(Brixmor Property Group Inc.) | |||||||||||
(Brixmor Operating Partnership LP) | |||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Brixmor Property Group Inc. | Brixmor Operating Partnership LP | ||||||||||||||||||||||||||||
☑ | Non-accelerated filer | ☐ | Large accelerated filer | ☐ | ☑ | ||||||||||||||||||||||||
Smaller reporting company | Accelerated filer | ☐ | Smaller reporting company | Accelerated filer | ☐ | ||||||||||||||||||||||||
Emerging growth company | Emerging growth company |
Item No. | Page | |||||||
Part I | ||||||||
1. | Business | |||||||
1A. | Risk Factors | |||||||
1B. | Unresolved Staff Comments | |||||||
2. | Properties | |||||||
3. | Legal Proceedings | |||||||
4. | Mine Safety Disclosures | |||||||
Part II | ||||||||
5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||
6. | [Reserved] | |||||||
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||
8. | Financial Statements and Supplementary Data | |||||||
9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | |||||||
9A. | Controls and Procedures | |||||||
9B. | Other Information | |||||||
9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||||
Part III | ||||||||
10. | Directors, Executive Officers, and Corporate Governance | |||||||
11. | Executive Compensation | |||||||
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||
13. | Certain Relationships and Related Transactions, and Director Independence | |||||||
14. | Principal Accountant Fees and Services | |||||||
Part IV | ||||||||
15. | Exhibit and Financial Statement Schedules | |||||||
16. | Form 10-K Summary |
Number of Shopping Centers | 382 | ||||
GLA (square feet) | 67.5 million | ||||
Billed Occupancy | 89% | ||||
Leased Occupancy | 92% | ||||
ABR Per Square Foot (“PSF”)(1) | $15.42 | ||||
New, Renewal and Option Volume (square feet)(2) | 10.0 million | ||||
New Lease Volume (square feet)(2) | 3.1 million | ||||
New, Renewal and Option Rent Spread(2)(3) | 10.1% | ||||
New Rent Spread(2)(3) | 27.6% | ||||
Percent Grocery-anchored Shopping Centers(4) | 70% | ||||
Percent of ABR in Top 50 U.S. MSAs | 69% | ||||
Average Effective Age(5) | 26 |
Name | Position | Year Joined(1) | Age | |||||||||||||||||
James Taylor | President, Chief Executive Officer | 2016 | 55 | |||||||||||||||||
Angela Aman | Executive Vice President, Chief Financial Officer | 2016 | 42 | |||||||||||||||||
Brian T. Finnegan | Executive Vice President, Chief Revenue Officer | 2004 | 41 | |||||||||||||||||
Mark T. Horgan | Executive Vice President, Chief Investment Officer | 2016 | 46 | |||||||||||||||||
Steven F. Siegel | Executive Vice President, General Counsel and Secretary | 1991 | 61 | |||||||||||||||||
Carolyn Carter Singh | Executive Vice President, Chief Talent Officer | 2001 | 59 |
Retailer | Owned Leases | Leased GLA | Percent of GLA | ABR | Percent of ABR | ABR PSF(1) | ||||||||||||||||||||||||||||||||
The TJX Companies, Inc. | 87 | 2,629,639 | 3.9 | % | $ | 31,244 | 3.5 | % | $ | 11.88 | ||||||||||||||||||||||||||||
The Kroger Co. | 43 | 2,947,508 | 4.4 | % | 21,633 | 2.4 | % | 7.34 | ||||||||||||||||||||||||||||||
Burlington Stores, Inc. | 31 | 1,479,953 | 2.2 | % | 16,148 | 1.8 | % | 10.91 | ||||||||||||||||||||||||||||||
Dollar Tree Stores, Inc. | 124 | 1,440,678 | 2.1 | % | 16,068 | 1.8 | % | 11.15 | ||||||||||||||||||||||||||||||
Publix Super Markets, Inc. | 32 | 1,430,950 | 2.1 | % | 14,548 | 1.6 | % | 10.17 | ||||||||||||||||||||||||||||||
Ross Stores, Inc | 36 | 959,060 | 1.4 | % | 11,742 | 1.3 | % | 12.24 | ||||||||||||||||||||||||||||||
Ahold Delhaize | 20 | 1,059,637 | 1.6 | % | 11,273 | 1.3 | % | 10.64 | ||||||||||||||||||||||||||||||
L.A Fitness International, LLC | 14 | 566,362 | 0.8 | % | 10,944 | 1.2 | % | 19.32 | ||||||||||||||||||||||||||||||
PetSmart, Inc. | 27 | 605,860 | 0.9 | % | 9,302 | 1.0 | % | 15.35 | ||||||||||||||||||||||||||||||
Albertson's Companies, Inc | 13 | 740,399 | 1.1 | % | 9,201 | 1.0 | % | 12.43 | ||||||||||||||||||||||||||||||
Big Lots, Inc. | 36 | 1,159,599 | 1.7 | % | 8,213 | 0.9 | % | 7.08 | ||||||||||||||||||||||||||||||
PETCO Animal Supplies, Inc. | 33 | 447,890 | 0.7 | % | 7,920 | 0.9 | % | 17.68 | ||||||||||||||||||||||||||||||
Ulta Beauty, Inc. | 29 | 326,152 | 0.5 | % | 7,571 | 0.8 | % | 23.21 | ||||||||||||||||||||||||||||||
Five Below, Inc. | 43 | 391,619 | 0.6 | % | 7,334 | 0.8 | % | 18.73 | ||||||||||||||||||||||||||||||
Kohl's Corporation | 12 | 914,585 | 1.4 | % | 7,253 | 0.8 | % | 7.93 | ||||||||||||||||||||||||||||||
Party City Holdco Inc. | 32 | 464,729 | 0.7 | % | 6,804 | 0.8 | % | 14.64 | ||||||||||||||||||||||||||||||
The Michaels Companies, Inc. | 22 | 496,954 | 0.7 | % | 6,226 | 0.7 | % | 12.53 | ||||||||||||||||||||||||||||||
Bed Bath & Beyond, Inc. | 23 | 553,560 | 0.8 | % | 6,101 | 0.7 | % | 11.02 | ||||||||||||||||||||||||||||||
Staples, Inc. | 23 | 476,334 | 0.7 | % | 5,932 | 0.7 | % | 12.45 | ||||||||||||||||||||||||||||||
Amazon.com, Inc. / Whole Foods Market Services, Inc. | 9 | 300,997 | 0.4 | % | 5,516 | 0.6 | % | 18.33 | ||||||||||||||||||||||||||||||
TOP 20 RETAILERS | 689 | 19,392,465 | 28.7 | % | $ | 220,973 | 24.6 | % | $ | 11.39 |
State | Number of Properties | GLA | Percent Billed | Percent Leased | ABR | ABR PSF(1) | Percent of Number of Properties | Percent of GLA | Percent of ABR | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Florida | 49 | 8,374,903 | 87.7 | % | 91.8 | % | $ | 120,036 | $ | 15.95 | 12.8 | % | 12.4 | % | 13.3 | % | ||||||||||||||||||||||||||||||||||||||||||
2 | California | 27 | 5,073,076 | 90.9 | % | 94.8 | % | 98,666 | 22.17 | 7.1 | % | 7.5 | % | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
3 | Texas | 45 | 6,973,484 | 90.4 | % | 92.8 | % | 95,129 | 15.18 | 11.8 | % | 10.3 | % | 10.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
4 | New York | 27 | 3,457,566 | 88.2 | % | 96.5 | % | 65,961 | 20.34 | 7.1 | % | 5.1 | % | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
5 | Pennsylvania | 26 | 4,998,492 | 90.4 | % | 91.7 | % | 65,316 | 17.24 | 6.8 | % | 7.4 | % | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
6 | Georgia | 29 | 4,288,396 | 88.5 | % | 91.0 | % | 45,661 | 12.02 | 7.6 | % | 6.4 | % | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
7 | North Carolina | 19 | 3,945,131 | 92.2 | % | 93.8 | % | 43,854 | 12.54 | 5.0 | % | 5.8 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
8 | New Jersey | 16 | 2,828,773 | 86.8 | % | 93.3 | % | 43,799 | 17.65 | 4.2 | % | 4.2 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
9 | Illinois | 15 | 3,582,076 | 78.1 | % | 81.7 | % | 40,803 | 14.64 | 3.9 | % | 5.3 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
10 | Michigan | 16 | 2,996,800 | 86.7 | % | 90.5 | % | 35,380 | 13.63 | 4.2 | % | 4.4 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
11 | Ohio | 14 | 3,016,774 | 88.1 | % | 89.6 | % | 34,802 | 14.98 | 3.7 | % | 4.5 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
12 | Connecticut | 11 | 1,792,065 | 85.8 | % | 85.9 | % | 24,352 | 15.92 | 2.9 | % | 2.7 | % | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
13 | Tennessee | 8 | 1,849,963 | 96.6 | % | 97.6 | % | 23,194 | 13.03 | 2.1 | % | 2.7 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
14 | Colorado | 7 | 1,594,567 | 86.4 | % | 94.3 | % | 21,943 | 15.50 | 1.7 | % | 2.4 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
15 | Massachusetts | 10 | 1,507,803 | 90.3 | % | 95.0 | % | 19,165 | 15.15 | 2.6 | % | 2.2 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
16 | Kentucky | 7 | 1,683,198 | 94.7 | % | 95.9 | % | 18,002 | 12.36 | 1.7 | % | 2.6 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
17 | South Carolina | 8 | 1,431,918 | 86.4 | % | 88.0 | % | 17,252 | 13.86 | 2.1 | % | 2.1 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
18 | Minnesota | 9 | 1,268,744 | 92.6 | % | 94.4 | % | 16,501 | 14.94 | 2.4 | % | 1.9 | % | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
19 | Indiana | 5 | 1,213,015 | 90.4 | % | 92.8 | % | 13,124 | 11.76 | 1.3 | % | 1.9 | % | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
20 | Virginia | 6 | 826,362 | 85.6 | % | 91.8 | % | 9,964 | 14.28 | 1.5 | % | 1.3 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
21 | New Hampshire | 5 | 659,931 | 86.4 | % | 91.6 | % | 8,189 | 14.04 | 1.3 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
22 | Maryland | 3 | 427,934 | 75.2 | % | 91.8 | % | 6,909 | 18.22 | 0.8 | % | 0.6 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
23 | Wisconsin | 4 | 566,998 | 84.2 | % | 84.7 | % | 5,543 | 11.55 | 1.0 | % | 0.8 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
24 | Missouri | 5 | 655,984 | 90.7 | % | 93.0 | % | 5,466 | 9.15 | 1.3 | % | 1.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
25 | Alabama | 1 | 429,636 | 81.6 | % | 84.8 | % | 4,379 | 12.29 | 0.3 | % | 0.6 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
26 | Kansas | 2 | 376,599 | 94.2 | % | 94.2 | % | 3,559 | 12.99 | 0.5 | % | 0.6 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
27 | Iowa | 2 | 495,948 | 94.1 | % | 94.1 | % | 3,077 | 6.59 | 0.5 | % | 0.7 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
28 | Delaware | 1 | 191,974 | 97.3 | % | 97.3 | % | 2,192 | 11.74 | 0.3 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
29 | Oklahoma | 1 | 193,276 | 96.7 | % | 100.0 | % | 2,007 | 10.38 | 0.3 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
30 | Vermont | 1 | 223,314 | 90.0 | % | 90.0 | % | 1,938 | 9.65 | 0.3 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
31 | Maine | 1 | 287,533 | 94.8 | % | 95.5 | % | 1,872 | 17.62 | 0.3 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
32 | Arizona | 1 | 165,350 | 67.1 | % | 79.3 | % | 1,806 | 13.77 | 0.3 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
33 | West Virginia | 1 | 75,344 | 90.7 | % | 90.7 | % | 782 | 11.44 | 0.3 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL | 382 | 67,452,927 | 88.7 | % | 92.0 | % | $ | 900,623 | $ | 15.42 | 100.0 | % | 100.0 | % | 100.0 | % |
Number of Units | GLA | Percent of GLA | Percent Billed | Percent Leased | ABR | ABR PSF(1) | |||||||||||||||||||||||||||||||||||
≥ 35,000 SF | 429 | 24,408,959 | 36.2 | % | 93.5 | % | 95.4 | % | $ | 221,454 | $ | 10.75 | |||||||||||||||||||||||||||||
20,000 – 34,999 SF | 511 | 13,409,045 | 19.9 | % | 90.0 | % | 94.1 | % | 140,349 | 11.23 | |||||||||||||||||||||||||||||||
10,000 – 19,999 SF | 628 | 8,587,903 | 12.7 | % | 88.8 | % | 92.0 | % | 112,950 | 14.67 | |||||||||||||||||||||||||||||||
5,000 – 9,999 SF | 1,123 | 7,739,111 | 11.5 | % | 83.2 | % | 88.1 | % | 123,312 | 18.90 | |||||||||||||||||||||||||||||||
< 5,000 SF | 6,275 | 13,307,909 | 19.7 | % | 81.5 | % | 85.8 | % | 302,558 | 27.35 | |||||||||||||||||||||||||||||||
TOTAL | 8,966 | 67,452,927 | 100.0 | % | 88.7 | % | 92.0 | % | $ | 900,623 | $ | 15.42 | |||||||||||||||||||||||||||||
TOTAL ≥ 10,000 SF | 1,568 | 46,405,907 | 68.8 | % | 91.6 | % | 94.4 | % | $ | 474,753 | $ | 11.63 | |||||||||||||||||||||||||||||
TOTAL < 10,000 SF | 7,398 | 21,047,020 | 31.2 | % | 82.2 | % | 86.7 | % | 425,870 | 24.22 |
Number of Leases | Leased GLA | % of Leased GLA | % of In-Place ABR | In-Place ABR PSF | ABR PSF at Expiration | |||||||||||||||||||||||||||||||||
M-M | 316 | 925,791 | 1.5 | % | 1.5 | % | $ | 14.87 | $ | 14.87 | ||||||||||||||||||||||||||||
2022 | 1,089 | 5,673,548 | 9.1 | % | 8.7 | % | 13.77 | 13.78 | ||||||||||||||||||||||||||||||
2023 | 1,124 | 7,015,328 | 11.3 | % | 11.6 | % | 14.88 | 15.02 | ||||||||||||||||||||||||||||||
2024 | 1,143 | 8,958,585 | 14.4 | % | 13.1 | % | 13.18 | 13.40 | ||||||||||||||||||||||||||||||
2025 | 929 | 7,755,001 | 12.5 | % | 11.9 | % | 13.77 | 14.06 | ||||||||||||||||||||||||||||||
2026 | 882 | 7,395,456 | 11.9 | % | 12.0 | % | 14.62 | 15.08 | ||||||||||||||||||||||||||||||
2027 | 640 | 6,257,566 | 10.1 | % | 9.7 | % | 13.96 | 15.21 | ||||||||||||||||||||||||||||||
2028 | 340 | 2,912,451 | 4.7 | % | 5.3 | % | 16.24 | 17.77 | ||||||||||||||||||||||||||||||
2029 | 367 | 3,841,848 | 6.2 | % | 6.3 | % | 14.80 | 16.42 | ||||||||||||||||||||||||||||||
2030 | 285 | 2,951,175 | 4.8 | % | 4.8 | % | 14.57 | 16.17 | ||||||||||||||||||||||||||||||
2031 | 295 | 2,745,081 | 4.4 | % | 5.0 | % | 16.34 | 18.48 | ||||||||||||||||||||||||||||||
2032+ | 447 | 5,597,591 | 9.1 | % | 10.1 | % | 16.43 | 19.09 |
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
New, renewal and option leases | 1,641 | 10,041,399 | $ | 16.05 | $ | 4.08 | $ | 1.84 | 10.1 | % | |||||||||||||||||||||||||
New and renewal leases | 1,478 | 6,817,114 | 18.42 | 6.01 | 2.71 | 11.4 | % | ||||||||||||||||||||||||||||
New leases | 639 | 3,055,371 | 18.66 | 12.14 | 5.92 | 27.6 | % | ||||||||||||||||||||||||||||
Renewal leases | 839 | 3,761,743 | 18.22 | 1.03 | 0.10 | 6.3 | % | ||||||||||||||||||||||||||||
Option leases | 163 | 3,224,285 | 11.04 | — | — | 7.1 | % | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
New, renewal and option leases | 1,381 | 9,558,058 | $ | 13.93 | $ | 3.47 | $ | 1.12 | 7.2 | % | |||||||||||||||||||||||||
New and renewal leases | 1,184 | 6,202,624 | 15.46 | 5.33 | 1.73 | 7.3 | % | ||||||||||||||||||||||||||||
New leases | 419 | 2,256,081 | 15.93 | 13.34 | 4.68 | 20.2 | % | ||||||||||||||||||||||||||||
Renewal leases | 765 | 3,946,543 | 15.19 | 0.75 | 0.04 | 4.3 | % | ||||||||||||||||||||||||||||
Option leases | 197 | 3,355,434 | 11.12 | 0.05 | — | 7.2 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Revenues | |||||||||||||||||
Rental income | $ | 1,146,304 | $ | 1,050,943 | $ | 95,361 | |||||||||||
Other revenues | 5,970 | 2,323 | 3,647 | ||||||||||||||
Total revenues | $ | 1,152,274 | $ | 1,053,266 | $ | 99,008 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Operating expenses | |||||||||||||||||
Operating costs | $ | 132,042 | $ | 111,678 | $ | 20,364 | |||||||||||
Real estate taxes | 165,746 | 168,943 | (3,197) | ||||||||||||||
Depreciation and amortization | 327,152 | 335,583 | (8,431) | ||||||||||||||
Impairment of real estate assets | 1,898 | 19,551 | (17,653) | ||||||||||||||
General and administrative | 105,454 | 98,280 | 7,174 | ||||||||||||||
Total operating expenses | $ | 732,292 | $ | 734,035 | $ | (1,743) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||
Other income (expense) | |||||||||||||||||
Dividends and interest | $ | 299 | $ | 482 | $ | (183) | |||||||||||
Interest expense | (194,776) | (199,988) | 5,212 | ||||||||||||||
Gain on sale of real estate assets | 73,092 | 34,499 | 38,593 | ||||||||||||||
Loss on extinguishment of debt, net | (28,345) | (28,052) | (293) | ||||||||||||||
Other | (65) | (4,999) | 4,934 | ||||||||||||||
Total other expense | $ | (149,795) | $ | (198,058) | $ | 48,263 |
Contractually Obligated Expenditures | Twelve Months Ended December 31, 2022 | Thereafter | ||||||||||||
Debt maturities (1) | $ | 250.0 | $ | 4,918.5 | ||||||||||
Interest payments (1)(2) | 182.5 | 892.8 | ||||||||||||
Operating leases | 6.0 | 40.5 | ||||||||||||
Total | $ | 438.5 | $ | 5,851.8 |
Fourth Quarter 2021 | First Quarter 2022 | ||||||||||
Dividend declared per common share | $ | 0.240 | $ | 0.240 | |||||||
Dividend declaration date | October 28, 2021 | February 1, 2022 | |||||||||
Dividend record date | January 5, 2022 | April 5, 2022 | |||||||||
Dividend payable date | January 18, 2022 | April 18, 2022 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 552,239 | $ | 443,101 | |||||||
Net cash used in investing activities | (331,005) | (167,249) | |||||||||
Net cash provided by (used in) financing activities | (293,578) | 72,712 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by operating activities | $ | 552,239 | $ | 443,101 | |||||||
Net cash used in investing activities | (331,005) | (167,249) | |||||||||
Net cash provided by (used in) financing activities | (298,722) | 62,714 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | 270,187 | $ | 121,173 | |||||||
Depreciation and amortization related to real estate | 323,354 | 331,558 | |||||||||
Gain on sale of real estate assets | (73,092) | (34,499) | |||||||||
Impairment of real estate assets | 1,898 | 19,551 | |||||||||
Nareit FFO | $ | 522,347 | $ | 437,783 | |||||||
Nareit FFO per diluted share | $ | 1.75 | $ | 1.47 | |||||||
Weighted average diluted shares outstanding | 298,835 | 297,899 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Number of properties | 362 | 362 | — | ||||||||||||||
Percent billed | 88.6 | % | 88.0 | % | 0.6 | % | |||||||||||
Percent leased | 92.0 | % | 91.0 | % | 1.0 | % | |||||||||||
Revenues | |||||||||||||||||
Rental income | $ | 1,057,929 | $ | 978,112 | $ | 79,817 | |||||||||||
Other revenues | 5,970 | 2,279 | 3,691 | ||||||||||||||
1,063,899 | 980,391 | 83,508 | |||||||||||||||
Operating expenses | |||||||||||||||||
Operating costs | (126,278) | (106,227) | (20,051) | ||||||||||||||
Real estate taxes | (158,015) | (158,275) | 260 | ||||||||||||||
(284,293) | (264,502) | (19,791) | |||||||||||||||
Same property NOI | $ | 779,606 | $ | 715,889 | $ | 63,717 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | 270,187 | $ | 121,173 | |||||||
Adjustments: | |||||||||||
Non-same property NOI | (43,602) | (49,453) | |||||||||
Lease termination fees | (8,640) | (6,238) | |||||||||
Straight-line rental income, net | (14,551) | 11,858 | |||||||||
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements | (8,221) | (13,074) | |||||||||
Straight-line ground rent expense | 134 | 151 | |||||||||
Depreciation and amortization | 327,152 | 335,583 | |||||||||
Impairment of real estate assets | 1,898 | 19,551 | |||||||||
General and administrative | 105,454 | 98,280 | |||||||||
Total other expense | 149,795 | 198,058 | |||||||||
Same property NOI | $ | 779,606 | $ | 715,889 |
(dollars in thousands) | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | — | $ | — | $ | 500,000 | $ | 700,000 | $ | 607,542 | $ | 2,810,911 | $ | 4,618,453 | $ | 4,916,134 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate(1) | 3.69 | % | 3.69 | % | 3.70 | % | 3.67 | % | 3.56 | % | 3.56 | % | ||||||||||||||||||||||||||||||||||||||
Variable rate(2)(3) | $ | 250,000 | $ | — | $ | 300,000 | $ | — | $ | — | $ | — | $ | 550,000 | $ | 550,786 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate(1)(2) | 3.86 | % | 3.86 | % | — | % | — | % | — | % | — | % |
Credit Spread Grid | ||||||||||||||||||||||||||||||||
As of December 31, 2021 | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||||||||||||||
Variable Rate Debt | LIBOR Rate | Credit Spread | All-in-Rate | Credit Spread | Credit Spread | |||||||||||||||||||||||||||
Unsecured Credit Facility - Revolving Facility(1) | 0.10% | 1.10% | 1.20% | 0.78% – 1.45% | 0.00% – 0.45% | |||||||||||||||||||||||||||
$300 Million Term Loan | 0.10% | 1.25% | 1.35% | 0.85% – 1.65% | 0.00% – 0.65% | |||||||||||||||||||||||||||
2022 Notes | 0.13% | 1.05% | 1.18% | N/A | N/A |
As of December 31, 2021 | ||||||||||||||||||||||||||
Variable Rate Debt | Amount | Weighted Average Fixed LIBOR Rate | Credit Spread | Swapped All-in-Rate | ||||||||||||||||||||||
$300 Million Term Loan | $ | 300,000 | 2.61% | 1.25% | 3.86% |
Form 10-K Page | ||||||||
1 | CONSOLIDATED STATEMENTS | |||||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. | F-2 | |||||||
Brixmor Property Group Inc.: | ||||||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | F-10 | |||||||
Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019 | F-11 | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 | F-12 | |||||||
Consolidated Statement of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019 | F-13 | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 | F-14 | |||||||
Brixmor Operating Partnership LP: | ||||||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | F-15 | |||||||
Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019 | F-16 | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 | F-17 | |||||||
Consolidated Statement of Changes in Capital for the Years Ended December 31, 2021, 2020 and 2019 | F-18 | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 | F-19 | |||||||
Notes to Consolidated Financial Statements | F-20 | |||||||
2 | CONSOLIDATED FINANCIAL STATEMENT SCHEDULES | |||||||
Schedule II – Valuation and Qualifying Accounts | F-43 | |||||||
Schedule III – Real Estate and Accumulated Depreciation | F-44 | |||||||
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
Articles of Incorporation of Brixmor Property Group Inc., dated as of November 4, 2013 | 8-K | 001-36160 | 11/4/2013 | 3.1 | ||||||||||||||||||||||||||||||||||
Second Amended and Restated Bylaws of Brixmor Property Group Inc., dated as of February 1, 2022 | 8-K | 001-36160 | 2/4/2022 | 3.1 | ||||||||||||||||||||||||||||||||||
Amended and Restated Certificate of Limited Partnership of Brixmor Operating Partnership LP | 10-K | 001-36160 | 3/12/2014 | 10.7 | ||||||||||||||||||||||||||||||||||
Second Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of October 28, 2019, by and among Brixmor OP GP LLC, as General Partner, BPG Subsidiary Inc., as Limited Partner, BPG Sub LLC, as Limited Partner, and the other limited partners from time to time party thereto | 10-Q | 001-36160 | 10/28/2019 | 3.1 | ||||||||||||||||||||||||||||||||||
Indenture, dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (the “2015 Indenture”) | 8-K | 001-36160 | 1/21/2015 | 4.1 | ||||||||||||||||||||||||||||||||||
First Supplemental Indenture to the 2015 Indenture, dated January 21, 2015, among Brixmor Operating Partnership LP, as issuer, and Brixmor OP GP LLC and BPG Subsidiary Inc., as possible future guarantors, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 1/21/2015 | 4.2 | ||||||||||||||||||||||||||||||||||
Second Supplemental Indenture to the 2015 Indenture, dated August 10, 2015, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/10/2015 | 4.2 | ||||||||||||||||||||||||||||||||||
Third Supplemental Indenture to the 2015 Indenture, dated June 13, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/13/2016 | 4.2 | ||||||||||||||||||||||||||||||||||
Fourth Supplemental Indenture to the 2015 Indenture, dated August 24, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/24/2016 | 4.2 | ||||||||||||||||||||||||||||||||||
Fifth Supplemental Indenture to the 2015 Indenture, dated March 8, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 3/8/2017 | 4.2 | ||||||||||||||||||||||||||||||||||
Sixth Supplemental Indenture to the 2015 Indenture, dated June 5, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/5/2017 | 4.2 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
Seventh Supplemental Indenture to the 2015 Indenture, dated August 31, 2018, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/28/2018 | 4.2 | ||||||||||||||||||||||||||||||||||
Eighth Supplemental Indenture to the 2015 Indenture, dated May 10, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 5/10/2019 | 4.2 | ||||||||||||||||||||||||||||||||||
Amendment No. 1 to the Eighth Supplemental Indenture, dated August 15, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/15/2019 | 4.3 | ||||||||||||||||||||||||||||||||||
Ninth Supplemental Indenture, dated June 10, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 6/10/2020 | 4.2 | ||||||||||||||||||||||||||||||||||
Amendment No. 1 to the Ninth Supplemental Indenture, dated August 20, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 8/20/2020 | 4.3 | ||||||||||||||||||||||||||||||||||
Tenth Supplemental Indenture, dated March 5, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 3/5/2021 | 4.2 | ||||||||||||||||||||||||||||||||||
Eleventh Supplemental Indenture, dated August 16, 2021, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 8/16/2021 | 4.2 | ||||||||||||||||||||||||||||||||||
Indenture, dated as of March 29, 1995, between New Plan Realty Trust and The First National Bank of Boston, as Trustee (the “1995 Indenture”) | S-3 | 33-61383 | 7/28/1995 | 4.2 | ||||||||||||||||||||||||||||||||||
First Supplemental Indenture to the 1995 Indenture, dated as of August 5, 1999, by and among New Plan Realty Trust, New Plan Excel Realty Trust, Inc. and State Street Bank and Trust Company | 10-Q | 001-12244 | 11/12/1999 | 10.2 | ||||||||||||||||||||||||||||||||||
Successor Supplemental Indenture to the 1995 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.2 | ||||||||||||||||||||||||||||||||||
Third Supplemental Indenture to the 1995 Indenture, dated as of October 30, 2009, by and among Centro NP LLC and U.S. Bank Trust National Association | S-11 | 333-190002 | 8/23/2013 | 4.4 | ||||||||||||||||||||||||||||||||||
Supplemental Indenture to the 1995 Indenture, dated as of October 16, 2014, between Brixmor LLC and U.S. Bank Trust National Association | 8-K | 001-36160 | 10/17/2014 | 4.1 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
Indenture, dated as of February 3, 1999, among the New Plan Excel Realty Trust, Inc., as Primary Obligor, New Plan Realty Trust, as Guarantor, and State Street Bank and Trust Company, as Trustee (the “1999 Indenture”) | 8-K | 001-12244 | 2/3/1999 | 4.1 | ||||||||||||||||||||||||||||||||||
Successor Supplemental Indenture to the 1999 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC, New Plan Realty Trust, LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.3 | ||||||||||||||||||||||||||||||||||
Description of Registered Securities | — | — | — | — | x | |||||||||||||||||||||||||||||||||
2013 Omnibus Incentive Plan | S-11 | 333-190002 | 9/23/2013 | 10.18 | ||||||||||||||||||||||||||||||||||
Form of Director and Officer Indemnification Agreement | S-11 | 333-190002 | 8/23/2013 | 10.19 | ||||||||||||||||||||||||||||||||||
Form of Director Restricted Stock Award Agreement | S-11 | 333-190002 | 10/4/2013 | 10.30 | ||||||||||||||||||||||||||||||||||
Form of Restricted Stock Unit Agreement | 10-Q | 001-36160 | 4/26/2016 | 10.6 | ||||||||||||||||||||||||||||||||||
Form of Brixmor Property Group Inc. Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) | 8-K | 001-36160 | 3/6/2018 | 10.1 | ||||||||||||||||||||||||||||||||||
Employment Agreement, dated April 12, 2016, by and between Brixmor Property Group Inc. and James M. Taylor | 10-Q | 001-36160 | 7/25/2016 | 10.1 | ||||||||||||||||||||||||||||||||||
First Amendment to Employment Agreement, dated February 2, 2021, by and between Brixmor Property Group Inc. and James M. Taylor | 8-K | 001-36160 | 2/4/2021 | 10.1 | ||||||||||||||||||||||||||||||||||
Employment Agreement, dated April 26, 2016, by and between Brixmor Property Group Inc. and Angela Aman | 10-Q | 001-36160 | 7/25/2016 | 10.2 | ||||||||||||||||||||||||||||||||||
First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Angela Aman | 8-K | 001-36160 | 3/8/2019 | 10.1 | ||||||||||||||||||||||||||||||||||
Second Amendment to Employment Agreement, dated February 1, 2022, by and between Brixmor Property Group Inc. and Angela Aman | 8-K | 001-36160 | 2/4/2022 | 10.1 | ||||||||||||||||||||||||||||||||||
Employment Agreement, dated May 11, 2016, by and between Brixmor Property Group Inc. and Mark T. Horgan | 10-K | 001-36160 | 2/13/2017 | 10.22 | ||||||||||||||||||||||||||||||||||
First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Mark T. Horgan | 8-K | 001-36160 | 3/8/2019 | 10.2 | ||||||||||||||||||||||||||||||||||
Second Amendment to Employment Agreement, dated February 1, 2022, by and between Brixmor Property Group Inc. and Mark T. Horgan | 8-K | 001-36160 | 2/4/2022 | 10.2 | ||||||||||||||||||||||||||||||||||
Employment Agreement, dated December 5, 2014, by and between Brixmor Property Group Inc. and Brian T. Finnegan | 10-K | 001-36160 | 2/13/2017 | 10.23 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
Employment Agreement, dated November 1, 2011, by and between Brixmor Property Group Inc. and Steven F. Siegel | S-11 | 333-190002 | 8/23/2013 | 10.23 | ||||||||||||||||||||||||||||||||||
First Amendment to Employment Agreement, dated February 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel | 10-Q | 001-36160 | 4/29/2019 | 10.3 | ||||||||||||||||||||||||||||||||||
Second Amendment to Employment Agreement, dated April 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel | 10-Q | 001-36160 | 4/29/2019 | 10.4 | ||||||||||||||||||||||||||||||||||
Amended and Restated Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto | 10-K | 001-36160 | 2/11/2019 | 10.4 | ||||||||||||||||||||||||||||||||||
Amendment No. 1 to Amended and Restated Term Loan Agreement, dated as of April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 8-K | 001-36160 | 5/1/2020 | 10.2 | ||||||||||||||||||||||||||||||||||
Term Loan Agreement, dated as of July 28, 2017, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “2017 Term Loan Agreement”) | 8-K | 001-36160 | 7/31/2017 | 10.1 | ||||||||||||||||||||||||||||||||||
Amendment No. 1 to the 2017 Term Loan Agreement, dated December 12, 2018, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto | 10-K | 001-36160 | 2/11/2019 | 10.25 | ||||||||||||||||||||||||||||||||||
Amendment No. 2 to Term Loan Agreement, dated as April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto | 8-K | 001-36160 | 5/1/2020 | 10.3 | ||||||||||||||||||||||||||||||||||
Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 10-K | 001-36160 | 2/11/2019 | 10.26 | ||||||||||||||||||||||||||||||||||
Amendment No. 1 to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto | 8-K | 001-36160 | 5/1/2020 | 10.1 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
Subsidiaries of the Brixmor Property Group Inc. | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Subsidiaries of the Brixmor Operating Partnership LP | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Consent of Deloitte & Touche LLP for Brixmor Property Group Inc. | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Consent of Deloitte & Touche LLP for Brixmor Operating Partnership LP | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
Property List | — | — | — | — | x | |||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | — | — | — | — | x |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) | x |
BRIXMOR PROPERTY GROUP INC. | ||||||||
Date: February 7, 2022 | By: | /s/ James M. Taylor | ||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) | ||||||||
BRIXMOR OPERATING PARTNERSHIP LP | ||||||||
Date: February 7, 2022 | By: | /s/ James M. Taylor | ||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) |
Date: February 7, 2022 | By: | /s/ James M. Taylor | ||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer, Director, Sole Director of Sole Member of General Partner of Operating Partnership) | ||||||||
Date: February 7, 2022 | By: | /s/ Angela Aman | ||||||
Angela Aman | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: February 7, 2022 | By: | /s/ Steven Gallagher | ||||||
Steven Gallagher | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) | ||||||||
Date: February 7, 2022 | By: | /s/ John G. Schreiber | ||||||
John G. Schreiber | ||||||||
Chairman of the Board of Directors | ||||||||
Date: February 7, 2022 | By: | /s/ Michael Berman | ||||||
Michael Berman | ||||||||
Director | ||||||||
Date: February 7, 2022 | By: | /s/ Sheryl M. Crosland | ||||||
Sheryl M. Crosland | ||||||||
Director | ||||||||
Date: February 7, 2022 | By: | /s/ Thomas W. Dickson | ||||||
Thomas W. Dickson | ||||||||
Director | ||||||||
Date: February 7, 2022 | By: | /s/ Daniel B. Hurwitz | ||||||
Daniel B. Hurwitz | ||||||||
Director | ||||||||
Date: February 7, 2022 | By: | /s/ William D. Rahm | ||||||
William D. Rahm | ||||||||
Director | ||||||||
Date: February 7, 2022 | By: | /s/ Juliann Bowerman | ||||||
Juliann Bowerman | ||||||||
Director | ||||||||
Date: February 7, 2022 | By: | /s/ Sandra A. J. Lawrence | ||||||
Sandra A. J. Lawrence | ||||||||
Director |
Form 10-K Page | ||||||||
1 | CONSOLIDATED STATEMENTS | |||||||
Reports of Independent Registered Public Accounting Firm | F-2 | |||||||
Brixmor Property Group Inc.: | ||||||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | F-10 | |||||||
Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019 | F-11 | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 | F-12 | |||||||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019 | F-13 | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 | F-14 | |||||||
Brixmor Operating Partnership LP: | ||||||||
Consolidated Balance Sheets as of December 31, 2021 and 2020 | F-15 | |||||||
Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019 | F-16 | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 | F-17 | |||||||
Consolidated Statements of Changes in Capital for the Years Ended December 31, 2021, 2020 and 2019 | F-18 | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 | F-19 | |||||||
Notes to Consolidated Financial Statements | F-20 | |||||||
2 | CONSOLIDATED FINANCIAL STATEMENT SCHEDULES | |||||||
Schedule II – Valuation and Qualifying Accounts | F-43 | |||||||
Schedule III – Real Estate and Accumulated Depreciation | F-44 | |||||||
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands, except share information) | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Real estate | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Real estate, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Marketable securities | |||||||||||
Receivables, net | |||||||||||
Deferred charges and prepaid expenses, net | |||||||||||
Real estate assets held for sale | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Debt obligations, net | $ | $ | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Equity | |||||||||||
Common stock, $ shares issued and | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Distributions in excess of net income | ( | ( | |||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ | |||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Rental income | $ | $ | $ | ||||||||||||||
Other revenues | |||||||||||||||||
Total revenues | |||||||||||||||||
Operating expenses | |||||||||||||||||
Operating costs | |||||||||||||||||
Real estate taxes | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairment of real estate assets | |||||||||||||||||
General and administrative | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Other income (expense) | |||||||||||||||||
Dividends and interest | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Gain on sale of real estate assets | |||||||||||||||||
Loss on extinguishment of debt, net | ( | ( | ( | ||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Total other expense | ( | ( | ( | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||
Weighted average shares: | |||||||||||||||||
Basic | |||||||||||||||||
Diluted | |||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | ( | ( | |||||||||||||||
Change in unrealized gain (loss) on marketable securities | ( | ||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||
Comprehensive income | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Number | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Net Income | Total | ||||||||||||||||||||||||||||||
Beginning balance, January 1, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
— | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Ending balance, December 31, 2019 | ( | ( | |||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Ending balance, December 31, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock | — | — | |||||||||||||||||||||||||||||||||
Share-based awards retained for taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Ending balance, December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
(Accretion) amortization of debt premium and discount, net | ( | ( | |||||||||||||||
Deferred financing cost amortization | |||||||||||||||||
Accretion of above- and below-market leases, net | ( | ( | ( | ||||||||||||||
Tenant inducement amortization and other | |||||||||||||||||
Impairment of real estate assets | |||||||||||||||||
Gain on sale of real estate assets | ( | ( | ( | ||||||||||||||
Equity compensation expense, net | |||||||||||||||||
Loss on extinguishment of debt, net | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Receivables, net | ( | ( | |||||||||||||||
Deferred charges and prepaid expenses | ( | ( | ( | ||||||||||||||
Other assets | ( | ( | ( | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Investing activities: | |||||||||||||||||
Improvements to and investments in real estate assets | ( | ( | ( | ||||||||||||||
Acquisitions of real estate assets | ( | ( | ( | ||||||||||||||
Proceeds from sales of real estate assets | |||||||||||||||||
Purchase of marketable securities | ( | ( | ( | ||||||||||||||
Proceeds from sale of marketable securities | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Financing activities: | |||||||||||||||||
Repayment of secured debt obligations | ( | ||||||||||||||||
Repayment of borrowings under unsecured revolving credit facility | ( | ( | |||||||||||||||
Proceeds from borrowings under unsecured revolving credit facility | |||||||||||||||||
Proceeds from unsecured notes | |||||||||||||||||
Repayment of borrowings under unsecured term loans and notes | ( | ( | ( | ||||||||||||||
Deferred financing and debt extinguishment costs | ( | ( | ( | ||||||||||||||
Proceeds from issuances of common shares | |||||||||||||||||
Distributions to common stockholders | ( | ( | ( | ||||||||||||||
Repurchases of common shares | ( | ( | |||||||||||||||
Repurchases of common shares in conjunction with equity award plans | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||
Net change in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||||||||
Reconciliation to consolidated balance sheets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest, net of amount capitalized of $ | $ | $ | $ | ||||||||||||||
State and local taxes paid | |||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands, except unit information) | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Real estate | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Real estate, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Marketable securities | |||||||||||
Receivables, net | |||||||||||
Deferred charges and prepaid expenses, net | |||||||||||
Real estate assets held for sale | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Debt obligations, net | $ | $ | |||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Capital | |||||||||||
Partnership common units; | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total capital | |||||||||||
Total liabilities and capital | $ | $ | |||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except per unit data) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Rental income | $ | $ | $ | ||||||||||||||
Other revenues | |||||||||||||||||
Total revenues | |||||||||||||||||
Operating expenses | |||||||||||||||||
Operating costs | |||||||||||||||||
Real estate taxes | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairment of real estate assets | |||||||||||||||||
General and administrative | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Other income (expense) | |||||||||||||||||
Dividends and interest | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Gain on sale of real estate assets | |||||||||||||||||
Loss on extinguishment of debt, net | ( | ( | ( | ||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Total other expense | ( | ( | ( | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Net income per common unit: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||
Weighted average units: | |||||||||||||||||
Basic | |||||||||||||||||
Diluted | |||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | ( | ( | |||||||||||||||
Change in unrealized gain (loss) on marketable securities | ( | ||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||
Comprehensive income | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL | |||||||||||||||||
(in thousands) | |||||||||||||||||
Partnership Common Units | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
Beginning balance, January 1, 2019 | $ | $ | $ | ||||||||||||||
( | — | ( | |||||||||||||||
Distributions to partners | ( | — | ( | ||||||||||||||
Equity compensation expense | — | ||||||||||||||||
Other comprehensive loss | — | ( | ( | ||||||||||||||
Issuance of OP Units | — | ||||||||||||||||
Repurchases of OP Units | ( | — | ( | ||||||||||||||
Share-based awards retained for taxes | ( | — | ( | ||||||||||||||
Net income attributable to Brixmor Operating Partnership LP | — | ||||||||||||||||
Ending balance, December 31, 2019 | ( | ||||||||||||||||
Distributions to partners | ( | — | ( | ||||||||||||||
Equity compensation expense | — | ||||||||||||||||
Other comprehensive loss | — | ( | ( | ||||||||||||||
Issuance of OP Units | — | ||||||||||||||||
Repurchases of OP Units | ( | — | ( | ||||||||||||||
Share-based awards retained for taxes | ( | — | ( | ||||||||||||||
Net income attributable to Brixmor Operating Partnership LP | — | ||||||||||||||||
Ending balance, December 31, 2020 | ( | ||||||||||||||||
Distributions to partners | ( | — | ( | ||||||||||||||
Equity compensation expense | — | ||||||||||||||||
Other comprehensive income | — | ||||||||||||||||
Issuance of OP Units | — | ||||||||||||||||
Share-based awards retained for taxes | ( | — | ( | ||||||||||||||
Net income attributable to Brixmor Operating Partnership LP | — | ||||||||||||||||
Ending balance, December 31, 2021 | $ | $ | ( | $ | |||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
(Accretion) amortization of debt premium and discount, net | ( | ( | |||||||||||||||
Deferred financing cost amortization | |||||||||||||||||
Accretion of above- and below-market leases, net | ( | ( | ( | ||||||||||||||
Tenant inducement amortization and other | |||||||||||||||||
Impairment of real estate assets | |||||||||||||||||
Gain on sale of real estate assets | ( | ( | ( | ||||||||||||||
Equity compensation expense, net | |||||||||||||||||
Loss on extinguishment of debt, net | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Receivables, net | ( | ( | |||||||||||||||
Deferred charges and prepaid expenses | ( | ( | ( | ||||||||||||||
Other assets | ( | ( | ( | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Investing activities: | |||||||||||||||||
Improvements to and investments in real estate assets | ( | ( | ( | ||||||||||||||
Acquisitions of real estate assets | ( | ( | ( | ||||||||||||||
Proceeds from sales of real estate assets | |||||||||||||||||
Purchase of marketable securities | ( | ( | ( | ||||||||||||||
Proceeds from sale of marketable securities | |||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Financing activities: | |||||||||||||||||
Repayment of secured debt obligations | ( | ||||||||||||||||
Repayment of borrowings under unsecured revolving credit facility | ( | ( | |||||||||||||||
Proceeds from borrowings under unsecured revolving credit facility | |||||||||||||||||
Proceeds from unsecured notes | |||||||||||||||||
Repayment of borrowings under unsecured term loans and notes | ( | ( | ( | ||||||||||||||
Deferred financing and debt extinguishment costs | ( | ( | ( | ||||||||||||||
Proceeds from issuances of OP Units | |||||||||||||||||
Partner distributions and repurchases of OP Units | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||
Net change in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||||||||
Reconciliation to consolidated balance sheets: | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | ||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest, net of amount capitalized of $ | $ | $ | $ | ||||||||||||||
State and local taxes paid | |||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
Building and building and land improvements | |||||
Furniture, fixtures, and equipment | |||||
Tenant improvements |
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
Land at Ellisville Square (3) | Ellisville, MO | Jan-21 | N/A | $ | ||||||||||||||||||||||
Outparcel adjacent to Cobblestone Village | St. Augustine, FL | Feb-21 | ||||||||||||||||||||||||
Land associated with Westgate Plaza | Westfield, MA | Mar-21 | N/A | |||||||||||||||||||||||
Center of Bonita Springs | Bonita Springs, FL | Apr-21 | ||||||||||||||||||||||||
Champlin Marketplace | Champlin, MN | Jun-21 | ||||||||||||||||||||||||
Pawleys Island Plaza | Pawleys Island, SC | Oct-21 | ||||||||||||||||||||||||
Granada Shoppes | Naples, FL | Dec-21 | ||||||||||||||||||||||||
Kings Market | Roswell, GA | Dec-21 | ||||||||||||||||||||||||
Connexion | Roswell, GA | Dec-21 | ||||||||||||||||||||||||
$ |
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
Land adjacent to Shops at Palm Lakes | Miami Gardens, FL | Feb-20 | N/A | $ | ||||||||||||||||||||||
Land adjacent to College Plaza | Selden, NY | Jul-20 | N/A | |||||||||||||||||||||||
N/A | $ |
Year Ended December 31, | |||||||||||
Assets | 2021 | 2020 | |||||||||
Land | $ | $ | |||||||||
Buildings | |||||||||||
Building and tenant improvements | |||||||||||
Above-market leases(1) | |||||||||||
In-place leases(2) | |||||||||||
Total assets | |||||||||||
Liabilities | |||||||||||
Below-market leases(3) | |||||||||||
Total liabilities | |||||||||||
Net assets acquired | $ | $ |
Assets | December 31, 2021 | December 31, 2020 | |||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Real estate, net | |||||||||||
Other assets | |||||||||||
Assets associated with real estate assets held for sale | $ | $ | |||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
Land | $ | $ | |||||||||
Buildings and improvements: | |||||||||||
Buildings and tenant improvements(1) | |||||||||||
Lease intangibles(2) | |||||||||||
Accumulated depreciation and amortization(3) | ( | ( | |||||||||
Total | $ | $ |
Year ending December 31, | Below-market lease accretion (income), net of above-market lease amortization expense | In-place lease amortization expense | ||||||||||||
2022 | $ | ( | $ | |||||||||||
2023 | ( | |||||||||||||
2024 | ( | |||||||||||||
2025 | ( | |||||||||||||
2026 | ( |
Year Ended December 31, 2021 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
Albany Plaza(2) | Albany, GA | $ | ||||||||||||||||||
Erie Canal Centre(2) | DeWitt, NY | |||||||||||||||||||
$ |
Year Ended December 31, 2020 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
Northmall Centre | Tucson, AZ | $ | ||||||||||||||||||
Spring Mall | Greenfield, WI | |||||||||||||||||||
30th Street Plaza(2) | Canton, OH | |||||||||||||||||||
Fry Road Crossing(2) | Katy, TX | |||||||||||||||||||
Chamberlain Plaza(2) | Meriden, CT | |||||||||||||||||||
The Pines Shopping Center(3) | Pineville, LA | |||||||||||||||||||
Parcel at Lakes Crossing(2) | Muskegon, MI | |||||||||||||||||||
$ |
Year Ended December 31, 2019 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
Westview Center(2) | Hanover Park, IL | $ | ||||||||||||||||||
Parcel at Mansell Crossing(2) | Alpharetta, GA | |||||||||||||||||||
Brice Park | Reynoldsburg, OH | |||||||||||||||||||
Lincoln Plaza(4) | New Haven, IN | |||||||||||||||||||
Glendale Galleria(2) | Glendale, AZ | |||||||||||||||||||
Mohawk Acres Plaza(3) | Rome, NY | |||||||||||||||||||
Towne Square North(2) | Owensboro, KY | |||||||||||||||||||
Marwood Plaza(2) | Indianapolis, IN | |||||||||||||||||||
Parcel at Lakes Crossing(3) | Muskegon, MI | |||||||||||||||||||
Bartonville Square(2) | Bartonville, IL | |||||||||||||||||||
North Hills Village(2) | Haltom City, TX | |||||||||||||||||||
$ |
Number of Instruments | Notional Amount | ||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||
Interest Rate Swaps | $ | $ |
Fair Value of Derivative Instruments | ||||||||||||||
Interest rate swaps classified as: | December 31, 2021 | December 31, 2020 | ||||||||||||
Gross derivative assets | $ | $ | ||||||||||||
Gross derivative liabilities | ( | ( | ||||||||||||
Net derivative liabilities | $ | ( | $ | ( | ||||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) | Year Ended December 31, | |||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps | $ | $ | ( | $ | ( | |||||||||||||||
Amortization (accretion) of interest rate swaps to interest expense | ( | |||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps, net | $ | $ | ( | $ | ( |
Carrying Value as of | |||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | Stated Interest Rate(1) | Scheduled Maturity Date | ||||||||||||||||||||
Notes payable | |||||||||||||||||||||||
Unsecured notes(2) | $ | $ | 2022 – 2031 | ||||||||||||||||||||
Net unamortized premium | |||||||||||||||||||||||
Net unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total notes payable, net | $ | $ | |||||||||||||||||||||
Unsecured Credit Facility and term loans | |||||||||||||||||||||||
Unsecured Credit Facility - Revolving Facility | $ | $ | 2023 | ||||||||||||||||||||
Unsecured $350 Million Term Loan | N/A | N/A | |||||||||||||||||||||
Unsecured $300 Million Term Loan(3) | 2024 | ||||||||||||||||||||||
Net unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total Unsecured Credit Facility and term loans | $ | $ | |||||||||||||||||||||
Total debt obligations, net | $ | $ |
Year ending December 31, | ||||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total debt maturities | ||||||||
Net unamortized premium | ||||||||
Net unamortized debt issuance costs | ( | |||||||
Total debt obligations, net | $ |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amounts | Fair Value | Carrying Amounts | Fair Value | ||||||||||||||||||||
Notes payable | $ | $ | $ | $ | |||||||||||||||||||
Unsecured Credit Facility and term loans | |||||||||||||||||||||||
Total debt obligations, net | $ | $ | $ | $ |
Fair Value Measurements as of December 31, 2021 | |||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities(1) | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate derivatives | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Fair Value Measurements as of December 31, 2020 | |||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Marketable securities(1) | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate derivatives | $ | ( | $ | $ | ( | $ |
Fair Value Measurements as of December 31, 2020 | |||||||||||||||||||||||||||||
Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Impairment of Real Estate Assets | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Properties(1)(2)(3) | $ | $ | $ | $ | $ |
Year ending December 31, | Operating Leases | |||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||||||||
Deferrals | Abatements | Deferrals | Abatements | |||||||||||||||||||||||
Lease payments (lease modifications) | $ | $ | $ | $ | ||||||||||||||||||||||
Lease payments (not lease modifications) | ||||||||||||||||||||||||||
$ | $ | $ | $ |
COVID-19 Deferred Receivable | ||||||||
Beginning balance, March 31, 2020 | $ | |||||||
Deferred lease payments (not lease modifications) | ||||||||
Deferred lease payments deemed uncollectible | ( | |||||||
Deferred lease payments received | ( | |||||||
Ending balance, December 31, 2020 | ||||||||
Deferred lease payments (not lease modifications) | ||||||||
Deferred lease payments deemed uncollectible | ( | |||||||
Deferred lease payments received | ( | |||||||
Ending balance, December 31, 2021 | $ |
Year Ended December 31, | ||||||||||||||||||||
Supplemental Statements of Operations Information | 2021 | 2020 | 2019 | |||||||||||||||||
Operating lease costs | $ | $ | $ | |||||||||||||||||
Short-term lease costs | ||||||||||||||||||||
Variable lease costs | ||||||||||||||||||||
Total lease costs | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Supplemental Statements of Cash Flows Information | 2021 | 2020 | 2019 | |||||||||||||||||
Operating cash outflows from operating leases | $ | $ | $ | |||||||||||||||||
ROU assets obtained in exchange for operating lease liabilities | ||||||||||||||||||||
ROU assets written off due to dispositions and lease modifications | ( | ( | ||||||||||||||||||
Operating Lease Liabilities | As of December 31, 2021 | |||||||||||||||||||
Future minimum operating lease payments: | ||||||||||||||||||||
2022 | $ | |||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total future minimum operating lease payments | ||||||||||||||||||||
Less: imputed interest | ( | |||||||||||||||||||
$ | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
Supplemental Balance Sheets Information | 2021 | 2020 | ||||||||||||||||||
Operating lease liabilities(1)(2) | $ | $ | ||||||||||||||||||
ROU assets(1)(3) |
Year Ended December 31, | ||||||||||||||||||||
Assumption | 2021 | 2020 | 2019 | |||||||||||||||||
Volatility | ||||||||||||||||||||
Weighted average risk-free interest rate | ||||||||||||||||||||
Weighted average common stock dividend yield |
Restricted Shares | Aggregate Intrinsic Value | ||||||||||
Outstanding, December 31, 2018 | $ | ||||||||||
Vested | ( | ( | |||||||||
Granted | |||||||||||
Forfeited | ( | ( | |||||||||
Outstanding, December 31, 2019 | |||||||||||
Vested | ( | ( | |||||||||
Granted | |||||||||||
Forfeited | ( | ( | |||||||||
Outstanding, December 31, 2020 | |||||||||||
Vested | ( | ( | |||||||||
Granted | |||||||||||
Forfeited | ( | ( | |||||||||
Outstanding, December 31, 2021 | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Computation of Basic Earnings Per Share: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Non-forfeitable dividends on unvested restricted shares | ( | ( | ( | ||||||||||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | $ | $ | ||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||||
Basic earnings per share attributable to the Company’s common stockholders: | |||||||||||||||||
Net income per share | $ | $ | $ | ||||||||||||||
Computation of Diluted Earnings Per Share: | |||||||||||||||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | $ | $ | ||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Equity awards | |||||||||||||||||
Weighted average shares outstanding – diluted | |||||||||||||||||
Diluted earnings per share attributable to the Company’s common stockholders: | |||||||||||||||||
Net income per share | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Computation of Basic Earnings Per Unit: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Non-forfeitable dividends on unvested restricted units | ( | ( | ( | ||||||||||||||
Net income attributable to the Operating Partnership’s common units for basic earnings per unit | $ | $ | $ | ||||||||||||||
Weighted average common units outstanding – basic | |||||||||||||||||
Basic earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||||||||
Net income per unit | $ | $ | $ | ||||||||||||||
Computation of Diluted Earnings Per Unit: | |||||||||||||||||
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit | $ | $ | $ | ||||||||||||||
Weighted average common units outstanding – basic | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Equity awards | |||||||||||||||||
Weighted average common units outstanding – diluted | |||||||||||||||||
Diluted earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||||||||
Net income per unit | $ | $ | $ |
Year End December 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance at the beginning of the year | $ | $ | |||||||||
Incurred related to: | |||||||||||
Current year | |||||||||||
Prior years | ( | ( | |||||||||
Total incurred | |||||||||||
Paid related to: | |||||||||||
Current year | ( | ||||||||||
Prior years | ( | ( | |||||||||
Total paid | ( | ( | |||||||||
Balance at the end of the year | $ | $ |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Springdale | Mobile, AL | $ | $ | $ | $ | $ | $ | $ | ( | 2004 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northmall Centre | Tucson, AZ | ( | ( | 1996 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bakersfield Plaza | Bakersfield, CA | ( | 1970 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carmen Plaza | Camarillo, CA | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plaza Rio Vista | Cathedral, CA | ( | 2005 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cudahy Plaza | Cudahy, CA | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Mall | Davis, CA | ( | 1964 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Felicita Plaza | Escondido, CA | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Felicita Town Center | Escondido, CA | ( | 1987 | Dec-16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arbor - Broadway Faire | Fresno, CA | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lompoc Center | Lompoc, CA | ( | 1960 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Briggsmore Plaza | Modesto, CA | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Montebello Plaza | Montebello, CA | ( | 1974 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California Oaks Center | Murrieta, CA | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacoima Center | Pacoima, CA | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro 580 | Pleasanton, CA | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rose Pavilion | Pleasanton, CA | ( | 2019 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Puente Hills Town Center | Rowland Heights, CA | ( | 1984 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ocean View Plaza | San Clemente, CA | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plaza By The Sea | San Clemente, CA | ( | 1976 | Dec-17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village at Mira Mesa | San Diego, CA | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Dimas Plaza | San Dimas, CA | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bristol Plaza | Santa Ana, CA | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Plaza | Santa Fe Springs, CA | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Paula Center | Santa Paula, CA | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vail Ranch Center | Temecula, CA | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Hills Shopping Center | Torrance, CA | ( | ( | 1977 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upland Town Square | Upland, CA | ( | 1994 | Nov-17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Plaza - Vallejo | Vallejo, CA | ( | 2018 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arvada Plaza | Arvada, CO | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arapahoe Crossings | Aurora, CO | ( | 1996 | Jul-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Plaza | Aurora, CO | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Villa Monaco | Denver, CO | ( | 1978 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centennial Shopping Center | Englewood, CO | ( | 2013 | Apr-19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superior Marketplace | Superior, CO | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westminster City Center | Westminster, CO | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Shoppes at Fox Run | Glastonbury, CT | ( | 1974 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Groton Square | Groton, CT | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway Plaza | Hamden, CT | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Manchester Collection | Manchester, CT | ( | ( | 2001 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turnpike Plaza | Newington, CT | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Haven Crossing | North Haven, CT | ( | 1993 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christmas Tree Plaza | Orange, CT | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stratford Square | Stratford, CT | ( | 1984 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Torrington Plaza | Torrington, CT | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterbury Plaza | Waterbury, CT | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterford Commons | Waterford, CT | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Dover Center | Dover, DE | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Center of Bonita Springs | Bonita Springs, FL | ( | 2014 | Apr-21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coastal Way - Coastal Landing | Brooksville, FL | ( | 2008 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clearwater Mall | Clearwater, FL | ( | 1973 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coconut Creek Plaza | Coconut Creek, FL | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Century Plaza Shopping Center | Deerfield Beach, FL | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northgate Shopping Center | DeLand, FL | ( | 1993 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sun Plaza | Ft. Walton Beach, FL | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Normandy Square | Jacksonville, FL | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regency Park Shopping Center | Jacksonville, FL | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ventura Downs | Kissimmee, FL | ( | 2018 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace at Wycliffe | Lake Worth, FL | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venetian Isle Shopping Ctr | Lighthouse Point, FL | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marco Town Center | Marco Island, FL | ( | 2021 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mall at 163rd Street | Miami, FL | ( | 2007 | Jun-11 |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Palm Lakes | Miami, FL | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freedom Square | Naples, FL | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granada Shoppes | Naples, FL | ( | ( | 2011 | Dec-21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Naples Plaza | Naples, FL | ( | 2013 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Shore Plaza | Naples, FL | ( | 2017 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chelsea Place | New Port Richey, FL | ( | 1992 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presidential Plaza West | North Lauderdale, FL | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colonial Marketplace | Orlando, FL | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conway Crossing | Orlando, FL | ( | 2002 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunter's Creek Plaza | Orlando, FL | ( | 1998 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pointe Orlando | Orlando, FL | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Martin Downs Town Center | Palm City, FL | ( | 1996 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Martin Downs Village Center | Palm City, FL | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23rd Street Station | Panama City, FL | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Panama City Square | Panama City, FL | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Port Plaza | Port St. Lucie, FL | ( | 1991 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes of Victoria Square | Port St. Lucie, FL | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lake St. Charles | Riverview, FL | ( | 1999 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobblestone Village | Royal Palm Beach, FL | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneva Village Shoppes | Sarasota, FL | ( | 2020 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sarasota Village | Sarasota, FL | ( | 1972 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic Plaza | Satellite Beach, FL | ( | 2008 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seminole Plaza | Seminole, FL | ( | 2020 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobblestone Village | St. Augustine, FL | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dolphin Village | St. Pete Beach, FL | ( | 1990 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rutland Plaza | St. Petersburg, FL | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tyrone Gardens | St. Petersburg, FL | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Downtown Publix | Stuart, FL | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunrise Town Center | Sunrise, FL | ( | 1989 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrollwood Center | Tampa, FL | ( | 2002 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ross Plaza | Tampa, FL | ( | 1996 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes at Tarpon | Tarpon Springs, FL | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venice Plaza | Venice, FL | ( | 1999 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venice Shopping Center | Venice, FL | ( | 2000 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venice Village | Venice, FL | ( | 2021 | Nov-17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mansell Crossing | Alpharetta, GA | ( | 1993 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northeast Plaza | Atlanta, GA | ( | 1952 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Augusta West Plaza | Augusta, GA | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sweetwater Village | Austell, GA | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vineyards at Chateau Elan | Braselton, GA | ( | 2002 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salem Road Station | Covington, GA | ( | 2000 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Bridge Commons | Cumming, GA | ( | 2002 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northside | Dalton, GA | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cosby Station | Douglasville, GA | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Plaza | Douglasville, GA | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westgate | Dublin, GA | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venture Pointe | Duluth, GA | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banks Station | Fayetteville, GA | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Barrett Place | Kennesaw, GA | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville, GA | ( | 2003 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mableton Walk | Mableton, GA | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Village at Mableton | Mableton, GA | ( | 1959 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marshalls at Eastlake | Marietta, GA | ( | 1982 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Chastain Corners | Marietta, GA | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pavilions at Eastlake | Marietta, GA | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Creekwood Village | Rex, GA | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Connexion | Roswell, GA | 2016 | Dec-21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holcomb Bridge Crossing | Roswell, GA | ( | 1988 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kings Market | Roswell, GA | 2005 | Dec-21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Victory Square | Savannah, GA | ( | 2007 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockbridge Village | Stockbridge, GA | ( | 2008 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stone Mountain Festival | Stone Mountain, GA | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilmington Island | Wilmington Island, GA | ( | 1985 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Haymarket Mall | Des Moines, IA | ( | 1979 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Haymarket Square | Des Moines, IA | ( | 1979 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annex of Arlington | Arlington Heights, IL | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridge Plaza | Arlington Heights, IL | ( | 2000 | Jun-11 |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southfield Plaza | Bridgeview, IL | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commons of Chicago Ridge | Chicago Ridge, IL | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rivercrest Shopping Center | Crestwood, IL | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Commons of Crystal Lake | Crystal Lake, IL | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elk Grove Town Center | Elk Grove Village, IL | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freeport Plaza | Freeport, IL | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Quentin Collection | Kildeer, IL | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Butterfield Square | Libertyville, IL | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
High Point Centre | Lombard, IL | ( | 2019 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Meadow Commons | Mundelein, IL | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westridge Court | Naperville, IL | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollins Crossing | Round Lake Beach, IL | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tinley Park Plaza | Tinley Park, IL | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meridian Village | Carmel, IN | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbus Center | Columbus, IN | ( | 1964 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Centre | Goshen, IN | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Speedway Super Center | Speedway, IN | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sagamore Park Centre | West Lafayette, IN | ( | 2018 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westchester Square | Lenexa, KS | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West Loop Shopping Center | Manhattan, KS | ( | 2013 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Dixie Plaza | Elizabethtown, KY | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florence Plaza - Florence Square | Florence, KY | ( | 2014 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jeffersontown Commons | Jeffersontown, KY | ( | 1959 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
London Marketplace | London, KY | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastgate Shopping Center | Louisville, KY | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plainview Village | Louisville, KY | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stony Brook I & II | Louisville, KY | ( | 1988 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Points West Plaza | Brockton, MA | ( | 1960 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burlington Square I, II & III | Burlington, MA | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holyoke Shopping Center | Holyoke, MA | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WaterTower Plaza | Leominster, MA | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lunenberg Crossing | Lunenburg, MA | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lynn Marketplace | Lynn, MA | ( | 1968 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Webster Square Shopping Center | Marshfield, MA | ( | 2005 | Jun-15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Berkshire Crossing | Pittsfield, MA | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westgate Plaza | Westfield, MA | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Perkins Farm Marketplace | Worcester, MA | ( | 1967 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Plaza Shopping Center | California, MD | ( | 2005 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Campus Village Shoppes | College Park, MD | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fox Run | Prince Frederick, MD | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pine Tree Shopping Center | Portland, ME | ( | 1958 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arborland Center | Ann Arbor, MI | ( | 2000 | Mar-17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maple Village | Ann Arbor, MI | ( | 2020 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Crossing | Brighton, MI | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmington Crossroads | Farmington, MI | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Silver Pointe Shopping Center | Fenton, MI | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cascade East | Grand Rapids, MI | ( | 1983 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delta Center | Lansing, MI | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lakes Crossing | Muskegon, MI | ( | 2008 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redford Plaza | Redford, MI | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Village Centre | Rochester Hills, MI | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fashion Corners | Saginaw, MI | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southfield Plaza | Southfield, MI | ( | 1970 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 Ryan | Sterling Heights, MI | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delco Plaza | Sterling Heights, MI | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West Ridge | Westland, MI | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washtenaw Fountain Plaza | Ypsilanti, MI | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southport Centre I - VI | Apple Valley, MN | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Champlin Marketplace | Champlin, MN | ( | 2005 | Jun-21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burning Tree Plaza | Duluth, MN | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westwind Plaza | Minnetonka, MN | ( | 2007 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Richfield Hub | Richfield, MN | ( | 1952 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roseville Center | Roseville , MN | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace @ 42 | Savage, MN | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sun Ray Shopping Center | St. Paul, MN | ( | 1958 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
White Bear Hills Shopping Center | White Bear Lake, MN | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ellisville Square | Ellisville, MO | ( | 1989 | Jun-11 |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hub Shopping Center | Independence, MO | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watts Mill Plaza | Kansas City, MO | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liberty Corners | Liberty, MO | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maplewood Square | Maplewood, MO | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Devonshire Place | Cary, NC | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
McMullen Creek Market | Charlotte, NC | ( | 1988 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Commons at Chancellor Park | Charlotte, NC | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Macon Plaza | Franklin, NC | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Garner Towne Square | Garner, NC | ( | 1997 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franklin Square | Gastonia, NC | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wendover Place | Greensboro, NC | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Commons | Greenville, NC | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valley Crossing | Hickory, NC | ( | 2014 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kinston Pointe | Kinston, NC | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Magnolia Plaza | Morganton, NC | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roxboro Square | Roxboro, NC | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innes Street Market | Salisbury, NC | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crossroads | Statesville, NC | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anson Station | Wadesboro, NC | ( | 1988 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Centre Market | Wilmington, NC | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Commons | Wilmington, NC | ( | 2007 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway Plaza | Winston-Salem, NC | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stratford Commons | Winston-Salem, NC | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bedford Grove | Bedford, NH | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitol Shopping Center | Concord, NH | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Willow Springs Plaza | Nashua , NH | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seacoast Shopping Center | Seabrook , NH | ( | 1991 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tri-City Plaza | Somersworth, NH | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laurel Square | Brick, NJ | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Shoppes at Cinnaminson | Cinnaminson, NJ | ( | 2010 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acme Clark | Clark, NJ | ( | 2007 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collegetown Shopping Center | Glassboro, NJ | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hamilton Plaza | Hamilton, NJ | ( | 1972 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bennetts Mills Plaza | Jackson, NJ | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marlton Crossing | Marlton, NJ | ( | 2019 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middletown Plaza | Middletown, NJ | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Larchmont Centre | Mount Laurel, NJ | ( | 1985 | Jun-15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Old Bridge Gateway | Old Bridge, NJ | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morris Hills Shopping Center | Parsippany, NJ | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rio Grande Plaza | Rio Grande, NJ | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ocean Heights Plaza | Somers Point, NJ | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Springfield Place | Springfield, NJ | ( | 1965 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tinton Falls Plaza | Tinton Falls, NJ | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross Keys Commons | Turnersville, NJ | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway Plaza | Carle Place, NY | ( | 1993 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unity Plaza | East Fishkill, NY | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Suffolk Plaza | East Setauket, NY | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Village Shopping Center | East Setauket, NY | ( | 1991 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stewart Plaza | Garden City, NY | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dalewood I, II & III Shopping Center | Hartsdale, NY | ( | 1972 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cayuga Mall | Ithaca, NY | ( | 1969 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kings Park Plaza | Kings Park, NY | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village Square Shopping Center | Larchmont, NY | ( | 1981 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Falcaro's Plaza | Lawrence, NY | ( | 1972 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mamaroneck Centre | Mamaroneck, NY | ( | 2020 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunshine Square | Medford, NY | ( | 2007 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wallkill Plaza | Middletown, NY | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monroe ShopRite Plaza | Monroe, NY | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rockland Plaza | Nanuet, NY | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Ridge Shopping Center | New Rochelle, NY | ( | 1971 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nesconset Shopping Center | Port Jefferson Station, NY | ( | 1961 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roanoke Plaza | Riverhead, NY | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Shops at Riverhead | Riverhead, NY | ( | 2018 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rockville Centre | Rockville Centre, NY | ( | 1975 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
College Plaza | Selden, NY | ( | 2013 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Campus Plaza | Vestal, NY | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway Plaza | Vestal, NY | ( | 1995 | Jun-11 |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes at Vestal | Vestal, NY | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Town Square Mall | Vestal, NY | ( | 1991 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Plaza at Salmon Run | Watertown, NY | ( | ( | 1993 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highridge Plaza | Yonkers, NY | ( | 1977 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brunswick Town Center | Brunswick, OH | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brentwood Plaza | Cincinnati, OH | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delhi Shopping Center | Cincinnati, OH | ( | 1973 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harpers Station | Cincinnati, OH | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Western Hills Plaza | Cincinnati, OH | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Western Village | Cincinnati, OH | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crown Point | Columbus, OH | ( | 1980 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greentree Shopping Center | Columbus, OH | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Towne Centre | Dayton, OH | ( | 1972 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southland Shopping Center | Middleburg Heights, OH | ( | 1951 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Shoppes at North Olmsted | North Olmsted, OH | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrey Square Mall | Norwood, OH | ( | 2010 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brice Park | Reynoldsburg, OH | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miracle Mile Shopping Plaza | Toledo, OH | ( | 1955 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace | Tulsa, OK | ( | 1992 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village West | Allentown, PA | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Hills Plaza | Altoona, PA | ( | 1985 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bethel Park Shopping Center | Bethel Park, PA | ( | 1965 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lehigh Shopping Center | Bethlehem, PA | ( | 1955 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bristol Park | Bristol, PA | ( | 1993 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chalfont Village Shopping Center | Chalfont, PA | ( | ( | 1989 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Britain Village Square | Chalfont, PA | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collegeville Shopping Center | Collegeville, PA | ( | 2020 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plymouth Square Shopping Center | Conshohocken, PA | ( | 1959 | May-19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whitemarsh Shopping Center | Conshohocken, PA | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valley Fair | Devon, PA | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dickson City Crossings | Dickson City, PA | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Barn Plaza | Doylestown, PA | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pilgrim Gardens | Drexel Hill, PA | ( | 1955 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Garden Center | Kennett Square, PA | ( | 1979 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Penn Market Place | Lansdale, PA | ( | 1977 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village at Newtown | Newtown, PA | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ivyridge | Philadelphia, PA | ( | 1963 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roosevelt Mall | Philadelphia, PA | ( | 2020 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes at Valley Forge | Phoenixville, PA | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
County Line Plaza | Souderton, PA | ( | 1971 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
69th Street Plaza | Upper Darby, PA | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warminster Towne Center | Warminster, PA | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Prospect | West Hempfield, PA | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whitehall Square | Whitehall, PA | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilkes-Barre Township Marketplace | Wilkes-Barre , PA | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belfair Towne Village | Bluffton, SC | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Milestone Plaza | Greenville, SC | ( | 1995 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Circle Center | Hilton Head, SC | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Island Plaza | James Island, SC | ( | 1994 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Festival Centre | North Charleston, SC | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pawleys Island Plaza | Pawleys Island, SC | ( | 2015 | Oct-21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairview Corners I & II | Simpsonville, SC | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hillcrest Market Place | Spartanburg, SC | ( | 1965 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Ridge Crossing | Chattanooga , TN | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Watson Glen Shopping Center | Franklin, TN | ( | 1988 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Williamson Square | Franklin, TN | ( | 1988 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greeneville Commons | Greeneville, TN | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kingston Overlook | Knoxville, TN | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Commons at Wolfcreek | Memphis, TN | ( | 2014 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgetown Square | Murfreesboro, TN | ( | 2003 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nashboro Village | Nashville, TN | ( | 1998 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parmer Crossing | Austin, TX | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baytown Shopping Center | Baytown, TX | ( | 1987 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
El Camino | Bellaire, TX | ( | 2008 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Townshire | Bryan, TX | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Station | College Station, TX | ( | 1976 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rock Prairie Crossing | College Station, TX | ( | 2002 | Jun-11 |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carmel Village | Corpus Christi, TX | ( | 2019 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claremont Village | Dallas, TX | ( | 1976 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kessler Plaza | Dallas, TX | ( | 1975 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stevens Park Village | Dallas, TX | ( | 1974 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Webb Royal Plaza | Dallas, TX | ( | 1961 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wynnewood Village | Dallas, TX | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parktown | Deer Park, TX | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preston Ridge | Frisco, TX | ( | 2018 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridglea Plaza | Ft. Worth, TX | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trinity Commons | Ft. Worth, TX | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village Plaza | Garland, TX | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highland Village Town Center | Highland Village, TX | ( | 1996 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bay Forest | Houston, TX | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway South | Houston, TX | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Braes Heights | Houston, TX | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Braesgate | Houston, TX | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway | Houston, TX | ( | 2006 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clear Lake Camino South | Houston, TX | ( | 1964 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hearthstone Corners | Houston, TX | ( | 2019 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jester Village | Houston, TX | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jones Plaza | Houston, TX | ( | 2021 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jones Square | Houston, TX | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maplewood | Houston, TX | ( | 2004 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchants Park | Houston, TX | ( | 2009 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northgate | Houston, TX | ( | 1972 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northshore | Houston, TX | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northtown Plaza | Houston, TX | ( | 1960 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orange Grove | Houston, TX | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royal Oaks Village | Houston, TX | ( | 2001 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanglewilde Center | Houston, TX | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westheimer Commons | Houston, TX | ( | 1984 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crossroads Centre - Pasadena | Pasadena, TX | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spencer Square | Pasadena, TX | ( | 1998 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pearland Plaza | Pearland, TX | ( | 1995 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Plaza | Plano, TX | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preston Park Village | Plano, TX | ( | 1985 | Oct-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keegan's Meadow | Stafford, TX | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas City Bay | Texas City, TX | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Windvale Center | The Woodlands, TX | ( | 2002 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Culpeper Town Square | Culpeper, VA | ( | 1999 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hanover Square | Mechanicsville, VA | ( | 1991 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tuckernuck Square | Richmond, VA | ( | 1981 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cave Spring Corners | Roanoke, VA | ( | 2005 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunting Hills | Roanoke, VA | ( | 1989 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilltop Plaza | Virginia Beach, VA | ( | 2010 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rutland Plaza | Rutland, VT | ( | 1997 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spring Mall | Greenfield, WI | ( | ( | 2003 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mequon Pavilions | Mequon, WI | ( | 1967 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moorland Square Shopping Ctr | New Berlin, WI | ( | 1990 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paradise Pavilion | West Bend, WI | ( | 2000 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Central Plaza | Parkersburg, WV | ( | 1986 | Jun-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining portfolio | Various | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ( |
Year Ending December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
[a] Reconciliation of total real estate carrying value is as follows: | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Acquisitions and improvements | |||||||||||||||||
Real estate held for sale | ( | ( | ( | ||||||||||||||
Impairment of real estate | ( | ( | ( | ||||||||||||||
Cost of property sold | ( | ( | ( | ||||||||||||||
Write-off of assets no longer in service | ( | ( | ( | ||||||||||||||
Balance at end of year | $ | $ | $ | ||||||||||||||
[b] Reconciliation of accumulated depreciation as follows: | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Depreciation expense | |||||||||||||||||
Property sold | ( | ( | ( | ||||||||||||||
Write-off of assets no longer in service | ( | ( | ( | ||||||||||||||
Balance at end of year | $ | $ | $ |
Legal Entity Name | State of Formation | |||||||
Arapahoe Crossings, L.P. | Delaware | |||||||
Berkshire Crossing Shopping Center, LLC | Delaware | |||||||
BPG Sub LLC | Delaware | |||||||
BPG Sub TRS LLC | Delaware | |||||||
BPG Subsidiary LLC | Delaware | |||||||
Bradley Financing LLC | Delaware | |||||||
Bradley Financing Partnership | Delaware | |||||||
Bradley Operating LLC | Delaware | |||||||
BRE Mariner Belfair II LLC | Delaware | |||||||
BRE Mariner Belfair Town Village LLC | Delaware | |||||||
BRE Mariner Carrollwood LLC | Delaware | |||||||
BRE Mariner Chelsea Place LLC | Delaware | |||||||
BRE Mariner Conway Crossing LLC | Delaware | |||||||
BRE Mariner Dolphin Village LLC | Delaware | |||||||
BRE Mariner Hunters Creek LLC | Delaware | |||||||
BRE Mariner Lake St. Charles LLC | Delaware | |||||||
BRE Mariner Marco Town Center LLC | Delaware | |||||||
BRE Mariner Milestone Plaza LLC | Delaware | |||||||
BRE Mariner Ross Plaza LLC | Delaware | |||||||
BRE Mariner Shops of Huntcrest LLC | Delaware | |||||||
BRE Mariner Sunrise Town Center LLC | Delaware | |||||||
BRE Mariner Venice Plaza LLC | Delaware | |||||||
BRE Mariner Venice Shopping Center LLC | Delaware | |||||||
BRE Retail Management GP Holdings LLC | Delaware | |||||||
BRE Retail Management Holdings LLC | Delaware | |||||||
BRE Retail NP Festival Centre Owner LLC | Delaware | |||||||
BRE Retail NP Memphis Commons Owner LLC | Delaware | |||||||
BRE Retail NP Mezz 1 LLC | Delaware | |||||||
BRE Retail NP Mezz Holdco LLC | Delaware | |||||||
BRE Retail NP Owner 1 LLC | Delaware | |||||||
BRE Retail Residual Circle Center Owner LLC | Delaware | |||||||
BRE Retail Residual GP Holdings LLC | Delaware | |||||||
BRE Retail Residual Greeneville Commons Owner LLC | Delaware | |||||||
BRE Retail Residual LP Holdings LLC | Delaware | |||||||
BRE Retail Residual Mezz 1 LLC | Delaware | |||||||
BRE Retail Residual Mezz 2 LLC | Delaware | |||||||
BRE Retail Residual Mezz 3 LLC | Delaware | |||||||
BRE Retail Residual Mezz 4 LLC | Delaware | |||||||
BRE Retail Residual Mezz Holdco LLC | Delaware | |||||||
BRE Retail Residual MO Owner LLC | Delaware | |||||||
BRE Retail Residual MO/SC Holdings Trust | Delaware | |||||||
BRE Retail Residual NC GP Holdings LLC | Delaware | |||||||
BRE Retail Residual NC LP Holdings LLC | Delaware | |||||||
BRE Retail Residual NC Owner L.P. | Delaware | |||||||
BRE Retail Residual North Penn Market Place Holdings LLC | Delaware | |||||||
BRE Retail Residual North Penn Market Place Owner LLC | Delaware | |||||||
BRE Retail Residual OP 4 GP Holdings LLC | Delaware | |||||||
BRE Retail Residual OP 5 GP Holdings LLC | Delaware | |||||||
BRE Retail Residual OP 7-A GP Holdings LLC | Delaware | |||||||
BRE Retail Residual Owner 1 LLC | Delaware | |||||||
BRE Retail Residual Owner 2 LLC | Delaware | |||||||
BRE Retail Residual Owner 3 LLC | Delaware |
Legal Entity Name | State of Formation | |||||||
BRE Retail Residual Owner 4 LLC | Delaware | |||||||
BRE Retail Residual Owner 5 LLC | Delaware | |||||||
BRE Retail Residual Owner 6 LLC | Delaware | |||||||
BRE Retail Residual Shoppes at Valley Forge Holdings LLC | Delaware | |||||||
BRE Retail Residual Shoppes at Valley Forge Owner LLC | Delaware | |||||||
BRE Retail Residual TRS LLC | Delaware | |||||||
BRE Southeast Retail Mezz 1 LLC | Delaware | |||||||
BRE Tarpon Keith Bridge Commons LLC | Delaware | |||||||
BRE Tarpon Salem Road Station Holdings LLC | Delaware | |||||||
BRE Tarpon Salem Road Station LLC | Delaware | |||||||
BRE Tarpon South Plaza LLC | Delaware | |||||||
BRE Tarpon Vineyards at Chateau Elan LLC | Delaware | |||||||
BRE Tarpon Whitaker Square II LP | Delaware | |||||||
BRE Tarpon Whitaker Square LP | Delaware | |||||||
BRE Tarpon Wilmington Island LLC | Delaware | |||||||
BRE Throne Beneva Village Shops LLC | Delaware | |||||||
BRE Throne East Port Plaza LLC | Delaware | |||||||
BRE Throne Garner Towne Center Square LP | Delaware | |||||||
BRE Throne Holdings LLC | Delaware | |||||||
BRE Throne Martin Downs Town Center LLC | Delaware | |||||||
BRE Throne Martin Downs Village Center LLC | Delaware | |||||||
BRE Throne Martin Downs Village Shoppes LLC | Delaware | |||||||
BRE Throne Nashboro Village LLC | Delaware | |||||||
BRE Throne Plaza Rio Vista LLC | Delaware | |||||||
BRE Throne Preston Park LLC | Delaware | |||||||
BRE Throne Property Holdings LLC | Delaware | |||||||
Brixmor 23rd Street Station Owner, LLC | Delaware | |||||||
Brixmor Acquisition Company, LLC | Delaware | |||||||
Brixmor Arbor Faire GP, LLC | Delaware | |||||||
Brixmor Arbor Faire Owner, LP | Delaware | |||||||
Brixmor Arborland LLC | Delaware | |||||||
Brixmor Atlantic Plaza, LLC | Delaware | |||||||
Brixmor Augusta West Plaza, LLC | Delaware | |||||||
Brixmor Banks Station, LLC | Delaware | |||||||
Brixmor Berkshire Crossing LLC | Delaware | |||||||
Brixmor Bethel Park, LLC | Delaware | |||||||
Brixmor Bonita Springs LLC | Delaware | |||||||
Brixmor Brea Gateway LLC | Delaware | |||||||
Brixmor Broadway Faire, L.P. | Delaware | |||||||
Brixmor Burlington Square LLC | Delaware | |||||||
Brixmor Campus Village Parcel LLC | Delaware | |||||||
Brixmor Capitol SC LLC | Delaware | |||||||
Brixmor Cedar Plaza, LLC | Delaware | |||||||
Brixmor Centennial SC LLC | Delaware | |||||||
Brixmor Champlin LLC | Delaware | |||||||
Brixmor Clark, LLC | Delaware | |||||||
Brixmor Cobblestone Village Parcel LLC | Delaware | |||||||
Brixmor Coconut Creek Owner, LLC | Delaware | |||||||
Brixmor College Plaza LLC | Delaware | |||||||
Brixmor ConneXion SC LLC | Delaware | |||||||
Brixmor Courtyard at Georgetown LLC | Delaware | |||||||
Brixmor Creekwood SC, LLC | Delaware | |||||||
Brixmor Cross Keys Commons LLC | Delaware | |||||||
Brixmor Crystal Lake LLC | Delaware | |||||||
Brixmor Dickson City Parcel Owner LLC | Delaware | |||||||
Brixmor East Lake Pavilions, LLC | Delaware | |||||||
Brixmor Eastlake SC, LLC | Delaware |
Legal Entity Name | State of Formation | |||||||
Brixmor Employment Company, LLC | Delaware | |||||||
Brixmor ERT, LLC | Delaware | |||||||
Brixmor Exchange Property Owner IV, LLC | Delaware | |||||||
Brixmor Fairview Corners LLC | Delaware | |||||||
Brixmor Felicita Town Center LLC | Delaware | |||||||
Brixmor GA America LLC | Delaware | |||||||
Brixmor GA Apollo 1 LLC | Delaware | |||||||
Brixmor GA Apollo 4 LLC | Delaware | |||||||
Brixmor GA Apollo 5 LLC | Delaware | |||||||
Brixmor GA Apollo 6 LLC | Delaware | |||||||
Brixmor GA Apollo I Sub Holdings, LLC | Delaware | |||||||
Brixmor GA Apollo I Sub LLC | Delaware | |||||||
Brixmor GA Apollo I TX Holdings, LLC | Delaware | |||||||
Brixmor GA Apollo II TX LLC | Delaware | |||||||
Brixmor GA Apollo II TX LP | Delaware | |||||||
Brixmor GA Apollo III Sub Holdings, LLC | Delaware | |||||||
Brixmor GA Apollo III TX LLC | Delaware | |||||||
Brixmor GA Apollo III TX LP | Delaware | |||||||
Brixmor GA Apollo IV Sub LLC | Delaware | |||||||
Brixmor GA Apollo Member LLC | Delaware | |||||||
Brixmor GA Arlington Heights LLC | Delaware | |||||||
Brixmor GA Coastal Landing (FL) LLC | Delaware | |||||||
Brixmor GA Coastal Way LLC | Delaware | |||||||
Brixmor GA Cobblestone Village at Royal Palm Beach, LLC | Florida | |||||||
Brixmor GA Cobblestone Village at St. Augustine, LLC | Delaware | |||||||
Brixmor GA Cobblestone Village at St. Augustine Parcel LLC | Delaware | |||||||
Brixmor GA Conyers LLC | Delaware | |||||||
Brixmor GA Conyers Phase I Owner LLC | Delaware | |||||||
Brixmor GA Conyers Phase II Owner LLC | Delaware | |||||||
Brixmor GA Cosby Station LLC | Delaware | |||||||
Brixmor GA Delta Center (MI) LLC | Delaware | |||||||
Brixmor GA Devonshire (NC) GP LLC | Delaware | |||||||
Brixmor GA Devonshire (NC) LP | Delaware | |||||||
Brixmor GA East Ridge Crossing LLC | Delaware | |||||||
Brixmor GA Elizabethtown LLC | Delaware | |||||||
Brixmor GA Fashion Corner, LLC | Delaware | |||||||
Brixmor GA Financing 1 LLC | Delaware | |||||||
Brixmor GA Grand Central Plaza I LLC | Delaware | |||||||
Brixmor GA Grand Central Plaza LLC | Delaware | |||||||
Brixmor GA Grand Central Plaza LP | Delaware | |||||||
Brixmor GA Haymarket Square LLC | Delaware | |||||||
Brixmor GA Hilltop Plaza, LLC | Delaware | |||||||
Brixmor GA Karam Shopping Center LLC | Delaware | |||||||
Brixmor GA Kingston Overlook LLC | Delaware | |||||||
Brixmor GA London Marketplace, LLC | Delaware | |||||||
Brixmor GA Lunenburg Crossing LLC | Delaware | |||||||
Brixmor GA Marketplace Wycliffe, LLC | Delaware | |||||||
Brixmor GA Member II LLC | Delaware | |||||||
Brixmor GA Moundsville LLC | Delaware | |||||||
Brixmor GA Mount Houston TX LLC | Delaware | |||||||
Brixmor GA Mount Houston TX LP | Delaware | |||||||
Brixmor GA Non-Core TN LLC | Delaware | |||||||
Brixmor GA Normandy Square, LLC | Delaware | |||||||
Brixmor GA North Haven Crossing LLC | Delaware | |||||||
Brixmor GA North Olmsted LLC | Delaware | |||||||
Brixmor GA Panama City, LLC | Delaware | |||||||
Brixmor GA Parkway Plaza GP, LLC | Delaware |
Legal Entity Name | State of Formation | |||||||
Brixmor GA Parkway Plaza, LP | Delaware | |||||||
Brixmor GA PUT Portfolio LLC | Delaware | |||||||
Brixmor GA San Dimas GP, LLC | Delaware | |||||||
Brixmor GA San Dimas, LP | Delaware | |||||||
Brixmor GA Seacoast Shopping Center LLC | Delaware | |||||||
Brixmor GA Shops at Prospect GP LLC | Delaware | |||||||
Brixmor GA Shops at Prospect LP | Delaware | |||||||
Brixmor GA Shops at Prospect LP LLC | Delaware | |||||||
Brixmor GA Southland Shopping Center LLC | Delaware | |||||||
Brixmor GA Springdale Member LLC | Delaware | |||||||
Brixmor GA Springdale/Mobile Limited Partnership | Alabama | |||||||
Brixmor GA Stratford Commons GP, LLC | Delaware | |||||||
Brixmor GA Stratford Commons, LP | Delaware | |||||||
Brixmor GA Sub LLC | Delaware | |||||||
Brixmor GA Tuckernuck Square, LLC | Delaware | |||||||
Brixmor GA Turnpike Plaza LLC | Delaware | |||||||
Brixmor GA Vail Ranch GP, LLC | Delaware | |||||||
Brixmor GA Vail Ranch, LP | Delaware | |||||||
Brixmor GA Washtenaw Fountain, LLC | Delaware | |||||||
Brixmor GA Waterbury LLC | Delaware | |||||||
Brixmor GA Waterford Commons LLC | Delaware | |||||||
Brixmor GA Westminster LLC | Delaware | |||||||
Brixmor GA Wilkes-Barre LP | Delaware | |||||||
Brixmor GA Wilkes-Barre Member I LLC | Delaware | |||||||
Brixmor GA Wilkes-Barre Member LLC | Delaware | |||||||
Brixmor GA Wilkes-Barre Sub LLC | Delaware | |||||||
Brixmor GA Willow Springs Plaza LLC | Delaware | |||||||
Brixmor Granada Shoppes Leasehold LLC | Delaware | |||||||
Brixmor Granada Shoppes LLC | Delaware | |||||||
Brixmor Greentree SC, LLC | Delaware | |||||||
Brixmor Hale Road LLC | Delaware | |||||||
Brixmor Hamilton Plaza Owner, LLC | Delaware | |||||||
Brixmor Hanover Square SC, LLC | Delaware | |||||||
Brixmor Helena Plaza LLC | Delaware | |||||||
Brixmor Heritage Square LLC | Delaware | |||||||
Brixmor Heritage Square MGR LLC | Delaware | |||||||
Brixmor Holdings 1 SPE, LLC | Delaware | |||||||
Brixmor Holdings 10 SPE, LLC | Delaware | |||||||
Brixmor Holdings 11 SPE, LLC | Delaware | |||||||
Brixmor Holdings 12 SPE, LLC | Delaware | |||||||
Brixmor Holdings 3 SPE, LLC | Delaware | |||||||
Brixmor Holdings 6 SPE, LLC | Delaware | |||||||
Brixmor Holdings 8 SPE, LLC | Delaware | |||||||
Brixmor HTG SPE 5 LLC | Delaware | |||||||
Brixmor III OP, LLC | Delaware | |||||||
Brixmor Incap LLC | South Carolina | |||||||
Brixmor Innes Street LP | Delaware | |||||||
Brixmor Ivyridge SC, LLC | Delaware | |||||||
Brixmor Junior Mezz Holding, LLC | Delaware | |||||||
Brixmor King’s Market LLC | Delaware | |||||||
Brixmor Larchmont LLC | Delaware | |||||||
Brixmor Laurel Square Owner, LLC | Delaware | |||||||
Brixmor Lehigh SC LLC | Delaware | |||||||
Brixmor LLC | Maryland | |||||||
Brixmor Long Meadow LLC | Delaware | |||||||
Brixmor Mableton Walk, LLC | Delaware | |||||||
Brixmor Management Joint Venture 2 Holding, LLC | Delaware |
Legal Entity Name | State of Formation | |||||||
Brixmor Management Joint Venture 2, LLC | Delaware | |||||||
Brixmor Management Joint Venture 2, LP | Delaware | |||||||
Brixmor Management Joint Venture LP | Delaware | |||||||
Brixmor Management NY LLC | Delaware | |||||||
Brixmor Manchester I LLC | Delaware | |||||||
Brixmor Manchester II LLC | Delaware | |||||||
Brixmor Manchester III LLC | Delaware | |||||||
Brixmor Marlton Plaza LLC | Delaware | |||||||
Brixmor MergerSub LLC | Delaware | |||||||
Brixmor Metro 580 SC, L.P. | Delaware | |||||||
Brixmor Miami Gardens, LLC | Delaware | |||||||
Brixmor Miami Gardens Outparcel Owner LLC | Delaware | |||||||
Brixmor Middletown Plaza Owner, LLC | Delaware | |||||||
Brixmor Middle Country Road LLC | Delaware | |||||||
Brixmor Miracle Mile, LLC | Delaware | |||||||
Brixmor Monroe Plaza, LLC | Delaware | |||||||
Brixmor Montebello Plaza GP, LLC | Delaware | |||||||
Brixmor Montebello Plaza, L.P. | Delaware | |||||||
Brixmor Morris Hills LLC | Delaware | |||||||
Brixmor Naples SC LLC | Delaware | |||||||
Brixmor NC Property GP LLC | Delaware | |||||||
Brixmor New Centre LP | Delaware | |||||||
Brixmor New Chastain Corners SC, LLC | Delaware | |||||||
Brixmor New Garden Mezz 1, LLC | Delaware | |||||||
Brixmor New Garden Mezz 2, LLC | Delaware | |||||||
Brixmor New Garden SC Owner, LLC | Delaware | |||||||
Brixmor Old Bridge LLC | Delaware | |||||||
Brixmor OP GP LLC | Delaware | |||||||
Brixmor OP Holdings 2, LLC | Delaware | |||||||
Brixmor OP Holdings LLC | Delaware | |||||||
Brixmor OP TRS LLC | Delaware | |||||||
Brixmor Operating Partnership 16, LLC | Delaware | |||||||
Brixmor Operating Partnership 2, LLC | Delaware | |||||||
Brixmor Operating Partnership 4, L.P. | Delaware | |||||||
Brixmor Operating Partnership 5, L.P. | Delaware | |||||||
Brixmor Operating Partnership 7-A, LP | Delaware | |||||||
Brixmor Operating Partnership, LLC | Delaware | |||||||
Brixmor Operating Partnership LP | Delaware | |||||||
Brixmor PA, LLC | Pennsylvania | |||||||
Brixmor Paradise Pavilion, LLC | Delaware | |||||||
Brixmor Park Shore Outparcel LLC | Delaware | |||||||
Brixmor Park Shore SC LLC | Delaware | |||||||
Brixmor Pawleys Island Plaza LLC | Delaware | |||||||
Brixmor Plaza By The Sea LLC | Delaware | |||||||
Brixmor Plymouth Square LLC | Delaware | |||||||
Brixmor Preston Park LLC | Delaware | |||||||
Brixmor Property Group Inc. | Maryland | |||||||
Brixmor Property Owner II, LLC | Delaware | |||||||
Brixmor Quentin Collection Parcel LLC | Delaware | |||||||
Brixmor Residual Arapahoe Crossings LLC | Delaware | |||||||
Brixmor Residual Dickson City Crossings Member, LLC | Delaware | |||||||
Brixmor Residual Dickson City Crossings, LLC | Delaware | |||||||
Brixmor Residual Holding LLC | Delaware | |||||||
Brixmor Residual Presidential Plaza, LLC | Delaware | |||||||
Brixmor Residual Shoppes at Fox Run, LLC | Delaware | |||||||
Brixmor Ridgeview, LLC | Delaware | |||||||
Brixmor Rivercrest LLC | Delaware |
Legal Entity Name | State of Formation | |||||||
Brixmor Riverhead Development LLC | Delaware | |||||||
Brixmor Roanoke Plaza LLC | Delaware | |||||||
Brixmor Roosevelt Mall Owner, LLC | Delaware | |||||||
Brixmor Rose Pavilion, L.P. | Delaware | |||||||
Brixmor Royal Oaks GP LLC | Delaware | |||||||
Brixmor Royal Oaks L.P. | Delaware | |||||||
Brixmor Seminole Plaza Owner, LLC | Delaware | |||||||
Brixmor Senior Mezz Holding, LLC | Delaware | |||||||
Brixmor Silver Pointe, LLC | Delaware | |||||||
Brixmor Slater Street LLC | Delaware | |||||||
Brixmor Southport Centre LLC | Delaware | |||||||
Brixmor SPE 1 LLC | Delaware | |||||||
Brixmor SPE 2 LLC | Delaware | |||||||
Brixmor SPE 3 LLC | Delaware | |||||||
Brixmor SPE 4 LP | Delaware | |||||||
Brixmor SPE 5 LLC | Delaware | |||||||
Brixmor SPE 6 LLC | Delaware | |||||||
Brixmor SPE MGR 1 LLC | Delaware | |||||||
Brixmor Spring Mall Limited Partnership | Delaware | |||||||
Brixmor Spring Mall, LLC | Delaware | |||||||
Brixmor STN LLC | Delaware | |||||||
Brixmor Stockbridge Village, LLC | Delaware | |||||||
Brixmor Stone Mountain, LLC | Delaware | |||||||
Brixmor Sunshine Square LLC | Delaware | |||||||
Brixmor Surrey Square Mall, LLC | Delaware | |||||||
Brixmor Sweetwater Village, LLC | Delaware | |||||||
Brixmor Tarpon Mall, LLC | Delaware | |||||||
Brixmor Tinton Falls, LLC | Delaware | |||||||
Brixmor Tri City Plaza LLC | Delaware | |||||||
Brixmor Trinity Commons SPE Limited Partnership | Delaware | |||||||
Brixmor Trinity Commons SPE MGR LLC | Delaware | |||||||
Brixmor UC Greenville LP | Delaware | |||||||
Brixmor Upland Town Square LLC | Delaware | |||||||
Brixmor Venetian Isle LLC | Delaware | |||||||
Brixmor Ventura Downs Owner, LLC | Delaware | |||||||
Brixmor Venice Village Shoppes LLC | Delaware | |||||||
Brixmor Victory Square, LLC | Delaware | |||||||
Brixmor Warminster SPE LLC | Delaware | |||||||
Brixmor Watson Glen LLC | Delaware | |||||||
Brixmor Webster Square LLC | Delaware | |||||||
Brixmor Wendover Place LP | Delaware | |||||||
Brixmor Westgate-Dublin, LLC | Delaware | |||||||
Brixmor Williamson Square GP LLC | Delaware | |||||||
Brixmor Winwood Town Center, LLC | Delaware | |||||||
Brixmor Wolfcreek I LLC | Delaware | |||||||
Brixmor Wolfcreek II LLC | Delaware | |||||||
Brixmor Wolfcreek III LLC | Delaware | |||||||
Brixmor Wolfcreek IV LLC | Delaware | |||||||
Brixmor Wolfcreek Outparcel Owner LLC | Delaware | |||||||
Brixmor Wynnewood Parcel LLC | Delaware | |||||||
Brixmor/IA 18 Mile & Ryan, LLC | Delaware | |||||||
Brixmor/IA Bennetts Mills Plaza, LLC | Delaware | |||||||
Brixmor/IA Brunswick Town Center, LLC | Delaware | |||||||
Brixmor/IA Cayuga Plaza, LLC | Delaware | |||||||
Brixmor/IA Central Station, LLC | Delaware | |||||||
Brixmor/IA Clearwater Mall, LLC | Delaware | |||||||
Brixmor/IA Colonial Marketplace, LLC | Delaware |
Legal Entity Name | State of Formation | |||||||
Brixmor/IA Columbus Center, LLC | Delaware | |||||||
Brixmor/IA Commerce Central, LLC | Delaware | |||||||
Brixmor/IA Crossroads Center, LLC | Delaware | |||||||
Brixmor/IA Delco Plaza, LLC | Delaware | |||||||
Brixmor/IA Downtown Publix, LLC | Delaware | |||||||
Brixmor/IA Georgetown Square, LLC | Delaware | |||||||
Brixmor/IA Northeast Plaza, LLC | Delaware | |||||||
Brixmor/IA Points West SC, LLC | Delaware | |||||||
Brixmor/IA Quentin Collection, LLC | Delaware | |||||||
Brixmor/IA Regency Park SC, LLC | Delaware | |||||||
Brixmor/IA Rutland Plaza, LLC | Delaware | |||||||
Brixmor/IA Southfield (MI) SC, LLC | Delaware | |||||||
Brixmor/IA Southfield Plaza, LLC | Delaware | |||||||
Brixmor/IA Spencer Square, LLC | Delaware | |||||||
Brixmor/IA Tinley Park Plaza, LLC | Delaware | |||||||
Brixmor-Lakes Crossing, LLC | Delaware | |||||||
BRX CT Renewables LLC | Delaware | |||||||
BRX Mamaroneck Parcel LLC | Delaware | |||||||
BRX NJ Renewables LLC | Delaware | |||||||
BRX NY Renewables LLC | Delaware | |||||||
BRX PA Renewables LLC | Delaware | |||||||
CA New Plan Asset LLC | Delaware | |||||||
CA New Plan Asset Partnership IV, L.P. | Delaware | |||||||
CA New Plan Fixed Rate Partnership, L.P. | Delaware | |||||||
CA New Plan Fixed Rate SPE LLC | Delaware | |||||||
CA New Plan IV | Maryland | |||||||
CA New Plan Sarasota Holdings SPE, LLC | Delaware | |||||||
CA New Plan Sarasota, L.P. | Delaware | |||||||
CA New Plan Texas Assets, L.P. | Delaware | |||||||
CA New Plan Texas Assets, LLC | Delaware | |||||||
CA New Plan V | Maryland | |||||||
CA New Plan Venture Direct Investment Fund, LLC | Delaware | |||||||
CA New Plan Venture Fund, LLC | Delaware | |||||||
CA New Plan Venture Partner | Maryland | |||||||
CA New Plan VI | Maryland | |||||||
CA New Plan Victoria Holdings SPE, LLC | Delaware | |||||||
CA New Plan Victoria, L.P. | Delaware | |||||||
CA New Plan Villa Monaco Holdings SPE, LLC | Delaware | |||||||
CA New Plan Villa Monaco, L.P. | Delaware | |||||||
California Mezz 1, LLC | Delaware | |||||||
California Mezz 2, LLC | Delaware | |||||||
California Mezz Holdings, LLC | Delaware | |||||||
California Property Owner I, LLC | Delaware | |||||||
Campus Village IDOT LLC | Delaware | |||||||
Campus Village Shopping Center Joint Venture | Maryland | |||||||
Cedar Crest Associates L.P. | Pennsylvania | |||||||
Cedar Crest GP, LLC | Delaware | |||||||
Century Plaza Associates, L.P. | Delaware | |||||||
Chalfont Plaza Associates, L.P. | Delaware | |||||||
Chalfont Plaza LLC | Delaware | |||||||
Collegeville Plaza Associates, L.P. | Delaware | |||||||
Collegeville Plaza LLC | Delaware | |||||||
Columbus Outparcel Owner, LLC | Delaware | |||||||
County Line Plaza Realty Associates, L.P. | Delaware | |||||||
County Line Plaza Realty LLC | Delaware | |||||||
CP General Partner, LLC | Delaware | |||||||
Culpeper Shopping Center Joint Venture | Maryland |
Legal Entity Name | State of Formation | |||||||
CV GP L.P. | Delaware | |||||||
CV GP LLC | Delaware | |||||||
CW A & P Mamaroneck LLC | Delaware | |||||||
CW Dover LLC | Delaware | |||||||
CW Dover Manager LLC | Delaware | |||||||
CW Groton Square LLC | Delaware | |||||||
CW Highridge Plaza LLC | Delaware | |||||||
CW North Ridge Plaza LLC | Delaware | |||||||
CW Park Hills Plaza GP LLC | Delaware | |||||||
CW Park Hills Plaza LP | Delaware | |||||||
CW Parkway Plaza LLC | Delaware | |||||||
CW Parkway Plaza Manager LLC | Delaware | |||||||
CW Pilgrim Gardens GP LLC | Delaware | |||||||
CW Pilgrim Gardens Holding GP LLC | Delaware | |||||||
CW Pilgrim Gardens Holding LP | Delaware | |||||||
CW Pilgrim Gardens LP | Delaware | |||||||
CW Village Square LLC | Delaware | |||||||
CWAR 14 LLC | Delaware | |||||||
CWAR 15 LLC | Delaware | |||||||
CWOP 2 Mansell Pad Site LLC | Delaware | |||||||
DHHE, LLC | Delaware | |||||||
ERP Australian Member, LLC | Delaware | |||||||
ERP Hillcrest, LLC | Delaware | |||||||
ERP Mingo Marketplace, LLC | Delaware | |||||||
ERP New Britain GP, LLC | Delaware | |||||||
ERP New Britain Holdings, LP | Delaware | |||||||
ERP New Britain Mezz GP, LLC | Delaware | |||||||
ERP New Britain Property Owner, L.P. | Delaware | |||||||
ERT 163rd Street Mall, LLC | Delaware | |||||||
ERT Development LLC | Delaware | |||||||
Excel Realty Partners, L.P. | Delaware | |||||||
Excel Realty Trust - NC | North Carolina | |||||||
FDHE, LLC | Delaware | |||||||
Fox Run Limited Partnership | Alabama | |||||||
Fox Run LLC | Delaware | |||||||
Glenmont Associates Limited Partnership | Pennsylvania | |||||||
Glenmont LLC | Delaware | |||||||
Grove Court Shopping Center LLC | Delaware | |||||||
Harpers Corner Parcel LLC | Delaware | |||||||
Heritage Hale Road LLC | Delaware | |||||||
Heritage HR Manager LLC | Delaware | |||||||
Heritage Property Investment Limited Partnership | Delaware | |||||||
Heritage Realty Management, LLC | Delaware | |||||||
Heritage Realty Special L.P., LLC | Delaware | |||||||
Heritage Southwest GP LLC | Delaware | |||||||
Heritage Southwest Limited Partnership | Delaware | |||||||
Heritage SPE LLC | Delaware | |||||||
Heritage SPE MGR LLC | Delaware | |||||||
Heritage SPE MGR Manager, LLC | Delaware | |||||||
HK New Plan Arvada Plaza, LLC | Delaware | |||||||
HK New Plan Covered Sun, LLC | Delaware | |||||||
HK New Plan ERP Property Holdings, LLC | Delaware | |||||||
HK New Plan Exchange Property Holdings I, LLC | Delaware | |||||||
HK New Plan Exchange Property Owner II, LP | Delaware | |||||||
HK New Plan Lower Tier OH, LLC | Delaware | |||||||
HK New Plan Macon Chapman TRS GP LLC | Delaware | |||||||
HK New Plan Mid Tier OH, L.P. | Delaware |
Legal Entity Name | State of Formation | |||||||
HK New Plan STH Mid Tier I, LLC | Delaware | |||||||
HK New Plan STH Upper Tier I, LLC | Delaware | |||||||
HK New Plan STH Upper Tier II Company | Maryland | |||||||
KOP Perkins Farm Marketplace LLC | Delaware | |||||||
KOP Vestal Venture LLC | Delaware | |||||||
KR 69th Street GP LLC | Delaware | |||||||
KR 69th Street, L.P. | Pennsylvania | |||||||
KR Barn GP LLC | Delaware | |||||||
KR Barn, L.P. | Pennsylvania | |||||||
KR Best Associates GP LLC | Delaware | |||||||
KR Best Associates, L.P. | Pennsylvania | |||||||
KR Campus GP LLC | Delaware | |||||||
KR Campus II GP LLC | Delaware | |||||||
KR Collegetown LLC | Delaware | |||||||
KR Collegetown Manager LLC | Delaware | |||||||
KR Culpeper GP LLC | Delaware | |||||||
KR Culpeper II GP LLC | Delaware | |||||||
KR Fox Run GP LLC | Delaware | |||||||
KR Holcomb LLC | Delaware | |||||||
KR Holcomb Manager LLC | Delaware | |||||||
KR Mableton LLC | Delaware | |||||||
KR Mableton Manager LLC | Delaware | |||||||
KR Morganton LP | Delaware | |||||||
KR Morganton Manager LLC | Delaware | |||||||
KR Park Plaza LLC | Delaware | |||||||
KR Park Plaza Manager LLC | Delaware | |||||||
KR Stratford LLC | Delaware | |||||||
KR Stratford Manager LLC | Delaware | |||||||
Kramont Operating Partnership, L.P. | Delaware | |||||||
KRT Property Holdings LLC | Delaware | |||||||
KRT Property Holdings Manager LLC | Delaware | |||||||
Marlton Plaza Associates II, L.P. | Delaware | |||||||
Marlton Plaza Associates, L.P. | Delaware | |||||||
Marlton Plaza II LLC | Delaware | |||||||
Montgomery CV Realty L.P. | Delaware | |||||||
NC Properties #1, LLC | Delaware | |||||||
NC Properties #2, LLC | Delaware | |||||||
New Plan Australian Member, LLC | Delaware | |||||||
New Plan Cinnaminson Urban Renewal, L.L.C. | New Jersey | |||||||
New Plan Disbursing LLC | Delaware | |||||||
New Plan DRP Trust | Maryland | |||||||
New Plan ERP Limited Partner Company | Maryland | |||||||
New Plan ERT Tyrone Gardens, LLC | Delaware | |||||||
New Plan Florida Holdings, LLC | Delaware | |||||||
New Plan Hampton Village, LLC | Delaware | |||||||
New Plan of Arlington Heights, LLC | Delaware | |||||||
New Plan of Cinnaminson GP, LLC | Delaware | |||||||
New Plan of Cinnaminson LP | Delaware | |||||||
New Plan of Michigan Member, LLC | Delaware | |||||||
New Plan of New Garden, LLC | Delaware | |||||||
New Plan of West Ridge, LLC | Delaware | |||||||
New Plan Pennsylvania Holdings, LLC | Delaware | |||||||
New Plan Property Holding Company | Maryland | |||||||
New Plan Realty Trust, LLC | Delaware | |||||||
NewSem Tyrone Gardens Property Owner, LLC | Delaware | |||||||
NewSem Tyrone Gardens, LLC | Delaware | |||||||
Newtown Village Plaza Associates L.P. | Delaware |
Legal Entity Name | State of Formation | |||||||
Newtown Village Plaza LLC | Delaware | |||||||
Northeast Plaza Outparcel Owner LLC | Delaware | |||||||
Orange Plaza LLC | Delaware | |||||||
Orange Plaza Manager LLC | Delaware | |||||||
Pointe Orlando Development Company | California | |||||||
Rio Grande Associates | Pennsylvania | |||||||
Rio Grande Plaza LLC | Delaware | |||||||
Salmon Run Plaza LLC | Delaware | |||||||
Springfield Parcel LLC | Delaware | |||||||
Springfield Supermarket LLC | Delaware | |||||||
Springfield Supermarket Manager LLC | Delaware | |||||||
The Shoppes at Wycliffe Property Owners’ Association, Inc. | Florida | |||||||
Super LLC | Maryland | |||||||
Vestal Campus Plaza LLC | Delaware | |||||||
Vestal Parkway Plaza LLC | Delaware | |||||||
Vestal Retail Holdings, L.L.C. | Delaware | |||||||
Vestal Shoppes LLC | Delaware | |||||||
Vestal Town Square LLC | Delaware | |||||||
Vestal Town Square Manager LLC | Delaware | |||||||
Village Plaza LLC | Delaware | |||||||
Village Plaza Manager LLC | Delaware | |||||||
Werk Road Acquisition LLC | Delaware | |||||||
Williamson Square Associates Limited Partnership | Illinois |
Date: February 7, 2022 | |||||
/s/ James M. Taylor | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) |
Date: February 7, 2022 | |||||
/s/ Angela Aman | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: February 7, 2022 | |||||
/s/ James M. Taylor | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) |
Date: February 7, 2022 | |||||
/s/ Angela Aman | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: February 7, 2022 | |||||
/s/ James M. Taylor | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) | |||||
/s/ Angela Aman | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: February 7, 2022 | |||||
/s/ James M. Taylor | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) | |||||
/s/ Angela Aman | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Springdale | Mobile | AL | Mobile, AL | 2004 | 429,636 | 84.8 | % | $ | 4,379 | $ | 12.29 | Sam's Club* | Bed Bath & Beyond, Big Lots, Burke's Outlet, Burlington Stores, Conn's HomePlus, Cost Plus World Market, Crunch Fitness, David's Bridal, Fresenius Medical Care, Marshalls, Michaels, Shoe Station | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Northmall Centre | Tucson | AZ | Tucson, AZ | 1996 | 165,350 | 79.3 | % | 1,806 | 13.77 | Sam's Club* | Bookmans, CareMore, Defy-Tucson | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Bakersfield Plaza | Bakersfield | CA | Bakersfield, CA | 1970 | 240,068 | 97.8 | % | 3,604 | 15.64 | Lassens Natural Foods & Vitamins | AMC, Burlington Stores, Five Below, In Shape Fitness, Ross Dress for Less | Hobby Lobby | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Carmen Plaza | Camarillo | CA | Oxnard-Thousand Oaks-Ventura, CA | 2000 | 128,369 | 66.6 | % | 2,362 | 29.92 | Trader Joe's* | CVS, Harbor Freight Tools, Pet Supplies Plus | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Plaza Rio Vista | Cathedral | CA | Riverside-San Bernardino-Ontario, CA | 2005 | 75,415 | 94.5 | % | 1,417 | 22.32 | Stater Bros. | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Cudahy Plaza | Cudahy | CA | Los Angeles-Long Beach-Anaheim, CA | 2021 | 123,149 | 92.7 | % | 2,563 | 22.45 | - | Big Lots, Burlington Stores, Chuze Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | University Mall | Davis | CA | Sacramento-Roseville-Folsom, CA | 1964 | 105,531 | 33.1 | % | 985 | 28.21 | Trader Joe's | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | Felicita Plaza | Escondido | CA | San Diego-Chula Vista-Carlsbad, CA | 2001 | 98,594 | 97.0 | % | 1,595 | 16.68 | Vons (Albertsons) | Chuze Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | Felicita Town Center | Escondido | CA | San Diego-Chula Vista-Carlsbad, CA | 1987 | 124,670 | 93.6 | % | 2,872 | 24.61 | Major Market, Trader Joe's | Rite Aid | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | Arbor - Broadway Faire (3) | Fresno | CA | Fresno, CA | 1995 | 255,149 | 99.0 | % | 4,076 | 16.13 | Smart & Final Extra! | PetSmart, The Home Depot, United Artists Theatres | Dick's Sporting Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Lompoc Center | Lompoc | CA | Santa Maria-Santa Barbara, CA | 1960 | 179,549 | 88.9 | % | 1,942 | 13.24 | ALDI | Boot Barn, Five Below, Harbor Freight Tools, Marshalls, Michaels, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | Briggsmore Plaza | Modesto | CA | Modesto, CA | 1998 | 92,315 | 100.0 | % | 1,320 | 15.13 | Grocery Outlet | dd's Discounts (Ross), Sears Outlet | In Shape Fitness | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | Montebello Plaza | Montebello | CA | Los Angeles-Long Beach-Anaheim, CA | 1974 | 284,331 | 100.0 | % | 6,381 | 23.05 | Albertsons | Best Buy, CVS, Five Below, Kohl's, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | California Oaks Center | Murrieta | CA | Riverside-San Bernardino-Ontario, CA | 1990 | 124,481 | 100.0 | % | 2,294 | 19.01 | Barons Market | Crunch Fitness, Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | Pacoima Center | Pacoima | CA | Los Angeles-Long Beach-Anaheim, CA | 1995 | 202,773 | 100.0 | % | 2,390 | 11.79 | Food 4 Less (Kroger) | Ross Dress for Less, Target | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | Metro 580 | Pleasanton | CA | San Francisco-Oakland-Berkeley, CA | 1996 | 177,573 | 100.0 | % | 2,907 | 35.42 | - | Kohl's, Party City | Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | Rose Pavilion | Pleasanton | CA | San Francisco-Oakland-Berkeley, CA | 2019 | 329,421 | 98.5 | % | 9,072 | 28.02 | 99 Ranch Market, Trader Joe's | CVS, Macy's Home Store, Restoration Hardware, Total Wine & More | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | Puente Hills Town Center | Rowland Heights | CA | Los Angeles-Long Beach-Anaheim, CA | 1984 | 258,685 | 85.1 | % | 5,637 | 25.59 | - | Marshalls, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | Ocean View Plaza | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1990 | 169,963 | 99.2 | % | 5,402 | 32.05 | Ralphs (Kroger), Trader Joe's | Crunch Fitness, CVS | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | Plaza By The Sea | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1976 | 48,697 | 100.0 | % | 1,322 | 27.15 | Stater Bros. | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 | Village at Mira Mesa (4) | San Diego | CA | San Diego-Chula Vista-Carlsbad, CA | 2022 | 422,923 | 99.9 | % | 10,562 | 25.80 | Sprouts Farmers Market, Vons (Albertsons) | BevMo, Burlington Stores, CVS, Marshalls, Michaels, Mira Mesa Lanes | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22 | San Dimas Plaza | San Dimas | CA | Los Angeles-Long Beach-Anaheim, CA | 1986 | 164,757 | 99.0 | % | 3,984 | 24.42 | Smart & Final Extra! | Harbor Freight Tools, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23 | Bristol Plaza | Santa Ana | CA | Los Angeles-Long Beach-Anaheim, CA | 2003 | 111,403 | 98.9 | % | 3,197 | 29.62 | Trader Joe's | Petco, Rite Aid, Ross Dress for less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24 | Gateway Plaza | Santa Fe Springs | CA | Los Angeles-Long Beach-Anaheim, CA | 2002 | 289,268 | 100.0 | % | 3,558 | 23.92 | El Super, Walmart Supercenter | LA Fitness, Ross Dress for Less | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25 | Santa Paula Center | Santa Paula | CA | Oxnard-Thousand Oaks-Ventura, CA | 1995 | 191,475 | 97.6 | % | 2,305 | 12.62 | Vons (Albertsons) | Ace Hardware, Big Lots | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26 | Vail Ranch Center (4) | Temecula | CA | Riverside-San Bernardino-Ontario, CA | 2022 | 201,903 | 91.9 | % | 3,175 | 23.51 | Stater Bros. | Burlington Stores, Rite Aid | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27 | Country Hills Shopping Center | Torrance | CA | Los Angeles-Long Beach-Anaheim, CA | 1977 | 53,200 | 100.0 | % | 1,151 | 21.64 | Ralphs (Kroger) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28 | Upland Town Square | Upland | CA | Riverside-San Bernardino-Ontario, CA | 1994 | 100,090 | 98.5 | % | 2,234 | 22.66 | Sprouts Farmers Market | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29 | Gateway Plaza - Vallejo (4) | Vallejo | CA | Vallejo, CA | 2022 | 519,324 | 94.6 | % | 10,359 | 21.27 | Costco* | Bed Bath & Beyond, Century Theatres, DSW, Five Below, LA Fitness, Marshalls, Michaels, OfficeMax, Party City, Petco, PetSmart, Ross Dress for Less, Ulta | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30 | Arvada Plaza | Arvada | CO | Denver-Aurora-Lakewood, CO | 1994 | 95,236 | 100.0 | % | 818 | 8.59 | King Soopers (Kroger) | Arc | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31 | Arapahoe Crossings | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 476,988 | 92.2 | % | 7,080 | 16.26 | King Soopers (Kroger) | 2nd & Charles, AMC Theatres, Big Lots, Burlington Stores, buybuy BABY, Goldfish Swim School, Kohl's, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32 | Aurora Plaza | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 178,013 | 100.0 | % | 2,086 | 12.13 | King Soopers (Kroger) | Chuze Fitness, Gen X | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33 | Villa Monaco | Denver | CO | Denver-Aurora-Lakewood, CO | 1978 | 121,101 | 99.3 | % | 1,907 | 15.87 | - | Chuze Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
34 | Centennial Shopping Center | Englewood | CO | Denver-Aurora-Lakewood, CO | 2013 | 113,682 | 91.8 | % | 1,053 | 39.01 | King Soopers (Kroger) | Pet Supplies Plus | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
35 | Superior Marketplace | Superior | CO | Boulder, CO | 1997 | 278,419 | 94.6 | % | 4,476 | 16.99 | Whole Foods Market, Costco*, SuperTarget* | Goldfish Swim School, Michaels, OfficeMax, PetSmart, Stickley Furniture, T.J.Maxx, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
36 | Westminster City Center (4) | Westminster | CO | Denver-Aurora-Lakewood, CO | 2022 | 331,128 | 91.3 | % | 4,523 | 14.97 | - | Barnes & Noble, buybuy BABY, David's Bridal, Five Below, Golf Galaxy, JOANN, Kids Empire, Ross Dress for Less, Tile Shop, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
37 | The Shoppes at Fox Run | Glastonbury | CT | Hartford-East Hartford-Middletown, CT | 1974 | 106,498 | 93.0 | % | 2,614 | 26.39 | Whole Foods Market | Petco | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
38 | Groton Square | Groton | CT | Norwich-New London, CT | 1987 | 196,802 | 92.1 | % | 2,397 | 13.22 | Super Stop & Shop (Ahold Delhaize) | Kohl's | Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
39 | Parkway Plaza | Hamden | CT | New Haven-Milford, CT | 2006 | 72,353 | 95.2 | % | 1,042 | 15.13 | PriceRite (Wakefern) | - | The Home Depot |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
40 | The Manchester Collection | Manchester | CT | Hartford-East Hartford-Middletown, CT | 2001 | 327,775 | 74.6 | % | 3,321 | 13.57 | Walmart Supercenter* | Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market, DSW, Edge Fitness, Frontera Grill, Hobby Lobby | Best Buy, The Home Depot, Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
41 | Turnpike Plaza | Newington | CT | Hartford-East Hartford-Middletown, CT | 2004 | 149,894 | 91.7 | % | 2,349 | 17.08 | Price Chopper | Dick's Sporting Goods | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
42 | North Haven Crossing | North Haven | CT | New Haven-Milford, CT | 1993 | 103,865 | 93.8 | % | 1,643 | 16.86 | - | Barnes & Noble, Dollar Tree, DSW, Five Below, Lumber Liquidators, PetSmart | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
43 | Christmas Tree Plaza | Orange | CT | New Haven-Milford, CT | 1996 | 132,791 | 69.6 | % | 1,248 | 13.51 | - | Christmas Tree Shops, Montana Nights Axe Throwing | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
44 | Stratford Square | Stratford | CT | Bridgeport-Stamford-Norwalk, CT | 1984 | 161,075 | 97.3 | % | 2,602 | 16.60 | - | LA Fitness, Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
45 | Torrington Plaza | Torrington | CT | Torrington, CT | 1994 | 125,496 | 74.4 | % | 1,105 | 11.84 | - | JOANN, Staples, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
46 | Waterbury Plaza | Waterbury | CT | New Haven-Milford, CT | 2000 | 178,786 | 83.1 | % | 2,012 | 13.54 | Super Stop & Shop (Ahold Delhaize) | Dollar Tree | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
47 | Waterford Commons | Waterford | CT | Norwich-New London, CT | 2004 | 236,730 | 92.4 | % | 4,019 | 19.15 | - | Dick’s Sporting Goods, DSW, Michaels, Party City, Tractor Supply Co., Ulta | Best Buy, Raymour & Flanigan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48 | North Dover Center | Dover | DE | Dover, DE | 1989 | 191,974 | 97.3 | % | 2,192 | 11.74 | - | Bob's Discount Furniture, Hobby Lobby, Kirkland's, Party City, Staples, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
49 | Center of Bonita Springs | Bonita Springs | FL | Cape Coral-Fort Myers, FL | 2014 | 281,394 | 96.2 | % | 3,727 | 14.14 | Publix | Anthony's Ladies Apparel, Bealls Outlet, Crunch Fitness, Naples Community Hospital, NewSouth Window Solutions, Old Time Pottery | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50 | Coastal Way - Coastal Landing | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2008 | 374,598 | 75.5 | % | 3,934 | 17.88 | - | Bed Bath & Beyond, Belk, HomeGoods, Marshalls, Michaels, Office Depot, Petco, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
51 | Clearwater Mall | Clearwater | FL | Tampa-St. Petersburg-Clearwater, FL | 1973 | 300,929 | 93.7 | % | 6,485 | 23.01 | Costco*, SuperTarget* | Burlington Stores, David's Bridal, Five Below, Michaels, PetSmart, Ross Dress for Less, Tota Music & Theatre Conservatory | Lowe's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
52 | Coconut Creek Plaza | Coconut Creek | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2005 | 264,129 | 92.1 | % | 3,717 | 15.28 | Publix | Big Lots, Harvest Church, Off the Wall Trampoline, Planet Fitness, Wellmax Medical Center | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
53 | Century Plaza Shopping Center | Deerfield Beach | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 | 90,483 | 86.8 | % | 1,934 | 24.63 | - | Broward County Library, CVS | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
54 | Northgate Shopping Center | DeLand | FL | Deltona-Daytona Beach-Ormond Beach, FL | 1993 | 182,054 | 98.9 | % | 1,628 | 9.04 | Publix | Big Lots, Planet Fitness, Tractor Supply Co. | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
55 | Sun Plaza | Fort Walton Beach | FL | Crestview-Fort Walton Beach-Destin, FL | 2004 | 158,118 | 98.4 | % | 1,881 | 12.09 | Publix | Bealls Outlet, Books-A-Million, Office Depot, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
56 | Normandy Square | Jacksonville | FL | Jacksonville, FL | 1996 | 90,384 | 100.0 | % | 933 | 10.63 | Winn-Dixie (Southeastern Grocers) | Ace Hardware, Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
57 | Regency Park Shopping Center | Jacksonville | FL | Jacksonville, FL | 1985 | 330,567 | 97.8 | % | 2,369 | 7.86 | - | American Signature Furniture, Bealls Outlet, David's Bridal, Dollar Tree, Ollie's Bargain Outlet, Surplus Warehouse | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
58 | Ventura Downs | Kissimmee | FL | Orlando-Kissimmee-Sanford, FL | 2018 | 98,191 | 96.6 | % | 1,848 | 19.49 | - | Dollar Tree, LA Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
59 | Marketplace at Wycliffe | Lake Worth | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2002 | 135,820 | 92.2 | % | 2,423 | 19.71 | Walmart Neighborhood Market | Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60 | Venetian Isle Shopping Ctr | Lighthouse Point | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 1992 | 183,816 | 84.4 | % | 1,815 | 12.09 | Publix | Dollar Tree, Petco, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
61 | Marco Town Center (4) | Marco Island | FL | Naples-Marco Island, FL | 2022 | 109,745 | 84.4 | % | 2,257 | 24.36 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
62 | Mall at 163rd Street | Miami | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2007 | 342,385 | 68.7 | % | 3,493 | 15.33 | Walmart Supercenter* | Citi Trends, Ross Dress for Less | The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
63 | Shops at Palm Lakes (4) | Miami | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2022 | 211,590 | 98.1 | % | 4,127 | 20.36 | Fresco y Más (Southeastern Grocers) | dd's Discounts (Ross), LA Fitness, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
64 | Freedom Square | Naples | FL | Naples-Marco Island, FL | 2021 | 193,812 | 92.4 | % | 2,342 | 13.08 | Publix | Burlington Stores, HomeGoods, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
65 | Granada Shoppes | Naples | FL | Naples-Marco Island, FL | 2011 | 306,981 | 100.0 | % | 5,273 | 17.18 | Trader Joe's | Advance Auto Parts, Chuck E. Cheese's, Hobby Lobby, Marshalls, Tuesday Morning, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
66 | Naples Plaza | Naples | FL | Naples-Marco Island, FL | 2013 | 201,795 | 100.0 | % | 3,838 | 19.35 | Publix | Marshalls, Office Depot, PGA TOUR Superstore | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
67 | Park Shore Plaza | Naples | FL | Naples-Marco Island, FL | 2017 | 256,948 | 100.0 | % | 5,128 | 21.06 | The Fresh Market | Big Lots, Burlington Stores, HomeGoods, Party City, Saks OFF Fifth, Yard House | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
68 | Chelsea Place | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 1992 | 81,144 | 100.0 | % | 1,130 | 13.93 | Publix | Zone Fitness Club | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
69 | Presidential Plaza West | North Lauderdale | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2006 | 88,441 | 97.0 | % | 1,059 | 12.34 | Sedano's | Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70 | Colonial Marketplace | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1986 | 141,069 | 100.0 | % | 2,590 | 18.36 | - | Burlington Stores, LA Fitness | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
71 | Conway Crossing | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 76,321 | 96.0 | % | 1,084 | 14.79 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
72 | Hunter's Creek Plaza | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1998 | 72,683 | 100.0 | % | 1,264 | 17.39 | Seabra Foods | Office Depot | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
73 | Pointe Orlando (4) | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2022 | 414,284 | 75.6 | % | 9,076 | 30.32 | - | Capital Grille, Cuba Libre, Hampton Social, Improv & Fat Fish Blue, Maggiano's Little Italy, Main Event, Regal Cinemas, Rodizio Grill | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
74 | Martin Downs Town Center | Palm City | FL | Port St. Lucie, FL | 1996 | 64,546 | 100.0 | % | 846 | 13.11 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
75 | Martin Downs Village Center | Palm City | FL | Port St. Lucie, FL | 1987 | 162,582 | 96.2 | % | 3,075 | 20.21 | - | Coastal Care, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
76 | 23rd Street Station | Panama City | FL | Panama City, FL | 1995 | 98,827 | 90.3 | % | 1,285 | 14.41 | Publix | Pet Supplies Plus | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
77 | Panama City Square | Panama City | FL | Panama City, FL | 1989 | 298,665 | 100.0 | % | 2,711 | 9.08 | Walmart Supercenter | Big Lots, Harbor Freight Tools, HomeGoods, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
78 | East Port Plaza (4) | Port St. Lucie | FL | Port St. Lucie, FL | 2022 | 214,489 | 90.9 | % | 2,709 | 13.90 | Publix | Fortis Institute, Urban Air Adventure Park, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
79 | Shoppes of Victoria Square | Port St. Lucie | FL | Port St. Lucie, FL | 1990 | 95,186 | 100.0 | % | 1,305 | 13.71 | Winn-Dixie (Southeastern Grocers) | Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80 | Lake St. Charles | Riverview | FL | Tampa-St. Petersburg-Clearwater, FL | 1999 | 61,015 | 100.0 | % | 751 | 13.17 | Winn-Dixie (Southeastern Grocers) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
81 | Cobblestone Village | Royal Palm Beach | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 2005 | 39,404 | 97.4 | % | 831 | 21.64 | SuperTarget* | The Zoo Health Club | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
82 | Beneva Village Shoppes | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 2020 | 144,078 | 98.7 | % | 2,676 | 18.82 | Publix | Harbor Freight Tools, Pet Supermarket, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
83 | Sarasota Village | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 1972 | 173,184 | 100.0 | % | 2,161 | 12.79 | Publix | Big Lots, Crunch Fitness, HomeGoods | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
84 | Atlantic Plaza | Satellite Beach | FL | Palm Bay-Melbourne-Titusville, FL | 2008 | 125,392 | 83.9 | % | 1,527 | 14.52 | Publix | Home Centric, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
85 | Seminole Plaza | Seminole | FL | Tampa-St. Petersburg-Clearwater, FL | 2020 | 156,718 | 98.4 | % | 2,057 | 13.33 | Sprouts Farmers Market | Bealls Outlet, Burlington Stores, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
86 | Cobblestone Village | St. Augustine | FL | Jacksonville, FL | 2003 | 270,504 | 100.0 | % | 4,225 | 15.62 | Publix | Bealls, Bed Bath & Beyond, Michaels, Party City, Petco | - |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
87 | Dolphin Village | St. Pete Beach | FL | Tampa-St. Petersburg-Clearwater, FL | 1990 | 135,796 | 84.0 | % | 2,005 | 17.57 | Publix | CVS, Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
88 | Rutland Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 149,562 | 100.0 | % | 1,457 | 9.74 | Winn-Dixie (Southeastern Grocers) | Bealls Outlet, Big Lots | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
89 | Tyrone Gardens (4) | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2022 | 195,214 | 89.4 | % | 2,163 | 12.40 | Winn-Dixie (Southeastern Grocers) | Big Lots, Chuck E. Cheese’s, Crunch Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 | Downtown Publix | Stuart | FL | Port St. Lucie, FL | 2000 | 151,246 | 75.0 | % | 1,609 | 14.19 | Publix | Flooring USA | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
91 | Sunrise Town Center | Sunrise | FL | Miami-Fort Lauderdale-Pompano Beach, FL | 1989 | 110,109 | 45.1 | % | 758 | 15.26 | Patel Brothers | Dollar Tree | Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
92 | Carrollwood Center | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 92,678 | 100.0 | % | 1,770 | 19.10 | Publix | Rarehues | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
93 | Ross Plaza | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 1996 | 84,707 | 100.0 | % | 1,376 | 16.24 | - | Dollar Tree, Lumber Liquidators, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
94 | Tarpon Mall | Tarpon Springs | FL | Tampa-St. Petersburg-Clearwater, FL | 2003 | 145,832 | 97.9 | % | 2,444 | 17.11 | Publix | Petco, T.J.Maxx, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
95 | Venice Plaza | Venice | FL | North Port-Sarasota-Bradenton, FL | 1999 | 132,345 | 98.8 | % | 1,050 | 8.03 | Winn-Dixie (Southeastern Grocers) | Lumber Liquidators, Pet Supermarket, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
96 | Venice Shopping Center | Venice | FL | North Port-Sarasota-Bradenton, FL | 2000 | 109,801 | 87.3 | % | 817 | 8.52 | Publix | American Freight Furniture | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
97 | Venice Village (4) | Venice | FL | North Port-Sarasota-Bradenton, FL | 2022 | 175,342 | 93.0 | % | 3,073 | 18.98 | Publix | JOANN, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
98 | Mansell Crossing | Alpharetta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1993 | 280,749 | 93.3 | % | 3,510 | 17.85 | - | Barnes & Noble, DSW, Macy's Furniture Gallery, REI, T.J.Maxx | Burlington Stores, buybuy BABY, HomeGoods, Michaels, Ross Dress for Less, Studio Movie Grill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
99 | Northeast Plaza | Atlanta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1952 | 445,042 | 91.1 | % | 4,568 | 11.50 | City Farmers Market | Buckhead Fight Club, dd's Discounts (Ross), Happy Land Dresses, NCG Cinemas | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | Augusta West Plaza | Augusta | GA | Augusta-Richmond County, GA-SC | 2006 | 170,681 | 99.2 | % | 1,424 | 8.41 | - | At Home, Dollar Tree, Hibachi Grill & Supreme Buffet, Octapharma | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101 | Sweetwater Village | Austell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1985 | 66,197 | 100.0 | % | 574 | 8.67 | Food Depot | Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
102 | Vineyards at Chateau Elan | Braselton | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2002 | 79,047 | 98.2 | % | 1,221 | 15.73 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
103 | Conyers Plaza | Conyers | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2001 | 171,374 | 97.4 | % | 2,303 | 13.79 | Walmart Supercenter* | JOANN, PetSmart, Value Village | The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
104 | Salem Road Station | Covington | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2000 | 67,270 | 100.0 | % | 820 | 12.19 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
105 | Keith Bridge Commons | Cumming | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2002 | 94,886 | 95.8 | % | 1,272 | 14.00 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
106 | Northside | Dalton | GA | Dalton, GA | 2001 | 78,878 | 97.5 | % | 746 | 10.37 | - | Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
107 | Cosby Station | Douglasville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1994 | 77,811 | 100.0 | % | 937 | 12.04 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
108 | Park Plaza | Douglasville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1986 | 46,670 | 97.4 | % | 783 | 17.29 | Kroger* | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
109 | Westgate | Dublin | GA | Dublin, GA | 2004 | 104,794 | 93.2 | % | 677 | 6.93 | - | Big Lots, Citi Trends, Planet Fitness | The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
110 | Venture Pointe | Duluth | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1995 | 155,172 | 100.0 | % | 1,687 | 10.87 | Costco* | American Signature Furniture, Ollie's Bargain Outlet, Studio Movie Grill | Big Lots | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
111 | Banks Station | Fayetteville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2006 | 178,871 | 79.1 | % | 1,238 | 10.43 | Food Depot | Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
112 | Barrett Place | Kennesaw | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1992 | 218,818 | 100.0 | % | 2,622 | 11.98 | ALDI | Best Buy, Duluth Trading, Georgia Furniture Mart, Michaels, OfficeMax, PetSmart | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
113 | Shops of Huntcrest | Lawrenceville | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2003 | 97,040 | 92.5 | % | 1,258 | 14.01 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
114 | Mableton Walk | Mableton | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1994 | 105,884 | 88.6 | % | 1,452 | 15.48 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
115 | The Village at Mableton | Mableton | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1959 | 229,013 | 54.7 | % | 1,023 | 8.17 | - | Dollar Tree, Ollie's Bargain Outlet, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
116 | Marshalls at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1982 | 54,976 | 100.0 | % | 604 | 10.99 | - | Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
117 | New Chastain Corners | Marietta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2004 | 113,079 | 99.1 | % | 1,322 | 11.80 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
118 | Pavilions at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1996 | 147,538 | 87.5 | % | 1,865 | 14.45 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
119 | Creekwood Village | Rex | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1990 | 69,778 | 100.0 | % | 666 | 9.55 | Food Depot | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
120 | Connexion | Roswell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2016 | 107,687 | 96.6 | % | 1,989 | 19.13 | - | My Salon Suites | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
121 | Holcomb Bridge Crossing | Roswell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 1988 | 93,420 | 91.7 | % | 986 | 11.51 | - | PGA TOUR Superstore | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
122 | Kings Market | Roswell | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2005 | 281,064 | 75.5 | % | 2,414 | 11.37 | Publix | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
123 | Victory Square | Savannah | GA | Savannah, GA | 2007 | 119,919 | 97.3 | % | 1,692 | 14.50 | SuperTarget* | Citi Trends, Dollar Tree, NCG Cinemas, Staples | The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
124 | Stockbridge Village | Stockbridge | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2008 | 184,185 | 98.7 | % | 3,025 | 16.64 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
125 | Stone Mountain Festival | Stone Mountain | GA | Atlanta-Sandy Springs-Alpharetta, GA | 2006 | 347,091 | 89.1 | % | 1,884 | 6.09 | Walmart Supercenter | Conn's Home Plus, Harbor Freight, NCG Cinemas | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
126 | Wilmington Island | Wilmington Island | GA | Savannah, GA | 1985 | 101,462 | 96.1 | % | 1,099 | 11.28 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
127 | Haymarket Mall | Des Moines | IA | Des Moines-West Des Moines, IA | 1979 | 226,243 | 90.3 | % | 1,306 | 6.40 | - | Burlington Stores, Harbor Freight Tools, Hobby Lobby | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
128 | Haymarket Square | Des Moines | IA | Des Moines-West Des Moines, IA | 1979 | 269,705 | 97.4 | % | 1,771 | 6.74 | Price Chopper | Big Lots, Genesis Health Club, Many Hands Thrift, Northern Tool + Equipment, Office Depot | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
129 | Annex of Arlington | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1999 | 199,663 | 98.3 | % | 3,793 | 19.33 | Trader Joe's | Chuck E. Cheese's, Kirkland's, Petco, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
130 | Ridge Plaza | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2000 | 151,643 | 96.0 | % | 2,035 | 13.97 | - | XSport Fitness | Kohl's |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
131 | Southfield Plaza | Bridgeview | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 196,445 | 99.5 | % | 2,422 | 12.39 | Shop & Save Market | Hobby Lobby, Octapharma, Planet Fitness, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
132 | Commons of Chicago Ridge | Chicago Ridge | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 324,977 | 92.7 | % | 4,438 | 15.92 | - | Marshalls, Ross Dress for Less, The Home Depot, XSport Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
133 | Rivercrest Shopping Center | Crestwood | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 541,651 | 83.9 | % | 5,586 | 13.13 | - | AMC Theatre, At Home, Burlington Stores, Five Below, Party City, PetSmart, Planet Fitness, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
134 | The Commons of Crystal Lake | Crystal Lake | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1987 | 273,060 | 79.8 | % | 2,255 | 10.35 | Jewel-Osco (Albertsons) | Burlington Stores | Hobby Lobby | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
135 | Elk Grove Town Center | Elk Grove Village | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 61,609 | 98.9 | % | 1,231 | 20.97 | - | Dollar Tree, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
136 | Freeport Plaza | Freeport | IL | Freeport, IL | 2000 | 87,846 | 86.9 | % | 561 | 7.35 | Cub Foods (United Natural Foods Inc.) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
137 | The Quentin Collection | Kildeer | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 171,530 | 76.4 | % | 1,932 | 14.74 | - | Best Buy, Painted Tree Marketplace, PetSmart | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
138 | Butterfield Square | Libertyville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 106,683 | 82.1 | % | 1,373 | 15.67 | Sunset Foods | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
139 | High Point Centre | Lombard | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2019 | 240,007 | 64.4 | % | 1,924 | 12.45 | - | Altitude Trampoline Park, David's Bridal, JOANN, LA Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
140 | Long Meadow Commons | Mundelein | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 118,281 | 95.2 | % | 1,771 | 16.58 | Jewel-Osco | Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
141 | Westridge Court (3) | Naperville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 682,650 | 62.6 | % | 6,707 | 15.99 | - | Bed Bath & Beyond, buybuy BABY, Cost Plus World Market, Edge Fitness, La-Z-Boy Furniture, Painted Tree Marketplace, Party City, Star Cinema Grille, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
142 | Rollins Crossing | Round Lake Beach | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 192,913 | 93.8 | % | 1,915 | 17.67 | - | Asian Grill Sushi Buffet, LA Fitness, Regal Cinemas | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
143 | Tinley Park Plaza (4) | Tinley Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2022 | 233,118 | 78.8 | % | 2,860 | 15.57 | TBA | Burlington Stores, Planet Fitness, Tile Shop | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
144 | Meridian Village | Carmel | IN | Indianapolis-Carmel-Anderson, IN | 1990 | 130,769 | 94.9 | % | 1,313 | 10.59 | - | Godby Home Furnishings, Just Click For It, Ollie's Bargain Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
145 | Columbus Center | Columbus | IN | Columbus, IN | 1964 | 142,989 | 100.0 | % | 1,729 | 12.09 | - | Burlington Stores, Five Below, OfficeMax, Overstock Furntiture & Mattress, Pet Supplies Plus, T.J.Maxx, Ulta | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
146 | Market Centre | Goshen | IN | Elkhart-Goshen, IN | 1994 | 211,680 | 89.5 | % | 2,432 | 12.83 | Walmart Supercenter* | Burlington Stores, JOANN, Ross Dress for Less, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
147 | Speedway Super Center (4) | Speedway | IN | Indianapolis-Carmel-Anderson, IN | 2022 | 595,550 | 90.1 | % | 6,252 | 11.86 | Kroger | Burlington Stores, Harbor Freight Tools, Kohl's, Oak Street Health Center, Petco, Ross Dress for Less, Sears Outlet, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
148 | Sagamore Park Centre | West Lafayette | IN | Lafayette-West Lafayette, IN | 2018 | 132,027 | 100.0 | % | 1,398 | 10.59 | Pay Less (Kroger) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
149 | Westchester Square | Lenexa | KS | Kansas City, MO-KS | 1987 | 161,701 | 87.1 | % | 1,453 | 10.32 | Hy-Vee | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 | West Loop Shopping Center | Manhattan | KS | Manhattan, KS | 2013 | 214,898 | 99.5 | % | 2,106 | 15.82 | Dillons (Kroger) | Bellus Academy, JOANN, Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
151 | North Dixie Plaza | Elizabethtown | KY | Elizabethtown-Fort Knox, KY | 1992 | 130,466 | 98.4 | % | 1,022 | 7.96 | - | At Home, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
152 | Florence Plaza - Florence Square(3) | Florence | KY | Cincinnati, OH-KY-IN | 2014 | 686,741 | 95.1 | % | 7,897 | 15.38 | Kroger | Barnes & Noble, Bob's Discount Furniture, Burlington Stores, David's Bridal, Five Below, Harbor Freight Tools, Hobby Lobby, HomeGoods, Old Navy, Ollie's Bargain Outlet, Ross Dress for Less, Staples, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
153 | Jeffersontown Commons | Jeffersontown | KY | Louisville/Jefferson County, KY-IN | 1959 | 208,374 | 95.2 | % | 1,926 | 10.22 | - | King Pin Lanes, Louisville Athletic Club | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
154 | London Marketplace | London | KY | London, KY | 1994 | 165,826 | 99.0 | % | 1,558 | 9.49 | Kroger | Goody's, Kohl's, Marshalls, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155 | Eastgate Shopping Center | Louisville | KY | Louisville/Jefferson County, KY-IN | 2002 | 174,842 | 100.0 | % | 2,085 | 11.93 | Kroger | Petco | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
156 | Plainview Village | Louisville | KY | Louisville/Jefferson County, KY-IN | 1997 | 158,009 | 86.8 | % | 1,477 | 11.40 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
157 | Stony Brook I & II | Louisville | KY | Louisville/Jefferson County, KY-IN | 1988 | 158,940 | 99.4 | % | 2,037 | 12.89 | Kroger Marketplace | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
158 | Points West Plaza | Brockton | MA | Boston-Cambridge-Newton, MA-NH | 1960 | 141,451 | 96.7 | % | 1,091 | 7.97 | America's Food Basket | Citi Trends, Crunch Fitness, Jerusalem Discount Furniture | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
159 | Burlington Square I, II & III | Burlington | MA | Boston-Cambridge-Newton, MA-NH | 1992 | 79,698 | 84.4 | % | 1,985 | 29.52 | - | Golf Galaxy, Staples | Duluth Trading Co. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
160 | Holyoke Shopping Center | Holyoke | MA | Springfield, MA | 2000 | 195,995 | 93.1 | % | 1,660 | 13.41 | Super Stop & Shop (Ahold Delhaize) | JOANN, Ocean State Job Lot | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
161 | WaterTower Plaza | Leominster | MA | Worcester, MA-CT | 2000 | 284,757 | 90.4 | % | 3,334 | 13.49 | TBA | Barnes & Noble, Michaels, Party City, Petco, Staples, The Paper Store, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
162 | Lunenberg Crossing | Lunenburg | MA | Worcester, MA-CT | 1994 | 25,515 | 100.0 | % | 367 | 14.38 | Hannaford Bros. (Ahold Delhaize)* | - | Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
163 | Lynn Marketplace | Lynn | MA | Boston-Cambridge-Newton, MA-NH | 1968 | 78,046 | 95.5 | % | 1,412 | 18.94 | Stop And Compare | Crunch Fitness, Rainbow Shops | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
164 | Webster Square Shopping Center | Marshfield | MA | Boston-Cambridge-Newton, MA-NH | 2005 | 182,756 | 100.0 | % | 2,685 | 14.69 | Star Market (Albertsons) | Marshalls, Ocean State Job Lot, The Paper Store | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
165 | Berkshire Crossing | Pittsfield | MA | Pittsfield, MA | 1994 | 188,444 | 96.4 | % | 2,854 | 15.71 | Market 32 | Barnes & Noble, Michaels, Staples, Ulta | The Home Depot, Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
166 | Westgate Plaza | Westfield | MA | Springfield, MA | 1996 | 126,093 | 98.2 | % | 1,378 | 13.63 | ALDI | Five Below, Ocean State Job Lot, Staples, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
167 | Perkins Farm Marketplace | Worcester | MA | Worcester, MA-CT | 1967 | 205,048 | 97.4 | % | 2,399 | 19.31 | Super Stop & Shop (Ahold Delhaize) | Citi Trends, Crunch Fitness, Ollie's Bargain Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
168 | South Plaza Shopping Center | California | MD | California-Lexington Park, MD | 2005 | 92,335 | 100.0 | % | 1,827 | 19.79 | - | Best Buy, Old Navy, Petco, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
169 | Campus Village Shoppes | College Park | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1986 | 25,528 | 100.0 | % | 900 | 35.26 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
170 | Fox Run (4) | Prince Frederick | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 2022 | 310,071 | 88.7 | % | 4,182 | 16.01 | Giant Food (Ahold Delhaize) | Big Lots, Five Below, JOANN, Planet Fitness, Ross Dress for Less, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
171 | Pine Tree Shopping Center | Portland | ME | Portland-South Portland, ME | 1958 | 287,533 | 95.5 | % | 1,872 | 17.62 | - | Big Lots, Dollar Tree, JOANN, Lowe's, O'Reilly Auto Parts | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
172 | Arborland Center | Ann Arbor | MI | Ann Arbor, MI | 2000 | 403,536 | 91.1 | % | 6,551 | 18.08 | Kroger | Bed Bath & Beyond, DSW, Gardner White Furniture, Marshalls, Michaels, Nordstrom Rack, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
173 | Maple Village | Ann Arbor | MI | Ann Arbor, MI | 2020 | 294,029 | 84.8 | % | 4,247 | 17.02 | Plum Market | Dunham's Sports, HomeGoods, LA Fitness, Sierra Trading Post, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
174 | Grand Crossing | Brighton | MI | Detroit-Warren-Dearborn, MI | 2005 | 85,389 | 93.0 | % | 956 | 12.04 | Busch’s Fresh Food Market | Ace Hardware | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
175 | Farmington Crossroads | Farmington | MI | Detroit-Warren-Dearborn, MI | 1986 | 79,068 | 100.0 | % | 880 | 11.13 | - | Dollar Tree, Ollie's Bargain Outlet, True Value | - |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
176 | Silver Pointe Shopping Center | Fenton | MI | Flint, MI | 1996 | 164,632 | 100.0 | % | 2,158 | 13.20 | VG's Food (SpartanNash) | Dunham's Sports, Glik's | Five Below, Michaels, T.J.Maxx | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
177 | Cascade East | Grand Rapids | MI | Grand Rapids-Kentwood, MI | 1983 | 99,529 | 80.7 | % | 654 | 8.15 | D&W Fresh Market (SpartanNash) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
178 | Delta Center | Lansing | MI | Lansing-East Lansing, MI | 1985 | 163,346 | 63.3 | % | 1,195 | 11.84 | - | Bed Bath & Beyond, DXL Destination XL, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
179 | Lakes Crossing | Muskegon | MI | Muskegon, MI | 2008 | 104,600 | 96.2 | % | 1,549 | 15.40 | - | JOANN, Party City, Shoe Carnival, Ulta | Kohl's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 | Redford Plaza | Redford | MI | Detroit-Warren-Dearborn, MI | 1992 | 303,883 | 88.3 | % | 2,934 | 10.94 | Prince Valley Market | Burlington Stores, Citi Trends, Dollar Tree, Lincoln Behavioral Services | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
181 | Hampton Village Centre | Rochester Hills | MI | Detroit-Warren-Dearborn, MI | 2004 | 470,276 | 93.7 | % | 6,678 | 20.03 | TBA | DSW, Emagine Theatre, Five Below, Kohl's, Old Navy, Petco, T.J.Maxx, Ulta | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
182 | Fashion Corners | Saginaw | MI | Saginaw, MI | 2004 | 184,735 | 98.0 | % | 1,938 | 10.71 | - | Bed Bath & Beyond, Best Buy, Dunham's Sports, Guitar Center, Harbor Freight Tools | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
183 | Southfield Plaza | Southfield | MI | Detroit-Warren-Dearborn, MI | 1970 | 101,724 | 100.0 | % | 1,255 | 12.34 | - | Citi Trends, Party City, Planet Fitness | Burlington Stores | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
184 | 18 Ryan | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1997 | 101,564 | 100.0 | % | 948 | 9.33 | Dream Market | O'Reilly Auto Parts | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
185 | Delco Plaza | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1996 | 154,853 | 100.0 | % | 1,109 | 7.16 | - | Amish Direct Furniture, Bed Bath & Beyond, Dunham's Mega Sports, Urban Air Adventure Park | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
186 | West Ridge | Westland | MI | Detroit-Warren-Dearborn, MI | 1989 | 162,874 | 75.8 | % | 1,414 | 11.46 | - | Bed Bath & Beyond, Crunch Fitness, Party City, Petco | Burlington Stores, Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
187 | Washtenaw Fountain Plaza | Ypsilanti | MI | Ann Arbor, MI | 2005 | 122,762 | 95.4 | % | 914 | 7.81 | Save-A-Lot | Big Lots, Dollar Tree, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
188 | Southport Centre I - VI | Apple Valley | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1985 | 124,243 | 100.0 | % | 2,293 | 18.46 | SuperTarget* | Best Buy, Dollar Tree, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
189 | Champlin Marketplace | Champlin | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2005 | 91,970 | 100.0 | % | 1,233 | 13.41 | Cub Foods (United Natural Foods Inc.) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
190 | Burning Tree Plaza | Duluth | MN | Duluth, MN-WI | 1987 | 183,105 | 97.0 | % | 2,418 | 13.62 | - | Best Buy, David's Bridal, HomeGoods, JOANN, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
191 | Westwind Plaza | Minnetonka | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2007 | 91,670 | 93.8 | % | 1,819 | 22.07 | Cub Foods (United Natural Foods Inc.)* | Goldfish Swim School | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
192 | Richfield Hub | Richfield | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1952 | 213,595 | 96.5 | % | 2,312 | 11.22 | - | Marshalls, Michaels | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
193 | Roseville Center | Roseville | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2021 | 81,506 | 94.1 | % | 1,017 | 19.50 | ALDI, Cub Foods (Jerry's Foods)* | Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
194 | Marketplace @ 42 | Savage | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1999 | 118,693 | 100.0 | % | 1,946 | 16.40 | Fresh Thyme Farmers Market | Dollar Tree, Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
195 | Sun Ray Shopping Center | St. Paul | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1958 | 290,897 | 83.8 | % | 2,350 | 13.19 | Cub Foods (United Natural Foods Inc.) | BioLife Plasma Services, Planet Fitness, T.J.Maxx, Valu Thrift Store | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
196 | White Bear Hills Shopping Center | White Bear Lake | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1996 | 73,065 | 100.0 | % | 1,113 | 15.23 | Festival Foods | Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
197 | Ellisville Square | Ellisville | MO | St. Louis, MO-IL | 1989 | 137,446 | 95.5 | % | 1,660 | 12.96 | ALDI | Michaels, Party City, Petco, Tuesday Morning | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
198 | Hub Shopping Center | Independence | MO | Kansas City, MO-KS | 1995 | 160,423 | 100.0 | % | 978 | 6.48 | Price Chopper | Dollar Tree, Oak Street Health | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
199 | Watts Mill Plaza | Kansas City | MO | Kansas City, MO-KS | 1997 | 161,717 | 78.6 | % | 1,209 | 9.51 | Price Chopper | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 | Liberty Corners | Liberty | MO | Kansas City, MO-KS | 1987 | 124,808 | 98.3 | % | 1,151 | 9.38 | Price Chopper | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
201 | Maplewood Square | Maplewood | MO | St. Louis, MO-IL | 1998 | 71,590 | 95.4 | % | 468 | 6.85 | Schnucks | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
202 | Devonshire Place | Cary | NC | Raleigh-Cary, NC | 1996 | 106,680 | 100.0 | % | 1,572 | 15.05 | - | Burlington Stores, Dollar Tree, Harbor Freight Tools, REI | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
203 | McMullen Creek Market | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 1988 | 281,924 | 95.0 | % | 4,195 | 15.66 | Walmart Neighborhood Market | Burlington Stores, Dollar Tree, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
204 | The Commons at Chancellor Park | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 1994 | 348,604 | 98.2 | % | 2,033 | 8.58 | Patel Brothers | Big Lots, Gabriel Brothers, The Home Depot, Value City Furniture | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
205 | Macon Plaza | Franklin | NC | — | 2001 | 92,583 | 75.6 | % | 500 | 17.98 | Food Lion (Ahold Delhaize) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
206 | Garner Towne Square | Garner | NC | Raleigh-Cary, NC | 1997 | 180,017 | 97.0 | % | 2,536 | 14.52 | LIDL | Burn Boot Camp, Citi Trends, Harbor Freight Tools, OfficeMax, PetSmart | Target, The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
207 | Franklin Square | Gastonia | NC | Charlotte-Concord-Gastonia, NC-SC | 1989 | 317,824 | 93.9 | % | 3,810 | 14.22 | Walmart Supercenter* | Best Buy, Burke's Outlet, Dollar Tree, Five Below, Michaels, Partners in Primary Care, Ross Dress for Less, Skechers | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
208 | Wendover Place | Greensboro | NC | Greensboro-High Point, NC | 2000 | 407,944 | 98.1 | % | 5,770 | 14.41 | - | Burlington Stores, Christmas Tree Shops, Dick's Sporting Goods, Kohl's, Michaels, Old Navy, PetSmart, Rainbow Shops, Ross Dress for Less, Ulta | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
209 | University Commons | Greenville | NC | Greenville, NC | 1996 | 233,153 | 95.5 | % | 3,082 | 13.85 | Harris Teeter (Kroger) | Barnes & Noble, Overstock Furniture & Mattress, Petco, T.J.Maxx | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
210 | Valley Crossing | Hickory | NC | Hickory-Lenoir-Morganton, NC | 2014 | 191,431 | 98.8 | % | 1,821 | 9.63 | - | Academy Sports + Outdoors, American Freight Furniture, Dollar Tree, Harbor Freight Tools, Ollie's Bargain Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
211 | Kinston Pointe | Kinston | NC | Kinston, NC | 2001 | 250,580 | 99.6 | % | 1,086 | 4.35 | Walmart Supercenter | Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
212 | Magnolia Plaza | Morganton | NC | Hickory-Lenoir-Morganton, NC | 1990 | 93,553 | 83.9 | % | 655 | 8.35 | - | Big Lots, Harbor Freight Tools | Rural King | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
213 | Roxboro Square | Roxboro | NC | Durham-Chapel Hill, NC | 2005 | 97,226 | 97.8 | % | 1,546 | 16.25 | - | Person County Health & Human Services | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
214 | Innes Street Market | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 2002 | 349,425 | 98.7 | % | 4,155 | 12.05 | Food Lion (Ahold Delhaize) | Lowe's, Marshalls, Old Navy, PetSmart, Staples, Tinseltown | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
215 | Crossroads | Statesville | NC | Charlotte-Concord-Gastonia, NC-SC | 1997 | 127,926 | 99.3 | % | 1,686 | 13.27 | Walmart Supercenter* | Big Lots, Burkes Outlet | Tractor Supply Co. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
216 | Anson Station | Wadesboro | NC | Charlotte-Concord-Gastonia, NC-SC | 1988 | 132,353 | 83.1 | % | 732 | 6.66 | Food Lion (Ahold Delhaize) | Rose's, Tractor Supply Co. | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
217 | New Centre Market | Wilmington | NC | Wilmington, NC | 1998 | 143,762 | 95.1 | % | 1,981 | 14.90 | - | Burlington Stores, PetSmart, PopShelf, Sportsmans Warehouse | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
218 | University Commons | Wilmington | NC | Wilmington, NC | 2007 | 235,345 | 88.4 | % | 3,380 | 16.25 | Lowes Foods | HomeGoods, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
219 | Parkway Plaza | Winston-Salem | NC | Winston-Salem, NC | 2005 | 282,493 | 80.8 | % | 2,659 | 12.69 | Super Compare Foods | Badcock Home Furniture, Citi Trends, Modern Home, Office Depot | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
220 | Stratford Commons | Winston-Salem | NC | Winston-Salem, NC | 1995 | 72,308 | 67.5 | % | 655 | 13.42 | - | Golf Galaxy, Mattress Firm | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
221 | Bedford Grove | Bedford | NH | Manchester-Nashua, NH | 1989 | 97,602 | 94.5 | % | 1,610 | 17.45 | - | Bed Bath & Beyond, Boston Interiors | - |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222 | Capitol Shopping Center | Concord | NH | Concord, NH | 2001 | 188,887 | 97.4 | % | 2,149 | 12.37 | Market Basket (DeMoulas Supermarkets) | Burlington Stores, JOANN, Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
223 | Willow Springs Plaza | Nashua | NH | Manchester-Nashua, NH | 1990 | 131,248 | 100.0 | % | 2,513 | 20.87 | Patel Brothers | New Hampshire Liquor and Wine Outlet, Petco | The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
224 | Seacoast Shopping Center | Seabrook | NH | Boston-Cambridge-Newton, MA-NH | 1991 | 91,690 | 54.5 | % | 363 | 7.26 | - | JOANN, The Zoo Health Club | Ashley Furniture, Cardi's Furniture, Ocean State Job Lot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
225 | Tri-City Plaza | Somersworth | NH | Boston-Cambridge-Newton, MA-NH | 1990 | 150,504 | 97.7 | % | 1,554 | 10.57 | Market Basket (DeMoulas Supermarkets) | Staples, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
226 | Laurel Square (4) | Brick | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2022 | 245,984 | 93.8 | % | 1,999 | 8.67 | Corrado's Market | Ashley Homestore, At Home, Dollar Tree, Planet Fitness, Senior Helpers Town Square | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
227 | The Shoppes at Cinnaminson | Cinnaminson | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2010 | 301,211 | 96.7 | % | 4,674 | 23.85 | ShopRite | Burlington Stores, Planet Fitness, Ross Dress For Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
228 | Acme Clark | Clark | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 52,812 | 100.0 | % | 1,465 | 27.74 | Acme (Albertsons) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
229 | Collegetown Shopping Center | Glassboro | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2021 | 231,532 | 92.2 | % | 3,166 | 15.02 | LIDL | Big Lots, Five Below, LA Fitness, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
230 | Hamilton Plaza | Hamilton | NJ | Trenton-Princeton, NJ | 1972 | 160,969 | 90.7 | % | 2,094 | 14.34 | Grocery Outlet | 2nd Ave, Crab Du Jour, Dollar Tree, Family Dollar, Planet Fitness, Rothman Orthopaedic Institue | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
231 | Bennetts Mills Plaza | Jackson | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 127,230 | 86.9 | % | 1,459 | 13.20 | Super Stop & Shop (Ahold Delhaize) | Pet Supplies Plus | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
232 | Marlton Crossing | Marlton | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2019 | 337,878 | 95.3 | % | 7,034 | 21.97 | Sprouts Farmers Market | Burlington Stores, DSW, HomeGoods, Michaels, T.J. Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
233 | Middletown Plaza | Middletown | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2001 | 197,066 | 97.3 | % | 3,648 | 19.29 | - | Petco, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
234 | Larchmont Centre | Mount Laurel | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1985 | 103,787 | 93.1 | % | 1,215 | 29.26 | ShopRite | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
235 | Old Bridge Gateway (4) | Old Bridge | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2022 | 254,548 | 96.3 | % | 4,435 | 18.10 | Bhavani Food Market, TBA | Marshalls, Pep Boys, Petco, Robert Wood Johnson Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
236 | Morris Hills Shopping Center | Parsippany | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1994 | 159,561 | 98.6 | % | 2,871 | 18.25 | - | Blink Fitness (Equinox), Cinepolis, HomeGoods, Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
237 | Rio Grande Plaza | Rio Grande | NJ | Ocean City, NJ | 1997 | 136,822 | 69.6 | % | 1,257 | 13.20 | ShopRite* | PetSmart, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
238 | Ocean Heights Plaza | Somers Point | NJ | Atlantic City-Hammonton, NJ | 2006 | 179,199 | 93.1 | % | 3,249 | 19.48 | ShopRite | Dollar Tree, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
239 | Springfield Place | Springfield | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1965 | 36,209 | 95.0 | % | 560 | 16.28 | ShopRite | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
240 | Tinton Falls Plaza | Tinton Falls | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 87,760 | 96.5 | % | 1,467 | 17.33 | - | Dollar Tree, Jersey Strong | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
241 | Cross Keys Commons | Turnersville | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 216,205 | 93.0 | % | 3,206 | 15.94 | Walmart Supercenter* | Dollar Tree, Marshalls, Rainbow Shops, Ross Dress for Less, Staples, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
242 | Parkway Plaza | Carle Place | NY | New York-Newark-Jersey City, NY-NJ-PA | 1993 | 89,704 | 100.0 | % | 2,889 | 32.21 | ALDI | T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
243 | Unity Plaza | East Fishkill | NY | Poughkeepsie-Newburgh-Middletown, NY | 2005 | 67,462 | 100.0 | % | 1,462 | 21.67 | Acme (Albertsons) | True Value | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
244 | Suffolk Plaza | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1998 | 84,316 | 84.2 | % | 1,546 | 22.37 | BJ's Wholesale*, TBA | Five Below | Kohl's, Walmart | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
245 | Three Village Shopping Center | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1991 | 77,458 | 94.4 | % | 2,092 | 28.60 | Stop & Shop*, Wild by Nature Market* | Ace Hardware | Rite Aid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
246 | Stewart Plaza (4) | Garden City | NY | New York-Newark-Jersey City, NY-NJ-PA | 2022 | 207,893 | 97.4 | % | 3,790 | 18.91 | - | Burlington Stores, Dollar Tree, Floor & Décor, Phenix Salon Suites | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
247 | Dalewood I, II & III Shopping Center | Hartsdale | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 194,441 | 98.5 | % | 6,855 | 36.58 | H-Mart | Christmas Tree Shops, T.J.Maxx, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
248 | Cayuga Mall | Ithaca | NY | Ithaca, NY | 1969 | 204,405 | 93.2 | % | 1,702 | 9.70 | ALDI | Big Lots, Dollar Tree, JOANN, Party City, Planet Fitness, True Value | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
249 | Kings Park Plaza | Kings Park | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 72,208 | 100.0 | % | 1,632 | 22.60 | Key Food Marketplace | T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
250 | Village Square Shopping Center | Larchmont | NY | New York-Newark-Jersey City, NY-NJ-PA | 1981 | 17,000 | 100.0 | % | 612 | 36.00 | Trader Joe's | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
251 | Falcaro's Plaza | Lawrence | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 61,904 | 100.0 | % | 1,522 | 24.59 | KolSave Market* | Advance Auto Parts, Dollar Tree, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
252 | Mamaroneck Centre | Mamaroneck | NY | New York-Newark-Jersey City, NY-NJ-PA | 2020 | 36,848 | 95.1 | % | 1,329 | 37.93 | North Shore Farms | CVS | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
253 | Sunshine Square | Medford | NY | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 223,322 | 97.6 | % | 3,315 | 15.69 | Super Stop & Shop (Ahold Delhaize) | Lumber Liquidators, Planet Fitness, Savers | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
254 | Wallkill Plaza | Middletown | NY | Poughkeepsie-Newburgh-Middletown, NY | 1986 | 209,910 | 100.0 | % | 2,251 | 11.05 | - | Big Lots, Citi Trends, David's Bridal, Hobby Lobby | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
255 | Monroe ShopRite Plaza | Monroe | NY | Poughkeepsie-Newburgh-Middletown, NY | 1985 | 122,007 | 100.0 | % | 1,982 | 16.25 | ShopRite | Better Lifestyle Club, U.S. Post Office, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
256 | Rockland Plaza | Nanuet | NY | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 262,364 | 92.2 | % | 5,511 | 24.55 | A Matter of Health, TBA | Barnes & Noble, Marshalls, Petco | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
257 | North Ridge Shopping Center | New Rochelle | NY | New York-Newark-Jersey City, NY-NJ-PA | 1971 | 39,429 | 86.3 | % | 1,299 | 38.19 | - | Harmon Discount | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
258 | Nesconset Shopping Center | Port Jefferson Station | NY | New York-Newark-Jersey City, NY-NJ-PA | 1961 | 129,996 | 97.3 | % | 3,289 | 26.00 | - | Dollar Tree, HomeGoods | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
259 | Roanoke Plaza | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 99,131 | 100.0 | % | 2,036 | 20.54 | Fine Fare | CVS, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
260 | Riverhead | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2018 | 120,089 | 100.0 | % | 3,017 | 25.12 | Costco* | HomeSense, Marshalls, Petsmart, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
261 | Rockville Centre | Rockville Centre | NY | New York-Newark-Jersey City, NY-NJ-PA | 1975 | 44,131 | 100.0 | % | 1,265 | 28.67 | - | HomeGoods, Rite Aid | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
262 | College Plaza | Selden | NY | New York-Newark-Jersey City, NY-NJ-PA | 2013 | 184,714 | 97.6 | % | 3,211 | 21.26 | ShopRite | Wren Kitchens | Firestone | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
263 | Campus Plaza | Vestal | NY | Binghamton, NY | 2003 | 160,744 | 96.1 | % | 1,947 | 12.61 | - | Olum's Furniture & Appliances, Staples, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
264 | Parkway Plaza | Vestal | NY | Binghamton, NY | 1995 | 207,154 | 100.0 | % | 2,162 | 10.44 | - | Bed Bath & Beyond, Kohl's, PetSmart | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
265 | Shoppes at Vestal | Vestal | NY | Binghamton, NY | 2000 | 92,328 | 98.2 | % | 1,498 | 16.53 | - | HomeGoods, Michaels, Old Navy | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
266 | Town Square Mall | Vestal | NY | Binghamton, NY | 1991 | 291,346 | 90.9 | % | 4,156 | 16.36 | Sam's Club*, Walmart Supercenter* | AMC Vestal Town Square 9, Barnes & Noble, Dick's Sporting Goods, Dollar Tree, DSW, T.J.Maxx, Ulta | - |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
267 | The Plaza at Salmon Run | Watertown | NY | Watertown-Fort Drum, NY | 1993 | 68,761 | 94.1 | % | 714 | 11.03 | Hannaford Bros. (Ahold Delhaize) | Red Robin Gourmet Burger | Lowe's, Runnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
268 | Highridge Plaza | Yonkers | NY | New York-Newark-Jersey City, NY-NJ-PA | 1977 | 88,501 | 98.4 | % | 2,877 | 33.04 | H-Mart | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
269 | Brunswick Town Center | Brunswick | OH | Cleveland-Elyria, OH | 2004 | 143,282 | 97.7 | % | 2,134 | 15.81 | Giant Eagle | - | The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
270 | Brentwood Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2004 | 223,843 | 94.5 | % | 2,602 | 18.85 | Kroger | Petco, Planet Fitness, Rainbow Shops | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
271 | Delhi Shopping Center | Cincinnati | OH | Cincinnati, OH-KY-IN | 1973 | 165,411 | 100.0 | % | 1,519 | 9.18 | Kroger | Pet Supplies Plus, Salvation Army | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
272 | Harpers Station | Cincinnati | OH | Cincinnati, OH-KY-IN | 1994 | 253,356 | 82.4 | % | 3,461 | 16.58 | Fresh Thyme Farmers Market | HomeGoods, LA Fitness, Pet Supplies Plus, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
273 | Western Hills Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2021 | 240,022 | 98.3 | % | 4,901 | 21.56 | - | Michaels, Old Navy, PetSmart, Staples, T.J.Maxx, Ulta | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
274 | Western Village | Cincinnati | OH | Cincinnati, OH-KY-IN | 2005 | 115,791 | 97.8 | % | 1,227 | 37.67 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
275 | Crown Point | Columbus | OH | Columbus, OH | 1980 | 144,931 | 93.4 | % | 1,394 | 10.30 | Kroger | Dollar Tree, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
276 | Greentree Shopping Center | Columbus | OH | Columbus, OH | 2005 | 131,573 | 83.9 | % | 1,204 | 11.76 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
277 | South Towne Centre | Dayton | OH | Dayton-Kettering, OH | 1972 | 333,998 | 96.1 | % | 4,401 | 14.05 | Health Foods Unlimited | Burlington Stores, Christmas Tree Shops, JOANN, Party City, Petsmart, Value City Furniture | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
278 | Southland Shopping Center | Middleburg Heights | OH | Cleveland-Elyria, OH | 1951 | 582,492 | 78.8 | % | 5,473 | 11.92 | BJ's Wholesale Club*, Giant Eagle, Marc's | Cleveland Furniture Bank, JOANN, Marshalls, Party City, UFC Gym | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
279 | The Shoppes at North Olmsted | North Olmsted | OH | Cleveland-Elyria, OH | 2002 | 70,003 | 100.0 | % | 1,175 | 16.79 | - | Ollie's Bargain Outlet, Sears Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
280 | Surrey Square Mall | Norwood | OH | Cincinnati, OH-KY-IN | 2010 | 175,167 | 83.1 | % | 2,127 | 34.70 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
281 | Brice Park | Reynoldsburg | OH | Columbus, OH | 1989 | 147,800 | 98.1 | % | 1,472 | 10.66 | - | Ashley Furniture, Citi Trends, Dollar Tree, Michaels | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
282 | Miracle Mile Shopping Plaza | Toledo | OH | Toledo, OH | 1955 | 289,105 | 83.8 | % | 1,712 | 12.57 | Kroger | Big Lots, Crunch Fitness, Harbor Freight Tools | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
283 | Marketplace | Tulsa | OK | Tulsa, OK | 1992 | 193,276 | 100.0 | % | 2,007 | 10.38 | - | Basset Home Furnishings, Boot Barn, Conn's, David's Bridal, PetSmart | Best Buy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
284 | Village West | Allentown | PA | Allentown-Bethlehem-Easton, PA-NJ | 1999 | 140,474 | 85.0 | % | 2,280 | 19.11 | Giant Food (Ahold Delhaize) | CVS, Dollar Tree | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
285 | Park Hills Plaza | Altoona | PA | Altoona, PA | 1985 | 266,512 | 87.4 | % | 2,438 | 10.57 | Weis Markets | Burlington Stores, Dunham's Sports, Harbor Freight Tools, Shoe Carnival, Urban Air Adventure Park | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
286 | Bethel Park Shopping Center | Bethel Park | PA | Pittsburgh, PA | 1965 | 202,349 | 100.0 | % | 2,123 | 11.82 | Giant Eagle | Pep Boys, Walmart | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
287 | Lehigh Shopping Center | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 1955 | 373,766 | 98.2 | % | 4,167 | 14.24 | Giant Food (Ahold Delhaize) | Aetna, Big Lots, Citi Trends, Dollar Tree, Mega Marshalls, PetSmart, Rite Aid, Staples, Wines & Spirits Shoppe | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
288 | Bristol Park | Bristol | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1993 | 260,953 | 88.6 | % | 2,006 | 8.92 | - | Complete Liquidators, Dollar Tree, Family Dollar, Ollie's Bargain Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
289 | Chalfont Village Shopping Center | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 46,051 | 69.9 | % | 421 | 13.07 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
290 | New Britain Village Square | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 143,716 | 89.0 | % | 2,470 | 19.32 | Giant Food (Ahold Delhaize) | Wine & Spirits Shoppe | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
291 | Collegeville Shopping Center | Collegeville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2020 | 110,430 | 83.4 | % | 1,567 | 17.02 | Kimberton Whole Foods | Pep Boys, Rascal Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
292 | Plymouth Square Shopping Center | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1959 | 235,608 | 73.4 | % | 3,564 | 20.62 | Weis Markets | Marshalls, REI | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
293 | Whitemarsh Shopping Center | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 76,288 | 97.8 | % | 2,095 | 28.09 | Giant Food (Ahold Delhaize) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
294 | Valley Fair | Devon | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2001 | 105,086 | 26.8 | % | 539 | 19.11 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
295 | Dickson City Crossings (4) | Dickson City | PA | Scranton--Wilkes-Barre, PA | 2022 | 312,699 | 84.5 | % | 2,800 | 18.58 | - | Burlington Stores, Dollar Tree, Gabe's, Party City, PetSmart, The Home Depot, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
296 | Barn Plaza | Doylestown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 237,681 | 99.0 | % | 3,667 | 15.58 | - | Kohl's, Marshalls, Regal Cinemas | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
297 | Pilgrim Gardens | Drexel Hill | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1955 | 75,223 | 98.0 | % | 1,343 | 18.22 | - | Dollar Tree, Ross Dress for Less, Tuesday Morning, U.S. Post Office | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
298 | New Garden Center | Kennett Square | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1979 | 147,370 | 95.7 | % | 1,143 | 8.28 | - | Big Lots, Ollie's Bargain Outlet, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
299 | North Penn Market Place | Lansdale | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1977 | 58,358 | 93.1 | % | 999 | 19.70 | Weis Markets* | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
300 | Village at Newtown | Newtown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2021 | 223,004 | 89.9 | % | 6,755 | 34.68 | McCaffrey's | Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
301 | Ivyridge | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1963 | 106,348 | 100.0 | % | 2,926 | 27.51 | - | Dollar Tree, Target, Wine & Spirits Shoppe | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
302 | Roosevelt Mall | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2020 | 581,405 | 94.9 | % | 8,445 | 35.36 | Sprouts Farmers Market | LA Fitness, Macy's, Rainbow Shops, Ross Dress For Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
303 | Shoppes at Valley Forge | Phoenixville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2003 | 176,676 | 99.3 | % | 1,242 | 7.08 | Redner's Warehouse Market | Big Lots, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
304 | County Line Plaza | Souderton | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1971 | 154,608 | 92.3 | % | 1,596 | 11.19 | ALDI | Dollar Tree, Planet Fitness, Rite Aid, VF Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
305 | 69th Street Plaza | Upper Darby | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 41,711 | 100.0 | % | 456 | 10.93 | Fresh Grocer (Wakefern)* | EZ Bargains, Rent-A-Center, Super Dollar City | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
306 | Warminster Towne Center | Warminster | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1997 | 237,152 | 100.0 | % | 3,801 | 17.39 | ShopRite | Harbor Freight Tools, Old Navy, Party City, PetSmart, Ross Dress for Less, Sportsman's Warehouse | Kohl's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
307 | Shops at Prospect | West Hempfield | PA | Lancaster, PA | 1994 | 63,392 | 100.0 | % | 840 | 13.25 | Giant Food (Ahold Delhaize) | Penn State Health | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
308 | Whitehall Square | Whitehall | PA | Allentown-Bethlehem-Easton, PA-NJ | 2006 | 315,192 | 98.9 | % | 3,142 | 10.08 | Redner's Warehouse Market | Dollar Tree, Gabe's, Mavis Discount Tires, PetSmart, Ross Dress for Less, Staples | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
309 | Wilkes-Barre Township Marketplace | Wilkes-Barre | PA | Scranton--Wilkes-Barre, PA | 2004 | 306,440 | 98.9 | % | 2,491 | 34.51 | Walmart Supercenter | Chuck E. Cheese's, Cracker Barrel, Party City, Pet Supplies Plus | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
310 | Belfair Towne Village | Bluffton | SC | Hilton Head Island-Bluffton, SC | 2006 | 166,639 | 96.6 | % | 2,621 | 16.29 | Kroger | K1 Speed | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
311 | Milestone Plaza | Greenville | SC | Greenville-Anderson, SC | 1995 | 89,721 | 100.0 | % | 1,674 | 19.79 | Lowes Foods | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
312 | Circle Center | Hilton Head Island | SC | Hilton Head Island-Bluffton, SC | 2000 | 65,313 | 100.0 | % | 928 | 14.21 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
313 | Island Plaza | James Island | SC | Charleston-North Charleston, SC | 1994 | 173,524 | 98.0 | % | 1,741 | 10.37 | Food Lion (Ahold Delhaize) | Dollar Tree, Gold's Gym, Tuesday Morning | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
314 | Festival Centre | North Charleston | SC | Charleston-North Charleston, SC | 1987 | 325,347 | 76.1 | % | 2,289 | 9.38 | - | Gold's Gym, New Spring Church, New York Beauty and Fashion, Sears Outlet | - |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
315 | Pawleys Island Plaza | Pawleys Island | SC | Georgetown, SC | 2015 | 120,095 | 95.3 | % | 1,557 | 13.61 | Publix | Petco, T.J.Maxx, Tuesday Morning | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
316 | Fairview Corners I & II | Simpsonville | SC | Greenville-Anderson, SC | 2003 | 131,002 | 100.0 | % | 2,450 | 18.70 | - | Ross Dress for Less, T.J.Maxx | Target | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
317 | Hillcrest Market Place | Spartanburg | SC | Spartanburg, SC | 1965 | 360,277 | 78.0 | % | 3,992 | 14.43 | Publix | Five Below, Marshalls, NCG Cinemas, Petco, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
318 | East Ridge Crossing | Chattanooga | TN | Chattanooga, TN-GA | 1999 | 58,950 | 93.9 | % | 589 | 10.64 | Food Lion (Ahold Delhaize) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
319 | Watson Glen Shopping Center | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1988 | 265,948 | 100.0 | % | 3,051 | 11.47 | ALDI | At Home, Big Lots, Franklin Athletic Club | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
320 | Williamson Square | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1988 | 331,386 | 100.0 | % | 4,202 | 12.68 | - | Family Leisure, Goldfish Swim School, Grace Church Nashville, Hobby Lobby, Painted Tree Marketplace, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
321 | Greeneville Commons | Greeneville | TN | Greeneville, TN | 2002 | 224,139 | 98.7 | % | 1,971 | 9.11 | - | Belk, Burkes Outlet, Five Below, Hobby Lobby, Marshalls, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
322 | Kingston Overlook | Knoxville | TN | Knoxville, TN | 1996 | 119,360 | 100.0 | % | 974 | 8.16 | - | Badcock Home Furniture, Painted Tree Marketplace, Urban Air Adventure Park | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
323 | The Commons at Wolfcreek (3) | Memphis | TN | Memphis, TN-MS-AR | 2014 | 649,252 | 95.5 | % | 9,829 | 16.43 | - | Academy Sports + Outdoors, Best Buy, Big Lots, Burlington Stores, Dave & Busters, David's Bridal, DSW, Office Depot, Painted Tree Marketplace, PetSmart, T.J.Maxx | Target, The Home Depot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
324 | Georgetown Square | Murfreesboro | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2003 | 114,117 | 93.0 | % | 1,417 | 13.35 | Kroger | Aaron's | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 | Nashboro Village | Nashville | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1998 | 86,811 | 100.0 | % | 1,161 | 13.37 | Kroger | - | Walgreens | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
326 | Parmer Crossing | Austin | TX | Austin-Round Rock-Georgetown, TX | 1989 | 170,605 | 96.0 | % | 2,120 | 12.94 | Desi Brothers | Big Lots, Dollar Tree, Harbor Freight Tools, Mega Furniture, Planet Fitness | Fry's Electronics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
327 | Baytown Shopping Center | Baytown | TX | Houston-The Woodlands-Sugar Land, TX | 1987 | 95,941 | 90.1 | % | 1,321 | 15.29 | - | 24 Hour Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
328 | El Camino | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 2008 | 71,651 | 98.5 | % | 694 | 9.84 | El Ahorro Supermarket | Dollar Tree, Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
329 | Townshire | Bryan | TX | College Station-Bryan, TX | 2002 | 136,887 | 88.8 | % | 946 | 7.78 | - | Tops Printing | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
330 | Central Station | College Station | TX | College Station-Bryan, TX | 1976 | 178,141 | 98.7 | % | 3,127 | 18.21 | - | Dollar Tree, HomeGoods, Party City, Spec's Liquors | Kohl's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
331 | Rock Prairie Crossing | College Station | TX | College Station-Bryan, TX | 2002 | 118,700 | 98.1 | % | 1,415 | 28.05 | Kroger | CVS | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
332 | Carmel Village | Corpus Christi | TX | Corpus Christi, TX | 2019 | 84,667 | 100.0 | % | 1,177 | 13.90 | - | Crunch Fitness, Dollar Tree, Tuesday Morning | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
333 | Claremont Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1976 | 66,980 | 98.7 | % | 602 | 9.21 | - | Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
334 | Kessler Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1975 | 68,962 | 98.2 | % | 755 | 11.15 | - | Canales, Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
335 | Stevens Park Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1974 | 45,492 | 97.0 | % | 474 | 10.74 | - | Big Lots, O'Reilly Auto Parts | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
336 | Webb Royal Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1961 | 108,545 | 89.9 | % | 1,180 | 12.70 | El Rio Grande Latin Market | Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
337 | Wynnewood Village (4) | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2022 | 464,995 | 94.0 | % | 6,360 | 14.83 | El Rancho, Kroger | Fallas, Five Below, Kids Empire, LA Fitness, Mi Doctor, Ross Dress for Less | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
338 | Parktown | Deer Park | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 118,221 | 94.1 | % | 1,056 | 9.49 | Food Town | Burkes Outlet, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
339 | Preston Ridge | Frisco | TX | Dallas-Fort Worth-Arlington, TX | 2018 | 789,559 | 87.7 | % | 15,364 | 22.18 | SuperTarget* | Best Buy, Big Lots, Boot Barn, DSW, Macy's Backstage, Marshalls, Nordstrom Rack, Old Navy, Ross Dress for Less, T.J.Maxx | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
340 | Ridglea Plaza | Fort Worth | TX | Dallas-Fort Worth-Arlington, TX | 1990 | 170,519 | 92.0 | % | 1,765 | 11.25 | Tom Thumb (Albertsons) | Fan Boys, Goody Goody Wine & Spirits | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
341 | Trinity Commons | Fort Worth | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 197,423 | 92.5 | % | 3,820 | 20.91 | Tom Thumb (Albertsons) | DSW, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
342 | Village Plaza | Garland | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 89,444 | 98.0 | % | 1,262 | 14.48 | Truong Nguyen Grocer | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
343 | Highland Village Town Center | Highland Village | TX | Dallas-Fort Worth-Arlington, TX | 1996 | 101,874 | 96.7 | % | 1,157 | 12.05 | - | Painted Tree Marketplace, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
344 | Bay Forest | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 71,667 | 98.0 | % | 780 | 11.10 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
345 | Beltway South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 107,174 | 97.0 | % | 1,022 | 30.19 | Kroger | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
346 | Braes Heights (4) | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2022 | 92,179 | 94.4 | % | 2,543 | 29.23 | - | CVS, I W Marks Jewelers, My Salon Suites | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
347 | Braesgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 91,382 | 96.3 | % | 682 | 7.75 | Food Town | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
348 | Broadway | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2006 | 74,988 | 100.0 | % | 959 | 13.29 | El Ahorro Supermarket | Blink Fitness (Equinox), Melrose Fashions | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
349 | Clear Lake Camino South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1964 | 106,058 | 90.6 | % | 1,402 | 15.61 | ALDI | 24 Hour Fitness, Mr. Gatti's Pizza, Spec's Liquors | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
350 | Hearthstone Corners | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2019 | 208,147 | 94.7 | % | 2,201 | 11.17 | El Rancho | Big Lots, Conn's | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
351 | Jester Village (4) | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2022 | 62,665 | 88.4 | % | 1,244 | 22.45 | - | 24 Hour Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
352 | Jones Plaza (4) | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2022 | 111,206 | 83.7 | % | 986 | 10.60 | La Michoacana Supermarket | Aaron's, Fitness Connection | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
353 | Jones Square | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 169,786 | 98.9 | % | 1,572 | 9.36 | - | Big Lots, Hobby Lobby, Octapharma | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
354 | Maplewood | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 99,177 | 95.5 | % | 894 | 9.44 | Foodarama | Burke's Outlet, Kids Empire | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
355 | Merchants Park | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2009 | 246,451 | 96.9 | % | 3,473 | 14.54 | Kroger | Big Lots, Petco, Planet Fitness, Ross Dress for Less, Tuesday Morning | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
356 | Northgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 40,244 | 100.0 | % | 354 | 8.80 | El Rancho* | Affordable Furniture, Firestone, TitleMax | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
357 | Northshore | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 223,954 | 93.3 | % | 2,945 | 14.33 | Sellers Bros. | Conn's, Dollar Tree, Oak Street Health, Office Depot | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
358 | Northtown Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1960 | 190,666 | 91.8 | % | 2,427 | 14.06 | El Rancho | 99 Cents Only, Crazy Boss Big Discount Store, dd's Discounts (Ross) | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
359 | Orange Grove | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 184,704 | 84.2 | % | 1,631 | 11.02 | - | 24 Hour Fitness, Floor & Décor | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
360 | Royal Oaks Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 146,279 | 98.5 | % | 3,337 | 23.15 | H-E-B | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
361 | Tanglewilde Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 83,343 | 97.9 | % | 1,294 | 16.00 | ALDI | Dollar Tree, Party City, Salon In The Park | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
362 | Westheimer Commons | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1984 | 245,714 | 97.2 | % | 2,399 | 10.05 | Fiesta Mart | King Dollar, Marshalls, Sanitas Medical Center | - |
Property Name | City | State | Metropolitan Statistical Area | Year Built | GLA | Percent Leased | ABR (,000’s) | ABR PSF(1) | Grocer(2) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
363 | Crossroads Centre - Pasadena | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 146,567 | 95.2 | % | 2,037 | 15.59 | Kroger | LA Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
364 | Spencer Square | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 186,732 | 85.4 | % | 1,763 | 11.42 | Kroger | Burkes Outlet | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
365 | Pearland Plaza | Pearland | TX | Houston-The Woodlands-Sugar Land, TX | 1995 | 156,491 | 94.9 | % | 1,324 | 8.92 | Kroger | American Freight Furniture, Harbor Freight Tools, Walgreens | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
366 | Market Plaza | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 142,058 | 92.5 | % | 2,818 | 22.37 | Central Market (H-E-B) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
367 | Preston Park Village | Plano | TX | Dallas-Fort Worth-Arlington, TX | 1985 | 256,343 | 79.4 | % | 5,052 | 24.81 | - | Gap Factory Store, HomeGoods, Petco, Rollie Pollies Gymnastics Center | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
368 | Keegan's Meadow | Stafford | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 125,293 | 93.3 | % | 1,336 | 11.78 | El Rancho | Family Dollar | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
369 | Texas City Bay | Texas City | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 224,922 | 92.3 | % | 2,133 | 10.39 | Kroger | Conn's, Harbor Freight Tools, Planet Fitness | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
370 | Windvale Center | The Woodlands | TX | Houston-The Woodlands-Sugar Land, TX | 2002 | 100,688 | 89.3 | % | 1,926 | 21.41 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
371 | Culpeper Town Square | Culpeper | VA | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1999 | 132,882 | 74.3 | % | 833 | 8.44 | - | Ollie's Bargain Outlet, Tractor Supply Co. | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
372 | Hanover Square | Mechanicsville | VA | Richmond, VA | 1991 | 141,620 | 99.2 | % | 2,152 | 15.32 | - | Gold's Gym, Hobby Lobby | Kohl's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
373 | Tuckernuck Square | Richmond | VA | Richmond, VA | 1981 | 88,220 | 94.6 | % | 1,457 | 17.45 | - | 2nd & Charles, Chuck E. Cheese's | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
374 | Cave Spring Corners | Roanoke | VA | Roanoke, VA | 2005 | 147,133 | 93.0 | % | 1,130 | 14.48 | Kroger | Hamrick's | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
375 | Hunting Hills | Roanoke | VA | Roanoke, VA | 1989 | 166,207 | 97.1 | % | 1,435 | 8.89 | - | Dollar Tree, Kohl's, PetSmart | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
376 | Hilltop Plaza | Virginia Beach | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 2010 | 150,300 | 91.4 | % | 2,957 | 21.77 | Trader Joe's | JOANN, PetSmart, Ulta | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
377 | Rutland Plaza | Rutland | VT | Rutland, VT | 1997 | 223,314 | 90.0 | % | 1,938 | 9.65 | Price Chopper | Dollar Tree, T.J.Maxx, Walmart | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
378 | Spring Mall | Greenfield | WI | Milwaukee-Waukesha, WI | 2003 | 45,920 | 31.3 | % | 144 | 10.01 | - | - | Walgreens | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
379 | Mequon Pavilions | Mequon | WI | Milwaukee-Waukesha, WI | 1967 | 219,230 | 87.3 | % | 3,153 | 16.47 | Sendik's Food Market | Bed Bath & Beyond, Marshalls | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
380 | Moorland Square Shopping Ctr | New Berlin | WI | Milwaukee-Waukesha, WI | 1990 | 98,303 | 89.0 | % | 841 | 9.61 | Pick 'n Save (Kroger) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
381 | Paradise Pavilion | West Bend | WI | Milwaukee-Waukesha, WI | 2000 | 203,545 | 91.8 | % | 1,405 | 7.52 | - | Hobby Lobby, Kohl's | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
382 | Grand Central Plaza | Parkersburg | WV | Parkersburg-Vienna, WV | 1986 | 75,344 | 90.7 | % | 782 | 11.44 | - | Office Depot, O'Reilly Auto Parts | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PORTFOLIO | 67,452,927 | 92.0 | % | $ | 900,623 | $ | 15.42 |
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Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Philadelphia, Pennsylvania |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 306,337,045 | 305,621,403 |
Common stock, shares outstanding | 297,210,053 | 296,494,411 |
Brixmor Operating Partnership LP | ||
Common stock, shares issued | 306,337,045 | 305,621,403 |
Common stock, shares outstanding | 297,210,053 | 296,494,411 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Revenues | |||
Rental income | $ 1,146,304 | $ 1,050,943 | $ 1,166,379 |
Other revenues | 5,970 | 2,323 | 1,879 |
Total revenues | 1,152,274 | 1,053,266 | 1,168,258 |
Operating expenses | |||
Operating costs | 132,042 | 111,678 | 124,876 |
Real estate taxes | 165,746 | 168,943 | 170,988 |
Depreciation and amortization | 327,152 | 335,583 | 332,431 |
Impairment of real estate assets | 1,898 | 19,551 | 24,402 |
General and administrative | 105,454 | 98,280 | 102,309 |
Total operating expenses | 732,292 | 734,035 | 755,006 |
Other income (expense) | |||
Dividends and interest | 299 | 482 | 699 |
Interest expense | (194,776) | (199,988) | (189,775) |
Gain on sale of real estate assets | 73,092 | 34,499 | 54,767 |
Loss on extinguishment of debt, net | (28,345) | (28,052) | (1,620) |
Other | (65) | (4,999) | (2,550) |
Total other expense | (149,795) | (198,058) | (138,479) |
Net income | $ 270,187 | $ 121,173 | $ 274,773 |
Net income per common share: | |||
Basic (usd per share) | $ 0.91 | $ 0.41 | $ 0.92 |
Diluted (usd per share) | $ 0.90 | $ 0.41 | $ 0.92 |
Weighted average shares: | |||
Basic (in shares) | 297,408 | 296,972 | 298,229 |
Diluted (in shares) | 298,835 | 297,899 | 299,334 |
Brixmor Operating Partnership LP | |||
Revenues | |||
Rental income | $ 1,146,304 | $ 1,050,943 | $ 1,166,379 |
Other revenues | 5,970 | 2,323 | 1,879 |
Total revenues | 1,152,274 | 1,053,266 | 1,168,258 |
Operating expenses | |||
Operating costs | 132,042 | 111,678 | 124,876 |
Real estate taxes | 165,746 | 168,943 | 170,988 |
Depreciation and amortization | 327,152 | 335,583 | 332,431 |
Impairment of real estate assets | 1,898 | 19,551 | 24,402 |
General and administrative | 105,454 | 98,280 | 102,309 |
Total operating expenses | 732,292 | 734,035 | 755,006 |
Other income (expense) | |||
Dividends and interest | 299 | 482 | 699 |
Interest expense | (194,776) | (199,988) | (189,775) |
Gain on sale of real estate assets | 73,092 | 34,499 | 54,767 |
Loss on extinguishment of debt, net | (28,345) | (28,052) | (1,620) |
Other | (65) | (4,999) | (2,550) |
Total other expense | (149,795) | (198,058) | (138,479) |
Net income | $ 270,187 | $ 121,173 | $ 274,773 |
Net income per common share: | |||
Basic (usd per share) | $ 0.91 | $ 0.41 | $ 0.92 |
Diluted (usd per share) | $ 0.90 | $ 0.41 | $ 0.92 |
Weighted average shares: | |||
Basic (in shares) | 297,408 | 296,972 | 298,229 |
Diluted (in shares) | 298,835 | 297,899 | 299,334 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Net income | $ 270,187 | $ 121,173 | $ 274,773 |
Other comprehensive income (loss) | |||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | 15,640 | (18,571) | (25,713) |
Change in unrealized gain (loss) on marketable securities | (256) | 56 | 197 |
Total other comprehensive income (loss) | 15,384 | (18,515) | (25,516) |
Comprehensive income | 285,571 | 102,658 | 249,257 |
Brixmor Operating Partnership LP | |||
Net income | 270,187 | 121,173 | 274,773 |
Other comprehensive income (loss) | |||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | 15,640 | (18,571) | (25,713) |
Change in unrealized gain (loss) on marketable securities | (256) | 56 | 186 |
Total other comprehensive income (loss) | 15,384 | (18,515) | (25,527) |
Comprehensive income | $ 285,571 | $ 102,658 | $ 249,246 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands |
Total |
Brixmor Operating Partnership LP |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjustment
Brixmor Operating Partnership LP
|
Common Stock |
Common Stock
Brixmor Operating Partnership LP
|
Common Stock
Cumulative Effect, Period of Adoption, Adjustment
Brixmor Operating Partnership LP
|
Additional Paid-in Capital |
Additional Paid-in Capital
Brixmor Operating Partnership LP
|
Accumulated Other Comprehensive Income (Loss) |
Distributions in Excess of Net Income |
Distributions in Excess of Net Income
Cumulative Effect, Period of Adoption, Adjustment
|
---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-02 [Member] | |||||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 298,489 | |||||||||||
Beginning balance at Dec. 31, 2018 | $ 2,836,099 | $ 2,835,753 | $ (1,974) | $ (1,974) | $ 2,985 | $ 2,819,770 | $ (1,974) | $ 3,233,329 | $ 15,983 | $ 15,973 | $ (416,188) | $ (1,974) |
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (336,815) | (336,474) | 336,474 | (336,815) | ||||||||
Equity based compensation expense | 13,571 | 13,571 | 13,571 | 13,571 | ||||||||
Other comprehensive loss | (25,516) | (25,527) | (25,527) | (25,516) | ||||||||
Issuance of common stock and OP Units (in shares) | 203 | |||||||||||
Issuance of common stock | 3 | 3 | $ 3 | 3 | ||||||||
Repurchase of common stock (in shares) | (835) | |||||||||||
Repurchases of common stock | (14,563) | (14,563) | $ (9) | 14,563 | (14,554) | |||||||
Share-based awards retained for taxes | (1,721) | (1,721) | 1,721 | (1,721) | ||||||||
Net income attributable to Brixmor Operating Partnership LP | 274,773 | 274,773 | ||||||||||
Net income | 274,773 | 274,773 | 274,773 | |||||||||
Ending balance (in shares) at Dec. 31, 2019 | 297,857 | |||||||||||
Ending balance at Dec. 31, 2019 | 2,743,857 | 2,743,841 | $ 2,979 | 2,753,385 | 3,230,625 | (9,544) | (9,543) | (480,204) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (149,165) | (159,163) | 159,163 | (149,165) | ||||||||
Equity based compensation expense | 11,895 | 11,895 | 11,895 | 11,895 | ||||||||
Other comprehensive loss | (18,515) | (18,515) | (18,515) | (18,515) | ||||||||
Issuance of common stock and OP Units (in shares) | 287 | |||||||||||
Issuance of common stock | 3 | 3 | $ 3 | 3 | ||||||||
Repurchase of common stock (in shares) | (1,650) | |||||||||||
Repurchases of common stock | (25,007) | (25,007) | $ (17) | 25,007 | (24,990) | |||||||
Share-based awards retained for taxes | (3,540) | (3,540) | 3,540 | (3,540) | ||||||||
Net income attributable to Brixmor Operating Partnership LP | 121,173 | 121,173 | ||||||||||
Net income | 121,173 | 121,173 | 121,173 | |||||||||
Ending balance (in shares) at Dec. 31, 2020 | 296,494 | |||||||||||
Ending balance at Dec. 31, 2020 | 2,680,701 | 2,670,687 | $ 2,965 | 2,698,746 | 3,213,990 | (28,059) | (28,058) | (508,196) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Common stock dividends | (265,675) | (270,819) | 270,819 | (265,675) | ||||||||
Equity based compensation expense | 18,597 | 18,597 | 18,597 | 18,597 | ||||||||
Other comprehensive loss | 15,384 | 15,384 | 15,384 | 15,384 | ||||||||
Issuance of common stock and OP Units (in shares) | 716 | |||||||||||
Issuance of common stock | 4,664 | 4,664 | $ 7 | 4,664 | 4,657 | |||||||
Share-based awards retained for taxes | (5,512) | (5,512) | 5,512 | (5,512) | ||||||||
Net income attributable to Brixmor Operating Partnership LP | 270,187 | 270,187 | ||||||||||
Net income | 270,187 | 270,187 | 270,187 | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 297,210 | |||||||||||
Ending balance at Dec. 31, 2021 | $ 2,718,346 | $ 2,703,188 | $ 2,972 | $ 2,715,863 | $ 3,231,732 | $ (12,675) | $ (12,674) | $ (503,684) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends, per common share | $ 0.215 | $ 0.885 | $ 0.500 | $ 1.125 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Interest paid, capitalized | $ 4,009 | $ 4,231 | $ 3,480 |
Brixmor Operating Partnership LP | |||
Interest paid, capitalized | $ 4,009 | $ 4,231 | $ 3,480 |
Nature of Business and Financial Statement Presentation |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Nature of Business and Financial Statement Presentation | Nature of Business and Financial Statement Presentation Description of Business Brixmor Property Group Inc. and subsidiaries (collectively, the “Parent Company”) is an internally-managed real estate investment trust (“REIT”). Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (collectively, the “Company” or “Brixmor”) owns and operates one of the largest publicly-traded open-air retail portfolios by gross leasable area (“GLA”) in the United States (“U.S.”), comprised primarily of community and neighborhood shopping centers. As of December 31, 2021, the Company’s portfolio was comprised of 382 shopping centers (the “Portfolio”) totaling approximately 67 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Metropolitan Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”). Basis of Presentation The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2021 and 2020 and the consolidated results of its operations and cash flows for the years ended December 31, 2021, 2020, and 2019. Principles of Consolidation and Use of Estimates The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company has evaluated the Operating Partnership and has determined it is not a VIE as of December 31, 2021. The Company acquires properties, from time to time, using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company owns 100% of the EAT, controls the activities that most significantly impact the EAT’s economic performance, and can collapse the reverse 1031 exchange structure at any time. Therefore, the Company consolidates the EAT because it is the primary beneficiary. Assets of the EAT primarily consist of leased property (real estate and intangibles). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairment of real estate, recovery of receivables, and depreciable lives. These estimates are based on historical experience and other assumptions that management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as new information becomes known. Actual results could differ from these estimates. Cash and Cash Equivalents For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (“FDIC”) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal. Restricted Cash Restricted cash represents cash deposited in escrow accounts that generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits and funds held in escrow for pending transactions. Real Estate Real estate assets are recognized on the Company’s Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements) and identifiable intangible assets and liabilities (consisting of above- and below-market leases and in-place leases) based on an evaluation of available information. Based on these estimates, the fair value is allocated to the acquired assets and assumed liabilities. Transaction costs incurred during the acquisition process are capitalized as a component of the asset’s value. The fair value of tangible assets is determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In allocating fair value to identifiable intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the lease, which includes renewal periods with fixed rental terms that are considered to be below-market. The capitalized above-market or below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of each lease. The value of in-place leases is estimated based on management’s evaluation of the specific characteristics of each tenant lease, including: (i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases. The value assigned to in-place leases is amortized to Depreciation and amortization expense over the remaining term of each lease. Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed to Operating costs as incurred. In situations in which a tenant’s non-cancelable lease term has been modified, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value, and leasing commissions). Based upon consideration of the facts and circumstances surrounding the modification, the Company may accelerate the depreciation and amortization associated with the asset group. Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of the novel coronavirus (“COVID-19”), that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, are less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value. When a real estate asset is identified by management as held for sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs. If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value. Properties classified as real estate held for sale represent properties that are under contract for sale and where the applicable pre-sale due diligence period has expired prior to the end of the reporting period. Real Estate Under Development and Redevelopment Certain costs are capitalized related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs, and compensation and other related costs of personnel directly involved. Additionally, the Company capitalizes interest expense related to development and redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, the Company makes estimates as to the probability of certain development and redevelopment projects being completed. If the Company determines the development or redevelopment is no longer probable of completion, the Company expenses all capitalized costs that are not recoverable. Deferred Leasing and Financing Costs Direct costs incurred in executing tenant leases and long-term financings are capitalized and amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. For tenant leases, capitalized costs incurred include tenant improvements, tenant allowances, leasing commissions, and leasing legal fees. For long-term financings, capitalized costs incurred include bank and legal fees. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, on the Company’s Consolidated Statements of Operations and in Operating activities on the Company’s Consolidated Statements of Cash Flows. Marketable Securities The Company classifies its marketable securities, which are comprised of debt securities, as available-for-sale. These securities are carried at fair value, which is based primarily on publicly traded market values in active markets and is classified accordingly on the fair value hierarchy. Any unrealized loss on the Company’s financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. “Credit loss” refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument’s contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive loss. As of December 31, 2021 and 2020, the fair value of the Company’s marketable securities portfolio approximated its cost basis. Derivative Financial Instruments and Hedging Derivatives are measured at fair value and are recognized in the Company’s Consolidated Balance Sheets as assets or liabilities, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the necessary criteria. Derivatives designated as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of recognition of gain or loss on the hedging instrument with the recognition of the earnings effect of the hedged transactions. Revenue Recognition and Receivables The Company enters into agreements with tenants that convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases. Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company’s Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties by the lessee and are recognized in the period the applicable expenditures are incurred and/or contractually required to be reimbursed. The Company accounts for rental revenue (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. Percentage rents are recognized upon the achievement of certain predetermined sales thresholds and are included in Rental income on the Company’s Consolidated Statements of Operations. Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met. The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities. The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company’s Consolidated Statements of Operations. Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. These agreements meet the criteria for recognition as leases under ASC 842. For these agreements the Company recognizes an operating lease right-of-use (“ROU”) asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As the discount rates implicit in the leases are not readily determinable, the Company uses its incremental secured borrowing rate, based on information available at the commencement date of each lease, to determine the present value of the associated lease payments. The lease terms utilized by the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options. The Company evaluates many factors, including current and future lease cash flows, when determining if an option to extend or terminate should be included in the non-cancelable period. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The Company applies the short-term lease exemption within ASC 842 and has not recorded an ROU asset or lease liability for leases with original terms of less than 12 months. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties by the Company. For leases where it is the lessee, the Company accounts for lease payments (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component. These amounts are included in Operating expenses on the Company’s Consolidated Statements of Operations. Stock Based Compensation The Company accounts for equity awards in accordance with ASC 718, Compensation - Stock Compensation, which requires that all share-based payments to employees and non-employee directors be recognized in the Consolidated Statements of Operations over the service period based on their fair value. Fair value is determined based on the type of award, using either the grant date market price of the Company’s common stock or a Monte Carlo simulation model. Equity compensation expense is included in General and administrative expenses on the Company’s Consolidated Statements of Operations. Income Taxes Brixmor Property Group Inc. has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Brixmor Property Group Inc. must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain Brixmor Property Group Inc.’s REIT status. As a REIT, Brixmor Property Group Inc. generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. Brixmor Property Group Inc. conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the Consolidated Financial Statements of the Company. If Brixmor Property Group Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if Brixmor Property Group Inc. qualifies for taxation as a REIT, Brixmor Property Group Inc. is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. Brixmor Property Group Inc. has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and Brixmor Property Group Inc. may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to Brixmor Property Group Inc.’s TRSs do not materially impact the Consolidated Financial Statements of the Company. The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s Consolidated Financial Statements as of December 31, 2021 and 2020. Open tax years generally range from 2018 through 2020 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s Consolidated Statements of Operations. New Accounting Pronouncements In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-16, Derivatives and Hedging (Topic 815). ASU 2018-16 was subsequently amended by ASU 2020-04, Reference Rate Reform (Topic 848) and ASU 2021-01, Reference Rate Reform (Topic 848). ASU 2018-16 amends guidance to permit the use of the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. The standard became effective for the Company on January 1, 2019 and a prospective transition approach was required. The Company determined that the adoption of ASU 2018-16 did not have a material impact on the Consolidated Financial Statements of the Company. ASU 2020-04 and ASU 2021-01 contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Consolidated Financial Statements of the Company.
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Acquisition of Real Estate |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Real Estate | Acquisition of Real Estate During the year ended December 31, 2021, the Company acquired the following assets, in separate transactions:
(1)No debt was assumed related to any of the listed acquisitions. (2)Aggregate purchase price includes $1.5 million of transaction costs, offset by $2.1 million of closing credits. (3)The Company terminated a ground lease and acquired a land parcel. During the year ended December 31, 2020, the Company acquired the following assets, in separate transactions:
(1)No debt was assumed related to any of the listed acquisitions. (2)Aggregate purchase price includes $0.1 million of transaction costs. The aggregate purchase price of the assets acquired during the years ended December 31, 2021 and 2020, respectively, has been allocated as follows:
(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the year ended December 31, 2021 was 5.6 years. (2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the year ended December 31, 2021 was 10.0 years. (3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the year ended December 31, 2021 was 14.8 years.
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Dispositions and Assets Held for Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and Assets Held for Sale | Dispositions and Assets Held for Sale During the year ended December 31, 2021, the Company disposed of 17 shopping centers and 15 partial shopping centers for aggregate net proceeds of $237.4 million resulting in aggregate gain of $73.1 million and aggregate impairment of $1.9 million. In addition, during the year ended December 31, 2021, the Company received aggregate net proceeds of less than $0.1 million from previously disposed assets resulting in aggregate gain of less than $0.1 million. During the year ended December 31, 2020, the Company disposed of 10 shopping centers, six partial shopping centers, and one land parcel for aggregate net proceeds of $121.4 million resulting in aggregate gain of $32.6 million and aggregate impairment of $8.0 million. In addition, during the year ended December 31, 2020, the Company received aggregate net proceeds of $1.0 million and resolved contingencies of $0.5 million from previously disposed assets resulting in aggregate gain of $1.5 million. As of December 31, 2021, the Company had one property and two partial properties held for sale. As of December 31, 2020, the Company had two properties and one partial property held for sale. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale:
There were no discontinued operations for the years ended December 31, 2021, 2020, and 2019 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.
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Real Estate |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following:
(1)As of December 31, 2021 and 2020, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $39.4 million and $33.0 million, respectively. (2)As of December 31, 2021 and 2020, Lease intangibles consisted of $491.0 million and $509.3 million, respectively, of in-place leases and $53.2 million and $57.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (3)As of December 31, 2021 and 2020, Accumulated depreciation and amortization included $480.9 million and $507.7 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of December 31, 2021 and 2020, the Company had intangible liabilities relating to below-market leases of $337.1 million and $345.7 million, respectively, and accumulated accretion of $256.2 million and $260.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease. Below-market lease accretion income, net of above-market lease amortization for the years ended December 31, 2021, 2020, and 2019 was $12.6 million, $16.5 million, and $18.8 million, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the years ended December 31, 2021, 2020, and 2019 was $15.2 million, $19.1 million, and $25.8 million, respectively. These amounts are included in Depreciation and amortization on the Company’s Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:
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Impairments |
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Impairment of Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairments | Impairments Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value. The Company recognized the following impairments during the year ended December 31, 2021:
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2)The Company disposed of this property during the year ended December 31, 2021. The Company recognized the following impairments during the year ended December 31, 2020:
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2)The Company disposed of this property during the year ended December 31, 2020. (3)The Company disposed of this property during the year ended December 31, 2021. The Company recognized the following impairments during the year ended December 31, 2019:
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2)The Company disposed of this property during the year ended December 31, 2019. (3)The Company disposed of this property during the year ended December 31, 2020. (4)The Company disposed of this property during the year ended December 31, 2021. The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired.
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Financial Instruments - Derivatives and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments - Derivatives and Hedging | Financial Instruments – Derivatives and Hedging The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments such as interest rate swap and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Cash Flow Hedges of Interest Rate Risk Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt. During the years ended December 31, 2021 and 2020, the Company did not enter into any new interest rate swap agreements. During the year ended December 31, 2021, interest rate swaps with a notional amount of $250.0 million expired and the Company paid $1.1 million to terminate interest rate swaps with a notional amount of $250.0 million. Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2021 and 2020 is as follows:
The Company has elected to present its interest rate derivatives on its Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. Detail on the fair value of the Company’s interest rate derivatives on a gross and net basis as of December 31, 2021 and 2020 is as follows:
The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. All of the Company’s outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk. The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in other comprehensive income (loss) and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings. The effective portion of the Company’s interest rate swaps that was recognized on the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019 is as follows:
The Company estimates that $6.5 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the years ended December 31, 2021, 2020, and 2019. Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk The Company does not use derivatives for trading or speculative purposes. As of December 31, 2021 and 2020, the Company did not have any non-designated hedges. Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest.
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Debt Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | Debt Obligations As of December 31, 2021 and 2020, the Company had the following indebtedness outstanding:
(1)Stated interest rates as of December 31, 2021 do not include the impact of the Company’s interest rate swap agreements (described below). (2)The weighted average stated interest rate on the Company’s unsecured notes was 3.57% as of December 31, 2021. (3)Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $300.0 million term loan agreement, as amended April 29, 2020 (the “$300 Million Term Loan”), to a fixed, combined interest rate of 2.61% (plus a spread of 125 basis points) through July 26, 2024. 2021 Debt Transactions In August 2021, the Operating Partnership issued $500.0 million aggregate principal amount of 2.500% Senior Notes due 2031 (the “2031 Notes”) at 99.675% of par, the net proceeds of which were used, along with available cash, to redeem $500.0 million principal amount of the Operating Partnership’s 3.250% Senior Notes due 2023 (the “2023 Notes”), representing all of the outstanding 2023 Notes. The 2031 Notes bear interest at a rate of 2.500% per annum, payable semi-annually on February 16 and August 16 of each year, commencing February 16, 2022. The 2031 Notes will mature on August 16, 2031. The Operating Partnership may redeem the 2031 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2031 Notes. If the 2031 Notes are redeemed on or after May 16, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2031 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2031 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness. In March 2021, the Operating Partnership issued $350.0 million aggregate principal amount of 2.250% Senior Notes due 2028 (the “2028 Notes”) at 99.817% of par, the net proceeds of which were used, along with available cash, to repay all outstanding indebtedness under the Company’s $350.0 million term loan agreement, as amended April 29, 2020 (the “$350 Million Term Loan”). The 2028 Notes bear interest at a rate of 2.250% per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The 2028 Notes will mature on April 1, 2028. The Operating Partnership may redeem the 2028 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after February 1, 2028 (two months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness. During the year ended December 31, 2021, as a result of the redemption of the 2023 Notes and the repayment of the $350 Million Term Loan, the Company recognized a $28.3 million loss on extinguishment of debt. Loss on extinguishment of debt includes $25.5 million of prepayment fees and $2.8 million of accelerated unamortized debt issuance costs and debt discounts. Pursuant to the terms of the Company’s unsecured debt agreements, the Company among other things is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of December 31, 2021. Debt Maturities As of December 31, 2021 and 2020, the Company had accrued interest of $46.3 million and $47.2 million outstanding, respectively. As of December 31, 2021, scheduled maturities of the Company’s outstanding debt obligations were as follows:
As of the date the financial statements were issued, the Company’s scheduled debt maturities for the next 12 months were comprised of the Company’s $250.0 million Floating Rate Senior Notes due 2022. The Company has sufficient cash and cash equivalents to satisfy this scheduled debt maturity.
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. Recurring Fair Value The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis:
(1)As of December 31, 2021 and 2020, marketable securities included $0.1 million of net unrealized losses and $0.2 million of net unrealized gains, respectively. As of December 31, 2021, the contractual maturities of the Company’s marketable securities are within the next five years. Non-Recurring Fair Value Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third-party buyers, market comparable data, third party appraisals, or discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. During the year ended December 31, 2021, no properties were remeasured to fair value as a result of impairment testing that were not sold prior to December 31, 2021. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2020, excluding the properties sold prior to December 31, 2020.
(1)Excludes properties disposed of prior to December 31, 2020. (2)The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2020 includes: (i) $14.0 million related to Northmall Centre; and (ii) $8.3 million related to The Pines Shopping Center. (3)The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the year ended December 31, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and the discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the property.
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Revenue Recognition |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g. Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay their proportionate share of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties. As of December 31, 2021, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. The table below includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The table does not include variable lease payments that may be received under certain leases for the reimbursement of property operating expenses or certain capital expenditures related to the maintenance of the Company’s properties or percentage rents. These variable lease payments are recognized, in the case of reimbursements, in the period when the applicable expenditures are incurred and/or contractually required to be reimbursed or, in the case of percentage rents, upon the achievement of certain predetermined sales thresholds.
The Company recognized $6.0 million, $4.2 million, and $7.5 million of rental income based on percentage rents for the years ended December 31, 2021, 2020, and 2019, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. As of December 31, 2021 and 2020, receivables associated with the effects of recognizing rental income on a straight-line basis were $139.5 million and $127.3 million, respectively. COVID-19 The global outbreak of COVID-19 and the public health measures that have been undertaken in response have had a significant adverse impact on the Company’s business, the Company’s tenants, the real estate market, the financial markets, and the global economy. The effects of COVID-19, including related government restrictions, border closings, quarantines, shelter-in-place orders, and social distancing guidelines, forced many of the Company’s tenants to temporarily close stores, reduce hours, or significantly limit service, and resulted in a dramatic increase in national unemployment and a significant economic contraction in 2020. Certain tenants experiencing economic difficulties during the pandemic have sought rent relief, which has been provided on a case-by-case basis primarily in the form of rent deferrals and, in more limited cases, in the form of rent abatements. Under ASC 842, changes to the amount or timing of lease payments subsequent to the original lease execution are generally accounted for as lease modifications. Due to the number of lease contracts that would require analysis to determine, on a lease by lease basis, whether such a concession is required to be accounted for as a lease modification, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842. The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for the rent concessions as lease modifications or to determine whether rent concessions were contractually obligated in each original lease. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to “Receivables, net” during the deferral period with no impact on rental revenue recognition. Any rent concession that is either unrelated to COVID-19 or substantially increases the total consideration due under the lease does not qualify for consideration under the Q&A. The Company has evaluated the impact of the Q&A and has made the following policy elections: •The Company accounts for COVID-19 rent deferrals and abatements that significantly increase the consideration due under the lease as lease modifications in accordance with ASC 842. As a result, rental revenue recognition is reduced by the amount of the deferral or abatement in the period it was granted and straight-line rental income recognition is updated over the remaining lease term. •The Company does not account for COVID-19 rent deferrals that do not significantly increase the consideration due under the lease as lease modifications. As a result, rental revenue recognition, including straight-line rental income recognition, does not change, and Receivables, net increases for the deferred amount. •The Company does not account for COVID-19 rent abatements that do not significantly increase the consideration due under the lease as lease modifications. As a result, rental revenue recognition is reduced by the amount of the abatement in the period it was granted and straight-line rental income recognition does not change over the remaining lease term. The following table presents the COVID-19 deferrals and abatements granted for lease payments due during the years ended December 31, 2021 and 2020. Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses.
The following table presents the deferrals that were not lease modifications and were included in Receivables, net on the Company’s Consolidated Balance Sheets:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease ROU asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of December 31, 2021 the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay its proportionate share of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:
(1)As of December 31, 2021 and 2020, the weighted average remaining lease term was 12.7 years and 12.7 years, respectively, and the weighted average discount rate was 4.41% and 4.39%, respectively. (2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. (3)These amounts are included in on the Company’s Consolidated Balance Sheets. As of December 31, 2021, there were no material leases that have been executed but not yet commenced.
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Equity and Capital |
12 Months Ended |
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Dec. 31, 2020 | |
Equity [Abstract] | |
Equity and Capital | Equity and Capital ATM Program In January 2020, the Company established an at-the-market equity offering program (the “ATM Program”) through which the Company may sell from time to time up to an aggregate of $400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on January 9, 2023, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers. During the year ended December 31, 2021, the Company issued 0.2 million shares of common stock under the ATM Program at an average price per share of $25.06 for a total of $5.2 million, excluding commissions. The Company incurred commissions of $0.1 million in conjunction with the ATM Program for the year ended December 31, 2021. As of December 31, 2021, $394.8 million of common stock remained available for issuance. Share Repurchase Program In January 2020, the Company established a new share repurchase program (the “Program”) for up to $400.0 million of its common stock. The Program is scheduled to expire on January 9, 2023, unless suspended or extended by the Board of Directors. The Program replaced the Company’s prior share repurchase program (the “Prior Program”), which expired on December 5, 2019. During the year ended December 31, 2021, the Company did not repurchase any shares of common stock. During the year ended December 31, 2020, the Company repurchased 1.7 million shares of common stock under the Program at an average price per share of $15.14 for a total of $25.0 million, excluding commissions. The Company incurred commissions of less than $0.1 million in conjunction with the Program for the year ended December 31, 2020. During the year ended December 31, 2019, the Company repurchased 0.8 million shares of common stock under the Prior Program at an average price per share of $17.43 for a total of $14.6 million, excluding commissions. The Company incurred commissions of less than $0.1 million in conjunction with the Prior Program for the year ended December 31, 2019. As of December 31, 2021, the Program had $375.0 million of available repurchase capacity. Common Stock In connection with the vesting of restricted stock units (“RSUs”) under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the years ended December 31, 2021 and 2020, the Company withheld 0.3 million and 0.2 million shares of its common stock, respectively. Dividends and Distributions Because Brixmor Property Group Inc. is a holding company and has no material assets other than its ownership of BPG Sub, through which it owns the Operating Partnership, and no material operations other than those conducted by the Operating Partnership, distributions are funded as follows: •first, the Operating Partnership makes distributions to its partners that are holders of OP Units, including BPG Sub; •second, BPG Sub distributes to Brixmor Property Group Inc. its share of such distributions; and •third, Brixmor Property Group Inc. distributes the amount authorized by its Board of Directors and declared by Brixmor Property Group Inc. to its common stockholders on a pro rata basis. During the years ended December 31, 2021, 2020, and 2019, the Board of Directors declared common stock dividends and OP Unit distributions of $0.885 per share/unit, $0.500 per share/unit, and $1.125 per share/unit, respectively. In response to COVID-19, the Board of Directors suspended the dividend in the second and third quarters of 2020. In the fourth quarter of 2020, the Board of Directors resumed the dividend at a rate of $0.215 per common share. As of December 31, 2021 and 2020, the Company had declared but unpaid common stock dividends and OP Unit distributions of $74.4 million and $66.0 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
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Stock Based Compensation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation During the year ended December 31, 2013, the Board of Directors approved the 2013 Omnibus Incentive Plan (the “Plan”). The Plan provides for a maximum of 15.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and RSUs, OP Units, performance awards, and other stock-based awards. During the years ended December 31, 2021, 2020, and 2019, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units which can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming that the target level of performance is achieved, was 1.0 million, 0.7 million, and 0.8 million for the years ended December 31, 2021, 2020, and 2019, respectively, with vesting periods ranging from to five years. For the performance-based and service-based RSUs granted, fair value is based on the Company’s grant date stock price. For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:
Information with respect to RSUs for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands):
During the years ended December 31, 2021, 2020, and 2019, the Company recognized $18.6 million, $11.9 million, and $13.6 million of equity compensation expense, respectively, of which $1.5 million, $0.9 million, and $0.9 million was capitalized, respectively. These amounts are included in General and administrative on the Company’s Consolidated Statements of Operations. As of December 31, 2021, the Company had $20.2 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.2 years.
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Earnings Per Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per share data):
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Earnings per Unit |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Unit | Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per share data):
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Brixmor Operating Partnership LP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Unit | Earnings per Unit Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units. The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per unit data):
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows. Insurance Captive The Company has a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance for the properties in the Company’s Portfolio. The Company formed Incap as part of its overall risk management program to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements. An actuarial analysis is performed to estimate future projected claims, related deductibles, and projected expenses necessary to fund associated risk management programs. Incap establishes annual premiums based on projections derived from the past loss experience of the Company’s Portfolio. Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by the Company’s tenants pursuant to specific lease terms. Activity in the reserve for losses for the years ended December 31, 2021 and 2020 is summarized as follows:
Environmental Matters Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company does not believe that any resulting liability from such matters will have a material impact on the Company’s financial condition, operating results, or cash flows. During the years ended December 31, 2021, 2020, and 2019, the Company did not incur any material governmental fines resulting from environmental matters.
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Income Taxes |
12 Months Ended |
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Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Parent Company has elected to qualify as a REIT in accordance with the Code. To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company’s REIT status. As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the Consolidated Financial Statements of the Company. If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, it is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. The Company incurred income and other taxes of $0.8 million, $4.4 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019. These amounts are included in Other on the Company’s Consolidated Statements of Operations.
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Related-Party Transactions |
12 Months Ended |
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Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions In the ordinary course of conducting its business, the Company enters into agreements with its affiliates in relation to the leasing and management of its real estate assets. As of December 31, 2021 and 2020, there were no material receivables from or payables to related parties. During the years ended December 31, 2021, 2020, and 2019, the Company did not engage in any material related-party transactions.
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Retirement Plan |
12 Months Ended |
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Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Retirement PlanThe Company has a Retirement and 401(k) Savings Plan (the “Savings Plan”) covering officers and employees of the Company. Participants in the Savings Plan may elect to contribute a portion of their earnings to the Savings Plan and the Company makes a matching contribution to the Savings Plan, up to a maximum of 3% of the employee’s eligible compensation. For the years ended December 31, 2021, 2020, and 2019, the Company’s expense for the Savings Plan was $1.6 million, $1.6 million, and $1.2 million, respectively. These amounts are included in General and administrative on the Company’s Consolidated Statements of Operations. |
Supplemental Financial Information |
12 Months Ended |
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Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | Supplemental Financial InformationNo retrospective adjustments were made to the Company’s Consolidated Financial Statements for the years ended December 31, 2021 and 2020. |
Subsequent Events |
12 Months Ended |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 2021 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from December 31, 2021 through the date the financial statements were issued. |
Schedule III - Real Estate and Accumulated Depreciation |
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)
(1) As of December 31, 2021, all of the Company’s shopping centers were unencumbered. (2) Year constructed is calculated based on the year of the most recent redevelopment of the shopping center or based on year built if no redevelopment has occurred. As of December 31, 2021, the aggregate cost for federal income tax purposes was approximately $11.6 billion.
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Nature of Business and Financial Statement Presentation (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||
Description of Business | Description of Business Brixmor Property Group Inc. and subsidiaries (collectively, the “Parent Company”) is an internally-managed real estate investment trust (“REIT”). Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (collectively, the “Company” or “Brixmor”) owns and operates one of the largest publicly-traded open-air retail portfolios by gross leasable area (“GLA”) in the United States (“U.S.”), comprised primarily of community and neighborhood shopping centers. As of December 31, 2021, the Company’s portfolio was comprised of 382 shopping centers (the “Portfolio”) totaling approximately 67 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Metropolitan Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”).
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Basis of Presentation | Basis of Presentation The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2021 and 2020 and the consolidated results of its operations and cash flows for the years ended December 31, 2021, 2020, and 2019.
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Principles of Consolidation | The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated. When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest. The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company has evaluated the Operating Partnership and has determined it is not a VIE as of December 31, 2021. The Company acquires properties, from time to time, using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company owns 100% of the EAT, controls the activities that most significantly impact the EAT’s economic performance, and can collapse the reverse 1031 exchange structure at any time. Therefore, the Company consolidates the EAT because it is the primary beneficiary. Assets of the EAT primarily consist of leased property (real estate and intangibles).
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Use of Estimates | GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairment of real estate, recovery of receivables, and depreciable lives. These estimates are based on historical experience and other assumptions that management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as new information becomes known. Actual results could differ from these estimates. | ||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (“FDIC”) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal.
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Restricted Cash | Restricted Cash Restricted cash represents cash deposited in escrow accounts that generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits and funds held in escrow for pending transactions.
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Real Estate | Real Estate Real estate assets are recognized on the Company’s Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements) and identifiable intangible assets and liabilities (consisting of above- and below-market leases and in-place leases) based on an evaluation of available information. Based on these estimates, the fair value is allocated to the acquired assets and assumed liabilities. Transaction costs incurred during the acquisition process are capitalized as a component of the asset’s value. The fair value of tangible assets is determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In allocating fair value to identifiable intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the lease, which includes renewal periods with fixed rental terms that are considered to be below-market. The capitalized above-market or below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of each lease. The value of in-place leases is estimated based on management’s evaluation of the specific characteristics of each tenant lease, including: (i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases. The value assigned to in-place leases is amortized to Depreciation and amortization expense over the remaining term of each lease. Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed to Operating costs as incurred. In situations in which a tenant’s non-cancelable lease term has been modified, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value, and leasing commissions). Based upon consideration of the facts and circumstances surrounding the modification, the Company may accelerate the depreciation and amortization associated with the asset group. Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of the novel coronavirus (“COVID-19”), that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, are less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value. When a real estate asset is identified by management as held for sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs. If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value. Properties classified as real estate held for sale represent properties that are under contract for sale and where the applicable pre-sale due diligence period has expired prior to the end of the reporting period.
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Real Estate Under Development and Redevelopment | Real Estate Under Development and RedevelopmentCertain costs are capitalized related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs, and compensation and other related costs of personnel directly involved. Additionally, the Company capitalizes interest expense related to development and redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, the Company makes estimates as to the probability of certain development and redevelopment projects being completed. If the Company determines the development or redevelopment is no longer probable of completion, the Company expenses all capitalized costs that are not recoverable. | ||||||||||||||||||||||||
Deferred Leasing and Financing Costs | Deferred Leasing and Financing CostsDirect costs incurred in executing tenant leases and long-term financings are capitalized and amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. For tenant leases, capitalized costs incurred include tenant improvements, tenant allowances, leasing commissions, and leasing legal fees. For long-term financings, capitalized costs incurred include bank and legal fees. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, on the Company’s Consolidated Statements of Operations and in Operating activities on the Company’s Consolidated Statements of Cash Flows. | ||||||||||||||||||||||||
Marketable Securities | Marketable Securities The Company classifies its marketable securities, which are comprised of debt securities, as available-for-sale. These securities are carried at fair value, which is based primarily on publicly traded market values in active markets and is classified accordingly on the fair value hierarchy. Any unrealized loss on the Company’s financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. “Credit loss” refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument’s contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive loss. As of December 31, 2021 and 2020, the fair value of the Company’s marketable securities portfolio approximated its cost basis.
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Derivative Financial Instruments and Hedging | Derivative Financial Instruments and Hedging Derivatives are measured at fair value and are recognized in the Company’s Consolidated Balance Sheets as assets or liabilities, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the necessary criteria. Derivatives designated as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of recognition of gain or loss on the hedging instrument with the recognition of the earnings effect of the hedged transactions.
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Revenue Recognition and Receivables | Revenue Recognition and Receivables The Company enters into agreements with tenants that convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases. Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company’s Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties by the lessee and are recognized in the period the applicable expenditures are incurred and/or contractually required to be reimbursed. The Company accounts for rental revenue (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. Percentage rents are recognized upon the achievement of certain predetermined sales thresholds and are included in Rental income on the Company’s Consolidated Statements of Operations. Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met. The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities. The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company’s Consolidated Statements of Operations.
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Leases | Leases The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. These agreements meet the criteria for recognition as leases under ASC 842. For these agreements the Company recognizes an operating lease right-of-use (“ROU”) asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As the discount rates implicit in the leases are not readily determinable, the Company uses its incremental secured borrowing rate, based on information available at the commencement date of each lease, to determine the present value of the associated lease payments. The lease terms utilized by the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options. The Company evaluates many factors, including current and future lease cash flows, when determining if an option to extend or terminate should be included in the non-cancelable period. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The Company applies the short-term lease exemption within ASC 842 and has not recorded an ROU asset or lease liability for leases with original terms of less than 12 months. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties by the Company. For leases where it is the lessee, the Company accounts for lease payments (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component. These amounts are included in Operating expenses on the Company’s Consolidated Statements of Operations.
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Stock Based Compensation | Stock Based Compensation The Company accounts for equity awards in accordance with ASC 718, Compensation - Stock Compensation, which requires that all share-based payments to employees and non-employee directors be recognized in the Consolidated Statements of Operations over the service period based on their fair value. Fair value is determined based on the type of award, using either the grant date market price of the Company’s common stock or a Monte Carlo simulation model. Equity compensation expense is included in General and administrative expenses on the Company’s Consolidated Statements of Operations.
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Income Taxes | Income Taxes Brixmor Property Group Inc. has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Brixmor Property Group Inc. must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain Brixmor Property Group Inc.’s REIT status. As a REIT, Brixmor Property Group Inc. generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. Brixmor Property Group Inc. conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the Consolidated Financial Statements of the Company. If Brixmor Property Group Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if Brixmor Property Group Inc. qualifies for taxation as a REIT, Brixmor Property Group Inc. is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable. Brixmor Property Group Inc. has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and Brixmor Property Group Inc. may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to Brixmor Property Group Inc.’s TRSs do not materially impact the Consolidated Financial Statements of the Company. The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s Consolidated Financial Statements as of December 31, 2021 and 2020. Open tax years generally range from 2018 through 2020 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s Consolidated Statements of Operations.
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New Accounting Pronouncements | New Accounting Pronouncements In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-16, Derivatives and Hedging (Topic 815). ASU 2018-16 was subsequently amended by ASU 2020-04, Reference Rate Reform (Topic 848) and ASU 2021-01, Reference Rate Reform (Topic 848). ASU 2018-16 amends guidance to permit the use of the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. The standard became effective for the Company on January 1, 2019 and a prospective transition approach was required. The Company determined that the adoption of ASU 2018-16 did not have a material impact on the Consolidated Financial Statements of the Company. ASU 2020-04 and ASU 2021-01 contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Consolidated Financial Statements of the Company.
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Nature of Business and Financial Statement Presentation (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Schedule of estimated useful lives | Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
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Acquisition of Real Estate (Tables) |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | During the year ended December 31, 2021, the Company acquired the following assets, in separate transactions:
(1)No debt was assumed related to any of the listed acquisitions. (2)Aggregate purchase price includes $1.5 million of transaction costs, offset by $2.1 million of closing credits. (3)The Company terminated a ground lease and acquired a land parcel. During the year ended December 31, 2020, the Company acquired the following assets, in separate transactions:
(1)No debt was assumed related to any of the listed acquisitions. (2)Aggregate purchase price includes $0.1 million of transaction costs.
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The aggregate purchase price of the assets acquired during the years ended December 31, 2021 and 2020, respectively, has been allocated as follows:
(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the year ended December 31, 2021 was 5.6 years. (2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the year ended December 31, 2021 was 10.0 years. (3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the year ended December 31, 2021 was 14.8 years.
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Dispositions and Assets Held for Sale (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reclassificationa of Disposal Groups, Including Discontinued Operations | The following table presents the assets associated with the properties classified as held for sale:
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Real Estate (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of real estate properties | The Company’s components of Real estate, net consisted of the following:
(1)As of December 31, 2021 and 2020, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $39.4 million and $33.0 million, respectively. (2)As of December 31, 2021 and 2020, Lease intangibles consisted of $491.0 million and $509.3 million, respectively, of in-place leases and $53.2 million and $57.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (3)As of December 31, 2021 and 2020, Accumulated depreciation and amortization included $480.9 million and $507.7 million, respectively, of accumulated amortization related to Lease intangibles.
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Schedule of expected net amortization expense associated with intangible assets and liabilities | The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:
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Impairments (Tables) |
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Impairment of Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impairments | The Company recognized the following impairments during the year ended December 31, 2021:
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2)The Company disposed of this property during the year ended December 31, 2021. The Company recognized the following impairments during the year ended December 31, 2020:
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2)The Company disposed of this property during the year ended December 31, 2020. (3)The Company disposed of this property during the year ended December 31, 2021. The Company recognized the following impairments during the year ended December 31, 2019:
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program. (2)The Company disposed of this property during the year ended December 31, 2019. (3)The Company disposed of this property during the year ended December 31, 2020. (4)The Company disposed of this property during the year ended December 31, 2021.
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Financial Instruments - Derivatives and Hedging (Tables) |
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Schedule of derivative instruments in Statement of Financial Position, fair value |
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Schedule of Derivatives in Cash Flow Hedging Relationships | The effective portion of the Company’s interest rate swaps that was recognized on the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019 is as follows:
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Cash Flow Hedging | Designated as Hedging Instrument | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of interest rate derivatives | Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2021 and 2020 is as follows:
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Debt Obligations (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt obligations under various arrangements with financial institutions | As of December 31, 2021 and 2020, the Company had the following indebtedness outstanding:
(1)Stated interest rates as of December 31, 2021 do not include the impact of the Company’s interest rate swap agreements (described below). (2)The weighted average stated interest rate on the Company’s unsecured notes was 3.57% as of December 31, 2021. (3)Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $300.0 million term loan agreement, as amended April 29, 2020 (the “$300 Million Term Loan”), to a fixed, combined interest rate of 2.61% (plus a spread of 125 basis points) through July 26, 2024.
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Future expected/scheduled maturities of outstanding debt and capital lease obligations | As of December 31, 2021 and 2020, the Company had accrued interest of $46.3 million and $47.2 million outstanding, respectively. As of December 31, 2021, scheduled maturities of the Company’s outstanding debt obligations were as follows:
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Fair Value Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Fair Value Debt Obligation | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis:
(1)As of December 31, 2021 and 2020, marketable securities included $0.1 million of net unrealized losses and $0.2 million of net unrealized gains, respectively. As of December 31, 2021, the contractual maturities of the Company’s marketable securities are within the next five years.
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Fair Value Measurements, Nonrecurring | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. During the year ended December 31, 2021, no properties were remeasured to fair value as a result of impairment testing that were not sold prior to December 31, 2021. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2020, excluding the properties sold prior to December 31, 2020.
(1)Excludes properties disposed of prior to December 31, 2020. (2)The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2020 includes: (i) $14.0 million related to Northmall Centre; and (ii) $8.3 million related to The Pines Shopping Center. (3)The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the year ended December 31, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and the discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the property.
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Revenue Recognition (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Payments to be Received, Maturity | As of December 31, 2021, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. The table below includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The table does not include variable lease payments that may be received under certain leases for the reimbursement of property operating expenses or certain capital expenditures related to the maintenance of the Company’s properties or percentage rents. These variable lease payments are recognized, in the case of reimbursements, in the period when the applicable expenditures are incurred and/or contractually required to be reimbursed or, in the case of percentage rents, upon the achievement of certain predetermined sales thresholds.
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Schedule of COVID-19 Related Deferrals and Abatements Granted for Lease Payments | The following table presents the COVID-19 deferrals and abatements granted for lease payments due during the years ended December 31, 2021 and 2020. Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses.
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Schedule of Deferrals, Without Lease Modifications | The following table presents the deferrals that were not lease modifications and were included in Receivables, net on the Company’s Consolidated Balance Sheets:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Leases |
(1)As of December 31, 2021 and 2020, the weighted average remaining lease term was 12.7 years and 12.7 years, respectively, and the weighted average discount rate was 4.41% and 4.39%, respectively. (2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. (3)These amounts are included in on the Company’s Consolidated Balance Sheets.
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Stock Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value assumptions | For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:
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Schedule of share-based compensation, restricted stock activity | Information with respect to RSUs for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands):
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per share data):
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Earnings per Unit (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per unit, basic and diluted | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per share data):
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Brixmor Operating Partnership LP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per unit, basic and diluted | The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per unit data):
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Reserve for Losses for Insurance Captive | Activity in the reserve for losses for the years ended December 31, 2021 and 2020 is summarized as follows:
|
Nature of Business and Financial Statement Presentation (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
ft²
Property
| |
Nture of Oerations and Financial Statements Presentation [Line Items] | |
GLA | 1,194,231 |
Shopping Center | |
Nture of Oerations and Financial Statements Presentation [Line Items] | |
Number of real estate properties | Property | 382 |
GLA | 67,000,000 |
Exchange Accommodation Titleholder | |
Nture of Oerations and Financial Statements Presentation [Line Items] | |
Ownership percentage | 100.00% |
Parent Company | BPG Sub | |
Nture of Oerations and Financial Statements Presentation [Line Items] | |
Ownership percentage | 100.00% |
Nature of Business and Financial Statement Presentation (Useful Lives) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Building and building and land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Building and building and land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Furniture, fixtures, and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Furniture, fixtures, and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Tenant improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | The shorter of the term of the related lease or useful life |
Acquisition of Real Estate (Purchase Price) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Asset Acquisition [Line Items] | ||
Total assets acquired | $ 258,807 | $ 3,425 |
Above market leases | ||
Asset Acquisition [Line Items] | ||
Weighted average amortization period | 5 years 7 months 6 days | |
Leases, acquired-in-place | ||
Asset Acquisition [Line Items] | ||
Weighted average amortization period | 10 years | |
Below market leases | ||
Asset Acquisition [Line Items] | ||
Weighted average amortization period | 14 years 9 months 18 days | |
Acquired Properties | ||
Asset Acquisition [Line Items] | ||
Land | $ 66,378 | 3,425 |
Buildings | 160,743 | 0 |
Building and tenant improvements | 25,577 | 0 |
Above-market leases | 629 | 0 |
In-place Leases | 17,262 | 0 |
Total assets acquired | 270,589 | 3,425 |
Below-market lease | 11,782 | 0 |
Total liabilities | 11,782 | 0 |
Net assets acquired | $ 258,807 | $ 3,425 |
Dispositions and Assets Held for Sale (Held for Sale) (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
property
|
Dec. 31, 2020
USD ($)
property
|
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets associated with real estate assets held for sale | $ 16,131 | $ 18,014 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties | property | 1 | 2 |
Land | $ 4,339 | $ 5,447 |
Buildings and improvements | 19,181 | 16,481 |
Accumulated depreciation and amortization | (7,899) | (4,693) |
Real estate, net | 15,621 | 17,235 |
Other assets | 510 | 779 |
Assets associated with real estate assets held for sale | $ 16,131 | $ 18,014 |
Financial Instruments - Derivatives and Hedging (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
USD ($)
derivative_instrument
|
Dec. 31, 2020
USD ($)
derivative_instrument
|
Dec. 31, 2019
USD ($)
|
|
Derivative [Line Items] | |||
Amount expected to be reclassified from accumulated other comprehensive loss in the next twelve months | $ 6,500,000 | ||
Designated as Hedging Instrument | Interest Rate Swap | |||
Derivative [Line Items] | |||
Number of Instruments | derivative_instrument | 4 | 7 | |
Expired notional amount | $ 250,000,000 | ||
Termination fees | 1,100,000 | ||
Terminated notional amount | 250,000,000 | ||
Gain (loss) on derivative | $ 0 | $ 0 | $ 0 |
Designated as Hedging Instrument | Interest Rate Swap | Entered in Current Period | |||
Derivative [Line Items] | |||
Number of Instruments | derivative_instrument | 0 |
Financial Instruments - Derivatives and Hedging (Notional Amount) (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021
USD ($)
derivative_instrument
|
Dec. 31, 2020
USD ($)
derivative_instrument
|
|
Derivative [Line Items] | ||
Amount expected to be reclassified from accumulated other comprehensive loss in the next twelve months | $ 6,500 | |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of Instruments | derivative_instrument | 4 | 7 |
Notional Amount | $ 300,000 | $ 800,000 |
Financial Instruments - Derivatives and Hedging (Fair Value) (Details) - Interest Rate Swap - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Gross derivative assets | $ 0 | $ 0 |
Gross derivative liabilities | (12,585) | (28,225) |
Net derivative liabilities | $ (12,585) | $ (28,225) |
Financial Instruments - Derivatives and Hedging (Cash Flow Hedging Relationship) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Change in unrealized gain (loss) on interest rate swaps | $ 5,144 | $ (26,998) | $ (19,333) |
Amortization (accretion) of interest rate swaps to interest expense | 10,496 | 8,427 | (6,380) |
Change in unrealized gain (loss) on interest rate swaps, net | $ 15,640 | $ (18,571) | $ (25,713) |
Debt Obligations (Maturities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Future expected/scheduled maturities of outstanding debt and capital lease | ||
2022 | $ 250,000 | |
2023 | 0 | |
2024 | 800,000 | |
2025 | 700,000 | |
2026 | 607,542 | |
Thereafter | 2,810,911 | |
Total debt maturities | 5,168,453 | |
Net unamortized premium | 26,651 | |
Net unamortized debt issuance costs | (30,586) | |
Total debt obligations, net | $ 5,164,518 | $ 5,167,330 |
Fair Value Disclosures (Debt Obligations) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ||
Total debt obligations, net | $ 5,164,518 | $ 5,167,330 |
Carrying Amount | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ||
Notes payable | 4,868,191 | 4,524,611 |
Unsecured credit facility and term loan | 296,327 | 642,719 |
Total debt obligations, net | 5,164,518 | 5,167,330 |
Fair Value | ||
Estimated fair value of the Company's debt obligations compared to their carrying amounts | ||
Notes payable | 5,166,291 | 5,012,523 |
Unsecured credit facility and term loan | 300,629 | 651,639 |
Total debt obligations | $ 5,466,920 | $ 5,664,162 |
Revenue Recognition (Leases) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Revenue Recognition [Abstract] | |||
Performance obligation, description of timing | The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. | ||
Future Minimum Payments | |||
2022 | $ 840,236 | ||
2023 | 752,788 | ||
2024 | 643,580 | ||
2025 | 531,778 | ||
2026 | 434,725 | ||
Thereafter | 1,345,610 | ||
Rental income based on percentage rents | 6,000 | $ 4,200 | $ 7,500 |
Deferred rent receivables | $ 139,500 | $ 127,300 |
Revenue Recognition (COVID-19) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Receivables | |||
Deferred Lease Payments , Not Lease Modifications | |||
Beginning balance | $ 0 | $ 15,359 | |
Deferred lease payments (not lease modifications) | 42,080 | 13,482 | |
Deferred lease payments deemed uncollectible | (17,928) | (114) | |
Deferred lease payments received | (8,793) | (27,212) | |
Ending balance | $ 15,359 | 1,515 | $ 15,359 |
Deferrals | |||
Deferrals and Abatements | |||
Lease payments (lease modifications) | 2,186 | 3,544 | |
Lease payments (not lease modifications) | 13,482 | 42,080 | |
Lease payments | 15,668 | 45,624 | |
Abatements | |||
Deferrals and Abatements | |||
Lease payments (lease modifications) | 2,153 | 2,103 | |
Lease payments (not lease modifications) | 4,057 | 2,096 | |
Lease payments | $ 6,210 | $ 4,199 |
Stock Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Share-based Payment Arrangement [Abstract] | |||
Number of shares authorized | 15.0 | ||
Grants in period | 1.0 | 0.7 | 0.8 |
Equity based compensation, noncash expense | $ 18.6 | $ 11.9 | $ 13.6 |
Equity based compensation, amount capitalized | 1.5 | $ 0.9 | $ 0.9 |
Compensation cost not yet recognized | $ 20.2 | ||
Weighted average remaining contractual term | 2 years 2 months 12 days | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period | 5 years |
Stock Based Compensation (Assumptions) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 2.55% | ||
Expected dividend rate | 5.60% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility rate | 50.00% | 20.00% | 20.00% |
Risk free interest rate | 0.11% | 1.20% | |
Expected dividend rate | 4.10% | 5.90% | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility rate | 64.00% | 23.00% | 21.00% |
Risk free interest rate | 0.18% | 1.30% | |
Expected dividend rate | 5.80% | 6.00% |
Stock Based Compensation (Schedule of Restricted Shares) (Details) - Restricted Stock - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restricted Shares | |||
Outstanding, beginning balance | 1,974 | 1,766 | 1,498 |
Vested | (834) | (462) | (314) |
Granted | 1,225 | 753 | 789 |
Forfeited | (57) | (83) | (207) |
Outstanding, ending balance | 2,308 | 1,974 | 1,766 |
Aggregate Intrinsic Value | |||
Outstanding, beginning balance | $ 39,628 | $ 35,502 | $ 30,631 |
Vested | (14,396) | (8,139) | (6,592) |
Granted | 22,406 | 13,760 | 15,630 |
Forfeited | (1,091) | (1,495) | (4,167) |
Outstanding, ending balance | $ 46,547 | $ 39,628 | $ 35,502 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Earnings Per Share, Basic [Abstract] | |||
Net income | $ 270,187 | $ 121,173 | $ 274,773 |
Non-forfeitable dividends on unvested restricted shares | (748) | (410) | (649) |
Net income attributable to the Company’s common stockholders for basic earnings per share | $ 269,439 | $ 120,763 | $ 274,124 |
Weighted average shares outstanding – basic | 297,408 | 296,972 | 298,229 |
Net income per share (usd per share) | $ 0.91 | $ 0.41 | $ 0.92 |
Computation of Diluted Earnings Per Share: | |||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ 269,439 | $ 120,763 | $ 274,124 |
Equity awards (in shares) | 1,427 | 927 | 1,105 |
Weighted average shares outstanding - diluted (in shares) | 298,835 | 297,899 | 299,334 |
Net income per share (usd per share) | $ 0.90 | $ 0.41 | $ 0.92 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Activity in Reserve for Losses for Insurance Captive [Roll Forward] | |||
Balance at the beginning of the year | $ 10,960 | $ 12,345 | |
Incurred, Current Year | 2,808 | 2,911 | |
Incurred, Prior Years | (955) | (1,962) | |
Insurance Captive Accrual | 1,853 | 949 | |
Paid, Current Year | 4 | (141) | |
Paid, Prior Years | (2,722) | (2,193) | |
Insurance Captive Paid | (2,718) | (2,334) | |
Balance at the end of the year | 10,095 | 10,960 | $ 12,345 |
Fines | $ 0 | $ 0 | $ 0 |
Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
State and local income taxes or franchise taxes | $ 0.8 | $ 4.4 | $ 2.5 |
Related-Party Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Related Party Transaction [Line Items] | |||
Related party transaction | $ 0.0 | $ 0.0 | $ 0.0 |
Receivables | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 0.0 | $ 0.0 |
Retirement Plan (Details) - Savings Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
General and Administrative Expense | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cost recognized | $ 1.6 | $ 1.6 | $ 1.2 |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution | 3.00% |
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