Item 2. Properties
Item 2 . Properties
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 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 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. 87 2,595,054 3.9 % $ 31,808 $ 12.26 3.4 %
The Kroger Co. 44 2,993,862 4.5 % 22,648 7.56 2.4 %
Burlington Stores, Inc. 36 1,567,993 2.4 % 17,989 11.47 1.9 %
Dollar Tree Stores, Inc. 121 1,405,068 2.1 % 15,945 11.35 1.7 %
Publix Super Markets, Inc. 31 1,431,891 2.2 % 14,552 10.16 1.5 %
Ross Stores, Inc 39 1,017,273 1.5 % 12,850 12.63 1.4 %
L.A Fitness International, LLC 14 566,362 0.9 % 10,994 19.41 1.2 %
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 %
PetSmart, Inc. 27 594,706 0.9 % 9,483 15.95 1.0 %
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 %
Ulta Beauty, Inc. 32 356,831 0.5 % 8,346 23.39 0.9 %
PETCO Animal Supplies, Inc. 34 463,715 0.7 % 8,080 17.42 0.9 %
Big Lots, Inc. 32 1,035,469 1.6 % 7,845 7.58 0.8 %
Party City Holdco Inc. 28 410,595 0.6 % 6,293 15.33 0.7 %
The Michaels Companies, Inc. 21 472,884 0.7 % 6,169 13.05 0.7 %
Staples, Inc. 21 442,469 0.7 % 5,373 12.14 0.6 %
Bed Bath & Beyond, Inc. 19 479,461 0.7 % 5,324 11.10 0.6 %
TOP 20 RETAILERS 696 19,674,697 29.8 % $ 231,505 $ 11.77 24.7 %
(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, 2022 (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 8,404,624 92.6 % 95.7 % $ 128,520 $ 16.31 13.0 % 12.8 % 13.5 %
2 California 28 5,248,351 92.2 % 96.1 % 107,776 22.88 7.5 % 8.0 % 11.4 %
3 Texas 48 7,288,897 89.9 % 92.3 % 106,127 16.25 12.9 % 11.0 % 11.2 %
4 New York 27 3,463,005 92.9 % 95.9 % 68,652 21.09 7.2 % 5.2 % 7.3 %
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 %
10 Michigan 15 2,803,004 90.0 % 92.5 % 35,033 14.14 4.0 % 4.2 % 3.7 %
11 Ohio 13 2,872,779 87.9 % 92.1 % 34,781 15.36 3.5 % 4.4 % 3.7 %
12 Connecticut 10 1,673,845 83.9 % 89.6 % 23,628 15.84 2.7 % 2.5 % 2.5 %
13 Tennessee 7 1,791,013 96.8 % 97.0 % 22,991 13.56 1.9 % 2.7 % 2.4 %
14 Colorado 7 1,593,917 93.0 % 95.8 % 22,524 15.67 1.9 % 2.4 % 2.4 %
15 Massachusetts 10 1,507,803 91.4 % 95.8 % 19,818 15.46 2.7 % 2.3 % 2.1 %
16 Kentucky 7 1,683,212 92.7 % 95.2 % 18,808 13.01 1.9 % 2.6 % 2.0 %
17 South Carolina 8 1,441,400 83.5 % 89.1 % 17,961 14.28 2.1 % 2.2 % 1.9 %
18 Minnesota 9 1,269,831 88.5 % 88.8 % 16,236 15.71 2.4 % 1.9 % 1.7 %
19 Indiana 5 1,212,380 93.4 % 96.2 % 14,186 12.27 1.3 % 1.8 % 1.5 %
20 Virginia 6 826,116 91.1 % 93.7 % 10,565 14.81 1.6 % 1.3 % 1.1 %
21 New Hampshire 5 670,250 88.6 % 95.3 % 9,034 14.75 1.3 % 1.0 % 1.0 %
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 %
25 Alabama 1 410,401 82.9 % 85.8 % 4,369 12.70 0.3 % 0.6 % 0.5 %
26 Kansas 2 376,599 95.5 % 96.0 % 3,667 13.05 0.5 % 0.6 % 0.4 %
27 Oklahoma 1 193,276 100.0 % 100.0 % 2,081 10.77 0.3 % 0.3 % 0.2 %
28 Vermont 1 223,314 90.0 % 90.0 % 1,934 9.63 0.3 % 0.3 % 0.2 %
29 Maine 1 287,533 95.5 % 95.5 % 1,875 17.65 0.3 % 0.4 % 0.2 %
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 %
TOTAL 373 65,990,997 90.2 % 93.8 % $ 944,490 $ 16.19 100.0 % 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, 2022 (dollars in thousands, expect for PSF amounts):
Number of
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 %
20,000 – 34,999 SF
493 12,852,347 19.5 % 91.9 % 96.7 % 145,043 11.78 15.4 %
10,000 – 19,999 SF
617 8,419,454 12.8 % 89.5 % 94.4 % 118,199 15.23 12.5 %
5,000 – 9,999 SF
1,110 7,657,600 11.6 % 85.2 % 91.2 % 134,374 19.97 14.2 %
< 5,000 SF 6,189 13,203,778 20.0 % 83.6 % 88.1 % 322,883 28.67 34.2 %
TOTAL 8,829 65,990,997 100.0 % 90.2 % 93.8 % $ 944,490 $ 16.19 100.0 %
TOTAL ≥ 10,000 SF 1,530 45,129,619 68.4 % 93.0 % 95.9 % $ 487,233 $ 12.07 51.6 %
TOTAL < 10,000 SF 7,299 20,861,378 31.6 % 84.2 % 89.2 % 457,257 25.42 48.4 %
(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, 2022:
Number of Leases Leased GLA % of Leased GLA % of In-Place ABR In-Place ABR PSF ABR PSF at Expiration
M-M 286 795,878 1.3 % 1.3 % $ 15.46 $ 15.46
2023 1,040 5,349,850 8.6 % 8.0 % 14.17 14.17
2024 1,156 8,095,888 13.1 % 12.3 % 14.35 14.46
2025 1,046 7,789,912 12.6 % 12.1 % 14.70 14.90
2026 917 7,202,285 11.6 % 11.6 % 15.26 15.66
2027 999 8,364,079 13.5 % 13.5 % 15.27 15.86
2028 614 5,297,992 8.6 % 8.7 % 15.44 16.83
2029 401 4,112,264 6.6 % 6.6 % 15.10 16.68
2030 313 2,985,609 4.8 % 4.9 % 15.63 17.35
2031 271 2,619,116 4.2 % 4.5 % 16.12 18.30
2032 368 3,132,994 5.1 % 5.8 % 17.34 19.58
2033+ 521 6,152,271 10.0 % 10.7 % 16.41 19.26
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 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 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.
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 exposures, 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 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. 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