What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-02-12 compared with 2023-02-13 · 22 added, 26 removed, 105 unchanged (31% of the section changed)

2 unchanged sentences

As of December 31, 2023, 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)

The following table summarizes our top 20 tenants, ranked by ABR, as of December 31, 2023 (dollars in thousands, except for PSF amounts):

Retailer Owned Leases (1)

Leased GLA (1)

Percent of GLA (1)

Percent of ABR (1)

11 unchanged sentences

L.A Fitness International, LLC 14 566,362 0.9 % 10,994 1.1 % 19.41

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

Five Below, Inc.

58 550,050 0.9 % 10,964 1.1 % 19.93

Amazon.com, Inc.

1 unchanged sentence

15 595,292 0.9 % 10,630 1.1 % 17.86

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

PetSmart, Inc.

28 607,653 0.9 % 10,381 1.1 % 17.08

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 %

Albertson's Companies, Inc 14 750,202 1.2 % 9,679 1.0 % 12.90

Ahold Delhaize 16 864,919 1.3 % 9,469 1.0 % 10.95

Ulta Beauty, Inc.

34 378,884 0.6 % 9,136 0.9 % 24.11

Kohl's Corporation 14 1,051,137 1.6 % 8,772 0.9 % 8.35

PETCO Animal Supplies, Inc.

2 unchanged sentences

29 975,534 1.5 % 7,242 0.7 % 7.42

Party City Holdco Inc.

28 410,595 0.6 % 6,293 15.33 0.7 %

The Michaels Companies, Inc.

21 472,884 0.7 % 6,229 0.6 % 13.17

Staples, Inc.

Best Buy Co., Inc.

11 413,875 0.6 % 5,261 0.5 % 12.71

Bed Bath & Beyond, Inc.

Staples, Inc.

19 397,969 0.6 % 5,146 0.5 % 12.93

CVS Health 15 222,799 0.3 % 5,055 0.5 % 22.69

TOP 20 RETAILERS 690 19,516,928 30.0 % $ 238,097 24.2 % $ 12.20

(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

(1) Includes only locations which are owned or guaranteed by the parent company.

Excludes all franchise locations.

The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 2023 (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

State Number of Properties GLA Percent Billed Percent Leased ABR ABR PSF Percent of Number of Properties Percent of GLA Percent of ABR

1 Florida 49 8,439,815 91.5 % 96.5 % $ 136,003 $ 17.07 13.5 % 13.1 % 14.0 %

2 California 28 5,248,351 92.2 % 96.1 % 107,776 22.88 7.5 % 8.0 % 11.4 %

2 Texas 48 7,404,115 88.2 % 93.7 % 113,092 17.07 13.3 % 11.5 % 11.7 %

4 New York 27 3,463,005 92.9 % 95.9 % 68,652 21.09 7.2 % 5.2 % 7.3 %

3 California 28 5,179,959 92.6 % 97.0 % 111,685 23.98 7.7 % 8.0 % 11.6 %

4 Pennsylvania 24 4,328,200 89.4 % 94.6 % 68,316 20.52 6.6 % 6.7 % 7.1 %

5 New York 26 3,398,142 91.5 % 95.9 % 68,082 21.22 7.2 % 5.3 % 7.1 %

6 Illinois 16 4,219,418 83.5 % 87.9 % 55,701 15.37 4.4 % 6.5 % 5.7 %

4 unchanged sentences

11 Ohio 13 2,893,261 90.9 % 93.6 % 35,990 15.42 3.6 % 4.5 % 3.7 %

12 Connecticut 10 1,673,845 83.9 % 89.6 % 23,628 15.84 2.7 % 2.5 % 2.5 %

12 Tennessee 7 1,790,636 94.5 % 97.3 % 23,518 13.82 1.9 % 2.8 % 2.4 %

1 unchanged sentence

14 Massachusetts 10 1,504,804 91.9 % 97.7 % 21,363 16.33 2.8 % 2.3 % 2.2 %

15 Connecticut 9 1,464,045 88.7 % 94.5 % 20,655 15.17 2.5 % 2.3 % 2.1 %

16 Kentucky 7 1,676,048 94.5 % 98.4 % 19,643 13.17 1.9 % 2.6 % 2.0 %

2 unchanged sentences

19 Indiana 5 1,204,891 94.6 % 98.2 % 14,932 12.73 1.4 % 1.9 % 1.5 %

20 Virginia 6 826,116 91.1 % 93.7 % 10,565 14.81 1.6 % 1.3 % 1.1 %

20 New Hampshire 5 672,051 89.2 % 97.4 % 9,813 15.63 1.4 % 1.0 % 1.0 %

21 Virginia 5 735,614 94.6 % 94.9 % 9,450 14.82 1.4 % 1.1 % 1.0 %

22 Wisconsin 3 520,340 92.5 % 97.6 % 6,379 12.56 0.8 % 0.8 % 0.7 %

3 unchanged sentences

26 Kansas 2 376,599 94.0 % 95.6 % 3,728 13.34 0.6 % 0.6 % 0.4 %

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

27 Vermont 1 223,314 88.5 % 98.6 % 2,251 10.23 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 %

28 Arizona 1 165,350 79.3 % 100.0 % 2,194 13.27 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 %

29 Maine 1 287,533 97.9 % 100.0 % 2,056 17.26 0.3 % 0.4 % 0.2 %

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

TOTAL 362 64,460,825 90.6 % 94.7 % $ 968,949 $ 16.88 100.0 % 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, 2023 (dollars in thousands, expect for PSF amounts):

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

Percent of ABR

Units GLA Percent of GLA Percent Billed Percent Leased ABR Percent of ABR ABR PSF

≥ 35,000 SF 401 22,733,414 35.2 % 95.0 % 97.8 % $ 219,190 22.6 % $ 11.21

9 unchanged sentences

TOTAL < 10,000 SF 7,164 20,625,324 32.0 % 85.3 % 90.3 % 479,311 49.4 % 26.69

(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.

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, 2023:

28 unchanged sentences

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.”

See “Risk Factors – Risks Related to Our Portfolio and Our Business – An uninsured property loss 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.”

Legal Proceedings

3 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