Item 2. Properties
Item 2 . Properties
As of December 31, 2024, our Portfolio was comprised of 363 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, 2024, 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, 2024 (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 2,604,394 4.1 % $ 33,176 3.3 % $ 12.74
The Kroger Co. 45 3,037,909 4.7 % 23,207 2.3 % 7.64
Burlington Stores, Inc. 44 1,829,056 2.9 % 20,987 2.1 % 11.47
Dollar Tree Stores, Inc. 119 1,357,291 2.1 % 16,509 1.6 % 12.16
Publix Super Markets, Inc. 32 1,490,442 2.3 % 14,898 1.5 % 10.00
Ross Stores, Inc 43 1,100,750 1.7 % 13,946 1.4 % 12.67
Five Below, Inc. 65 622,769 1.0 % 12,626 1.2 % 20.27
Amazon.com, Inc. / Whole Foods Market Services, Inc. 18 654,782 1.0 % 12,040 1.2 % 18.39
L.A Fitness International, LLC 15 606,956 0.9 % 11,737 1.2 % 19.34
PetSmart, Inc. 27 587,611 0.9 % 10,121 1.0 % 17.22
Ulta Beauty, Inc. 37 405,313 0.6 % 9,905 1.0 % 24.44
Albertson's Companies, Inc 14 750,202 1.2 % 9,877 1.0 % 13.17
Ahold Delhaize 15 797,807 1.2 % 9,031 0.9 % 11.32
Kohl's Corporation 14 1,051,137 1.6 % 8,763 0.9 % 8.34
PETCO Animal Supplies, Inc. 35 479,951 0.7 % 8,630 0.9 % 17.98
The Michaels Companies, Inc. 23 515,734 0.8 % 6,895 0.7 % 13.37
ALDI 20 616,530 1.0 % 5,913 0.6 % 9.59
Barnes & Noble, Inc. 17 332,382 0.5 % 5,690 0.6 % 17.12
JOANN Stores, Inc. 19 423,020 0.7 % 5,483 0.5 % 12.96
Party City Holdco Inc. 24 353,833 0.6 % 5,342 0.5 % 15.10
TOP 20 RETAILERS 716 19,617,869 30.5 % $ 244,776 24.4 % $ 12.48
(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, 2024 (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 48 8,473,446 92.1 % 95.9 % $ 141,138 $ 17.88 13.2 % 13.2 % 14.0 %
2 Texas 48 7,409,851 88.3 % 95.2 % 120,470 17.88 13.2 % 11.6 % 11.9 %
3 California 28 5,187,376 92.5 % 98.2 % 116,966 24.55 7.6 % 8.1 % 11.7 %
4 Pennsylvania 24 4,336,727 93.5 % 96.6 % 71,843 21.00 6.5 % 6.7 % 7.2 %
5 New York 27 3,435,843 93.7 % 95.0 % 71,391 22.37 7.4 % 5.4 % 7.1 %
6 Illinois 16 3,942,403 85.1 % 90.6 % 55,458 15.95 4.4 % 6.2 % 5.5 %
7 Georgia 26 3,598,171 93.3 % 94.9 % 48,161 14.62 7.2 % 5.6 % 4.8 %
8 New Jersey 16 2,821,623 89.3 % 93.6 % 47,804 19.22 4.4 % 4.4 % 4.7 %
9 North Carolina 14 3,164,938 93.4 % 95.0 % 43,445 15.23 3.9 % 4.9 % 4.3 %
10 Michigan 15 2,832,546 94.9 % 95.6 % 40,072 15.49 4.1 % 4.4 % 4.0 %
11 Ohio 13 2,666,416 88.7 % 92.0 % 32,993 15.89 3.6 % 4.2 % 3.3 %
12 Connecticut 10 1,787,723 91.7 % 94.8 % 26,667 16.64 2.8 % 2.8 % 2.6 %
13 Tennessee 7 1,790,636 92.4 % 96.6 % 24,637 14.56 1.9 % 2.8 % 2.4 %
14 Massachusetts 11 1,644,590 92.5 % 96.6 % 24,382 17.12 3.0 % 2.6 % 2.4 %
15 Colorado 7 1,578,087 91.2 % 97.2 % 24,203 16.73 1.9 % 2.5 % 2.4 %
16 Kentucky 6 1,545,582 96.3 % 96.8 % 18,686 13.96 1.7 % 2.4 % 1.8 %
17 South Carolina 8 1,210,244 93.3 % 94.6 % 18,510 16.39 2.2 % 1.9 % 1.8 %
18 Minnesota 9 1,269,747 85.7 % 95.1 % 18,232 16.43 2.5 % 2.0 % 1.8 %
19 Indiana 4 990,824 95.4 % 96.0 % 12,215 12.98 1.1 % 1.5 % 1.2 %
20 Virginia 5 742,449 94.8 % 99.5 % 10,582 15.60 1.4 % 1.2 % 1.0 %
21 New Hampshire 5 672,254 95.8 % 98.5 % 10,271 16.16 1.4 % 1.1 % 1.0 %
22 Wisconsin 3 520,769 96.1 % 96.2 % 6,453 12.89 0.8 % 0.8 % 0.6 %
23 Maryland 2 371,986 92.0 % 92.0 % 5,975 18.07 0.6 % 0.6 % 0.6 %
24 Missouri 4 495,523 90.5 % 93.6 % 4,937 10.72 1.1 % 0.8 % 0.5 %
25 Kansas 2 376,599 92.5 % 94.4 % 3,748 13.64 0.6 % 0.6 % 0.4 %
26 Alabama 1 398,701 73.1 % 73.1 % 3,355 11.87 0.3 % 0.6 % 0.3 %
27 Arizona 1 165,350 74.5 % 100.0 % 2,267 13.71 0.3 % 0.3 % 0.2 %
28 Maine 1 287,459 91.2 % 100.0 % 2,265 19.03 0.3 % 0.4 % 0.2 %
29 Vermont 1 223,314 94.8 % 94.8 % 2,138 10.10 0.3 % 0.3 % 0.2 %
30 West Virginia 1 75,344 54.1 % 100.0 % 884 11.73 0.3 % 0.1 % 0.1 %
TOTAL 363 64,016,521 91.4 % 95.2 % $ 1,010,148 $ 17.66 100.0 % 100.0 % 100.0 %
The following table summarizes certain information for our Portfolio by unit size, as of December 31, 2024 (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 397 22,480,509 35.1 % 94.1 % 98.2 % $ 223,286 22.1 % $ 11.57
20,000 – 34,999 SF
482 12,544,682 19.6 % 91.7 % 95.4 % 150,764 15.0 % 12.72
10,000 – 19,999 SF
617 8,444,961 13.2 % 93.3 % 97.0 % 130,440 12.9 % 16.33
5,000 – 9,999 SF
1,096 7,573,997 11.8 % 87.9 % 91.9 % 147,786 14.7 % 22.06
< 5,000 SF 6,018 12,972,372 20.3 % 87.0 % 90.7 % 357,872 35.3 % 31.50
TOTAL 8,610 64,016,521 100.0 % 91.4 % 95.2 % $ 1,010,148 100.0 % $ 17.66
TOTAL ≥ 10,000 SF 1,496 43,470,152 67.9 % 93.2 % 97.2 % $ 504,490 50.0 % $ 12.89
TOTAL < 10,000 SF 7,114 20,546,369 32.1 % 87.4 % 91.1 % 505,658 50.0 % 28.00
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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, 2024:
Number of Leases Leased GLA % of Leased GLA % of In-Place ABR In-Place ABR PSF ABR PSF at Expiration
M-M 193 600,570 1.0 % 1.1 % $ 18.24 $ 18.24
2025 909 5,435,002 8.9 % 7.5 % 14.01 13.96
2026 1,034 7,118,472 11.7 % 11.2 % 15.91 16.04
2027 1,103 8,344,141 13.7 % 13.1 % 15.89 16.22
2028 991 6,869,521 11.3 % 11.8 % 17.31 17.88
2029 966 8,525,224 14.0 % 13.2 % 15.64 16.22
2030 638 6,232,489 10.2 % 9.2 % 14.94 16.38
2031 346 2,779,419 4.6 % 4.7 % 17.21 19.23
2032 362 2,656,828 4.4 % 4.8 % 18.31 20.53
2033 411 3,152,905 5.2 % 6.0 % 18.78 21.34
2034 443 3,693,053 6.0 % 6.7 % 18.35 21.10
2035+ 502 5,551,273 9.0 % 10.7 % 19.54 23.34
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