Item 2. Properties
Item 2 . Properties
As of December 31, 2020, our Portfolio was comprised of 393 shopping centers totaling approximately 69 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 MSAs in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2020, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Dollar Tree Stores, Inc.
The following table summarizes the top 20 tenants by ABR in our Portfolio as of December 31, 2020 (dollars in thousands, except for PSF amounts):
Retailer Owned Leases Leased GLA Percent of GLA ABR Percent of ABR ABR PSF (1)
The TJX Companies, Inc. 87 2,642,160 3.8 % $ 30,890 3.5 % $ 11.69
The Kroger Co. 49 3,259,371 4.7 % 24,487 2.8 % 7.51
Dollar Tree Stores, Inc. 125 1,455,108 2.1 % 16,114 1.8 % 11.07
Burlington Stores, Inc. 29 1,460,689 2.1 % 15,265 1.7 % 10.45
Publix Super Markets, Inc. 29 1,285,410 1.9 % 12,221 1.4 % 9.51
Ross Stores, Inc 37 996,222 1.4 % 12,044 1.4 % 12.09
L.A Fitness International, LLC 15 618,290 0.9 % 11,355 1.3 % 18.37
Ahold Delhaize 20 1,059,637 1.5 % 11,270 1.3 % 10.64
Albertson's Companies, Inc 14 795,381 1.2 % 9,729 1.1 % 12.23
PetSmart, Inc. 26 587,388 0.9 % 8,742 1.0 % 14.88
Big Lots, Inc. 36 1,180,035 1.7 % 8,135 0.9 % 6.89
PETCO Animal Supplies, Inc. 31 422,440 0.6 % 7,584 0.9 % 17.95
Kohl's Corporation 12 914,585 1.3 % 7,253 0.8 % 7.93
Bed Bath & Beyond, Inc. 26 628,304 0.9 % 7,213 0.8 % 11.48
Best Buy Co., Inc. 13 537,660 0.8 % 6,828 0.8 % 12.70
Ulta Beauty, Inc. 26 295,708 0.4 % 6,826 0.8 % 23.08
Party City Holdco Inc. 33 474,729 0.7 % 6,769 0.8 % 14.26
The Michaels Companies, Inc. 24 541,541 0.8 % 6,599 0.8 % 12.19
Staples, Inc. 24 496,662 0.7 % 6,258 0.7 % 12.60
Office Depot, Inc. 23 502,566 0.7 % 5,726 0.7 % 11.39
TOP 20 RETAILERS 679 20,153,886 29.1 % $ 221,308 25.3 % $ 10.98
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
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The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 2020 (dollars in thousands, expect for PSF amounts):
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 47 7,819,020 85.4 % 88.7 % $ 105,460 $ 15.50 12.0 % 11.4 % 12.0 %
2 Texas 49 7,579,507 89.9 % 92.8 % 98,696 14.80 12.5 % 11.0 % 11.3 %
3 California 27 5,094,057 92.3 % 94.9 % 96,816 21.63 6.9 % 7.4 % 11.1 %
4 New York 28 3,578,761 90.3 % 94.1 % 65,561 19.73 7.1 % 5.2 % 7.5 %
5 Pennsylvania 26 4,985,010 87.2 % 90.5 % 63,366 17.04 6.6 % 7.2 % 7.2 %
6 North Carolina 20 4,243,307 93.1 % 93.5 % 44,725 11.88 5.1 % 6.2 % 5.1 %
7 New Jersey 16 2,843,142 84.1 % 91.9 % 42,715 17.45 4.1 % 4.1 % 4.9 %
8 Georgia 30 4,228,329 87.3 % 89.7 % 42,002 11.37 7.6 % 6.1 % 4.8 %
9 Illinois 15 3,597,442 79.7 % 81.9 % 39,595 14.11 3.8 % 5.2 % 4.5 %
10 Michigan 16 2,993,755 88.2 % 89.3 % 34,191 13.37 4.1 % 4.3 % 3.9 %
11 Ohio 15 3,045,070 86.9 % 89.8 % 33,934 14.48 3.8 % 4.4 % 3.9 %
12 Connecticut 11 1,792,327 86.0 % 86.9 % 24,620 15.86 2.8 % 2.6 % 2.8 %
13 Tennessee 9 1,891,315 95.0 % 96.1 % 22,755 12.69 2.3 % 2.7 % 2.6 %
14 Colorado 7 1,595,045 94.5 % 97.0 % 21,417 14.68 1.8 % 2.3 % 2.4 %
15 Massachusetts 10 1,499,510 87.7 % 93.3 % 18,061 14.71 2.5 % 2.2 % 2.1 %
16 Kentucky 7 1,683,399 94.6 % 95.1 % 17,451 12.07 1.8 % 2.4 % 2.0 %
17 Minnesota 9 1,380,401 87.8 % 90.9 % 16,451 14.16 2.3 % 2.0 % 1.9 %
18 Indiana 7 1,464,266 81.9 % 87.8 % 14,731 11.81 1.8 % 2.1 % 1.7 %
19 South Carolina 7 1,310,223 81.9 % 82.3 % 14,534 13.66 1.8 % 1.9 % 1.7 %
20 Virginia 7 1,017,100 89.6 % 90.0 % 10,988 13.06 1.8 % 1.5 % 1.3 %
21 New Hampshire 5 782,028 74.0 % 80.2 % 8,013 13.35 1.3 % 1.1 % 0.9 %
22 Maryland 3 415,708 68.6 % 75.5 % 5,670 18.53 0.7 % 0.6 % 0.6 %
23 Wisconsin 4 566,998 86.0 % 86.2 % 5,632 11.52 0.9 % 0.8 % 0.6 %
24 Missouri 5 655,984 93.5 % 96.0 % 5,391 8.74 1.3 % 1.0 % 0.6 %
25 Alabama 1 415,636 82.5 % 91.8 % 4,213 11.28 0.3 % 0.6 % 0.5 %
26 Kansas 2 376,599 93.4 % 94.8 % 3,499 12.66 0.4 % 0.6 % 0.4 %
27 Iowa 2 512,825 85.8 % 87.1 % 2,926 6.63 0.4 % 0.7 % 0.3 %
28 Delaware 1 191,974 82.3 % 99.3 % 2,249 11.79 0.3 % 0.3 % 0.3 %
29 West Virginia 2 251,500 90.0 % 90.0 % 2,026 8.95 0.4 % 0.4 % 0.2 %
30 Vermont 1 223,314 100.0 % 100.0 % 1,980 8.99 0.3 % 0.4 % 0.2 %
31 Oklahoma 1 186,851 100.0 % 100.0 % 1,920 10.28 0.3 % 0.3 % 0.2 %
32 Maine 1 287,513 87.3 % 94.8 % 1,800 17.27 0.3 % 0.4 % 0.2 %
33 Arizona 1 165,350 67.1 % 67.1 % 1,587 14.30 0.3 % 0.3 % 0.2 %
34 Louisiana 1 179,039 71.4 % 71.4 % 950 7.43 0.3 % 0.3 % 0.1 %
TOTAL 393 68,852,305 87.8 % 90.7 % $ 875,925 $ 14.93 100.0 % 100.0 % 100.0 %
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
The following table summarizes certain information for our Portfolio by unit size as of December 31, 2020 (dollars in thousands, expect for PSF amounts):
Number of
Units GLA Percent of GLA Percent Billed Percent Leased ABR ABR PSF (1)
≥ 35,000 SF 441 25,410,775 36.9 % 93.1 % 95.4 % $ 222,794 $ 10.40
20,000 – 34,999 SF
513 13,491,801 19.6 % 89.9 % 93.1 % 136,121 10.96
10,000 – 19,999 SF
627 8,611,875 12.5 % 86.7 % 90.3 % 109,477 14.43
5,000 – 9,999 SF
1,148 7,919,141 11.5 % 81.4 % 84.5 % 117,776 18.38
< 5,000 SF 6,348 13,418,713 19.5 % 80.4 % 83.5 % 289,757 26.76
TOTAL 9,077 68,852,305 100.0 % 87.8 % 90.7 % $ 875,925 $ 14.93
TOTAL ≥ 10,000 SF 1,581 47,514,451 69.0 % 91.0 % 93.8 % $ 468,392 $ 11.31
TOTAL < 10,000 SF 7,496 21,337,854 31.0 % 80.8 % 83.8 % 407,533 23.65
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
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The following table summarizes lease expirations for leases in place within our Portfolio for each of the next 10 calendar years and thereafter, assuming no exercise of renewal options and including the GLA of lessee-owned leasehold improvements, as of December 31, 2020:
Number of Leases Leased GLA % of Leased GLA % of In-Place ABR In-Place ABR PSF ABR PSF at Expiration
M-M 322 889,505 1.4 % 1.5 % $ 15.15 $ 15.15
2021 1,065 5,945,265 9.5 % 8.9 % 13.16 13.17
2022 1,129 7,891,881 12.6 % 12.4 % 13.75 13.83
2023 1,080 7,081,928 11.4 % 11.6 % 14.34 14.55
2024 1,045 9,072,153 14.5 % 13.2 % 12.75 13.03
2025 855 7,424,592 11.9 % 11.5 % 13.56 13.89
2026 549 5,696,459 9.1 % 8.8 % 13.57 14.45
2027 370 3,340,244 5.3 % 5.7 % 15.03 16.63
2028 310 2,820,147 4.5 % 5.1 % 15.94 17.58
2029 349 3,755,452 6.0 % 6.4 % 14.79 16.46
2030 290 2,996,196 4.8 % 5.0 % 14.68 16.27
2031+ 392 5,544,431 9.0 % 9.9 % 15.48 18.02
More specific information with respect to each of our properties is set forth in Exhibit 99.1, which is incorporated herein by reference.
Leases
Our anchor tenants generally have leases with original terms ranging from 10 to 20 years, and may or may not contain renewal options for one or more additional periods. Smaller tenants typically have leases with original terms ranging from five to 10 years, and may or may not contain renewal options for one or more additional periods. Leases in our Portfolio generally provide for the payment of fixed monthly base rent. Certain leases also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a certain threshold level. Leases typically provide for contractual increases in base rent over both the original lease term and any renewal option periods, and the reimbursement of property operating expenses, including common area expenses, utilities (if not separately metered), insurance and real estate taxes, and certain capital expenditures related to the maintenance of our properties.
The foregoing general description of the characteristics of the leases of our Portfolio is not intended to describe all leases, and material variations in lease terms may exist.
Insurance
We have a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance for our properties. We formed Incap as part of our 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.
We also maintain commercial liability, fire, extended coverage, earthquake, business interruption, and rental loss insurance covering all of the properties in our Portfolio. We select coverage specifications and insured limits which we believe to be appropriate given the relative risk of loss, the cost of coverage, industry practice, and the nature of the shopping centers in our Portfolio. In addition, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or real property on the premises due to activities conducted by tenants or their agents on the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant’s expense, kept in full force during the term of the lease. In the opinion of our management, all of the properties in our Portfolio are currently adequately insured. We do not carry insurance for generally uninsured losses, such as losses from war. See “Risk Factors – Risks Related to Our Portfolio and Our Business – An uninsured loss on properties or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties.”
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Item 3 . Legal Proceedings
The information contained under the heading “Legal Matters” in Note 15 – Commitments and Contingencies to our Consolidated Financial Statements in this report is incorporated by reference into this Item 3.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II