−Removed: As of December 31, 2022, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 103 predominantly retail real estate projects comprising approximately 25.8 million square feet.
+Added: As of December 31, 2023, we owned or had a majority ownership interest in community and neighborhood shopping centers and mixed-used properties which are operated as 102 predominantly retail real estate projects comprising approximately 26.0 million commercial 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.
18 unchanged sentences
New Jersey 7 1,890,000 7.3 %
−Removed: Florida 4 1,281,000 5.0 %
New York 7 1,426,000 5.5 %
+Added: Florida 4 1,287,000 4.9 %
Illinois 4 799,000 3.1 %
4 unchanged sentences
Total 102 26,039,000 100.0 %
−Removed: (1) Includes our 77.7% pro-rata share of Escondido Promenade, see Note 3 to the consolidated financial statements for additional information.
Leases, Lease Terms and Lease Expirations
33 unchanged sentences
Tenant improvements and incentives for comparable spaces were $31.65 per square foot, of which, $75.12 per square foot was for new leases and $4.86 per square foot was for renewals in 2022.
−Removed: 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.
+Added: 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, excluding leases at properties sold or under contract to be sold.
The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent, and the comparable annual rent and in some instances, projections of percentage rent, to be paid on the new lease.
−Removed: In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of rents reported in the calculation.
+Added: In atypical circumstances, management may exercise judgment as to how to most effectively reflect the comparability of spaces reported in this 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.
−Removed: Rent abatement and short term rent restructuring agreements that are a result of COVID-19 impacts are not included in this calculation.
Tenant improvements and incentives include the total dollars committed for the improvement (fit out) of a space as it relates to a specific lease.
3 unchanged sentences
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.
+Added: The current economic conditions could adversely impact our volume of leasing activity and the amount of rent we are able to charge to new or renewing tenants.
The leases signed in 2023 generally become effective over the following two years though some may not become effective until 2026 and beyond.
8 unchanged sentences
Phoenix, AZ 85016(4) 1977, 2019 2021 642,000 $18.47 90% Fry's Food & Drug
−Removed: Floor & Décor
Nordstrom Last Chance
+Added: Floor & Décor
Chandler Festival
37 unchanged sentences
La Mesa, CA 91942(4) 1961, 1963, 1982-1983, 2002 2021 877,000 $14.75 97% Target
+Added: Barnes & Noble
Hastings Ranch Plaza
3 unchanged sentences
Los Gatos, CA 95032(7)(8) 1960 1998 81,000 $44.45 98% Lunardi's
+Added: 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)
Walnut Park, CA 90255(5)(6)(7) 2008 2017 245,000 $27.86 95% Marshalls
2 unchanged sentences
Los Gatos, CA 95030 1962, 1998 1997 98,000 $45.15 85% Anthropologie
+Added: Arhaus Furniture
Teleferic Barcelona
−Removed: 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)
Olivo at Mission Hills
23 unchanged sentences
Santa Monica, CA 90401 1888-2000 1996-2000 185,000 $81.93 69% adidas
+Added: John Reed Fitness
Multiple Restaurants
2 unchanged sentences
Nordstrom Rack
+Added: Ross Dress for Less
Bristol Plaza
2 unchanged sentences
Darien, CT 06820 1920-2009, 2023 2013/2018 99,000 $46.87 92% Equinox
+Added: Multiple Restaurants
Darien Commons Residential
12 unchanged sentences
& 2007 2008/2014 187,000 $24.35 98% Winn Dixie
−Removed: The Shops at Pembroke Gardens
−Removed: Pembroke Pines, FL 33027 2007 2022 391,000 $30.66 92% DSW
+Added: Shops at Pembroke Gardens
+Added: Pembroke Pines, FL 33027 2007 2022 392,000 $32.43 94% Nike Factory
Barnes & Noble
1 unchanged sentence
Ross Dress for Less
+Added: 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)
Highland Park, IL 60035 1959 1993 168,000 $23.72 96% L.A.
1 unchanged sentence
Finley Square
−Removed: Downers Grove, IL 60515 1974 1995 281,000 $17.13 92% Bed, Bath & Beyond
−Removed: Michaels Portillo's
−Removed: 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)
+Added: Downers Grove, IL 60515 1974 1995 281,000 $20.35 53% Michaels
Garden Market
27 unchanged sentences
Ross Dress for Less
+Added: Bob's Discount Furniture
Laurel, MD 20707 1956 1986 364,000 $24.36 96% Giant Food
4 unchanged sentences
Perring Plaza
−Removed: Baltimore, MD 21134 1963 1985 398,000 $19.04 71% Shoppers Food Warehouse
+Added: Baltimore, MD 21134 1963 1985 397,000 $17.29 88% Home Depot
+Added: Dick's Sporting Goods
North Bethesda, MD 20852(10) 1963, 2014, 2018, 2020 1982/2007/
2012 792,000 $45.07 100% Porsche
−Removed: Bean Multiple Restaurants
+Added: Choice Hotels
+Added: Multiple Restaurants
Pike & Rose Residential
4 unchanged sentences
Gaithersburg, MD 20877(7) 1975 1993 271,000 $26.22 81% Aldi
+Added: 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)
THE AVENUE at White Marsh
6 unchanged sentences
Baltimore, MD 21236 1987 2007 80,000 $24.09 98% Giant Food
−Removed: 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)
Bethesda, MD 20814 1958 1969 88,000 $106.73 100% Balducci's
18 unchanged sentences
Wellesley, MA 02481 1960, 2008 2006 224,000 $50.81 98% Roche Bros.
+Added: Multiple Restaurants
7 units N/A 86%
5 unchanged sentences
Roseville, MI 48066 1964 1973 216,000 $13.43 78% Kroger
−Removed: Bed, Bath & Beyond
Brick Township, NJ 08723(7) 1958 1989 407,000 $22.39 94% Trader Joe's
3 unchanged sentences
Cherry Hill, NJ 08034 1959 1992 260,000 $17.83 98% Whole Foods
−Removed: Hoboken, NJ 07030(4)(6)(13) 1887-2006 2019/2020/2022 171,000 $57.04 98% CVS
+Added: Hoboken, NJ 07030(4)(6)(12) 1887-2006 2019/2020/2022 171,000 $58.81 99% Nike Live
New York Sports Club
1 unchanged sentence
129 units N/A 100%
+Added: Mercer on One (formerly Mercer Mall)
Lawrenceville, NJ 08648(7) 1975 2003/2017/2023 551,000 $27.13 94% Shop Rite
6 unchanged sentences
Williams-Sonoma
+Added: 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)
Parsippany-Troy, NJ 07054 1966 1980 210,000 $23.07 98% Target
2 unchanged sentences
Queens, NY 11365 1949 1997 408,000 $39.96 98% Island of Gold
+Added: Planet Fitness
Georgetowne Shopping Center
2 unchanged sentences
Greenlawn, NY 11743 1975, 2004 2006 103,000 $19.14 79% Greenlawn Farms
−Removed: Tuesday Morning
Planet Fitness
−Removed: 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)
Hauppauge, NY 11788 1963 1998 134,000 $26.83 94% Shop Rite
22 unchanged sentences
Crunch Fitness
−Removed: Town Center of New Britain
−Removed: New Britain, PA 18901 1969 2006 124,000 $10.08 93% Giant Food
Willow Grove, PA 19090 1953 1984 85,000 $24.20 98% Marshalls
1 unchanged sentence
9 units N/A 100%
−Removed: Charlottesville, VA 22091 1975-2001 2007 169,000 $20.35 100% Lidl HomeGoods
+Added: Charlottesville, VA 22091 1975-2001 2007 168,000 $20.61 98% HomeGoods
Barcroft Plaza
3 unchanged sentences
Anthropologie
−Removed: Bed, Bath & Beyond
+Added: 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)
Birch & Broad
6 unchanged sentences
Falls Church, VA 22042 1971 1983 133,000 $38.92 90% Giant Food
−Removed: 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)
Idylwood Plaza
8 unchanged sentences
Old Keene Mill
−Removed: Springfield, VA 22152 1968 1976 91,000 $39.41 95% Whole Foods
+Added: Springfield, VA 22152 1968 1976 90,000 $45.90 95% Walgreens
Planet Fitness
Fairfax, VA 22031 1979 1993 228,000 $24.49 91% Safeway
−Removed: Vienna, VA 22180 1968 1997/2015 172,000 $49.74 100% TJ Maxx
+Added: Vienna, VA 22180 1968 1997/2015 172,000 $48.28 97% Lidl
Tower Shopping Center
8 unchanged sentences
2006-2009 1995 267,000 $40.95 88% Harris Teeter
−Removed: Carlyle Grand Café
−Removed: Westpost (formerly known as Pentagon Row)
+Added: Multiple Restaurants
Arlington, VA 22202 2001-2002 1998/2010 298,000 $32.74 99% Harris Teeter
15 unchanged sentences
(7) All or a portion of this property is owned pursuant to a ground lease.
−Removed: (8) We own a 77.7% TIC interest in this property.
−Removed: GLA disclosed represents our 77.7% share.
−Removed: See Note 3 to the consolidated financial statements for additional information.
(8) 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.
6 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.