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Item 2. Properties

2022-02-15 compared with 2021-02-19 · 36 added, 30 removed, 41 unchanged (62% of the section changed)

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.

The following table summarizes our retail portfolio, on a wholly-owned, IAGM, and pro-rata combined basis, as of December 31, 2021 and 2020.

Retail Properties IAGM

1 unchanged sentence

Retail Portfolio

2021 2020 2021 2020 2021 2020

of properties 55 55 7 10 62 65

1 unchanged sentence

Economic occupancy 93.4% 92.2% 87.6% 84.7% 92.8% 91.1%

Leased occupancy 94.6% 93.7% 88.2% 86.8% 93.9% 92.8%

ABR PSF $18.76 $18.39 $16.98 $16.99 $18.59 $18.21

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%

The following table represents the geographical diversity of our retail portfolio by ABR and GLA on a pro rata basis as of December 31, 2021.

of Properties ABR ABR psf ABR as

% of Total GLA GLA as

Austin-Round Rock, TX 6 $ 22,822 $16.00 14.1 % 1,529 16.1 %

Atlanta Metro Area, GA 10 18,797 18.59 11.5 % 1,058 11.1 %

Miami-Fort Lauderdale-Miami Beach, FL 3 16,768 21.26 10.3 % 859 9.0 %

Dallas-Fort Worth-Arlington, TX 7 15,264 19.71 9.3 % 860 9.0 %

Houston-Sugar Land-Baytown, TX 7 14,283 15.82 8.7 % 1,041 10.9 %

Raleigh-Cary-Durham, NC 5 12,306 19.04 7.5 % 688 7.2 %

California - Los Angeles, CA 3 10,343 20.27 6.3 % 579 6.1 %

Petersburg, FL 3 8,610 12.62 5.3 % 755 7.9 %

Washington D.C/Richmond Metro Area 3 8,029 24.27 4.9 % 360 3.8 %

Orlando-Kissimmee, FL 4 7,724 21.99 4.7 % 374 3.9 %

Denver-Colorado Springs-Greeley, CO 3 7,364 16.67 4.5 % 467 4.9 %

Charlotte-Gastonia-Concord, NC 2 6,395 19.85 3.9 % 328 3.4 %

California - Inland Empire, CA 2 5,595 22.97 3.4 % 246 2.6 %

California - San Diego, CA 2 5,430 25.15 3.3 % 225 2.4 %

San Antonio, TX 2 3,750 25.66 2.3 % 163 1.7 %

Total 62 $ 163,480 $18.59 100 % 9,532 100 %

The following table represents information regarding the top 10 tenants of our retail portfolio by ABR and GLA on a pro rata basis as of December 31, 2021.

Parent Name Tenant Name/Count No.

of Leases ABR Pro Rata Portfolio % of Total ABR GLA Pro Rata Portfolio % of Total Occ.GLA

Kroger Kroger 7 / Kroger Gas 1 / Harris Teeter 3 / Ralphs 3 / King Soopers 1 15 $ 8,711 5.3 % 808 8.5 %

Publix Super Markets, Inc.

Publix 13 / Publix Liquor 3 16 6,464 4.0 % 629 6.6 %

Albertsons Safeway 2 / Safeway Gas 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1

8 4,946 3.0 % 425 4.5 %

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.

TJX Companies Marshalls 6 / HomeGoods 3 / TJ Maxx 3

12 4,304 2.6 % 373 3.9 %

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3 2,386 1.5 % 263 2.8 %

Ross Dress For Less Ross Dress for Less 6 / dd's Discounts 1 7 2,129 1.3 % 179 1.9 %

Bed Bath & Beyond Inc.

Bed Bath & Beyond 4 / Buy Buy Baby 2

6 2,051 1.3 % 161 1.7 %

Whole Foods Market 4 1,992 1.2 % 155 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.

84 37,989 23.3 % 3,322 34.9 %

The following table represents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of December 31, 2021.

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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.

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

In preparing the above 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.

3 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