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, 2022 and 2021.
Wholly-Owned
Retail Properties IAGM
Retail Properties Pro Rata Combined
Retail Portfolio
2022 2021 2022 2021 2022 2021
No. of properties 58 55 4 7 62 62
GLA (square feet) 9,171 8,560 1,125 1,768 9,790 9,532
Economic occupancy 94.2% 93.4% 90.2% 87.6% 93.9% 92.8%
Leased occupancy 96.2% 94.6% 93.6% 88.2% 96.1% 93.9%
ABR PSF $19.26 $18.76 $16.22 $16.98 $19.08 $18.59
The following table represents the geographical diversity of our retail portfolio by ABR and GLA on a pro rata basis as of December 31, 2022.
Market No. of Properties ABR ABR PSF ABR as
% of Total GLA GLA as
% of Total
Austin-Round Rock, TX 8 $ 32,217 $16.33 18.3 % 2,056 21.0 %
Atlanta Metro Area, GA 10 19,342 19.10 11.1 % 1,058 10.8 %
Miami-Fort Lauderdale-Miami Beach, FL 3 18,480 23.00 10.6 % 859 8.8 %
Dallas-Fort Worth-Arlington, TX 7 16,723 19.86 9.6 % 938 9.6 %
Houston-Sugar Land-Baytown, TX 6 12,987 16.28 7.4 % 904 9.2 %
Raleigh-Cary-Durham, NC 5 12,630 19.34 7.2 % 688 7.0 %
So. California - Los Angeles, CA 3 10,547 20.57 6.0 % 579 5.9 %
Tampa-St. Petersburg, FL 3 8,809 12.85 5.0 % 753 7.7 %
Orlando-Kissimmee, FL 4 8,690 23.66 5.0 % 378 3.9 %
Washington D.C/Richmond Metro Area 3 8,276 24.52 4.7 % 358 3.7 %
Charlotte-Gastonia-Concord, NC 3 8,136 19.65 4.7 % 424 4.3 %
San Antonio, TX 2 5,938 25.26 3.4 % 261 2.7 %
So. California - San Diego, CA 2 5,685 26.06 3.3 % 225 2.3 %
So. California - Inland Empire, CA 2 5,684 23.09 3.3 % 246 2.5 %
Cape Coral-Fort Myers, FL 1 636 10.10 0.4 % 63 0.6 %
Total 62 $ 174,780 $19.08 100 % 9,790 100 %
15
The following table presents information regarding the top 10 tenants of our retail portfolio by ABR and GLA on a pro rata basis as of December 31, 2022.
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 14 $ 8,277 4.7 % 738 7.5 %
Publix Super Markets, Inc. Publix 13 / Publix Liquor 3 16 6,885 3.9 % 635 6.5 %
TJX Companies Marshalls 7 / HomeGoods 4 / TJ Maxx 2
13 4,399 2.5 % 367 3.8 %
Albertsons Safeway 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1
6 4,303 2.5 % 365 3.7 %
H.E.B. 5 3,669 2.1 % 362 3.7 %
Amazon, Inc. Whole Foods Market 5 5 2,701 1.5 % 194 2.0 %
BC Partners Petsmart 7 7 2,375 1.4 % 151 1.5 %
Best Buy 4 2,236 1.3 % 138 1.4 %
Ulta Beauty Inc. 8 1,960 1.1 % 83 0.8 %
Bed Bath & Beyond Inc. Bed Bath & Beyond 4 / Buy Buy Baby 1 5 1,888 1.1 % 150 1.5 %
83 38,693 22.1 % 3,183 32.4 %
The following table presents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of December 31, 2022.
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
2023 138 448 4.9 % $ 9,610 5.2 % $21.45
2024 184 917 10.0 % 19,552 10.5 % 21.32
2025 178 1,128 12.3 % 20,533 11.0 % 18.20
2026 204 922 10.0 % 20,497 11.0 % 22.23
2027 264 1,926 21.0 % 38,801 20.9 % 20.15
2028 133 811 8.8 % 17,874 9.6 % 22.04
2029 101 579 6.3 % 12,490 6.7 % 21.57
2030 67 349 3.8 % 8,673 4.7 % 24.85
2031 74 502 5.5 % 10,469 5.6 % 20.85
2032 91 568 6.1 % 12,887 6.9 % 22.69
Thereafter 38 1,017 11.0 % 13,910 7.5 % 13.68
Other (b) 11 23 0.3 % 768 0.4 % 33.39
Totals 1,483 9,190 100 % $ 186,064 100 % $20.25
(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 $109.8 million as of December 31, 2022. Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.