SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2016

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
Goodyear, AZ	$	11,859	$	42,882	$	—	$	11,859	$	42,882	$	54,741	$	1,428	$	53,313	$	—	2016 (A)
Phoenix, AZ		18,701		18,811		118		18,701		22,084		40,785		7,190		33,595		—	1999 (A)
Phoenix, AZ		15,352		22,813		1,601		15,352		27,766		43,118		15,487		27,631		30,000	2003 (A)
Phoenix, AZ		15,090		36,880		—		15,090		39,036		54,126		7,386		46,740		—	2012 (A)
Phoenix, AZ		34,201		88,475		—		34,201		102,210		136,411		15,927		120,484		—	2012 (A)
Tucson, AZ		19,298		94,117		—		19,088		97,151		116,239		15,206		101,033		—	2012 (A)
Russellville, AR		606		13,391		—		606		21,426		22,032		12,090		9,942		—	1994 (A)
Buena Park, CA		27,269		21,427		—		27,269		21,957		49,226		1,364		47,862		—	2015 (A)
Fontana, CA		23,861		57,931		—		23,861		58,762		82,623		4,583		78,040		14,068	2014 (A)
Long Beach, CA		—		147,918		—		—		193,505		193,505		60,980		132,525		—	2005 (C)
Oakland, CA		4,361		33,538		—		4,361		33,538		37,899		4,174		33,725		—	2013 (A)
Roseville, CA		23,574		67,031		—		23,574		67,658		91,232		5,920		85,312		—	2014 (A)
San Francisco, CA		10,464		25,730		—		10,464		26,031		36,495		10,271		26,224		—	2002 (A)
Valencia, CA		—		15,784		—		—		18,015		18,015		14,304		3,711		—	2006 (A)
Vista, CA		12,677		47,145		—		12,677		48,712		61,389		3,671		57,718		33,200	2014 (A)
Aurora, CO		4,816		20,798		—		4,816		22,021		26,837		2,471		24,366		—	2013 (A)
Centennial, CO		7,833		35,550		—		8,082		65,592		73,674		35,164		38,510		—	1997 (C)
Colorado Springs, CO		9,001		47,671		—		9,001		54,894		63,895		7,203		56,692		19,368	2011 (A)
Denver, CO		1,141		3,593		—		1,141		6,534		7,675		2,583		5,092		—	2001 (A)
Denver, CO		20,733		22,818		—		20,804		29,285		50,089		12,142		37,947		—	2003 (A)
Parker, CO		4,632		38,256		—		4,632		39,485		44,117		4,313		39,804		—	2013 (A)
Guilford, CT		4,588		41,892		—		6,209		60,174		66,383		1,848		64,535		—	2015 (C)
Plainville, CT		17,528		59,777		—		17,528		67,176		84,704		7,875		76,829		45,610	2013 (A)
Windsor Court, CT		6,090		11,745		—		6,090		12,263		18,353		3,851		14,502		—	2007 (A)
Bradenton, FL		10,766		31,203		—		8,880		34,495		43,375		10,874		32,501		—	2007 (A)
Brandon, FL		—		4,111		—		—		7,512		7,512		5,474		2,038		—	1972 (C)
Brandon, FL		7,713		26,802		—		7,713		32,433		40,146		5,577		34,569		9,014	2009 (A)
Homestead, FL		23,390		59,639		—		29,409		62,960		92,369		13,848		78,521		—	2008 (C)
Miami, FL		11,626		30,457		—		34,943		118,513		153,456		33,759		119,697		—	2006 (C)
Naples, FL		10,172		39,342		—		10,172		39,630		49,802		4,468		45,334		—	2013 (A)
Orlando, FL		9,169		23,473		—		9,169		23,591		32,760		1,471		31,289		—	2015 (A)
Orlando, FL		23,082		44,360		—		23,082		44,376		67,458		1,620		65,838		—	2015 (A)
Orlando, FL		8,528		56,684		—		8,528		56,684		65,212		1,330		63,882		—	2016 (C)
Palm Harbor, FL		1,137		4,089		—		1,137		5,060		6,197		3,327		2,870		—	1995 (A)
Plant City, FL		4,304		24,875		—		4,304		30,198		34,502		3,859		30,643		—	2013 (A)
Plantation, FL		21,729		37,331		—		22,112		96,427		118,539		32,717		85,822		44,212	2007 (A)
Spring Hill, FL		1,084		4,816		266		2,096		12,467		14,563		8,629		5,934		1,634	1988 (C)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2016

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
Tallahassee, FL		1,881		2,956		—		1,311		5,799		7,110		2,813		4,297		—	2003 (A)
Tampa, FL		1,699		3,338		—		1,429		3,018		4,447		1,062		3,385		—	2007 (A)
Tampa, FL		4,124		20,082		—		4,124		21,705		25,829		3,026		22,803		—	2013 (A)
Tarpon Springs, FL		146		7,382		81		146		9,979		10,125		7,701		2,424		—	1974 (C)
Tequesta, FL		2,108		7,400		—		1,690		12,485		14,175		3,618		10,557		—	2007 (A)
Valrico, FL		3,282		12,190		—		2,466		16,377		18,843		5,490		13,353		—	2007 (A)
Winter Garden, FL		38,945		130,382		—		38,945		133,492		172,437		16,450		155,987		—	2013 (A)
Atlanta, GA		14,078		41,050		—		14,078		43,879		57,957		9,904		48,053		41,799	2009 (A)
Cumming, GA		14,249		23,653		—		14,249		25,804		40,053		11,843		28,210		—	2003 (A)
Cumming, GA		6,851		49,659		—		6,851		49,848		56,699		6,600		50,099		—	2013 (A)
Douglasville, GA		6,812		24,645		—		6,812		25,571		32,383		3,260		29,123		—	2013 (A)
Lithonia, GA		2,477		3,476		—		1,612		2,506		4,118		404		3,714		—	2013 (A)
Lithonia, GA		4,546		5,951		—		2,214		3,291		5,505		742		4,763		—	2013 (A)
Marietta, GA		8,425		27,737		—		8,380		29,112		37,492		7,045		30,447		—	2009 (A)
Newnan, GA		2,858		15,248		—		2,651		15,885		18,536		5,734		12,802		—	2003 (A)
Roswell, GA		6,566		15,005		—		7,894		25,955		33,849		9,840		24,009		—	2007 (A)
Snellville, GA		10,185		51,815		—		10,342		57,052		67,394		18,440		48,954		20,430	2007 (A)
Suwanee, GA		13,479		23,923		—		13,335		32,931		46,266		14,340		31,926		23,528	2003 (A)
Warner Robins, GA		5,729		7,459		—		5,729		8,143		13,872		3,814		10,058		—	2003 (A)
Meridian, ID		24,591		31,779		—		24,841		66,975		91,816		28,263		63,553		—	2001 (C)
Nampa, ID		1,395		8,563		—		8,426		24,241		32,667		18,078		14,589		—	2007 (A)
Chicago, IL		22,642		82,754		—		22,642		83,025		105,667		6,925		98,742		—	2014 (A)
McHenry, IL		1,294		5,251		—		14,255		62,681		76,936		17,872		59,064		—	2006 (C)
Schaumburg, IL		27,466		84,679		—		27,466		94,523		121,989		10,275		111,714		—	2013 (A)
Tinley Park, IL		9,120		37,496		—		9,120		50,821		59,941		9,348		50,593		—	2012 (A)
Evansville, IN		8,964		18,764		—		8,964		18,835		27,799		6,064		21,735		—	2007 (A)
Cedar Rapids, IA		4,219		12,697		—		4,219		14,441		18,660		8,472		10,188		3,412	1998 (A)
Merriam, KS		15,043		55,028		—		15,043		56,179		71,222		5,844		65,378		—	2013 (A)
Bowie, MD		5,739		14,301		—		5,744		14,497		20,241		4,636		15,605		—	2007 (A)
Salisbury, MD		2,070		12,495		277		2,071		15,295		17,366		7,416		9,950		—	1999 (C)
Everett, MA		9,311		44,647		—		9,462		54,984		64,446		25,556		38,890		—	2001 (C)
Framingham, MA		75,675		191,594		—		75,675		205,090		280,765		22,621		258,144		—	2013 (A)
Grand Rapids, MI		3,380		17,323		—		3,380		26,781		30,161		14,804		15,357		—	1995 (A)
Grandville, MI		6,483		18,933		—		5,494		17,647		23,141		2,665		20,476		—	2013 (A)
Lansing, MI		1,598		6,999		—		2,289		17,263		19,552		5,462		14,090		—	2003 (A)
Coon Rapids, MN		25,692		106,300		—		25,692		109,970		135,662		13,016		122,646		56,382	2013 (A)
Maple Grove, MN		8,917		23,954		—		8,917		27,346		36,263		4,974		31,289		—	2011 (A)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2016

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
St. Paul, MN		7,150		21,558		—		7,150		23,074		30,224		4,153		26,071		—	2013 (A)
Gulfport, MS		—		36,370		—		—		57,585		57,585		24,267		33,318		—	2003 (A)
Jackson, MS		4,190		6,783		—		3,212		6,783		9,995		3,414		6,581		—	2003 (A)
Tupelo, MS		2,213		14,979		—		2,213		19,341		21,554		12,678		8,876		—	1994 (A)
Arnold, MO		892		5,283		—		107		2,664		2,771		1,921		850		—	2012 (A)
Brentwood, MO		10,018		32,053		—		10,018		36,787		46,805		18,793		28,012		29,862	1998 (A)
Independence, MO		5,011		45,752		—		5,011		48,169		53,180		7,168		46,012		—	2012 (A)
Springfield, MO		—		2,048		—		—		2,239		2,239		1,255		984		—	1998 (A)
Seabrook, NH		18,032		68,663		—		18,032		69,189		87,221		4,606		82,615		—	2014 (C)
East Hanover, NJ		3,847		23,798		—		3,847		24,959		28,806		7,844		20,962		—	2007 (A)
Edgewater, NJ		7,714		30,473		—		7,714		31,181		38,895		9,808		29,087		—	2007 (A)
Freehold, NJ		2,460		2,475		—		3,166		3,416		6,582		882		5,700		—	2005 (C)
Hamilton, NJ		8,039		49,896		—		11,774		86,198		97,972		34,800		63,172		—	2003 (A)
Mays Landing, NJ		49,033		107,230		—		49,033		117,460		166,493		48,415		118,078		57,678	2004 (A)
Mays Landing, NJ		36,224		56,949		—		36,224		63,417		99,641		25,977		73,664		—	2004 (A)
Princeton, NJ		13,448		74,249		—		14,464		99,103		113,567		51,527		62,040		54,931	1997 (A)
Union, NJ		7,650		15,689		—		7,650		25,015		32,665		7,663		25,002		—	2007 (A)
West Long Branch, NJ		14,131		51,982		—		14,131		65,487		79,618		23,347		56,271		—	2004 (A)
Horseheads, NY		829		3,630		—		4,631		27,085		31,716		8,165		23,551		—	2008 (C)
Apex, NC		9,576		43,619		—		10,521		56,300		66,821		18,294		48,527		—	2006 (C)
Charlotte, NC		27,707		45,021		—		27,707		50,325		78,032		9,660		68,372		—	2011 (A)
Charlotte, NC		11,224		82,124		—		11,224		90,937		102,161		13,857		88,304		—	2012 (A)
Charlotte, NC		3,600		30,392		—		6,188		45,894		52,082		4,170		47,912		—	2013 (C)
Cornelius, NC		4,382		15,184		—		4,382		20,740		25,122		7,529		17,593		—	2007 (A)
Greensboro, NC		3,153		9,455		—		3,153		10,077		13,230		3,289		9,941		—	2007 (A)
Mooresville, NC		14,369		43,688		—		14,369		47,518		61,887		19,057		42,830		—	2004 (A)
Raleigh, NC		2,728		10,665		—		413		4,424		4,837		2,944		1,893		—	2007 (A)
Raleigh, NC		3,317		35,411		—		3,317		38,105		41,422		5,670		35,752		—	2012 (A)
Wilmington, NC		5,529		18,551		1,183		5,529		37,733		43,262		25,610		17,652		—	1989 (C)
Winston Salem, NC		7,156		15,010		—		7,156		15,010		22,166		4,872		17,294		997	2007 (A)
Alliance, OH		812		16,244		—		812		16,244		17,056		5,256		11,800		—	2007 (A)
Aurora, OH		832		7,560		—		1,592		14,245		15,837		8,221		7,616		—	1995 (C)
Boardman, OH		8,152		27,983		—		8,152		31,322		39,474		17,872		21,602		23,528	1997 (C)
Cincinnati, OH		19,572		54,495		—		19,572		66,593		86,165		4,037		82,128		—	2014 (A)
Columbus, OH		12,922		46,006		—		14,078		61,983		76,061		33,481		42,580		48,459	1998 (A)
Columbus, OH		18,716		64,617		—		20,666		70,876		91,542		12,005		79,537		42,345	2011 (A)
Dublin, OH		3,609		11,546		—		3,609		15,088		18,697		8,363		10,334		—	1998 (A)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2016

(In thousands)

															Total Cost,
	Initial Cost						Total Cost⁽¹⁾								Net of				Date of
			Buildings &						Buildings &				Accumulated		Accumulated				Construction (C)
	Land		Improvements		Improvements		Land		Improvements		Total		Depreciation⁽²⁾		Depreciation		Encumbrances		Acquisition (A)
Hamilton, OH		1,805		8,502		—		1,335		6,478		7,813		643		7,170		—	2014 (A)
Huber Hts, OH		757		14,469		—		757		28,019		28,776		18,277		10,499		—	1993 (A)
Macedonia, OH		11,582		34,323		—		11,582		38,310		49,892		10,321		39,571		18,376	2011 (A)
Mason, OH		2,032		23,788		—		2,032		24,270		26,302		2,236		24,066		—	2014 (A)
North Canton, OH		9,889		46,335		—		10,664		48,181		58,845		5,766		53,079		—	2013 (A)
North Olmsted, OH		24,352		61,449		—		24,352		63,667		88,019		11,163		76,856		—	2013 (A)
Solon, OH		6,220		7,454		—		6,220		27,228		33,448		13,807		19,641		—	1998 (C)
Stow, OH		993		9,028		—		993		37,676		38,669		19,495		19,174		—	1969 (C)
Toledo, OH		1,316		3,961		—		534		2,370		2,904		1,419		1,485		—	2004 (A)
Westlake, OH		424		3,803		201		424		10,423		10,847		7,643		3,204		—	1974 (C)
Gresham, OR		15,234		60,802		—		15,234		60,802		76,036		559		75,477		—	2016 (A)
Portland, OR		20,208		50,738		—		20,208		51,846		72,054		8,476		63,578		—	2012 (A)
Allentown, PA		5,558		20,060		—		5,343		23,747		29,090		10,119		18,971		7,435	2003 (A)
Erie, PA		9,345		32,006		—		9,345		74,119		83,464		33,680		49,784		—	1995 (C)
Jenkintown, PA		4,705		21,918		—		4,705		24,975		29,680		2,240		27,440		—	2014 (A)
Mechanicsburg, PA		12,574		57,283		—		12,574		57,756		70,330		4,614		65,716		—	2014 (A)
Arecibo, PR		7,965		29,898		—		4,885		23,963		28,848		12,198		16,650		—	2005 (A)
Bayamon, PR		132,074		152,441		—		132,759		195,190		327,949		68,125		259,824		—	2005 (A)
Bayamon, PR		91,645		98,007		—		92,027		125,139		217,166		43,381		173,785		121,341	2005 (A)
Bayamon, PR		4,294		11,987		—		4,584		23,683		28,267		8,467		19,800		—	2005 (A)
Carolina, PR		28,522		76,947		—		28,601		82,792		111,393		32,059		79,334		70,320	2005 (A)
Cayey, PR		18,226		25,101		—		18,538		27,765		46,303		10,425		35,878		20,289	2005 (A)
Fajardo, PR		4,376		41,199		—		4,376		50,193		54,569		16,980		37,589		24,396	2005 (A)
Guayama, PR		1,960		18,721		—		1,960		19,559		21,519		7,459		14,060		11,404	2005 (A)
Hatillo, PR		101,219		105,465		—		88,874		126,007		214,881		52,456		162,425		—	2005 (A)
Humacao, PR		16,386		74,059		—		16,386		84,038		100,424		34,614		65,810		—	2005 (A)
Isabela, PR		8,175		41,094		—		8,236		43,265		51,501		16,651		34,850		21,430	2005 (A)
Rio Piedras, PR		10,338		23,285		—		10,338		29,781		40,119		11,669		28,450		—	2005 (A)
San German, PR		9,686		20,775		—		9,686		21,768		31,454		8,411		23,043		—	2005 (A)
Vega Baja, PR		7,076		18,684		—		3,851		13,967		17,818		7,311		10,507		—	2005 (A)
Charleston, SC		3,479		9,850		—		3,479		19,266		22,745		10,667		12,078		—	2003 (A)
Columbia, SC		2,950		29,065		—		2,950		38,833		41,783		4,721		37,062		—	2013 (A)
Greenville, SC		5,659		14,411		—		5,659		14,411		20,070		4,688		15,382		1,385	2007 (A)
Mount Pleasant, SC		2,430		10,470		—		2,364		21,167		23,531		12,939		10,592		—	1995 (A)
Simpsonville, SC		417		6,563		—		417		10,370		10,787		4,581		6,206		—	1994 (A)
Brentwood, TN		6,101		25,956		—		6,101		27,319		33,420		3,090		30,330		—	2013 (A)
Hendersonville, TN		3,249		9,068		—		3,249		9,123		12,372		4,147		8,225		2,423	2003 (A)

SCHEDULE III

DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2016

(In thousands)

																	Total Cost,
	Initial Cost						Total Cost⁽¹⁾										Net of					Date of
			Buildings &							Buildings &					Accumulated		Accumulated					Construction (C)
	Land		Improvements		Improvements		Land			Improvements			Total		Depreciation⁽²⁾		Depreciation		Encumbrances			Acquisition (A)
Highland Village, TX		5,545		28,365		—		5,545			30,340			35,885		4,293		31,592		—		2013 (A)
Houston, TX		15,179		60,407		—		15,179			60,406			75,585		3,581		72,004		—		2015 (A)
Irving, TX		17,701		10,571		—		17,701			11,761			29,462		1,667		27,795		—		2013 (A)
Kyle, TX		2,548		7,349		—		12,678			28,041			40,719		4,192		36,527		—		2009 (C)
Mesquite, TX		7,051		25,531		—		7,051			25,452			32,503		3,015		29,488		—		2013 (A)
San Antonio, TX		3,475		37,327		—		4,873			50,768			55,641		20,655		34,986		23,900		2002 (C)
San Antonio, TX		5,602		39,196		—		10,158			113,817			123,975		30,174		93,801		—		2007 (C)
San Antonio, TX		2,381		6,487		—		2,381			23,027			25,408		7,767		17,641		—		2007 (A)
Chester, VA		10,780		4,752		—		10,780			14,074			24,854		4,357		20,497		—		2003 (A)
Dumfries, VA		12,911		10,092		—		12,911			10,112			23,023		734		22,289		12,120		2014 (A)
Fairfax, VA		15,681		68,536		—		15,681			69,373			85,054		7,493		77,561		—		2013 (A)
Midlothian, VA		3,507		9,229		—		3,507			9,691			13,198		1,186		12,012		—		2013 (A)
Midlothian, VA		4,754		20,273		—		4,754			25,732			30,486		3,488		26,998		—		2013 (A)
Newport News, VA		963		7,120		—		963			7,122			8,085		1,024		7,061		—		2013 (A)
Richmond, VA		11,879		34,736		—		11,879			36,064			47,943		11,737		36,206		—		2007 (A)
Springfield, VA		17,016		40,038		—		17,016			41,789			58,805		13,808		44,997		—		2007 (A)
Vancouver, WA		4,169		25,769		—		4,169			25,813			29,982		2,112		27,870		—		2014 (A)
Brookfield, WI		4,791		16,023		—		4,791			21,662			26,453		4,035		22,418		5,634		2013 (A)
Brown Deer, WI		8,465		32,652		—		8,465			37,869			46,334		6,602		39,732		11,628		2013 (A)
West Allis, WI		2,371		10,982		—		1,703			12,530			14,233		5,359		8,874		—		2003 (A)
Portfolio Balance (DDR) – unencumbered		55,221		50,744		—		55,221			50,744			105,965		432		105,533		—
Portfolio Balance (DDR) – encumbered		6,659		176,497		—		6,659			176,497			183,156		103,297		79,859		26,194

	$	1,988,521	$	5,899,135	$	3,727	$	2,045,413	(3)	$	7,198,645	(4)	$	9,244,058	$	1,996,176	$	7,247,882	$	978,732	(5)

(1)	The aggregate cost for federal income tax purposes was approximately $9.8 billion at December 31, 2016.

(2)	Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows:

	Buildings		Useful lives, 20 to 31.5 years
	Building improvements and fixtures		Useful lives, ranging from 5 to 20 years
	Tenant improvements		Shorter of economic life or lease terms

(3)	Includes $55.0 million of land under development at December 31, 2016.

(4)	Includes $50.4 million of construction in progress at December 31, 2016.

(5)	Excludes fair market value of debt adjustments and net loan costs aggregating $3.8 million.

SCHEDULE III

The changes in Total Real Estate Assets are as follows:

	For the Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	10,128,199		$	10,335,785		$	10,211,611
Acquisitions		130,512			226,885			632,672
Developments, improvements and expansions		148,521			305,772			249,891
Adjustments of property carrying values		(109,912	)		(279,021	)		(38,052	)
Disposals		(1,053,262	)		(461,222	)		(720,337	)
Balance at end of year	$	9,244,058		$	10,128,199		$	10,335,785

The changes in Accumulated Depreciation and Amortization are as follows:

	For the Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	2,062,899		$	1,909,585		$	1,823,199
Depreciation for year		317,402			309,462			309,595
Disposals		(384,125	)		(156,148	)		(223,209	)
Balance at end of year	$	1,996,176		$	2,062,899		$	1,909,585