Document
| | | | | | | | |
| | Page No. |
| | |
| Introductory Notes | | i |
| | |
| Earnings Release | | iii |
| | |
| Financial Information | | |
| Summary Financial Information | | |
| Accounts Receivable Collections | | |
| Consolidated Balance Sheets | | |
| Consolidated Statements of Operations and Comprehensive Income (Loss) | | |
| Consolidated Supplemental Details of Assets and Liabilities | | |
| Consolidated Supplemental Details of Operations | | |
| Same Property Net Operating Income | | |
| Reconciliation of Non-GAAP Measures | | |
| Summary of Outstanding Debt | | |
Consolidated Unsecured Credit Facility Covenants, Interest Rate Swaps, and Capital Expenditures | | |
| Joint Venture Financial Information | | |
| | |
| Portfolio and Leasing Overview | | |
Markets and Tenant Size | | |
| Top 25 Tenants by ABR and Tenant Merchandise Mix | | |
Comparable & Non-Comparable Lease Statistics | | |
| Tenant Lease Expirations | | |
| | |
| Investment Summary | | |
| Acquisitions and Dispositions | | |
| Development Pipeline | | |
| Property Summary | | |
| | |
| Components of NAV as of December 31, 2021 | | |
| | |
| Glossary of Terms | | |
Introductory Notes
About InvenTrust
InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,” "IVT" or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance (ESG) practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2013. As of December 31, 2021, the Company is an owner and manager of 62 retail properties, representing 9.5 million square feet of retail space. For more information, please visit www.inventrustproperties.com.
The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2021. IVT may, but assumes no obligation to, update information in the supplemental package from time to time.
Cautionary Note About Forward-Looking Statements
Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “objective,” “goal,” “strategy,” “likely,” “will,” “would,” “should” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; the Company's ability to maintain the New York Stock Exchange ("NYSE") listing requirements of a national securities exchange; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Notice Regarding Non-GAAP Financial Measures
In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental on pages 6 and 7 and definitions of our non-GAAP measures are included in our Glossary of Terms on page 23.
Quarter End December 31, 2021 - i
Pro Rata Financial Information
The Company owns a 55% interest in IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. IAGM is the Company’s sole joint venture and is unconsolidated. Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its share of its JV properties when combined with the Company’s wholly-owned properties, with the exception of property count and number of leases. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding our JV properties, see the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC.
Reverse Stock Split
We effected a one-for-ten reverse stock split effective on August 5, 2021. As a result of the reverse stock split, every ten shares of our issued and outstanding common stock were changed into one share of common stock, with any fractional shares being rounded up to the next higher whole share. The reverse stock split had no material impact to the Company’s stockholders as voting rights per share and percentage ownership interest in the Company remained the same, except for de minimis changes as a result of the elimination of fractional shares. Unless otherwise indicated, the information in this supplement gives effect to the reverse stock split.
New York Stock Exchange Listing
On October 12, 2021, our common stock began trading on the NYSE under the ticker symbol "IVT".
Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels
Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust Twitter account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.
Quarter End December 31, 2021 - ii
CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2021 Fourth Quarter Results
DOWNERS GROVE, III – February 10, 2022 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended December 31, 2021 and provided guidance for 2022. For the three months ended December 31, 2021, the Company reported a Net Loss of $10.8 million, or $0.16 per diluted share, compared to Net Income of $1.2 million, or $0.02 per diluted share, for the three months ended December 31, 2020.
Fourth Quarter 2021 Highlights:
•NAREIT FFO for the quarter of $0.14 per diluted share
•Core FFO for the quarter of $0.38 per diluted share
•Pro Rata Same Property Net Operating Income (“NOI”) increased 3.1% for the three month period and 4.4% on year-to-date basis
•Leased Occupancy as of December 31, 2021 of 93.9%
•Executed 72 leases totaling approximately 252,000 square feet of pro rata GLA, of which 169,000 square feet was executed at a blended comparable lease spread of 4.1%
•Net Debt-to-Adjusted EBITDA of 4.6x at December 31, 2021
”InvenTrust produced strong fourth quarter and full year results in 2021. We are encouraged by our strong leasing momentum to start 2022 and the addition of two premier assets in the Austin market,” stated Daniel (DJ) Busch, President and CEO. “InvenTrust continues to accomplish significant milestones and is in a unique position to provide cash flow growth as a concentrated Sun Belt retail real estate operator.”
FINANCIAL RESULTS
•Net Loss for the three months ended December 31, 2021 was $10.8 million, or $0.16 per common share, compared to Net Income of $1.2 million, or $0.02 per common share, basic and diluted, for the same period in 2020. Net Loss for the twelve months ended December 31, 2021 was $5.4 million, or $0.08 per common share, compared to a Net Loss of $10.2 million, or $0.14 per common share, for the same period in 2020. During the quarter and year ended December 31, 2021, the Company recognized costs relating to the direct listing of our common stock of $18.1 million and $19.8 million, respectively.
•NAREIT FFO for the three months ended December 31, 2021 was $9.9 million, or $0.14 per common share, as compared to $29.1 million, or $0.40 per share for the same period in 2020. NAREIT FFO for the twelve months ending December 31, 2021 was $84.1 million, or $1.18 per common share, as compared to $98.6 million, or $1.37 per share, for the same period in 2020.
•Core FFO of $26.3 million, or $0.38 per share, for the three months ended December 31, 2021 compared to $27.3 million, or $0.38 per share, for the same period in 2020. Core FFO for the twelve months ended December 31, 2021 was $99.6 million, or $1.40 per share, compared to $97.2 million, or $1.35 per share, for the same period in 2020.
•Pro Rata Same Property NOI for the three months ended December 31, 2021 was $37.9 million, a 3.1% increase, compared to the same period in 2020. For the twelve months ended December 31, 2021, Pro Rata Same Property NOI was $144.8 million, a 4.4% increase, compared to the same period in 2020.
Quarter End December 31, 2021 - iii
DIVIDEND
•On December 8, 2021 the Company declared a quarterly cash distribution for the fourth quarter 2021. On January 14, 2022, each stockholder of record as of December 30, 2021 received a $0.2052 per share distribution, an increase of 5% from the previous quarter.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of December 31, 2021, the Company’s Leased Occupancy was 93.9%.
◦Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 96.7% and Small Shop Leased Occupancy was 89.0%. Anchor Leased Occupancy remained unchanged and Small Shop Leased Occupancy increased by 140 basis points on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 110 basis points, which equates to approximately $3.2 million of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter were 4.1%.
•Annualized Base Rent PSF (“ABR”) as of December 31, 2021 for the Pro Rata Combined Portfolio was $18.59, an increase of 2.1% compared to the same period in 2020. Anchor Tenant ABR PSF was $12.31 and Small Shop ABR PSF was $31.42 for the fourth quarter.
•During the three months ended December 31, 2021, the Company’s unconsolidated joint venture disposed of one property to a third party for $32.6 million and recognized a gain of $5.5 million, of which the Company’s share was $3.0 million.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $398.6 million of total liquidity, as of December 31, 2021 comprised of $79.6 million of Pro Rata Cash and $319.0 million of availability under its Revolving Credit Facility.
•The Company has $22.4 million of debt maturing in 2022 and $39.2 million of debt maturing in 2023.
•The Company's weighted average interest rate on its consolidated debt as of December 31, 2021 was 2.61% and the weighted average remaining term was 4.3 years.
SUBSEQUENT ACTIVITY
•On February 2, 2022, the Company acquired two properties in Austin, Texas for $189.3 million, Escarpment Village, approximately 168,000 square feet and anchored by H.E.B, and The Shops at Arbor Trails, approximately 357,000 square feet and anchored by Costco and Whole Foods. The Company assumed $57.5 million of existing mortgage debt and drew down approximately $105.0 million on its line of credit to fund the acquisition.
Quarter End December 31, 2021 - iv
2022 OUTLOOK AND GUIDANCE
| | | | | | | | | | | |
| (Unaudited, dollars in thousands, except per share amounts) | Full Year 2022 Guidance |
Net Income per diluted share (1) | $0.13 | — | $0.19 |
NAREIT FFO per diluted share (2) | $1.53 | — | $1.59 |
| Core FFO per diluted share | $1.50 | — | $1.56 |
| Same Property NOI (“SPNOI”) Growth | 2.75% | — | 4.75% |
General and administrative (3) | $34,000 | — | $35,000 |
| Interest expense, net | $23,000 | — | $25,000 |
Net investment activity (4) | ~ $190,000 |
(1) Net Income per diluted share excludes potential gains and losses on asset sales.
(2) 2022 NAREIT FFO per diluted share Guidance:
•Excludes potential gains or losses on asset sales.
•Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or transaction expenses.
•Includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.
(3) General and administrative guidance is inclusive of expenses associated with our oversight of the joint venture.
(4) Net investment activity represents anticipated acquisition activity less disposal activity for 2022.
Net Income, NAREIT FFO, Core FFO and SPNOI guidance are inclusive of prior period rent that we anticipate collecting in 2022.
The Company's 2022 Outlook and Guidance is based on a number of assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
Quarter End December 31, 2021 - v
Summary Financial Information
In thousands, except share information and per square foot amounts
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Financial Results | | | | | | | |
| | | | | | | |
| Net (loss) income | $ | (10,751) | | | $ | 1,246 | | | $ | (5,360) | | | $ | (10,174) | |
| Net (loss) income per diluted share | (0.16) | | | 0.02 | | | (0.08) | | | (0.14) | |
| | | | | | | |
| NAREIT FFO (page 7) | 9,942 | | | 29,114 | | | 84,088 | | | 98,626 | |
| NAREIT FFO per diluted share | 0.14 | | | 0.40 | | | 1.18 | | | 1.37 | |
| | | | | | | |
| Core FFO (page 7) | 26,283 | | | 27,281 | | | 99,607 | | | 97,164 | |
| Core FFO per diluted share | 0.38 | | | 0.38 | | | 1.40 | | | 1.35 | |
| | | | | | | |
| Pro Rata Same Property NOI (page 6) | 37,898 | | | 36,771 | | | 144,788 | | | 138,675 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Pro Rata Same Property NOI growth | 3.1 | % | | | | 4.4 | % | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA (page 7) | 30,643 | | | 32,296 | | | 117,273 | | | 117,078 | |
| | | | | | | |
Dividends declared per share
(See introductory note on 1 for 10 reverse stock split) | $ | 0.20 | | | $ | 0.19 | | | $ | 0.78 | | | $ | 0.76 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Aggregate dividends declared (as a % of Core FFO) | 52.5 | % | | 50.0 | % | | 55.9 | % | | 56.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| As of
December 31, 2021 | | As of
December 31, 2020 | | As of
December 31, 2019 | | As of
December 31, 2018 |
| Capital Information | | | | | | | |
| Shares outstanding | 67,344,374 | | 71,998,654 | | 72,133,163 | | 72,908,273 |
| | | | | | | |
| Pro Rata Outstanding Debt, net | $ | 624,289 | | | $ | 688,422 | | | $ | 714,053 | | | $ | 711,728 | |
| Less: Pro Rata Cash | (79,628) | | | (249,854) | | | (281,430) | | | (306,419) | |
| Pro Rata Net Debt | $ | 544,661 | | | $ | 438,568 | | | $ | 432,623 | | | $ | 405,309 | |
| | | | | | | |
| Pro Rata Debt Metrics (trailing 12 months) | | | | | | | |
| Adjusted EBITDA (trailing 12 months) | $ | 117,273 | | | $ | 117,078 | | | $ | 137,233 | | | $ | 123,355 | |
| Net Debt-to-Adjusted EBITDA | 4.6x | | 3.7x | | 3.2x | | 3.3x |
| Fixed charge coverage | 6.4x | | 5.9x | | 5.4x | | 4.0x |
| Net debt to real estate assets, excl property acc depr. | 22.0 | % | | 17.7 | % | | 17.7 | % | | 16.5 | % |
| Net debt to total assets, excl property acc depr. | 19.3 | % | | 14.6 | % | | 14.3 | % | | 13.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividend Paid Per Share | | | | Liquidity and Credit Facility |
| Q4 2021 | | $0.19550 | | | | Pro Rata Cash | | $ | 79,628 | |
| Q3 2021 | | $0.01955 | | | | Available under credit facility | | 319,000 | |
| Q2 2021 | | $0.01955 | | | | Total | | $ | 398,628 | |
| Q1 2021 | | $0.01898 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Same Property | | Same Property | | Total |
| Three Months Ended December 31 | | Year Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 |
| Portfolio Metrics, Pro Rata | | | | | | | | | | | |
| No. of properties | 61 | | 61 | | 59 | | 59 | | 62 | | 65 |
| GLA (square feet) | 9,232 | | 9,226 | | 9,060 | | 9,054 | | 9,532 | | 9,751 |
| Economic Occupancy | 93.0 | % | | 91.4 | % | | 92.9 | % | | 91.2 | % | | 92.8 | % | | 91.1 | % |
| Leased Occupancy | 94.1 | % | | 93.0 | % | | 94.1 | % | | 92.9 | % | | 93.9 | % | | 92.8 | % |
| ABR PSF | $18.61 | | $18.40 | | $18.72 | | $18.50 | | $18.59 | | $18.21 |
Accounts Receivable Collections, Pro Rata
As of December 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | For the quarter ended |
| | December 31, 2021 | | September 30, 2021 | | June 30, 2021 | | March 31, 2021 | | December 31, 2020 |
| Collection % | | 97.4% | | 98.6% | | 98.9% | | 98.4% | | 98.2% |
Supplemental - Quarter End December 31, 2021 - 1
Consolidated Balance Sheets
In thousands, except per share amounts
| | | | | | | | | | | |
| As of |
| December 31, 2021 | | December 31, 2020 |
| Assets | (unaudited) | | |
| Investment properties | | | |
| Land | $ | 598,936 | | | $ | 577,750 | |
| Building and other improvements | 1,664,525 | | | 1,640,693 | |
| Construction in progress | 9,642 | | | 3,246 | |
| Total | 2,273,103 | | | 2,221,689 | |
| Less accumulated depreciation | (350,256) | | | (292,248) | |
| Net investment properties | 1,922,847 | | | 1,929,441 | |
| Cash, cash equivalents and restricted cash | 44,854 | | | 223,770 | |
| Investment in unconsolidated entities | 107,944 | | | 109,051 | |
| Intangible assets, net | 81,026 | | | 95,722 | |
| Accounts and rents receivable | 30,059 | | | 28,983 | |
| Deferred costs and other assets, net | 25,685 | | | 20,372 | |
| Total assets | $ | 2,212,415 | | | $ | 2,407,339 | |
| | | |
| Liabilities | | | |
| Debt, net | $ | 533,082 | | | $ | 555,109 | |
| Accounts payable and accrued expenses | 36,208 | | | 28,284 | |
| Distributions payable | 13,802 | | | 13,642 | |
| Intangible liabilities, net | 28,995 | | | 34,872 | |
| Other liabilities | 28,776 | | | 36,569 | |
| Total liabilities | 640,863 | | | 668,476 | |
| Commitments and contingencies | | | |
| | | |
| Stockholders' Equity | | | |
| Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding. | — | | | — | |
Common stock, $0.001 par value, 1,460,000,000 shares authorized,
67,344,374 shares issued and outstanding as of December 31, 2021 and
71,998,654 shares issued and outstanding as of December 31, 2020 | 67 | | | 72 | |
| Additional paid-in capital | 5,452,550 | | | 5,566,902 | |
| Distributions in excess of accumulated net income | (3,876,743) | | | (3,815,662) | |
| Accumulated comprehensive loss | (4,322) | | | (12,449) | |
| Total stockholders' equity | 1,571,552 | | | 1,738,863 | |
| Total liabilities and stockholders' equity | $ | 2,212,415 | | | $ | 2,407,339 | |
Supplemental - Quarter End December 31, 2021 - 2
Consolidated Statements of Operations and Comprehensive Income (Loss)
In thousands, except per share information, unaudited
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Income | | | | | | | |
| Lease income, net | $ | 52,481 | | | $ | 49,466 | | | $ | 207,350 | | | $ | 192,957 | |
| Other property income | 327 | | | 653 | | | 1,087 | | | 1,229 | |
| Other fee income | 772 | | | 1,092 | | | 3,542 | | | 3,647 | |
| Total income | 53,580 | | | 51,211 | | | 211,979 | | | 197,833 | |
| | | | | | | |
| Operating expenses | | | | | | | |
| Depreciation and amortization | 22,143 | | | 21,058 | | | 87,143 | | | 87,755 | |
| Property operating | 8,862 | | | 7,940 | | | 32,788 | | | 27,909 | |
| Real estate taxes | 6,531 | | | 6,198 | | | 31,312 | | | 30,845 | |
| General and administrative | 9,149 | | | 7,453 | | | 38,192 | | | 33,141 | |
| Direct listing costs | 18,065 | | | — | | | 19,769 | | | — | |
| Total operating expenses | 64,750 | | | 42,649 | | | 209,204 | | | 179,650 | |
| | | | | | | |
| Other (expense) income | | | | | | | |
| Interest expense, net | (4,305) | | | (4,422) | | | (16,261) | | | (18,749) | |
| Loss on extinguishment of debt | — | | | — | | | (400) | | | (2,543) | |
| Provision for asset impairment | — | | | — | | | — | | | (9,002) | |
| Gain on sale of investment properties, net | 6 | | | 1,084 | | | 1,522 | | | 1,752 | |
| Equity in earnings (losses) of unconsolidated entities | 3,957 | | | (4,732) | | | 6,398 | | | (3,141) | |
| Other income and expense, net | 761 | | | 754 | | | 606 | | | 3,326 | |
| Total other (expense) income, net | 419 | | | (7,316) | | | (8,135) | | | (28,357) | |
| | | | | | | |
| Net (loss) income | $ | (10,751) | | | $ | 1,246 | | | $ | (5,360) | | | $ | (10,174) | |
| | | | | | | |
| Weighted-average common shares outstanding, basic | 69,117,723 | | | 71,946,421 | | | 71,072,933 | | | 72,040,623 | |
| Weighted-average common shares outstanding, diluted | 69,117,723 | | | 71,994,204 | | | 71,072,933 | | | 72,040,623 | |
| | | | | | | |
| Net (loss) income per common share, basic and diluted | $ | (0.16) | | | $ | 0.02 | | | $ | (0.08) | | | $ | (0.14) | |
| | | | | | | |
| Distributions declared per common share outstanding | $ | 0.20 | | | $ | 0.19 | | | $ | 0.78 | | | $ | 0.76 | |
| Distributions paid per common share outstanding | $ | 0.20 | | | $ | 0.19 | | | $ | 0.78 | | | $ | 0.75 | |
| | | | | | | |
| Comprehensive income (loss) | | | | | | | |
| Net (loss) income | $ | (10,751) | | | $ | 1,246 | | | $ | (5,360) | | | $ | (10,174) | |
| Unrealized gain (loss) on derivatives | 2,235 | | | 299 | | | 3,795 | | | (16,199) | |
| Reclassification for amounts recognized in net (loss) income | 1,104 | | | 1,050 | | | 4,332 | | | 2,693 | |
| Comprehensive income (loss) | $ | (7,412) | | | $ | 2,595 | | | $ | 2,767 | | | $ | (23,680) | |
Supplemental - Quarter End December 31, 2021 - 3
Consolidated Supplemental Details of Assets and Liabilities
In thousands
| | | | | | | | | | | |
| As of |
| December 31, 2021 | | December 31, 2020 |
| Accounts and rents receivable | | | |
| Billed base rent, recoveries, and other revenue | $ | 13,394 | | | $ | 15,122 | |
| Straight-line rent receivables | 16,665 | | | 13,861 | |
| Total | $ | 30,059 | | | $ | 28,983 | |
| | | |
| Deferred cost and other assets, net | | | |
| Lease commissions, net | $ | 12,427 | | | $ | 10,731 | |
| Other assets | 3,520 | | | 3,429 | |
| Deferred costs, net | 3,280 | | | 2,900 | |
| Loan fees, net | 3,712 | | | 1,512 | |
| Right of use assets, net | 2,746 | | | 1,800 | |
| Total | $ | 25,685 | | | $ | 20,372 | |
| | | |
| Other liabilities | | | |
| Deferred revenues | $ | 6,758 | | | $ | 7,235 | |
| Other liabilities | 2,168 | | | 3,113 | |
| Unearned income | 6,299 | | | 6,417 | |
| Security deposits | 5,466 | | | 4,996 | |
| Operating lease liabilities | 3,189 | | | 1,976 | |
| Financing lease liabilities | 283 | | | 673 | |
| Fair value of derivatives | 4,613 | | | 12,159 | |
| Total | $ | 28,776 | | | $ | 36,569 | |
Supplemental - Quarter End December 31, 2021 - 4
Consolidated Supplemental Details of Operations
In thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31 | | Year Ended December 31 |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Income | | | | | | | |
| * | Minimum base rent | $ | 33,719 | | | $ | 31,020 | | | $ | 128,716 | | | $ | 127,630 | |
| * | Real estate tax recoveries | 6,061 | | | 5,739 | | | 27,874 | | | 27,898 | |
| * | CAM, insurance, and other recoveries | 6,243 | | | 6,080 | | | 23,948 | | | 21,842 | |
| * | Ground rent income | 3,338 | | | 3,255 | | | 13,167 | | | 12,976 | |
| Above/below market rent and lease inducement amortization, net | 914 | | | 1,297 | | | 4,318 | | | 7,060 | |
| * | Short-term and other lease income | 899 | | | 1,063 | | | 3,378 | | | 2,825 | |
| Termination fee income | 38 | | | 711 | | | 406 | | | 1,255 | |
| Straight-line rent adjustment, net | 776 | | | 650 | | | 3,272 | | | 2,590 | |
| Reversal of (provision for) uncollectible straight-line rent, net | 126 | | | (235) | | | (468) | | | (3,214) | |
| * | Provision for uncollectible billed rent and recoveries | (631) | | | (1,034) | | | (2,264) | | | (9,212) | |
| * | Reversal of uncollectible billed rent and recoveries | 998 | | | 920 | | | 5,003 | | | 1,307 | |
| Lease income, net | 52,481 | | | 49,466 | | | 207,350 | | | 192,957 | |
| | | | | | | | |
| * | Other property income | 327 | | | 653 | | | 1,087 | | | 1,229 | |
| | | | | | | | |
| JV property management fee | 406 | | | 544 | | | 1,952 | | | 2,093 | |
| JV asset management fee | 269 | | | 271 | | | 1,128 | | | 1,098 | |
| JV leasing commissions | 97 | | | 277 | | | 462 | | | 456 | |
| Other fee income | 772 | | | 1,092 | | | 3,542 | | | 3,647 | |
| | | | | | | | |
| Total income | $ | 53,580 | | | $ | 51,211 | | | $ | 211,979 | | | $ | 197,833 | |
| | | | | | | | |
| Operating Expenses | | | | | | | |
| Depreciation and amortization | $ | 22,143 | | | $ | 21,058 | | | $ | 87,143 | | | $ | 87,755 | |
| | | | | | | | |
| * | Property operating and maintenance expenses | 8,862 | | | 7,940 | | | 32,788 | | | 27,466 | |
| Termination fee expense | — | | | — | | | — | | | 443 | |
| Property operating | 8,862 | | | 7,940 | | | 32,788 | | | 27,909 | |
| | | | | | | | |
| * | Real estate taxes | 6,531 | | | 6,198 | | | 31,312 | | | 30,845 | |
| | | | | | | | |
| General and administrative expenses | 7,436 | | | 7,128 | | | 31,296 | | | 31,193 | |
| Stock based compensation costs | 2,400 | | | 951 | | | 9,543 | | | 4,660 | |
| Capitalized direct development compensation costs | (687) | | | (626) | | | (2,647) | | | (2,712) | |
| General and administrative | 9,149 | | | 7,453 | | | 38,192 | | | 33,141 | |
| | | | | | | | |
| Direct listing costs | 18,065 | | | — | | | 19,769 | | | — | |
| | | | | | | | |
| Total operating expenses | $ | 64,750 | | | $ | 42,649 | | | $ | 209,204 | | | $ | 179,650 | |
* Component of Net Operating Income
Supplemental - Quarter End December 31, 2021 - 5
Same Property Net Operating Income
Pro Rata, in thousands
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Income | | | | | | | |
| Minimum base rent | $ | 32,612 | | | $ | 30,780 | | | $ | 124,193 | | | $ | 124,864 | |
| Real estate tax recoveries | 5,801 | | | 5,739 | | | 27,019 | | | 27,594 | |
| CAM, insurance, and other recoveries | 6,055 | | | 6,080 | | | 23,015 | | | 21,459 | |
| Ground rent income | 3,269 | | | 3,247 | | | 12,659 | | | 12,596 | |
| Short-term and other lease income | 863 | | | 1,078 | | | 3,351 | | | 2,762 | |
| Provision for uncollectible billed rent and recoveries | (1,260) | | | (966) | | | (2,227) | | | (9,106) | |
| Reversal of uncollectible billed rent and recoveries | 1,603 | | | 916 | | | 4,915 | | | 1,303 | |
| Other property income | 328 | | | 658 | | | 1,083 | | | 1,208 | |
| Total income | 49,271 | | | 47,532 | | | 194,008 | | | 182,680 | |
| | | | | | | |
| Operating Expenses | | | | | | | |
| Property operating | 8,573 | | | 7,970 | | | 31,499 | | | 26,948 | |
| Real estate taxes | 6,236 | | | 6,198 | | | 30,346 | | | 30,357 | |
| Total operating expenses | 14,809 | | | 14,168 | | | 61,845 | | | 57,305 | |
| | | | | | | |
| Same Property NOI | 34,462 | | | 33,364 | | | 132,163 | | | 125,375 | |
| | | | | | | |
| JV Same Property NOI | 3,436 | | | 3,407 | | | 12,625 | | | 13,300 | |
| | | | | | | |
| Pro Rata Same Property NOI | $ | 37,898 | | | $ | 36,771 | | | $ | 144,788 | | | $ | 138,675 | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| % Change over Prior Period | 3.1 | % | | | | 4.4 | % | | |
| | | | | | | |
| Same Property count | 61 | | | | 59 | | |
Reconciliation of Net (Loss) Income to Pro Rata Same Property NOI
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Net (loss) income | $ | (10,751) | | | $ | 1,246 | | | $ | (5,360) | | | $ | (10,174) | |
| Adjustments to reconcile to non-GAAP metrics: | | | | | | | |
| Other income and expense, net | (761) | | | (754) | | | (606) | | | (3,326) | |
| Equity in (earnings) losses of unconsolidated entities | (3,957) | | | 4,732 | | | (6,398) | | | 3,141 | |
| Interest expense, net | 4,305 | | | 4,422 | | | 16,261 | | | 18,749 | |
| Loss on extinguishment of debt | — | | | — | | | 400 | | | 2,543 | |
| Gain on sale of investment properties, net | (6) | | | (1,084) | | | (1,522) | | | (1,752) | |
| Provision for asset impairment | — | | | — | | | — | | | 9,002 | |
| Depreciation and amortization | 22,143 | | | 21,058 | | | 87,143 | | | 87,755 | |
| General and administrative | 9,149 | | | 7,453 | | | 38,192 | | | 33,141 | |
| Direct listing costs | 18,065 | | | — | | | 19,769 | | | — | |
| Other fee income | (772) | | | (1,092) | | | (3,542) | | | (3,647) | |
| Adjustments to NOI (a) | (1,854) | | | (2,424) | | | (7,528) | | | (7,249) | |
| NOI | 35,561 | | | 33,557 | | | 136,809 | | | 128,183 | |
| NOI from other investment properties | (1,099) | | | (193) | | | (4,646) | | | (2,808) | |
| Same Property NOI | 34,462 | | | 33,364 | | | 132,163 | | | 125,375 | |
| IAGM Same Property NOI at share | 3,436 | | | 3,407 | | | 12,625 | | | 13,300 | |
| Pro Rata Same Property NOI | $ | 37,898 | | | $ | 36,771 | | | $ | 144,788 | | | $ | 138,675 | |
(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.
Supplemental - Quarter End December 31, 2021 - 6
Reconciliation of Non-GAAP Measures
In thousands, except share and per share amounts
NAREIT FFO and Core FFO | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Net (loss) income | $ | (10,751) | | | $ | 1,246 | | | $ | (5,360) | | | $ | (10,174) | |
| Depreciation and amortization related to investment properties | 21,929 | | | 20,798 | | | 86,257 | | | 86,524 | |
| Provision for asset impairment | — | | | — | | | — | | | 9,002 | |
| Gain on sale of investment properties, net | (6) | | | (1,084) | | | (1,522) | | | (1,752) | |
Unconsolidated joint venture adjustments (a) | (1,230) | | | 8,154 | | | 4,713 | | | 15,026 | |
| NAREIT FFO Applicable to Common Shares and Dilutive Securities | 9,942 | | | 29,114 | | | 84,088 | | | 98,626 | |
| Amortization of above and below-market leases and lease inducements, net | (914) | | | (1,297) | | | (4,318) | | | (7,060) | |
| Straight-line rent adjustments, net | (903) | | | (415) | | | (2,805) | | | 624 | |
| Direct listing costs | 18,065 | | | — | | | 19,769 | | | — | |
Adjusting items, net (b) | (13) | | | (80) | | | 2,201 | | | 4,043 | |
Unconsolidated joint venture adjusting items, net (c) | 106 | | | (41) | | | 672 | | | 931 | |
| Core FFO Applicable to Common Shares and Dilutive Securities | $ | 26,283 | | | $ | 27,281 | | | $ | 99,607 | | | $ | 97,164 | |
| | | | | | | |
| Weighted average common shares outstanding - basic | 69,117,723 | | | 71,946,421 | | | 71,072,933 | | | 72,040,623 | |
Dilutive effect of unvested restricted shares (d) | — | | | 47,783 | | | — | | | — | |
| Weighted average common shares outstanding - diluted | 69,117,723 | | | 71,994,204 | | | 71,072,933 | | | 72,040,623 | |
| | | | | | | |
| NAREIT FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.14 | | | $ | 0.40 | | | $ | 1.18 | | | $ | 1.37 | |
| Core FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.38 | | | $ | 0.38 | | | $ | 1.40 | | | $ | 1.35 | |
(a)Represents our share of depreciation, amortization, impairment, and gains on sale related to investment properties held in the JV.
(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes other items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.
(c)Represents our share of amortization of above and below-market leases and lease inducements, net, straight-line rent adjustments, net and adjusting items, net related to the JV.
(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP. For the three months ended December 31, 2021, and the year ended December 31, 2021, and 2020, unvested restricted shares were antidilutive and therefore excluded from the denominator in the diluted earnings per share calculation in accordance with GAAP.
EBITDA, Pro Rata
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Net (loss) income | $ | (10,751) | | | $ | 1,246 | | | $ | (5,360) | | | $ | (10,174) | |
Interest expense (a) | 4,977 | | | 5,380 | | | 19,362 | | | 22,849 | |
Income tax expense (benefit) (a) | 102 | | | 100 | | | 377 | | | (810) | |
Depreciation and amortization (a) | 23,920 | | | 23,153 | | | 95,083 | | | 96,722 | |
| EBITDA | 18,248 | | | 29,879 | | | 109,462 | | | 108,587 | |
Adjustments to reconcile to Adjusted EBITDA (a) | | | | | | | |
| Direct listing costs | 18,065 | | | — | | | 19,769 | | | — | |
| Provision for asset impairment | — | | | 6,059 | | | — | | | 15,061 | |
| Gain on sale of investment properties, net | (3,013) | | | (1,083) | | | (4,749) | | | (1,752) | |
| Loss on debt extinguishment | — | | | — | | | 526 | | | 2,548 | |
Non-operating income and expense, net (b) | (887) | | | (745) | | | (893) | | | (1,608) | |
Other leasing adjustments (c) | (1,770) | | | (1,814) | | | (6,842) | | | (5,758) | |
| Adjusted EBITDA | $ | 30,643 | | | $ | 32,296 | | | $ | 117,273 | | | $ | 117,078 | |
(a)Includes our consolidated entities and our pro-rata share of our JV.
(b)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(c)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.
Supplemental - Quarter End December 31, 2021 - 7
Summary of Outstanding Debt
In thousands
| | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of
December 31, 2021 | | Ratio | | Weighted Average
Interest Rate | | Weighted Average
Years to Maturity |
| Fixed rate secured debt | $ | 105,955 | | | 20% | | 4.07% | | 1.9 |
| Fixed rate unsecured debt | 300,000 | | | 55% | | 2.68% | | 4.9 |
| Variable rate unsecured debt | 100,000 | | | 19% | | 1.30% | | 5.2 |
| Variable rate line of credit | 31,000 | | | 6% | | 0.36% | | 1.2 |
| Issuance costs, net of accumulated amortization | (3,873) | | | n/a | | n/a | | n/a |
| Total consolidated debt, net | $ | 533,082 | | | 100% | | 2.61% | | 4.3 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Schedule of Maturities by Year | | | | | | |
| | | | | | | | | | | | |
| | Fixed Rate | | Variable Rate | | | | | | |
| Maturity Year | | Secured
Debt | | Unsecured Debt | | Unsecured Debt | | Total Consolidated Debt | | Total JV Debt at 100% (a) | | Total
Debt |
| 2022 | | 22,399 | | | — | | | — | | | 22,399 | | | — | | | 22,399 | |
| 2023 | | 39,226 | | | — | | | — | | | 39,226 | | | 126,022 | | | 165,248 | |
| 2024 | | 15,700 | | | — | | | — | | | 15,700 | | | — | | | 15,700 | |
| 2025 | | 28,630 | | | — | | | 31,000 | | | 59,630 | | | 22,880 | | | 82,510 | |
| 2026 | | — | | | 200,000 | | | — | | | 200,000 | | | 17,800 | | | 217,800 | |
| Thereafter | | — | | | 100,000 | | | 100,000 | | | 200,000 | | | — | | | 200,000 | |
| Issuance costs, net of amortization | | — | | | — | | | — | | | (3,873) | | | (871) | | | (4,744) | |
| Total | | $ | 105,955 | | | $ | 300,000 | | | $ | 131,000 | | | $ | 533,082 | | | $ | 165,831 | | | $ | 698,913 | |
(a)Weighted average term for JV debt, of which our share is 55%, is 2.3 years and weighted average rate is 2.66%. The 2023 maturities for JV debt are not inclusive of extension options available to the JV.
Debt Maturities as of December 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | |
| Maturity Date | | Interest Rate | | Interest Rate Type | | Balance |
| Mortgages Payable | | | | | | | |
| Pavilion at La Quinta | 6/6/2022 | | 4.58% | | Fixed | | $ | 22,399 | |
| University Oaks Shopping Center | 1/6/2023 | | 4.10% | | Fixed | | 25,119 | |
| Renaissance Center II | 4/6/2023 | | 3.49% | | Fixed | | 14,107 | |
| The Shops at Walnut Creek | 9/1/2025 | | 3.85% | | Fixed | | 28,630 | |
| Total | | | | | | | 90,255 | |
| | | | | | | |
| Pooled Mortgages Payable | | | | | | | |
| Plantation Grove | 6/5/2024 | | 4.24% | | Fixed | | 7,300 | |
| Suncrest Village | 6/5/2024 | | 4.24% | | Fixed | | 8,400 | |
| Total | | | | | | | 15,700 | |
| | | | | | | |
| Total mortgages payable | | | | | | | 105,955 | |
| | | | | | | |
| Term loans | | | | | | | |
| $200.0 million 5 year - swapped to fixed rate | 9/22/2026 | | 2.68% | | Fixed (a) | | 100,000 | |
| $200.0 million 5 year - swapped to fixed rate | 9/22/2026 | | 2.68% | | Fixed (a) | | 100,000 | |
| $200.0 million 5.5 year - swapped to fixed rate | 3/22/2027 | | 2.69% | | Fixed (a) | | 50,000 | |
| $200.0 million 5.5 year - swapped to fixed rate | 3/22/2027 | | 2.70% | | Fixed (a) | | 50,000 | |
| $200.0 million 5.5 year - variable rate | 3/22/2027 | | 1.30% | | Variable (b) | | 100,000 | |
| Total | | | | | | | 400,000 | |
| | | | | | | |
| Line of Credit | | | | | | | |
| $350.0 million - variable rate | 9/22/2025 (d) | | 1.15% | | Variable (c) | | 31,000 | |
| | | | | | | |
| | | | | | | |
| Grand total | | | | | | | $ | 536,955 | |
(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. See page 9 for details.
(b)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2021.
(c)Interest rate reflects 1-Month LIBOR plus 1.05% effective December 9, 2021.
(d)The 2025 maturity date is not inclusive of two six-month extension options.
Supplemental - Quarter End December 31, 2021 - 8
Consolidated Unsecured Credit Facility Covenants, Interest Rate Swaps, and Capital Expenditures
Unaudited, dollars in thousands
Unsecured Debt Facility Covenants (trailing 12 months)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the quarter ended |
| Term Loan Covenants: | | | Q4 2021 | | Q3 2021 | | Q2 2021 | | Q1 2021 |
| | | | | | | | | |
| Leverage Ratio | < 60.0% | | 25.9% | | 23.7% | | 26.1% | | 26.9% |
| Borrower Fixed Charge Coverage Ratio | > 1.50 | | 6.31 | | 6.35 | | 6.04 | | 5.70 |
| Maximum Dividend Payout | < 95% | | 55.8% | | 53.4% | | 53.5% | | 59.0% |
| Maximum Secured Recourse Debt | < 10% of Total Asset Value | | —% | | —% | | —% | | —% |
Interest Rate Swaps, Consolidated
During the year ended December 31, 2021, we entered into four interest rate forward swap agreements to address the periods between the maturity dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Effective Interest Rate Swaps | | Notional Amount | | Fixed Rate Achieved | | Effective Date | | Maturity Date |
| 5 Year Term Loan | | $ | 100,000 | | | 2.67950% | | Dec 2, 2019 | | Dec 21, 2023 |
| 5 Year Term Loan | | 100,000 | | | 2.67950% | | Dec 2, 2019 | | Dec 21, 2023 |
| 5.5 Year Term Loan | | 50,000 | | | 2.69150% | | Dec 2, 2019 | | Jun 21, 2024 |
| 5.5 Year Term Loan | | 50,000 | | | 2.69900% | | Dec 2, 2019 | | Jun 21, 2024 |
| | $ | 300,000 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Interest Rate Swaps | | Notional Amount | | Fixed Rate Achieved | | Effective Date | | Maturity Date |
| 5 Year Term Loan | | $ | 100,000 | | | 2.77625% | | Dec 21, 2023 | | Sep 22, 2026 |
| 5 Year Term Loan | | 100,000 | | | 2.77300% | | Dec 21, 2023 | | Sep 22, 2026 |
| 5.5 Year Term Loan | | 50,000 | | | 2.77700% | | Jun 21, 2024 | | Mar 22, 2027 |
| 5.5 Year Term Loan | | 50,000 | | | 2.79600% | | Jun 21, 2024 | | Mar 22, 2027 |
| | $ | 300,000 | | | | | | | |
Capital Expenditures, Pro Rata
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Leasing and Maintenance Capital Expenditures: | | | | | | | |
| Tenant improvements | $ | 1,577 | | | $ | 908 | | | $ | 6,377 | | | $ | 6,611 | |
| Leasing commissions | 1,043 | | | 730 | | | 4,544 | | | 1,852 | |
| Maintenance capital expenditures | 5,139 | | | 4,549 | | | 11,717 | | | 7,543 | |
| Total leasing and maintenance capital expenditures (a) | 7,759 | | | 6,187 | | | 22,638 | | | 16,006 | |
| Investment in development and redevelopment projects (b) | 1,412 | | | 371 | | | 5,833 | | | 3,259 | |
| Grand total | $ | 9,171 | | | $ | 6,558 | | | $ | 28,471 | | | $ | 19,265 | |
(a)As of December 31, 2021 and 2020, total pro rata accrued leasing and maintenance capital expenditures are $3,944 and $1,715, respectively. These accrued amounts are not reflected in the table above.
(b)As of December 31, 2021 and 2020, total pro rata accrued investment in development and redevelopment projects are $1,360 and $63, respectively. These accrued amounts are not reflected in the table above.
Supplemental - Quarter End December 31, 2021 - 9
Joint Venture Financial Information
In thousands
Condensed Balance Sheets | | | | | | | | | | | |
| As of |
| December 31
2021 | | December 31
2020 |
| Assets | | | |
| Investment properties | | | |
| Land | $ | 89,800 | | | $ | 127,968 | |
| Building and other improvements | 271,637 | | | 337,862 | |
| Construction in progress | 1,158 | | | 732 | |
| Total | 362,595 | | | 466,562 | |
| Less accumulated depreciation | (74,581) | | | (79,168) | |
| Net investment properties | 288,014 | | | 387,394 | |
| Cash and cash equivalents | 77,526 | | | 47,426 | |
| Intangible assets, net | 11,761 | | | 13,717 | |
| Accounts and rents receivable | 4,284 | | | 6,150 | |
| Deferred costs and other assets, net | 5,125 | | | 5,160 | |
| Total assets | $ | 386,710 | | | $ | 459,847 | |
| | | |
| Liabilities and Equity | | | |
| Mortgages debt, net | $ | 165,831 | | | $ | 242,388 | |
| Accounts payable and accrued expenses | 7,747 | | | 11,297 | |
| Intangible liabilities, net | 2,133 | | | 4,408 | |
| Other liabilities | 2,529 | | | 3,439 | |
| Total liabilities | 178,240 | | | 261,532 | |
| Equity | 208,470 | | | 198,315 | |
| Total liabilities and equity | $ | 386,710 | | | $ | 459,847 | |
Condensed Statement of Operations
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31 | | Year Ended December 31 |
| 2021 | | 2020 | | 2021 | | 2020 |
| Income | | | | | | | |
| Lease income, net | $ | 9,070 | | | $ | 11,723 | | | $ | 41,881 | | | $ | 45,970 | |
| Other property income | 41 | | | 87 | | | 264 | | | 289 | |
| Total income | 9,111 | | | 11,810 | | | 42,145 | | | 46,259 | |
| | | | | | | |
| Operating Expenses | | | | | | | |
| Depreciation and amortization | 3,232 | | | 3,808 | | | 14,437 | | | 16,303 | |
| Property operating | 1,550 | | | 1,787 | | | 7,265 | | | 7,143 | |
| Real estate taxes | 1,115 | | | 1,812 | | | 7,507 | | | 8,687 | |
| Asset management fee | 269 | | | 271 | | | 1,128 | | | 1,098 | |
| General and administrative | 42 | | | 49 | | | 242 | | | 230 | |
| Total operating expenses | 6,208 | | | 7,727 | | | 30,579 | | | 33,461 | |
| | | | | | | |
| Other income (expense) | | | | | | | |
| Interest expense, net | (1,222) | | | (1,743) | | | (5,637) | | | (7,455) | |
| Loss on extinguishment of debt | — | | | — | | | (229) | | | (8) | |
| Provision for asset impairment | — | | | (11,016) | | | — | | | (11,016) | |
| Gain on sale investment properties, net | 5,467 | | | — | | | 18,294 | | | 1,741 | |
| Other income and expense, net | (56) | | | (26) | | | (180) | | | (77) | |
| Total other income (expense), net | 4,189 | | | (12,785) | | | 12,248 | | | (16,815) | |
| | | | | | | |
| Net income (loss) | $ | 7,092 | | | $ | (8,702) | | | $ | 23,814 | | | $ | (4,017) | |
Notes:
Financial information on this page and pages 11, 12 and 13 relate to our JV with IAGM and is shown at 100%. See introductory note for additional details.
Supplemental - Quarter End December 31, 2021 - 10
Joint Venture Supplemental Details of Assets and Liabilities
In thousands
| | | | | | | | | | | |
| As of |
| December 31
2021 | | December 31
2020 |
| Accounts and rents receivable | | | |
| Billed base rent, recoveries, and other revenue | $ | 971 | | | $ | 2,268 | |
| Straight-line rent receivables | 3,313 | | | 3,882 | |
| Total | $ | 4,284 | | | $ | 6,150 | |
| | | |
| Deferred cost and other assets, net | | | |
| Lease commissions, net | $ | 2,900 | | | $ | 3,169 | |
| Other assets | 869 | | | 113 | |
| Deferred costs, net | 826 | | | 1,878 | |
| Fair value of derivatives | 530 | | | — | |
| Total | $ | 5,125 | | | $ | 5,160 | |
| | | |
| Other liabilities | | | |
| Other liabilities | $ | 455 | | | $ | 476 | |
| Unearned income | 1,268 | | | 1,528 | |
| Security deposits | 806 | | | 909 | |
| Fair value of derivatives | — | | | 526 | |
| Total | $ | 2,529 | | | $ | 3,439 | |
Supplemental - Quarter End December 31, 2021 - 11
Joint Venture Supplemental Details of Operations
In thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31 | | Year Ended December 31 | | |
| | 2021 | | 2020 | | 2021 | | 2020 | | |
| Income | | | | | | | | | |
| * | Minimum base rent | $ | 5,900 | | | $ | 7,578 | | | $ | 27,411 | | | $ | 31,919 | | | |
| * | Real estate tax recoveries | 957 | | | 1,508 | | | 5,476 | | | 6,664 | | | |
| * | CAM, insurance, and other recoveries | 912 | | | 971 | | | 4,144 | | | 4,036 | | | |
| * | Ground rent income | 1,118 | | | 1,080 | | | 4,331 | | | 4,528 | | | |
| Above/below market rent and lease inducement amortization, net | (193) | | | 87 | | | (810) | | | (550) | | | |
| * | Short-term and other lease income | 205 | | | 273 | | | 693 | | | 678 | | | |
| Termination fee income | 26 | | | — | | | 358 | | | 375 | | | |
| Straight-line rent adjustment, net | 21 | | | 131 | | | 239 | | | 123 | | | |
| Reversal of (provision for) uncollectible straight-line rent, net | 87 | | | (33) | | | 59 | | | (807) | | | |
| * | Provision for uncollectible billed rent and recoveries | (174) | | | (130) | | | (657) | | | (1,310) | | | |
| * | Reversal of uncollectible billed rent and recoveries | 211 | | | 258 | | | 637 | | | 314 | | | |
| Lease income, net | 9,070 | | | 11,723 | | | 41,881 | | | 45,970 | | | |
| | | | | | | | | | |
| * | Other property income | 41 | | | 87 | | | 264 | | | 289 | | | |
| | | | | | | | | | |
| Total income | $ | 9,111 | | | $ | 11,810 | | | $ | 42,145 | | | $ | 46,259 | | | |
| | | | | | | | | | |
| Operating expenses | | | | | | | | | |
| Depreciation and amortization | $ | 3,232 | | | $ | 3,808 | | | $ | 14,437 | | | $ | 16,303 | | | |
| * | Property operating expenses | 1,550 | | | 1,787 | | | 7,265 | | | 7,143 | | | |
| * | Real estate taxes | 1,115 | | | 1,812 | | | 7,507 | | | 8,687 | | | |
| Asset management fee | 269 | | | 271 | | | 1,128 | | | 1,098 | | | |
| General and administrative | 42 | | | 49 | | | 242 | | | 230 | | | |
| Total operating expenses | $ | 6,208 | | | $ | 7,727 | | | $ | 30,579 | | | $ | 33,461 | | | |
* Component of Net Operating Income
Supplemental - Quarter End December 31, 2021 - 12
Summary of Outstanding Joint Venture Debt
In thousands
| | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of
December 31, 2021 | | Ratio | | Weighted Average
Interest Rate | | Weighted Average
Years to Maturity |
| Fixed rate secured debt | $ | 143,805 | | | 86% | | 2.83% | | 2.4 |
| Variable rate secured debt | 22,897 | | | 14% | | 1.65% | | 1.8 |
| Issuance costs, net of accumulated amortization | (871) | | | n/a | | n/a | | n/a |
| Total debt, net | $ | 165,831 | | | 100% | | 2.66% | | 2.3 |
| | | | | | | | | | | | | | | | | | | | |
| Schedule of Maturities by Year | | |
| | | | | | |
| Maturity Year | | Fixed Rate Secured
Debt | | Variable Rate Secured
Debt | | Total |
| 2022 | | — | | | — | | | — | |
2023 (a) | | 103,125 | | | 22,897 | | | 126,022 | |
| 2024 | | — | | | — | | | — | |
| 2025 | | 22,880 | | | — | | | 22,880 | |
| 2026 | | 17,800 | | | — | | | 17,800 | |
| Thereafter | | — | | | — | | | — | |
| Issuance costs, net of amortization | | — | | | — | | | (871) | |
| Total | | $ | 143,805 | | | $ | 22,897 | | | $ | 165,831 | |
(a)The 2023 maturities for JV debt are not inclusive of extension options available to the JV.
Debt Maturities as of December 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | |
| Maturity Date | | Interest Rate | | Interest Rate Type | | Balance |
| Mortgages Payable | | | | | | | |
| Stone Ridge Market | 01/01/23 | | 3.47% | | Fixed | | $ | 28,125 | |
| The Highlands of Flower Mound | 12/01/25 | | 3.88% | | Fixed | | 22,880 | |
| Price Plaza | 08/01/26 | | 4.06% | | Fixed | | 17,800 | |
| Total | | | | | | | 68,805 | |
| | | | | | | |
Pooled Loans (a) | | | | | | | |
| Cross collateralized | 11/02/23 | | 1.65% | | Variable (b) | | 22,897 | |
| Cross collateralized, swapped to fixed | 11/02/23 | | 1.98% | | Fixed | | 45,000 | |
| Cross collateralized, swapped to fixed | 11/02/23 | | 1.96% | | Fixed | | 30,000 | |
| Total | | | | | | | 97,897 | |
| | | | | | | |
| Grand total | | | | | | | $ | 166,702 | |
(a)The 2023 maturities for JV debt are not inclusive of extension options available to the JV.
(b)Interest rate reflects 1-Month LIBOR plus 1.55% at December 31, 2021.
Supplemental - Quarter End December 31, 2021 - 13
Markets and Tenant Size
Pro rata, GLA and dollar amounts in thousands, except per square foot amounts
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Market | | No. of Properties | | ABR | | ABR psf | | ABR as
% of Total | | GLA | | GLA as
% of Total |
| Austin-Round Rock, TX | | 6 | | $ | 22,822 | | | $16.00 | | 14.1 | % | | 1,529 | | 16.1 | % |
| Atlanta Metro Area, GA | | 10 | | 18,797 | | | 18.59 | | 11.5 | % | | 1,058 | | 11.1 | % |
| Miami-Fort Lauderdale-Miami Beach, FL | | 3 | | 16,768 | | | 21.26 | | 10.3 | % | | 859 | | 9.0 | % |
| Dallas-Fort Worth-Arlington, TX | | 7 | | 15,264 | | | 19.71 | | 9.3 | % | | 860 | | 9.0 | % |
| Houston-Sugar Land-Baytown, TX | | 7 | | 14,283 | | | 15.82 | | 8.7 | % | | 1,041 | | 10.9 | % |
| Raleigh-Cary-Durham, NC | | 5 | | 12,306 | | | 19.04 | | 7.5 | % | | 688 | | 7.2 | % |
| So. California - Los Angeles, CA | | 3 | | 10,343 | | | 20.27 | | 6.3 | % | | 579 | | 6.1 | % |
| Tampa-St. Petersburg, FL | | 3 | | 8,610 | | | 12.62 | | 5.3 | % | | 755 | | 7.9 | % |
| Washington D.C/Richmond Metro Area | | 3 | | 8,029 | | | 24.27 | | 4.9 | % | | 360 | | 3.8 | % |
| Orlando-Kissimmee, FL | | 4 | | 7,724 | | | 21.99 | | 4.7 | % | | 374 | | 3.9 | % |
| Denver-Colorado Springs-Greeley, CO | | 3 | | 7,364 | | | 16.67 | | 4.5 | % | | 467 | | 4.9 | % |
| Charlotte-Gastonia-Concord, NC | | 2 | | 6,395 | | | 19.85 | | 3.9 | % | | 328 | | 3.4 | % |
| So. California - Inland Empire, CA | | 2 | | 5,595 | | | 22.97 | | 3.4 | % | | 246 | | 2.6 | % |
| So. California - San Diego, CA | | 2 | | 5,430 | | | 25.15 | | 3.3 | % | | 225 | | 2.4 | % |
| San Antonio, TX | | 2 | | 3,750 | | | 25.66 | | 2.3 | % | | 163 | | 1.7 | % |
| Total | | 62 | | $ | 163,480 | | | $18.59 | | 100 | % | | 9,532 | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State | | No. of Properties | | ABR | | ABR psf | | ABR as
% of Total | | GLA | | GLA as
% of Total |
| Texas | | 22 | | $ | 56,119 | | | $17.27 | | 34.4 | % | | 3,593 | | 37.7 | % |
| Florida | | 10 | | 33,102 | | | 18.17 | | 20.2 | % | | 1,988 | | 20.9 | % |
| California | | 7 | | 21,368 | | | 22.04 | | 13.1 | % | | 1,050 | | 11.0 | % |
| Georgia | | 10 | | 18,797 | | | 18.59 | | 11.5 | % | | 1,058 | | 11.1 | % |
| North Carolina | | 7 | | 18,701 | | | 19.31 | | 11.4 | % | | 1,016 | | 10.7 | % |
| Maryland/Virginia | | 3 | | 8,029 | | | 24.27 | | 4.9 | % | | 360 | | 3.8 | % |
| Colorado | | 3 | | 7,364 | | | 16.67 | | 4.5 | % | | 467 | | 4.9 | % |
| Total | | 62 | | $ | 163,480 | | | $18.59 | | 100 | % | | 9,532 | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Tenant type | | GLA | | Leased Occupancy | | ABR | | ABR PSF |
20,000 SF+ (a) | | 5,177 | | | 96.7 | % | | $ | 55,629 | | | $ | 11.11 | |
10,000 - 19,999 SF (a) | | 943 | | | 96.3 | % | | 17,029 | | | 19.02 | |
5,000 - 9,999 SF (b) | | 735 | | | 91.0 | % | | 16,179 | | | 26.25 | |
1 - 4,999 SF (b) | | 2,677 | | | 88.4 | % | | 74,643 | | | 32.82 | |
| Total | | 9,532 | | | 93.9 | % | | $ | 163,480 | | | $ | 18.59 | |
| | | | | | | | |
Anchor Tenants (a) | | 6,120 | | | 96.7 | % | | $ | 72,658 | | | $ | 12.31 | |
Small Shops (b) | | 3,412 | | | 89.0 | % | | $ | 90,822 | | | $ | 31.42 | |
(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.
Supplemental - Quarter End December 31, 2021 - 14
Top 25 by Total ABR and Tenant Merchandise Mix
In thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Parent Name | | Tenant Name/Count | | No. of Leases | | Credit Rating
(S&P) | | ABR Pro Rata Portfolio | | % of Total ABR | | GLA Pro Rata Portfolio | | % of Total Occ.GLA | |
| Kroger | | Kroger 7 / Kroger Gas 1 / Harris Teeter 3 / Ralphs 3 / King Soopers 1 | | 15 | | BBB | | $ | 8,711 | | | 5.3 | % | | 808 | | 8.5 | % | |
| Publix Super Markets, Inc. | | Publix 13 / Publix Liquor 3 | | 16 | | N/A | | 6,464 | | | 4.0 | % | | 629 | | 6.6 | % | |
| Albertsons | | Safeway 2 / Safeway Gas 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1 | | 8 | | BB | | 4,946 | | | 3.0 | % | | 425 | | 4.5 | % | |
| TJX Companies | | Marshalls 6 / HomeGoods 3 / TJ Maxx 3 | | 12 | | A | | 4,304 | | | 2.6 | % | | 373 | | 3.9 | % | |
| Petsmart, Inc. | | | | 8 | | B | | 2,537 | | | 1.6 | % | | 166 | | 1.7 | % | |
| Best Buy | | | | 5 | | BBB+ | | 2,469 | | | 1.5 | % | | 163 | | 1.7 | % | |
| H.E.B. | | | | 3 | | N/A | | 2,386 | | | 1.5 | % | | 263 | | 2.8 | % | |
| Ross Dress For Less | | Ross Dress for Less 6 / dd's Discounts 1 | | 7 | | BBB+ | | 2,129 | | | 1.3 | % | | 179 | | 1.9 | % | |
| Bed Bath & Beyond Inc. | | Bed Bath & Beyond 4 / Buy Buy Baby 2 | | 6 | | B+ | | 2,051 | | | 1.3 | % | | 161 | | 1.7 | % | |
| Whole Foods Market | | | | 4 | | AA | | 1,992 | | | 1.2 | % | | 155 | | 1.6 | % | |
| Apollo Global Management, Inc. | | Michael's 7 | | 7 | | N/A | | 1,944 | | | 1.2 | % | | 152 | | 1.6 | % | |
| Dick's Sporting Goods, Inc. | | Dick's Sporting Goods 2 / Going, Going, Gone 1 | | 3 | | N/A | | 1,846 | | | 1.1 | % | | 171 | | 1.8 | % | |
| Ulta Beauty Inc. | | | | 8 | | N/A | | 1,728 | | | 1.1 | % | | 83 | | 0.9 | % | |
| Trader Joe's | | | | 4 | | N/A | | 1,703 | | | 1.0 | % | | 51 | | 0.5 | % | |
| DSW, Inc. | | | | 4 | | N/A | | 1,319 | | | 0.8 | % | | 73 | | 0.8 | % | |
| Office Depot, Inc | | Office Depot 2 / OfficeMax 2 | | 4 | | N/A | | 1,307 | | | 0.8 | % | | 80 | | 0.8 | % | |
| Five Below, Inc. | | | | 7 | | N/A | | 1,306 | | | 0.8 | % | | 62 | | 0.7 | % | |
| Costco Wholesale | | | | 1 | | A+ | | 1,250 | | | 0.8 | % | | 145 | | 1.5 | % | |
| Sprouts Farmers Market | | | | 2 | | N/A | | 1,239 | | | 0.8 | % | | 56 | | 0.6 | % | |
| Massage Envy | | | | 13 | | N/A | | 1,238 | | | 0.8 | % | | 39 | | 0.4 | % | |
| Bank of America | | | | 8 | | A- | | 1,238 | | | 0.8 | % | | 33 | | 0.3 | % | |
| Wells Fargo | | | | 8 | | BBB+ | | 1,233 | | | 0.8 | % | | 30 | | 0.3 | % | |
| The Gap, Inc. | | Old Navy 5 | | 5 | | BB | | 1,212 | | | 0.7 | % | | 75 | | 0.8 | % | |
| Petco Animal Supplies Stores, Inc | | | | 6 | | B | | 1,180 | | | 0.7 | % | | 72 | | 0.8 | % | |
| Kingswood Capital Management | | Cost Plus World Market 5 | | 5 | | N/A | | 1,041 | | | 0.6 | % | | 83 | | 0.9 | % | |
| Totals | | | | 169 | | | | $ | 58,773 | | | 36.1 | % | | 4,527 | | 47.6 | % | |
Tenant Merchandise Mix
| | | | | | | | | | | | | | |
| Tenant Category | | ABR Pro Rata Portfolio | | % of Total ABR |
| Grocery/Drug Stores | | $ | 32,764 | | | 19.9 | % |
| Soft Goods | | 29,432 | | 18.0 | % |
| Quick Service Restaurants | | 18,598 | | 11.4 | % |
| Personal Health and Beauty Services | | 18,365 | | 11.2 | % |
| Full Service Restaurants | | 14,395 | | 8.8 | % |
| Medical | | 13,204 | | 8.1 | % |
| Banks | | 7,317 | | 4.5 | % |
| Office/Communications | | 6,963 | | 4.3 | % |
| Other | | 5,689 | | 3.5 | % |
| Pet Supplies | | 5,482 | | 3.4 | % |
| Fitness | | 5,073 | | 3.1 | % |
| Other Essential Retail/Services | | 3,732 | | 2.3 | % |
| Hardware/Auto | | 1,427 | | 0.9 | % |
| Entertainment | | 1,039 | | 0.6 | % |
| | $ | 163,480 | | | 100 | % |
Supplemental - Quarter End December 31, 2021 - 15
Comparable and Non-Comparable Lease Statistics
Pro Rata, GLA in thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| No. of Leases Executed | | GLA | | ABR PSF | | Prior
ABR PSF | | % Change over Prior Lease | | WA Lease Term (Years) | | Tenant Improvement Allowance
($ PSF) | | Lease
Commissions
($ PSF) |
| | | | | | | | | | | | | | | |
| Comparable Leases | | | | | | | | | | | | |
| Total New and Renewal Leases | | | | | | | | | | | | |
| Q4 2021 | 46 | | 169 | | $25.40 | | $24.39 | | 4.1% | | 4.9 | | $1.78 | | $1.06 |
| Q3 2021 | 63 | | 671 | | 16.26 | | 15.37 | | 5.8% | | 4.8 | | 0.69 | | 0.25 |
| Q2 2021 | 50 | | 293 | | 20.24 | | 19.45 | | 4.1% | | 5.8 | | 2.92 | | 0.76 |
| Q1 2021 | 57 | | 221 | | 21.75 | | 22.10 | | (1.6)% | | 6.3 | | 2.34 | | 1.32 |
| Total | 216 | | 1,354 | | $19.16 | | $18.48 | | 3.7% | | 5.3 | | $1.58 | | $0.64 |
| | | | | | | | | | | | | | | |
| No. of Leases Executed | | GLA | | ABR PSF | | Prior
ABR PSF | | % Change over Prior Lease | | WA Lease Term (Years) | | Tenant Improvement Allowance
($ PSF) | | Lease
Commissions
($ PSF) |
| New Leases | | | | | | | | | | | | | | |
| Q4 2021 | 7 | | 12 | | $31.77 | | $32.83 | | (3.2)% | | 8.6 | | $7.51 | | $14.79 |
| Q3 2021 | 8 | | 14 | | 28.07 | | 31.82 | | (11.8)% | | 8.9 | | 23.04 | | 11.58 |
| Q2 2021 | 6 | | 35 | | 18.33 | | 16.41 | | 11.7% | | 10.0 | | 15.48 | | 6.32 |
| Q1 2021 | 11 | | 25 | | 27.73 | | 27.95 | | (0.8)% | | 8.9 | | 18.81 | | 11.62 |
| Total | 32 | | 86 | | $24.53 | | $24.57 | | (0.2)% | | 9.3 | | $16.58 | | $9.90 |
| | | | | | | | | | | | | | | |
| No. of Leases Executed | | GLA | | ABR PSF | | Prior
ABR PSF | | % Change over Prior Lease | | WA Lease Term (Years) | | Tenant Improvement Allowance
($ PSF) | | Lease
Commissions
($ PSF) |
| Renewals | | | | | | | | | | | | | | | |
| Q4 2021 | 39 | | 157 | | $24.91 | | $23.74 | | 4.9% | | 4.6 | | $1.33 | | $— |
| Q3 2021 | 55 | | 657 | | 16.00 | | 15.02 | | 6.5% | | 4.7 | | 0.20 | | 0.01 |
| Q2 2021 | 44 | | 258 | | 20.50 | | 19.87 | | 3.2% | | 5.3 | | 1.20 | | — |
| Q1 2021 | 46 | | 196 | | 20.99 | | 21.36 | | (1.7)% | | 6.0 | | 0.23 | | — |
| Total | 184 | | 1,268 | | $18.79 | | $18.06 | | 4.0% | | 5.0 | | $0.55 | | $— |
| | | | | | | | | | | | | | | |
| No. of Leases Executed | | GLA | | ABR PSF | | | | | | WA Lease Term (Years) | | Tenant Improvement Allowance
($ PSF) | | Lease
Commissions
($ PSF) |
| Non-Comparable Leases |
| Q4 2021 | 26 | | 83 | | $29.29 | | | | | | 9.4 | | $22.17 | | $10.82 |
| Q3 2021 | 18 | | 69 | | 17.81 | | | | | | 5.2 | | 11.89 | | 3.38 |
| Q2 2021 | 23 | | 83 | | 25.23 | | | | | | 7.4 | | 11.95 | | 7.11 |
| Q1 2021 | 15 | | 116 | | 15.33 | | | | | | 11.9 | | 9.28 | | 2.62 |
| Total | 82 | | 351 | | $21.43 | | | | | | 8.9 | | $13.47 | | $5.77 |
Supplemental - Quarter End December 31, 2021 - 16
Tenant Lease Expirations
Pro Rata, GLA and ABR in thousands, except per square foot amounts
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Anchor Tenants | | | | | | | | |
| | | | | | | | | | | | | | |
| | Lease
Expiration Year | | No. of Expiring Leases (a) | | GLA of
Expiring Leases
(square feet) | | Percent of
Total GLA of
Expiring Leases | | ABR of
Expiring Leases | | Percent of
Total ABR | | Expiring
ABR PSF |
| | 2022 | | 7 | | | 193 | | | 3.3 | % | | $ | 1,882 | | | 2.5 | % | | $ | 9.75 | |
| | 2023 | | 20 | | | 633 | | | 10.7 | % | | 7,119 | | | 9.3 | % | | 11.25 | |
| | 2024 | | 26 | | | 607 | | | 10.3 | % | | 7,823 | | | 10.3 | % | | 12.89 | |
| | 2025 | | 21 | | | 806 | | | 13.6 | % | | 9,639 | | | 12.6 | % | | 11.96 | |
| | 2026 | | 15 | | | 348 | | | 5.9 | % | | 4,195 | | | 5.5 | % | | 12.05 | |
| | 2027 | | 40 | | | 1,337 | | | 22.6 | % | | 19,412 | | | 25.5 | % | | 14.52 | |
| | 2028 | | 13 | | | 280 | | | 4.7 | % | | 4,118 | | | 5.4 | % | | 14.71 | |
| | 2029 | | 9 | | | 289 | | | 4.9 | % | | 3,501 | | | 4.6 | % | | 12.11 | |
| | 2030 | | 7 | | | 192 | | | 3.2 | % | | 2,854 | | | 3.7 | % | | 14.86 | |
| | 2031 | | 5 | | | 127 | | | 2.1 | % | | 1,986 | | | 2.6 | % | | 15.64 | |
| | Thereafter | | 29 | | | 1,097 | | | 18.6 | % | | 13,574 | | | 17.8 | % | | 12.37 | |
| | Other (b) | | 1 | | | 6 | | | 0.1 | % | | 153 | | | 0.2 | % | | 25.45 | |
| | Sub total | | 193 | | | 5,915 | | | 100.0 | % | | $ | 76,256 | | | 100.0 | % | | $12.89 |
| | Vacant space | | | | 205 | | | | | | | | | |
| | Total | | | | 6,120 | | | | | | | | | |
| | | | | | | | | | | | | | |
| Small Shops | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | 2022 | | 140 | | | 264 | | | 9.0 | % | | $ | 7,962 | | | 8.0 | % | | $30.16 |
| | 2023 | | 173 | | | 363 | | | 12.3 | % | | 11,073 | | | 11.2 | % | | 30.50 |
| | 2024 | | 161 | | | 392 | | | 13.4 | % | | 12,312 | | | 12.4 | % | | 31.41 |
| | 2025 | | 155 | | | 345 | | | 11.8 | % | | 11,026 | | | 11.1 | % | | 31.96 |
| | 2026 | | 171 | | | 393 | | | 13.4 | % | | 13,528 | | | 13.6 | % | | 34.42 |
| | 2027 | | 123 | | | 333 | | | 11.3 | % | | 12,126 | | | 12.2 | % | | 36.41 |
| | 2028 | | 69 | | | 163 | | | 5.6 | % | | 6,001 | | | 6.0 | % | | 36.82 |
| | 2029 | | 81 | | | 224 | | | 7.6 | % | | 7,617 | | | 7.7 | % | | 34.00 |
| | 2030 | | 62 | | | 149 | | | 5.1 | % | | 5,855 | | | 5.9 | % | | 39.30 |
| | 2031 | | 65 | | | 202 | | | 6.9 | % | | 7,513 | | | 7.6 | % | | 37.19 |
| | Thereafter | | 25 | | | 66 | | | 2.2 | % | | 3,189 | | | 3.2 | % | | 48.32 |
| | Other (b) | | 16 | | | 41 | | | 1.4 | % | | 1,086 | | | 1.1 | % | | 26.49 |
| | Totals | | 1,241 | | | 2,935 | | | 100.0 | % | | $ | 99,288 | | | 100.0 | % | | $33.83 |
| | Vacant space | | | | 477 | | | | | | | | | |
| | Total | | | | 3,412 | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total Pro Rata | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | 2022 | | 147 | | | 457 | | | 5.2 | % | | $ | 9,844 | | | 5.6 | % | | $21.54 |
| | 2023 | | 193 | | | 996 | | | 11.3 | % | | 18,192 | | | 10.4 | % | | 18.27 | |
| | 2024 | | 187 | | | 999 | | | 11.3 | % | | 20,135 | | | 11.5 | % | | 20.16 | |
| | 2025 | | 176 | | | 1,151 | | | 13.0 | % | | 20,665 | | | 11.8 | % | | 17.95 | |
| | 2026 | | 186 | | | 741 | | | 8.4 | % | | 17,723 | | | 10.1 | % | | 23.92 | |
| | 2027 | | 163 | | | 1,670 | | | 18.9 | % | | 31,538 | | | 18.0 | % | | 18.89 | |
| | 2028 | | 82 | | | 443 | | | 5.0 | % | | 10,119 | | | 5.8 | % | | 22.84 | |
| | 2029 | | 90 | | | 513 | | | 5.8 | % | | 11,118 | | | 6.3 | % | | 21.67 | |
| | 2030 | | 69 | | | 341 | | | 3.9 | % | | 8,709 | | | 5.0 | % | | 25.54 | |
| | 2031 | | 70 | | | 329 | | | 3.7 | % | | 9,499 | | | 5.4 | % | | 28.87 | |
| | Thereafter | | 54 | | | 1,163 | | | 13.0 | % | | 16,763 | | | 9.4 | % | | 14.41 | |
| | Other (b) | | 17 | | | 47 | | | 0.5 | % | | 1,239 | | | 0.7 | % | | 26.36 | |
| | Totals | | 1,434 | | | 8,850 | | | 100.0 | % | | $ | 175,544 | | | 100.0 | % | | $19.84 |
| | Vacant space | | | | 682 | | | | | | | | | |
| | Total | | | | 9,532 | | | | | | | | | |
(a)No. of expiring leases includes JV properties at 100%.
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
Supplemental - Quarter End December 31, 2021 - 17
Acquisitions and Dispositions
Dollars and GLA in thousands
Acquisitions
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ownership | | Date | | Property Name | | Market | | Acquisition Price | | GLA | | Percent Leased | | Anchor Tenants (a) |
| | | | | | | | | | | | | | |
| 100% | | 7/12/21 | | Prestonwood Town Center (b) | | Dallas-Fort Worth-Arlington, TX | | $ | 52,800 | | | 233 | | 83.5 | % | | Walmart*, Barnes & Noble, DSW, Michaels, Office Depot, Petco, Ulta |
| 100% | | 9/2/21 | | Rio Pinar Plaza - Outparcel (c) | | Orlando-Kissimmee, FL | | 1,910 | | | 7 | | 100 | % | | Firestone |
| | | | | | | | $ | 54,710 | | | 240 | | | | | |
(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.
(b)This retail property was acquired from the JV.
(c)The assets, liabilities and operations of the outparcel acquired were combined for presentation purposes with Rio Pinar Plaza.
Dispositions
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ownership | | Date | | Property Name | | Market | | Disposition Price | | GLA | | Percent Leased | | Anchor Tenants (a) |
| | | | | | | | | | | | | | |
| 100% | | 7/20/21 | | Kroger Tomball | | Houston-Sugar Land-Baytown, TX | | $ | 13,655 | | | 74 | | 100 | % | | Kroger |
| 100% | | Various | | 2021 Condemnations (b) | | Various | | 1,326 | | | N/A | | N/A | | N/A |
| | | | | | | | $ | 14,981 | | | 74 | | | | |
| | | | | | | | | | | | | | |
Joint Venture Disposition Activity | | | | | | | | | | |
| Ownership | | Date | | Property Name | | Market | | Disposition Price (c) | | GLA (c) | | Percent Leased | | Anchor Tenants (a) |
| 55% | | 7/12/21 | | Prestonwood Town Center | | Dallas-Fort Worth-Arlington, TX | | $ | 52,800 | | | 233 | | 83.5 | % | | Walmart*, Barnes & Noble, DSW, Michaels, Office Depot, Petco, Ulta |
| 55% | | 9/3/21 | | Westover Marketplace | | San Antonio, TX | | 28,775 | | | 243 | | 64.0 | % | | Target*, Office Depot, Petsmart, Ross Dress for Less |
| 55% | | 12/1/21 | | South Frisco Village | | Frisco, TX | | 32,600 | | | 227 | | 91.6 | % | | Bed Bath & Beyond, Buy Buy Baby, Jo-
Ann Fabrics, Office Depot, Painted Tree
Marketplace |
| | | | | | | | $ | 114,175 | | | 703 | | | | |
(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.
(b)These dispositions were related to the completion of partial condemnations at four retail properties throughout 2021.
(c)Disposition Price and GLA for the Joint Venture Disposition activity are reflected at 100%.
Supplemental - Quarter End December 31, 2021 - 18
Development Pipeline
In thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Active Redevelopments | | | | | | | | | | |
| Ownership | | Property Name | | Market | | Project Description | | Estimated Completion Quarter (a) | | Projected Incremental Costs | | Costs to Date | | Estimated Incremental Yield on Cost |
| 100% | | Suncrest Village | | Orlando-Kissimmee, FL | | Redevelopment of center includes demolition and expansion of the Publix grocery store, upgrading the facade, signage enhancement, and common area improvements. | | 2Q - 2022 | | $7,500 | | $6,400 | | |
| 100% | | Eldridge Town Center | | Houston-Sugar Land-Baytown, TX | | Demolition of bank building and ground up construction of freestanding Chipotle building with a drive-through. | | 4Q - 2022 | | 1,600 | | 500 | | |
| 55% | | Cyfair Town Center | | Houston-Sugar Land-Baytown, TX | | Renovation and re-merchandising of center to include façade and common area enhancements, upgraded signage and rebranding. | | 3Q - 2022 | | 3,800 | | 900 | | |
| | Totals | | | | | | | | $12,900 | | $7,800 | | 7-10% |
| | | | | | | | | | | | | | |
(a) The timing of estimated completion of our projects and the may be impacted by factors outside of our control, including global supply constraints, government restrictions and/or social distancing requirements of construction projects due to the COVID-19 pandemic. |
|
| | | | | | | | | | | | | | |
| Recently Completed Redevelopments | | | | | | | | | | |
| Ownership | | Property Name | | Market | | Project Description | | Completion Quarter | | Incremental Costs | | Costs to Date | | |
| 100% | | Custer Creek | | Dallas-Fort Worth-Arlington, TX | | Modernization of center to include façade and common area enhancements. | | 3Q - 2021 | | $1,300 | | $1,300 | | |
| 100% | | Eldridge Town Center | | Houston-Sugar Land-Baytown, TX | | Demolition and reconstruction of fuel facility. | | 4Q - 2021 | | $1,000 | | $1,000 | | |
| | | | | | | | | | | | | | |
| Potential Developments and Redevelopments | | | | | | | | | | |
| Ownership | | Property Name | | Market | | Project Description | | | | | | | | |
| 100% | | Eldridge Town Center | | Houston-Sugar Land-Baytown, TX | | Demolition of a former auto repair facility and construction of a freestanding building for a single entity user. |
| 100% | | Gateway Market Center | | Tampa-St. Petersburg, FL | | Extensive repositioning and reconfiguration of the shopping center to right size anchor space, add freestanding buildings and improve vehicular access. |
| 100% | | Garden Village | | So. California - Los Angeles, CA | | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs. |
| 100% | | Kyle Marketplace | | Austin-Round Rock, TX | | Densification of the site including additional outparcel developments. |
| 100% | | Southern Palm Crossing | | Miami-Fort Lauderdale-Miami Beach, FL | | Redevelopment of a former bank building for a freestanding building with a drive-through. |
| 100% | | Antoine Town Center | | Houston-Sugar Land-Baytown, TX | | Densification of the site including additional outparcel developments. |
| 100% | | Sarasota Pavilion | | Tampa-St. Petersburg, FL | | Redevelopment of a former bank building for a multi-tenant building with a drive-through. |
| 100% | | The Center on Hugh Howell | | Atlanta Metro | | Re-merchandise an anchor store with multiple retailers. |
| 100% | | Westpark Shopping Center | | Washington D.C./Richmond Metro Area | | Densification of the site with a ground up development of a freestanding multi-tenant building. |
| 100% | | River Oaks Shopping Center | | So. California - Los Angeles | | Redevelopment of an outparcel and common area improvements. |
| 100% | | Buckhead Crossing | | Atlanta Metro | | Remerchandising of the shopping center including façade and common area enhancements, anchor space repositioning and addition of a freestanding building. |
| 100% | | Sycamore Commons | | Charlotte-Gastonia-Concord, NC | | Repositioning and reconfiguration of the shopping center including façade and common area improvements and added freestanding buildings. |
Supplemental - Quarter End December 31, 2021 - 19
Property Summary
GLA in thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| No. | Name | Ownership | Market | State | Center
Type (a) | GLA (b) | Leased Occupancy | ABR
PSF | Grocery
Anchor (c) | Major Anchors (d) |
| 1 | Antoine Town Center (e) | 100% | Houston-Sugar Land-Baytown | TX | N | 110 | 96.3% | $13.90 | Yes | Kroger |
| 2 | Bay Colony | 55% | Houston-Sugar Land-Baytown | TX | C | 416 | 85.4% | $16.08 | Yes | HEB, Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens |
| 3 | Bear Creek Village Center | 100% | So. California - Inland Empire | CA | N | 80 | 98.1% | $25.06 | Yes | Stater Brothers |
| 4 | Bent Tree Plaza | 100% | Raleigh-Cary-Durham | NC | N | 80 | 98.7% | $13.80 | Yes | Food Lion |
| 5 | Blackhawk Town Center | 55% | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $13.92 | Yes | HEB, Walgreens |
| 6 | Buckhead Crossing | 100% | Atlanta Metro Area | GA | P | 222 | 97.3% | $20.69 | No | HomeGoods, Marshalls, Michaels, Office Depot, Ross Dress for Less, The Tile Shop |
| 7 | Campus Marketplace | 100% | So. California - San Diego | CA | N | 144 | 96.2% | $29.95 | Yes | Ralphs, CVS, Discovery Isle Child Development Center |
| 8 | Cary Park Town Center | 100% | Raleigh-Cary-Durham | NC | N | 93 | 98.2% | $16.39 | Yes | Harris Teeter, CVS |
| 9 | Centerplace of Greeley | 100% | Denver-Colorado Springs-Greeley | CO | C | 152 | 100% | $17.58 | Yes | Safeway, Target*, Famous Footwear, Kohl's* Ross Dress for Less |
| 10 | Cheyenne Meadows | 100% | Denver-Colorado Springs-Greeley | CO | N | 90 | 96.1% | $11.68 | Yes | King Soopers |
| 11 | Commons at University Place | 100% | Raleigh-Cary-Durham | NC | N | 92 | 100.0% | $16.61 | Yes | Harris Teeter, CVS |
| 12 | Coweta Crossing | 100% | Atlanta Metro Area | GA | N | 68 | 100% | $10.78 | Yes | Publix |
| 13 | Custer Creek Village | 100% | Dallas-Fort Worth-Arlington | TX | N | 94 | 92.8% | $14.67 | Yes | Tom Thumb |
| 14 | Cyfair Town Center | 55% | Houston-Sugar Land-Baytown | TX | C | 434 | 83.7% | $15.33 | Yes | Kroger, Cinemark USA, J.C. Penney |
| 15 | Eldorado Marketplace | 100% | Dallas-Fort Worth-Arlington | TX | C | 189 | 93.4% | $23.13 | Yes | Market Street, Petsmart, Phenix Salon Suites |
| 16 | Eldridge Town Center & Windermere Village | 100% | Houston-Sugar Land-Baytown | TX | C | 177 | 84.8% | $17.02 | Yes | Kroger, Petco, Kohl's* |
| 17 | Garden Village | 100% | So. California - Los Angeles | CA | N | 117 | 94.9% | $17.80 | Yes | Albertson's, Rite Aid |
| 18 | Gateway Market Center | 100% | Tampa-St. Petersburg | FL | P | 231 | 100% | $10.64 | Yes | Publix, Target*, Beall's, HomeGoods, Party City, Petsmart, TJ Maxx, Tuesday Morning |
| 19 | Kennesaw Marketplace | 100% | Atlanta Metro Area | GA | C | 130 | 100% | $33.33 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco* |
| 20 | Kyle Marketplace | 100% | Austin-Round Rock | TX | C | 226 | 100% | $16.58 | Yes | HEB |
| 21 | Lakeside & Lakeside Crossing | 100% | Orlando-Kissimmee | FL | N | 76 | 98.5% | $45.75 | Yes | Trader Joe's |
| 22 | Market at Westlake | 100% | Austin-Round Rock | TX | N | 30 | 100% | $21.23 | No | Walgreens |
| 23 | Northcross Commons | 100% | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $24.89 | Yes | Whole Foods Market |
| 24 | Old Grove Marketplace | 100% | So. California - San Diego | CA | N | 81 | 96.3% | $16.72 | Yes | Ralphs, Lowe's* |
| 25 | Pavilion at LaQuinta | 100% | So. California - Inland Empire | CA | P | 166 | 100.0% | $21.97 | Yes | Sprouts Farmers Market, Bed Bath & Beyond, Best Buy, DSW, OfficeMax |
| 26 | Peachland Promenade | 100% | Tampa-St. Petersburg | FL | N | 177 | 91.8% | $13.94 | Yes | Publix, Goodwill, Planet Fitness |
| 27 | PGA Plaza Palm Beach Gardens | 100% | Miami-Fort Lauderdale-Miami Beach | FL | C | 120 | 96.8% | $33.76 | Yes | Trader Joe's, Marshalls, Ulta |
| 28 | Plantation Grove | 100% | Orlando-Kissimmee | FL | N | 74 | 98.8% | $14.07 | Yes | Publix |
| 29 | Plaza Midtown | 100% | Atlanta Metro Area | GA | N | 70 | 93.7% | $26.07 | Yes | Publix |
| 30 | Prestonwood Town Center (e) | 100% | Dallas-Fort Worth-Arlington | TX | P | 233 | 83.5% | $21.37 | Yes | Walmart*, Barnes & Noble, DSW, Michaels, Petco, Ulta |
| 31 | Price Plaza | 55% | Houston-Sugar Land-Baytown | TX | P | 206 | 95.0% | $15.81 | Yes | Sam's Club*, Walmart*, Best Buy, dd's Discounts, Home Depot*, Jo-Ann Fabrics, K & G Superstore, Ross Dress for Less, Shoe Carnival |
| 32 | Renaissance Center | 100% | Raleigh-Cary-Durham | NC | P | 363 | 91.9% | $22.06 | No | Ashley HomeStore, Best Buy, Cost Plus World Market, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care |
| 33 | Rio Pinar Plaza | 100% | Orlando-Kissimmee | FL | N | 131 | 96.7% | $18.06 | Yes | Publix, Planet Fitness |
| 34 | River Oaks | 100% | So. California - Los Angeles | CA | C | 275 | 93.8% | $18.72 | Yes | Sprouts Farmers Market, Target, Buy Buy Baby, Five Below, Ulta |
| 35 | Riverview Village | 100% | Dallas-Fort Worth-Arlington | TX | N | 89 | 96.9% | $12.65 | Yes | Tom Thumb, Petco |
| 36 | Riverwalk Market | 100% | Dallas-Fort Worth-Arlington | TX | N | 90 | 96.8% | $20.65 | Yes | Market Street |
Supplemental - Quarter End December 31, 2021 - 20
Property Summary
GLA in thousands
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| No. | Name | Ownership | Market | State | Center
Type (a) | GLA (b) | Leased Occupancy | ABR
PSF | Grocery
Anchor (c) | Major Anchors (d) |
| 37 | Rose Creek | 100% | Atlanta Metro Area | GA | N | 70 | 96.7% | $10.57 | Yes | Publix |
| 38 | Sandy Plains Centre | 100% | Atlanta Metro Area | GA | C | 131 | 93.7% | $22.41 | Yes | Kroger, Pet Supplies Plus, Walgreens* |
| 39 | Sarasota Pavilion | 100% | Tampa-St. Petersburg | FL | P | 347 | 85.9% | $13.45 | Yes | Publix, Bank of America, Beall's, Bed Bath & Beyond, Marshalls, Michaels, Petsmart, Ross Dress for Less, SunTrust Bank |
| 40 | Scofield Crossing | 100% | Austin-Round Rock | TX | N | 95 | 97.4% | $17.19 | Yes | Hana World Market, Goodwill |
| 41 | Shops at Fairview Town Center | 100% | Dallas-Fort Worth-Arlington | TX | N | 67 | 86.5% | $23.03 | Yes | Whole Foods Market |
| 42 | Shops at the Galleria | 100% | Austin-Round Rock | TX | P | 537 | 96.1% | $13.62 | No | Best Buy, Cost Plus World Market, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, Petsmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods |
| 43 | Sonterra Village | 100% | San Antonio | TX | N | 42 | 100% | $32.49 | Yes | Trader Joe's |
| 44 | Southern Palm Crossing | 100% | Miami-Fort Lauderdale-Miami Beach | FL | P | 345 | 98.3% | $15.64 | Yes | Costco Wholesale, Going Going Gone, Marshalls |
| 45 | Stables Town Center | 55% | Houston-Sugar Land-Baytown | TX | N | 191 | 86.3% | $18.09 | Yes | Kroger, Walgreens |
| 46 | Stevenson Ranch | 100% | So. California - Los Angeles | CA | C | 187 | 78.1% | $24.89 | Yes | Ralphs, L.A. Fitness, PetSmart |
| 47 | Stone Ridge Market | 55% | San Antonio | TX | C | 219 | 88.9% | $22.99 | Yes | HEB Plus*, Burlington, Petsmart |
| 48 | Suncrest Village | 100% | Orlando-Kissimmee | FL | N | 93 | 95.6% | $13.77 | Yes | Publix, Orange County Tax Collector |
| 49 | Sycamore Commons | 100% | Charlotte-Gastonia-Concord | NC | P | 265 | 100% | $18.62 | Yes | Costco Wholesale*, Bed Bath & Beyond, Best Buy, Cost Plus World Market, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta |
| 50 | The Centre on Hugh Howell | 100% | Atlanta Metro Area | GA | N | 83 | 98.0% | $11.86 | Yes | Publix |
| 51 | The Highlands of Flower Mound | 55% | Dallas-Fort Worth-Arlington | TX | P | 175 | 90.8% | $18.13 | Yes | Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers |
| 52 | The Parke | 100% | Austin-Round Rock | TX | P | 406 | 99.1% | $15.65 | Yes | Whole Foods Market, Buy Buy Baby, Cost Plus World Market, Dick's Sporting Goods, DSW, La-Z Boy, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Tuesday Morning, Ulta |
| 53 | The Pointe at Creedmoor | 100% | Raleigh-Cary-Durham | NC | N | 60 | 100% | $16.78 | Yes | Harris Teeter |
| 54 | The Shops at Town Center | 100% | Washington D.C/Richmond Metro Area | MD | N | 125 | 97.3% | $29.75 | Yes | Safeway |
| 55 | The Shops at Walnut Creek | 100% | Denver-Colorado Springs-Greeley | CO | P | 225 | 91.2% | $18.12 | Yes | Target*, Dollar Tree, Michaels, Old Navy, Petsmart, TJ Maxx |
| 56 | Thomas Crossroads | 100% | Atlanta Metro Area | GA | N | 105 | 94.4% | $9.95 | Yes | Kroger |
| 57 | Travilah Square Shopping Center | 100% | Washington D.C/Richmond Metro Area | MD | N | 58 | 80.3% | $48.95 | Yes | Trader Joe's |
| 58 | Trowbridge Crossing (e) | 100% | Atlanta Metro Area | GA | N | 63 | 97.1% | $11.80 | Yes | Publix |
| 59 | University Oaks | 100% | Austin-Round Rock | TX | P | 236 | 81.5% | $20.70 | No | DSW, IKEA*, J.C. Penney*, Jo-Ann Fabrics, Petsmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods |
| 60 | Westfork & Paraiso | 100% | Miami-Fort Lauderdale-Miami Beach | FL | N | 393 | 91.8% | $22.66 | Yes | Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, TJ Maxx, Ulta |
| 61 | Westpark Shopping Center | 100% | Washington D.C/Richmond Metro Area | VA | C | 177 | 100.0% | $14.25 | Yes | Publix, Christmas Tree Shops, Planet Fitness, The Tile Shop |
| 62 | Windward Commons | 100% | Atlanta Metro Area | GA | N | 117 | 99.9% | $14.94 | Yes | Kroger |
| Totals with JV at 100% | | | | | 10,328 | 93.5% | $18.47 | | |
| Totals, Pro Rata | | | | | 9,532 | 93.9% | $18.59 | | |
(a)N = Neighborhood center, P = Power Center, C = Community Center
(b)The GLA of properties owned by our joint venture are included at 100%.
(c)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).
(d)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.
(e)Properties are excluded from Same Property for the Year Ended December 31, 2021. Only Prestonwood Town Center is excluded from Same Property for the Three Months End December 31, 2021.
Supplemental - Quarter End December 31, 2021 - 21
Components of Net Asset Value as of December 31, 2021
In thousands, except share information
| | | | | | | | | | | | | | |
| | | | |
| NOI Excluding Termination Fee Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter | | | | Page No. |
| NOI, excluding ground rent | | $ | 32,223 | | | 5 |
| Ground rent income | | 3,338 | | 5 |
| NOI | | 35,561 | | | 5 |
| | | | |
JV NOI at share, excluding ground rent (a) | | $ | 2,963 | | | 12 |
| JV Ground rent income at share | | 615 | | 12 |
| JV NOI at share | | 3,578 | | | |
| | | | |
| Annualized NOI, excluding ground rent income | | 128,892 | | |
| Annualized JV NOI at share, excluding ground rent income | | 11,852 | | |
| Annualized ground rent income | | 15,812 | | |
| | | | |
| Projected remaining development | | | | |
| Net Consolidated Project Costs | | 2,200 | | 19 |
| Net JV Project Costs at share | | 1,595 | | 19 |
| Estimated Range for Incremental Yield | | 7-10% | | 19 |
| | | | |
| Fee Income, Most Recent Quarter | | | | |
| JV Management Fees & Commissions | | 772 | | 5 |
| | | | |
| Other Assets | | | | |
| Cash, cash equivalents and restricted cash | | 44,854 | | 2 |
| Billed base rent, recoveries, and other revenue | | 13,394 | | 4 |
| Undeveloped Land | | — | | |
| Land Held for Development | | — | | |
Total JV Other Assets, at share (b) | | 43,173 | | 10, 11 |
| | | | |
| Liabilities | | | | |
| Debt | | 536,955 | | 8 |
| Issuance costs, net of accumulated amortization | | (3,873) | | 8 |
| Accounts payable and accrued expenses | | 36,208 | | 2 |
| Distributions payable | | 13,802 | | 2 |
| Other liabilities | | 28,776 | | 2 |
| Projected remaining consolidated project costs | | 2,200 | | 19 |
Total JV Other Liabilities, at share (c) | | 98,454 | | 10, 19 |
| | | | |
| Common Shares Outstanding | | 67,344,374 | | 1 |
(a)Includes elimination of our share of the management fee expense of $406 for the three months ended December 31, 2021.
(b)Total JV other assets, at share, includes the JV's share of cash and cash equivalents and receivables for base rent, recoveries, and other revenue.
(c)Total JV liabilities, at share, includes the JV's share of mortgage debt, issuance costs, net of accumulated amortization, accounts payable and accrued expenses, other liabilities, and projected remaining project costs.
Supplemental - Quarter End December 31, 2021 - 22
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| Terms | | Definitions |
| ABR Per Square Foot (ABR PSF) | | ABR PSF is the ABR divided by the occupied square footage for that period. |
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| Adjusted EBITDA | | Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, straight-line rent adjustments, amortization of above and below-market leases and lease inducements, and other unique revenue and expense items which are not pertinent to measuring our on-going operating performance. Adjustments for our joint ventures are calculated to reflect our proportionate share of the joint venture's Adjusted EBITDA on the same basis. |
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| Annualized Base Rent (ABR) | | Annualized Base Rent (ABR) is the base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease income. |
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| Anchor Tenant | | Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants. |
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| Community Center | | Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants. |
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| Comparable Lease | | A comparable lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant. |
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Earnings Before Interest, Taxes, Depreciation, and Amortization
(EBITDA) | | Our non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, plus federal and state tax expense, interest expense, and depreciation and amortization. Adjustments for our joint ventures are calculated to reflect our proportionate share of the joint venture's EBITDA on the same basis. |
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| Economic Occupancy | | Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant. |
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| Gross Leasable Area (GLA) | | Measure of the total amount of leasable space at a property in square feet. |
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| Leased Occupancy | | Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA. |
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| NAREIT Funds From Operations (NAREIT FFO) and Core FFO | | Our non-GAAP measure of NAREIT Funds from Operations ("NAREIT FFO"), based on the National Association of Real Estate Investment Trusts ("NAREIT") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for our joint ventures are calculated to reflect our proportionate share of the joint venture's NAREIT FFO on the same basis. Core Funds From Operations is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within NAREIT FFO and other unique revenue and expense items which are not pertinent to measuring a particular company’s on-going operating performance. |
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| Neighborhood Center | | Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers. |
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| Net Debt-to-Adjusted EBITDA | | Net Debt-to-Adjusted EBITDA is Pro Rata net debt divided by Adjusted EBITDA on a trailing twelve month basis. |
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| Net Operating Income (NOI) | | NOI excludes general and administrative expenses, direct listing costs, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below market lease amortization and amortization of lease incentives). |
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| New Lease | | New Leases are classified as leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit). |
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| Power Center | | Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants. |
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| Prior Contractual Rent | | Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy. |
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| Pro Rata | | Where appropriate, the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly-owned properties, defined as "Pro Rata," with the exception of property count and number of leases. |
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| Pro Rata Net Debt | | Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including our JV share. |
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| Renewal Lease | | Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option. |
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| Same Property | | Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented. |
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| Small Shop Tenant | | Tenants with square footage less than 10,000 square feet are considered Small Shops. |
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| Specialty Lease | | Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot. |
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| Wholly-owned | | Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture. |
Supplemental - Quarter End December 31, 2021 - 23
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