What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2021-02-11 compared with 2020-02-10 · 167 added, 198 removed, 230 unchanged (61% of the section changed)

10 unchanged sentences

The following table shows the number of projects, the gross leasable area (“GLA”) of commercial space and the percentage of total portfolio gross leasable area of commercial space in each state as of December 31, 2020.

Gross Leasable

State Number of

Projects Gross Leasable

Area Percentage

(In square feet)

California 20 5,496,000 23.5 %

Maryland(1) 20 4,397,000 18.8 %

Virginia 17 3,726,000 15.9 %

Pennsylvania(2) 10 2,216,000 9.5 %

Massachusetts 8 1,988,000 8.5 %

New Jersey 7 1,893,000 8.1 %

New York 7 1,374,000 6.0 %

Florida 3 799,000 3.4 %

Illinois 4 798,000 3.4 %

Connecticut 3 357,000 1.5 %

Michigan 1 215,000 0.9 %

District of Columbia 1 119,000 0.5 %

North Carolina

Additionally, we own two participating mortgages totaling approximately $30.4 million secured by multiple buildings in Manayunk, Pennsylvania.

Total 101 23,378,000 100.0 %

(1) Additionally, we acquired two mortgages in September 2020 with a net carrying value of approximately $9.6 million secured by a shopping center in Rockville, Maryland.

(2) Additionally, we own two participating mortgages with a net carrying value of approximately $30.3 million secured by multiple buildings in Manayunk, Pennsylvania.

Leases, Lease Terms and Lease Expirations

7 unchanged sentences

Annualized base rents reflect in-place contractual rents as of December 31, 2020.

Year of Lease Expiration

Percentage of

Year of Lease Expiration Leased

Expiring Percentage of

Leased Square

Expiring Annualized

Represented by

Expiring Leases

Percentage of Annualized Base Rent Represented by Expiring Leases

Expiring Leases Percentage of Annualized Base Rent Represented by Expiring Leases

2021 1,490,000 7 % $ 50,066,000 8 %

2022 2,785,000 13 % 72,388,000 11 %

2023 2,288,000 11 % 69,085,000 11 %

2024 3,280,000 15 % 84,926,000 14 %

2025 2,465,000 12 % 72,881,000 12 %

2026 1,659,000 8 % 50,531,000 8 %

2027 1,457,000 7 % 56,154,000 9 %

2028 1,281,000 6 % 39,264,000 6 %

2029 1,334,000 6 % 44,126,000 7 %

2030 1,193,000 6 % 40,297,000 6 %

Thereafter 1,857,000 9 % 50,087,000 8 %

Total 21,089,000 100 % $ 629,805,000 100 %

During 2020, we signed leases for a total of 1,756,000 square feet of retail space including 1,666,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 3% on a cash basis.

7 unchanged sentences

The rental increases associated with comparable spaces generally include all leases signed for retail space in arms-length transactions reflecting market leverage between landlords and tenants during the period.

The comparison between average rent for expiring leases and new leases is determined by including minimum rent and percentage rent paid on the expiring lease and minimum rent and in some instances, projections of first lease year percentage rent, to be paid on the new lease.

The comparison between annual rent for expiring leases and new leases is determined by including minimum rent and percentage rent paid on the expiring lease and minimum rent and in some instances, projections of first lease year percentage rent, to be paid on the new lease.

In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of spaces reported in this calculation.

As a result of accommodations made to certain tenants to help them to stay open during and after the COVID-19 pandemic, we have found it necessary to exercise more judgement in 2020 than in prior years in order to appropriately reflect the comparability of spaces in the calculation.

The change in rental income on comparable space leases is impacted by numerous factors including current market rates, location, individual tenant creditworthiness, use of space, market conditions when the expiring lease was signed, capital investment made in the space and the specific lease structure.

Tenant improvements and incentives include the total

dollars committed for the improvement (fit out) of a space as it relates to a specific lease and, except for redevelopments, may

also include base building costs (i.e.

Tenant improvements and incentives include the total dollars committed for the improvement (fit out) of a space as it relates to a specific lease and, except for redevelopments, may also include base building costs (i.e.

expansion, escalators or new entrances) which are required to make the space leasable.

Incentives include amounts paid to tenants as inducement to sign a lease that do not represent building improvements.

related to redevelopments require judgment by management in determining what reflects base building costs and thus, is not

included in the "tenant improvements and incentives" amount.

Costs related to redevelopments require judgment by management in determining what reflects base building costs and thus, is not included in the "tenant improvements and incentives" amount.

Historically, we have executed comparable space leases for 1.3 to 1.9 million square feet of retail space each year.

We expect some rental rates to be negatively impacted by the COVID-19 pandemic, which we started experiencing in the second quarter of 2020.

We expect the volume for 2021 will be in line with, or potentially exceed our historical averages given a larger amount of current vacancy as a result of COVID-19.

Although we expect overall positive increases in annual rent for comparable spaces, changes in annual rent for any individual lease or combinations of individual leases reported in any particular period may be positive or negative and we can provide no assurance that the annual rents on comparable space leases will continue to increase at historical levels, if at all.

The leases signed in 2020 generally become effective over the following two years though some may not become effective until 2023 and beyond.

Further, there is risk that some new tenants will not ultimately take possession of their space and that tenants for both new and renewal leases may not pay all of their contractual rent due to operating, financing or other matters.

However, these increases do provide information about the tenant/landlord relationship and the potential increase we may achieve in rental income over time.

Historically, we have executed comparable space leases for 1.3 to 1.9 million square feet of retail space each year and expect the volume for 2020 will be in line with our historical averages with overall positive increases in rental income.

changes in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases will continue to increase at the above disclosed levels, if at all.

However, our historical increases in rental rates do provide information about the tenant/landlord relationship and the potential increase we may achieve in rental income over time.

Retail and Residential Properties

2 unchanged sentences

Principal tenants are the largest tenants in the project based on square feet leased or are tenants important to a project’s success due to their ability to attract retail customers.

Property, City, State, Zip Code

Year Completed

Year Acquired

Square Feet(1) /Apartment Units

Average Base Rent Per Square Foot(2)

Percentage Leased(3)

Principal Tenant(s)

South Gate, CA 90280(5)(9)

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

South Gate, CA 90280(5)(8) 2014 2017 223,000 $29.15 99% Marshalls

Ross Dress for Less

Ulta Michaels

Bell Gardens, CA 90201(4)(5)(9)

1990, 2003, 2006

Bell Gardens, CA 90201(4)(5)(8) 1990, 2003, 2006 2017/2018 330,000 $22.77 92% Food4Less

Ross Dress for Less

1 unchanged sentence

Colorado Blvd

Pasadena, CA 91103(4)

Banana Republic True Food Kitchen

Pasadena, CA 91103(4) 1905-1988 1998 42,000 $55.34 100 % Banana Republic True Food Kitchen

Crow Canyon Commons

San Ramon, CA 94583 1980, 1998,

2006 2005/2007 243,000 $29.89 98% Sprouts

Total Wine & More

1 unchanged sentence

Emeryville & Oakland, CA 94608 1994-2001,

2011, 2012 2012 440,000 $19.04 99% Pak-N-Save

Nordstrom Rack

Escondido Promenade

Escondido, CA 92029(5)

Escondido, CA 92029(5) 1987 1996/2010 298,000 $28.44 94% TJ Maxx

Dick's Sporting Goods

2 unchanged sentences

Fourth Street

Berkeley, CA 94710(5)

Berkeley, CA 94710(5) 1948, 1975 2017 71,000 $31.61 78% CB2

Ingram Book Group

Bellwether Coffee

Freedom Plaza (formerly known as Jordan Downs Plaza)

Los Angeles, CA 90002(4)(5)(6)

Freedom Plaza

Los Angeles, CA 90002(4)(5) 2020 2018 100,000 $29.54 100 % Smart & Final

Blink Fitness

Ross Dress For Less

Hastings Ranch Plaza

Pasadena, CA 91107(4)

1958, 1984, 2006, 2007

Pasadena, CA 91107(4) 1958, 1984, 2006, 2007 2017 273,000 $7.88 100 % Marshalls

Hollywood Blvd

Hollywood, CA 90028

Los Gatos, CA 95032(4)(7)

Walnut Park, CA 90255(4)(8)(9)

Hollywood, CA 90028 1929, 1991 1999 181,000 $35.64 86% Target

Los Gatos, CA 95032(4)(6) 1960 1998 81,000 $40.93 100 % Lunardi's

Walnut Park, CA 90255(4)(7)(8) 2008 2017 245,000 $26.57 88% Marshalls

Ross Dress For Less

Old Town Center

Los Gatos, CA 95030

Anthropologie

Los Gatos, CA 95030 1962, 1998 1997 98,000 $43.07 84% Anthropologie

Banana Republic

Olivo at Mission Hills

Mission Hills, CA 91345(5)

Mission Hills, CA 91345(5) 2018 2017 155,000 $31.13 94% Target

24 Hour Fitness

1 unchanged sentence

Plaza Del Sol

South El Monte, CA 91733(5)(9)

South El Monte, CA 91733(5)(8) 2009 2017 48,000 $24.01 96% Marshalls

Plaza El Segundo / The Point

El Segundo, CA 90245(5)(9)

2006-2007, 2016

El Segundo, CA 90245(5)(8) 2006-2007, 2016 2011/2013 500,000 $46.02 91% Whole Foods

Nordstrom Rack

3 unchanged sentences

Mountain View, CA 94040(4)(6) 1958,

1995-1997 2015/2019 211,000 $15.71 100% Trader Joe's

Walmart 24 Hour Fitness

San Jose, CA 95128(4)(11)

2002, 2009, 2016

Crate & Barrel H&M Best Buy

San Jose, CA 95128(4)(10) 2002, 2009, 2016, 2020 1997 1,197,000 $53.60 96% Crate & Barrel H&M Best Buy

Multiple Restaurants

Property, City, State, Zip Code

Year Completed

Year Acquired

Square Feet(1) /Apartment Units

Average Base Rent Per Square Foot(2)

Percentage Leased(3)

Principal Tenant(s)

Santana Row Residential

San Jose, CA 95128 2003-2006,

2011, 2014 1997/2012 662 units N/A 95%

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Sylmar Towne Center

Sylmar, CA 91342(5)(9)

Sylmar, CA 91342(5)(8) 1973 2017 148,000 $16.11 93% Food4Less

Third Street Promenade

Santa Monica, CA 90401

Banana Republic

Santa Monica, CA 90401 1888-2000 1996-2000 209,000 $85.20 65% adidas

Westgate Center

San Jose, CA 95129

San Jose, CA 95129 1960-1966 2004 648,000 $19.78 97% Target

Nordstrom Rack

Bristol Plaza

Bristol, CT 06010

Darien, CT 06820

Bristol, CT 06010 1959 1995 264,000 $14.49 82% Stop & Shop

Greenwich Avenue

Greenwich Avenue, CT 06830

Saks Fifth Avenue

Greenwich Avenue, CT 06830 1968 1995 35,000 $96.19 100 % Saks Fifth Avenue

The Commons at Darien

Darien, CT 06820 1920-2009 2013/2018 58,000 $35.70 89% Equinox

2 Units N/A 100 %

District of Columbia

Friendship Center

Washington, DC 20015

Washington, DC 20015 1998 2001 119,000 $30.41 100 % Marshalls

Nordstrom Rack

Sam's Park & Shop

Washington, DC 20008

Coconut Grove, FL 33133(5)(11) 1990/1994,

1 unchanged sentence

Youfit Health Club

Planta Restaurant

Del Mar Village

Boca Raton, FL 33433 1982, 1994

The Shops at Sunset Place

South Miami, FL 33143(5)(9)

Barnes & Noble

Restoration Hardware Outlet

Davie, FL 33324

& 2007 2008/2014 187,000 $20.56 88% Winn Dixie

Davie, FL 33324 1989, 2017 2011/2014 425,000 $25.40 95% Trader Joe's

Ross Dress for Less

Highland Park, IL 60035

Highland Park, IL 60035 1959 1993 168,000 $23.37 92% L.A.

Ferguson's Bath, Kitchen, & Lighting Gallery

Finley Square

Downers Grove, IL 60515

Bed, Bath & Beyond

Downers Grove, IL 60515 1974 1995 280,000 $16.54 91% Bed, Bath & Beyond

Michaels Portillo's

Garden Market

Western Springs, IL 60558

Mariano's Fresh Market

Western Springs, IL 60558 1958 1994 139,000 $14.34 99% Mariano's Fresh Market

Riverpoint Center

Chicago, IL 60614

Chicago, IL 60614 1989, 2012 2017 211,000 $21.50 92% Jewel Osco

Bethesda, MD 20814(4) 1945-1991

2001, 2008 1993-2006/

2008/2010 529,000 $55.08 96% Giant Food

Anthropologie

1 unchanged sentence

Bethesda Row Residential

Bethesda, MD 20814

Bethesda, MD 20814 2008 1993 180 units N/A 97%

Congressional Plaza

Rockville, MD 20852(5)

The Fresh Market

Container Store

Property, City, State, Zip Code

Year Completed

Year Acquired

Square Feet(1) /Apartment Units

Average Base Rent Per Square Foot(2)

Percentage Leased(3)

Principal Tenant(s)

Rockville, MD 20852(5) 1965 1965 323,000 $43.15 85% The Fresh Market

Barnes & Noble

Congressional Plaza Residential

Rockville, MD 20852(5)

Rockville, MD 20852(5) 2003, 2016 1965 194 units N/A 98%

Courthouse Center

1 unchanged sentence

Federal Plaza

Rockville, MD 20852

Rockville, MD 20852 1970 1989 249,000 $39.02 96% Trader Joe's

Ross Dress for Less

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Gaithersburg Square

Gaithersburg, MD 20878

Bed, Bath & Beyond

Ross Dress For Less

Gaithersburg, MD 20878 1966 1993 208,000 $30.13 87% Ross Dress For Less

Ashley Furniture HomeStore

Governor Plaza

Glen Burnie, MD 21961

Glen Burnie, MD 21961 1963 1985 242,000 $21.26 79% Aldi

Dick's Sporting Goods

Laurel, MD 20707

Laurel, MD 20707 1956 1986 360,000 $22.90 95% Giant Food

Montrose Crossing

Rockville, MD 20852(8) 1960-1979,

Barnes & Noble

1996, 2011 2011/2013 368,000 $32.99 93% Giant Food

Home Depot Design Center

Bob's Discount Furniture

Perring Plaza

Baltimore, MD 21134

Shoppers Food Warehouse

Baltimore, MD 21134 1963 1985 397,000 $15.50 87% Shoppers Food Warehouse

North Bethesda, MD 20852(10) 1963, 2014, 2018 1982/2007/

1963, 2014, 2018

2012 525,000 $37.78 96% iPic Theater

Pinstripes Multiple Restaurants

Pike & Rose Residential

North Bethesda, MD 20852(11)

2014, 2016, 2018

North Bethesda, MD 20852 2014, 2016, 2018 1982/2007 765 units N/A 97%

Plaza Del Mercado

Silver Spring, MD 20906

Silver Spring, MD 20906 1969 2004 116,000 $32.04 97% Aldi

Quince Orchard

Gaithersburg, MD 20877(4)

Gaithersburg, MD 20877(4) 1975 1993 268,000 $25.15 96% Aldi

Rockville Town Square

Rockville, MD 20852(4)

Dawson's Market

Rockville, MD 20852(4) 2006-2007 2006/2007 187,000 $28.65 75% Dawson's Market

Multiple Restaurants

Rollingwood Apartments

Silver Spring, MD 20910(9)

Silver Spring, MD 20910 1960 1971 282 units N/A 95 %

THE AVENUE at White Marsh

Baltimore, MD 21236(7)(9)

Baltimore, MD 21236(6)(8) 1997 2007 315,000 $26.16 85% AMC

Barnes & Noble

3 unchanged sentences

Baltimore, MD 21236 2017 2007 4,000 $82.83 100 %

105 units N/A 97%

White Marsh Other

1 unchanged sentence

White Marsh Plaza

Baltimore, MD 21236

Bethesda, MD 20814

Baltimore, MD 21236 1987 2007 79,000 $21.88 94% Giant Food

Bethesda, MD 20814 1958 1969 88,000 $102.39 98% Balducci's

Massachusetts

2 unchanged sentences

Somerville, MA 02145(10) 2005, 2014, 2018 2005-2011/

2005, 2014, 2018

2013 824,000 $32.45 95% Trader Joe's

LEGOLAND Discovery Center

1 unchanged sentence

Assembly Row Residential

Somerville, MA 02145(11)

Property, City, State, Zip Code

Year Completed

Year Acquired

Square Feet(1) /Apartment Units

Average Base Rent Per Square Foot(2)

Percentage Leased(3)

Principal Tenant(s)

Bridgewater, MA 02324

Somerville, MA 02145(10) 2018 2005-2011 447 units N/A 91%

Bridgewater, MA 02324 1970 2004 114,000 $17.21 96% Roche Bros.

Chelsea Commons

Chelsea, MA 02150(8) 1962,1969,

2008 2006-2008 222,000 $12.92 93% Home Depot

Planet Fitness

Dedham, MA 02026 1959 1993/2016/

2019 245,000 $16.56 90% Star Market

Planet Fitness

Linden Square

Wellesley, MA 02481

Wellesley, MA 02481 1960, 2008 2006 220,000 $50.21 90% Roche Bros.

7 Units N/A 100 %

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

North Dartmouth

North Dartmouth, MA 02747

North Dartmouth, MA 02747 2004 2006 48,000 $15.31 100 % Stop & Shop

Queen Anne Plaza

Norwell, MA 02061

Saugus, MA 01906

Super Stop & Shop

Norwell, MA 02061 1967 1994 149,000 $19.36 95% Big Y Foods

Saugus, MA 01906 1976 1996 166,000 $17.22 100 % Super Stop & Shop

Floor & Decor

Gratiot Plaza

Roseville, MI 48066

Roseville, MI 48066 1964 1973 215,000 $12.80 100 % Kroger

Bed, Bath & Beyond

Brick Township, NJ 08723(4)

Sea Grit, NJ 08750(5)(7)(9)

Banana Republic

Brick Township, NJ 08723(4) 1958 1989 408,000 $22.83 91% Trader Joe's

Sea Grit, NJ 08750(5)(6)(8) 1986, 2004 2014 99,000 $38.59 89% Banana Republic

Williams-Sonoma

Cherry Hill, NJ 08034

Hoboken, NJ 07030(5)(9)(13)

Cherry Hill, NJ 08034 1959 1992 261,000 $17.93 79% Whole Foods

Hoboken, NJ 07030(5)(8)(12) 1887-2006 2019/2020 171,000 $55.76 92% CVS

New York Sports Club

Sephora Multiple Restaurants

Lawrenceville, NJ 08648(4)

129 Units N/A 89%

Lawrenceville, NJ 08648(4) 1975 2003/2017 551,000 $26.13 87% Shop Rite

Ross Dress for Less

3 unchanged sentences

Shrewsbury, NJ 07702(5)(6)(8) 1988, 1993

& 2007 2014 192,000 $48.35 95% Lululemon

Anthropologie

Williams-Sonoma

Parsippany-Troy, NJ 07054

Parsippany-Troy, NJ 07054 1966 1980 211,000 $23.21 100 % Target

Fitness Michaels

Fresh Meadows

Queens, NY 11365

Island of Gold

Queens, NY 11365 1949 1997 409,000 $36.04 95% Island of Gold

Georgetowne Shopping Center

Brooklyn, NY 11234

1969, 2006, 2015

Fairway Market

Five Below IHOP

Brooklyn, NY 11234 1969, 2006, 2015 2019 147,000 $40.34 88% Foodway

Greenlawn Plaza

Greenlawn, NY 11743

Greenlawn Farms

Greenlawn, NY 11743 1975, 2004 2006 102,000 $18.97 94% Greenlawn Farms

Tuesday Morning

Hauppauge, NY 11788

Huntington, NY 11746

1988/2007/ 2015

Nordstrom Rack

Planet Fitness

Hauppauge, NY 11788 1963 1998 133,000 $34.78 74% Shop Rite

Huntington, NY 11746 1962 1988/2007/ 2015 266,000 $23.74 90% Nordstrom Rack

Huntington Square

East Northport, NY 11731(4)

Barnes & Noble

Property, City, State, Zip Code

Year Completed

Year Acquired

Square Feet(1) /Apartment Units

Average Base Rent Per Square Foot(2)

Percentage Leased(3)

Principal Tenant(s)

East Northport, NY 11731(4) 1980, 2007 2010 74,000 $29.63 83% Barnes & Noble

Melville Mall

Huntington, NY 11747(4)

Uncle Giuseppe's Marketplace

Huntington, NY 11747(4) 1974 2006 243,000 $27.30 100% Uncle Giuseppe's Marketplace

Dick's Sporting Goods

1 unchanged sentence

Macy's Backstage

North Carolina

Eastgate Crossing

Chapel Hill, NC 27514

Philadelphia, PA 19128

Bala Cynwyd, PA 19004

Philadelphia, PA 19128 1953 1988 270,000 $14.34 88% Acme Markets

Bala Cynwyd, PA 19004 1955 1993 294,000 $25.72 97% Acme Markets

Lord & Taylor

Flourtown, PA 19031

Lancaster, PA 17601(4)

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Bala Cynwyd Residential(13)

Bala Cynwyd, PA 19004 2020 1993 87 Units N/A 23%

Flourtown, PA 19031 1957 1980 156,000 $23.61 98% Giant Food

Lancaster, PA 17601(4) 1958 1980 126,000 $19.86 81% Giant Food

Langhorne Square

Levittown, PA 19056

Redner's Warehouse Markets

Levittown, PA 19056 1966 1985 223,000 $16.69 94% Redner's Warehouse Markets

Planet Fitness

Lawrence Park

Broomall, PA 19008

Broomall, PA 19008 1972 1980/2017 363,000 $22.81 98% Acme Markets

Barnes & Noble

Philadelphia, PA 19114

Philadelphia, PA 19114 1959 1983 227,000 $18.82 82% Marshalls

Crunch Fitness

Town Center of New Britain

New Britain, PA 18901

Willow Grove, PA 19090

New Britain, PA 18901 1969 2006 125,000 $9.18 84% Giant Food

Willow Grove, PA 19090 1953 1984 183,000 $18.44 78% Marshalls

Barnes & Noble

Wynnewood, PA 19096

Wynnewood, PA 19096 1948 1996 249,000 $28.81 93% Giant Food

Bed, Bath & Beyond

Charlottesville, VA 22091(9)

9 Units N/A 44%

Charlottesville, VA 22091(8) 1975-2001 2007 168,000 $18.01 92% HomeGoods

Barcoft Plaza

Falls Church, VA 22041

1963, 1972, 1990, & 2000

2006/2007/ 2016

Harris Teeter

Falls Church, VA 22041 1963, 1972, 1990, & 2000 2006/2007/ 2016 113,000 $27.15 92% Harris Teeter

Barracks Road

Charlottesville, VA 22905

Harris Teeter

Charlottesville, VA 22905 1958 1985 497,000 $26.65 90% Harris Teeter

Anthropologie

1 unchanged sentence

Fairfax Junction

Fairfax, VA 22030

Fairfax, VA 22030(6) 1981, 1986, 2000 2019/2020 124,000 $25.75 99% Aldi

Planet Fitness

Falls Church, VA 22046

Falls Church, VA 22046 1960/1962 1967/1972 144,000 $36.66 92% Giant Food

Graham Park Plaza

Fairfax, VA 22042

Fairfax, VA 22042 1971 1983 132,000 $38.42 86% Giant Food

Idylwood Plaza

Falls Church, VA 22030

Property, City, State, Zip Code

Year Completed

Year Acquired

Square Feet(1) /Apartment Units

Average Base Rent Per Square Foot(2)

Percentage Leased(3)

Principal Tenant(s)

Falls Church, VA 22030 1991 1994 73,000 $51.66 100 % Whole Foods

Leesburg Plaza

Leesburg, VA 20176

Leesburg, VA 20176 1967 1998 236,000 $23.40 83% Giant Food

Mount Vernon/South Valley/

5 unchanged sentences

Old Keene Mill

Springfield, VA 22152

Springfield, VA 22152 1968 1976 91,000 $36.34 95% Whole Foods

Planet Fitness

Fairfax, VA 22031

Arlington, VA 22202

Harris Teeter

Fairfax, VA 22031 1979 1993 228,000 $27.75 98 % Safeway

Arlington, VA 22202 2001-2002 1998/2010 297,000 $37.47 94% Harris Teeter

Bed, Bath & Beyond

Vienna, VA 22180

Property, City, State, Zip Code Year Completed Year Acquired Square Feet(1) /Apartment Units Average Base Rent Per Square Foot(2) Percentage Leased(3) Principal Tenant(s)

Vienna, VA 22180 1968 1997/2015 172,000 $49.62 91 % TJ Maxx

Crunch Fitness Staples

Tower Shopping Center

Springfield, VA 22150

Springfield, VA 22150 1960 1998 111,000 $26.11 88% L.A.

Total Wine & More

Tyson's Station

Falls Church, VA 22043

Falls Church, VA 22043 1954 1978 50,000 $47.97 90% Trader Joe's

Village at Shirlington

2 unchanged sentences

Carlyle Grand Café

Richmond, VA 23230

Richmond, VA 23230 1957 1983 464,000 $20.49 95% Kroger

Ross Dress For Less

Dick's Sporting Goods

Total All Regions—Retail(10)

Total All Regions—Residential

Total — Commercial (9) 23,378,000 $29.86 92%

Total —Residential (13) 2,782 units 95%

_____________________

7 unchanged sentences

(5) We own the controlling interest in this property.

On June 15, 2018, we formed a new joint venture to develop Freedom Plaza (formerly known as Jordan Downs Plaza), which when completed, will be an approximately 113,000 square foot grocery anchored shopping center.

See Note 3 to the Consolidated Financial Statements for for further discussion.

(6) We own all or a portion of this property in a “downREIT” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.

7 unchanged sentences

(12) This property includes 39 buildings primarily along Washington Street and 14th Street in Hoboken, New Jersey.

(13) The 87 unit residential building at Bala Cynwyd was delivered in late 2020 and is currently in the process of being leased-up for the first time.

Consequently, these units are excluded from our total residential units and percentage leased statistics.

If these units were included, our total residential units would be 2,869 and our percentage leased would be 93%.

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