What changed in this filing

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Item 2. Properties

2023-02-13 compared with 2022-02-07 · 24 added, 23 removed, 107 unchanged (31% of the section changed)

As of December 31, 2022, our Portfolio was comprised of 373 shopping centers totaling approximately 66 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.

Our high-quality national Portfolio is primarily located within established trade areas in the top 50 CBSAs 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, 2022, 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 following table summarizes our top 20 tenants by ABR, as of December 31, 2022 (dollars in thousands, except for PSF amounts):

Retailer Owned Leases Leased GLA Percent of GLA ABR ABR PSF (1)

Percent of ABR

The TJX Companies, Inc.

9 unchanged sentences

Ross Stores, Inc 39 1,017,273 1.5 % 12,850 12.63 1.4 %

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

L.A Fitness International, LLC 14 566,362 0.9 % 10,994 19.41 1.2 %

PetSmart, Inc.

Ahold Delhaize 18 981,884 1.5 % 10,676 10.87 1.1 %

Amazon.com, Inc.

/ Whole Foods Market Services, Inc.

15 567,970 0.9 % 9,930 17.48 1.1 %

Albertson's Companies, Inc 14 750,202 1.1 % 9,638 12.85 1.0 %

Big Lots, Inc.

PetSmart, Inc.

27 594,706 0.9 % 9,483 15.95 1.0 %

PETCO Animal Supplies, Inc.

Kohl's Corporation 14 1,095,329 1.7 % 8,896 8.12 0.9 %

Five Below, Inc.

49 445,679 0.7 % 8,666 19.44 0.9 %

1 unchanged sentence

32 356,831 0.5 % 8,346 23.39 0.9 %

Five Below, Inc.

PETCO Animal Supplies, Inc.

34 463,715 0.7 % 8,080 17.42 0.9 %

Kohl's Corporation 12 914,585 1.4 % 7,253 0.8 % 7.93

Big Lots, Inc.

32 1,035,469 1.6 % 7,845 7.58 0.8 %

Party City Holdco Inc.

2 unchanged sentences

21 472,884 0.7 % 6,169 13.05 0.7 %

Bed Bath & Beyond, Inc.

23 553,560 0.8 % 6,101 0.7 % 11.02

Staples, Inc.

21 442,469 0.7 % 5,373 12.14 0.6 %

Amazon.com, Inc.

/ Whole Foods Market Services, Inc.

Bed Bath & Beyond, Inc.

19 479,461 0.7 % 5,324 11.10 0.6 %

9 unchanged sentences

5 Pennsylvania 25 4,555,884 90.8 % 95.5 % 67,212 18.92 6.7 % 6.9 % 7.1 %

6 Illinois 17 4,322,356 84.6 % 86.8 % 53,124 14.70 4.6 % 6.5 % 5.6 %

7 New Jersey 16 2,821,968 87.9 % 96.9 % 46,153 17.91 4.3 % 4.3 % 4.9 %

8 Georgia 27 3,786,901 89.1 % 94.7 % 45,585 13.09 7.2 % 5.7 % 4.8 %

9 North Carolina 15 3,317,924 93.3 % 96.7 % 40,689 13.34 4.0 % 5.0 % 4.3 %

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 15 2,803,004 90.0 % 92.5 % 35,033 14.14 4.0 % 4.2 % 3.7 %

10 unchanged sentences

21 New Hampshire 5 670,250 88.6 % 95.3 % 9,034 14.75 1.3 % 1.0 % 1.0 %

22 Maryland 3 427,934 75.2 % 91.8 % 6,909 18.22 0.8 % 0.6 % 0.8 %

22 Wisconsin 4 566,588 86.3 % 92.0 % 6,287 12.07 1.1 % 0.9 % 0.7 %

23 Maryland 2 371,904 98.4 % 99.2 % 6,252 17.31 0.5 % 0.6 % 0.7 %

24 Missouri 4 495,523 90.1 % 91.7 % 4,613 10.22 1.1 % 0.8 % 0.5 %

1 unchanged sentence

26 Kansas 2 376,599 95.5 % 96.0 % 3,667 13.05 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 %

27 Oklahoma 1 193,276 100.0 % 100.0 % 2,081 10.77 0.3 % 0.3 % 0.2 %

2 unchanged sentences

30 Arizona 1 165,350 67.1 % 79.3 % 1,825 13.92 0.3 % 0.3 % 0.2 %

31 Iowa 1 269,705 70.3 % 73.9 % 1,657 8.32 0.3 % 0.4 % 0.2 %

32 West Virginia 1 75,344 8.4 % 44.8 % 527 15.61 0.3 % 0.1 % 0.1 %

3 unchanged sentences

Units GLA Percent of GLA Percent Billed Percent Leased ABR ABR PSF (1)

Percent of ABR

≥ 35,000 SF 420 23,857,818 36.1 % 94.8 % 96.0 % $ 223,991 $ 11.05 23.7 %

25 unchanged sentences

More specific information with respect to each of our properties is set forth in Exhibit 99.1, which is incorporated herein by reference.

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.

Our anchor tenants generally have leases with original terms ranging from 10 to 20 years and may or may not have 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 have 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.

Leases also generally 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.

1 unchanged sentence

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.

We formed Incap as part of our overall risk management program to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program.

Incap is capitalized in accordance with the applicable regulatory requirements.

1 unchanged sentence

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 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 at 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