FEDERAL REALTY INVESTMENT TRUST 10-K

ITEM 2. PROPERTIES General As of December 31, 2020, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 101 predominantly retail real estate projects comprising approximately 23.4 million square feet. These properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida. No single commercial or residential property accounted for over 10% of our 2020 total revenue. We believe that our properties are adequately covered by commercial general liability, fire, flood, earthquake, terrorism and business interruption insurance provided by reputable companies, with commercially reasonable exclusions, deductibles and limits. Tenant Diversification As of December 31, 2020, we had approximately 2,800 commercial leases and 2,700 residential leases, with tenants ranging from sole proprietors to major national and international retailers. No one tenant or affiliated group of tenants accounted for more than 3.6% of our annualized base rent as of December 31, 2020. As a result of our tenant diversification, we believe our exposure to any one bankruptcy filing in the retail sector has not been and will not be significant, however, multiple filings by a number of retailers could have a significant impact. Geographic Diversification Our 101 real estate projects are located in 11 states and the District of Columbia. 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. 18 Table of Contents State Number of Projects Gross Leasable Area Percentage of Gross Leasable Area (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 % 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 Our leases are classified as operating leases and typically are structured to require the monthly payment of minimum rents in advance, subject to periodic increases during the term of the lease, percentage rents based on the level of sales achieved by tenants, and reimbursement of a majority of on-site operating expenses and real estate taxes. These features in our leases generally reduce our exposure to higher costs and allow us to participate in improved tenant sales. Commercial property leases generally range from three to ten years; however, certain leases, primarily with anchor tenants, may be longer. Many of our leases contain tenant options that enable the tenant to extend the term of the lease at expiration at pre-established rental rates that often include fixed rent increases, consumer price index adjustments or other market rate adjustments from the prior base rent. Leases on residential units are generally for a period of one year or less and, in 2020, represented approximately 10.3% of total rental income. 19 Table of Contents The following table sets forth the schedule of lease expirations for our commercial leases in place as of December 31, 2020 for each of the 10 years beginning with 2021 and after 2030 in the aggregate assuming that none of the tenants exercise future renewal options. Annualized base rents reflect in-place contractual rents as of December 31, 2020. Year of Lease Expiration Leased Square Footage Expiring Percentage of Leased Square Footage Expiring Annualized Base Rent Represented by 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. New leases for comparable spaces were signed for 595,000 square feet at an average rental increase of 4% on a cash basis. Renewals for comparable spaces were signed for 1,071,000 square feet at an average rental increase of 2% on a cash basis. Tenant improvements and incentives for comparable spaces were $31.49 per square foot, of which, $84.12 per square foot was for new leases and $2.25 per square foot was for renewals in 2020. During 2019, we signed leases for a total of 1,675,000 square feet of retail space including 1,557,000 square feet of comparable space leases (leases for which there was a prior tenant) at an average rental increase of 8% on a cash basis. New leases for comparable spaces were signed for 793,000 square feet at an average rental increase of 11% on a cash basis. Renewals for comparable spaces were signed for 763,000 square feet at an average rental increase of 4% on a cash basis. Tenant improvements and incentives for comparable spaces were $42.60 per square foot, of which, $81.24 per square foot was for new leases and $2.43 per square foot was for renewals in 2019. 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 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. 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. 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. 20 Table of Contents 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, 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. 21 Table of Contents Retail and Residential Properties The following table sets forth information concerning all real estate projects in which we owned an equity interest, had a leasehold interest, or otherwise controlled and are consolidated as of December 31, 2020. Except as otherwise noted, we are the sole owner of our real estate projects. 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) California Azalea South Gate, CA 90280(5)(8) 2014 2017 223,000 $29.15 99% Marshalls Ross Dress for Less Ulta Michaels Bell Gardens Bell Gardens, CA 90201(4)(5)(8) 1990, 2003, 2006 2017/2018 330,000 $22.77 92% Food4Less Marshalls Ross Dress for Less Bob's Discount Furniture Colorado Blvd 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 Rite Aid East Bay Bridge Emeryville & Oakland, CA 94608 1994-2001, 2011, 2012 2012 440,000 $19.04 99% Pak-N-Save Home Depot Target Nordstrom Rack Escondido Promenade Escondido, CA 92029(5) 1987 1996/2010 298,000 $28.44 94% TJ Maxx Dick's Sporting Goods Ross Dress For Less Bob's Discount Furniture Fourth Street Berkeley, CA 94710(5) 1948, 1975 2017 71,000 $31.61 78% CB2 Ingram Book Group Bellwether Coffee Freedom Plaza Los Angeles, CA 90002(4)(5) 2020 2018 100,000 $29.54 100 % Smart & Final Nike Blink Fitness Ross Dress For Less Hastings Ranch Plaza Pasadena, CA 91107(4) 1958, 1984, 2006, 2007 2017 273,000 $7.88 100 % Marshalls HomeGoods CVS Sears Hollywood Blvd Hollywood, CA 90028 1929, 1991 1999 181,000 $35.64 86% Target Marshalls L.A. Fitness La La Land Kings Court Los Gatos, CA 95032(4)(6) 1960 1998 81,000 $40.93 100 % Lunardi's CVS La Alameda Walnut Park, CA 90255(4)(7)(8) 2008 2017 245,000 $26.57 88% Marshalls Ross Dress For Less CVS Petco Old Town Center Los Gatos, CA 95030 1962, 1998 1997 98,000 $43.07 84% Anthropologie Banana Republic Gap Olivo at Mission Hills Mission Hills, CA 91345(5) 2018 2017 155,000 $31.13 94% Target 24 Hour Fitness Ross Dress for Less Plaza Del Sol 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)(8) 2006-2007, 2016 2011/2013 500,000 $46.02 91% Whole Foods Nordstrom Rack HomeGoods Dick's Sporting Goods Multiple Restaurants San Antonio Center Mountain View, CA 94040(4)(6) 1958, 1964-1965, 1974-1975, 1995-1997 2015/2019 211,000 $15.71 100% Trader Joe's Walmart 24 Hour Fitness Santana Row San Jose, CA 95128(4)(10) 2002, 2009, 2016, 2020 1997 1,197,000 $53.60 96% Crate & Barrel H&M Best Buy Splunk Multiple Restaurants Santana Row Residential San Jose, CA 95128 2003-2006, 2011, 2014 1997/2012 662 units N/A 95% 22 Table of Contents 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)(8) 1973 2017 148,000 $16.11 93% Food4Less CVS Third Street Promenade Santa Monica, CA 90401 1888-2000 1996-2000 209,000 $85.20 65% adidas Old Navy J. Crew Westgate Center San Jose, CA 95129 1960-1966 2004 648,000 $19.78 97% Target Nordstrom Rack Nike Factory TJ Maxx Connecticut Bristol Plaza Bristol, CT 06010 1959 1995 264,000 $14.49 82% Stop & Shop TJ Maxx Greenwich 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 Walgreens 2 Units N/A 100 % District of Columbia Friendship Center Washington, DC 20015 1998 2001 119,000 $30.41 100 % Marshalls Nordstrom Rack DSW Maggiano's Florida CocoWalk Coconut Grove, FL 33133(5)(11) 1990/1994, 1922-1973, 2018-2020 2015-2017 187,000 $38.99 87% Cinepolis Theaters Youfit Health Club Planta Restaurant Del Mar Village Boca Raton, FL 33433 1982, 1994 & 2007 2008/2014 187,000 $20.56 88% Winn Dixie CVS L.A. Fitness Tower Shops Davie, FL 33324 1989, 2017 2011/2014 425,000 $25.40 95% Trader Joe's TJ Maxx Ross Dress for Less Best Buy Ulta Illinois Crossroads Highland Park, IL 60035 1959 1993 168,000 $23.37 92% L.A. Fitness Ulta Binny's Ferguson's Bath, Kitchen, & Lighting Gallery Finley Square Downers Grove, IL 60515 1974 1995 280,000 $16.54 91% Bed, Bath & Beyond Buy Buy Baby Michaels Portillo's Garden Market Western Springs, IL 60558 1958 1994 139,000 $14.34 99% Mariano's Fresh Market Walgreens Riverpoint Center Chicago, IL 60614 1989, 2012 2017 211,000 $21.50 92% Jewel Osco Marshalls Old Navy Maryland Bethesda Row Bethesda, MD 20814(4) 1945-1991 2001, 2008 1993-2006/ 2008/2010 529,000 $55.08 96% Giant Food Apple Equinox Anthropologie Multiple Restaurants Bethesda Row Residential Bethesda, MD 20814 2008 1993 180 units N/A 97% Congressional Plaza Rockville, MD 20852(5) 1965 1965 323,000 $43.15 85% The Fresh Market Buy Buy Baby Ulta Barnes & Noble Congressional Plaza Residential Rockville, MD 20852(5) 2003, 2016 1965 194 units N/A 98% Courthouse Center Rockville, MD 20852 1975 1997 37,000 $21.61 81% Federal Plaza Rockville, MD 20852 1970 1989 249,000 $39.02 96% Trader Joe's TJ Maxx Micro Center Ross Dress for Less 23 Table of Contents 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 1966 1993 208,000 $30.13 87% Ross Dress For Less Ashley Furniture HomeStore CVS Governor Plaza Glen Burnie, MD 21961 1963 1985 242,000 $21.26 79% Aldi Dick's Sporting Goods Laurel Laurel, MD 20707 1956 1986 360,000 $22.90 95% Giant Food Marshalls L.A. Fitness Montrose Crossing Rockville, MD 20852(8) 1960-1979, 1996, 2011 2011/2013 368,000 $32.99 93% Giant Food Marshalls Home Depot Design Center Old Navy Bob's Discount Furniture Perring Plaza Baltimore, MD 21134 1963 1985 397,000 $15.50 87% Shoppers Food Warehouse Home Depot Micro Center Burlington Pike & Rose North Bethesda, MD 20852(10) 1963, 2014, 2018 1982/2007/ 2012 525,000 $37.78 96% iPic Theater Porsche Uniqlo REI Pinstripes Multiple Restaurants Pike & Rose Residential North Bethesda, MD 20852 2014, 2016, 2018 1982/2007 765 units N/A 97% Plaza Del Mercado Silver Spring, MD 20906 1969 2004 116,000 $32.04 97% Aldi CVS L.A. Fitness Quince Orchard Gaithersburg, MD 20877(4) 1975 1993 268,000 $25.15 96% Aldi HomeGoods L.A. Fitness Staples Rockville Town Square Rockville, MD 20852(4) 2006-2007 2006/2007 187,000 $28.65 75% Dawson's Market CVS Gold's Gym Multiple Restaurants Rollingwood Apartments Silver Spring, MD 20910 1960 1971 282 units N/A 95 % THE AVENUE at White Marsh Baltimore, MD 21236(6)(8) 1997 2007 315,000 $26.16 85% AMC Ulta Old Navy Barnes & Noble The Shoppes at Nottingham Square Baltimore, MD 21236 2005-2006 2007 32,000 $50.44 96 % Towson Residential (Flats @703) Baltimore, MD 21236 2017 2007 4,000 $82.83 100 % 105 units N/A 97% White Marsh Other Baltimore, MD 21236 1985 2007 70,000 $32.33 97% White Marsh Plaza Baltimore, MD 21236 1987 2007 79,000 $21.88 94% Giant Food Wildwood Bethesda, MD 20814 1958 1969 88,000 $102.39 98% Balducci's CVS Flower Child Massachusetts Assembly Row/ Assembly Square Marketplace Somerville, MA 02145(10) 2005, 2014, 2018 2005-2011/ 2013 824,000 $32.45 95% Trader Joe's TJ Maxx AMC LEGOLAND Discovery Center Multiple Restaurants Assembly Row Residential Somerville, MA 02145(10) 2018 2005-2011 447 units N/A 91% Campus Plaza Bridgewater, MA 02324 1970 2004 114,000 $17.21 96% Roche Bros. Burlington Chelsea Commons Chelsea, MA 02150(8) 1962,1969, 2008 2006-2008 222,000 $12.92 93% Home Depot Planet Fitness Dedham Plaza Dedham, MA 02026 1959 1993/2016/ 2019 245,000 $16.56 90% Star Market Planet Fitness Linden Square Wellesley, MA 02481 1960, 2008 2006 220,000 $50.21 90% Roche Bros. CVS 7 Units N/A 100 % 24 Table of Contents 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 2004 2006 48,000 $15.31 100 % Stop & Shop Queen Anne Plaza Norwell, MA 02061 1967 1994 149,000 $19.36 95% Big Y Foods TJ Maxx HomeGoods Saugus Plaza Saugus, MA 01906 1976 1996 166,000 $17.22 100 % Super Stop & Shop Floor & Decor Michigan Gratiot Plaza Roseville, MI 48066 1964 1973 215,000 $12.80 100 % Kroger Bed, Bath & Beyond Best Buy DSW New Jersey Brick Plaza Brick Township, NJ 08723(4) 1958 1989 408,000 $22.83 91% Trader Joe's AMC HomeGoods Ulta L.A. Fitness Brook 35 Sea Grit, NJ 08750(5)(6)(8) 1986, 2004 2014 99,000 $38.59 89% Banana Republic Gap Williams-Sonoma Ellisburg Cherry Hill, NJ 08034 1959 1992 261,000 $17.93 79% Whole Foods Buy Buy Baby Hoboken Hoboken, NJ 07030(5)(8)(12) 1887-2006 2019/2020 171,000 $55.76 92% CVS New York Sports Club Sephora Multiple Restaurants 129 Units N/A 89% Mercer Mall Lawrenceville, NJ 08648(4) 1975 2003/2017 551,000 $26.13 87% Shop Rite Ross Dress for Less Nordstrom Rack Bed, Bath & Beyond REI The Grove at Shrewsbury Shrewsbury, NJ 07702(5)(6)(8) 1988, 1993 & 2007 2014 192,000 $48.35 95% Lululemon Anthropologie Pottery Barn Williams-Sonoma Troy Hills Parsippany-Troy, NJ 07054 1966 1980 211,000 $23.21 100 % Target L.A. Fitness Michaels New York Fresh Meadows Queens, NY 11365 1949 1997 409,000 $36.04 95% Island of Gold AMC Kohl's Michaels Georgetowne Shopping Center Brooklyn, NY 11234 1969, 2006, 2015 2019 147,000 $40.34 88% Foodway Five Below IHOP Greenlawn Plaza Greenlawn, NY 11743 1975, 2004 2006 102,000 $18.97 94% Greenlawn Farms Tuesday Morning Planet Fitness Hauppauge Hauppauge, NY 11788 1963 1998 133,000 $34.78 74% Shop Rite Huntington Huntington, NY 11746 1962 1988/2007/ 2015 266,000 $23.74 90% Nordstrom Rack Buy Buy Baby Michaels Ulta Huntington Square East Northport, NY 11731(4) 1980, 2007 2010 74,000 $29.63 83% Barnes & Noble Melville Mall Huntington, NY 11747(4) 1974 2006 243,000 $27.30 100% Uncle Giuseppe's Marketplace Marshalls Dick's Sporting Goods Field & Stream Macy's Backstage Pennsylvania Andorra Philadelphia, PA 19128 1953 1988 270,000 $14.34 88% Acme Markets Kohl's L.A. Fitness Bala Cynwyd Bala Cynwyd, PA 19004 1955 1993 294,000 $25.72 97% Acme Markets Lord & Taylor Michaels L.A. Fitness 25 Table of Contents 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 Flourtown, PA 19031 1957 1980 156,000 $23.61 98% Giant Food Movie Tavern Lancaster Lancaster, PA 17601(4) 1958 1980 126,000 $19.86 81% Giant Food Langhorne Square Levittown, PA 19056 1966 1985 223,000 $16.69 94% Redner's Warehouse Markets Marshalls Planet Fitness Lawrence Park Broomall, PA 19008 1972 1980/2017 363,000 $22.81 98% Acme Markets TJ Maxx HomeGoods Barnes & Noble Northeast Philadelphia, PA 19114 1959 1983 227,000 $18.82 82% Marshalls Ulta Skechers Crunch Fitness Town Center of New Britain New Britain, PA 18901 1969 2006 125,000 $9.18 84% Giant Food Rite Aid Dollar Tree Willow Grove Willow Grove, PA 19090 1953 1984 183,000 $18.44 78% Marshalls HomeGoods Barnes & Noble Wynnewood Wynnewood, PA 19096 1948 1996 249,000 $28.81 93% Giant Food Bed, Bath & Beyond Old Navy DSW 9 Units N/A 44% Virginia 29th Place Charlottesville, VA 22091(8) 1975-2001 2007 168,000 $18.01 92% HomeGoods DSW Staples Barcoft Plaza Falls Church, VA 22041 1963, 1972, 1990, & 2000 2006/2007/ 2016 113,000 $27.15 92% Harris Teeter Barracks Road Charlottesville, VA 22905 1958 1985 497,000 $26.65 90% Harris Teeter Kroger Anthropologie Nike Bed, Bath & Beyond Old Navy Fairfax Junction Fairfax, VA 22030(6) 1981, 1986, 2000 2019/2020 124,000 $25.75 99% Aldi CVS Planet Fitness Falls Plaza Falls Church, VA 22046 1960/1962 1967/1972 144,000 $36.66 92% Giant Food CVS Staples Graham Park Plaza Fairfax, VA 22042 1971 1983 132,000 $38.42 86% Giant Food Idylwood Plaza Falls Church, VA 22030 1991 1994 73,000 $51.66 100 % Whole Foods Leesburg Plaza Leesburg, VA 20176 1967 1998 236,000 $23.40 83% Giant Food Petsmart Office Depot Mount Vernon/South Valley/ 7770 Richmond Hwy Alexandria, VA 22306(4)(6) 1966, 1972,1987 & 2001 2003/2006 564,000 $19.23 96% Shoppers Food Warehouse TJ Maxx Home Depot Bed, Bath & Beyond Results Fitness Old Keene Mill Springfield, VA 22152 1968 1976 91,000 $36.34 95% Whole Foods Walgreens Planet Fitness Pan Am Fairfax, VA 22031 1979 1993 228,000 $27.75 98 % Safeway Micro Center CVS Michaels Pentagon Row Arlington, VA 22202 2001-2002 1998/2010 297,000 $37.47 94% Harris Teeter TJ Maxx Bed, Bath & Beyond DSW 26 Table of Contents 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) Pike 7 Plaza Vienna, VA 22180 1968 1997/2015 172,000 $49.62 91 % TJ Maxx DSW Crunch Fitness Staples Tower Shopping Center Springfield, VA 22150 1960 1998 111,000 $26.11 88% L.A. Mart Talbots Total Wine & More Tyson's Station Falls Church, VA 22043 1954 1978 50,000 $47.97 90% Trader Joe's Village at Shirlington Arlington, VA 22206(4) 1940, 2006-2009 1995 262,000 $39.92 88% Harris Teeter AMC Carlyle Grand Café Willow Lawn Richmond, VA 23230 1957 1983 464,000 $20.49 95% Kroger Old Navy Ross Dress For Less Gold's Gym Dick's Sporting Goods Total — Commercial (9) 23,378,000 $29.86 92% Total —Residential (13) 2,782 units 95% _____________________ (1) Represents the GLA of the commercial portion of the property. Some of our properties include office space which is included in this square footage. (2) Average base rent is calculated as the aggregate, annualized in-place contractual (defined as cash basis excluding rent abatements) minimum rent for all occupied spaces divided by the aggregate GLA of all occupied spaces. Average base rent is for commercial spaces only. (3) Percentage leased is expressed as a percentage of rentable commercial square feet occupied or subject to a lease. Residential percentage leased is expressed as a percentage of units occupied or subject to a lease. (4) All or a portion of this property is owned pursuant to a ground lease. (5) We own the controlling interest in this property. (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) We own a noncontrolling interest in this property. (8) All or a portion of this property is encumbered by a mortgage loan. (9) Aggregate information is calculated on a GLA weighted-average basis, excluding our La Alameda property, which is unconsolidated. (10) Portion of property is currently under development. See further discussion in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. (11) This property includes interests in five buildings in addition to our initial acquisition. (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%.