What changed in this filing

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Item 2. Properties

2021-02-19 compared with 2020-02-21 · 59 added, 33 removed, 12 unchanged (88% of the section changed)

The following table summarizes the properties included in our multi-tenant retail portfolio as of December 31, 2019 .

of Properties

(square feet)

Economic Occupancy

Wholly-owned and consolidated

Community and neighborhood center

Properties held by IAGM

Community and neighborhood center

Multi-tenant retail portfolio, totals

The following table represents the geographical diversity of our multi-tenant retail portfolio as of December 31, 2019 .

The following table summarizes the properties included in our retail portfolio, on a wholly-owned, IAGM, and pro-rata combined basis, as of December 31, 2020.

Retail Properties IAGM

Retail Properties Pro Rata Combined

Retail Portfolio

of properties 55 10 65

GLA (square feet) 8,392,572 2,470,193 9,751,178

% of Total GLA

South Atlantic

North Carolina

South Atlantic

The following table represents information regarding the top 10 tenants by total ABR in our multi-tenant retail portfolio as of December 31, 2019 .

(square feet)

Percentage of

Economic occupancy 94.8% 87.4% 93.8%

ABR PSF $18.69 $17.36 $18.52

The following table represents the geographical diversity of our retail portfolio by GLA as of December 31, 2020.

State Region No.

of Properties Wholly-Owned Retail Properties IAGM Retail Properties at Share Pro Rata Combined Retail Portfolio

Texas Southwest 25 2,459,753 1,358,606 3,818,359

Florida South Atlantic 10 1,981,512 — 1,981,512

Georgia South Atlantic 10 1,058,095 — 1,058,095

California West 7 1,050,623 — 1,050,623

North Carolina South Atlantic 7 1,015,870 — 1,015,870

Colorado West 3 466,460 — 466,460

Maryland East 2 183,348 — 183,348

Virginia South Atlantic 1 176,911 — 176,911

65 8,392,572 1,358,606 9,751,178

The following table represents information regarding the top 10 tenants in our Pro Rata Combined Retail Portfolio by total ABR and GLA as of December 31, 2020.

ABR GLA (square feet)

Tenant Name (a) Wholly-Owned Retail Properties IAGM Retail Properties

at Share Pro Rata Combined Retail Portfolio Percentage of Total ABR Wholly-Owned Retail Properties IAGM Retail Properties

at Share Pro Rata Combined Retail Portfolio Percentage of Total Occupied GLA

Kroger $ 8,437 $ 914 $ 9,351 5.7% 789,067 90,636 879,703 9.0%

Publix Super Markets, Inc.

6,504 — 6,504 4.0% 628,926 — 628,926 6.4%

Albertson's 4,979 — 4,979 3.0% 425,481 — 425,481 4.4%

TJX Companies 4,284 — 4,284 2.6% 372,534 — 372,534 3.8%

Bed Bath & Beyond Inc.

2,827 623 3,450 2.1% 218,278 63,638 281,916 2.9%

Petsmart, Inc.

Ross Dress For Less

2,270 428 2,698 1.6% 150,696 26,186 176,882 1.8%

Best Buy 2,113 506 2,619 1.6% 137,928 41,644 179,572 1.8%

1,713 660 2,373 1.5% 157,945 104,775 262,720 2.7%

Whole Foods Market 2,156 — 2,156 1.3% 154,551 — 154,551 1.6%

The following table represents the lease expirations of our economic occupied multi-tenant retail portfolio as of December 31, 2019 .

Expiration Year

Expiring Leases

(square feet)

Total GLA of Expiring Leases

Ross Dress for Less 1,796 351 2,147 1.3% 150,324 33,083 183,407 1.9%

Totals $ 37,079 $ 3,482 $ 40,561 24.7% 3,185,730 359,962 3,545,692 36.3%

(a) The top ten tenants shown reflect the top ten tenants in the wholly-owned retail portfolio and the ABR and GLA at pro-rata share of those tenants at the IAGM properties.

The following table represents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of December 31, 2020.

Expiration Year No.

Leases (a) GLA of

Expiring Leases

Other lease expirations include month-to-month and specialty leases.

Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space.

(square feet) Percent of

Total GLA of Expiring Leases ABR of

Expiring Leases Percent of

Total ABR Expiring

2021 164 563,481 6.2% $ 11,917 7.2% $21.15

2022 216 1,259,937 13.8% 21,866 13.2% 17.35

2023 206 941,373 10.3% 17,323 10.4% 18.40

2024 189 1,057,370 11.6% 20,240 12.2% 19.14

2025 181 1,103,190 12.1% 18,741 11.3% 16.99

2026 117 572,273 6.3% 11,989 7.2% 20.95

2027 111 860,210 9.4% 17,885 10.8% 20.79

2028 78 441,421 4.8% 8,886 5.4% 20.13

2029 91 510,490 5.6% 10,209 6.1% 20.00

2030 71 360,474 3.9% 8,271 5.0% 22.94

Thereafter 64 1,264,119 13.9% 17,890 10.7% 14.15

Other (b) 270 192,591 2.1% 784 0.5% 21.73

Totals 1,758 9,126,929 100% $ 166,001 100% $18.19

of expiring leases includes IAGM at 100%.

(b) Other lease expirations include the GLA, ABR and ABR PSF of month-to-month and the GLA of specialty leases.

Specialty leasing, which is included in other property income, represents leases of less than one year in duration for inline space and includes any term length for a common area space.

Examples include retail holiday stores, storage, and short-term clothing and furniture consignment stores.

Specialty leasing includes, but is not limited to, any term length for a common area space, including but not limited to:

tent sales, automated teller machines, cell towers, billboards, and vending.

We believe the percentage of leases expiring annually over the next five years may allow us to capture an appropriate portion of potential market rent increases while allowing us to manage any potential re-leasing risk.

Specialty leasing includes, but is not limited to, any term length for a common area space, including but not limited to, tent sales, automated teller machines, cell towers, billboards, and vending.

For purposes of preparing the table, we have not assumed that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised.

Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration.

We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

Certain of our properties are encumbered by mortgages, totaling $107.3 million as of December 31, 2020.

Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.

During the year ended December 31, 2019 , we did not experience any tenant bankruptcies or receivable write-offs that materially impacted our results of operations.

Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration.

We believe this minimizes risk to our multi-tenant retail portfolio from significant revenue variances over time.

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