DDR Corp.
Income Statement: Consolidated Interests
|
|
|
|
|
$ in thousands,
except per share
|
|
|
|
|
3Q16
|
|
3Q15
|
|
9M16
|
|
9M15
|
Revenues:
|
|
|
|
|
|
|
|
Minimum rents
(1)
|
$177,844
|
|
$180,523
|
|
$533,275
|
|
$540,583
|
Percentage
rent
|
1,193
|
|
835
|
|
4,783
|
|
3,592
|
Recoveries
|
59,743
|
|
61,915
|
|
182,718
|
|
188,016
|
Other property
revenues (2)
|
6,458
|
|
5,614
|
|
16,563
|
|
16,379
|
|
245,238
|
|
248,887
|
|
737,339
|
|
748,570
|
Expenses
(3):
|
|
|
|
|
|
|
|
Operating and
maintenance
|
31,269
|
|
35,963
|
|
102,365
|
|
110,718
|
Real estate
taxes
|
36,900
|
|
37,385
|
|
110,710
|
|
112,811
|
|
68,169
|
|
73,348
|
|
213,075
|
|
223,529
|
|
|
|
|
|
|
|
|
Net operating
income
|
177,069
|
|
175,539
|
|
524,264
|
|
525,041
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Fee income
|
8,562
|
|
8,248
|
|
28,205
|
|
24,713
|
Interest
income
|
9,304
|
|
7,331
|
|
27,800
|
|
21,703
|
Interest expense
(4)
|
(53,940)
|
|
(58,217)
|
|
(165,849)
|
|
(182,524)
|
Depreciation and
amortization
|
(95,451)
|
|
(97,155)
|
|
(290,051)
|
|
(299,470)
|
General and
administrative (5)
|
(18,785)
|
|
(17,596)
|
|
(55,160)
|
|
(55,462)
|
Other income
(expense), net (6)
|
(384)
|
|
(240)
|
|
3,470
|
|
(1,300)
|
Impairment charges
(7)
|
(104,877)
|
|
0
|
|
(104,877)
|
|
(279,021)
|
(Loss) income before
earnings from JVs and other
|
(78,502)
|
|
17,910
|
|
(32,198)
|
|
(246,320)
|
|
|
|
|
|
|
|
|
Equity in net (loss)
income of JVs
|
(1,457)
|
|
648
|
|
14,081
|
|
2,351
|
(Loss) gain on sale
and change in control
|
(1,087)
|
|
0
|
|
(1,087)
|
|
7,772
|
Tax
expense
|
(398)
|
|
(528)
|
|
(1,101)
|
|
(6,001)
|
Gain on disposition
of real estate, net
|
21,368
|
|
41,793
|
|
47,470
|
|
78,154
|
Net (loss)
income
|
(60,076)
|
|
59,823
|
|
27,165
|
|
(164,044)
|
Non-controlling
interests
|
(284)
|
|
(268)
|
|
(894)
|
|
(1,590)
|
Net (loss) income
DDR
|
(60,360)
|
|
59,555
|
|
26,271
|
|
(165,634)
|
Preferred
dividends
|
(5,594)
|
|
(5,594)
|
|
(16,781)
|
|
(16,781)
|
Net (loss) income
Common Shareholders
|
(65,954)
|
|
53,961
|
|
9,490
|
|
(182,415)
|
Depreciation and
amortization of real estate
|
93,334
|
|
95,159
|
|
283,814
|
|
293,265
|
Equity in net loss
(income) of JVs
|
1,457
|
|
(648)
|
|
(14,081)
|
|
(2,351)
|
JVs' FFO
|
6,581
|
|
6,595
|
|
19,157
|
|
21,114
|
Non-controlling
interests
|
76
|
|
69
|
|
227
|
|
566
|
Impairment of
depreciable real estate
|
104,877
|
|
0
|
|
104,877
|
|
179,748
|
Gain on disposition
of depreciable real estate, net
|
(20,234)
|
|
(41,734)
|
|
(48,484)
|
|
(78,282)
|
FFO Common
Shareholders
|
120,137
|
|
113,402
|
|
355,000
|
|
231,645
|
Non-operating items,
net (8)
|
499
|
|
136
|
|
2,306
|
|
100,423
|
Operating
FFO
|
$120,636
|
|
$113,538
|
|
$357,306
|
|
$332,068
|
FFO per share
– Diluted (9)
|
$0.33
|
|
$0.31
|
|
$0.97
|
|
$0.64
|
Operating FFO per
share – Diluted (9)
|
$0.33
|
|
$0.31
|
|
$0.98
|
|
$0.91
|
|
|
|
|
DDR
Corp. Balance Sheet: Consolidated
Interests
|
|
|
|
|
|
|
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period
End
|
|
|
|
|
|
3Q16
|
|
4Q15
|
Assets:
|
|
|
|
|
|
|
|
Land
|
|
|
|
|
$2,122,070
|
|
$2,184,145
|
Buildings
|
|
|
|
|
6,890,141
|
|
6,965,632
|
Fixtures and tenant
improvements
|
|
|
|
|
773,664
|
|
743,037
|
|
|
|
|
|
9,785,875
|
|
9,892,814
|
Depreciation
|
|
|
|
|
(2,174,268)
|
|
(2,062,899)
|
|
|
|
|
|
7,611,607
|
|
7,829,915
|
Construction in
progress and land
|
|
|
|
|
125,557
|
|
235,385
|
Real estate,
net
|
|
|
|
|
7,737,164
|
|
8,065,300
|
|
|
|
|
|
|
|
|
Investments in
JVs
|
|
|
|
|
58,318
|
|
72,576
|
Receivable –
preferred equity interest
|
|
|
|
|
402,291
|
|
395,156
|
Cash
|
|
|
|
|
20,658
|
|
22,416
|
Restricted
cash
|
|
|
|
|
12,696
|
|
10,104
|
Notes receivable,
net
|
|
|
|
|
44,823
|
|
42,534
|
Receivables,
net
|
|
|
|
|
127,249
|
|
129,089
|
Other assets, net
(10)
|
|
|
|
|
317,817
|
|
359,913
|
Total
Assets
|
|
|
|
|
8,721,016
|
|
9,097,088
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
Revolving credit
facilities
|
|
|
|
|
310,000
|
|
210,000
|
Unsecured
debt
|
|
|
|
|
2,912,247
|
|
3,149,188
|
Unsecured term
loan
|
|
|
|
|
398,284
|
|
397,934
|
Secured
debt
|
|
|
|
|
1,345,848
|
|
1,382,415
|
|
|
|
|
|
4,966,379
|
|
5,139,537
|
Dividends
payable
|
|
|
|
|
75,158
|
|
68,604
|
Other liabilities
(11)
|
|
|
|
|
398,829
|
|
425,478
|
Total
Liabilities
|
|
|
|
|
5,440,366
|
|
5,633,619
|
|
|
|
|
|
|
|
|
Preferred
shares
|
|
|
|
|
350,000
|
|
350,000
|
Common
shares
|
|
|
|
|
36,594
|
|
36,529
|
Paid-in
capital
|
|
|
|
|
5,480,292
|
|
5,466,511
|
Distributions in
excess of net income
|
|
|
|
|
(2,590,837)
|
|
(2,391,793)
|
Deferred
compensation
|
|
|
|
|
15,332
|
|
15,537
|
Other comprehensive
income
|
|
|
|
|
(4,484)
|
|
(6,283)
|
Common shares in
treasury at cost
|
|
|
|
|
(14,826)
|
|
(15,316)
|
Non-controlling
interests
|
|
|
|
|
8,579
|
|
8,284
|
Total
Equity
|
|
|
|
|
3,280,650
|
|
3,463,469
|
|
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
|
|
|
$8,721,016
|
|
$9,097,088
|
|
|
|
|
DDR Corp.
Income Statement: Unconsolidated Interests at
100%
|
|
|
|
|
|
|
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
3Q16
|
|
3Q15
|
|
9M16
|
|
9M15
|
Revenues:
|
|
|
|
|
|
|
|
Minimum
rents
|
$96,856
|
|
$95,218
|
|
$290,391
|
|
$297,392
|
Percentage
rent
|
503
|
|
383
|
|
1,407
|
|
1,325
|
Recoveries
|
28,875
|
|
28,772
|
|
89,156
|
|
90,234
|
Other property
revenues
|
1,442
|
|
2,325
|
|
3,522
|
|
8,413
|
|
127,676
|
|
126,698
|
|
384,476
|
|
397,364
|
Expenses:
|
|
|
|
|
|
|
|
Operating and
maintenance
|
17,337
|
|
18,320
|
|
54,980
|
|
57,635
|
Real estate
taxes
|
18,210
|
|
17,118
|
|
55,196
|
|
52,859
|
|
35,547
|
|
35,438
|
|
110,176
|
|
110,494
|
|
|
|
|
|
|
|
|
Net operating
income
|
92,129
|
|
91,260
|
|
274,300
|
|
286,870
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(33,567)
|
|
(33,202)
|
|
(100,208)
|
|
(107,698)
|
Depreciation and
amortization
|
(47,955)
|
|
(49,949)
|
|
(146,011)
|
|
(158,168)
|
Impairment
charges
|
(13,598)
|
|
0
|
|
(13,598)
|
|
(448)
|
Preferred share
expense
|
(8,438)
|
|
(6,518)
|
|
(25,007)
|
|
(19,248)
|
Other (expense)
income, net
|
(5,829)
|
|
(6,309)
|
|
(17,959)
|
|
(18,503)
|
|
(17,258)
|
|
(4,718)
|
|
(28,483)
|
|
(17,195)
|
Gain (loss) on
disposition of real estate, net
|
658
|
|
(2,626)
|
|
54,255
|
|
(4,197)
|
Net (loss) income
attributable to unconsolidated JVs
|
(16,600)
|
|
(7,344)
|
|
25,772
|
|
(21,392)
|
Depreciation and
amortization
|
47,955
|
|
49,949
|
|
146,011
|
|
158,168
|
Impairment of
depreciable real estate
|
13,598
|
|
0
|
|
13,598
|
|
448
|
(Gain) loss on
disposition of depreciable real estate, net
|
(658)
|
|
2,626
|
|
(54,255)
|
|
4,197
|
FFO
|
44,295
|
|
45,231
|
|
131,126
|
|
141,421
|
FFO at DDR's
ownership interests
|
6,581
|
|
6,595
|
|
19,157
|
|
21,114
|
Operating FFO at
DDR's ownership interests (8)
|
$6,587
|
|
$6,639
|
|
$19,183
|
|
$21,162
|
|
|
|
|
|
|
|
|
|
|
DDR Corp.
Balance Sheet: Unconsolidated Interests at
100%
|
|
$ in
thousands
|
|
|
|
|
|
|
|
|
|
|
At Period
End
|
|
|
|
|
|
3Q16
|
|
4Q15
|
Assets:
|
|
|
|
|
|
|
|
Land
|
|
|
|
|
$1,296,413
|
|
$1,343,889
|
Buildings
|
|
|
|
|
3,398,184
|
|
3,551,227
|
Improvements
|
|
|
|
|
198,657
|
|
191,581
|
|
|
|
|
|
4,893,254
|
|
5,086,697
|
Depreciation
|
|
|
|
|
(854,821)
|
|
(817,235)
|
|
|
|
|
|
4,038,433
|
|
4,269,462
|
Land held for
development and construction in progress
|
|
|
|
|
51,967
|
|
52,390
|
Real estate,
net
|
|
|
|
|
4,090,400
|
|
4,321,852
|
Cash and restricted
cash
|
|
|
|
|
76,447
|
|
58,916
|
Receivables,
net
|
|
|
|
|
50,461
|
|
52,768
|
Other assets,
net
|
|
|
|
|
268,726
|
|
318,546
|
Total
Assets
|
|
|
|
|
4,486,034
|
|
4,752,082
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
Mortgage
debt
|
|
|
|
|
3,095,354
|
|
3,177,603
|
Notes and accrued
interest payable to DDR
|
|
|
|
|
2,481
|
|
1,556
|
Other
liabilities
|
|
|
|
|
216,229
|
|
219,799
|
Total
Liabilities
|
|
|
|
|
3,314,064
|
|
3,398,958
|
|
|
|
|
|
|
|
|
Redeemable preferred
equity
|
|
|
|
|
402,291
|
|
395,156
|
Accumulated
equity
|
|
|
|
|
769,679
|
|
957,968
|
Total Liabilities
and Equity
|
|
|
|
|
$4,486,034
|
|
$4,752,082
|
|
|
DDR Corp.
Financial Statements: Footnotes
|
|
$ in millions, except
per share
|
|
|
|
|
3Q16
|
|
3Q15
|
|
9M16
|
|
9M15
|
|
|
|
|
|
|
|
|
|
(1)
|
Minimum
rents:
|
|
|
|
|
|
|
|
|
Straight-line rent,
net
|
$1.1
|
|
$1.6
|
|
$3.7
|
|
$3.8
|
|
Below-market rent,
net
|
2.2
|
|
1.0
|
|
3.6
|
|
2.2
|
|
Ground lease
revenue
|
10.3
|
|
9.5
|
|
30.6
|
|
27.9
|
|
|
|
|
|
|
|
|
|
(2)
|
Other property
revenues:
|
|
|
|
|
|
|
|
|
Lease termination
fees
|
1.7
|
|
0.7
|
|
3.2
|
|
2.3
|
|
|
|
|
|
|
|
|
|
(3)
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Recoverable
expenses
|
(62.8)
|
|
(66.9)
|
|
(194.0)
|
|
(204.1)
|
|
Non-recoverable
expenses
|
(5.4)
|
|
(6.4)
|
|
(19.1)
|
|
(19.4)
|
|
Straight-line ground
rent expense
|
(0.1)
|
|
(0.1)
|
|
(0.3)
|
|
(0.4)
|
|
Expensed costs of
suspended developments
|
(0.1)
|
|
(0.1)
|
|
(0.3)
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
(4)
|
Non-cash interest
expense:
|
|
|
|
|
|
|
|
|
Debt fair value
amortization
|
1.6
|
|
3.0
|
|
4.7
|
|
12.7
|
|
Loan cost
amortization
|
(2.1)
|
|
(2.4)
|
|
(6.3)
|
|
(7.3)
|
|
Interest expense
(capitalized)
|
0.7
|
|
1.9
|
|
2.6
|
|
5.1
|
|
|
|
|
|
|
|
|
|
(5)
|
General and
administrative expenses:
|
|
|
|
|
|
|
|
|
Executive separation
charges
|
(0.0)
|
|
(0.0)
|
|
(0.0)
|
|
(2.3)
|
|
Stock compensation
expenses
|
(1.4)
|
|
(1.5)
|
|
(4.7)
|
|
(5.2)
|
|
Internal leasing
expenses
|
(2.0)
|
|
(1.8)
|
|
(6.1)
|
|
(5.5)
|
|
Construction
administrative costs (capitalized)
|
1.8
|
|
2.3
|
|
5.7
|
|
7.0
|
|
|
|
|
|
|
|
|
|
(6)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Other income
(primarily insurance recovery in 2016), net
|
0.0
|
|
(0.2)
|
|
3.9
|
|
(0.4)
|
|
Debt extinguishment,
net
|
(0.4)
|
|
(0.0)
|
|
(0.4)
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
(7)
|
Impairment
charges:
|
|
|
|
|
|
|
|
|
Assets marketed for
sale
|
(104.9)
|
|
(0.0)
|
|
(104.9)
|
|
(179.7)
|
|
Land previously held
for development
|
(0.0)
|
|
(0.0)
|
|
(0.0)
|
|
(99.3)
|
|
|
|
|
|
|
|
|
|
(8)
|
Non-operating
items excluded from Operating FFO:
|
|
|
|
|
|
|
|
|
Impairment charges –
non-depreciable assets
|
0.0
|
|
0.0
|
|
0.0
|
|
99.3
|
|
Executive separation
charges
|
0.0
|
|
0.0
|
|
0.0
|
|
2.3
|
|
Transaction, debt
extinguishment, litigation, other, net
|
0.5
|
|
0.1
|
|
0.5
|
|
1.6
|
|
Gain on sale and
change in control of interests, net
|
0.0
|
|
0.0
|
|
0.0
|
|
(7.8)
|
|
Tax expense
(primarily Puerto Rico restructuring), net
|
0.0
|
|
0.0
|
|
(0.3)
|
|
4.4
|
|
Loss on disposition
of non-depreciable real estate, net
|
0.0
|
|
0.0
|
|
2.1
|
|
0.6
|
|
|
0.5
|
|
0.1
|
|
2.3
|
|
100.4
|
|
|
|
|
|
|
|
|
|
|
|
DDR Corp.
Financial Statements: Footnotes
|
|
$ in millions, except
per share
|
|
3Q16
|
|
3Q15
|
|
9M16
|
|
9M15
|
|
|
|
|
|
|
|
|
|
(9)
|
Outstanding per
share information:
|
|
|
|
|
|
|
|
|
Common shares (at
quarter end)
|
365.9
|
|
362.1
|
|
365.9
|
|
362.1
|
|
OP units (at quarter
end)
|
0.4
|
|
0.4
|
|
0.4
|
|
0.4
|
|
Total shares and
units (at quarter end)
|
366.3
|
|
362.5
|
|
366.3
|
|
362.5
|
|
Weighted average
shares and units – Basic – EPS
|
365.5
|
|
361.1
|
|
365.1
|
|
360.3
|
|
Assumed conversion of
dilutive securities
|
0.0
|
|
2.5
|
|
0.3
|
|
0.0
|
|
Weighted average
shares and units – Diluted – EPS
|
365.5
|
|
363.6
|
|
365.4
|
|
360.3
|
|
Weighted average
shares and units – Basic – FFO & OFFO
|
366.2
|
|
362.5
|
|
365.9
|
|
362.4
|
|
Assumed conversion of
dilutive securities
|
0.3
|
|
0.4
|
|
0.3
|
|
0.5
|
|
Weighted average
shares and units – Diluted – FFO & OFFO
|
366.5
|
|
362.9
|
|
366.2
|
|
362.9
|
|
Earnings per common
share – Basic & Diluted
|
$(0.18)
|
|
$0.15
|
|
$0.02
|
|
$(0.51)
|
|
FFO per share – Basic
& Diluted
|
$0.33
|
|
$0.31
|
|
$0.97
|
|
$0.64
|
|
Operating FFO per
share – Diluted
|
$0.33
|
|
$0.31
|
|
$0.98
|
|
$0.91
|
|
Common stock
dividends declared, per share
|
$0.19
|
|
$0.1725
|
|
$0.57
|
|
$0.5175
|
|
|
|
|
|
|
|
|
|
(10)
|
Intangible assets,
net (at quarter and year end)
|
|
|
|
|
265.6
|
|
311.0
|
|
|
|
|
|
|
|
|
|
(11)
|
Below-market
leases, net (at quarter and year end)
|
|
|
|
|
151.7
|
|
155.3
|
|
|
|
|
|
|
|
|
|
Additional
financial information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures (DDR share):
|
|
|
|
|
|
|
|
|
Retenanting
|
$8.8
|
|
$13.4
|
|
$25.0
|
|
$36.1
|
|
Maintenance –
reimbursable and non reimbursable
|
7.9
|
|
7.4
|
|
14.9
|
|
13.3
|
|
Maintenance PSF of
owned GLA – non reimbursable
|
|
|
|
|
0.10
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous
(DDR share):
|
|
|
|
|
|
|
|
|
Est. value of land
owned adjacent to existing centers
|
|
|
|
|
$24
|
|
|
|
Cost basis of
headquarters (non-income producing)
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
Reconciliation:
|
2016E
|
|
2016E
(Per Share –
Diluted)
|
|
Net income Common
Shareholders
|
$19 -
$24
|
|
$0.05 -
$0.06
|
|
Depreciation and
amortization of real estate
|
372 -
375
|
|
1.01
-1.02
|
|
Equity in net income
of JVs
|
(14) -(16)
|
|
(0.04)
|
|
JVs' FFO
|
25 -
27
|
|
0.07
|
|
Impairment of
depreciable real estate
|
105
|
|
0.29
|
|
Gain on disposition
of real estate, net
|
(48)
|
|
(0.13)
|
|
FFO
(NAREIT)
|
459 -
467
|
|
1.25 -
1.27
|
|
Loss on disposition
of non-depreciable real estate, net
|
2
|
|
0.01
|
|
Operating
FFO
|
$461 -
$469
|
|
$1.26 -
$1.28
|
|
|
|
DDR Corp.
Reconciliation of Net Income Attributable to DDR to Same Store NOI
(1)
|
|
$ in
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
At DDR
Share
|
|
3Q16
|
|
3Q15
|
|
3Q16
|
|
3Q15
|
GAAP
Reconciliation:
|
|
|
|
|
|
|
|
Net income
attributable to DDR
|
($60.4)
|
|
$59.6
|
|
($60.4)
|
|
$59.6
|
Fee income
|
(8.6)
|
|
(8.3)
|
|
(8.6)
|
|
(8.3)
|
Interest
income
|
(9.3)
|
|
(7.3)
|
|
(9.3)
|
|
(7.3)
|
Interest
expense
|
53.9
|
|
58.2
|
|
53.9
|
|
58.2
|
Depreciation and
amortization
|
95.5
|
|
97.2
|
|
95.5
|
|
97.2
|
General and
administrative
|
18.8
|
|
17.6
|
|
18.8
|
|
17.6
|
Other
expense
|
0.4
|
|
0.2
|
|
0.4
|
|
0.2
|
Impairment
charges
|
104.9
|
|
0.0
|
|
104.9
|
|
0.0
|
Equity in net income
of joint ventures
|
1.4
|
|
(0.7)
|
|
1.4
|
|
(0.7)
|
Loss on sale and
change in control
|
1.1
|
|
0.0
|
|
1.1
|
|
0.0
|
Tax
expense
|
0.4
|
|
0.5
|
|
0.4
|
|
0.5
|
Gain on disposition
of real estate
|
(21.3)
|
|
(41.8)
|
|
(21.3)
|
|
(41.8)
|
Income from
non-controlling interests
|
0.3
|
|
0.3
|
|
0.3
|
|
0.3
|
Consolidated
NOI
|
177.1
|
|
175.5
|
|
177.1
|
|
175.5
|
DDR's consolidated
JV
|
0.0
|
|
0.0
|
|
(0.4)
|
|
(0.4)
|
Consolidated NOI,
net of non-controlling interests
|
177.1
|
|
175.5
|
|
176.7
|
|
175.1
|
|
|
|
|
|
|
|
|
Net income from
unconsolidated joint ventures
|
(16.6)
|
|
(7.3)
|
|
(1.8)
|
|
0.3
|
Interest
expense
|
33.6
|
|
33.2
|
|
5.3
|
|
5.5
|
Depreciation and
amortization
|
48.0
|
|
49.9
|
|
5.6
|
|
6.2
|
Impairment
charges
|
13.6
|
|
0.0
|
|
2.7
|
|
0.0
|
Preferred share
expense
|
8.4
|
|
6.5
|
|
0.4
|
|
0.3
|
Other expense,
net
|
5.8
|
|
6.4
|
|
1.0
|
|
1.1
|
(Gain) loss on
disposition of real estate, net
|
(0.7)
|
|
2.6
|
|
0.0
|
|
0.1
|
Unconsolidated
NOI
|
92.1
|
|
91.3
|
|
13.2
|
|
13.5
|
|
|
|
|
|
|
|
|
Total Consolidated
+ Unconsolidated NOI
|
269.2
|
|
266.8
|
|
189.9
|
|
188.6
|
Less: Non-Same
Store NOI adjustments
|
29.9
|
|
35.2
|
|
24.6
|
|
28.8
|
Total
SSNOI
|
$239.3
|
|
$231.6
|
|
$165.3
|
|
$159.8
|
SSNOI %
Increase
|
3.3%
|
|
|
|
3.4%
|
|
|
|
|
(1)
|
Excludes major
redevelopment activity; see Investments section for additional
detail. See calculation definition in the Non-GAAP Measures
section.
|