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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ddr Corp. | NYSE:DDR | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.99 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
CLEVELAND, OH , the nation's leading owner, manager and developer of market-dominant shopping centers, today reported operating results for the second quarter ended June 30, 2008.
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-- Funds From Operations ("FFO") per diluted share was $0.82 and net
income per diluted share was $0.25 for the three-month period ended June
30, 2008, as compared to the prior-year comparable period of $1.26 and
$0.89, respectively. The decrease in FFO and net income per share for the
three-month period ended June 30, 2008, is primarily related to a reduction
in the amount of transactional income associated with gains on sale of real
estate in 2008 as compared to 2007.
-- FFO per diluted share was $1.65 and net income per diluted share was
$0.52 for the six-month period ended June 30, 2008, as compared to the
prior-year comparable period of $2.18 and $1.33, respectively. The
decrease in FFO and net income per share for the six-month period ended
June 30, 2008, is primarily related to the release of certain tax reserves
in the first quarter of 2007 and a reduction in the amount of transactional
income described above.
-- Executed leases during the second quarter totaled approximately 2.2
million square feet, including 173 new leases and 271 renewals.
-- On a cash basis, base rental rates increased 10.2% on new leases, 8.6%
on renewals and 8.9% overall.
-- Core portfolio leased percentage at June 30, 2008 was 95.5%.
-- Same store net operating income ("NOI") for the quarter increased 2.5%
over the prior-year comparable period.
Scott Wolstein, Developers Diversified's Chairman of the Board and Chief Executive Officer, commented, "We are pleased to announce this quarter's financial results, which reflect the consistency and stability of our portfolio and operating platform. Despite a challenging macro environment, the fundamentals of our business remain sound. We have addressed virtually all of our 2008 consolidated and joint venture maturities and are in discussions with lenders regarding our 2009 maturities as well."
Mr. Wolstein continued, "While we have refined our leasing development, investment and financing strategies to reflect a more conservative stance given current market conditions, we continue to see increasingly attractive investment opportunities. We are concentrating our investments in the highest yielding opportunities on a risk-adjusted basis with a focus towards maintaining considerable balance sheet strength at the same time. With that in mind, we are reaffirming our 2008 FFO per share guidance of $3.95 to $4.05 per share."
Financial Results:
Net income applicable to common shareholders was $29.4 million, or $0.25 per share (diluted and basic), for the three-month period ended June 30, 2008, as compared to $111.4 million, or $0.89 per share (diluted) and $0.90 per share (basic), for the prior-year comparable period. The decrease in net income for the three-month period ended June 30, 2008, is primarily related to a reduction in the amount of transactional income (gains on disposition of real estate of approximately $62.8 million and promoted income from joint venture interests of approximately $14.3 million) earned during the same period in 2007 and the transfer of 62 assets to unconsolidated joint venture interests and the sale of 61 assets to third parties in 2007.
For the three-month periods ended June 30, 2008 and 2007, FFO per share was $0.82 (diluted and basic) and $1.26 (diluted) and $1.27 (basic), respectively. FFO applicable to common shareholders was $99.1 million for the three-month period ended June 30, 2008, as compared to $159.3 million for the three-month period ended June 30, 2007. The decrease in FFO for the three-month period ended June 30, 2008, is primarily a result of the same factors impacting net income as described above.
Net income applicable to common shareholders was $62.2 million, or $0.52 per share (diluted and basic), for the six-month period ended June 30, 2008, as compared to $160.2 million, or $1.33 per share (diluted) and $1.34 per share (basic), for the prior-year comparable period. The decrease in net income for the six-month period ended June 30, 2008, is primarily related to the release of certain tax reserves in the first quarter of 2007, a reduction in the amount of transactional and promoted income and 2007 asset sales as described above.
For the six-month periods ended June 30, 2008 and 2007, FFO per share was $1.65 (diluted and basic) and $2.18 (diluted) and $2.19 (basic), respectively. FFO applicable to common shareholders was $198.7 million for the six-month period ended June 30, 2008, as compared to $265.4 million for the six-month period ended June 30, 2007. The decrease in FFO for the six-month period ended June 30, 2008, is primarily a result of the same factors impacting net income as described above.
FFO is a supplemental non-GAAP financial measurement used as a standard in the real estate industry and a widely accepted measure of real estate investment trust ("REIT") performance. Management believes that FFO provides an additional indicator of the financial performance of a REIT. The Company also believes that FFO more appropriately measures the core operations of the Company and provides a benchmark to its peer group. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles ("GAAP"), is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income computed in accordance with GAAP as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. FFO is defined and calculated by the Company as net income, adjusted to exclude: (i) preferred share dividends, (ii) gains from disposition of depreciable real estate property, except for those sold through the Company's merchant building program, which are presented net of taxes, (iii) extraordinary items and (iv) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles, equity income from joint ventures and equity income from minority equity investments and adding the Company's proportionate share of FFO from its unconsolidated joint ventures and minority equity investments, determined on a consistent basis. Other real estate companies may calculate FFO in a different manner. A reconciliation of net income to FFO is presented in the financial highlights section.
Leasing:
The following results from the second quarter ended June 30, 2008 highlight continued strong leasing activity throughout the portfolio:
-- Executed 173 new leases aggregating 0.7 million square feet and 271
renewals aggregating 1.5 million square feet.
-- On a cash basis, rental rates on new leases increased 10.2% and rental
rates on renewals increased 8.6%. Overall, rental rates for new leases and
renewals increased 8.9%.
-- Total portfolio average annualized base rent per occupied square foot,
excluding Brazil, as of June 30, 2008 was $12.41, as compared to $12.16 at
June 30, 2007.
-- Core portfolio leased rate was 95.5% as of June 30, 2008, as compared
to 95.9% at June 30, 2007.
Total annual recurring leasing capital expenditures for the Company and its joint ventures are estimated to be approximately $29 million ($0.25 per square foot of owned GLA) in 2008 calculated based on 100% of the funding.
Dispositions:
In the second quarter of 2008, the Company sold two shopping center assets, aggregating approximately 0.2 million square feet for aggregate sales proceeds of $19 million and recorded an aggregate gain of approximately $1.1 million.
Macquarie DDR Trust Share Purchase:
In February 2008, the Company began purchasing units of Macquarie DDR Trust ("MDT"), an Australian-based Listed Property Trust sponsored by Macquarie Bank Limited (ASX: MBL), an international investment bank, advisor and manager of specialized real estate funds. MDT is DDR's joint venture partner in the DDR Macquarie Fund LLC joint venture (the "Fund"). Through the combination of its purchase of the units in MDT and its direct and indirect ownership of the Fund, DDR has an approximate 20.3% economic interest in the Fund at June 30, 2008. Through June 30, 2008, the Company has purchased 62.9 million MDT units in open market transactions at an aggregate cost of approximately $29.3 million.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and consolidated joint venture shopping center projects under construction:
Expected Initial
Owned Net Cost Anchor
Location GLA ($Millions) Opening* Description
------------------ --------- --------- -------- ----------------
Ukiah (Mendocino),
California ** 227,500 $ 66.2 2H 10 Mixed Use
Guilford, Connecticut 146,396 47.6 2H 09 Lifestyle Center
Miami (Homestead), Florida 275,839 74.9 2H 08 Community Center
Miami, Florida 400,685 142.6 2H 06 Mixed Use
Boise (Nampa), Idaho 450,855 123.1 2H 07 Community Center
Boston (Norwood),
Massachusetts 72,340 25.5 2H 09 Community Center
Boston, Massachusetts
(Seabrook, New Hampshire) 215,905 57.5 2H 09 Community Center
Elmira (Horseheads), New York 350,987 53.0 1H 07 Community Center
Raleigh (Apex),
North Carolina (Promenade) 81,780 17.9 2H 09 Community Center
Austin (Kyle), Texas ** 443,092 77.2 2H 09 Community Center
--------- ---------
Total 2,665,379 $685.5
========= =========
* 1H = First Half, 2H = Second Half; either actual or anticipated
** Consolidated 50% Joint Venture
At June 30, 2008, approximately $423.9 million of costs were incurred in relation to the Company's ten wholly-owned and consolidated joint venture development projects under construction.
In addition to these current developments, the Company and its joint ventures intend to commence construction on various other developments, including several international projects. The Company has also identified several additional potential development opportunities. While there are no assurances any of these projects will be undertaken, they provide a source of potential development projects over the next several years. As of June 30, 2008, the projected unleveraged GAAP return on the Company's aggregate development and redevelopment pipeline is approximately 10%.
Unconsolidated Joint Venture Development:
The Company's unconsolidated joint ventures have the following shopping center projects under construction. At June 30, 2008, approximately $349.2 million of costs had been incurred in relation to these development projects.
DDR's
Effective Expected Initial
Ownership Owned Net Cost Anchor
Location Percentage GLA ($ Millions) Opening* Description
--------- ---------- --------- ---------- -------- ----------------
Kansas City
(Merriam), Kansas 20.0% 202,116 $ 46.8 2H 08 Community Center
Detroit (Bloomfield
Hills), Michigan 10.0% 882,197 192.5 2H 09 Lifestyle Center
Dallas (Allen),
Texas 10.0% 797,665 171.2 1H 08 Lifestyle Center
Manaus, Brazil 47.4% 477,630 119.3 1H 09 Enclosed Mall
--------- ----------
Total 2,359,608 $ 529.8
========= ==========
* 1H = First Half, 2H = Second Half; either actual or anticipated
Wholly-Owned and Consolidated Joint Venture Redevelopments and Expansions:
The Company is currently expanding/redeveloping the following wholly-owned and consolidated joint venture shopping centers at a projected aggregate net cost of approximately $122.1 million. At June 30, 2008, approximately $79.5 million of costs had been incurred in relation to these projects.
Property Description
--------------------------- -------------------------------------------
Miami (Plantation), Florida Redevelop shopping center to include Kohl's
and additional junior tenants
Chesterfield, Michigan Construct 25,400 sf of small shop space and
retail space
Fayetteville, North Carolina Redevelop 18,000 sf of small shop space and
construct an outparcel building
Akron (Stow), Ohio Redevelop former K-Mart space and develop
new out parcels
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company's unconsolidated joint ventures are currently expanding/redeveloping the following shopping centers at a projected net cost of $453.1 million, which includes original acquisition costs related to assets acquired for redevelopment. At June 30, 2008, approximately $396.4 million of costs had been incurred in relation to these projects. The following is a summary of these joint venture redevelopment and expansion projects:
DDR's
Effective
Ownership
Property Percentage Description
----------------------- ---------- --------------------------------------
Buena Park, California 20.0% Large-scale re-development of enclosed
mall to open-air format
Los Angeles Relocate Wal-Mart and redevelop
(Lancaster), California 21.0% former Wal-Mart space
Chicago Re-tenant former retail shop space
(Deer Park), Illinois 25.75% with junior tenant and construct
13,500 sf multi-tenant outparcel
building
Benton Harbor, Michigan 20.0% Construct 89,000 sf of anchor space
and retail shops
Kansas City, Missouri 20.0% Relocate retail shops and re-tenant
former retail shop space
Cincinnati, Ohio 18.0% Redevelop former JCPenney space
Developers Diversified Realty Corporation currently owns and manages approximately 730 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling approximately 157 million square feet. Developers Diversified Realty Corporation is a self-administered and self-managed REIT operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers.
A copy of the Company's Supplemental Financial/Operational package is available to all interested parties upon request at our corporate office to Michelle M. Dawson, Vice President of Investor Relations, Developers Diversified Realty Corporation, 3300 Enterprise Parkway, Beachwood, OH 44122 or on our Web site which is located at http://www.ddr.com.
Developers Diversified Realty Corporation 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 expectation for future periods. Although the Company believes that the expectations reflected in such 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 historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property, the loss of a major tenant, constructing properties or expansions that produce a desired yield on investment or inability to enter into definitive agreements with regard to our financing arrangements or our failure to satisfy conditions to the completion of these arrangements. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company's Form 10-K as of December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands - except per share data)
Three-Month Periods Six-Month Periods
Ended June 30, Ended June 30,
Revenues: 2008 2007 2008 2007
--------- --------- --------- ---------
Minimum rents (A) $ 159,452 $ 174,761 $ 319,870 $ 324,355
Percentage and overage rents
(A) 1,100 1,547 4,083 3,531
Recoveries from tenants 48,498 55,832 102,036 101,499
Ancillary and other property
income 6,328 4,250 10,982 8,940
Management, development and
other fee income 15,637 11,996 31,924 21,078
Other (B) 1,691 3,717 5,178 11,426
--------- --------- --------- ---------
232,706 252,103 474,073 470,829
--------- --------- --------- ---------
Expenses:
Operating and maintenance 34,985 34,658 71,738 61,884
Real estate taxes 28,138 30,233 55,740 55,986
General and
administrative © 21,333 19,161 42,047 40,678
Depreciation and amortization 59,809 54,313 116,769 106,350
--------- --------- --------- ---------
144,265 138,365 286,294 264,898
--------- --------- --------- ---------
Other income (expense):
Interest income 552 2,500 1,135 6,182
Interest expense (61,174) (73,554) (123,249) (133,947)
Other income (expense) (D) 98 (225) (400) (450)
--------- --------- --------- ---------
(60,524) (71,279) (122,514) (128,215)
--------- --------- --------- ---------
Income before equity in net
income of joint ventures,
minority equity interests,
income tax (expense) benefit
of taxable REIT subsidiaries
and franchise taxes,
discontinued operations and
gain on disposition of real
estate, net of tax 27,917 42,459 65,265 77,716
Equity in net income of joint
ventures (E) 12,555 21,602 19,943 27,883
Minority equity interests (F) (2,025) (7,876) (4,396) (13,715)
Income tax (expense) benefit of
taxable REIT subsidiaries and
franchise taxes (G) (307) 711 (1,353) 15,771
--------- --------- --------- ---------
Income from continuing
operations 38,140 56,896 79,459 107,655
Income from discontinued
operations (H) 879 16,529 617 22,296
--------- --------- --------- ---------
Income before gain on
disposition of real estate 39,019 73,425 80,076 129,951
Gain on disposition of real
estate, net of tax 908 54,012 3,275 60,022
--------- --------- --------- ---------
Net income $ 39,927 $ 127,437 $ 83,351 $ 189,973
========= ========= ========= =========
Net income applicable to common
shareholders $ 29,360 $ 111,429 $ 62,217 $ 160,173
========= ========= ========= =========
Funds From Operations ("FFO"):
Net income applicable to
common shareholders $ 29,360 $ 111,429 $ 62,217 $ 160,173
Depreciation and amortization
of real estate investments 57,279 54,136 111,641 106,584
Equity in net income of
joint ventures (E) (12,555) (21,602) (19,943) (27,883)
Joint ventures' FFO (E) 25,908 31,313 45,088 44,872
Minority equity interests
(OP Units) (F) 290 569 884 1,138
Gain on disposition of
depreciable real estate (1,133) (16,587) (1,151) (19,443)
--------- --------- --------- ---------
FFO applicable to common
shareholders 99,149 159,258 198,736 265,441
Preferred dividends 10,567 16,008 21,134 29,800
--------- --------- --------- ---------
FFO $ 109,716 $ 175,266 $ 219,870 $ 295,241
========= ========= ========= =========
Per share data:
Earnings per common share
Basic $ 0.25 $ 0.90 $ 0.52 $ 1.34
========= ========= ========= =========
Diluted $ 0.25 $ 0.89 $ 0.52 $ 1.33
========= ========= ========= =========
Dividends Declared $ 0.69 $ 0.66 $ 1.38 $ 1.32
========= ========= ========= =========
Funds From Operations -
Basic (I) $ 0.82 $ 1.27 $ 1.65 $ 2.19
========= ========= ========= =========
Funds From Operations -
Diluted (I) $ 0.82 $ 1.26 $ 1.65 $ 2.18
========= ========= ========= =========
Basic - average shares
outstanding (I) 119,390 124,455 119,269 119,681
========= ========= ========= =========
Diluted - average shares
outstanding (I) 119,568 125,926 119,481 121,317
========= ========= ========= =========
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands - except per share data)
(A) Increases in base and percentage rental revenues for the six-month
period ended June 30, 2008, as compared to the prior-year period,
aggregated $2.6 million, consisting of $4.1 million related to leasing
of core portfolio properties (an increase of 1.5% over the comparable
period in 2007), $18.4 million from the acquisition of assets and the
merger with Inland Retail Real Estate Trust, Inc. ("IRRETI"), $2.6
million related to developments and redevelopments and $0.7 million
from an increase in occupancy at the Company's business centers.
These amounts were offset by a decrease of $28.4 million due to the
disposition of properties in 2007 and 2008. Included in the rental
revenues for the six-month periods ended June 30, 2008 and 2007, is
approximately $4.9 million and $6.5 million, respectively, of revenue
resulting from the recognition of straight-line rents.
(B) Other income for the three- and six-month periods ended June 30, 2008
and 2007 was comprised of the following (in millions):
Three-Month Periods Six-Month Periods
Ended June 30, Ended June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Acquisition fees $ - $ - $ - $ 6.3
Lease termination fees 1.4 2.2 4.7 3.5
Financing fees - 1.4 - 1.4
Other miscellaneous 0.3 0.1 0.5 0.3
--------- --------- --------- ---------
$ 1.7 $ 3.7 $ 5.2 $ 11.5
========= ========= ========= =========
© General and administrative expenses include internal leasing salaries,
legal salaries and related expenses associated with the releasing of
space, which are charged to operations as incurred. For the six-month
periods ended June 30, 2008 and 2007, general and administrative
expenses were approximately 4.4% and 4.8%, respectively, of total
revenues, including joint venture revenues. For the six-month period
ended June 30, 2007, the Company recorded a charge of approximately
$4.1 million to general and administrative expense in connection with
the Company's former president's resignation as an executive officer.
Excluding this charge, general and administrative expenses were 4.3%
of total revenues for the six-month period ended June 30, 2007.
(D) Other income/expense primarily relates to a gain of $0.2 million from
the retirement of $3.425 million of the Company's Senior Notes offset
by abandoned acquisition and development project costs.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands - except per share data)
(E) The following is a summary of the combined operating results of the
Company's joint ventures:
Three-Month Periods Six-Month Periods
Ended June 30, Ended June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Revenues from operations (a) $ 236,506 $ 201,896 $ 474,703 $ 346,942
--------- --------- --------- ---------
Operating expense 79,648 65,217 160,591 113,638
Depreciation and amortization
of real estate investments 59,845 49,204 116,449 79,640
Interest expense 71,989 66,428 149,283 112,216
--------- --------- --------- ---------
211,482 180,849 426,323 305,494
--------- --------- --------- ---------
Income from operations before
tax expense and discontinued
operations 25,024 21,047 48,380 41,448
Income tax expense (2,865) (2,297) (6,645) (4,545)
(Loss) gain on disposition of
real estate (11) 93,089 (13) 93,089
Income (loss) from discontinued
operations, net of tax 101 (284) 115 (198)
Income on disposition of
discontinued operations, net
of tax - 1,080 - 738
Other income, net (b) 50,100 - 56,539 -
--------- --------- --------- ---------
Net income $ 72,349 $ 112,635 $ 98,376 $ 130,532
DDR ownership interests (c) $ 12,740 $ 21,747 $ 20,214 $ 28,257
FFO from joint ventures are summarized as follows:
Net income $ 72,349 $ 112,635 $ 98,376 $ 130,532
Loss (gain) on disposition of
real estate, including
discontinued operations 11 (91,441) 13 (91,441)
Depreciation and amortization
of real estate investments 59,845 49,215 116,449 79,837
---------- --------- ---------- ---------
$ 132,205 $ 70,409 $ 214,838 $ 118,928
========== ========= ========== =========
DDR ownership interests (c) $ 25,908 $ 31,313 $ 45,088 $ 44,872
========== ========= ========== =========
DDR joint venture distributions
received, net (d) $ 12,601 $ 55,476 $ 26,301 $ 65,694
========== ========= ========== =========
(a) Revenues for the three-month periods ended June 30, 2008 and
2007 included approximately $1.8 million and $2.1 million,
respectively, resulting from the recognition of straight-line rents
of which the Company's proportionate share was $0.3 million in both
2008 and 2007. Revenues for the six-month periods ended June 30,
2008 and 2007 included approximately $4.1 million and $3.7 million,
respectively, resulting from the recognition of straight-line rents
of which the Company's proportionate share was $0.5 million in both
2008 and 2007.
(b) Amount reflects equity in net income associated with a 50% owned
joint venture that owns 37 Mervyn's stores including the effects of
certain derivative instruments that are marked to market through
earnings from the Company's equity investment in MDT.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands - except per share data)
(c) The Company's share of joint venture net income was decreased by $0.2
million and $0.1 million for the three-month periods ended June 30,
2008 and 2007, respectively. The Company's share of joint venture
net income was decreased by $0.3 million and $0.4 million for the
six-month periods ended June 30, 2008 and 2007, respectively.
These adjustments reflect basis differences impacting amortization
and depreciation and gain on dispositions. During the three-month
period ended June 30, 2007, the Company received $13.6 million of
promoted income relating to the sale of assets from the DDR Markaz
Joint Venture which is included in the Company's proportionate share
of net income and FFO.
At June 30, 2008 and 2007, the Company owned joint venture interests,
excluding consolidated joint ventures, in 273 and 269 shopping center
properties, respectively. In addition, at June 30, 2008 and 2007, the
Company owned 44 and 46 shopping center sites formerly owned by
Service Merchandise, respectively, through its 20% owned joint
venture with Coventry II.
(d) Distributions may include funds received from asset sales and
refinancings in addition to ongoing operating distributions.
(F) Minority equity interests are comprised of the following:
Three-Month Six-Month
Periods Ended Periods Ended
June 30, June 30,
2008 2007 2008 2007
-------- -------- -------- --------
Minority equity interests $ 1,735 $ 1,399 $ 3,512 $ 2,887
Operating partnership units 290 569 884 1,138
Preferred operating partnership units - 5,908 - 9,690
-------- -------- -------- --------
$ 2,025 $ 7,876 $ 4,396 $ 13,715
======== ======== ======== ========
The preferred operating partnership units were redeemed in June 2007.
In June 2008, 0.5 million operating partnership units were converted
into an equivalent number of common shares of the Company.
(G) During the first quarter of 2007, the Company released to income
approximately $15.0 million of previously established valuation
allowances against certain deferred tax assets as management had
determined, due to several factors, that it is more likely than not
that the deferred tax asset will be realized. The release was
primarily due to the Company's increased use of its taxable REIT
subsidiaries relating to its merchant building program.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands - except per share data)
(H) The operating results relating to assets classified as discontinued
operations are summarized as follows:
Three-Month Six-Month
Periods Ended Periods Ended
June 30, June 30,
2008 2007 2008 2007
-------- -------- ------- --------
Revenues $ 354 $ 15,909 $ 1,003 $ 28,145
Expenses:
Operating 335 3,897 658 7,328
Interest, net 98 3,681 248 6,980
Depreciation 120 2,617 366 5,175
-------- -------- ------- --------
Total expenses 553 10,195 1,272 19,483
------- -------- ------- --------
(Loss) income before gain on
disposition of real estate (199) 5,714 (269) 8,662
Gain on disposition of real estate 1,078 10,815 886 13,634
------- -------- ------- --------
Net income $ 879 $ 16,529 $ 617 $ 22,296
(I) For purposes of computing FFO per share (basic), the weighted average
shares outstanding were adjusted to reflect the assumed conversion of
approximately 0.4 million and 0.9 million Operating Partnership Units
("OP Units") outstanding at June 30, 2008 and 2007, respectively,
into 0.8 million and 0.9 million common shares of the Company for the
three and six-month periods ended June 30, 2008 and 2007,
respectively, on a weighted average basis. The weighted average
diluted shares and OP Units outstanding, for purposes of computing
FFO, were approximately 120.8 million and 126.4 million for the
three-month periods ended June 30, 2008 and 2007, respectively, and
120.7 million and 121.6 million for the six-month periods ended
June 30, 2008 and 2007, respectively.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
June 30, December 31,
2008 (A) 2007 (A)
----------- -----------
Assets:
Real estate and rental property:
Land $ 2,099,882 $ 2,142,942
Buildings 5,958,173 5,933,890
Fixtures and tenant improvements 259,515 237,117
----------- -----------
8,317,570 8,313,949
Less: Accumulated depreciation (1,125,477) (1,024,048)
----------- -----------
7,192,093 7,289,901
Construction in progress 898,161 664,926
Assets held for sale - 5,796
----------- -----------
Real estate, net 8,090,254 7,960,623
Investments in and advances to joint ventures 689,313 638,111
Cash 47,847 49,547
Restricted cash 49,179 58,958
Notes receivable 40,423 18,557
Receivables, including straight-line rent, net 206,752 199,354
Other assets, net 149,985 164,666
----------- -----------
$ 9,273,753 $ 9,089,816
=========== ===========
Liabilities:
Indebtedness:
Revolving credit facilities $ 878,006 $ 709,459
Unsecured debt 2,519,225 2,622,219
Mortgage and other secured debt 2,414,051 2,259,336
----------- -----------
5,811,282 5,591,014
Dividends payable 89,951 85,851
Other liabilities 291,836 285,245
----------- -----------
6,193,069 5,962,110
Minority equity interests 148,658 128,881
Shareholders' equity 2,932,026 2,998,825
----------- -----------
$ 9,273,753 $ 9,089,816
=========== ===========
(A) Amounts include the consolidation of a 50% owned joint venture that
owns 37 sites occupied by DDR MDT MV LLC, which includes $405.8
million of real estate assets at June 30, 2008 and December 31, 2007,
$258.5 million of mortgage debt at June 30, 2008 and December 31,
2007, and $73.0 million and $74.6 million of minority equity interest
at June 30, 2008 and December 31, 2007, respectively.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company's joint ventures
are as follows:
June 30, December 31,
2008 2007
----------- -----------
Land $ 2,394,627 $ 2,384,069
Buildings 6,319,326 6,253,167
Fixtures and tenant improvements 125,567 101,115
----------- -----------
8,839,520 8,738,351
Less: Accumulated depreciation (517,321) (412,806)
----------- -----------
8,322,199 8,325,545
Construction in progress 309,291 207,387
Real estate, net 8,631,490 8,532,932
Receivables, including straight-line rent, net 144,490 124,540
Leasehold interests 13,195 13,927
Other assets 437,412 365,925
----------- -----------
$ 9,226,587 $ 9,037,324
=========== ===========
Mortgage debt (a) $ 5,697,730 $ 5,551,839
Notes and accrued interest payable to DDR 8,334 8,492
Other liabilities 224,583 201,083
----------- -----------
5,930,647 5,761,414
Accumulated equity 3,295,940 3,275,910
----------- -----------
$ 9,226,587 $ 9,037,324
=========== ===========
(a) The Company's proportionate share of joint venture debt aggregated
approximately $1,124.4 million and $1,034.1 million at June 30, 2008
and December 31, 2007, respectively.
Contact: Scott A. Wolstein Chairman and Chief Executive Officer 216-755-5500 Michelle M. Dawson Vice President of Investor Relations 216-755-5500 Email Contact
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