Item 2. Properties
Item 2 . Properties
As of December 31, 2023, our Portfolio was comprised of 362 shopping centers totaling approximately 64 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, 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, 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)
ABR (1)
Percent of ABR (1)
ABR PSF (1)
The TJX Companies, Inc. 90 2,624,402 4.1 % $ 33,239 3.4 % $ 12.67
The Kroger Co. 44 2,994,662 4.6 % 22,712 2.3 % 7.58
Burlington Stores, Inc. 40 1,663,459 2.6 % 19,716 2.0 % 11.85
Dollar Tree Stores, Inc. 119 1,364,427 2.1 % 16,423 1.7 % 12.04
Publix Super Markets, Inc. 31 1,431,891 2.2 % 14,559 1.5 % 10.17
Ross Stores, Inc 43 1,110,510 1.7 % 13,946 1.4 % 12.56
L.A Fitness International, LLC 14 566,362 0.9 % 10,994 1.1 % 19.41
Five Below, Inc. 58 550,050 0.9 % 10,964 1.1 % 19.93
Amazon.com, Inc. / Whole Foods Market Services, Inc. 15 595,292 0.9 % 10,630 1.1 % 17.86
PetSmart, Inc. 28 607,653 0.9 % 10,381 1.1 % 17.08
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. 35 480,017 0.7 % 8,544 0.9 % 17.80
Big Lots, Inc. 29 975,534 1.5 % 7,242 0.7 % 7.42
The Michaels Companies, Inc. 21 472,884 0.7 % 6,229 0.6 % 13.17
Best Buy Co., Inc. 11 413,875 0.6 % 5,261 0.5 % 12.71
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) Includes only locations which are owned or guaranteed by the parent company. Excludes all franchise locations.
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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 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 Texas 48 7,404,115 88.2 % 93.7 % 113,092 17.07 13.3 % 11.5 % 11.7 %
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 %
7 New Jersey 16 2,821,891 94.6 % 96.2 % 47,386 18.53 4.4 % 4.4 % 5.0 %
8 Georgia 26 3,627,261 93.1 % 94.7 % 46,873 14.16 7.2 % 5.6 % 4.8 %
9 North Carolina 13 3,056,642 94.2 % 95.2 % 40,110 14.55 3.6 % 4.7 % 4.1 %
10 Michigan 15 2,804,178 87.5 % 95.3 % 36,681 14.33 4.1 % 4.4 % 3.8 %
11 Ohio 13 2,893,261 90.9 % 93.6 % 35,990 15.42 3.6 % 4.5 % 3.7 %
12 Tennessee 7 1,790,636 94.5 % 97.3 % 23,518 13.82 1.9 % 2.8 % 2.4 %
13 Colorado 7 1,590,065 90.9 % 94.4 % 22,622 16.01 1.9 % 2.5 % 2.3 %
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 %
17 South Carolina 8 1,453,568 85.4 % 87.7 % 18,419 14.72 2.2 % 2.3 % 1.9 %
18 Minnesota 9 1,269,831 86.0 % 87.0 % 16,347 16.18 2.5 % 2.0 % 1.7 %
19 Indiana 5 1,204,891 94.6 % 98.2 % 14,932 12.73 1.4 % 1.9 % 1.5 %
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 %
23 Maryland 2 371,986 98.8 % 98.8 % 6,240 17.52 0.6 % 0.6 % 0.6 %
24 Missouri 4 495,523 90.4 % 91.5 % 4,620 10.26 1.0 % 0.8 % 0.5 %
25 Alabama 1 410,401 91.5 % 91.7 % 4,273 11.63 0.3 % 0.6 % 0.4 %
26 Kansas 2 376,599 94.0 % 95.6 % 3,728 13.34 0.6 % 0.6 % 0.4 %
27 Vermont 1 223,314 88.5 % 98.6 % 2,251 10.23 0.3 % 0.3 % 0.2 %
28 Arizona 1 165,350 79.3 % 100.0 % 2,194 13.27 0.3 % 0.3 % 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 %
The following table summarizes certain information for our Portfolio by unit size, as of December 31, 2023 (dollars in thousands, expect for PSF amounts):
Number of
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
20,000 – 34,999 SF
491 12,812,019 19.9 % 90.7 % 95.3 % 147,803 15.3 % 12.22
10,000 – 19,999 SF
607 8,290,068 12.9 % 91.4 % 96.5 % 122,645 12.7 % 15.75
5,000 – 9,999 SF
1,108 7,661,299 11.9 % 85.9 % 91.8 % 143,111 14.8 % 21.19
< 5,000 SF 6,056 12,964,025 20.1 % 85.0 % 89.4 % 336,200 34.6 % 30.00
TOTAL 8,663 64,460,825 100.0 % 90.6 % 94.7 % $ 968,949 100.0 % $ 16.88
TOTAL ≥ 10,000 SF 1,499 43,835,501 68.0 % 93.1 % 96.8 % $ 489,638 50.6 % $ 12.41
TOTAL < 10,000 SF 7,164 20,625,324 32.0 % 85.3 % 90.3 % 479,311 49.4 % 26.69
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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, 2023:
Number of Leases Leased GLA % of Leased GLA % of In-Place ABR In-Place ABR PSF ABR PSF at Expiration
M-M 214 611,355 1.0 % 1.0 % $ 16.40 $ 16.40
2024 955 5,671,690 9.3 % 7.7 % 13.23 13.23
2025 1,078 7,780,769 12.7 % 11.9 % 14.77 14.86
2026 1,025 7,020,573 11.5 % 11.7 % 16.12 16.47
2027 1,012 8,190,140 13.4 % 13.0 % 15.39 15.88
2028 968 6,853,350 11.2 % 12.0 % 16.94 17.63
2029 648 6,765,006 11.1 % 10.0 % 14.38 15.67
2030 352 3,154,343 5.2 % 5.2 % 15.98 17.58
2031 306 2,685,993 4.4 % 4.6 % 16.56 18.67
2032 342 2,694,748 4.4 % 5.0 % 17.88 20.10
2033 427 3,368,756 5.5 % 6.4 % 18.34 20.84
2034+ 541 6,253,437 10.3 % 11.5 % 17.83 21.05
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 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.”
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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