10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 June 30, 2015

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 August 3, 2015, the registrant had 362,122,351 outstanding common shares, $0.10 par value per share.

DDR CORP.

QUARTERLY REPORT ON FORM 10-Q

QUARTER ENDED JUNE 30, 2015

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements - Unaudited
	Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014	2
	Consolidated Statements of Operations for the Three Months Ended June 30, 2015 and 2014	3
	Consolidated Statements of Operations for the Six Months Ended June 30, 2015 and 2014	4
	Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2015 and 2014	5
	Consolidated Statement of Equity for the Six Months Ended June 30, 2015	6
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	43
Item 4.	Controls and Procedures	44
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
SIGNATURES		47

1

DDR Corp.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

(Unaudited)

	June 30, 2015			December 31, 2014
Assets
Land	$	2,208,102		$	2,208,468
Buildings		6,988,655			7,087,040
Fixtures and tenant improvements		672,612			645,035
		9,869,369			9,940,543
Less: Accumulated depreciation		(1,998,760	)		(1,909,585	)
		7,870,609			8,030,958
Construction in progress and land		311,005			395,242
Total real estate assets, net		8,181,614			8,426,200
Investments in and advances to joint ventures		399,218			414,848
Cash and cash equivalents		25,268			20,937
Restricted cash		11,417			11,375
Accounts receivable, net		128,509			132,661
Notes receivable, net		47,304			56,245
Deferred charges, less accumulated amortization of $39,105 and $38,796, respectively		30,338			28,187
Other assets, net		401,919			451,442
	$	9,225,587		$	9,541,895
Liabilities and Equity
Unsecured indebtedness:
Senior notes	$	3,115,459		$	2,765,893
Unsecured term loan		300,000			350,000
Revolving credit facilities		241,474			29,009
		3,656,933			3,144,902
Secured indebtedness:
Secured term loan		200,000			400,000
Mortgage indebtedness		1,403,231			1,689,805
		1,603,231			2,089,805
Total indebtedness		5,260,164			5,234,707
Accounts payable and other liabilities		450,070			448,192
Dividends payable		67,884			61,468
Total liabilities		5,778,118			5,744,367
Commitments and contingencies (Note 9)
DDR Equity
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 June 30, 2015 and    December 31, 2014		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 June 30, 2015 and    December 31, 2014		150,000			150,000
Common shares, with par value, $0.10 stated value; 600,000,000 shares authorized; 361,169,314 and    360,711,232 shares issued at June 30, 2015 and December 31, 2014, respectively		36,117			36,071
Paid-in capital		5,448,298			5,438,778
Accumulated distributions in excess of net income		(2,408,151	)		(2,047,212	)
Deferred compensation obligation		16,980			16,609
Accumulated other comprehensive loss		(6,137	)		(7,352	)
Less: Common shares in treasury at cost: 989,098 and 957,068 shares at June 30,2015 and    December 31, 2014, respectively		(16,819	)		(16,646	)
Total DDR shareholders' equity		3,420,288			3,770,248
Non-controlling interests		27,181			27,280
Total equity		3,447,469			3,797,528
	$	9,225,587		$	9,541,895

The accompanying notes are an integral part of these condensed consolidated financial statements.  

2

DDR Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30,

(In thousands, except per share amounts)

(Unaudited)

	2015			2014
Revenues from operations:
Minimum rents	$	179,363		$	169,395
Percentage and overage rents		1,372			624
Recoveries from tenants		62,021			56,031
Fee and other income		14,567			15,990
		257,323			242,040
Rental operation expenses:
Operating and maintenance		36,029			33,990
Real estate taxes		37,797			35,085
Impairment charges		—			14,342
General and administrative		19,271			19,085
Depreciation and amortization		99,300			95,203
		192,397			197,705
Other income (expense):
Interest income		7,211			3,158
Interest expense		(61,287	)		(59,634	)
Other income (expense), net		2,368			(4,100	)
		(51,708	)		(60,576	)
Income (loss) before earnings from equity method investments and other items		13,218			(16,241	)
Equity in net income of joint ventures		1,642			1,131
(Loss) gain on sale and change in control of interests, net		(6,507	)		83,830
Income before tax expense of taxable REIT subsidiaries and state franchise and income taxes		8,353			68,720
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(573	)		(642	)
Income from continuing operations		7,780			68,078
Income from discontinued operations		—			7,345
Income before gain on disposition of real estate		7,780			75,423
Gain on disposition of real estate, net of tax		11,267			1,472
Net income	$	19,047		$	76,895
Income attributable to non-controlling interests, net		(449	)		(878	)
Net income attributable to DDR	$	18,598		$	76,017
Write-off of preferred share original issuance costs		—			(1,943	)
Preferred dividends		(5,594	)		(6,259	)
Net income attributable to common shareholders	$	13,004		$	67,815
Per share data:
Basic earnings per share data:
Income from continuing operations attributable to common shareholders	$	0.03		$	0.17
Income from discontinued operations attributable to common shareholders		—			0.02
Net income attributable to common shareholders	$	0.03		$	0.19
Diluted earnings per share data:
Income from continuing operations attributable to common shareholders	$	0.03		$	0.17
Income from discontinued operations attributable to common shareholders		—			0.02
Net income attributable to common shareholders	$	0.03		$	0.19

The accompanying notes are an integral part of these condensed consolidated financial statements.  

3

DDR Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30,

(In thousands, except per share amounts)

(Unaudited)

	2015			2014
Revenues from operations:
Minimum rents	$	360,060		$	335,582
Percentage and overage rents		2,757			2,265
Recoveries from tenants		126,101			113,831
Fee and other income		27,230			31,874
		516,148			483,552
Rental operation expenses:
Operating and maintenance		74,755			70,577
Real estate taxes		75,426			69,061
Impairment charges		279,021			16,671
General and administrative		37,866			39,338
Depreciation and amortization		202,315			198,823
		669,383			394,470
Other income (expense):
Interest income		14,372			6,286
Interest expense		(124,307	)		(119,332	)
Other income (expense), net		(1,060	)		(8,283	)
		(110,995	)		(121,329	)
Loss before earnings from equity method investments and other items		(264,230	)		(32,247	)
Equity in net income of joint ventures		1,703			6,621
Impairment of joint venture investments		—			(9,100	)
Gain on sale and change in control of interests, net		7,772			83,830
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes		(254,755	)		49,104
Tax expense of taxable REIT subsidiaries and state franchise and income taxes		(5,473	)		(1,327	)
(Loss) income from continuing operations		(260,228	)		47,777
Income from discontinued operations		—			10,357
(Loss) income before gain on disposition of real estate		(260,228	)		58,134
Gain on disposition of real estate, net of tax		36,361			383
Net (loss) income	$	(223,867	)	$	58,517
(Income) loss attributable to non-controlling interests, net		(1,322	)		860
Net (loss) income attributable to DDR	$	(225,189	)	$	59,377
Write-off of preferred share original issuance costs		—			(1,943	)
Preferred dividends		(11,188	)		(12,867	)
Net (loss) income attributable to common shareholders	$	(236,377	)	$	44,567
Per share data:
Basic earnings per share data:
(Loss) income from continuing operations attributable to common shareholders	$	(0.66	)	$	0.09
Income from discontinued operations attributable to common shareholders		—			0.03
Net (loss) income attributable to common shareholders	$	(0.66	)	$	0.12
Diluted earnings per share data:
(Loss) income from continuing operations attributable to common shareholders	$	(0.66	)	$	0.09
Income from discontinued operations attributable to common shareholders		—			0.03
Net (loss) income attributable to common shareholders	$	(0.66	)	$	0.12

The accompanying notes are an integral part of these condensed consolidated financial statements.  

4

DDR Corp.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

(In thousands)

(Unaudited)

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Net income (loss)	$	19,047		$	76,895		$	(223,867	)	$	58,517
Other comprehensive income (loss):
Foreign currency translation		85			2,477			(219	)		8,383
Reclassification adjustment for foreign currency translation included    in net income		—			19,715			—			19,715
Change in fair value of interest-rate contracts		417			(2,225	)		320			(2,464	)
Change in cash flow hedges reclassed to earnings		154			118			829			236
Reclassification adjustment for realized gains on available-for-sale    securities included in net income		—			(410	)		—			(840	)
Unrealized losses on available-for-sale securities		—			(206	)		—			(467	)
Total other comprehensive income		656			19,469			930			24,563
Comprehensive income (loss)	$	19,703		$	96,364		$	(222,937	)	$	83,080
Comprehensive (income) loss attributable to non-controlling interests:
Allocation of net (income) loss		(449	)		(878	)		(1,322	)		860
Foreign currency translation		(104	)		(376	)		285			(13	)
Total comprehensive (income) loss attributable to non-controlling    interests		(553	)		(1,254	)		(1,037	)		847
Total comprehensive income (loss) attributable to DDR	$	19,150		$	95,110		$	(223,974	)	$	83,927

The accompanying notes are an integral part of these condensed consolidated financial statements.  

5

DDR Corp.

CONSOLIDATED STATEMENT OF EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2015

(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, 2014	$	350,000	$	36,071	$	5,438,778		$	(2,047,212	)	$	16,609		$	(7,352	)	$	(16,646	)	$	27,280		$	3,797,528
Issuance of common shares related    to stock plans		—		40		6,926			—			—			—			50			—			7,016
Issuance of restricted stock		—		—		(2,521	)		—			612			—			2,863			—			954
Vesting of restricted stock		—		6		3,489			—			(241	)		—			(3,086	)		—			168
Stock-based compensation		—		—		1,626			—			—			—			—			—			1,626
Distributions to non-controlling    interests		—		—		—			—			—			—			—			(1,136	)		(1,136	)
Dividends declared-common shares		—		—		—			(124,562	)		—			—			—			—			(124,562	)
Dividends declared-preferred shares		—		—		—			(11,188	)		—			—			—			—			(11,188	)
Comprehensive (loss) income		—		—		—			(225,189	)		—			1,215			—			1,037			(222,937	)
Balance, June 30, 2015	$	350,000	$	36,117	$	5,448,298		$	(2,408,151	)	$	16,980		$	(6,137	)	$	(16,819	)	$	27,181		$	3,447,469

The accompanying notes are an integral part of these condensed consolidated financial statements.  

6

DDR Corp.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30,

(In thousands)

(Unaudited)

	2015			2014
Cash flow from operating activities:
Net (loss) income	$	(223,867	)	$	58,517
Adjustments to reconcile net (loss) income to net cash flow provided by operating activities:
Depreciation and amortization		202,315			209,201
Stock-based compensation		4,893			4,787
Amortization and write-off of deferred finance charges and fair market value of debt adjustments		(5,529	)		(1,980	)
Accretion of convertible debt discount		5,919			5,613
Equity in net income of joint ventures		(1,703	)		(6,621	)
Impairment of joint venture investments		—			9,100
Net gain on sale and change in control of interests		(7,772	)		(83,830	)
Operating cash distributions from joint ventures		4,021			3,314
Realized gain on sale of available-for-sale securities		—			(840	)
Gain on disposition of real estate		(36,361	)		(17,564	)
Impairment charges		279,021			25,183
Change in notes receivable accrued interest		(4,175	)		(2,000	)
Change in restricted cash		1,591			2,981
Net change in accounts receivable		1,327			7,089
Net change in accounts payable and accrued expenses		11,763			4,835
Net change in other operating assets and liabilities		(22,570	)		(16,735	)
Total adjustments		432,740			142,533
Net cash flow provided by operating activities		208,873			201,050
Cash flow from investing activities:
Real estate acquired, net of liabilities and cash assumed		(105,846	)		(156,532	)
Real estate developed and improvements to operating real estate		(132,595	)		(108,808	)
Proceeds from disposition of real estate and joint venture interests		158,122			514,628
Equity contributions to joint ventures		(134	)		(3,764	)
Distributions from sale and refinancing of joint venture interests		3,365			9,600
Return of investments in joint ventures		3,575			6,438
Proceeds from sale of available-for-sale securities		—			1,251
Repayment of notes receivable		9,275			225
Change in restricted cash – capital improvements		582			(1,130	)
Net cash flow (used for) provided by investing activities		(63,656	)		261,908
Cash flow from financing activities:
Proceeds from (repayments of) revolving credit facilities, net		213,513			(533	)
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses		491,972			—
Proceeds from mortgages and other debt		300,000			81,427
Repayment of senior notes		(152,996	)		—
Repayment of term loans and mortgage debt		(857,396	)		(94,421	)
Payment of debt issuance costs		(4,540	)		(705	)
Redemption of preferred shares		—			(55,000	)
Issuance (repurchase) of common shares in conjunction with equity award plans and dividend reinvestment plan		3,321			(2,510	)
Contributions from non-controlling interests		—			93
Distributions to non-controlling interests and redeemable operating partnership units		(5,591	)		(704	)
Dividends paid		(129,333	)		(117,927	)
Net cash flow used for financing activities		(141,050	)		(190,280	)
Cash and cash equivalents:
Increase in cash and cash equivalents		4,167			272,678
Effect of exchange rate changes on cash and cash equivalents		164			(2	)
Cash and cash equivalents, beginning of year		20,937			86,664
Cash and cash equivalents, end of period	$	25,268		$	359,340

The accompanying notes are an integral part of these condensed consolidated financial statements.  

7

Notes to Condensed Consolidated Financial Statements

1. Nature of Business and Financial Statement Presentation

Nature of Business

DDR Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “DDR”) and unconsolidated joint ventures 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 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 six months ended June 30, 2015 and 2014, 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, 2014, 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.  All significant inter-company balances and transactions have been eliminated in consolidation.  Investments in real estate joint ventures and companies in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting.  Accordingly, the Company’s share of the earnings (or loss) of these joint ventures and companies is included in consolidated net income.  

Deferred Tax Assets and Tax Liabilities – Puerto Rico Tax Restructuring

In the first quarter of 2015, in accordance with temporary legislation of the Puerto Rico Internal Revenue Code, the Company restructured the ownership of its 14 assets in Puerto Rico and made a voluntary election to prepay $20.2 million of taxes related to the built-in gains associated with the real estate assets.  This election permitted the Company to step-up its tax basis in the Puerto Rican assets to the current estimated fair value while reducing its effective capital gains tax rate from 29% to 12%.  Further, the Company converted the ownership to a Puerto Rico Real Estate Investment Trust (“REIT”) structure, which reduced the effective tax on the operational activity from 39% to 10%.  The net balance sheet impact to the financial statements related to the restructuring was $16.8 million.  In the first quarter of 2015, the Company recorded a tax expense of $3.4 million related to the 2% effective tax rate spread between the 12% tax payment and the revalued deferred tax asset under the REIT structure using a 10% effective tax rate.

8

Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information

Non-cash investing and financing activities are summarized as follows (in millions):

	Six Months
	Ended June 30,
	2015		2014
Mortgages assumed from acquisitions	$	33.7	$	50.8
Issuance of Operating Partnership Units ("OP Units") in connection with    an acquisition		—		18.3
Mezzanine loan applied to purchase price of acquired properties		—		20.6
Elimination of a previously held equity interest		1.4		—
Reclassification adjustment of foreign currency translation		—		19.7
Accounts payable related to construction in progress		46.3		30.6
Dividends declared		67.9		61.3
Write-off of preferred share original issuance costs		—		1.9

Fee and Other Income

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

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fee income	$	8.4	$	7.9	$	16.5	$	16.1
Ancillary and other property income		4.7		5.9		8.8		12.1
Lease termination fees		1.4		2.0		1.6		3.3
Other		0.1		0.2		0.3		0.4
Total fee and other income	$	14.6	$	16.0	$	27.2	$	31.9

New Accounting Standards Adopted

Discontinued Operations

In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a final standard that changed the criteria for determining which disposals are presented as discontinued operations.  The revised definition of a discontinued operation is “a component or group of components that has been disposed of or is classified as held for sale, together as a group in a single transaction,” and “represents a strategic shift that has (or will have) a major effect on an entity’s financial results.”  The FASB agreed that a strategic shift includes “a disposal of (i) a separate major line of business, (ii) a separate major geographical area of operations or (iii) a combination of parts of (i) or (ii) that make up a major part of an entity’s operations and financial results.”  A business that, upon acquisition, qualifies as held for sale will also be a discontinued operation.  The FASB also reaffirmed its decision to no longer preclude presentation of a disposal as a discontinued operation if (a) there is significant continuing involvement with a component after its disposal, or (b) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations.  Public entities are required to apply the standard in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods.  The Company adopted the standard effective January 1, 2015, and there was no impact to net income in the financial statements for the three-month or six-month period ended June 30, 2015.  Properties sold prior to January 1, 2015, are not subject to ASU 2014-08 and therefore continue to be classified as discontinued operations using the previous definition.  The adoption resulted in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals remain in Income from Continuing Operations and any associated gains or losses are included in Gain on Disposition of Real Estate.  

New Accounting Standards

Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers.  The objective of ASU 2014-09 is to establish a single comprehensive five-step model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including

9

industry-specific guidance.  The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification.  Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard.  A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and, as a result, will not be impacted by this standard.  The new guidance is effective for public companies for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017.  Early adoption is permittedfor annual reporting periods (including interim periods within those periods) beginning after December 15, 2016.  Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09.  The Company is assessing the impact, if any, the adoption of this standard will have on its financial statements and has not decided upon the method of adoption.  

Debt Issuance Costs

In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount.  The guidance in ASU 2015-03 is limited to the presentation of debt issuance costs.  The new guidance is effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years on a retrospective basis.  Early adoption is permitted for financial statements that have not been previously issued.  The Company does not believe ASU 2015-03 will have a material impact on its financial statements.

2. Investments in and Advances to Joint Ventures

At June 30, 2015 and December 31, 2014, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 184 and 188 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	June 30, 2015			December 31, 2014
Condensed Combined Balance Sheets
Land	$	1,346,862		$	1,439,849
Buildings		3,566,004			3,854,585
Fixtures and tenant improvements		184,661			200,696
		5,097,527			5,495,130
Less: Accumulated depreciation		(770,122	)		(773,256	)
		4,327,405			4,721,874
Land held for development and construction in progress		54,209			55,698
Real estate, net		4,381,614			4,777,572
Cash and restricted cash		80,234			100,812
Receivables, net		48,814			80,508
Other assets		346,595			394,751
	$	4,857,257		$	5,353,643
Mortgage debt	$	3,247,337		$	3,552,764
Notes and accrued interest payable to the Company		3,031			144,831
Other liabilities		205,924			276,998
		3,456,292			3,974,593
Redeemable preferred equity		309,150			305,310
Accumulated equity		1,091,815			1,073,740
	$	4,857,257		$	5,353,643
Company's share of accumulated equity	$	132,034		$	122,937
Redeemable preferred equity		309,150			305,310
Basis differentials		(43,015	)		(12,954	)
Deferred development fees, net of portion related to the Company's interest		(2,438	)		(2,562	)
Amounts payable to the Company		3,487			2,117
Investments in and Advances to Joint Ventures	$	399,218		$	414,848

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	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Condensed Combined Statements of Operations
Revenues from operations	$	133,066		$	112,141		$	270,666		$	248,641
Expenses from operations:
Operating expenses		48,414			39,195			99,396			87,002
Impairment charges		—			600			448			600
Depreciation and amortization		51,482			34,517			108,219			75,730
Interest expense		33,593			41,787			74,496			91,844
Other (income) expense, net		217			(252	)		584			2,790
		133,706			115,847			283,143			257,966
Loss before tax expense and discontinued operations		(640	)		(3,706	)		(12,477	)		(9,325	)
Income tax expense (primarily Sonae Sierra Brasil), net		—			(2,425	)		—			(6,565	)
Loss from continuing operations		(640	)		(6,131	)		(12,477	)		(15,890	)
Discontinued operations:
Loss from discontinued operations		—			(1,695	)		—			(4,187	)
Gain on disposition of real estate, net of tax		—			2,038			—			23,511
(Loss) income before gain on disposition of real estate, net		(640	)		(5,788	)		(12,477	)		3,434
Loss on disposition of real estate, net		(1,358	)		—			(1,571	)		—
Net (loss) income	$	(1,998	)	$	(5,788	)	$	(14,048	)	$	3,434
Income attributable to non-controlling interests		—			(535	)		—			(2,023	)
Net (loss) income attributable to unconsolidated joint ventures	$	(1,998	)	$	(6,323	)	$	(14,048	)	$	1,411
Company's share of equity in net income of joint ventures(A)	$	1,317		$	1,436		$	1,070		$	6,167
Basis differential adjustments(B)		325			(305	)		633			454
Equity in net income of joint ventures(A)	$	1,642		$	1,131		$	1,703		$	6,621

(A) The Company did not record income or loss from those investments in which its investment basis was zero.  As of March 13, 2015, the Company no longer had an interest in these assets.  

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

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 Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fees	$	6.5	$	6.2	$	12.8	$	12.3
Development fees and leasing commissions		1.6		1.5		3.2		3.5
Interest income		6.4		1.7		12.7		3.4

The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements.  The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions.  

Coventry II Fund

Coventry Real Estate Advisors L.L.C. (“CREA”) formed Coventry Real Estate Fund II, L.L.C. and Coventry Fund II Parallel Fund, L.L.C. (collectively, the “Coventry II Fund”).  The Coventry II Fund was formed with several institutional investors and CREA as the investment manager. The Company and the Coventry II Fund entered into various joint ventures to invest in a variety of retail properties that presented opportunities for value creation.  In March 2015, the Company, CREA and the Coventry II Fund finalized a settlement agreement in which the Company acquired Coventry II Fund’s 80% interest in Buena Park Place in Orange County, California (Note 3) and the Company transferred to Coventry II Fund its 20% ownership interest in the 21 remaining assets of the Coventry II Fund investments.  The Company accounted for this transaction as a step acquisition and, as a result, recorded a Gain on Change in Control of $14.3 million related to the difference between the carrying value of its equity investment and the fair value of the asset acquired.  

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Management Company Investment

In June 2015, the Company sold its 50% membership interest in a property management company to its joint venture partner and recorded a Loss on Sale and Change in Control of $6.5 million.  

3. Acquisitions

In the six months ended June 30, 2015, the Company acquired the following shopping centers (in millions):

Location	Date Acquired	Purchase Price		Face Value of Mortgage Debt Assumed
Orange County, CA(A)	March 2015	$	49.2	$	33.0
Orlando, FL	April 2015		33.0		—
Houston, TX	June 2015		69.8		—

(A) Acquired from joint venture partner (Note 2).

The fair value of the acquisitions was allocated as follows (in thousands):

				Weighted-Average Amortization Period (in Years)
Land	$	51,617		N/A
Buildings		97,702		(B)
Tenant improvements		3,834		(B)
In-place leases (including lease origination costs and fair market value of leases)(A)		11,325		7.9
Tenant relations		5,750		11.8
Other assets		1,252		N/A
		171,480
Less: Mortgage debt assumed at fair value		(33,735	)	N/A
Less: Below-market leases		(18,191	)	17.8
Less: Other liabilities assumed		(1,144	)	N/A
Net assets acquired	$	118,410

(A) Includes above-market leases of $0.2 million.

(B) Depreciated in accordance with the Company’s policy.

Consideration:
Cash (including debt repaid at closing)	$	102,730
Gain on Change in Control of Interests		14,279
Carrying value of previously held equity interest		1,401
Total consideration	$	118,410

The costs related to the acquisition of these assets were expensed as incurred and included in Other Income (Expense), Net.  Included in the Company’s consolidated statements of operations are $2.1 million and $1.9 million in total revenues from the date of acquisition through June 30, 2015 and 2014, respectively, for the acquired properties.

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Pro Forma Information

The following unaudited supplemental pro forma operating data is presented for the three and six months ended June 30, 2015 and 2014, as if the acquisition of the interests in the properties acquired in 2015 and 2014 were completed on January 1, 2014.  The Gain on Change in Control of Interests related to the acquisition from an unconsolidated joint venture 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 (in thousands, except per share amounts):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	(Unaudited)				(Unaudited)
	2015		2014		2015			2014
Pro forma revenues	$	258,575	$	256,440	$	520,282		$	514,007
Pro forma income (loss) from continuing operations	$	7,946	$	65,377	$	(273,961	)	$	56,897
Pro forma net income (loss) attributable to common shareholders	$	13,170	$	65,114	$	(250,110	)	$	53,687
Basic earnings per share data:
Net income (loss) attributable to common shareholders	$	0.04	$	0.18	$	(0.70	)	$	0.15
Diluted earnings per share data:
Net income (loss) attributable to common shareholders	$	0.04	$	0.18	$	(0.70	)	$	0.15

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 consisted of the following (in thousands):

	June 30, 2015		December 31, 2014
Loans receivable	$	46,761	$	52,444
Other		543		3,801
	$	47,304	$	56,245

As of June 30, 2015 and December 31, 2014, the Company had five and six loans receivable outstanding, respectively.  The following table reconciles the loans receivable on real estate for the six months ended June 30, 2015 and 2014 (in thousands):

	2015			2014
Balance at January 1	$	52,444		$	72,218
Additions:
Interest		—			810
Accretion of discount		483			457
Deductions:
Payments of principal and interest		(6,166	)		(232	)
Other		—			(20,550	)
Balance at June 30	$	46,761		$	52,703

At June 30, 2015, the Company had one loan outstanding aggregating $9.8 million that matured and was more than 90 days past due and one loan that was fully reserved.  The Company is no longer accruing interest income on these notes as no payments have been received.  The $9.8 million loan has a loan loss reserve of $4.8 million based on the estimated value of the underlying real estate collateral.  No other loans outstanding are past due.  

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5. Other Assets

Other assets consist of the following (in thousands):  

	June 30, 2015		December 31, 2014
Intangible assets:
In-place leases, net	$	148,104	$	160,351
Above-market leases, net		51,696		57,199
Tenant relations, net		153,369		171,666
Total intangible assets, net(A)		353,169		389,216
Other assets:
Prepaid expenses		18,753		14,456
Other assets(B)		21,143		39,746
Deposits		8,854		8,024
Total other assets, net	$	401,919	$	451,442

(A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases, of $23.0 million and $24.8 million for the three months ended June 30, 2015 and 2014, respectively, and $48.6 million and $53.8 million for the six months ended June 30, 2015 and 2014, respectively.

(B) See discussion of deferred tax asset in Note 1.  During the first quarter of 2015, in accordance with amended legislation of the Puerto Rico Internal Revenue Code, the Company elected and paid an additional $20.2 million as part of an overall tax restructuring.  

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 June 30, 2015		Weighted-Average Interest Rate(A) at June 30, 2015		Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	241.5		1.2%	June 2019
PNC Facility		—	N/A		June 2019
Unsecured Term Loan		300.0		1.3%	April 2017
Secured indebtedness:
Secured Term Loan		200.0		1.5%	April 2017

(A) Interest rate on variable-rate debt calculated using the base rate and spreads in effect at June 30, 2015.  

Revolving Credit Facilities

The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was amended in April 2015.  The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, two six-month options to extend the maturity to June 2020 upon the Company’s request and an accordion feature for expansion of availability up to $1.25 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level.  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 20 basis points on the entire facility at June 30, 2015.  The Unsecured Credit Facility also allows for certain foreign currency-denominated borrowings.

The Company also maintains a $50 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 April 2015 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 (0.15% at June 30, 2015), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.0% at June 30, 2015).  The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Services (“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”).  The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured

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indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these covenants at June 30, 2015.

Unsecured Term Loan

In April 2015, the Company entered into a $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association, as syndication agent (the “Unsecured Term Loan”).  The Unsecured Term Loan has a maturity date of April 2017, with three one-year borrower options to extend upon the Company’s request, provided certain conditions are satisfied.  The Company may increase the amount of the facility provided that lenders agree to certain terms.  The outstanding principal amount under this credit facility may not exceed $600 million. The Unsecured Term Loan bears interest at variable rates based on LIBOR as defined in the loan agreements plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.1% at June 30, 2015).  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 June 30, 2015.

7. Senior Notes

In January 2015, the Company issued $500.0 million aggregate principal amount of 3.625% senior unsecured notes due February 2025.  Net proceeds from the issuance were used to repay $350.0 million of debt under the Company’s unsecured term loan, $100.0 million of debt under the Company’s secured term loan and amounts outstanding under the Revolving Credit Facilities.  Total fees, excluding underwriting discounts, incurred by the Company for the issuance of senior notes were $1.1 million.  As a result of the repayments on term loans, the Company accelerated amortization of debt extinguishment costs aggregating $3.3 million, which are reflected in other expense in the Company’s consolidated statement of operations for the six months ended June 30, 2015.

8. Financial Instruments

The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments:

Measurement of Fair Value

At June 30, 2015, 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 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 non-performance risk, including the Company’s own non-performance risk and the respective counterparty's non-performance 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 Company maintains interest rate swap agreements (included in Other Liabilities) and marketable equity securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan as of June 30, 2015 and December 31, 2014.  The following table presents information about the Company’s financial assets and liabilities 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
June 30, 2015
Derivative Financial Instruments	$	—	$	(3.4	)	$	—	$	(3.4	)
Marketable Securities	$	3.6	$	—		$	—	$	3.6
December 31, 2014
Derivative Financial Instruments	$	—	$	(4.3	)	$	—	$	(4.3	)
Marketable Securities	$	3.7	$	—		$	—	$	3.7

Other Fair Value Instruments

Investments in unconsolidated joint ventures are considered financial assets.  See discussion of fair value considerations of joint venture investments in Note 11.  

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

The carrying amounts reported in the consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities.  

Notes Receivable and Advances to Affiliates

The fair value is estimated using a discounted cash flow analysis in which the Company uses 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 $360.4 million and $362.2 million at June 30, 2015 and December 31, 2014, respectively, as compared to the carrying amounts of $356.8 million and $358.2 million, respectively.  The fair value of loans to affiliates has been estimated by management based upon its assessment of the interest rate, credit risk and performance risk.  

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 non-performance 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 June 30, 2015 and December 31, 2014, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes	$	3,115,459	$	3,304,869	$	2,765,893	$	3,011,374
Revolving Credit Facilities and Term Loans		741,474		743,163		779,009		786,922
Mortgage indebtedness		1,403,231		1,457,544		1,689,805		1,741,855
	$	5,260,164	$	5,505,576	$	5,234,707	$	5,540,151

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.  

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 Swaps as part of its interest rate risk management strategy.  The 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.  

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As of June 30, 2015, the Company had one effective Swap with a notional amount of $79.3 million, expiring in September 2017, which converts variable rate mortgage debt to a fixed rate of 2.8%.  As of December 31, 2014, the Company had nine Swaps with an aggregate notional amount of $530.0 million.  The aggregate fair value of the Swaps was a net liability of $3.4 million and $4.3 million at June 30, 2015 and December 31, 2014, respectively, which is included in Other Assets/Other Liabilities on the consolidated balance sheets.

All components of the Swaps were included in the assessment of hedge effectiveness.  The Company expects to reflect within the next 12 months, an increase to interest expense (and a corresponding decrease to earnings) of approximately $2.7 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 Other Comprehensive Loss (“OCI”) and is subsequently reclassified into earnings, into interest expense, in the period that the hedged forecasted transaction affects earnings.  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.  

9. Commitments and Contingencies

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. Other Comprehensive Loss

The changes in Accumulated OCI by component are as follows (in thousands):

	Gains and Losses on Cash Flow Hedges			Foreign Currency Items		Total
Balance, December 31, 2014	$	(8,485	)	$	1,133	$	(7,352	)
Other comprehensive income before reclassifications		320			66		386
Change in cash flow hedges reclassed to earnings(A)		829			—		829
Net current-period other comprehensive income		1,149			66		1,215
Balance, June 30, 2015	$	(7,336	)	$	1,199	$	(6,137	)

(A) Includes Other Income (Expense) of $0.6 million and amortization classified in Interest Expense of $0.3 million, offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, in the Company’s consolidated statement of operations for the six months ended June 30, 2015, which was previously recognized in Accumulated OCI.

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11. Impairment Charges and Impairment of Joint Venture Investments

The Company recorded impairment charges during the three and six months ended June 30, 2015 and 2014, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):  

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Assets marketed for sale or assets sold(A)	$	—	$	1.1	$	179.7	$	3.0
Undeveloped land previously held for development(B)		—		13.2		99.3		13.7
Total continuing operations	$	—	$	14.3	$	279.0	$	16.7
Sold assets – discontinued operations		—		—		—		8.5
Joint venture investments(C)		—		—		—		9.1
Total impairment charges	$	—	$	14.3	$	279.0	$	34.3

(A) In March 2015, the Company’s new senior management team initiated changes in the Company’s investment strategy.  Senior management took steps to accelerate the Company’s portfolio quality improvement initiative, which it intends to accomplish in part through the acceleration of disposition plans of lower quality assets that do not have strong long-term growth profiles.  As a result, in connection with the preparation of the March 31, 2015 Quarterly Report on Form 10-Q, the Company concluded that the assets were impaired. The Company recorded impairment charges on 25 operating shopping centers that management identified as disposition candidates over the 12- to 24-month period following March 2015.

(B) Amounts reported in the six months ended June 30, 2015, primarily related to five parcels of land previously held for future development.  The asset impairments were triggered primarily by the decision made by the Company’s senior management in the first quarter of 2015 to sell the land and no longer consider development.

(C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments.  Amount recorded in 2014 represents a charge on a joint venture development project in Canada.  The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014.

Items Measured at Fair Value on a Non-Recurring Basis

For a description of the Company’s methodology on determining the fair value, refer to Note 12 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2014, 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 six months ended June 30, 2015, and the year ended December 31, 2014.  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
June 30, 2015
Long-lived assets held and used	$	—	$	—	$	407.1	$	407.1	$	279.0
December 31, 2014
Long-lived assets held and used		—		—		141.2		141.2		38.1
Unconsolidated joint venture investments		—		—		6.4		6.4		30.7

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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, except price per square foot which is in thousands):

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at						Range
	June 30,		December 31,		Valuation	Unobservable
Description	2015		2014		Technique	Inputs	2015	2014
Impairment of consolidated assets	$	33.8	$	74.2	Indicative Bid(A)/ Contracted Price	Indicative Bid(A)/ Contracted Price	N/A	N/A
	$	287.6	$	67.0	Income Capitalization Approach(B)/ Sales Comparison Approach	Market Capitalization Rate	8%–9%		8%
						Price per Square Foot	$10–$40	N/A
	$	51.5	N/A		Indicative Bid(A)	Indicative Bid(A)	N/A	N/A
					Discounted Cash Flow	Discount Rate	10%–14%	N/A
						Terminal Capitalization Rate	8%–10%	N/A
	$	34.2	N/A		Indicative Bid(A)/ Sales Comparison Approach	Indicative Bid(A)	N/A	N/A
Impairment of joint venture investments	N/A		$	6.4	Discounted Cash Flow	Discount Rate	N/A		15%
						Terminal Capitalization Rate	N/A		6%

(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 corroboration for 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 based on a price per square foot.  

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12. Disposition of Real Estate and Discontinued Operations

Disposition of Real Estate

During the six months ended June 30, 2015, the Company sold 13 properties and three parcels of land for total proceeds of $161.3 million.  These sales have not been classified as discontinued operations in the financial statements, as these sales do not represent a strategic shift in the Company’s business plan (Note 1).  

Discontinued Operations

The Company sold 35 properties in 2014 that are included in discontinued operations.  The following table provides a summary of revenues and expenses from properties included in discontinued operations prior to the newly-adopted guidance for reporting discontinued operations (Note 1) (in thousands):  

	Three Months		Six Months
	Ended June 30, 2014
Revenues	$	11,513	$	25,583
Expenses:
Operating expenses		2,962		7,011
Impairment charges		—		8,512
Interest, net		2,993		6,507
Depreciation and amortization		4,700		10,378
		10,655		32,408
Income (loss) from discontinued operations		858		(6,825	)
Gain on disposition of real estate, net of tax		6,487		17,182
Income from discontinued operations	$	7,345	$	10,357

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13. Earnings Per Share

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“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 Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Numerators – Basic and Diluted
Continuing Operations:
Income (loss) from continuing operations	$	7,780		$	68,078		$	(260,228	)	$	47,777
Plus: Gain on disposition of real estate		11,267			1,472			36,361			383
Plus: Income attributable to non-controlling interests		(449	)		(347	)		(1,322	)		(501	)
Less: Write-off of preferred share original issuance costs		—			(1,943	)		—			(1,943	)
Less: Preferred dividends		(5,594	)		(6,259	)		(11,188	)		(12,867	)
Less: Earnings attributable to unvested shares and operating    partnership units		(420	)		(464	)		(868	)		(777	)
Income (loss) from continuing operations		12,584			60,537			(237,245	)		32,072
Discontinued Operations:
Income from discontinued operations		—			7,345			—			10,357
Plus: (Income) loss attributable to non-controlling interests		—			(531	)		—			1,361
Net income (loss) attributable to common shareholders after allocation    to participating securities	$	12,584		$	67,351		$	(237,245	)	$	43,790
Denominators – Number of Shares
Basic—Average shares outstanding		360,073			357,812			359,914			357,717
Effect of dilutive securities:
Senior convertible notes		3,631			—			—			—
Stock options		443			483			—			459
Diluted—Average shares outstanding		364,147			358,295			359,914			358,176
Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common    shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common    shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common    shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common    shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12

The following potentially dilutive securities were considered in the calculation of EPS:

Potentially Dilutive Securities

· The Company’s senior convertible notes due 2040 were not included in the computation of diluted EPS for the six months ended June 30, 2015, due to the Company’s loss from continuing operations and for the three and six months ended June 30, 2014, because the Company’s common share priced did not exceed the conversion price in these periods.  The senior convertible notes due 2040 are considered a dilutive security for the computation of diluted EPS for the three months ended June 30, 2015 because the average price of the Company’s stock for the quarter ended exceeded the conversion price at June 30, 2015.  In accordance with the terms specified in the governing documents, the senior convertible notes are convertible into common shares of the Company during the subsequent quarter if the Company’s trading price exceeds 125% of the conversion rate ($14.59 at June 30, 2015), for at least 20 trading days (whether consecutive or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the fiscal quarter.  These notes were not convertible at June 30, 2015.

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· Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the three and sixmonths ended June 30, 2015 and 2014 because the calculation was anti-dilutive.

· At June 30, 2015 and 2014, the Company had 1,441,890 OP Units outstanding (Note 15).  The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive.  

Common Shares

Common share dividends declared per share were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Common share dividends declared per share	$	0.1725	$	0.155	$	0.345	$	0.310

14. Segment Information

At June 30, 2015, the Company had two reportable operating segments:  shopping centers and loan investments.  The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.  The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items.  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 in 2014 (Note 12) (in thousands):

	Three Months Ended June 30, 2015
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	257,283		$	40					$	257,323
Operating expenses		(73,809	)		(17	)					(73,826	)
Net operating income		183,474			23						183,497
Depreciation and amortization		(99,300	)								(99,300	)
Interest income					7,211						7,211
Other income (expense), net							$	2,368			2,368
Unallocated expenses(A)								(81,131	)		(81,131	)
Equity in net income of joint ventures		1,642									1,642
Loss on sale and change in control of interests, net		(6,507	)								(6,507	)
Income from continuing operations										$	7,780

	Three Months Ended June 30, 2014
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	241,949		$	91					$	242,040
Operating expenses(B)		(83,416	)		(1	)					(83,417	)
Net operating income		158,533			90						158,623
Depreciation and amortization		(95,203	)								(95,203	)
Interest income					3,158						3,158
Other income (expense), net							$	(4,100	)		(4,100	)
Unallocated expenses(A)								(79,361	)		(79,361	)
Equity in net income of joint ventures		964						167			1,131
Gain on sale and change in control of interests, net		83,830									83,830
Income from continuing operations										$	68,078

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	Six Months Ended June 30, 2015
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	516,053		$	95					$	516,148
Operating expenses(B)		(429,166	)		(36	)					(429,202	)
Net operating income		86,887			59						86,946
Depreciation and amortization		(202,315	)								(202,315	)
Interest income					14,372						14,372
Other income (expense), net							$	(1,060	)		(1,060	)
Unallocated expenses(A)								(167,646	)		(167,646	)
Equity in net income of joint ventures		1,703									1,703
Gain on sale and change in control of interests, net		7,772									7,772
Loss from continuing operations										$	(260,228	)
As of June 30, 2015:
Total gross real estate assets	$	10,180,374								$	10,180,374
Notes receivable, net(C)				$	355,911		$	(308,607	)	$	47,304

	Six Months Ended June 30, 2014
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	483,425		$	127					$	483,552
Operating expenses(B)		(156,258	)		(51	)					(156,309	)
Net operating income		327,167			76						327,243
Depreciation and amortization		(198,823	)								(198,823	)
Interest income					6,286						6,286
Other income (expense), net							$	(8,283	)		(8,283	)
Unallocated expenses(A)								(159,997	)		(159,997	)
Equity in net income of joint ventures		6,135						486			6,621
Impairment of joint venture investments		(9,100	)								(9,100	)
Gain on sale and change in control of interests, net		83,830									83,830
Income from continuing operations										$	47,777
As of June 30, 2014:
Total gross real estate assets	$	10,352,011								$	10,352,011
Notes receivable, net(C)				$	125,173		$	(66,310	)	$	58,863

(A) Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the consolidated statements of operations.  

(B) Includes impairment charges of $14.3 million for the three months ended June 30, 2014, and $279.0 million and $16.7 million for the six months ended June 30, 2015 and 2014, respectively.  

(C) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the consolidated balance sheets.  

15. Subsequent Events

In July 2015, 1,043,189 OP Units were converted into an equivalent number of common shares of the Company.  This transaction was treated as a purchase of a non-controlling interest.

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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, 2014, 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 June 30, 2015, the Company’s portfolio consisted of 401 shopping centers (including 185 shopping centers owned through joint ventures).  These properties consist of 387 shopping centers owned in the United States and 14 in Puerto Rico.  At June 30, 2015, the Company owned and managed more than 118 million total square feet of gross leasable area (“GLA”).  

For the six months ended June 30, 2015, net loss attributable to common shareholders increased compared to the prior-year, primarily due to a greater amount of impairment charges recorded in 2015.  The following provides an overview of the Company’s key financial metrics (see Non-GAAP Financial Measures, FFO described later in this section) (in thousands, except per share amounts):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015			2014
Net income (loss) attributable to common shareholders	$	13,004	$	67,815	$	(236,377	)	$	44,567
FFO attributable to common shareholders	$	105,039	$	82,126	$	118,242		$	167,938
Operating FFO attributable to common shareholders	$	111,396	$	101,263	$	218,529		$	201,973
Earnings per share – Diluted	$	0.03	$	0.19	$	(0.66	)	$	0.12

Second Quarter 2015 Operating Results

During the first six months of 2015, the Company continued to pursue opportunities to position itself for long-term growth while lowering the Company’s risk profile and cost of capital.  In the first quarter of 2015, a new senior leadership team was put in place as the Company named a new chief executive officer as well as a new chief financial officer.  Although the overall Company strategy has not changed, as a result of a combination of continual recycling of assets and the overall favorable asset disposition environment, the new senior management determined to accelerate the portfolio quality improvement initiative and potentially achieve lower leverage more quickly.  Management expects to achieve these goals through the acceleration of asset sales not considered to have long-term growth potential, as well as the re-evaluation of the targeted risk/return criteria for investing in development/redevelopments and new acquisitions of prime assets (i.e., market-dominant prime power centers located in large and supply-constrained markets, occupied by high-quality retailers with strong demographic profiles, which are referred to as “Prime”).  As a result, the Company recorded $279.0 million in impairment charges in the first quarter related to 25 operating shopping centers and five parcels of land previously held for development.  The impairments were triggered by the acceleration of the disposition plans for the operating assets as well as the decision to no longer pursue any potential development related to the land parcels.

Significant second quarter 2015 transactional activity included the following:

● Amended its primary $750 million Unsecured Revolving Credit Facility and entered into a new $400 million unsecured term loan;

● Acquired two Prime power centers and an adjoining outparcel for an aggregate of $110.9 million and

● Completed the disposition of $101.8 million of assets, of which DDR’s pro-rata share of the proceeds was $60.2 million.

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The Company continued its trend of consistent internal growth and strong operating performance in the first half of 2015, as evidenced by the number of leases executed, the upward trend in the average annualized base rental rates, an occupancy rate maintained above 93% and the achievement of double-digit rental spreads on new leases.

● The Company leased approximately 2.9 million square feet in the second quarter of 2015, including 146 new leases and 223 renewals for a total of 369 leases.  At June 30, 2015, remaining 2015 lease expirations aggregated approximately 1.8 million square feet of GLA as compared to 5.1 million square feet of GLA as of December 31, 2014.  The remaining 1.8 million square feet represents approximately 38% of total annualized base rent of 2015 expiring leases as of December 31, 2014.

● The Company’s total portfolio average annualized base rent per square foot increased to $14.09 at June 30, 2015, as compared to $13.50 at June 30, 2014.

● The aggregate occupancy of the Company’s operating shopping center portfolio was 92.8% at both June 30, 2015 and 2014.  

● The Company continued to execute both new leases and renewals at positive rental spreads, which contributed to the increase in the average annualized base rent per square foot.  At December 31, 2014, the Company had 887 leases expiring in 2015, with an average base rent per square foot of $15.56.  For the comparable leases executed in the second quarter of 2015, the Company generated positive leasing spreads on a pro rata basis of 25.4% for new leases and 7.2% for renewals.  The Company’s leasing spread calculation only includes deals that were executed within one year of the date the prior tenant vacated.  As a result, the Company believes its calculation is a good benchmark to compare the average annualized base rent of expiring leases with the comparable executed market rental rates.

● For new leases executed during the second quarter of 2015, the Company expended a weighted-average cost of tenant improvements and lease commissions estimated at $5.28 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

As disclosed in Note 1, “Nature of Business and Financial Statement Presentation,” of the Company’s condensed consolidated financial statements included herein, the Company adopted FASB Standard, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, as of January 1, 2015.  The Company did not have any asset sales that qualified for discontinued operations presentation in 2015.  However, the 2014 condensed consolidated financial statements continue to be presented in accordance with the accounting standards effective through December 31, 2014.

Shopping center properties owned as of January 1, 2014, but excluding properties under development or redevelopment and those sold by the Company, are referred to herein as the “Comparable Portfolio Properties.”

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Revenues from Operations (in thousands)

	Three Months
	Ended June 30,
	2015		2014		$ Change
Base and percentage rental revenues	$	180,735	$	170,019	$	10,716
Recoveries from tenants		62,021		56,031		5,990
Fee and other income		14,567		15,990		(1,423	)
Total revenues	$	257,323	$	242,040	$	15,283
	Six Months
	Ended June 30,
	2015		2014		$ Change
Base and percentage rental revenues(A)	$	362,817	$	337,847	$	24,970
Recoveries from tenants(B)		126,101		113,831		12,270
Fee and other income(C)		27,230		31,874		(4,644	)
Total revenues	$	516,148	$	483,552	$	32,596

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

	Increase (Decrease)
Acquisition of shopping centers	$	23.8
Comparable Portfolio Properties		4.1
Development or redevelopment properties		1.1
Disposition of shopping centers in 2015		(3.6	)
Straight-line rents		(0.4	)
Total	$	25.0

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 June 30,						Wholly-Owned Shopping Centers(1) June 30,						Joint Venture Shopping Centers June 30,
	2015			2014			2015			2014			2015			2014
Centers owned		401			390			216			235			185			155
Aggregate occupancy rate		92.8	%		92.8	%		93.2	%		93.0	%		92.1	%		92.3	%
Average annualized base rent per    occupied square foot(2)	$	14.09		$	13.50		$	14.45		$	13.79		$	13.47		$	12.90

(1) For the six months ended June 30, 2015 and 2014, the Comparable Portfolio Properties’ aggregate occupancy rate was 93.5% and 93.1%, respectively, and the average annualized base rent per occupied square foot was $14.41 and $13.73, respectively.

(2) The increase in the average annualized base rent per occupied square foot primarily was due to the Company’s strategic portfolio realignment achieved through the recycling of capital from asset sales into the acquisition of Prime power centers, as well as continued leasing of the existing portfolio at positive rental spreads.  

(B) The increase in recoveries from tenants primarily was driven by the net impact of acquired properties and dispositions.  Recoveries from tenants for assets owned by the Company as of June 30, 2015, on a blended basis, were approximately 91.2% and 91.1% of reimbursable operating expenses and real estate taxes for the six months ended June 30, 2015 and 2014, respectively.  

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

	Six Months
	Ended June 30,
	2015		2014		$ Change
Management, development and other fee income	$	16.5	$	16.1	$	0.4
Ancillary and other property income(1)		8.8		12.1		(3.3	)
Lease termination fees		1.6		3.3		(1.7	)
Other		0.3		0.4		(0.1	)
	$	27.2	$	31.9	$	(4.7	)

(1) Decrease primarily is due to the termination of the Company’s operating agreement with certain entertainment operations at a property under redevelopment.  After deducting the related operating expenses associated with the operating agreement, the impact of the termination on the Company’s results was immaterial.

Expenses from Operations (in thousands)

	Three Months
	Ended June 30,
	2015		2014		$ Change
Operating and maintenance	$	36,029	$	33,990	$	2,039
Real estate taxes		37,797		35,085		2,712
Impairment charges		—		14,342		(14,342	)
General and administrative		19,271		19,085		186
Depreciation and amortization		99,300		95,203		4,097
	$	192,397	$	197,705	$	(5,308	)
	Six Months
	Ended June 30,
	2015		2014		$ Change
Operating and maintenance(A)	$	74,755	$	70,577	$	4,178
Real estate taxes(A)		75,426		69,061		6,365
Impairment charges(B)		279,021		16,671		262,350
General and administrative(C)		37,866		39,338		(1,472	)
Depreciation and amortization(A)		202,315		198,823		3,492
	$	669,383	$	394,470	$	274,913

(A) The changes for the six months ended June 30, 2015, compared to the comparable period in 2014, are due to the following (in millions):

	Operating and Maintenance			Real Estate Taxes			Depreciation and Amortization
Acquisition of shopping centers	$	5.0		$	5.0		$	21.1
Comparable Portfolio Properties		1.9			1.9			(10.4	)
Development or redevelopment properties		(2.3	)		0.2			(4.9	)
Disposition of shopping centers in 2015		(0.4	)		(0.7	)		(2.3	)
	$	4.2		$	6.4		$	3.5

The decrease in depreciation expense for the Comparable Portfolio Properties was attributable to assets fully amortized in 2014.  The decrease in development or redevelopment properties was attributable to accelerated depreciation charges related to changes in the estimated useful lives of certain assets in 2014.

(B) Higher impairment charges in 2015 related to 25 operating shopping centers and five parcels of land previously held for future development, which management identified at March 31, 2015, as disposal candidates over the following 12- to 24-month period.  

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(C) General and administrative expenses were approximately 4.8% and5.0% of the total revenues of the Company’s portfolio for thesix months ended June 30, 2015 and 2014, respectively.  The decrease in expense primarily was due to the change in the Company’s executive structure in the first quarter of 2015 as well as lower travel and advertising expenses.  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 Months
	Ended June 30,
	2015			2014			$ Change
Interest income	$	7,211		$	3,158		$	4,053
Interest expense		(61,287	)		(59,634	)		(1,653	)
Other income (expense), net		2,368			(4,100	)		6,468
	$	(51,708	)	$	(60,576	)	$	8,868
	Six Months
	Ended June 30,
	2015			2014			$ Change
Interest income(A)	$	14,372		$	6,286		$	8,086
Interest expense(B)		(124,307	)		(119,332	)		(4,975	)
Other income (expense), net(C)		(1,060	)		(8,283	)		7,223
	$	(110,995	)	$	(121,329	)	$	10,334

(A) The weighted-average interest rate of loan receivables reflected in interest income, including loans to affiliates, was 8.5% and 9.4% at June 30, 2015 and 2014, respectively.  The increase in the amount of interest income recognized in the first six months of 2015 primarily is due to the approximate $300 million preferred equity investment with an 8.5% annual interest rate in an unconsolidated joint venture with an affiliate of The Blackstone Group L.P. (“Blackstone”) that was funded in the fourth quarter of 2014, as compared to the approximate $70 million in preferred equity investments with annual interest rates ranging from 9.0% to 10.0%with Blackstone outstanding in 2014.  

(B) The weighted-average debt outstanding and related weighted-average interest rate for all properties, are as follows:

	Six Months
	Ended June 30,
	2015			2014
Weighted-average debt outstanding (in billions)	$	5.3		$	5.3
Weighted-average interest rate		5.0	%		5.0	%

The weighted-average interest rate (based on contractual rates and excluding senior convertible debt accretion, fair market value of adjustments and deferred financing costs) at June 30, 2015 and 2014 was 4.4% and 4.7%, respectively.  

Interest costs capitalized in conjunction with development and redevelopment projects and unconsolidated development and redevelopment joint venture interests were $1.6 million and $3.2 million for the three and six months ended June 30, 2015, respectively, as compared to $2.2 million and $4.0 million for the comparable periods in 2014.

For the three and six months ended June 30, 2014, $3.0 million and $6.5 million, respectively, of interest expense was classified as discontinued operations.  As a result, when this amount is appropriately considered in the year-over-year comparison, the change in interest expense was immaterial.

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

	Six Months
	Ended June 30,
	2015			2014
Transaction and other (expense) income, net	$	(0.2	)	$	(7.3	)
Litigation-related expenses		—			(1.0	)
Debt extinguishment costs, net		(0.9	)		—
	$	(1.1	)	$	(8.3	)

Other Items (in thousands)

	Three Months
	Ended June 30,
	2015			2014			$ Change
Equity in net income of joint ventures	$	1,642		$	1,131		$	511
(Loss) gain on sale and change in control of interests, net		(6,507	)		83,830			(90,337	)
Tax expense of taxable REIT subsidiaries and state franchise and income    Taxes		(573	)		(642	)		69
	Six Months
	Ended June 30,
	2015			2014			$ Change
Equity in net income of joint ventures(A)	$	1,703		$	6,621		$	(4,918	)
Impairment of joint venture investments(B)		—			(9,100	)		9,100
Gain on sale and change in control of interests, net(C)		7,772			83,830			(76,058	)
Tax expense of taxable REIT subsidiaries and state franchise and income    taxes(D)		(5,473	)		(1,327	)		(4,146	)

(A) The decrease in equity in net income of joint ventures for the six months ended June 30, 2015, compared to the prior-year period, primarily was a result of the sale of joint venture investments in 2014 and 2015.  This decrease was partially offset by the impact of the Company’s investment in a joint venture with Blackstone in the fourth quarter of 2014.

(B) The other than temporary impairment charges of the joint venture investments are more fully described in Note 11, “Impairment Charges and Impairment of Joint Venture Investments,” of the Company’s condensed consolidated financial statements included herein.  

(C) In the second quarter of 2015, the loss on sale related to the Company’s sale of its 50% investment in a property management company to its joint venture partner.  In the first quarter of 2015, the gain on change in control recorded related to the final dissolution of the Company’s joint venture with the Coventry II Fund.  As part of the final settlement with Coventry, the Company acquired one asset and recorded an aggregate net gain related to the difference between the fair value of the asset acquired and the carrying value of the Company’s equity investment in the joint venture.  In 2014, the activity related to the gain associated with the Company’s sale of its 50% interest in Sonae Sierra Brasil, S.A.

(D) The increase in income tax expense primarily is a result of a tax restructuring completed in the first quarter of 2015 related to the Company’s assets in Puerto Rico, in accordance with temporary legislation of the Puerto Rico Internal Revenue Code.  This election permitted the Company to step-up its tax basis in the 14 Puerto Rican assets, reduce its effective tax rate from 39% to 10% on operational activity and reduce any future capital gains tax related to those assets.  

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Disposition of Real Estate and Discontinued Operations, Non-Controlling Interestsand Net (Loss) Income (in thousands)

	Three Months
	Ended June 30,
	2015			2014			$ Change
Income from discontinued operations	N/A			$	7,345		$	(7,345	)
Gain on disposition of real estate, net	$	11,267			1,472			9,795
Income attributable to non-controlling interests, net		(449	)		(878	)		429
Net income attributable to DDR		18,598			76,017			(57,419	)
	Six Months
	Ended June 30,
	2015			2014			$ Change
Income from discontinued operations(A)	N/A			$	10,357		$	(10,357	)
Gain on disposition of real estate, net(B)	$	36,361			383			35,978
(Income) loss attributable to non-controlling interests, net(C)		(1,322	)		860			(2,182	)
Net (loss) income attributable to DDR(D)		(225,189	)		59,377			(284,566	)

(A) In 2014, the Company sold 35 properties which were classified as discontinued operations in the financial statements.  The assets sales in 2015 do not represent a strategic shift in the Company’s business plan as more fully described in Note 1, “New Accounting Standards Adopted,” of the Company’s condensed consolidated financial statements included herein.  

(B) The gain on disposition of real estate is more fully described in Note 12, “Disposition of Real Estate and Discontinued Operations,” of the Company’s condensed consolidated financial statements included herein.  

(C) Change in non-controlling interests for the six months ended June 30, 2015, compared to the prior-year comparable period, primarily was the result of the sale of one asset in the first quarter of 2014.

(D) The increase in net loss attributable to DDR for the six months ended June 30, 2015, compared to the prior year comparable period, primarily was due to a greater amount of impairment charges recorded in 2015 triggered by an acceleration of the Company’s asset disposition plans.

NON-GAAP FINANCIAL MEASURES

Definition and Basis of Presentation

The Company believes that Funds from Operations (“FFO”) and Operating FFO, both non-GAAP financial measures, provide additional and useful means to assess the financial performance of REITs.  FFO and Operating FFO are frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs.

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.

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 and related investments, 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.  The Company’s calculation of FFO is consistent with the definition of FFO provided by the National Association of Real Estate Investment Trusts (“NAREIT”).

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

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addition to other measures such as net income/loss determined in accordance with GAAP as well as FFO.  Operating FFO is generally defined and 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.  The adjustment for these charges and gains 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.  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 disclosure to improve the understanding of the Company’s operating results among the investing public, (ii) as a measure of a real estate asset’s performance, (iii) to influence acquisition, disposition and capital investment strategies and (iv) 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 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.  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 determined in accordance with GAAP, as presented in its condensed consolidated financial statements.

Reconciliation Presentation

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

	Three Months
	Ended June 30,
	2015		2014		$ Change
FFO attributable to common shareholders	$	105.0	$	82.2	$	22.8
Operating FFO attributable to common shareholders		111.4		101.3		10.1
	Six Months
	Ended June 30,
	2015		2014		$ Change
FFO attributable to common shareholders(A)	$	118.2	$	168.0	$	(49.8	)
Operating FFO attributable to common shareholders(B)		218.5		202.0		16.5

(A) The decrease in FFO for the six months ended June 30, 2015, as compared to the comparable period in 2014, primarily was due to an increase in impairment charges of non-depreciable assets.  

(B) The increase in Operating FFO for the six months ended June 30, 2015, as compared to the comparable period in 2014, primarily was due to the impact of Prime power center acquisitions as well as organic growth and continued lease up within the portfolio.

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

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Net income (loss) attributable to common shareholders	$	13.0		$	67.8		$	(236.4	)	$	44.6
Depreciation and amortization of real estate investments		97.2			97.7			198.1			204.7
Equity in net income of joint ventures		(1.6	)		(1.1	)		(1.7	)		(6.6	)
Joint ventures' FFO(A)		7.5			7.4			14.5			16.1
Non-controlling interests (OP Units)		0.2			0.2			0.5			0.3
Impairment of depreciable real estate assets		—			1.1			179.7			11.5
Gain on disposition of depreciable real estate		(11.3	)		(90.9	)		(36.5	)		(102.6	)
FFO attributable to common shareholders		105.0			82.2			118.2			168.0
Non-operating items, net(B)		6.4			19.1			100.3			34.0
Operating FFO attributable to common shareholders	$	111.4		$	101.3		$	218.5		$	202.0

(A) At June 30, 2015 and 2014, the Company had an economic investment in unconsolidated joint venture interests related to 184 and 154 operating shopping center properties, respectively.  These joint ventures represent the investments in which the Company recorded its share of equity in net income or loss and, accordingly, FFO and Operating FFO.

FFO at DDR ownership interests considers the impact of basis differentials.  Joint ventures’ FFO and Operating FFO is summarized as follows (in millions):

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Net (loss) income attributable to unconsolidated joint    ventures	$	(2.0	)	$	(6.3	)	$	(14.0	)	$	1.4
Depreciation and amortization of real estate investments		51.5			38.2			108.2			82.4
Impairment of depreciable real estate assets		—			0.6			0.4			0.6
Loss (gain) on disposition of depreciable real estate, net		1.4			(1.9	)		1.6			(23.4	)
FFO	$	50.9		$	30.6		$	96.2		$	61.0
FFO at DDR's ownership interests	$	7.5		$	7.4		$	14.5		$	16.1
Operating FFO at DDR's ownership interests(B)	$	7.5		$	7.2		$	14.5		$	16.3
Other Data:
Straight-line rental revenue	$	1.0		$	1.2		$	2.0		$	2.1
DDR's proportionate share		—			0.3			—			0.5

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

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Operating FFO Adjustments

The Company’s adjustments to arrive at Operating FFO are composed of the following for the three and six months ended June 30, 2015 and 2014 (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 Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Impairment charges – non-depreciable assets	$	—		$	13.2		$	99.3		$	22.8
Executive separations charges		1.7			—			2.3			—
Other (income) expense, net(A)		(1.9	)		4.5			1.5			9.3
Equity in net (income) loss of joint ventures – currency    adjustments and debt extinguishment costs		—			(0.2	)		—			0.1
Loss (gain) on sale and change in control of interests, net		6.5			—			(7.8	)		—
Tax expense (primarily Puerto Rico restructuring)		—			—			4.4			—
Loss (gain) on disposition of non-depreciable real estate, net		0.1			(0.3	)		0.6			(0.1	)
Write-off of preferred share original issuance costs		—			1.9			—			1.9
Total adjustments from FFO to Operating FFO		6.4			19.1			100.3			34.0
FFO attributable to common shareholders		105.0			82.2			118.2			168.0
Operating FFO attributable to common shareholders	$	111.4		$	101.3		$	218.5		$	202.0

(A) Amounts included in other income/expense as follows (in millions):

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2015			2014		2015		2014
Transaction and other (income) expense, net	$	0.5		$	3.8	$	0.6	$	8.4
Litigation-related expenses		—			0.7		—		0.9
Debt extinguishment (gain) costs, net		(2.4	)		—		0.9		—
	$	(1.9	)	$	4.5	$	1.5	$	9.3

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 or refinance long-term debt for strategic reasons, including to further strengthen the financial position of the Company.  In the first six months of 2015, the Company continued to strategically allocate cash flow from operating and financing activities.  The Company also completed a public debt offering and amended the Revolving Credit Facilities 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 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.  

In April 2015, the Company amended its unsecured revolving credit facility arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”).  The Unsecured Credit Facility provides for borrowings of up to $750 million and includes an accordion feature for expansion of availability up 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.  In April 2015, the Company also amended its unsecured revolving credit facility with PNC Bank, National Association (together with the Unsecured Credit Facility, the “Revolving Credit Facilities”) to reduce the borrowing capacity from $65 million to $50 million and to match the terms of the primary facility.  The Company’s borrowings under these facilities bear interest at variable rates, which were reduced and set at LIBOR plus 100 basis points, a decrease of 15 basis points from the previous rate, subject to adjustment based on the Company’s current corporate credit ratings from Moody’s Investors Services (“Moody’s”) and Standard & Poor’s Financial Services LLC (“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

33

coverage, as well as limitations on the Company’s ability to 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 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 June 30, 2015, 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 2015 and beyond.

In certain circumstances, if other debt of the Company has been accelerated then the Company’s credit facilities could be 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 continue to strengthen its focus on lowering its balance sheet risk 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 of the Revolving Credit Facilities at June 30, 2015 (in millions):

Cash and cash equivalents	$	25.3
Revolving Credit Facilities	$	800.0
Less:
Amount outstanding		(241.5	)
Letters of credit		(1.1	)
Borrowing capacity available	$	557.4

The Company has a $250 million continuous equity program.  At July 31, 2015, the Company had $234.6 million available for the future issuance of common shares.

The Company intends to continue to maintain a long-term financing strategy with limited reliance on 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.  For additional discussion, see Financing Activities described later in this section.

In January 2015, the Company issued $500.0 million aggregate principal amount of 3.625% senior unsecured notes due February 2025. Net proceeds from the issuance were used to repay $350.0 million of debt under the Company’s unsecured term loan, $100.0 million of debt under the Company’s secured term loan and amounts outstanding on the Revolving Credit Facilities.

At June 30, 2015, the Company’s 2015 debt maturities consisted of $350.0 million of convertible unsecured notes and $175.0 million of consolidated mortgage debt.  As of August 3, 2015, only $0.2 million of the consolidated mortgage debt remained outstanding.  The Company expects to fund the convertible debt maturity from one or more public debt offerings, utilization of its Revolving Credit Facilities and/or cash flow from operations.  No assurance can be provided that this obligation will be refinanced or repaid as currently anticipated.

Management believes the scheduled debt maturities 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 evaluate its debt maturities with the goal of executing a strategy to extend debt duration, lower leverage, increase liquidity and improve the Company’s credit ratings with the objective of lowering the Company's balance sheet risk and cost of capital.

Unconsolidated Joint Ventures

The Company’s unconsolidated joint ventures do not have any mortgage debt maturing until December 2016.

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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 preferred and common shares.

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

	Six Months
	Ended June 30,
	2015			2014
Cash flow provided by operating activities	$	208,873		$	201,050
Cash flow (used for) provided by investing activities		(63,656	)		261,908
Cash flow used for financing activities		(141,050	)		(190,280	)

Operating Activities:  The change in cash flow from operating activities for the six months ended June 30, 2015, as compared to the comparable period in 2014, primarily was due to an increase in cash flow from those assets acquired in 2014 from the date of acquisition.

Investing Activities:  The change in cash flow from investing activities for the six months ended June 30, 2015, as compared to the comparable period in 2014, primarily was due to a reduction in proceeds from the disposition of real estate investments because 2014 included the Company’s sale of its joint venture investment in Brazil.

Financing Activities:  The change in cash flow from financing activities for the six months ended June 30, 2015, as compared to the comparable period in 2014, primarily was due to the issuance of senior notes and unsecured debt in 2015, of which the proceeds are reflected as repayment of debt, as well as an increase in the quarterly dividend payment, offset by the redemption of the preferred shares in 2014.

The Company satisfied its REIT requirement of distributing at least 90% of ordinary taxable income with declared common and preferred share cash dividends of $135.7 million for the six months ended June 30, 2015, as compared to $124.1 million for the same period in 2014.  Because actual distributions were greater than 100% of taxable income, federal income taxes were not incurred by the Company during the first half of 2015.

The Company declared a quarterly dividend of $0.1725 per common share for the first and second quarters of 2015.  The Board of Directors of the Company will continue to monitor the 2015 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

2015 Strategic TransactionActivity

The Company has a portfolio management strategy to recycle capital from lower quality, lower growth potential assets into Prime assets located in large and supply-constrained markets occupied by high credit quality retailers.  Transactions are completed both on balance sheet and through off-balance sheet joint venture arrangements with top tier, well capitalized partners.

Acquisitions

During the six months ended June 30, 2015, the Company acquired three Prime assets (Orange County, California; Orlando, Florida and Houston, Texas) and an adjoining outparcel with a combined GLA of 0.8 million square feet for a gross purchase price of $160.1 million.  The asset in Orange County, California, was acquired in connection with the final dissolution of the Company’s joint venture with the Coventry II Fund in exchange for the Company’s transfer of its interest in the remaining 21 joint venture assets.  

Dispositions

During the six months ended June 30, 2015, the Company sold 13 shopping center properties, aggregating 1.5 million square feet, and three land parcels, for an aggregate sales price of $161.3 million.  The Company recorded a net gain of $36.4 million. In

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addition, one of the Company’s unconsolidated joint ventures sold four assets generating gross proceeds of$48.2 million, of which the Company’s proportionate share was $2.4 million.

As discussed above, a part of the Company’s portfolio management strategy is to recycle capital from lower quality, lower growth assets into the acquisition of higher quality assets with long-term growth potential.  In March 2015, the Company’s new senior management team completed an extensive review of the entire portfolio and evaluated potential sale opportunities taking into account the long-term growth prospects of assets being considered for sale, the use of sale proceeds and the impact to the Company’s balance sheet, in addition to the impact on operating results.  As a result of that review, in the first quarter of 2015, the Company recorded an aggregate impairment charge of $179.7 million related to 25 operating shopping centers. The Company expects these assets will be marketed for sale in the near term and are no longer considered as long-term holds.

Development and Redevelopment Opportunities

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, the Company generally adheres to strict investment criteria thresholds.  The Company also evaluates the credit quality of the tenants and, in the case of redevelopments, generally seeks to upgrade the retailer merchandise mix. The Company applies this 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.

The Company will generally commence construction on various developments only after substantial tenant leasing has occurred and acceptable construction financing is available.  The Company will continue to closely monitor its expected spending in 2015 for developments and redevelopments as the Company considers this funding to be discretionary spending.  The Company does not anticipate expending significant funds on joint venture development projects in 2015.

The Company’s consolidated land holdings are classified in two separate line items on the consolidated balance sheets included herein, (i) Land and (ii) Construction in Progress and Land.  At June 30, 2015, the $2.2 billion of Land classified on the Company’s balance sheet primarily consisted of land that is part of its operating shopping center portfolio.  However, this amount also includes a small portion of vacant land composed primarily of outlots or expansion pads adjacent to the operating shopping center properties.  Approximately 153 acres of this land, which has a recorded cost basis of approximately $23 million, is available for future development.

Included in Construction in Progress and Land at June 30, 2015, were $90 million of recorded costs related to land held for development for which active construction has not yet commenced or was previously ceased.  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.  In March 2015, the Company determined it would no longer pursue the development of certain of these assets.  Rather, the Company plans to market such parcels for sale in the near term.  As a result, the Company recorded an aggregate impairment charge of $99.3 million on five parcels of land in the first quarter of 2015.  

Development and Redevelopment Projects

As part of its portfolio management strategy to develop, expand, improve and re-tenant various consolidated properties, at June 30, 2015, the Company has invested approximately $414 million in various active development and redevelopment projects and expects to bring at least $200 million of investments in service in 2015 on a net basis, after deducting sales proceeds from outlot sales.  

At June 30, 2015, the Company’s current significant consolidated development projects were as follows (dollars in millions and GLA in thousands):

Location	Estimated/Actual Initial Owned Anchor Opening	Estimated Owned GLA		Estimated Gross Cost		Estimated Net Cost		Net Cost Incurred at June 30, 2015
Orlando, Florida (Lee Vista)	2Q16		208	$	64	$	62	$	40
New Haven, Connecticut (Guilford Commons)	4Q15		132		68		68		46
Other Developments	N/A		—		216		178		163
Total			340	$	348	$	308	$	249

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The Company’s redevelopment projects are typically substantially complete within a year of the construction commencement date.  Major redevelopments could take between 12 and 36 months to reach stabilization.  At June 30, 2015, the Company’s significant consolidated redevelopment projects were as follows (in millions):

Location	Estimated Stabilized Quarter	Estimated Gross Cost		Cost Incurred at June 30, 2015
Pasadena, California (Paseo Colorado)	2Q18	$	144	$	10
Long Beach, California (The Pike Outlets)	2Q16		67		34
Cincinnati, Ohio (Sycamore Crossing & Sycamore Plaza)	2Q17		30		2
Chester, Virginia (Bermuda Square)	3Q17		18		10
Bayamon, Puerto Rico (Plaza Del Sol)	1Q17		11		—
Total		$	270	$	56

For redevelopment assets completed in 2014 and in the first half of 2015, the assets placed in service were completed at approximately $135 cost per square foot.

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 and one development project.  Such arrangements are generally with institutional investors located throughout the United States.  The Company also had a preferred equity investment aggregating $309.2 million at June 30, 2015, with an annual interest rate of 8.5% due from its joint venture with Blackstone.

The Company’s unconsolidated joint ventures had aggregate outstanding indebtedness to third parties of $3.2 billion and $2.8 billion at June 30, 2015 and 2014, 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.  

FINANCING ACTIVITIES

In April 2015, the Company amended and restated its Revolving Credit Facilities.  The Unsecured Credit Facility maturity date was extended to June 2019, with two six-month borrower options to extend upon the Company’s request, provided certain conditions are satisfied.  The PNC unsecured revolving credit facility was amended to reduce the commitment to $50 million and modify certain other terms to conform to the Unsecured Credit Facility.  Also, pricing on the Revolving Credit Facilities was reduced and set at LIBOR plus 100 basis points, a decrease of 15 basis points from the previous rate, and is determined based upon the Company’s credit ratings from Moody's and S&P.  

In addition, in April 2015, the Company entered into a new $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association, as syndication agent.  The unsecured term loan has a maturity date of April 2017, with three one-year borrower options to extend upon the Company’s request, provided certain conditions are satisfied.  The Company may increase the amount of the facility provided that lenders agree to certain terms.  The outstanding principal amount under this credit facility may not exceed $600 million.  Pricing on the unsecured term loan was set at LIBOR plus 110 basis points and was determined based upon the Company’s credit ratings from Moody's and S&P.  Proceeds from this loan were used to retire unsecured notes that matured in May 2015 and 2015 secured mortgage maturities.

In January 2015, the Company issued $500.0 million aggregate principal amount of 3.625% senior unsecured notes due February 2025. Net proceeds from the issuance were used to repay $350.0 million of debt under the Company’s unsecured term loan, $100.0 million of debt under the Company’s secured term loan and amounts outstanding on the Revolving Credit Facilities.

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CAPITALIZATION

At June 30, 2015, the Company’s capitalization consisted of $5.2 billion of debt, $350.0 million of preferred shares and $5.6 billion of market equity (market equity is defined as common shares and OP Units outstanding multiplied by $15.46, the closing price of the Company’s common shares on the New York Stock Exchange at June 30, 2015), resulting in a debt to total market capitalization ratio of 0.47 to 1.0, as compared to the ratio of 0.44 to 1.0 at June 30, 2014.  The closing price of the common shares on the New York Stock Exchange was $17.63 at June 30, 2014.  The Company’s total debt consisted of the following (in billions):  

	June 30,
	2015		2014
Fixed-rate debt(A)	$	4.4	$	4.9
Variable-rate debt		0.8		0.4
	$	5.2	$	5.3

(A) Includes $79.3 million and $530.7 million of variable-rate debt that had been effectively swapped to a fixed rate through the use of interest rate derivative contracts at June 30, 2015 and 2014, 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 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

At June 30, 2015, the Company’s 2015 debt maturities consisted of $175.0 million of consolidated mortgage debt, of which $0.2 million remained at August 3, 2015 and $350 million of convertible unsecured notes.  The convertible unsecured notes have an option for the holders of the notes to require the Company to repurchase its notes in whole or in part on specified dates, the first of which is November 15, 2015, upon the fulfillment of certain conditions.  Further, the holders may convert their notes prior to the stated redemption dates under certain circumstances including if the closing sale price of the Company’s stock is greater than 125% of the conversion rate ($14.59 at June 30, 2015) for 20 trading days in the period of 30 consecutive trading days ending on the last day of the fiscal quarter.  These notes were not convertible at June 30, 2015.  Upon conversion of the notes, the Company will pay cash up to the principal amount of the note and, to the extent that the conversion value exceeds the principal amount of the note, cash, common shares or a combination thereof (at the Company’s election) for the remainder.  In addition, the Company has the option to repay the notes on or after November 20, 2015, in whole or in part, for cash at 100% of the principal amount of the notes.  The Company expects to fund repayments, if any, from public debt offerings, utilization of its Revolving Credit Facilities and/or cash flow from operations.  No assurance can be provided that this obligation will be refinanced or repaid as currently anticipated.  

In conjunction with the development and redevelopment of shopping centers, the Company had entered into commitments with general contractors aggregating approximately $55.2 million for its consolidated properties at June 30, 2015.  These obligations, composed principally of construction contracts, are generally due in 12 to 24 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.

At June 30, 2015, the Company had letters of credit outstanding of $37.5 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.

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The Company routinely enters into contracts for the maintenance of its properties.  These contracts typically can be canceled upon 30 to 60 days’ notice without penalty.  At June 30, 2015, the Company had purchase order obligations, typically payable within one year, aggregating approximately $8.9 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.

ECONOMIC CONDITIONS

The Company continues to believe there is a favorable landlord dynamic in the supply-and-demand curve for quality locations within well-positioned shopping centers.  Many retailers have aggressive store opening plans for 2015 and 2016.  Further, 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 over five million square feet of space for new leases and renewals for the first six months of 2015.  The Company also benefits from its real estate asset class (shopping centers), which typically has a higher return on capital expenditures, as well as a diversified tenant base, with only three tenants exceeding 3% of annualized consolidated revenues and the Company’s proportionate share of unconsolidated joint venture revenues (TJX Companies at 3.5%; Walmart at 3.3% and Bed Bath & Beyond at 3.1%).  Other significant tenants include Target, Kohl’s, PetSmart, Dick’s Sporting Goods, Ross Stores, Lowe’s and Publix, all of which have relatively strong credit ratings, remain well-capitalized and have outperformed other retail categories on a relative basis over time.  In addition, several of the Company’s big box tenants (Dick’s Sporting Goods, Walmart, TJX Companies and Target) have been rapidly growing their omnichannel platform, creating positive sales growth.  The Company believes these tenants will 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 its 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 June 30, 2015, as evidenced by the occupancy rate as further described below.  However, there can be no assurance that the loss of a tenant or down-sizing of space 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, 2014, as amended).

The Company owns 14 shopping malls on the island of Puerto Rico aggregating 4.8 million square feet of Company-owned GLA.  These assets represent 7.5% of both the Company’s annualized consolidated revenues and the Company’s proportionate share of unconsolidated joint venture revenues and 5.5% of Company-owned GLA at June 30, 2015.  There is concern about the status of the Puerto Rican economy, the ability of the government of Puerto Rico to meet its financial obligations, and the impact of any government default on the economy of Puerto Rico.  The Company, however, believes that its assets are well positioned to withstand continuing recessionary pressures and represent a source of stable, high quality cash flow because the tenants in these assets (many of which are U.S. retailers such as Walmart, TJX Companies and Bed Bath & Beyond) typically cater to the local consumer’s desire for value and convenience and often provide consumers with day-to-day necessities.  However, there can be no assurance that the economic conditions in Puerto Rico will not deteriorate further, which could materially and negatively impact consumer spending and ultimately 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, 2014, 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

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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 92.8% at both June 30, 2015 and 2014.  

The total portfolio average annualized base rent per occupied square foot was $14.09 at June 30, 2015, as compared to $13.91 at December 31, 2014, and $13.50 at June 30, 2014.  The Company continues to sign new leases at rental rates that have reflected consistent annual growth. The increase primarily was due to the Company’s strategic portfolio realignment achieved through the recycling of capital from the sale of lower quality assets into the acquisition of Prime Assets with higher growth potential, as well as continued lease up and renewal 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 second quarter of 2015 was approximately $5.28 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 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 included herein.

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, 2014, as amended.

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;

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· 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;

· 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;

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· 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;

· 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 contiguous United States, which may carry risks in addition to those the Company faces with its domestic properties and operations.  To the extent the Company pursues opportunities that may subject the Company to different or greater risks than those associated with its domestic operations, including cultural and consumer differences and differences in applicable laws and political and economic environments, these risks could significantly increase and adversely affect its results of operations and financial condition.  The Company owns significant assets in Puerto Rico;

· The Company is subject to potential environmental liabilities;

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

· The Company could incur additional expenses 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.

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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:

	June 30, 2015										December 31, 2014
	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)	$	4,420.1		4.5		5.0	%		84.0	%	$	4,806.5		3.9		5.1	%		91.8	%
Variable-Rate Debt (A)	$	840.1		2.7		1.3	%		16.0	%	$	428.2		2.9		1.5	%		8.2	%

(A) Adjusted to reflect the $79.3 million and $530.0 million of variable-rate debt that LIBOR was swapped to a fixed rate of 2.8% and 1.3% at June 30, 2015 and December 31, 2014, respectively.

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

	June 30, 2015									December 31, 2014
	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 (A)	$	2,079.9	$	352.4		2.9		5.3	%	$	2,215.4	$	379.5		3.4		5.3	%
Variable-Rate Debt (A)	$	1,167.4	$	99.7		2.3		1.8	%	$	1,337.4	$	124.0		1.9		3.0	%

(A) Adjusted to reflect the $42.0 million of variable-rate debt ($2.1 million at the Company’s proportionate share) that LIBOR was swapped to a fixed rate of 1.9% at June 30, 2015 and December 31, 2014.

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 and its unconsolidated joint ventures’ variable-rate debt described above has been mitigated through the use of interest rate swap agreements (the “Swaps”) with major financial institutions.  At June 30, 2015 and December 31, 2014, the interest rate on the Company’s $79.3 million and $530.0 million consolidated floating rate debt, respectively, was swapped to fixed rates.  At June 30, 2015 and December 31, 2014, the interest rate on $42.0 million of unconsolidated joint venture floating rate debt (of which $2.1 million is the Company’s proportionate share) 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 $79.3 million and $530.0 million of variable-rate debt that was swapped to a fixed rate at June 30, 2015 and December 31, 2014, respectively.  The fair value of the Company’s fixed-rate debt is adjusted to (i) 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 June 30, 2015 and December 31, 2014, is summarized as follows (in millions):

	June 30, 2015								December 31, 2014
	Carrying Value		Fair Value			100 Basis-Point Increase in Market Interest Rate			Carrying Value		Fair Value			100 Basis-Point Increase in Market Interest Rate
Company's fixed-rate debt	$	4,420.1	$	4,666.4	(A)	$	4,496.5	(B)	$	4,806.5	$	5,108.4	(A)	$	4,944.7	(B)
Company's proportionate share of    joint venture fixed-rate debt	$	352.4	$	367.0		$	357.7		$	379.5	$	398.2		$	386.6

(A) Includes the fair value of Swaps, which was a liability of $3.4 million and $4.3 million, net, at June 30, 2015 and December 31, 2014, respectively.

(B) Includes the fair value of Swaps, which was a liability of $1.7 million at June 30, 2015, and an asset of $8.8 million, net, at December 31, 2014.

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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 June 30, 2015, would result in an increase in interest expense of approximately $4.2 million for the Company and $0.5 million representing the Company’s proportionate share of the joint ventures’ interest expense relating to variable-rate debt outstanding for the six months ended June 30, 2015.  The estimated increase in interest expense for the year 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 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 June 30, 2015, the Company had no other material exposure to market risk.

ITEM 4. CONTROLS AND PROCEDURES

The Company’s management, with the participation of the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), conducted an evaluation, pursuant to Securities Exchange Act Rules 13a-15(b) and 15d-15(b), of the effectiveness of our disclosure controls and procedures.  Based on their evaluation as required, the CEO and 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 months ended June 30, 2015, 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

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)		(b)		(c)	(d)
	Total Number of Shares Purchased(1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (Millions)
April 1–30, 2015		16,685	$	18.51	—	—
May 1–31, 2015	—		—		—	—
June 1–30, 2015		10,903		15.46	—	—
Total		27,588	$	17.30	—	—

(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

4.1	Amended and Restated Credit Agreement, dated as of April 23, 2015, among DDR Corp., DDR PR Ventures LLC, S.E., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
4.2	Second Amendment to Second Amended and Restated Secured Term Loan Agreement, dated as of April 23, 2015, among DDR Corp., the lenders party thereto and KeyBank National Association, as administrative agent
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 Document 2
101.SCH	XBRL Taxonomy Extension Schema Document 2
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document 2
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

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.

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014, (ii) Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2015 and 2014, (iii) Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2015 and 2014, (iv) Consolidated Statement of Equity for the Six Months Ended June 30, 2015, (v) Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014 and (vi) Notes to Condensed Consolidated Financial Statements.

46

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.
	By:	/s/ Christa A. Vesy
		Name:	Christa A. Vesy
		Title:	Executive Vice President and Chief Accounting Officer (Authorized Officer)
Date: August 5, 2015

47

EXHIBIT INDEX

Exhibit No. Under Reg. S-K Item 601	Form 10-Q Exhibit No.	Description	Filed Herewith or Incorporated Herein by Reference
4	4.1	Amended and Restated Credit Agreement, dated as of April 23, 2015, among DDR Corp., DDR PR Ventures LLC, S.E., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent	Current Report on Form 8-K (Filed with the SEC on April 28, 2015; File No. 001-11690)
4	4.2	Second Amendment to Second Amended and Restated Secured Term Loan Agreement, dated as of April 23, 2015, among DDR Corp., the lenders party thereto and KeyBank National Association, as administrative agent	Current Report on Form 8-K (Filed with the SEC on April 28, 2015; 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

EX-31.1

Exhibit 31.1

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.

August 5, 2015
Date
	/s/ David J. Oakes
	David J. Oakes
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Luke J. Petherbridge, 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.

August 5, 2015
Date
	/s/ Luke J. Petherbridge
	Luke J. Petherbridge
	Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

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

I, David J. Oakes, President and 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 June 30, 2015, 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 Executive Officer

August 5, 2015

EX-32.2

Exhibit 32.2

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

I, Luke J. Petherbridge, Chief Financial Officer and Treasurer 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 June 30, 2015, 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/ Luke J. Petherbridge

Luke J. Petherbridge

Chief Financial Officer and Treasurer

August 5, 2015

XML

Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) ShoppingCenter	Mar. 31, 2015 Assets	Jun. 30, 2015 USD ($) ShoppingCenter	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) ShoppingCenter	Jun. 30, 2014 USD ($)	Dec. 31, 2014 ShoppingCenter
Schedule Of Equity Method Investments [Line Items]
Gain (loss) on change in control of interests			$ (6,507)	$ 83,830	$ 7,772	$ 83,830
Property Management Company [Member]
Schedule Of Equity Method Investments [Line Items]
Gain (loss) on change in control of interests	$ (6,500)
Percentage of ownership interest transferred	50.00%
Unconsolidated Joint Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Number of properties | ShoppingCenter	184		184		184		188
Coventry II Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Gain (loss) on change in control of interests					$ 14,300
Ownership interest in joint venture		80.00%
Percentage of ownership interest transferred		20.00%
Number of properties sold | Assets		21

XML

Other Assets - Components of Other Assets (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Other Assets [Line Items]
Amortization expense	$ 23.0	$ 24.8	$ 48.6	$ 53.8
Puerto Rico Tax Restructuring [Member]
Other Assets [Line Items]
Prepay of taxes					$ 20.2

XML

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Revenues from the date of acquisition	$ 2.1	$ 1.9

XML

Earnings Per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015 Days $ / shares shares	Jun. 30, 2014 shares
Earnings Per Share Disclosure [Line Items]
OP Units, outstanding | shares	1,441,890	1,441,890
Senior Convertible Notes due 2040 [Member]
Earnings Per Share Disclosure [Line Items]
Average trading price exceeds conversion price percentage	125.00%
Senior convertible notes convertible to common shares price | $ / shares	$ 14.59
Trading days, minimum	20
Trading days, maximum	30 days

XML

Revolving Credit Facilities and Term Loans - Information Regarding Company's Revolving Credit Facilities and Term Loans (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Carrying Value	$ 241,474	$ 29,009
Unsecured Term Loan	300,000	350,000
Secured Term Loan	200,000	$ 400,000
Revolving Credit Facility [Member] | Unsecured Debt [Member] | JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Carrying Value	$ 241,500
Weighted-Average Interest Rate	1.20%
Lines of Credit Maturity Date	2019-06
Revolving Credit Facility [Member] | Unsecured Debt [Member] | PNC Bank National Association [Member]
Debt Instrument [Line Items]
Carrying Value	$ 0
Lines of Credit Maturity Date	2019-06
Term Loan [Member] | Unsecured Debt [Member] | Wells Fargo Bank National Association and PNC Bank National Association [Member]
Debt Instrument [Line Items]
Unsecured Term Loan	$ 300,000
Weighted-Average Interest Rate	1.30%
Term Loan Maturity Date	April 2017
Term Loan [Member] | Secured Debt [Member] | Key Bank National Association [Member]
Debt Instrument [Line Items]
Secured Term Loan	$ 200,000
Weighted-Average Interest Rate	1.50%
Term Loan Maturity Date	April 2017

XML

Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Parenthetical) (Detail) $ in Millions	Jun. 30, 2015 USD ($)
Business Combinations [Abstract]
Above-market value of leases	$ 0.2

XML

Disposition of Real Estate and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Operating Results Related to Assets Sold

The following table provides a summary of revenues and expenses from properties included in discontinued operations prior to the newly-adopted guidance for reporting discontinued operations (Note 1) (in thousands):

	Three Months		Six Months
	Ended June 30, 2014
Revenues	$	11,513	$	25,583
Expenses:
Operating expenses		2,962		7,011
Impairment charges		—		8,512
Interest, net		2,993		6,507
Depreciation and amortization		4,700		10,378
		10,655		32,408
Income (loss) from discontinued operations		858		(6,825	)
Gain on disposition of real estate, net of tax		6,487		17,182
Income from discontinued operations	$	7,345	$	10,357

XML

Segment Information - Company's Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total revenues	$ 257,323	$ 242,040	$ 516,148	$ 483,552
Operating expenses	(73,826)	(83,417)	(429,202)	(156,309)
Net operating income	183,497	158,623	86,946	327,243
Depreciation and amortization	(99,300)	(95,203)	(202,315)	(198,823)
Interest income	7,211	3,158	14,372	6,286
Other income (expense), net	2,368	(4,100)	(1,060)	(8,283)
Unallocated expenses	(81,131)	(79,361)	(167,646)	(159,997)
Equity in net income of joint ventures	1,642	1,131	1,703	6,621
Impairment of joint venture investments	0	0	0	(9,100)
(Loss) gain on sale and change in control of interests, net	(6,507)	83,830	7,772	83,830
(Loss) income from continuing operations	7,780	68,078	(260,228)	47,777
Total gross real estate assets	10,180,374	10,352,011	10,180,374	10,352,011
Notes receivable, net	47,304	58,863	47,304	58,863	$ 56,245
Operating Segments [Member] | Shopping Center [Member]
Segment Reporting Information [Line Items]
Total revenues	257,283	241,949	516,053	483,425
Operating expenses	(73,809)	(83,416)	(429,166)	(156,258)
Net operating income	183,474	158,533	86,887	327,167
Depreciation and amortization	(99,300)	(95,203)	(202,315)	(198,823)
Equity in net income of joint ventures	1,642	964	1,703	6,135
Impairment of joint venture investments				(9,100)
(Loss) gain on sale and change in control of interests, net	(6,507)	83,830	7,772	83,830
Total gross real estate assets	10,180,374	10,352,011	10,180,374	10,352,011
Operating Segments [Member] | Loan Investments [Member]
Segment Reporting Information [Line Items]
Total revenues	40	91	95	127
Operating expenses	(17)	(1)	(36)	(51)
Net operating income	23	90	59	76
Interest income	7,211	3,158	14,372	6,286
Notes receivable, net	355,911	125,173	355,911	125,173
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Other income (expense), net	2,368	(4,100)	(1,060)	(8,283)
Unallocated expenses	(81,131)	(79,361)	(167,646)	(159,997)
Equity in net income of joint ventures		167		486
Notes receivable, net	$ (308,607)	$ (66,310)	$ (308,607)	$ (66,310)

XML

Senior Notes - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Repayments of term loan		$ 857,396	$ 94,421
Total fees, excluding underwriting discounts, incurred for the issuance of senior notes		4,540	$ 705
Debt extinguishment costs		$ 3,300
3.625% Senior Unsecured Notes Due February 2025 [Member]
Debt Instrument [Line Items]
Proceeds from unsecured notes payable	$ 500,000
Debt Instrument, Stated Percentage	3.625%
Debt Instrument Maturity Date	2025-02
Total fees, excluding underwriting discounts, incurred for the issuance of senior notes	$ 1,100
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Repayments of term loan	350,000
Secured Term Loan [Member]
Debt Instrument [Line Items]
Repayments of term loan	$ 100,000

XML

Earnings Per Share - Common Share Dividends Declared Per Share (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Common share dividends declared per share	$ 0.1725	$ 0.155	$ 0.345	$ 0.310

XML

Investments in and Advances to Joint Ventures (Tables) - Unconsolidated Joint Ventures [Member]

6 Months Ended

Jun. 30, 2015

Schedule Of Equity Method Investments [Line Items]

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

At June 30, 2015 and December 31, 2014, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 184 and 188 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	June 30, 2015			December 31, 2014
Condensed Combined Balance Sheets
Land	$	1,346,862		$	1,439,849
Buildings		3,566,004			3,854,585
Fixtures and tenant improvements		184,661			200,696
		5,097,527			5,495,130
Less: Accumulated depreciation		(770,122	)		(773,256	)
		4,327,405			4,721,874
Land held for development and construction in progress		54,209			55,698
Real estate, net		4,381,614			4,777,572
Cash and restricted cash		80,234			100,812
Receivables, net		48,814			80,508
Other assets		346,595			394,751
	$	4,857,257		$	5,353,643
Mortgage debt	$	3,247,337		$	3,552,764
Notes and accrued interest payable to the Company		3,031			144,831
Other liabilities		205,924			276,998
		3,456,292			3,974,593
Redeemable preferred equity		309,150			305,310
Accumulated equity		1,091,815			1,073,740
	$	4,857,257		$	5,353,643
Company's share of accumulated equity	$	132,034		$	122,937
Redeemable preferred equity		309,150			305,310
Basis differentials		(43,015	)		(12,954	)
Deferred development fees, net of portion related to the Company's interest		(2,438	)		(2,562	)
Amounts payable to the Company		3,487			2,117
Investments in and Advances to Joint Ventures	$	399,218		$	414,848

Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Condensed Combined Statements of Operations
Revenues from operations	$	133,066		$	112,141		$	270,666		$	248,641
Expenses from operations:
Operating expenses		48,414			39,195			99,396			87,002
Impairment charges		—			600			448			600
Depreciation and amortization		51,482			34,517			108,219			75,730
Interest expense		33,593			41,787			74,496			91,844
Other (income) expense, net		217			(252	)		584			2,790
		133,706			115,847			283,143			257,966
Loss before tax expense and discontinued operations		(640	)		(3,706	)		(12,477	)		(9,325	)
Income tax expense (primarily Sonae Sierra Brasil), net		—			(2,425	)		—			(6,565	)
Loss from continuing operations		(640	)		(6,131	)		(12,477	)		(15,890	)
Discontinued operations:
Loss from discontinued operations		—			(1,695	)		—			(4,187	)
Gain on disposition of real estate, net of tax		—			2,038			—			23,511
(Loss) income before gain on disposition of real estate, net		(640	)		(5,788	)		(12,477	)		3,434
Loss on disposition of real estate, net		(1,358	)		—			(1,571	)		—
Net (loss) income	$	(1,998	)	$	(5,788	)	$	(14,048	)	$	3,434
Income attributable to non-controlling interests		—			(535	)		—			(2,023	)
Net (loss) income attributable to unconsolidated joint ventures	$	(1,998	)	$	(6,323	)	$	(14,048	)	$	1,411
Company's share of equity in net income of joint ventures(A)	$	1,317		$	1,436		$	1,070		$	6,167
Basis differential adjustments(B)		325			(305	)		633			454
Equity in net income of joint ventures(A)	$	1,642		$	1,131		$	1,703		$	6,621

(A) The Company did not record income or loss from those investments in which its investment basis was zero.  As of March 13, 2015, the Company no longer had an interest in these assets.  

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

Service Fees and Income Earned by 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 Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fees	$	6.5	$	6.2	$	12.8	$	12.3
Development fees and leasing commissions		1.6		1.5		3.2		3.5
Interest income		6.4		1.7		12.7		3.4

XML

Notes Receivable - Components of Notes Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Receivables [Abstract]
Loans receivable	$ 46,761	$ 52,444	$ 52,703	$ 72,218
Other	543	3,801
Notes receivable, net	$ 47,304	$ 56,245	$ 58,863

XML

Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Parenthetical) (Detail) $ in Millions	Jun. 30, 2015 USD ($)
Income Statement [Abstract]
Investment basis value for which no income loss recognized	$ 0

XML

Subsequent Events - Additional Information (Detail)	1 Months Ended
	Jul. 31, 2015 shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Operating partnership units converted to common stock	1,043,189

XML

Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Other Significant Noncash Transactions [Line Items]
Mortgages assumed from acquisitions			$ 33,700	$ 50,800
Issuance of Operating Partnership Units ("OP Units") in connection with an acquisition			0	18,300
Mezzanine loan applied to purchase price of acquired properties			0	20,600
Elimination of a previously held equity interest			1,400	0
Reclassification adjustment of foreign currency translation	$ 0	$ 19,715	0	19,715
Accounts payable related to construction in progress			46,300	30,600
Dividends declared	67,884	61,300	67,884	61,300	$ 61,468
Write-off of preferred share original issuance costs	$ 0	$ 1,943	0	1,943
Accumulated Other Comprehensive Loss
Other Significant Noncash Transactions [Line Items]
Reclassification adjustment of foreign currency translation			$ 0	$ 19,700

XML

Notes Receivable - Loans Receivable on Real Estate (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Receivables [Abstract]
Balance at January 1	$ 52,444	$ 72,218
Additions:
Interest	0	810
Accretion of discount	483	457
Deductions:
Payments of principal and interest	(6,166)	(232)
Other	0	(20,550)
Balance at June 30	$ 46,761	$ 52,703

XML

Disposition of Real Estate and Discontinued Operations - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) Property Parcels	Dec. 31, 2014 Property
Discontinued Operations And Disposal Groups [Abstract]
Number of properties sold	13
Number of parcels of land sold | Parcels	3
Proceeds from sale of real estate | $	$ 161.3
Number of properties sold under discontinued operations		35

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Other Comprehensive Loss - Changes in Accumulated OCI by Component (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, December 31, 2014			$ (7,352)
Other comprehensive income before reclassifications			386
Change in cash flow hedges reclassed to earnings	$ 154	$ 118	829	$ 236
Net current-period other comprehensive income			1,215
Balance, June 30, 2015	(6,137)		(6,137)
Gains and Losses on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, December 31, 2014			(8,485)
Other comprehensive income before reclassifications			320
Change in cash flow hedges reclassed to earnings			829
Net current-period other comprehensive income			1,149
Balance, June 30, 2015	(7,336)		(7,336)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, December 31, 2014			1,133
Other comprehensive income before reclassifications			66
Change in cash flow hedges reclassed to earnings			0
Net current-period other comprehensive income			66
Balance, June 30, 2015	$ 1,199		$ 1,199

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Acquisitions - Consideration (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Business Combinations [Abstract]
Cash (including debt repaid at closing)	$ 102,730
Gain on Change in Control of Interests	14,279
Carrying value of previously held equity interest	1,401
Total consideration	$ 118,410

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Investments in and Advances to Joint Ventures

6 Months Ended

Jun. 30, 2015

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

2. Investments in and Advances to Joint Ventures

At June 30, 2015 and December 31, 2014, the Company had ownership interests in various unconsolidated joint ventures that had an investment in 184 and 188 shopping center properties, respectively.  Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands):

	June 30, 2015			December 31, 2014
Condensed Combined Balance Sheets
Land	$	1,346,862		$	1,439,849
Buildings		3,566,004			3,854,585
Fixtures and tenant improvements		184,661			200,696
		5,097,527			5,495,130
Less: Accumulated depreciation		(770,122	)		(773,256	)
		4,327,405			4,721,874
Land held for development and construction in progress		54,209			55,698
Real estate, net		4,381,614			4,777,572
Cash and restricted cash		80,234			100,812
Receivables, net		48,814			80,508
Other assets		346,595			394,751
	$	4,857,257		$	5,353,643
Mortgage debt	$	3,247,337		$	3,552,764
Notes and accrued interest payable to the Company		3,031			144,831
Other liabilities		205,924			276,998
		3,456,292			3,974,593
Redeemable preferred equity		309,150			305,310
Accumulated equity		1,091,815			1,073,740
	$	4,857,257		$	5,353,643
Company's share of accumulated equity	$	132,034		$	122,937
Redeemable preferred equity		309,150			305,310
Basis differentials		(43,015	)		(12,954	)
Deferred development fees, net of portion related to the Company's interest		(2,438	)		(2,562	)
Amounts payable to the Company		3,487			2,117
Investments in and Advances to Joint Ventures	$	399,218		$	414,848

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Condensed Combined Statements of Operations
Revenues from operations	$	133,066		$	112,141		$	270,666		$	248,641
Expenses from operations:
Operating expenses		48,414			39,195			99,396			87,002
Impairment charges		—			600			448			600
Depreciation and amortization		51,482			34,517			108,219			75,730
Interest expense		33,593			41,787			74,496			91,844
Other (income) expense, net		217			(252	)		584			2,790
		133,706			115,847			283,143			257,966
Loss before tax expense and discontinued operations		(640	)		(3,706	)		(12,477	)		(9,325	)
Income tax expense (primarily Sonae Sierra Brasil), net		—			(2,425	)		—			(6,565	)
Loss from continuing operations		(640	)		(6,131	)		(12,477	)		(15,890	)
Discontinued operations:
Loss from discontinued operations		—			(1,695	)		—			(4,187	)
Gain on disposition of real estate, net of tax		—			2,038			—			23,511
(Loss) income before gain on disposition of real estate, net		(640	)		(5,788	)		(12,477	)		3,434
Loss on disposition of real estate, net		(1,358	)		—			(1,571	)		—
Net (loss) income	$	(1,998	)	$	(5,788	)	$	(14,048	)	$	3,434
Income attributable to non-controlling interests		—			(535	)		—			(2,023	)
Net (loss) income attributable to unconsolidated joint ventures	$	(1,998	)	$	(6,323	)	$	(14,048	)	$	1,411
Company's share of equity in net income of joint ventures(A)	$	1,317		$	1,436		$	1,070		$	6,167
Basis differential adjustments(B)		325			(305	)		633			454
Equity in net income of joint ventures(A)	$	1,642		$	1,131		$	1,703		$	6,621

(A) The Company did not record income or loss from those investments in which its investment basis was zero.  As of March 13, 2015, the Company no longer had an interest in these assets.  

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

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 Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fees	$	6.5	$	6.2	$	12.8	$	12.3
Development fees and leasing commissions		1.6		1.5		3.2		3.5
Interest income		6.4		1.7		12.7		3.4

The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements.  The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions.  

Coventry II Fund

Coventry Real Estate Advisors L.L.C. (“CREA”) formed Coventry Real Estate Fund II, L.L.C. and Coventry Fund II Parallel Fund, L.L.C. (collectively, the “Coventry II Fund”).  The Coventry II Fund was formed with several institutional investors and CREA as the investment manager. The Company and the Coventry II Fund entered into various joint ventures to invest in a variety of retail properties that presented opportunities for value creation.  In March 2015, the Company, CREA and the Coventry II Fund finalized a settlement agreement in which the Company acquired Coventry II Fund’s 80% interest in Buena Park Place in Orange County, California (Note 3) and the Company transferred to Coventry II Fund its 20% ownership interest in the 21 remaining assets of the Coventry II Fund investments.  The Company accounted for this transaction as a step acquisition and, as a result, recorded a Gain on Change in Control of $14.3 million related to the difference between the carrying value of its equity investment and the fair value of the asset acquired.

Management Company Investment

In June 2015, the Company sold its 50% membership interest in a property management company to its joint venture partner and recorded a Loss on Sale and Change in Control of $6.5 million.  

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Other Comprehensive Loss - Changes in Accumulated OCI by Component (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Change in cash flow hedges reclassed to earnings	$ 154	$ 118	$ 829	$ 236
Other Income (Expense) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Change in cash flow hedges reclassed to earnings			600
Interest Expense [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Change in cash flow hedges reclassed to earnings			300
Equity in Net Income of Joint Ventures [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Change in cash flow hedges reclassed to earnings			$ 100

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Investments in and Advances to Joint Ventures - Service Fees and Income Earned by Company's Unconsolidated Joint Ventures (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments And Joint Ventures [Abstract]
Management and other fees	$ 6.5	$ 6.2	$ 12.8	$ 12.3
Development fees and leasing commissions	1.6	1.5	3.2	3.5
Interest income	$ 6.4	$ 1.7	$ 12.7	$ 3.4

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Revolving Credit Facilities and Term Loans (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Information Regarding Company's 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 June 30, 2015		Weighted-Average Interest Rate(A) at June 30, 2015		Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	241.5		1.2%	June 2019
PNC Facility		—	N/A		June 2019
Unsecured Term Loan		300.0		1.3%	April 2017
Secured indebtedness:
Secured Term Loan		200.0		1.5%	April 2017

(A) Interest rate on variable-rate debt calculated using the base rate and spreads in effect at June 30, 2015.  

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Other Assets (Tables)

6 Months Ended

Jun. 30, 2015

Other Assets [Abstract]

Components of Other Assets

Other assets consist of the following (in thousands):  

	June 30, 2015		December 31, 2014
Intangible assets:
In-place leases, net	$	148,104	$	160,351
Above-market leases, net		51,696		57,199
Tenant relations, net		153,369		171,666
Total intangible assets, net(A)		353,169		389,216
Other assets:
Prepaid expenses		18,753		14,456
Other assets(B)		21,143		39,746
Deposits		8,854		8,024
Total other assets, net	$	401,919	$	451,442

(A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases, of $23.0 million and $24.8 million for the three months ended June 30, 2015 and 2014, respectively, and $48.6 million and $53.8 million for the six months ended June 30, 2015 and 2014, respectively.

(B) See discussion of deferred tax asset in Note 1.  During the first quarter of 2015, in accordance with amended legislation of the Puerto Rico Internal Revenue Code, the Company elected and paid an additional $20.2 million as part of an overall tax restructuring.  

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Revolving Credit Facilities and Term Loans - Additional Information (Detail) - Unsecured Debt [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015	Apr. 30, 2015
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Covenant compliance	The Company was in compliance with these covenants at June 30, 2015.
Revolving Credit Facility [Member] | Prime rate [Member]
Debt Instrument [Line Items]
Specified spread line of credit facility	0.15%
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Specified spread line of credit facility	1.00%
JP Morgan Securities, LLC and Wells Fargo Securities, LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility borrowing capacity	$ 750,000,000
Accordion feature	$ 1,250,000,000
Line of credit facility competitive bid option on periodic interest rates	up to 50% of the facility
Facility fee	0.20%
Revolving credit facility maturity extension option	two six-month options to extend the maturity to June 2020 upon the Company’s request
PNC Bank National Association [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 50,000,000
Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Accordion feature		$ 600,000,000
Covenant compliance	The Company was in compliance with these covenants at June 30, 2015.
Unsecured term loan		$ 400,000,000
Term loan maturity date	Apr. 30, 2017
Extension maturity period	with three one-year borrower options
Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Specified spread line of credit facility	1.10%

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Acquisitions - Summary of Acquired Shopping Centers (Detail) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Purchase Price	$ 118,410
Shopping Center [Member] | Orange County [Member] | CA [Member]
Business Acquisition [Line Items]
Date Acquired	2015-03
Purchase Price	$ 49,200
Face Value of Mortgage Debt Assumed	$ 33,000
Shopping Center [Member] | Orlando [Member] | FL [Member]
Business Acquisition [Line Items]
Date Acquired	2015-04
Purchase Price	$ 33,000
Face Value of Mortgage Debt Assumed	$ 0
Shopping Center [Member] | Houston [Member] | TX [Member]
Business Acquisition [Line Items]
Date Acquired	2015-06
Purchase Price	$ 69,800
Face Value of Mortgage Debt Assumed	$ 0

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Items Measured at Fair Value on a Recurring Basis

The Company maintains interest rate swap agreements (included in Other Liabilities) and marketable equity securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan as of June 30, 2015 and December 31, 2014.  The following table presents information about the Company’s financial assets and liabilities 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
June 30, 2015
Derivative Financial Instruments	$	—	$	(3.4	)	$	—	$	(3.4	)
Marketable Securities	$	3.6	$	—		$	—	$	3.6
December 31, 2014
Derivative Financial Instruments	$	—	$	(4.3	)	$	—	$	(4.3	)
Marketable Securities	$	3.7	$	—		$	—	$	3.7

Debt Instruments with Carrying Values Different than Estimated Fair Values

Debt instruments at June 30, 2015 and December 31, 2014, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes	$	3,115,459	$	3,304,869	$	2,765,893	$	3,011,374
Revolving Credit Facilities and Term Loans		741,474		743,163		779,009		786,922
Mortgage indebtedness		1,403,231		1,457,544		1,689,805		1,741,855
	$	5,260,164	$	5,505,576	$	5,234,707	$	5,540,151

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Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Changes in Accumulated OCI by Component

The changes in Accumulated OCI by component are as follows (in thousands):

	Gains and Losses on Cash Flow Hedges			Foreign Currency Items		Total
Balance, December 31, 2014	$	(8,485	)	$	1,133	$	(7,352	)
Other comprehensive income before reclassifications		320			66		386
Change in cash flow hedges reclassed to earnings(A)		829			—		829
Net current-period other comprehensive income		1,149			66		1,215
Balance, June 30, 2015	$	(7,336	)	$	1,199	$	(6,137	)

(A) Includes Other Income (Expense) of $0.6 million and amortization classified in Interest Expense of $0.3 million, offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, in the Company’s consolidated statement of operations for the six months ended June 30, 2015, which was previously recognized in Accumulated OCI.

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Nature of Business and Financial Statement Presentation

6 Months Ended

Jun. 30, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business and Financial Statement Presentation

1. Nature of Business and Financial Statement Presentation

Nature of Business

DDR Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “DDR”) and unconsolidated joint ventures 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 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 six months ended June 30, 2015 and 2014, 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, 2014, 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.  All significant inter-company balances and transactions have been eliminated in consolidation.  Investments in real estate joint ventures and companies in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting.  Accordingly, the Company’s share of the earnings (or loss) of these joint ventures and companies is included in consolidated net income.  

Deferred Tax Assets and Tax Liabilities – Puerto Rico Tax Restructuring

In the first quarter of 2015, in accordance with temporary legislation of the Puerto Rico Internal Revenue Code, the Company restructured the ownership of its 14 assets in Puerto Rico and made a voluntary election to prepay $20.2 million of taxes related to the built-in gains associated with the real estate assets.  This election permitted the Company to step-up its tax basis in the Puerto Rican assets to the current estimated fair value while reducing its effective capital gains tax rate from 29% to 12%.  Further, the Company converted the ownership to a Puerto Rico Real Estate Investment Trust (“REIT”) structure, which reduced the effective tax on the operational activity from 39% to 10%.  The net balance sheet impact to the financial statements related to the restructuring was $16.8 million.  In the first quarter of 2015, the Company recorded a tax expense of $3.4 million related to the 2% effective tax rate spread between the 12% tax payment and the revalued deferred tax asset under the REIT structure using a 10% effective tax rate.

Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information

Non-cash investing and financing activities are summarized as follows (in millions):

	Six Months
	Ended June 30,
	2015		2014
Mortgages assumed from acquisitions	$	33.7	$	50.8
Issuance of Operating Partnership Units ("OP Units") in connection with    an acquisition		—		18.3
Mezzanine loan applied to purchase price of acquired properties		—		20.6
Elimination of a previously held equity interest		1.4		—
Reclassification adjustment of foreign currency translation		—		19.7
Accounts payable related to construction in progress		46.3		30.6
Dividends declared		67.9		61.3
Write-off of preferred share original issuance costs		—		1.9

Fee and Other Income

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

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fee income	$	8.4	$	7.9	$	16.5	$	16.1
Ancillary and other property income		4.7		5.9		8.8		12.1
Lease termination fees		1.4		2.0		1.6		3.3
Other		0.1		0.2		0.3		0.4
Total fee and other income	$	14.6	$	16.0	$	27.2	$	31.9

New Accounting Standards Adopted

Discontinued Operations

In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a final standard that changed the criteria for determining which disposals are presented as discontinued operations.  The revised definition of a discontinued operation is “a component or group of components that has been disposed of or is classified as held for sale, together as a group in a single transaction,” and “represents a strategic shift that has (or will have) a major effect on an entity’s financial results.”  The FASB agreed that a strategic shift includes “a disposal of (i) a separate major line of business, (ii) a separate major geographical area of operations or (iii) a combination of parts of (i) or (ii) that make up a major part of an entity’s operations and financial results.”  A business that, upon acquisition, qualifies as held for sale will also be a discontinued operation.  The FASB also reaffirmed its decision to no longer preclude presentation of a disposal as a discontinued operation if (a) there is significant continuing involvement with a component after its disposal, or (b) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations.  Public entities are required to apply the standard in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods.  The Company adopted the standard effective January 1, 2015, and there was no impact to net income in the financial statements for the three-month or six-month period ended June 30, 2015.  Properties sold prior to January 1, 2015, are not subject to ASU 2014-08 and therefore continue to be classified as discontinued operations using the previous definition.  The adoption resulted in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals remain in Income from Continuing Operations and any associated gains or losses are included in Gain on Disposition of Real Estate.  

New Accounting Standards

Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers.  The objective of ASU 2014-09 is to establish a single comprehensive five-step model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance.  The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification.  Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard.  A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and, as a result, will not be impacted by this standard.  The new guidance is effective for public companies for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017.  Early adoption is permitted for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016.  Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09.  The Company is assessing the impact, if any, the adoption of this standard will have on its financial statements and has not decided upon the method of adoption.  

Debt Issuance Costs

In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount.  The guidance in ASU 2015-03 is limited to the presentation of debt issuance costs.  The new guidance is effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years on a retrospective basis.  Early adoption is permitted for financial statements that have not been previously issued.  The Company does not believe ASU 2015-03 will have a material impact on its financial statements.

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Impairment Charges and Impairment of Joint Venture Investments (Tables)

6 Months Ended

Jun. 30, 2015

Asset Impairment Charges [Abstract]

Impairment Charges on Assets or Investments

The Company recorded impairment charges during the three and six months ended June 30, 2015 and 2014, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):  

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Assets marketed for sale or assets sold(A)	$	—	$	1.1	$	179.7	$	3.0
Undeveloped land previously held for development(B)		—		13.2		99.3		13.7
Total continuing operations	$	—	$	14.3	$	279.0	$	16.7
Sold assets – discontinued operations		—		—		—		8.5
Joint venture investments(C)		—		—		—		9.1
Total impairment charges	$	—	$	14.3	$	279.0	$	34.3

(A) In March 2015, the Company’s new senior management team initiated changes in the Company’s investment strategy.  Senior management took steps to accelerate the Company’s portfolio quality improvement initiative, which it intends to accomplish in part through the acceleration of disposition plans of lower quality assets that do not have strong long-term growth profiles.  As a result, in connection with the preparation of the March 31, 2015 Quarterly Report on Form 10-Q, the Company concluded that the assets were impaired.  The Company recorded impairment charges on 25 operating shopping centers that management identified as disposition candidates over the 12- to 24-month period following March 2015.

(B) Amounts reported in the six months ended June 30, 2015, primarily related to five parcels of land previously held for future development.  The asset impairments were triggered primarily by the decision made by the Company’s senior management in the first quarter of 2015 to sell the land and no longer consider development.

(C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments.  Amount recorded in 2014 represents a charge on a joint venture development project in Canada.  The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014.

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 six months ended June 30, 2015, and the year ended December 31, 2014.  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
June 30, 2015
Long-lived assets held and used	$	—	$	—	$	407.1	$	407.1	$	279.0
December 31, 2014
Long-lived assets held and used		—		—		141.2		141.2		38.1
Unconsolidated joint venture investments		—		—		6.4		6.4		30.7

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, except price per square foot which is in thousands):

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at						Range
	June 30,		December 31,		Valuation	Unobservable
Description	2015		2014		Technique	Inputs	2015	2014
Impairment of consolidated assets	$	33.8	$	74.2	Indicative Bid(A)/ Contracted Price	Indicative Bid(A)/ Contracted Price	N/A	N/A
	$	287.6	$	67.0	Income Capitalization Approach(B)/ Sales Comparison Approach	Market Capitalization Rate	8%–9%		8%
						Price per Square Foot	$10–$40	N/A
	$	51.5	N/A		Indicative Bid(A)	Indicative Bid(A)	N/A	N/A
					Discounted Cash Flow	Discount Rate	10%–14%	N/A
						Terminal Capitalization Rate	8%–10%	N/A
	$	34.2	N/A		Indicative Bid(A)/ Sales Comparison Approach	Indicative Bid(A)	N/A	N/A
Impairment of joint venture investments	N/A		$	6.4	Discounted Cash Flow	Discount Rate	N/A		15%
						Terminal Capitalization Rate	N/A		6%

(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 corroboration for 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 based on a price per square foot.  

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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	Jun. 30, 2015	Dec. 31, 2014
Condensed Combined Balance Sheets
Land	$ 2,208,102	$ 2,208,468
Buildings	6,988,655	7,087,040
Fixtures and tenant improvements	672,612	645,035
Total real estate rental property	9,869,369	9,940,543
Less: Accumulated depreciation	(1,998,760)	(1,909,585)
Real estate rental property, net	7,870,609	8,030,958
Land held for development and construction in progress	311,005	395,242
Total real estate assets, net	8,181,614	8,426,200
Other assets	401,919	451,442
Total assets	9,225,587	9,541,895
Mortgage debt	1,403,231	1,689,805
Total liabilities	5,778,118	5,744,367
Total liabilities and equity	9,225,587	9,541,895
Company's share of accumulated equity	132,034	122,937
Redeemable preferred equity	309,150	305,310
Basis differentials	(43,015)	(12,954)
Deferred development fees, net of portion related to the Company's interest	(2,438)	(2,562)
Amounts payable to the Company	3,487	2,117
Investments in and Advances to Joint Ventures	399,218	414,848
Unconsolidated Joint Ventures [Member]
Condensed Combined Balance Sheets
Land	1,346,862	1,439,849
Buildings	3,566,004	3,854,585
Fixtures and tenant improvements	184,661	200,696
Total real estate rental property	5,097,527	5,495,130
Less: Accumulated depreciation	(770,122)	(773,256)
Real estate rental property, net	4,327,405	4,721,874
Land held for development and construction in progress	54,209	55,698
Total real estate assets, net	4,381,614	4,777,572
Cash and restricted cash	80,234	100,812
Receivables, net	48,814	80,508
Other assets	346,595	394,751
Total assets	4,857,257	5,353,643
Mortgage debt	3,247,337	3,552,764
Notes and accrued interest payable to the Company	3,031	144,831
Other liabilities	205,924	276,998
Total liabilities	3,456,292	3,974,593
Redeemable preferred equity	309,150	305,310
Accumulated equity	1,091,815	1,073,740
Total liabilities and equity	$ 4,857,257	$ 5,353,643

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Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Intangible assets:
Total intangible assets, net	$ 353,169	$ 389,216
Other assets:
Prepaid expenses	18,753	14,456
Other assets	21,143	39,746
Deposits	8,854	8,024
Total other assets, net	401,919	451,442
In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member]
Intangible assets:
Total intangible assets, net	148,104	160,351
Above-Market Leases, Net [Member]
Intangible assets:
Total intangible assets, net	51,696	57,199
Tenant Relations, Net [Member]
Intangible assets:
Total intangible assets, net	$ 153,369	$ 171,666

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Segment Information - Additional Information (Detail) - 6 months ended Jun. 30, 2015 - Segment	Total
Segment Reporting [Abstract]
Number of reportable segments	2
Quantitative threshold of revenues, profit or loss and assets for identifying reportable segments	The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. 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.

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Land	$ 2,208,102	$ 2,208,468
Buildings	6,988,655	7,087,040
Fixtures and tenant improvements	672,612	645,035
Total real estate rental property	9,869,369	9,940,543
Less: Accumulated depreciation	(1,998,760)	(1,909,585)
Real estate rental property, net	7,870,609	8,030,958
Construction in progress and land	311,005	395,242
Total real estate assets, net	8,181,614	8,426,200
Investments in and advances to joint ventures	399,218	414,848
Cash and cash equivalents	25,268	20,937
Restricted cash	11,417	11,375
Accounts receivable, net	128,509	132,661
Notes receivable, net	47,304	56,245
Deferred charges, less accumulated amortization of $39,105 and $38,796, respectively	30,338	28,187
Other assets, net	401,919	451,442
Total assets	9,225,587	9,541,895
Unsecured indebtedness:
Senior notes	3,115,459	2,765,893
Unsecured term loan	300,000	350,000
Revolving credit facilities	241,474	29,009
Total unsecured indebtedness	3,656,933	3,144,902
Secured indebtedness:
Secured term loan	200,000	400,000
Mortgage indebtedness	1,403,231	1,689,805
Total secured indebtedness	1,603,231	2,089,805
Total indebtedness	5,260,164	5,234,707
Accounts payable and other liabilities	450,070	448,192
Dividends payable	67,884	61,468
Total liabilities	$ 5,778,118	$ 5,744,367
Commitments and contingencies (Note 9)
DDR Equity
Common shares, with par value, $0.10 stated value; 600,000,000 shares authorized; 361,169,314 and 360,711,232 shares issued at June 30, 2015 and December 31, 2014, respectively	$ 36,117	$ 36,071
Paid-in capital	5,448,298	5,438,778
Accumulated distributions in excess of net income	(2,408,151)	(2,047,212)
Deferred compensation obligation	16,980	16,609
Accumulated other comprehensive loss	(6,137)	(7,352)
Less: Common shares in treasury at cost: 989,098 and 957,068 shares at June 30, 2015 and December 31, 2014, respectively	(16,819)	(16,646)
Total DDR shareholders' equity	3,420,288	3,770,248
Non-controlling interests	27,181	27,280
Total equity	3,447,469	3,797,528
Total liabilities and equity	9,225,587	9,541,895
Class J Cumulative Redeemable Preferred Shares [Member]
DDR Equity
Cumulative redeemable preferred shares	200,000	200,000
Class K Cumulative Redeemable Preferred Shares [Member]
DDR Equity
Cumulative redeemable preferred shares	$ 150,000	$ 150,000

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Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - Jun. 30, 2015 - Shopping Center Acquired [Member] - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Land	$ 51,617
Buildings	97,702
Tenant improvements	3,834
Other assets	1,252
Assets acquired	171,480
Less: Mortgage debt assumed at fair value	(33,735)
Less: Below-market leases	(18,191)
Less: Other liabilities assumed	(1,144)
Net assets acquired	118,410
In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 11,325
Weighted Average Amortization Period	7 years 10 months 24 days
Tenant Relations [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 5,750
Weighted Average Amortization Period	11 years 9 months 18 days
Below-Market Leases [Member]
Business Acquisition [Line Items]
Weighted Average Amortization Period	17 years 9 months 18 days

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CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	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
Balance at Dec. 31, 2014	$ 3,797,528	$ 350,000	$ 36,071	$ 5,438,778	$ (2,047,212)	$ 16,609	$ (7,352)	$ (16,646)	$ 27,280
Issuance of common shares related to stock plans	7,016	0	40	6,926	0	0	0	50	0
Issuance of restricted stock	954	0	0	(2,521)	0	612	0	2,863	0
Vesting of restricted stock	168	0	6	3,489	0	(241)	0	(3,086)	0
Stock-based compensation	1,626	0	0	1,626	0	0	0	0	0
Distributions to non-controlling interests	(1,136)	0	0	0	0	0	0	0	(1,136)
Dividends declared-common shares	(124,562)	0	0	0	(124,562)	0	0	0	0
Dividends declared-preferred shares	(11,188)	0	0	0	(11,188)	0	0	0	0
Comprehensive (loss) income	(222,937)	0	0	0	(225,189)	0	1,215	0	1,037
Balance at Jun. 30, 2015	$ 3,447,469	$ 350,000	$ 36,117	$ 5,448,298	$ (2,408,151)	$ 16,980	$ (6,137)	$ (16,819)	$ 27,181

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Financial Instruments - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015 USD ($) Derivative	Dec. 31, 2014 USD ($) Derivative
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Carrying amount of notes	$ 356.8	$ 358.2
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	(2.7)
Designated As Hedging Instrument
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Aggregate notional amount	$ 79.3	$ 530.0
Interest Rate Swap [Member]
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative maturity date	Sep. 01, 2017
Derivative fixed interest rate	2.80%
Interest Rate Swap [Member] | Designated As Hedging Instrument
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Number of interest rate derivatives held | Derivative	1	9
Fair Value, Measurements, Recurring [Member]
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of swap, net liability	$ 3.4	$ 4.3
Level 3 [Member]
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Approximate fair value of notes	360.4	362.2
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value of swap, net liability	$ 0.0	$ 0.0

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

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 in 2014 (Note 12) (in thousands):

	Three Months Ended June 30, 2015
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	257,283		$	40					$	257,323
Operating expenses		(73,809	)		(17	)					(73,826	)
Net operating income		183,474			23						183,497
Depreciation and amortization		(99,300	)								(99,300	)
Interest income					7,211						7,211
Other income (expense), net							$	2,368			2,368
Unallocated expenses(A)								(81,131	)		(81,131	)
Equity in net income of joint ventures		1,642									1,642
Loss on sale and change in control of interests, net		(6,507	)								(6,507	)
Income from continuing operations										$	7,780

	Three Months Ended June 30, 2014
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	241,949		$	91					$	242,040
Operating expenses(B)		(83,416	)		(1	)					(83,417	)
Net operating income		158,533			90						158,623
Depreciation and amortization		(95,203	)								(95,203	)
Interest income					3,158						3,158
Other income (expense), net							$	(4,100	)		(4,100	)
Unallocated expenses(A)								(79,361	)		(79,361	)
Equity in net income of joint ventures		964						167			1,131
Gain on sale and change in control of interests, net		83,830									83,830
Income from continuing operations										$	68,078

	Six Months Ended June 30, 2015
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	516,053		$	95					$	516,148
Operating expenses(B)		(429,166	)		(36	)					(429,202	)
Net operating income		86,887			59						86,946
Depreciation and amortization		(202,315	)								(202,315	)
Interest income					14,372						14,372
Other income (expense), net							$	(1,060	)		(1,060	)
Unallocated expenses(A)								(167,646	)		(167,646	)
Equity in net income of joint ventures		1,703									1,703
Gain on sale and change in control of interests, net		7,772									7,772
Loss from continuing operations										$	(260,228	)
As of June 30, 2015:
Total gross real estate assets	$	10,180,374								$	10,180,374
Notes receivable, net(C)				$	355,911		$	(308,607	)	$	47,304

	Six Months Ended June 30, 2014
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	483,425		$	127					$	483,552
Operating expenses(B)		(156,258	)		(51	)					(156,309	)
Net operating income		327,167			76						327,243
Depreciation and amortization		(198,823	)								(198,823	)
Interest income					6,286						6,286
Other income (expense), net							$	(8,283	)		(8,283	)
Unallocated expenses(A)								(159,997	)		(159,997	)
Equity in net income of joint ventures		6,135						486			6,621
Impairment of joint venture investments		(9,100	)								(9,100	)
Gain on sale and change in control of interests, net		83,830									83,830
Income from continuing operations										$	47,777
As of June 30, 2014:
Total gross real estate assets	$	10,352,011								$	10,352,011
Notes receivable, net(C)				$	125,173		$	(66,310	)	$	58,863

(A) Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the consolidated statements of operations.  

(B) Includes impairment charges of $14.3 million for the three months ended June 30, 2014, and $279.0 million and $16.7 million for the six months ended June 30, 2015 and 2014, respectively.  

(C) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the consolidated balance sheets.  

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Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impairment of joint venture investments	$ 0	$ 0	$ 0	$ 9,100
Fair Value Measurements [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Unconsolidated joint venture investments, Fair Value Measurements					$ 6,400
Long-lived assets held and used, Fair Value Measurements	407,100		407,100		141,200
Long-lived assets held and used, Total Losses			279,000		38,100
Impairment of joint venture investments					30,700
Fair Value Measurements [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	0		0		0
Unconsolidated joint venture investments, Fair Value Measurements					0
Fair Value Measurements [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	0		0		0
Unconsolidated joint venture investments, Fair Value Measurements					0
Fair Value Measurements [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived assets held and used, Fair Value Measurements	$ 407,100		$ 407,100		141,200
Unconsolidated joint venture investments, Fair Value Measurements					$ 6,400

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Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

In July 2015, 1,043,189 OP Units were converted into an equivalent number of common shares of the Company.  This transaction was treated as a purchase of a non-controlling interest.

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Nature of Business and Financial Statement Presentation - Additional Information (Detail)	3 Months Ended			6 Months Ended
	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($) Assets	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Nature Of Business And Financial Statement Presentation [Line Items]
Tax expense	$ 573,000		$ 642,000	$ 5,473,000	$ 1,327,000
Impact on net income due to adoption of new accounting pronouncement	$ 0			$ 0
Puerto Rico Tax Restructuring [Member]
Nature Of Business And Financial Statement Presentation [Line Items]
Number of assets owned | Assets		14
Prepay of taxes		$ 20,200,000
Effective tax rate		10.00%
Taxable REIT subsidiary activity		$ 16,800,000
Tax expense		$ 3,400,000
Effective tax rate spread		2.00%
Old Tax Rate [Member] | Puerto Rico Tax Restructuring [Member]
Nature Of Business And Financial Statement Presentation [Line Items]
Effective tax rate on capital gains		29.00%
Effective tax rate		39.00%
New Tax Rate [Member] | Puerto Rico Tax Restructuring [Member]
Nature Of Business And Financial Statement Presentation [Line Items]
Effective tax rate on capital gains		12.00%
Effective tax rate		10.00%

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Nature of Business and Financial Statement Presentation (Tables)

6 Months Ended

Jun. 30, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Non-cash Investing and Financing Activities

Non-cash investing and financing activities are summarized as follows (in millions):

	Six Months
	Ended June 30,
	2015		2014
Mortgages assumed from acquisitions	$	33.7	$	50.8
Issuance of Operating Partnership Units ("OP Units") in connection with    an acquisition		—		18.3
Mezzanine loan applied to purchase price of acquired properties		—		20.6
Elimination of a previously held equity interest		1.4		—
Reclassification adjustment of foreign currency translation		—		19.7
Accounts payable related to construction in progress		46.3		30.6
Dividends declared		67.9		61.3
Write-off of preferred share original issuance costs		—		1.9

Schedule of Fee and Other Income from Continuing Operations

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

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fee income	$	8.4	$	7.9	$	16.5	$	16.1
Ancillary and other property income		4.7		5.9		8.8		12.1
Lease termination fees		1.4		2.0		1.6		3.3
Other		0.1		0.2		0.3		0.4
Total fee and other income	$	14.6	$	16.0	$	27.2	$	31.9

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Disposition of Real Estate and Discontinued Operations - Operating Results Related to Assets Sold (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations And Disposal Groups [Abstract]
Revenues		$ 11,513		$ 25,583
Expenses
Operating expenses		2,962		7,011
Impairment charges	$ 0	0	$ 0	8,512
Interest, net		2,993		6,507
Depreciation and amortization		4,700		10,378
Total expenses, discontinued operations		10,655		32,408
Income (loss) from discontinued operations		858		(6,825)
Gain on disposition of real estate, net of tax		6,487		17,182
Income from discontinued operations	$ 0	$ 7,345	$ 0	$ 10,357

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flow from operating activities:
Net income (loss)	$ (223,867)	$ 58,517
Adjustments to reconcile net (loss) income to net cash flow provided by operating activities:
Depreciation and amortization	202,315	209,201
Stock-based compensation	4,893	4,787
Amortization and write-off of deferred finance charges and fair market value of debt adjustments	(5,529)	(1,980)
Accretion of convertible debt discount	5,919	5,613
Equity in net income of joint ventures	(1,703)	(6,621)
Impairment of joint venture investments	0	9,100
Net gain on sale and change in control of interests	(7,772)	(83,830)
Operating cash distributions from joint ventures	4,021	3,314
Realized gain on sale of available-for-sale securities	0	(840)
Gain on disposition of real estate	(36,361)	(17,564)
Impairment charges	279,021	25,183
Change in notes receivable accrued interest	(4,175)	(2,000)
Change in restricted cash	1,591	2,981
Net change in accounts receivable	1,327	7,089
Net change in accounts payable and accrued expenses	11,763	4,835
Net change in other operating assets and liabilities	(22,570)	(16,735)
Total adjustments	432,740	142,533
Net cash flow provided by operating activities	208,873	201,050
Cash flow from investing activities:
Real estate acquired, net of liabilities and cash assumed	(105,846)	(156,532)
Real estate developed and improvements to operating real estate	(132,595)	(108,808)
Proceeds from disposition of real estate and joint venture interests	158,122	514,628
Equity contributions to joint ventures	(134)	(3,764)
Distributions from sale and refinancing of joint venture interests	3,365	9,600
Return of investments in joint ventures	3,575	6,438
Proceeds from sale of available-for-sale securities	0	1,251
Repayment of notes receivable	9,275	225
Change in restricted cash – capital improvements	582	(1,130)
Net cash flow (used for) provided by investing activities	(63,656)	261,908
Cash flow from financing activities:
Proceeds from (repayments of) revolving credit facilities, net	213,513	(533)
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses	491,972	0
Proceeds from mortgages and other debt	300,000	81,427
Repayment of senior notes	(152,996)	0
Repayment of term loans and mortgage debt	(857,396)	(94,421)
Payment of debt issuance costs	(4,540)	(705)
Redemption of preferred shares	0	(55,000)
Issuance (repurchase) of common shares in conjunction with equity award plans and dividend reinvestment plan	3,321	(2,510)
Contributions from non-controlling interests	0	93
Distributions to non-controlling interests and redeemable operating partnership units	(5,591)	(704)
Dividends paid	(129,333)	(117,927)
Net cash flow used for financing activities	(141,050)	(190,280)
Cash and cash equivalents:
Increase in cash and cash equivalents	4,167	272,678
Effect of exchange rate changes on cash and cash equivalents	164	(2)
Cash and cash equivalents, beginning of year	20,937	86,664
Cash and cash equivalents, end of period	$ 25,268	$ 359,340

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accumulated amortization on deferred charges	$ 39,105	$ 38,796
Common shares, par value	$ 0.10	$ 0.10
Common shares, shares authorized	600,000,000	600,000,000
Common shares, shares issued	361,169,314	360,711,232
Treasury at cost	989,098	957,068
Class J Cumulative Redeemable 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%
Cumulative redeemable preferred shares, par value
Class K Cumulative Redeemable 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	300,000	300,000
Cumulative redeemable preferred shares, shares outstanding	300,000	300,000
Preferred stock dividend rate	6.25%	6.25%
Cumulative redeemable preferred shares, par value

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Other Comprehensive Loss

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Other Comprehensive Loss

10. Other Comprehensive Loss

The changes in Accumulated OCI by component are as follows (in thousands):

	Gains and Losses on Cash Flow Hedges			Foreign Currency Items		Total
Balance, December 31, 2014	$	(8,485	)	$	1,133	$	(7,352	)
Other comprehensive income before reclassifications		320			66		386
Change in cash flow hedges reclassed to earnings(A)		829			—		829
Net current-period other comprehensive income		1,149			66		1,215
Balance, June 30, 2015	$	(7,336	)	$	1,199	$	(6,137	)

(A) Includes Other Income (Expense) of $0.6 million and amortization classified in Interest Expense of $0.3 million, offset by amortization classified in Equity in Net Income of Joint Ventures of $0.1 million, in the Company’s consolidated statement of operations for the six months ended June 30, 2015, which was previously recognized in Accumulated OCI.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	DDR
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		362,122,351

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Impairment Charges and Impairment of Joint Venture Investments

6 Months Ended

Jun. 30, 2015

Asset Impairment Charges [Abstract]

Impairment Charges and Impairment of Joint Venture Investments

11. Impairment Charges and Impairment of Joint Venture Investments

The Company recorded impairment charges during the three and six months ended June 30, 2015 and 2014, based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions):  

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Assets marketed for sale or assets sold(A)	$	—	$	1.1	$	179.7	$	3.0
Undeveloped land previously held for development(B)		—		13.2		99.3		13.7
Total continuing operations	$	—	$	14.3	$	279.0	$	16.7
Sold assets – discontinued operations		—		—		—		8.5
Joint venture investments(C)		—		—		—		9.1
Total impairment charges	$	—	$	14.3	$	279.0	$	34.3

(A) In March 2015, the Company’s new senior management team initiated changes in the Company’s investment strategy.  Senior management took steps to accelerate the Company’s portfolio quality improvement initiative, which it intends to accomplish in part through the acceleration of disposition plans of lower quality assets that do not have strong long-term growth profiles.  As a result, in connection with the preparation of the March 31, 2015 Quarterly Report on Form 10-Q, the Company concluded that the assets were impaired.  The Company recorded impairment charges on 25 operating shopping centers that management identified as disposition candidates over the 12- to 24-month period following March 2015.

(B) Amounts reported in the six months ended June 30, 2015, primarily related to five parcels of land previously held for future development.  The asset impairments were triggered primarily by the decision made by the Company’s senior management in the first quarter of 2015 to sell the land and no longer consider development.

(C) Represents “other than temporary impairment” charges on unconsolidated joint venture investments.  Amount recorded in 2014 represents a charge on a joint venture development project in Canada.  The impairment was triggered by changes in the timing of the project development assumptions that occurred in the first quarter of 2014.

Items Measured at Fair Value on a Non-Recurring Basis

For a description of the Company’s methodology on determining the fair value, refer to Note 12 of the Company’s Financial Statements filed on its Annual Report on Form 10-K for the year ended December 31, 2014, 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 six months ended June 30, 2015, and the year ended December 31, 2014.  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
June 30, 2015
Long-lived assets held and used	$	—	$	—	$	407.1	$	407.1	$	279.0
December 31, 2014
Long-lived assets held and used		—		—		141.2		141.2		38.1
Unconsolidated joint venture investments		—		—		6.4		6.4		30.7

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, except price per square foot which is in thousands):

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at						Range
	June 30,		December 31,		Valuation	Unobservable
Description	2015		2014		Technique	Inputs	2015	2014
Impairment of consolidated assets	$	33.8	$	74.2	Indicative Bid(A)/ Contracted Price	Indicative Bid(A)/ Contracted Price	N/A	N/A
	$	287.6	$	67.0	Income Capitalization Approach(B)/ Sales Comparison Approach	Market Capitalization Rate	8%–9%		8%
						Price per Square Foot	$10–$40	N/A
	$	51.5	N/A		Indicative Bid(A)	Indicative Bid(A)	N/A	N/A
					Discounted Cash Flow	Discount Rate	10%–14%	N/A
						Terminal Capitalization Rate	8%–10%	N/A
	$	34.2	N/A		Indicative Bid(A)/ Sales Comparison Approach	Indicative Bid(A)	N/A	N/A
Impairment of joint venture investments	N/A		$	6.4	Discounted Cash Flow	Discount Rate	N/A		15%
						Terminal Capitalization Rate	N/A		6%

(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 corroboration for 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 based on a price per square foot.  

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues from operations:
Minimum rents	$ 179,363	$ 169,395	$ 360,060	$ 335,582
Percentage and overage rents	1,372	624	2,757	2,265
Recoveries from tenants	62,021	56,031	126,101	113,831
Fee and other income	14,567	15,990	27,230	31,874
Total revenue from operations	257,323	242,040	516,148	483,552
Rental operation expenses:
Operating and maintenance	36,029	33,990	74,755	70,577
Real estate taxes	37,797	35,085	75,426	69,061
Impairment charges	0	14,342	279,021	16,671
General and administrative	19,271	19,085	37,866	39,338
Depreciation and amortization	99,300	95,203	202,315	198,823
Total rental operation expenses	192,397	197,705	669,383	394,470
Other income (expense):
Interest income	7,211	3,158	14,372	6,286
Interest expense	(61,287)	(59,634)	(124,307)	(119,332)
Other income (expense), net	2,368	(4,100)	(1,060)	(8,283)
Total other income (expense)	(51,708)	(60,576)	(110,995)	(121,329)
Income (loss) before earnings from equity method investments and other items	13,218	(16,241)	(264,230)	(32,247)
Equity in net income of joint ventures	1,642	1,131	1,703	6,621
Impairment of joint venture investments	0	0	0	(9,100)
(Loss) gain on sale and change in control of interests, net	(6,507)	83,830	7,772	83,830
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes	8,353	68,720	(254,755)	49,104
Tax expense of taxable REIT subsidiaries and state franchise and income taxes	(573)	(642)	(5,473)	(1,327)
(Loss) income from continuing operations	7,780	68,078	(260,228)	47,777
Income from discontinued operations	0	7,345	0	10,357
(Loss) income before gain on disposition of real estate	7,780	75,423	(260,228)	58,134
Gain on disposition of real estate, net of tax	11,267	1,472	36,361	383
Net (loss) income	19,047	76,895	(223,867)	58,517
(Income) loss attributable to non-controlling interests, net	(449)	(878)	(1,322)	860
Net (loss) income attributable to DDR	18,598	76,017	(225,189)	59,377
Write-off of preferred share original issuance costs	0	(1,943)	0	(1,943)
Preferred dividends	(5,594)	(6,259)	(11,188)	(12,867)
Net (loss) income attributable to common shareholders	$ 13,004	$ 67,815	$ (236,377)	$ 44,567
Basic earnings per share data:
Income (loss) from continuing operations attributable to common shareholders	$ 0.03	$ 0.17	$ (0.66)	$ 0.09
Income from discontinued operations attributable to common shareholders	0	0.02	0	0.03
Net income (loss) attributable to common shareholders	0.03	0.19	(0.66)	0.12
Diluted earnings per share data:
Income (loss) from continuing operations attributable to common shareholders	0.03	0.17	(0.66)	0.09
Income from discontinued operations attributable to common shareholders	0	0.02	0	0.03
Net income (loss) attributable to common shareholders	$ 0.03	$ 0.19	$ (0.66)	$ 0.12

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Other Assets

6 Months Ended

Jun. 30, 2015

Other Assets [Abstract]

Other Assets

5. Other Assets

Other assets consist of the following (in thousands):  

	June 30, 2015		December 31, 2014
Intangible assets:
In-place leases, net	$	148,104	$	160,351
Above-market leases, net		51,696		57,199
Tenant relations, net		153,369		171,666
Total intangible assets, net(A)		353,169		389,216
Other assets:
Prepaid expenses		18,753		14,456
Other assets(B)		21,143		39,746
Deposits		8,854		8,024
Total other assets, net	$	401,919	$	451,442

(A) The Company recorded amortization expense related to its intangibles, excluding above- and below- market leases, of $23.0 million and $24.8 million for the three months ended June 30, 2015 and 2014, respectively, and $48.6 million and $53.8 million for the six months ended June 30, 2015 and 2014, respectively.

(B) See discussion of deferred tax asset in Note 1.  During the first quarter of 2015, in accordance with amended legislation of the Puerto Rico Internal Revenue Code, the Company elected and paid an additional $20.2 million as part of an overall tax restructuring.  

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Notes Receivable

6 Months Ended

Jun. 30, 2015

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 consisted of the following (in thousands):

	June 30, 2015		December 31, 2014
Loans receivable	$	46,761	$	52,444
Other		543		3,801
	$	47,304	$	56,245

As of June 30, 2015 and December 31, 2014, the Company had five and six loans receivable outstanding, respectively.  The following table reconciles the loans receivable on real estate for the six months ended June 30, 2015 and 2014 (in thousands):

	2015			2014
Balance at January 1	$	52,444		$	72,218
Additions:
Interest		—			810
Accretion of discount		483			457
Deductions:
Payments of principal and interest		(6,166	)		(232	)
Other		—			(20,550	)
Balance at June 30	$	46,761		$	52,703

At June 30, 2015, the Company had one loan outstanding aggregating $9.8 million that matured and was more than 90 days past due and one loan that was fully reserved.  The Company is no longer accruing interest income on these notes as no payments have been received.  The $9.8 million loan has a loan loss reserve of $4.8 million based on the estimated value of the underlying real estate collateral.  No other loans outstanding are past due.  

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Nature of Business and Financial Statement Presentation (Policies)

6 Months Ended

Jun. 30, 2015

Organization Consolidation And Presentation Of Financial Statements [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 six months ended June 30, 2015 and 2014, 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, 2014, 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.  All significant inter-company balances and transactions have been eliminated in consolidation.  Investments in real estate joint ventures and companies in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting.  Accordingly, the Company’s share of the earnings (or loss) of these joint ventures and companies is included in consolidated net income.  

Deferred Tax Assets and Tax Liabilities

Deferred Tax Assets and Tax Liabilities – Puerto Rico Tax Restructuring

In the first quarter of 2015, in accordance with temporary legislation of the Puerto Rico Internal Revenue Code, the Company restructured the ownership of its 14 assets in Puerto Rico and made a voluntary election to prepay $20.2 million of taxes related to the built-in gains associated with the real estate assets.  This election permitted the Company to step-up its tax basis in the Puerto Rican assets to the current estimated fair value while reducing its effective capital gains tax rate from 29% to 12%.  Further, the Company converted the ownership to a Puerto Rico Real Estate Investment Trust (“REIT”) structure, which reduced the effective tax on the operational activity from 39% to 10%.  The net balance sheet impact to the financial statements related to the restructuring was $16.8 million.  In the first quarter of 2015, the Company recorded a tax expense of $3.4 million related to the 2% effective tax rate spread between the 12% tax payment and the revalued deferred tax asset under the REIT structure using a 10% effective tax rate.

Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information

Non-cash investing and financing activities are summarized as follows (in millions):

	Six Months
	Ended June 30,
	2015		2014
Mortgages assumed from acquisitions	$	33.7	$	50.8
Issuance of Operating Partnership Units ("OP Units") in connection with    an acquisition		—		18.3
Mezzanine loan applied to purchase price of acquired properties		—		20.6
Elimination of a previously held equity interest		1.4		—
Reclassification adjustment of foreign currency translation		—		19.7
Accounts payable related to construction in progress		46.3		30.6
Dividends declared		67.9		61.3
Write-off of preferred share original issuance costs		—		1.9

Fee and Other Income

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

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Management and other fee income	$	8.4	$	7.9	$	16.5	$	16.1
Ancillary and other property income		4.7		5.9		8.8		12.1
Lease termination fees		1.4		2.0		1.6		3.3
Other		0.1		0.2		0.3		0.4
Total fee and other income	$	14.6	$	16.0	$	27.2	$	31.9

New Accounting Standards

New Accounting Standards Adopted

Discontinued Operations

In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a final standard that changed the criteria for determining which disposals are presented as discontinued operations.  The revised definition of a discontinued operation is “a component or group of components that has been disposed of or is classified as held for sale, together as a group in a single transaction,” and “represents a strategic shift that has (or will have) a major effect on an entity’s financial results.”  The FASB agreed that a strategic shift includes “a disposal of (i) a separate major line of business, (ii) a separate major geographical area of operations or (iii) a combination of parts of (i) or (ii) that make up a major part of an entity’s operations and financial results.”  A business that, upon acquisition, qualifies as held for sale will also be a discontinued operation.  The FASB also reaffirmed its decision to no longer preclude presentation of a disposal as a discontinued operation if (a) there is significant continuing involvement with a component after its disposal, or (b) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations.  Public entities are required to apply the standard in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods.  The Company adopted the standard effective January 1, 2015, and there was no impact to net income in the financial statements for the three-month or six-month period ended June 30, 2015.  Properties sold prior to January 1, 2015, are not subject to ASU 2014-08 and therefore continue to be classified as discontinued operations using the previous definition.  The adoption resulted in most individual property disposals not qualifying for discontinued operations presentation and thus, the results of those disposals remain in Income from Continuing Operations and any associated gains or losses are included in Gain on Disposition of Real Estate.  

New Accounting Standards

Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers.  The objective of ASU 2014-09 is to establish a single comprehensive five-step model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance.  The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification.  Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard.  A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and, as a result, will not be impacted by this standard.  The new guidance is effective for public companies for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017.  Early adoption is permitted for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016.  Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09.  The Company is assessing the impact, if any, the adoption of this standard will have on its financial statements and has not decided upon the method of adoption.  

Debt Issuance Costs

In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (“ASU 2015-03”), Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount.  The guidance in ASU 2015-03 is limited to the presentation of debt issuance costs.  The new guidance is effective for public companies for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years on a retrospective basis.  Early adoption is permitted for financial statements that have not been previously issued.  The Company does not believe ASU 2015-03 will have a material impact on its financial statements.

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Disposition of Real Estate and Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Disposition of Real Estate and Discontinued Operations

12. Disposition of Real Estate and Discontinued Operations

Disposition of Real Estate

During the six months ended June 30, 2015, the Company sold 13 properties and three parcels of land for total proceeds of $161.3 million.  These sales have not been classified as discontinued operations in the financial statements, as these sales do not represent a strategic shift in the Company’s business plan (Note 1).  

Discontinued Operations

The Company sold 35 properties in 2014 that are included in discontinued operations.  The following table provides a summary of revenues and expenses from properties included in discontinued operations prior to the newly-adopted guidance for reporting discontinued operations (Note 1) (in thousands):  

	Three Months		Six Months
	Ended June 30, 2014
Revenues	$	11,513	$	25,583
Expenses:
Operating expenses		2,962		7,011
Impairment charges		—		8,512
Interest, net		2,993		6,507
Depreciation and amortization		4,700		10,378
		10,655		32,408
Income (loss) from discontinued operations		858		(6,825	)
Gain on disposition of real estate, net of tax		6,487		17,182
Income from discontinued operations	$	7,345	$	10,357

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Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Financial Instruments

8. Financial Instruments

The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments:

Measurement of Fair Value

At June 30, 2015, 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 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 non-performance risk, including the Company’s own non-performance risk and the respective counterparty's non-performance 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 Company maintains interest rate swap agreements (included in Other Liabilities) and marketable equity securities (included in Other Assets), which include investments in the Company’s elective deferred compensation plan as of June 30, 2015 and December 31, 2014.  The following table presents information about the Company’s financial assets and liabilities 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
June 30, 2015
Derivative Financial Instruments	$	—	$	(3.4	)	$	—	$	(3.4	)
Marketable Securities	$	3.6	$	—		$	—	$	3.6
December 31, 2014
Derivative Financial Instruments	$	—	$	(4.3	)	$	—	$	(4.3	)
Marketable Securities	$	3.7	$	—		$	—	$	3.7

Other Fair Value Instruments

Investments in unconsolidated joint ventures are considered financial assets.  See discussion of fair value considerations of joint venture investments in Note 11.  

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

The carrying amounts reported in the consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities.  

Notes Receivable and Advances to Affiliates

The fair value is estimated using a discounted cash flow analysis in which the Company uses 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 $360.4 million and $362.2 million at June 30, 2015 and December 31, 2014, respectively, as compared to the carrying amounts of $356.8 million and $358.2 million, respectively.  The fair value of loans to affiliates has been estimated by management based upon its assessment of the interest rate, credit risk and performance risk.  

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 non-performance 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 June 30, 2015 and December 31, 2014, with carrying values that are different than estimated fair values, are summarized as follows (in thousands):

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Notes	$	3,115,459	$	3,304,869	$	2,765,893	$	3,011,374
Revolving Credit Facilities and Term Loans		741,474		743,163		779,009		786,922
Mortgage indebtedness		1,403,231		1,457,544		1,689,805		1,741,855
	$	5,260,164	$	5,505,576	$	5,234,707	$	5,540,151

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.  

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 Swaps as part of its interest rate risk management strategy.  The 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 June 30, 2015, the Company had one effective Swap with a notional amount of $79.3 million, expiring in September 2017, which converts variable rate mortgage debt to a fixed rate of 2.8%.  As of December 31, 2014, the Company had nine Swaps with an aggregate notional amount of $530.0 million.  The aggregate fair value of the Swaps was a net liability of $3.4 million and $4.3 million at June 30, 2015 and December 31, 2014, respectively, which is included in Other Assets/Other Liabilities on the consolidated balance sheets.

All components of the Swaps were included in the assessment of hedge effectiveness.  The Company expects to reflect within the next 12 months, an increase to interest expense (and a corresponding decrease to earnings) of approximately $2.7 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 Other Comprehensive Loss (“OCI”) and is subsequently reclassified into earnings, into interest expense, in the period that the hedged forecasted transaction affects earnings.  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.  

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Financial Instruments - Debt Instruments with Carrying Values Different than Estimated Fair Values (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 3,115,459	$ 2,765,893
Revolving Credit Facilities and Term Loans	741,474	779,009
Mortgage indebtedness	1,403,231	1,689,805
Total indebtedness	5,260,164	5,234,707
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	3,304,869	3,011,374
Revolving Credit Facilities and Term Loans	743,163	786,922
Mortgage indebtedness	1,457,544	1,741,855
Total indebtedness	$ 5,505,576	$ 5,540,151

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Revolving Credit Facilities and Term Loans

6 Months Ended

Jun. 30, 2015

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 June 30, 2015		Weighted-Average Interest Rate(A) at June 30, 2015		Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	241.5		1.2%	June 2019
PNC Facility		—	N/A		June 2019
Unsecured Term Loan		300.0		1.3%	April 2017
Secured indebtedness:
Secured Term Loan		200.0		1.5%	April 2017

(A) Interest rate on variable-rate debt calculated using the base rate and spreads in effect at June 30, 2015.  

Revolving Credit Facilities

The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was amended in April 2015.  The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, two six-month options to extend the maturity to June 2020 upon the Company’s request and an accordion feature for expansion of availability up to $1.25 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level.  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 20 basis points on the entire facility at June 30, 2015.  The Unsecured Credit Facility also allows for certain foreign currency-denominated borrowings.

The Company also maintains a $50 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 April 2015 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 (0.15% at June 30, 2015), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.0% at June 30, 2015).  The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Services (“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”).  The Company is required to comply with certain covenants under the Revolving Credit Facilities 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 June 30, 2015.  

Unsecured Term Loan

In April 2015, the Company entered into a $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association, as syndication agent (the “Unsecured Term Loan”).  The Unsecured Term Loan has a maturity date of April 2017, with three one-year borrower options to extend upon the Company’s request, provided certain conditions are satisfied.  The Company may increase the amount of the facility provided that lenders agree to certain terms.  The outstanding principal amount under this credit facility may not exceed $600 million. The Unsecured Term Loan bears interest at variable rates based on LIBOR as defined in the loan agreements plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.1% at June 30, 2015).  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 June 30, 2015.

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Senior Notes

6 Months Ended

Jun. 30, 2015

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 June 30, 2015		Weighted-Average Interest Rate(A) at June 30, 2015		Maturity Date
Unsecured indebtedness:
Unsecured Credit Facility	$	241.5		1.2%	June 2019
PNC Facility		—	N/A		June 2019
Unsecured Term Loan		300.0		1.3%	April 2017
Secured indebtedness:
Secured Term Loan		200.0		1.5%	April 2017

(A) Interest rate on variable-rate debt calculated using the base rate and spreads in effect at June 30, 2015.  

Revolving Credit Facilities

The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was amended in April 2015.  The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, two six-month options to extend the maturity to June 2020 upon the Company’s request and an accordion feature for expansion of availability up to $1.25 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level.  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 20 basis points on the entire facility at June 30, 2015.  The Unsecured Credit Facility also allows for certain foreign currency-denominated borrowings.

The Company also maintains a $50 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 April 2015 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 (0.15% at June 30, 2015), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.0% at June 30, 2015).  The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Services (“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”).  The Company is required to comply with certain covenants under the Revolving Credit Facilities 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 June 30, 2015.  

Unsecured Term Loan

In April 2015, the Company entered into a $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association, as syndication agent (the “Unsecured Term Loan”).  The Unsecured Term Loan has a maturity date of April 2017, with three one-year borrower options to extend upon the Company’s request, provided certain conditions are satisfied.  The Company may increase the amount of the facility provided that lenders agree to certain terms.  The outstanding principal amount under this credit facility may not exceed $600 million. The Unsecured Term Loan bears interest at variable rates based on LIBOR as defined in the loan agreements plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.1% at June 30, 2015).  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 June 30, 2015.

Senior Notes [Member]

Revolving Credit Facilities and Term Loans

7. Senior Notes

In January 2015, the Company issued $500.0 million aggregate principal amount of 3.625% senior unsecured notes due February 2025.  Net proceeds from the issuance were used to repay $350.0 million of debt under the Company’s unsecured term loan, $100.0 million of debt under the Company’s secured term loan and amounts outstanding under the Revolving Credit Facilities.  Total fees, excluding underwriting discounts, incurred by the Company for the issuance of senior notes were $1.1 million.  As a result of the repayments on term loans, the Company accelerated amortization of debt extinguishment costs aggregating $3.3 million, which are reflected in other expense in the Company’s consolidated statement of operations for the six months ended June 30, 2015.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

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.

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Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges on Assets or Investments (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2015 ShoppingCenter	Jun. 30, 2015 Land
Operating Shopping Centers [Member]
Schedule Of Investments [Line Items]
Number of properties | ShoppingCenter	25
Land Parcels [Member]
Schedule Of Investments [Line Items]
Number of properties		5
Minimum [Member]
Schedule Of Investments [Line Items]
Asset disposal period	12 months
Maximum [Member]
Schedule Of Investments [Line Items]
Asset disposal period	24 months

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Impairment Charges and Impairment of Joint Venture Investments - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements [Member] $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) $ / ft²	Dec. 31, 2014 USD ($)
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	$ 407.1	$ 141.2
Fair Value		6.4
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value		$ 6.4
Impairment Of Consolidated Assets | Income Capitalization/Sales Comparison Approach [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range		8.00%
Fair Value	$ 287.6	$ 67.0
Impairment Of Consolidated Assets | Income Capitalization/Sales Comparison Approach [Member] | Level 3 [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	8.00%
Price per Square Foot, Range | $ / ft²	10.00
Impairment Of Consolidated Assets | Income Capitalization/Sales Comparison Approach [Member] | Level 3 [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	9.00%
Price per Square Foot, Range | $ / ft²	40.00
Impairment Of Consolidated Assets | Discounted Cash Flow [Member] | Level 3 [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	10.00%
Range	8.00%
Impairment Of Consolidated Assets | Discounted Cash Flow [Member] | Level 3 [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range	14.00%
Range	10.00%
Impairment Of Consolidated Assets | Indicative Bid/Contracted Price [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	$ 33.8	$ 74.2
Impairment Of Consolidated Assets | Indicative Bid [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	51.5
Impairment Of Consolidated Assets | Indicative Bid/Sales Comparison Approach [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Fair Value	34.2
Impairment Of Joint Venture Investments | Discounted Cash Flow [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Range		15.00%
Range		6.00%
Fair Value	$ 0.0	$ 6.4

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Impairment Charges and Impairment of Joint Venture Investments - Impairment Charges on Assets or Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Impairment Charges And Impairment Of Joint Venture Investments [Abstract]
Assets marketed for sale or asset sold	$ 0	$ 1,100	$ 179,700	$ 3,000
Total continuing operations	0	14,342	279,021	16,671
Sold assets – discontinued operations	0	0	0	8,512
Joint venture investments	0	0	0	9,100
Total impairment charges	0	14,300	279,000	34,300
Undeveloped Land [Member]
Impairment Charges And Impairment Of Joint Venture Investments [Abstract]
Undeveloped land previously held for development	$ 0	$ 13,200	$ 99,300	$ 13,700

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

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

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“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 Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Numerators – Basic and Diluted
Continuing Operations:
Income (loss) from continuing operations	$	7,780		$	68,078		$	(260,228	)	$	47,777
Plus: Gain on disposition of real estate		11,267			1,472			36,361			383
Plus: Income attributable to non-controlling interests		(449	)		(347	)		(1,322	)		(501	)
Less: Write-off of preferred share original issuance costs		—			(1,943	)		—			(1,943	)
Less: Preferred dividends		(5,594	)		(6,259	)		(11,188	)		(12,867	)
Less: Earnings attributable to unvested shares and operating    partnership units		(420	)		(464	)		(868	)		(777	)
Income (loss) from continuing operations		12,584			60,537			(237,245	)		32,072
Discontinued Operations:
Income from discontinued operations		—			7,345			—			10,357
Plus: (Income) loss attributable to non-controlling interests		—			(531	)		—			1,361
Net income (loss) attributable to common shareholders after allocation    to participating securities	$	12,584		$	67,351		$	(237,245	)	$	43,790
Denominators – Number of Shares
Basic—Average shares outstanding		360,073			357,812			359,914			357,717
Effect of dilutive securities:
Senior convertible notes		3,631			—			—			—
Stock options		443			483			—			459
Diluted—Average shares outstanding		364,147			358,295			359,914			358,176
Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common    shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common    shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common    shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common    shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12

Common Share Dividends Declared Per Share

Common share dividends declared per share were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Common share dividends declared per share	$	0.1725	$	0.155	$	0.345	$	0.310

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Notes Receivable - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) SecurityLoan	Dec. 31, 2014 SecurityLoan
Receivables [Abstract]
Number of loans receivable outstanding	5	6
Principal amount of loans subject to delinquent principal or interest | $	$ 9.8
Number of matured loans outstanding	1
Past due on interest payments	more than 90 days
Number of mortgage loans on real estate fully reserved	1
Loan loss reserve | $	$ 4.8

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Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

14. Segment Information

At June 30, 2015, the Company had two reportable operating segments:  shopping centers and loan investments.  The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.  The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items.  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 in 2014 (Note 12) (in thousands):

	Three Months Ended June 30, 2015
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	257,283		$	40					$	257,323
Operating expenses		(73,809	)		(17	)					(73,826	)
Net operating income		183,474			23						183,497
Depreciation and amortization		(99,300	)								(99,300	)
Interest income					7,211						7,211
Other income (expense), net							$	2,368			2,368
Unallocated expenses(A)								(81,131	)		(81,131	)
Equity in net income of joint ventures		1,642									1,642
Loss on sale and change in control of interests, net		(6,507	)								(6,507	)
Income from continuing operations										$	7,780

	Three Months Ended June 30, 2014
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	241,949		$	91					$	242,040
Operating expenses(B)		(83,416	)		(1	)					(83,417	)
Net operating income		158,533			90						158,623
Depreciation and amortization		(95,203	)								(95,203	)
Interest income					3,158						3,158
Other income (expense), net							$	(4,100	)		(4,100	)
Unallocated expenses(A)								(79,361	)		(79,361	)
Equity in net income of joint ventures		964						167			1,131
Gain on sale and change in control of interests, net		83,830									83,830
Income from continuing operations										$	68,078

	Six Months Ended June 30, 2015
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	516,053		$	95					$	516,148
Operating expenses(B)		(429,166	)		(36	)					(429,202	)
Net operating income		86,887			59						86,946
Depreciation and amortization		(202,315	)								(202,315	)
Interest income					14,372						14,372
Other income (expense), net							$	(1,060	)		(1,060	)
Unallocated expenses(A)								(167,646	)		(167,646	)
Equity in net income of joint ventures		1,703									1,703
Gain on sale and change in control of interests, net		7,772									7,772
Loss from continuing operations										$	(260,228	)
As of June 30, 2015:
Total gross real estate assets	$	10,180,374								$	10,180,374
Notes receivable, net(C)				$	355,911		$	(308,607	)	$	47,304

	Six Months Ended June 30, 2014
	Shopping Centers			Loan Investments			Other			Total
Total revenues	$	483,425		$	127					$	483,552
Operating expenses(B)		(156,258	)		(51	)					(156,309	)
Net operating income		327,167			76						327,243
Depreciation and amortization		(198,823	)								(198,823	)
Interest income					6,286						6,286
Other income (expense), net							$	(8,283	)		(8,283	)
Unallocated expenses(A)								(159,997	)		(159,997	)
Equity in net income of joint ventures		6,135						486			6,621
Impairment of joint venture investments		(9,100	)								(9,100	)
Gain on sale and change in control of interests, net		83,830									83,830
Income from continuing operations										$	47,777
As of June 30, 2014:
Total gross real estate assets	$	10,352,011								$	10,352,011
Notes receivable, net(C)				$	125,173		$	(66,310	)	$	58,863

(A) Unallocated expenses consist of General and Administrative expenses, Interest Expense and Tax Expense as listed in the consolidated statements of operations.  

(B) Includes impairment charges of $14.3 million for the three months ended June 30, 2014, and $279.0 million and $16.7 million for the six months ended June 30, 2015 and 2014, respectively.  

(C) Amount includes loans to affiliates classified in Investments in and Advances to Joint Ventures on the consolidated balance sheets.  

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Schedule of Business Acquisitions

In the six months ended June 30, 2015, the Company acquired the following shopping centers (in millions):

Location	Date Acquired	Purchase Price		Face Value of Mortgage Debt Assumed
Orange County, CA(A)	March 2015	$	49.2	$	33.0
Orlando, FL	April 2015		33.0		—
Houston, TX	June 2015		69.8		—

(A) Acquired from joint venture partner (Note 2).

Schedule of Acquisition Cost of Shopping Centers

The fair value of the acquisitions was allocated as follows (in thousands):

				Weighted-Average Amortization Period (in Years)
Land	$	51,617		N/A
Buildings		97,702		(B)
Tenant improvements		3,834		(B)
In-place leases (including lease origination costs and fair market value of leases)(A)		11,325		7.9
Tenant relations		5,750		11.8
Other assets		1,252		N/A
		171,480
Less: Mortgage debt assumed at fair value		(33,735	)	N/A
Less: Below-market leases		(18,191	)	17.8
Less: Other liabilities assumed		(1,144	)	N/A
Net assets acquired	$	118,410

(A) Includes above-market leases of $0.2 million.

(B) Depreciated in accordance with the Company’s policy.

Consideration

Consideration:
Cash (including debt repaid at closing)	$	102,730
Gain on Change in Control of Interests		14,279
Carrying value of previously held equity interest		1,401
Total consideration	$	118,410

Unaudited Supplemental to Pro Forma Operating Data

The following unaudited supplemental pro forma operating data is presented for the three and six months ended June 30, 2015 and 2014, as if the acquisition of the interests in the properties acquired in 2015 and 2014 were completed on January 1, 2014.  The Gain on Change in Control of Interests related to the acquisition from an unconsolidated joint venture 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 (in thousands, except per share amounts):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	(Unaudited)				(Unaudited)
	2015		2014		2015			2014
Pro forma revenues	$	258,575	$	256,440	$	520,282		$	514,007
Pro forma income (loss) from continuing operations	$	7,946	$	65,377	$	(273,961	)	$	56,897
Pro forma net income (loss) attributable to common shareholders	$	13,170	$	65,114	$	(250,110	)	$	53,687
Basic earnings per share data:
Net income (loss) attributable to common shareholders	$	0.04	$	0.18	$	(0.70	)	$	0.15
Diluted earnings per share data:
Net income (loss) attributable to common shareholders	$	0.04	$	0.18	$	(0.70	)	$	0.15

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Acquisitions - Unaudited Supplemental to Pro Forma Operating Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition Pro Forma Information [Abstract]
Pro forma revenues	$ 258,575	$ 256,440	$ 520,282	$ 514,007
Pro forma income (loss) from continuing operations	7,946	65,377	(273,961)	56,897
Pro forma net income (loss) attributable to common shareholders	$ 13,170	$ 65,114	$ (250,110)	$ 53,687
Basic earnings per share data:
Net income (loss) attributable to common shareholders	$ 0.04	$ 0.18	$ (0.70)	$ 0.15
Diluted earnings per share data:
Net income (loss) attributable to common shareholders	$ 0.04	$ 0.18	$ (0.70)	$ 0.15

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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	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expenses from operations:
Operating expenses	$ 192,397	$ 197,705	$ 669,383	$ 394,470
Impairment charges	0	14,342	279,021	16,671
Depreciation and amortization	99,300	95,203	202,315	198,823
Interest expense	61,287	59,634	124,307	119,332
Other (income) expense, net	(2,368)	4,100	1,060	8,283
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes	8,353	68,720	(254,755)	49,104
Income tax expense (primarily Sonae Sierra Brasil), net	(573)	(642)	(5,473)	(1,327)
(Loss) income from continuing operations	7,780	68,078	(260,228)	47,777
Discontinued operations:
Loss from discontinued operations		858		(6,825)
Gain on disposition of real estate, net of tax		6,487		17,182
(Loss) income before gain on disposition of real estate	7,780	75,423	(260,228)	58,134
Loss on disposition of real estate, net	11,267	1,472	36,361	383
(Income) loss attributable to non-controlling interests, net	(449)	(878)	(1,322)	860
Net (loss) income attributable to DDR	18,598	76,017	(225,189)	59,377
Company's share of equity in net income of joint ventures	1,317	1,436	1,070	6,167
Basis differential adjustments	325	(305)	633	454
Equity in net income of joint ventures	1,642	1,131	1,703	6,621
Unconsolidated Joint Ventures [Member]
Condensed Combined Statements of Operations
Revenues from operations	133,066	112,141	270,666	248,641
Expenses from operations:
Operating expenses	48,414	39,195	99,396	87,002
Impairment charges	0	600	448	600
Depreciation and amortization	51,482	34,517	108,219	75,730
Interest expense	33,593	41,787	74,496	91,844
Other (income) expense, net	217	(252)	584	2,790
Total expenses	133,706	115,847	283,143	257,966
(Loss) income before tax expense of taxable REIT subsidiaries and state franchise and income taxes	(640)	(3,706)	(12,477)	(9,325)
Income tax expense (primarily Sonae Sierra Brasil), net	0	(2,425)	0	(6,565)
(Loss) income from continuing operations	(640)	(6,131)	(12,477)	(15,890)
Discontinued operations:
Loss from discontinued operations	0	(1,695)	0	(4,187)
Gain on disposition of real estate, net of tax	0	2,038	0	23,511
(Loss) income before gain on disposition of real estate	(640)	(5,788)	(12,477)	3,434
Loss on disposition of real estate, net	(1,358)	0	(1,571)	0
Net (loss) income	(1,998)	(5,788)	(14,048)	3,434
(Income) loss attributable to non-controlling interests, net	0	(535)	0	(2,023)
Net (loss) income attributable to DDR	$ (1,998)	$ (6,323)	$ (14,048)	$ 1,411

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 19,047	$ 76,895	$ (223,867)	$ 58,517
Other comprehensive income (loss):
Foreign currency translation	85	2,477	(219)	8,383
Reclassification adjustment for foreign currency translation included in net income	0	19,715	0	19,715
Change in fair value of interest-rate contracts	417	(2,225)	320	(2,464)
Change in cash flow hedges reclassed to earnings	154	118	829	236
Reclassification adjustment for realized gains on available-for-sale securities included in net income	0	(410)	0	(840)
Unrealized losses on available-for-sale securities	0	(206)	0	(467)
Total other comprehensive income	656	19,469	930	24,563
Comprehensive income (loss)	19,703	96,364	(222,937)	83,080
Comprehensive (income) loss attributable to non-controlling interests:
(Income) loss attributable to non-controlling interests, net	(449)	(878)	(1,322)	860
Foreign currency translation	(104)	(376)	285	(13)
Total comprehensive (income) loss attributable to non-controlling interests	(553)	(1,254)	(1,037)	847
Total comprehensive income (loss) attributable to DDR	$ 19,150	$ 95,110	$ (223,974)	$ 83,927

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Acquisitions

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

In the six months ended June 30, 2015, the Company acquired the following shopping centers (in millions):

Location	Date Acquired	Purchase Price		Face Value of Mortgage Debt Assumed
Orange County, CA(A)	March 2015	$	49.2	$	33.0
Orlando, FL	April 2015		33.0		—
Houston, TX	June 2015		69.8		—

(A) Acquired from joint venture partner (Note 2).

The fair value of the acquisitions was allocated as follows (in thousands):

				Weighted-Average Amortization Period (in Years)
Land	$	51,617		N/A
Buildings		97,702		(B)
Tenant improvements		3,834		(B)
In-place leases (including lease origination costs and fair market value of leases)(A)		11,325		7.9
Tenant relations		5,750		11.8
Other assets		1,252		N/A
		171,480
Less: Mortgage debt assumed at fair value		(33,735	)	N/A
Less: Below-market leases		(18,191	)	17.8
Less: Other liabilities assumed		(1,144	)	N/A
Net assets acquired	$	118,410

(A) Includes above-market leases of $0.2 million.

(B) Depreciated in accordance with the Company’s policy.

Consideration:
Cash (including debt repaid at closing)	$	102,730
Gain on Change in Control of Interests		14,279
Carrying value of previously held equity interest		1,401
Total consideration	$	118,410

The costs related to the acquisition of these assets were expensed as incurred and included in Other Income (Expense), Net.  Included in the Company’s consolidated statements of operations are $2.1 million and $1.9 million in total revenues from the date of acquisition through June 30, 2015 and 2014, respectively, for the acquired properties.

Pro Forma Information

The following unaudited supplemental pro forma operating data is presented for the three and six months ended June 30, 2015 and 2014, as if the acquisition of the interests in the properties acquired in 2015 and 2014 were completed on January 1, 2014.  The Gain on Change in Control of Interests related to the acquisition from an unconsolidated joint venture 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 (in thousands, except per share amounts):

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	(Unaudited)				(Unaudited)
	2015		2014		2015			2014
Pro forma revenues	$	258,575	$	256,440	$	520,282		$	514,007
Pro forma income (loss) from continuing operations	$	7,946	$	65,377	$	(273,961	)	$	56,897
Pro forma net income (loss) attributable to common shareholders	$	13,170	$	65,114	$	(250,110	)	$	53,687
Basic earnings per share data:
Net income (loss) attributable to common shareholders	$	0.04	$	0.18	$	(0.70	)	$	0.15
Diluted earnings per share data:
Net income (loss) attributable to common shareholders	$	0.04	$	0.18	$	(0.70	)	$	0.15

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Financial Instruments - Items Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Financial Instruments	$ (3.4)	$ (4.3)
Marketable Securities	3.6	3.7
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Financial Instruments	0.0	0.0
Marketable Securities	3.6	3.7
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Financial Instruments	(3.4)	(4.3)
Marketable Securities	0.0	0.0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Financial Instruments	0.0	0.0
Marketable Securities	$ 0.0	$ 0.0

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Earnings Per Share - Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income (Loss) from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Continuing Operations:
Income (loss) from continuing operations	$ 7,780	$ 68,078	$ (260,228)	$ 47,777
Plus: Gain on disposition of real estate	11,267	1,472	36,361	383
Plus: Income attributable to non-controlling interests	(449)	(347)	(1,322)	(501)
Less: Write-off of preferred share original issuance costs	0	(1,943)	0	(1,943)
Less: Preferred dividends	(5,594)	(6,259)	(11,188)	(12,867)
Less: Earnings attributable to unvested shares and operating partnership units	(420)	(464)	(868)	(777)
Income (loss) from continuing operations	12,584	60,537	(237,245)	32,072
Discontinued operations:
Income from discontinued operations	0	7,345	0	10,357
Plus: (Income) loss attributable to non-controlling interests	0	(531)	0	1,361
Net income (loss) attributable to common shareholders after allocation to participating securities	$ 12,584	$ 67,351	$ (237,245)	$ 43,790
Denominators – Number of Shares
Basic—Average shares outstanding	360,073	357,812	359,914	357,717
Effect of dilutive securities:
Senior convertible notes	3,631	0	0	0
Stock options	443	483	0	459
Diluted—Average shares outstanding	364,147	358,295	359,914	358,176
Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	$ 0.03	$ 0.17	$ (0.66)	$ 0.09
Income from discontinued operations attributable to common shareholders	0	0.02	0	0.03
Net income (loss) attributable to common shareholders	0.03	0.19	(0.66)	0.12
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common shareholders	0.03	0.17	(0.66)	0.09
Income from discontinued operations attributable to common shareholders	0	0.02	0	0.03
Net income (loss) attributable to common shareholders	$ 0.03	$ 0.19	$ (0.66)	$ 0.12

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Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Components of Notes Receivable

Notes receivable consisted of the following (in thousands):

	June 30, 2015		December 31, 2014
Loans receivable	$	46,761	$	52,444
Other		543		3,801
	$	47,304	$	56,245

Loans Receivable on Real Estate

The following table reconciles the loans receivable on real estate for the six months ended June 30, 2015 and 2014 (in thousands):

	2015			2014
Balance at January 1	$	52,444		$	72,218
Additions:
Interest		—			810
Accretion of discount		483			457
Deductions:
Payments of principal and interest		(6,166	)		(232	)
Other		—			(20,550	)
Balance at June 30	$	46,761		$	52,703

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Segment Information - Company's Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting [Abstract]
Impairment charges	$ 0	$ 14,342	$ 279,021	$ 16,671

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Nature of Business and Financial Statement Presentation - Schedule of Fee and Other Income from Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Management and other fee income	$ 8,400	$ 7,900	$ 16,500	$ 16,100
Ancillary and other property income	4,700	5,900	8,800	12,100
Lease termination fees	1,400	2,000	1,600	3,300
Other	100	200	300	400
Total fee and other income	$ 14,567	$ 15,990	$ 27,230	$ 31,874

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Earnings Per Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

13. Earnings Per Share

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“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 Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
Numerators – Basic and Diluted
Continuing Operations:
Income (loss) from continuing operations	$	7,780		$	68,078		$	(260,228	)	$	47,777
Plus: Gain on disposition of real estate		11,267			1,472			36,361			383
Plus: Income attributable to non-controlling interests		(449	)		(347	)		(1,322	)		(501	)
Less: Write-off of preferred share original issuance costs		—			(1,943	)		—			(1,943	)
Less: Preferred dividends		(5,594	)		(6,259	)		(11,188	)		(12,867	)
Less: Earnings attributable to unvested shares and operating    partnership units		(420	)		(464	)		(868	)		(777	)
Income (loss) from continuing operations		12,584			60,537			(237,245	)		32,072
Discontinued Operations:
Income from discontinued operations		—			7,345			—			10,357
Plus: (Income) loss attributable to non-controlling interests		—			(531	)		—			1,361
Net income (loss) attributable to common shareholders after allocation    to participating securities	$	12,584		$	67,351		$	(237,245	)	$	43,790
Denominators – Number of Shares
Basic—Average shares outstanding		360,073			357,812			359,914			357,717
Effect of dilutive securities:
Senior convertible notes		3,631			—			—			—
Stock options		443			483			—			459
Diluted—Average shares outstanding		364,147			358,295			359,914			358,176
Basic Earnings Per Share:
Income (loss) from continuing operations attributable to common    shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common    shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12
Diluted Earnings Per Share:
Income (loss) from continuing operations attributable to common    shareholders	$	0.03		$	0.17		$	(0.66	)	$	0.09
Income from discontinued operations attributable to common    shareholders		—			0.02			—			0.03
Net income (loss) attributable to common shareholders	$	0.03		$	0.19		$	(0.66	)	$	0.12

The following potentially dilutive securities were considered in the calculation of EPS:

Potentially Dilutive Securities

· The Company’s senior convertible notes due 2040 were not included in the computation of diluted EPS for the six months ended June 30, 2015, due to the Company’s loss from continuing operations and for the three and six months ended June 30, 2014, because the Company’s common share priced did not exceed the conversion price in these periods.  The senior convertible notes due 2040 are considered a dilutive security for the computation of diluted EPS for the three months ended June 30, 2015 because the average price of the Company’s stock for the quarter ended exceeded the conversion price at June 30, 2015.  In accordance with the terms specified in the governing documents, the senior convertible notes are convertible into common shares of the Company during the subsequent quarter if the Company’s trading price exceeds 125% of the conversion rate ($14.59 at June 30, 2015), for at least 20 trading days (whether consecutive or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the fiscal quarter.  These notes were not convertible at June 30, 2015.

· Shares subject to issuance under the Company’s 2013 VSEP were not considered in the computation of diluted EPS for the three and six months ended June 30, 2015 and 2014 because the calculation was anti-dilutive.

· At June 30, 2015 and 2014, the Company had 1,441,890 OP Units outstanding (Note 15).  The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive.  

Common Shares

Common share dividends declared per share were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2015		2014		2015		2014
Common share dividends declared per share	$	0.1725	$	0.155	$	0.345	$	0.310