What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-02-13 compared with 2024-02-12 · 37 added, 33 removed, 370 unchanged (16% of the section changed)

4 unchanged sentences

Tenant Diversification

As of December 31, 2023, we had approximately 3,300 commercial leases and 3,100 residential leases, with tenants ranging from sole proprietors to major national and international retailers.

As of December 31, 2024, we had approximately 3,500 commercial leases and 3,100 residential leases, with commercial tenants ranging from sole proprietors to major national and international retailers.

No one tenant or affiliated group of tenants accounted for more than 2.6% of our annualized base rent as of December 31, 2024.

8 unchanged sentences

California 20 6,394,000 23.8 %

Maryland 17 4,471,000 17.2 %

Virginia 20 4,767,000 17.8 %

Pennsylvania 9 1,853,000 7.1 %

Maryland 17 4,526,000 16.9 %

Massachusetts 7 2,251,000 8.4 %

New Jersey 7 1,883,000 7.0 %

Pennsylvania 9 1,822,000 6.8 %

New York 7 1,500,000 5.6 %

Florida 4 1,287,000 4.8 %

Illinois 4 799,000 3.1 %

Arizona 2 947,000 3.5 %

Illinois 4 776,000 2.9 %

Connecticut 3 420,000 1.6 %

38 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, 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.

The comparison between the rent for expiring leases and new leases is determined by including contractual rent on the expiring lease, including percentage rent considered to part of base rent, and the comparable annual rent and in some instances, projections of 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.

3 unchanged sentences

Costs related to tenant improvements require judgement by management in determining what are costs specific to the tenant and not deferred maintenance on the space.

Historically, we have executed comparable space leases for 1.4 to 2.0 million square feet of retail space each year and expect the volume for 2024 will be in line with these historical averages.

In the past five years, we have executed comparable space leases for 1.7 to 2.4 million square feet of retail space each year and expect the volume for 2025 will be in line with these historical averages.

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 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.

A decline in 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 2024 generally become effective over the following two years though some may not become effective until 2027 and beyond.

15 unchanged sentences

Chandler, AZ 85226(5)(6) 2001 2022 262,000 $10.83 98% Walmart

Hilton Village

The Shops at Hilton Village

Scottsdale, AZ 85250(4)(7) 1982, 1989 2021/2022 305,000 $36.25 86% CVS

23 unchanged sentences

Berkeley, CA 94710(4) 1948, 1975 2017 71,000 $40.38 47% CB2

Ingram Book Group

Bellwether Coffee

10 unchanged sentences

Hollywood, CA 90028 1929, 1991 1999 181,000 $32.65 86% Target

Los Gatos, CA 95032(7)(8) 1960 1998 81,000 $44.45 98% Lunardi's

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 $28.44 93% Marshalls

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)

Old Town Center

6 unchanged sentences

Ross Dress for Less

Pinole Vista Crossing

Pinole, CA 94564 1995, 2015 2024 216,000 $22.42 100% FoodMaxx

Nordstrom Rack

Plaza Del Sol

10 unchanged sentences

San Jose, CA 95128(7)(10) 2002, 2009, 2016, 2020 1997 1,231,000 $58.49 98% Crate & Barrel

Container Store

Container Store Best Buy

Cisco Systems

Multiple Restaurants

4 unchanged sentences

Sylmar, CA 91342(4) 1973 2017 148,000 $20.14 92% Food 4 Less

Third Street Promenade

Santa Monica, CA 90401 1888-2000 1996-2000 185,000 $81.93 69% adidas

John Reed Fitness

Multiple Restaurants

Westgate Center

67 unchanged sentences

Perring Plaza

Baltimore, MD 21134 1963 1985 397,000 $17.29 88% Home Depot

Baltimore, MD 21134 1963 1985 398,000 $16.97 100% Giant Food

Dick's Sporting Goods

25 unchanged sentences

2013 1,230,000 $40.76 97% Trader Joe's

Bob's Discount Furniture

Multiple Restaurants

22 unchanged sentences

Sea Grit, NJ 08750(4)(6)(8) 1986, 2004 2014 98,000 $41.59 94% Banana Republic

Williams-Sonoma

Tommy's Tavern + Tap

Cherry Hill, NJ 08034 1959 1992 260,000 $18.64 99% Whole Foods

Hoboken, NJ 07030(4)(6)(12) 1887-2006 2019/2020/2022 171,000 $58.81 99% Nike Live

Hoboken, NJ 07030(4)(6)(12) 1887-2006 2019/2020/2022 171,000 $59.69 99% CVS

New York Sports Club

7 unchanged sentences

Shrewsbury, NJ 07702(4)(6)(8) 1988, 1993

& 2007 2014 193,000 $50.98 95% Lululemon

& 2007 2014 191,000 $53.76 100% Bloomies

Anthropologie

2 unchanged sentences

Parsippany-Troy, NJ 07054 1966 1980 211,000 $19.75 100% Target

Fitness Michaels

Floor & Décor Michaels

Fresh Meadows

Queens, NY 11365 1949 1997 408,000 $39.96 98% Island of Gold

Queens, NY 11365 1949 1997 408,000 $41.03 98% Lidl

Island of Gold

Planet Fitness

5 unchanged sentences

Hauppauge, NY 11788 1963 1998 134,000 $27.17 95% Shop Rite

Huntington, NY 11746 1962 1988/2007/ 2015 138,000 $34.47 91% Petsmart

Huntington, NY 11746 1962 1988/2007/ 2015 211,000 $36.01 98% Whole Foods

Container Store

Huntington Square

East Northport, NY 11731 1980, 2007 2010/2023 243,000 $22.82 98% Barnes & Noble

East Northport, NY 11731 1980, 2007 2010/2023 244,000 $24.21 94% Aldi

Melville Mall

1 unchanged sentence

Dick's Sporting Goods

Macy's Backstage

Philadelphia, PA 19128 1953 1988 270,000 $14.99 87% Acme Markets

TJ Maxx Kohl's

Philadelphia, PA 19128 1953 1988 252,000 $16.01 98% TJ Maxx Kohl's

Bala Cynwyd on City Avenue

Bala Cynwyd, PA 19004 1955 1993 174,000 $37.82 95% Acme Markets

Bala Cynwyd Residential

Bala Cynwyd on City Avenue Residential

Bala Cynwyd, PA 19004 2020 1993 87 units N/A 92%

10 unchanged sentences

Crunch Fitness

Willow Grove, PA 19090 1953 1984 85,000 $24.20 98% Marshalls

Willow Grove, PA 19090 1953 1984 86,000 $25.59 98% Amazon Food

Wynnewood, PA 19096 1948 1996 237,000 $32.03 97% Giant Food

3 unchanged sentences

Falls Church, VA 22041 1963, 1972, 1990, & 2000 2006/2007/ 2016 113,000 $31.15 98% Harris Teeter

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)

Barracks Road

1 unchanged sentence

Anthropologie

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

16 unchanged sentences

Old Keene Mill

Springfield, VA 22152 1968 1976 90,000 $45.90 95% Walgreens

Springfield, VA 22152 1968 1976 90,000 $45.74 100% Trader Joe's

Planet Fitness

Fairfax, VA 22031 1979 1993 228,000 $24.49 91% Safeway

Vienna, VA 22180 1968 1997/2015 175,000 $49.15 98% Lidl

Providence Place (formerly Pan Am)

Fairfax, VA 22031 1979 1993 228,000 $23.93 96% Safeway

Tower Shopping Center

1 unchanged sentence

Total Wine & More

Twinbrooke Shopping Centre

Twinbrooke Centre

Fairfax, VA 22032 1977 2021 101,000 $27.84 98% Safeway

5 unchanged sentences

Multiple Restaurants

Virginia Gateway

Gainesville, VA 20015 1999, 2006-2008, 2013-2016 2024 664,000 $27.15 98% Giant Food

Total Wine & More

Arlington, VA 22202 2001-2002 1998/2010 298,000 $34.14 98% Harris Teeter

23 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.

What changed 10-K

Item 2. Properties