Item 2. Properties
Item 2. Properties
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.
Wholly-Owned
Retail Properties IAGM
Retail Properties Pro Rata Combined
Retail Portfolio
No. of properties 55 10 65
GLA (square feet) 8,392,572 2,470,193 9,751,178
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.
GLA
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. 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%
H.E.B. 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%
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.
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The following table represents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of December 31, 2020.
Lease
Expiration Year No. of
Expiring
Leases (a) GLA of
Expiring Leases
(square feet) Percent of
Total GLA of Expiring Leases ABR of
Expiring Leases Percent of
Total ABR Expiring
ABR PSF
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
(a) No. 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.
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.