What DDR Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
At December 31, 2025, the Portfolio Properties included 19 shopping centers (including 11 centers owned through two unconsolidated joint ventures). At December 31, 2025, the Portfolio Properties aggregated 5.0 million square feet of Company-owned GLA located in 13 states.
At December 31, 2025, on a pro rata basis, the average annualized base rent per square foot was $22.61. The average annualized base rent of the Company’s eight wholly-owned shopping centers was $25.99 per square foot, and the average annualized base rent for the 11 shopping centers owned through unconsolidated joint ventures was $16.84 per square foot at 100%. The Company’s average annualized base rent per square foot does not consider tenant expense reimbursements.
The rest of Item 2
A significant number of the Company’s shopping centers are anchored by national tenant anchors and are comprised of tenants that typically cater to the consumer’s desire for value, service and convenience and offer day-to-day necessities rather than luxury items. The properties often include discounters, grocery stores, pet supply stores, fitness centers, quick-service restaurants and beauty supply retailers as additional anchors or tenants.
Information as to the Company’s largest tenants based on total annualized rental revenues and Company-owned GLA at December 31, 2025, is set forth in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Executive Summary – Company Fundamentals” of this Annual Report on Form 10-K. For additional details related to property indebtedness for the Company’s wholly-owned assets, see “Real Estate and Accumulated Depreciation” (Schedule III) herein. At December 31, 2025, the Company owned an investment in properties through unconsolidated joint ventures, which properties served as collateral for joint venture mortgage debt aggregating approximately $440.7 million (of which the Company’s proportionate share is $106.0 million) and is not reflected in the Company’s consolidated financial statements. The Company’s properties range in size from approximately 49,000 square feet to approximately 389,000 square feet of Company-owned GLA. On a pro rata basis, the Company’s properties were 85.9% occupied as of December 31, 2025.
In January 2026, the Company sold its interest in the RVIP IIIB joint venture (Deer Park Town Center in Deer Park, Illinois).
Corporate Headquarters
In addition to its shopping center portfolio listed below, as of December 31, 2025, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet, yielding approximately 227,000 square feet of GLA, of which the Company occupies approximately 60,000 square feet of GLA and approximately 167,000 square feet of GLA is leased or available to be leased to third parties.
Tenant Lease Expirations and Renewals
The following table shows the impact of tenant lease expirations through 2035 at the Company’s eight wholly-owned shopping centers (excluding ground leases) as of December 31, 2025, assuming that none of the tenants exercise any of their renewal options:
ExpirationYear · No. ofLeasesExpiring · Approximate GLAin Square Feet(Thousands) · Annualized BaseRent UnderExpiring Leases(Thousands) · Average Base Rentper Square FootUnder ExpiringLeases · Percentage ofTotal GLARepresented byExpiring Leases · Percentage ofTotal Base RentalRevenuesRepresented byExpiring Leases
2026 · 24 · 174 · 4,000 · 23.02 · 15.9% · 19.5%
2027 · 12 · 150 · 3,573 · 23.89 · 13.7% · 17.4%
2028 · 17 · 60 · 1,475 · 24.55 · 5.5% · 7.2%
2029 · 13 · 115 · 2,809 · 24.32 · 10.5% · 13.7%
2030 · 14 · 100 · 1,632 · 16.38 · 9.1% · 7.9%
2031 · 4 · 36 · 539 · 14.90 · 3.3% · 2.6%
2032 · 2 · 9 · 350 · 37.96 · 0.8% · 1.7%
2033 · 5 · 68 · 1,321 · 19.29 · 6.2% · 6.4%
2034 · 4 · 16 · 418 · 26.75 · 1.5% · 2.0%
2035 · 4 · 52 · 925 · 17.86 · 4.7% · 4.5%
Total · 99 · 780 · 17,042 · 21.85 · 71.2% · 82.9%
The following table shows the impact of tenant lease expirations through 2035 at the Company’s 11 shopping centers owned through unconsolidated joint ventures (excluding ground leases and at 100%) as of December 31, 2025, assuming that none of the tenants exercise any of their renewal options:
ExpirationYear · No. ofLeasesExpiring · Approximate GLAin Square Feet(Thousands) · Annualized BaseRent UnderExpiring Leases(Thousands) · Average Base Rentper Square FootUnder ExpiringLeases · Percentage ofTotal GLARepresented byExpiring Leases · Percentage ofTotal Base RentalRevenuesRepresented byExpiring Leases
2026 · 41 · 297 · 5,337 · 18.00 · 8.4% · 10.0%
2027 · 37 · 543 · 8,736 · 16.10 · 15.3% · 16.3%
2028 · 49 · 518 · 8,552 · 16.50 · 14.6% · 16.0%
2029 · 39 · 462 · 6,822 · 14.76 · 13.0% · 12.7%
2030 · 38 · 408 · 6,696 · 16.41 · 11.5% · 12.5%
2031 · 20 · 374 · 5,578 · 14.92 · 10.5% · 10.4%
2032 · 15 · 128 · 2,165 · 16.98 · 3.6% · 4.0%
2033 · 15 · 136 · 3,089 · 22.66 · 3.8% · 5.8%
2034 · 12 · 142 · 3,462 · 24.40 · 4.0% · 6.4%
2035 · 14 · 143 · 2,445 · 17.05 · 4.0% · 4.6%
Total · 280 · 3,151 · 52,882 · 16.78 · 88.7% · 98.7%
The rental payments under certain of these leases will remain constant until the expiration of their base terms, regardless of inflationary increases. There can be no assurance that any of these leases will be renewed or that any replacement tenants will be obtained if not renewed.
Shopping Center Property List at December 31, 2025
Location · Center · Year Developed/Redeveloped · Year Acquired · Owned GLA (000's) · Total Annualized Base Rent (000's) · Average Base Rent (Per SF)(1) · Key Tenants
Arizona
1 · Phoenix, AZ · Ahwatukee Foothills Towne Center(2) · 2013 · 1998 · 691 · $11,337 · $20.30 · AMC Theatres, Best Buy, Burlington, Golf Galaxy, HomeGoods, Lina Home Furnishings, Marshalls, Michaels, Ross Dress for Less, Sprouts Farmers Market
California