What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-07 compared with 2021-02-11 · 21 added, 21 removed, 109 unchanged (28% of the section changed)

1 unchanged sentence

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.

As of December 31, 2021, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc.

The following table summarizes the top 20 tenants by ABR in our Portfolio as of December 31, 2021 (dollars in thousands, except for PSF amounts):

4 unchanged sentences

43 2,947,508 4.4 % 21,633 2.4 % 7.34

Dollar Tree Stores, Inc.

125 1,455,108 2.1 % 16,114 1.8 % 11.07

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.

1 unchanged sentence

Ross Stores, Inc 36 959,060 1.4 % 11,742 1.3 % 12.24

L.A Fitness International, LLC 15 618,290 0.9 % 11,355 1.3 % 18.37

Ahold Delhaize 20 1,059,637 1.6 % 11,273 1.3 % 10.64

Albertson's Companies, Inc 14 795,381 1.2 % 9,729 1.1 % 12.23

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.

2 unchanged sentences

33 447,890 0.7 % 7,920 0.9 % 17.68

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.

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.

2 unchanged sentences

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

Office Depot, Inc.

Amazon.com, Inc.

/ Whole Foods Market Services, Inc.

9 300,997 0.4 % 5,516 0.6 % 18.33

5 unchanged sentences

1 Florida 49 8,374,903 87.7 % 91.8 % $ 120,036 $ 15.95 12.8 % 12.4 % 13.3 %

2 Texas 49 7,579,507 89.9 % 92.8 % 98,696 14.80 12.5 % 11.0 % 11.3 %

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 %

8 Georgia 30 4,228,329 87.3 % 89.7 % 42,002 11.37 7.6 % 6.1 % 4.8 %

9 Illinois 15 3,582,076 78.1 % 81.7 % 40,803 14.64 3.9 % 5.3 % 4.5 %

6 unchanged sentences

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 %

19 South Carolina 7 1,310,223 81.9 % 82.3 % 14,534 13.66 1.8 % 1.9 % 1.7 %

20 Virginia 6 826,362 85.6 % 91.8 % 9,964 14.28 1.5 % 1.3 % 1.1 %

7 unchanged sentences

28 Delaware 1 191,974 97.3 % 97.3 % 2,192 11.74 0.3 % 0.3 % 0.2 %

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 %

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 %

34 Louisiana 1 179,039 71.4 % 71.4 % 950 7.43 0.3 % 0.3 % 0.1 %

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 %

32 unchanged sentences

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.

Certain leases also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a predetermined threshold.

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 such as common area expenses, utilities, 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.

We have a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”).

Incap underwrites the first layer of general liability insurance for our properties.

Incap underwrites the first layer of general liability insurance for the properties in our Portfolio.

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.

2 unchanged sentences

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 addition, tenants are generally 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.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties