Item 2. Properties
Item 2. Properties
The following table summarizes our retail portfolio, on a wholly-owned, IAGM, and pro-rata combined basis, as of December 31, 2021 and 2020.
Wholly-Owned
Retail Properties IAGM
Retail Properties Pro Rata Combined
Retail Portfolio
2021 2020 2021 2020 2021 2020
No. of properties 55 55 7 10 62 65
GLA (square feet) 8,560 8,392 1,768 2,470 9,532 9,751
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 ABR and GLA on a pro rata basis as of December 31, 2021.
Market No. of Properties ABR ABR psf ABR as
% of Total GLA GLA as
% of Total
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 %
So. California - Los Angeles, CA 3 10,343 20.27 6.3 % 579 6.1 %
Tampa-St. 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 %
So. California - Inland Empire, CA 2 5,595 22.97 3.4 % 246 2.6 %
So. 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 %
15
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 %
TJX Companies Marshalls 6 / HomeGoods 3 / TJ Maxx 3
12 4,304 2.6 % 373 3.9 %
Petsmart, Inc. 8 2,537 1.6 % 166 1.7 %
Best Buy 5 2,469 1.5 % 163 1.7 %
H.E.B. 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 %
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.
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
2022 147 457 5.2 % $ 9,844 5.6 % $21.54
2023 193 996 11.3 % 18,192 10.4 % 18.27
2024 187 999 11.3 % 20,135 11.5 % 20.16
2025 176 1,151 13.0 % 20,665 11.8 % 17.95
2026 186 741 8.4 % 17,723 10.1 % 23.92
2027 163 1,670 18.9 % 31,538 18.0 % 18.89
2028 82 443 5.0 % 10,119 5.8 % 22.84
2029 90 513 5.8 % 11,118 6.3 % 21.67
2030 69 341 3.9 % 8,709 5.0 % 25.54
2031 70 329 3.7 % 9,499 5.4 % 28.87
Thereafter 54 1,163 13.0 % 16,763 9.4 % 14.41
Other (b) 17 47 0.5 % 1,239 0.7 % 26.36
Totals 1,434 8,850 100 % $ 175,544 100 % $19.84
(a) No. of expiring leases includes IAGM at 100%.
(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. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.
Certain of our properties are encumbered by mortgages, totaling $106.0 million as of December 31, 2021. Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.