+Added: As of December 31, 2023 and 2022, InvenTrust's wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based.
+Added: For the year ended December 31, 2022, we have included results from the properties previously owned by our 55% ownership interest in IAGM at share when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio."
The following table summarizes our retail portfolio, on a wholly-owned, IAGM, and pro-rata combined basis, as of December 31, 2023 and 2022.
8 unchanged sentences
ABR PSF $19.48 $19.26 $— $16.22 $19.48 $19.08
−Removed: 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.
+Added: The following table represents the geographical diversity of our retail portfolio by ABR as of December 31, 2023.
of Properties ABR ABR PSF ABR as
1 unchanged sentence
Austin-Round Rock, TX 8 $ 32,625 $16.74 17.5 % 2,056 19.9 %
−Removed: Atlanta Metro Area, GA 10 19,342 19.10 11.1 % 1,058 10.8 %
+Added: Houston-Sugar Land-Baytown, TX 6 20,908 16.39 11.2 % 1,409 13.6 %
Miami-Fort Lauderdale-Miami Beach, FL 3 18,895 23.06 10.1 % 859 8.3 %
Dallas-Fort Worth-Arlington, TX 7 18,325 20.02 9.8 % 939 9.1 %
−Removed: Houston-Sugar Land-Baytown, TX 6 12,987 16.28 7.4 % 904 9.2 %
+Added: Atlanta Metro Area, GA 9 18,023 20.73 9.7 % 995 9.6 %
Raleigh-Cary-Durham, NC 5 13,318 20.09 7.2 % 688 6.7 %
California - Los Angeles, CA 3 11,247 20.94 6.0 % 579 5.6 %
−Removed: Petersburg, FL 3 8,809 12.85 5.0 % 753 7.7 %
+Added: Charlotte-Gastonia-Concord, NC 4 9,492 20.00 5.1 % 515 5.0 %
Orlando-Kissimmee, FL 4 9,026 24.24 4.8 % 378 3.7 %
+Added: Petersburg, FL 3 8,614 13.26 4.6 % 753 7.3 %
Washington D.C/Richmond Metro Area 3 8,494 26.78 4.6 % 358 3.5 %
−Removed: Charlotte-Gastonia-Concord, NC 3 8,136 19.65 4.7 % 424 4.3 %
San Antonio, TX 2 5,993 25.62 3.2 % 261 2.5 %
3 unchanged sentences
Total 62 $ 186,402 $19.48 100 % 10,324 100 %
−Removed: 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.
+Added: The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2023.
Parent Name Tenant Name/Count No.
−Removed: of Leases ABR Pro Rata Portfolio % of Total ABR GLA Pro Rata Portfolio % of Total Occ.GLA
+Added: of Leases ABR % of Total ABR GLA % of Total Occ.GLA
Kroger Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3 15 $ 9,676 5.2 % 864 8.4 %
3 unchanged sentences
14 4,872 2.6 % 397 3.8 %
−Removed: Albertsons Safeway 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1
−Removed: 6 4,303 2.5 % 365 3.7 %
+Added: Albertson's Safeway 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1
6 4,303 2.3 % 365 3.5 %
+Added: Staff Office 1 5 4,220 2.3 % 447 4.3 %
Whole Foods Market 5 5 2,701 1.4 % 194 1.9 %
1 unchanged sentence
Best Buy 4 2,270 1.2 % 138 1.3 %
+Added: Apollo Global Management, Inc.
+Added: Michael's 7 7 2,052 1.1 % 161 1.6 %
Ulta Beauty Inc.
8 2,028 1.1 % 83 0.8 %
−Removed: Bed Bath & Beyond Inc.
−Removed: Bed Bath & Beyond 4 / Buy Buy Baby 1 5 1,888 1.1 % 150 1.5 %
85 $ 40,762 21.8 % 3,341 32.3 %
−Removed: The following table presents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of December 31, 2022.
+Added: The following table presents the lease expirations of our retail portfolio as of December 31, 2023.
+Added: This table does not include expirations of signed but not yet commenced leases, nor does it assume that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised.
Expiration Year No.
−Removed: Leases (a) GLA of
−Removed: Expiring Leases
−Removed: (square feet) Percent of
+Added: Leases GLA of
+Added: Expiring Leases Percent of
Total GLA of Expiring Leases ABR of
14 unchanged sentences
Totals 1,498 9,631 100 % $ 199,653 100 % $20.73
−Removed: of expiring leases includes IAGM at 100%.
+Added: (a) Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
(b) Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
−Removed: 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.
−Removed: We believe this minimizes risk to our retail portfolio from significant revenue variances over time.
+Added: We believe this minimizes our risk of significant revenue variances over time.
Certain of our properties are encumbered by mortgages, totaling $168.5 million as of December 31, 2023.
1 unchanged sentence
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.