371,949		1,274,141		1,324,969
	$	4,596,057	$	4,869,810	$	4,319,143	$	4,731,306

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

The Company has interests in consolidated joint ventures that own real estate assets in Canada and Russia. The net assets of these subsidiaries are exposed to volatility in currency exchange rates. The Company uses non-derivative financial instruments to economically hedge a portion of this exposure. The Company manages its currency exposure related to the net assets of its Canadian and European subsidiaries through foreign currency-denominated debt agreements.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company generally uses interest rate swaps as part of its interest rate risk management strategy. Swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

As of September 30, 2013 and December 31, 2012, the notional amount of the Company’s Swaps was $631.8 million and $632.8 million, respectively. The following table discloses certain information regarding the Company’s 10 outstanding interest rate swaps (not including the specified spreads), as well as their classification on the condensed consolidated balance sheets, as of September 30, 2013 and December 31, 2012 (in millions):

Maturity Date	Aggregate Notional Amount		Counterparty Pays Variable Rate	DDR Pays Fixed Rate			Fair Value
							September 30, 2013					December 31, 2012
							Asset		Liability			Asset		Liability
June 2014	$	100.0	1 Month LIBOR		1.0	%	$	—	$	(0.6	)	$	—	$	(1.2	)
June 2015	$	50.0	1 Month LIBOR		0.6	%		—		(0.2	)		—		(0.3	)
July 2015	$	100.0	1 Month LIBOR		0.5	%		—		(0.4	)		—		(0.5	)
September 2017	$	81.8	1 Month LIBOR		2.8	%		—		(5.6	)		—		(7.8	)
January 2018	$	100.0	1 Month LIBOR		0.9	%		1.0		—			—		(0.7	)
February 2019	$	100.0	1 Month LIBOR		1.6	%		—		(0.3	)		—		(3.5	)
February 2019	$	100.0	1 Month LIBOR		1.5	%		0.1		—			—		(3.1	)
Other Assets							$	1.1		N/A		$	—		N/A
Accounts Payable								N/A	$	(7.1	)		N/A	$	(17.1	)

All components of the Swaps were included in the assessment of hedge effectiveness. The Company expects that within the next 12 months it will reflect an increase to interest expense (and a corresponding decrease to earnings) of approximately $6.7 million, which includes amortization of previously settled interest rate contracts.

The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in accumulated OCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2013, such derivatives were used to hedge the forecasted variable cash flows associated with existing or probable future obligations. The ineffective portion of the change in the fair value of derivatives is recognized directly in earnings. During the nine-month periods ended September 30, 2013 and 2012, the amount of hedge ineffectiveness recorded was not material.

The Company is exposed to credit risk in the event of non-performance by the counterparties to the Swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes.

Credit Risk-Related Contingent Features

The Company has agreements with each of its Swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its Swaps, resulting in an acceleration of payment under the Swaps.

Net Investment Hedges

The Company is exposed to foreign exchange risk from its consolidated and unconsolidated international investments. The Company has foreign currency-denominated debt agreements that expose the Company to fluctuations in foreign exchange rates. The Company has designated these foreign currency borrowings as a hedge of its net investment in its Canadian and European subsidiaries. Changes in the spot rate value are recorded as adjustments to the debt balance with offsetting unrealized gains and losses recorded in OCI. Because the notional amount of the non-derivative instrument substantially matches the portion of the net investment designated as being hedged, and the non-derivative instrument is denominated in the functional currency of the hedged net investment, the hedge ineffectiveness recognized in earnings is not material.

Effect on Net Income (Loss) and OCI

The effect of the Company’s cash flow hedges and net investment hedge instruments on net income (loss) and OCI is as follows (in millions):

	Amount of Gain (Loss) Recognized in OCI (Effective Portion)												Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)
	Three-Month Periods Ended September 30						Nine-Month Periods Ended September 30								Three-Month Periods Ended September 30					Nine-Month Periods Ended September 30
	2013			2012			2013			2012					2013			2012		2013			2012
Cash flow hedges:
Interest rate contracts	$	(1.5	)	$	(4.0	)	$	11.1		$	(10.3	)		Interest expense	$	(0.1	)	$	0.4	$	(0.3	)	$	0.2
Net investment hedges:
Euro-denominated	$	(0.2	)	$	(0.2	)	$	(0.1	)	$	0.1				$	—		$	—	$	—		$	—
Canadian dollar-denominated		(0.5	)		(1.3	)		0.8			(0.9	)				—			—		—			—
Total:	$	(0.7	)	$	(1.5	)	$	0.7		$	(0.8	)			$	—		$	—	$	—		$	—

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Fee and Other Income - Schedule of Fee and Other Income from Continuing Operations (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Management, development and other fee income	$ 10,300,000	$ 10,200,000	$ 31,200,000	$ 33,100,000
Ancillary and other property income	8,000,000	6,800,000	21,100,000	19,500,000
Lease termination fees	1,000,000	4,000,000	6,200,000	4,500,000
Other miscellaneous	100,000	100,000	400,000	300,000
Total fee and other income	$ 19,386,000	$ 21,096,000	$ 58,934,000	$ 57,369,000

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Notes Receivable

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Notes Receivable

4. NOTES RECEIVABLE

The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and/or real estate assets, some of which are subordinate to other financings.

Notes receivable consist of the following (in thousands):

	September 30, 2013		December 31, 2012
Loans receivable	$	71,645	$	60,378
Other notes		1,038		3,093
Tax Increment Financing Bonds (“TIF Bonds”)(A)		5,174		5,247
	$	77,857	$	68,718

(A) Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement.

As of September 30, 2013 and December 31, 2012, the Company had seven and six loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the nine-month periods ended September 30, 2013 and 2012 (in thousands):

	2013			2012
Balance at January 1	$	60,378		$	84,541
Additions:
New mortgage loans		21,967			592
Interest		319			790
Accretion of discount		651			615
Deductions:
Payments of principal and interest		(11,670	)		—
Other(A)		—			(31,700	)
Balance at September 30	$	71,645		$	54,838

(A) Loan assumed by the Company’s unconsolidated joint venture BRE DDR Retail Holdings I and reclassified into Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2012, upon the Company’s acquisition of its equity interest of the joint venture. This loan was applied toward funding of the Company’s acquisition of its joint venture partner’s interest in 30 prime power centers that were previously owned by BRE DDR Retail Holdings I (the “Blackstone Acquisition”) (Note 17).

In addition, at September 30, 2013, the Company had one loan outstanding aggregating $9.8 million that matured in September 2011 and was more than 90 days past due. The Company is no longer accruing interest income on this note as no payments have been received. A loan loss reserve of $4.3 million was established in 2012 based on the estimated value of the underlying real estate collateral.

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Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013 Assets	Sep. 30, 2012 Assets
Statement Of Cash Flows [Abstract]
Net cash flow provided by operating activities:	$ 276,678,000	$ 197,425,000
Cash flow from investing activities:
Real estate acquired, net of liabilities assumed	(326,661,000)	(236,580,000)
Real estate developed and improvements to operating real estate	(158,909,000)	(138,348,000)
Proceeds from disposition of real estate	156,654,000	96,736,000
Equity contributions to joint ventures	(20,143,000)	(54,803,000)
Issuance of joint venture advances, net	(41,000,000)	(149,921,000)
Distributions of proceeds from sale and refinancing of joint venture interests	1,696,000	1,034,000
Return of investments in joint ventures	5,479,000	9,517,000
Purchase of securities available for sale	(1,800,000)	0
Issuance of notes receivable	(22,014,000)	(592,000)
Repayment of notes receivable	13,715,000	975,000
Change in restricted cash - capital improvements	(2,526,000)	6,681,000
Net cash flow used for investing activities:	(395,509,000)	(465,301,000)
Cash flow from financing activities:
(Repayments) proceeds of revolving credit facilities, net	(104,340,000)	66,502,000
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses of $650 and $709 in 2013 and 2012, respectively	295,591,000	291,503,000
Repayment of senior notes	0	(445,682,000)
Proceeds from mortgages and other secured debt	45,042,000	353,506,000
Repayment of term loans and mortgage debt	(112,835,000)	(327,905,000)
Payment of debt issuance costs	(3,921,000)	(9,038,000)
Redemption of preferred shares	(150,000,000)	(170,000,000)
Proceeds from issuance of preferred shares, net of underwriting commissions and offering expenses of $412 and $845 in 2013 and 2012, respectively	144,863,000	192,855,000
Proceeds from issuance of common shares, net of underwriting commissions and offering expenses of $473 and $805 in 2013 and 2012, respectively	158,048,000	418,522,000
Repurchase of common shares in conjunction with equity award plans	(4,060,000)	(2,757,000)
Contributions from non-controlling interests	281,000	249,000
Distributions to non-controlling interests and redeemable operating partnership units	(1,057,000)	(8,774,000)
Dividends paid	(144,671,000)	(111,523,000)
Net cash flow provided by financing activities:	122,941,000	247,458,000
Cash and cash equivalents
Increase (decrease) in cash and cash equivalents	4,110,000	(20,418,000)
Effect of exchange rate changes on cash and cash equivalents	67,000	(561,000)
Cash and cash equivalents, beginning of period	31,174,000	41,206,000
Cash and cash equivalents, end of period	35,351,000	20,227,000
Supplemental disclosure of non-cash investing and financing activities:
Dividends payable	49,826,000	43,200,000
Portion of debt to acquire the assets	148,500,000	25,400,000
Accounts payable and other liabilities to acquire the assets
Number of joint venture assets acquired	5	5
Reversal of previously held equity interest recorded in Investments and Advances to Joint Ventures	15,400,000	36,800,000
Increase in net assets	1,000,000	80,000,000
Cumulative redeemable preferred shares, redeemed value	150,000,000
Cumulative redeemable preferred shares	205,000,000
Preferred stock dividend rate	7.375%	7.50%
Preferred stock issuance cost write off	5,246,000	5,804,000
Real Estate Expenditures included in Accounts Payable	25,100,000
Value of assumed debt		$ 246,200,000

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Acquisitions - Consideration (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Business Combination [Abstract]
Cash (including debt repaid at closing)	$ 306,100
Fair value of previously held equity interests	16,532
Total consideration	$ 322,632

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Investments in and Advances to Joint Ventures - Investments in and Advances to Joint Ventures (Parenthetical) (Detail) (USD $)				1 Months Ended
	Sep. 30, 2013	Aug. 31, 2013	Dec. 31, 2012	Oct. 31, 2013 Subsequent Events [Member] ShoppingCenter
Schedule of Equity Method Investments [Line Items]
Preferred equity investment in BRE DDR Retail Holdings, LLC	$ 198,500,000	$ 30,000,000	$ 154,600,000
Number of joint venture assets acquired				30
Preferred equity interest				$ 148,800,000

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Earnings Per Share - Additional Information (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Forward equity [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Forward equity agreement entered, not included in the computation of diluted EPS	39.1	39.1
Senior convertible notes due 2040 [Member]
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Senior convertible notes convertible to common shares price	$ 15.44	$ 15.44
Conversion price per share greater than applicable trading day		125.00%

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Equity (Tables)

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Common Share Dividends Declared

Common share dividends declared were as follows:

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Common share dividends declared	$	0.135	$	0.12	$	0.405	$	0.36

Summary of Fair Value of Value Sharing Equity Program Grants

The fair value of the 2013 VSEP grants was estimated on the date of grant using a Monte Carlo approach model based on the following assumptions:

	Range
Risk-free interest rate		0.36	%
Weighted-average dividend yield		4.0	%
Expected life		3 years
Expected volatility		18-24	%

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Earnings Per Share - Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net (Loss) Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Continuing Operations:
(Loss) income from continuing operations	$ (11,577)	$ 30,421	$ (14,553)	$ 22,116
Plus: Gain on disposition of real estate	1,929	261	347	6,161
Plus: Loss attributable to non-controlling interests	(170)	(128)	(556)	(424)
Write-off of preferred share original issuance costs	0	(5,804)	(5,246)	(5,804)
Preferred dividends	(6,608)	(7,681)	(21,113)	(21,616)
Less: Earnings attributable to unvested shares and operating partnership units	(330)	(323)	(1,052)	(919)
Basic-(Loss) income from continuing operations	(16,756)	16,746	(42,173)	(486)
Discontinued Operations:
Basic-Income (loss) from discontinued operations	9,443	(3,816)	(2,623)	(53,671)
Basic-Net (loss) income attributable to DDR common shareholders after allocation to participating securities	(7,313)	12,930	(44,796)	(54,157)
Continuing Operations:
Basic-(Loss) income from continuing operations	(16,426)	17,069	(41,121)	433
Less: Earnings attributable to unvested shares and operating partnership units	(330)	(323)	(1,052)	(919)
Diluted-(Loss) income from continuing operations	(16,756)	16,746	(42,173)	(486)
Discontinued Operations:
Basic-Income (loss) from discontinued operations	9,443	(3,816)	(2,623)	(53,671)
Diluted-Net (loss) income attributable to DDR common shareholders after allocation to participating securities	$ (7,313)	$ 12,930	$ (44,796)	$ (54,157)
Number of Shares:
Basic-Average shares outstanding	318,184	302,232	316,146	286,016
Effect of dilutive securities:
Stock options	0	490	0	479
Value sharing equity program	0	202	0	169
Forward equity agreement	0	0	0	1,033
Diluted-Average shares outstanding	318,184	302,924	316,146	287,697
Basic Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$ (0.05)	$ 0.05	$ (0.13)	$ 0.00
Income (loss) from discontinued operations attributable to DDR common shareholders	$ 0.03	$ (0.01)	$ (0.01)	$ (0.19)
Net (loss) income attributable to DDR common shareholders	$ (0.02)	$ 0.04	$ (0.14)	$ (0.19)
Dilutive Earnings Per Share:
(Loss) income from continuing operations attributable to DDR common shareholders	$ (0.05)	$ 0.05	$ (0.13)	$ 0.00
Income (loss) from discontinued operations attributable to DDR common shareholders	$ 0.03	$ (0.01)	$ (0.01)	$ (0.19)
Net (loss) income attributable to DDR common shareholders	$ (0.02)	$ 0.04	$ (0.14)	$ (0.19)

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Financial Instruments - Net Investment Hedge Derivative Instruments on OCI (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)	$ (0.7)	$ (1.5)	$ 0.7	$ (0.8)
Euro-denominated [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)	(0.2)	(0.2)	(0.1)	0.1
Canadian dollar-denominated [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)	$ (0.5)	$ (1.3)	$ 0.8	$ (0.9)

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Revolving Credit Facilities and Term Loans - Information Regarding Company's Revolving Credit Facilities, Term Loans (Detail) (USD $)			9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013 Unsecured revolving credit facility arranged by JP Morgan Securities, LLC and Wells Fargo Securities LLC [Member]	Sep. 30, 2013 Unsecured revolving credit facility with PNC Bank National Association [Member]	Sep. 30, 2013 Unsecured Term Loan - Tranche 1 [Member]	Sep. 30, 2013 Unsecured Term Loan- Tranche 2 [Member]	Sep. 30, 2013 Secured Term Loan with Key Bank National Association [Member]
Debt Instrument [Line Items]
Carrying Value			$ 42,900,000	$ 0
Unsecured term loan	350,000,000	350,000,000			50,000,000	300,000,000
Secured term loan	$ 400,000,000	$ 400,000,000					$ 400,000,000
Weighted Average Interest Rate			2.20%
Term Loan					2.30%	3.40%	2.00%
Maturity Date			Apr. 30, 2017	Apr. 30, 2017
Term loan maturity date					Jan. 31, 2017	Jan. 31, 2019	Apr. 30, 2017

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Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2013 Segment
Segment Reporting [Abstract]
Number of reportable segments	3
Quantitative threshold of revenues, profit or loss and assets for identifying reportable segments	10.00%

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Other Comprehensive Loss

9 Months Ended

Sep. 30, 2013

Text Block [Abstract]

Other Comprehensive Loss

11. OTHER COMPREHENSIVE LOSS

The changes in accumulated other comprehensive loss by component are as follows (in thousands):

	Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Net Unrealized Gains on Marketable Securities(A)		Total
Balance, December 31, 2012	$	(22,247	)	$	(5,678	)	$	—	$	(27,925	)
Other comprehensive income (loss) before reclassifications		11,107			(16,041	)		2,639		(2,295	)
Amounts reclassified from accumulated other comprehensive loss(B)		354			—			—		354
Net current-period other comprehensive income (loss)		11,461			(16,041	)		2,639		(1,941	)
Balance, September 30, 2013	$	(10,786	)	$	(21,719	)	$	2,639	$	(29,866	)

(A) Included in Other Assets in the condensed consolidated balance sheets.

(B) Reflects amortization classified in Interest Expense of $0.4 million offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, which were previously recognized in Accumulated Other Comprehensive Income in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2013.

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Senior Notes

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Senior Notes

7. SENIOR NOTES

In May 2013, the Company issued $300 million aggregate principal amount of 3.375% senior unsecured notes due May 2023. The Company used the net proceeds to partially fund the Blackstone Acquisition (Note 17).

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2013 Property	Sep. 30, 2013 Oxford [Member]	Jan. 23, 2013 Oxford [Member]
Contingencies And Commitments [Line Items]
Number of existing retail properties	10
Minimum amount of compensatory and consequential damages	Not less than $500 million
Amount transferred to pay vendors pursuant to an agreement			$ 11
Unasserted claim under agreement		$ 5

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Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

14. DISCONTINUED OPERATIONS

The Company sold 28 properties during the nine-month period ended September 30, 2013, and had one property held for sale at September 30, 2013. In addition, the Company sold 29 properties in 2012. These asset sales are included in discontinued operations for the three- and nine-month periods ended September 30, 2013 and 2012. The balance sheet related to the asset held for sale and the operating results related to assets sold or designated as held for sale as of September 30, 2013, are as follows (in thousands):

	September 30, 2013
Land	$	1,682
Buildings		7,441
Fixtures and tenant improvements		245
		9,368
Less: Accumulated depreciation		(1,999	)
Total asset held for sale	$	7,369

	Three-Month Periods Ended September 30,					Nine-Month Periods Ended September 30,
	2013		2012			2013			2012
Revenues	$	2,169	$	7,786		$	11,956		$	27,164
Operating expenses		561		2,490			3,608			9,512
Impairment charges		—		5,698			12,661			61,165
Interest, net		412		1,547			2,609			5,957
Depreciation and amortization		454		1,691			2,941			7,322
		1,427		11,426			21,819			83,956
Income (loss) from discontinued operations		742		(3,640	)		(9,863	)		(56,792	)
Gain (loss) on disposition of real estate, net of tax		8,701		(176	)		7,240			3,121
Income (loss) from discontinued operations	$	9,443	$	(3,816	)	$	(2,623	)	$	(53,671	)

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Fee and Other Income

9 Months Ended

Sep. 30, 2013

Text Block [Abstract]

Fee and Other Income

12. FEE AND OTHER INCOME

Fee and other income from continuing operations was composed of the following (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Management, development and other fee income	$	10.3	$	10.2	$	31.2	$	33.1
Ancillary and other property income		8.0		6.8		21.1		19.5
Lease termination fees		1.0		4.0		6.2		4.5
Other miscellaneous		0.1		0.1		0.4		0.3
Total fee and other income	$	19.4	$	21.1	$	58.9	$	57.4

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Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	DDR CORP
Entity Central Index Key	0000894315
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		359,243,879

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Segment Information - Company's Reportable Segments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Operating Statistics [Line Items]
Total revenues	$ 219,368	$ 197,277	$ 640,041	$ 571,054
Operating expenses	(87,405)	(58,515)	(238,486)	(211,233)
Net operating income (loss)	131,963	138,762	401,555	359,821
Depreciation and amortization	(74,141)	(59,620)	(211,200)	(178,535)
Interest income	6,691	5,661	20,365	9,829
Other income (expense), net	(2,282)	(1,868)	(3,288)	(7,100)
Unallocated expenses	(77,588)	(72,534)	(228,594)	(232,187)
Equity in net (loss) income of joint ventures	3,780	5,486	5,543	16,966
(Loss) income from continuing operations	(11,577)	30,421	(14,553)	22,116
Gain on change in control of interests	0	40,645	1,066	79,993
Impairment of joint venture investments	0	(26,111)	0	(26,671)
Total gross real estate assets	8,921,305	8,590,294	8,921,305	8,590,294
Notes receivable, net	77,857	63,113	77,857	63,113	68,718
Operating Segments [Member] | Shopping Centers [Member]
Operating Statistics [Line Items]
Total revenues	219,354	197,272	640,012	571,042
Operating expenses	(87,330)	(58,365)	(238,109)	(210,800)
Net operating income (loss)	132,024	138,907	401,903	360,242
Depreciation and amortization	(74,141)	(59,620)	(211,200)	(178,535)
Equity in net (loss) income of joint ventures	(660)	(441)	(7,677)	(3,484)
Gain on change in control of interests		40,645	1,066	79,993
Total gross real estate assets	8,921,305	8,583,201	8,921,305	8,583,201
Operating Segments [Member] | Loan Investments [Member]
Operating Statistics [Line Items]
Total revenues	14	5	29	12
Operating expenses	(75)	(150)	(377)	(433)
Net operating income (loss)	(61)	(145)	(348)	(421)
Interest income	6,691	5,661	20,365	9,829
Notes receivable, net	302,130	240,583	302,130	240,583
Operating Segments [Member] | Brazil Equity Investment [Member]
Operating Statistics [Line Items]
Equity in net (loss) income of joint ventures	4,440	5,927	13,220	20,450
Corporate, Non-Segment [Member]
Operating Statistics [Line Items]
Other income (expense), net	(2,282)	(1,868)	(3,288)	(7,100)
Unallocated expenses	(77,588)	(72,534)	(228,594)	(232,187)
Total gross real estate assets		7,093		7,093
Notes receivable, net	$ (224,273)	$ (177,470)	$ (224,273)	$ (177,470)

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Impairment Charges and Impairment of Joint Venture Investments

9 Months Ended

Sep. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Impairment Charges and Impairment of Joint Venture Investments

13. IMPAIRMENT CHARGES AND IMPAIRMENT OF JOINT VENTURE INVESTMENTS

The Company recorded impairment charges during the three- and nine-month periods ended September 30, 2013 and 2012, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):

	Three-Month Periods Ended September 30,				Nine-Month Periods Ended September 30,
	2013		2012		2013		2012
Land held for development	$	—	$	1.6	$	—	$	8.0
Undeveloped land		—		1.0		2.6		20.1
Assets marketed for sale (A)		24.1		—		51.5		16.6
Total continuing operations	$	24.1	$	2.6	$	54.1	$	44.7
Sold assets or assets held for sale		—		5.7		12.7		61.1
Total discontinued operations	$	—	$	5.7	$	12.7	$	61.1
Joint venture investments		—		26.1		—		26.7
Total impairment charges	$	24.1	$	34.4	$	66.8	$	132.5

(A) The impairment charges were triggered primarily due to the Company’s marketing of these assets for sale and management’s assessment of the likelihood and timing of one or more potential transactions.

Items Measured at Fair Value on a Non-Recurring Basis

For a description of the Company’s methodology on determining fair value, refer to Note 11 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

The following table presents information about the Company’s impairment charges on both financial and nonfinancial assets that were measured on a fair value basis for the nine-month period ended September 30, 2013 and the year ended December 31, 2012. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions):

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total		Total Losses
September 30, 2013
Long-lived assets held and used	$	—	$	—	$	161.4	$	161.4	$	66.8
December 31, 2012
Long-lived assets held and used and held for sale		—		—		180.7		180.7		126.5
Unconsolidated joint venture investment		—		—		4.7		4.7		26.7
Deconsolidated joint venture investment		—		—		56.1		56.1		9.3

The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions):

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at						Range
Description	September 30, 2013		December 31, 2012		Valuation Technique	Unobservable Inputs	2013	2012
Impairment of consolidated assets	$	87.1	$	136.6	Indicative Bid(A) / Contracted Price	Indicative Bid(A) / Contracted Price	N/A	N/A
		74.3		44.1	Income Capitalization Approach(B)	Market Capitalization Rate	7.7 – 10%	8 – 12%
						Price Per Square Foot	$12 – $117	$15 – $47
Impairment of joint venture investments(C)		—		4.7	Income Capitalization Approach	Market Capitalization Rate	—	8%
					Discounted Cash Flow	Discount Rate	—	11%
						Terminal Capitalization Rate	—	5.5 – 8.5%
Deconsolidated joint venture investment(D)		—		56.1	Discounted Cash Flow	Discount Rate	—	8 – 15%

(A) Fair value measurements based upon indicative bids were developed by third-party sources (including offers and comparable sales values), subject to the Company’s determination of reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values.

(B) Vacant space in certain assets was valued on a price per square foot.

(C) The fair value measurements also include consideration of the fair market value of debt. These inputs are further described in the debt section of Note 8.

(D) Related to loss reported in Change in Control and Sale of Interests recorded in 2012.

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Senior Notes - Additional Information (Detail) (Senior Unsecured Notes Due May 2023 [Member], USD $) In Millions, unless otherwise specified	1 Months Ended
	May 31, 2013
Senior Unsecured Notes Due May 2023 [Member]
Debt Instrument [Line Items]
Senior notes principal amount	$ 300
Interest rate of senior notes	3.375%
Debt Instrument, Maturity Date	May 31, 2023

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Revolving Credit Facilities and Term Loans - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013
Unsecured revolving credit facility arranged by JP Morgan Securities, LLC and Wells Fargo Securities LLC [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility borrowing capacity	$ 750,000,000
Accordion feature	1,250,000,000
Extension maturity period	1 year
Extended Maturity Date	Apr. 30, 2018
Line of credit facility competitive bid option on periodic interest rates	Up to 50% of the facility
Facility fee	0.30%
Carrying Value	42,900,000
Unsecured revolving credit facility with PNC Bank National Association [Member]
Debt Instrument [Line Items]
Carrying Value	0
Unsecured revolving credit facility	65,000,000
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Specified spread line of credit facility LIBOR rate	1.40%
Specified spread line of credit facility prime rate	0.40%
Covenant compliance	The Company was in compliance with these covenants at September 30, 2013.
Secured Term Loan with Key Bank National Association [Member]
Debt Instrument [Line Items]
Extension maturity period	1 year
Extended Maturity Date	Apr. 30, 2018
Specified spread line of credit facility LIBOR rate	1.55%
Covenant compliance	The Company was in compliance with these covenants at September 30, 2013.
Euro-denominated borrowings [Member]
Debt Instrument [Line Items]
Carrying Value	5,000,000
Canadian borrowings [Member]
Debt Instrument [Line Items]
Carrying Value	$ 25,400,000

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Segment Information - Company's Reportable Segments (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting [Abstract]
Impairment charges	$ 24,136	$ 2,560	$ 54,134	$ 44,692