Item 2. Properties
Item 2 . Properties
As of December 31, 2021, our Portfolio was comprised of 382 shopping centers totaling approximately 67 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, 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):
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
(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, 2021 (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 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 %
(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, 2021 (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 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
(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, 2021:
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
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 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.
Insurance
We have a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). 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. 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 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. 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