Item 2. Properties
Item 2. Properties
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. 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.
Wholly-Owned
Retail Properties IAGM
Retail Properties Pro Rata Combined
Retail Portfolio
2023 2022 2023 2022 2023 2022
No. of properties 62 58 — 4 62 62
GLA (square feet) 10,324 9,171 — 1,125 10,324 9,790
Economic occupancy 93.3% 94.2% —% 90.2% 93.3% 93.9%
Leased occupancy 96.2% 96.2% —% 93.6% 96.2% 96.1%
ABR PSF $19.48 $19.26 $— $16.22 $19.48 $19.08
The following table represents the geographical diversity of our retail portfolio by ABR as of December 31, 2023.
Market No. of Properties ABR ABR PSF ABR as
% of Total GLA GLA as
% of Total
Austin-Round Rock, TX 8 $ 32,625 $16.74 17.5 % 2,056 19.9 %
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 %
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 %
So. California - Los Angeles, CA 3 11,247 20.94 6.0 % 579 5.6 %
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 %
Tampa-St. 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 %
San Antonio, TX 2 5,993 25.62 3.2 % 261 2.5 %
So. California - San Diego, CA 2 5,752 26.04 3.1 % 225 2.2 %
So. California - Inland Empire, CA 2 5,116 24.21 2.8 % 246 2.4 %
Cape Coral-Fort Myers, FL 1 574 9.68 0.3 % 63 0.6 %
Total 62 $ 186,402 $19.48 100 % 10,324 100 %
15
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. 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 %
Publix Super Markets, Inc. Publix 11 / Publix Liquor 3 14 6,204 3.3 % 541 5.2 %
TJX Companies Marshalls 7 / HomeGoods 5 / TJ Maxx 2
14 4,872 2.6 % 397 3.8 %
Albertson's Safeway 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1
6 4,303 2.3 % 365 3.5 %
H.E.B. H.E.B. 4 / H.E.B. Staff Office 1 5 4,220 2.3 % 447 4.3 %
Amazon, Inc. Whole Foods Market 5 5 2,701 1.4 % 194 1.9 %
BC Partners Petsmart 7 7 2,436 1.3 % 151 1.5 %
Best Buy 4 2,270 1.2 % 138 1.3 %
Apollo Global Management, Inc. Michael's 7 7 2,052 1.1 % 161 1.6 %
Ulta Beauty Inc. 8 2,028 1.1 % 83 0.8 %
85 $ 40,762 21.8 % 3,341 32.3 %
The following table presents the lease expirations of our retail portfolio as of December 31, 2023. 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.
Lease
Expiration Year No. of
Expiring
Leases GLA of
Expiring Leases Percent of
Total GLA of Expiring Leases ABR of
Expiring Leases Percent of
Total ABR Expiring
ABR PSF (a)
2024 108 479 5.0 % $ 10,811 5.4 % $22.57
2025 170 1,170 12.1 % 20,178 10.1 % 17.25
2026 216 958 9.9 % 22,433 11.2 % 23.42
2027 266 1,887 19.6 % 38,897 19.5 % 20.61
2028 227 1,054 10.9 % 25,602 12.8 % 24.29
2029 153 1,127 11.7 % 22,457 11.2 % 19.93
2030 80 383 4.0 % 9,980 5.0 % 26.06
2031 75 504 5.2 % 10,563 5.3 % 20.96
2032 90 549 5.7 % 12,673 6.3 % 23.08
2033 61 386 4.0 % 9,959 5.0 % 25.80
Thereafter 42 1,100 11.5 % 15,048 7.7 % 13.68
Other (b) 10 34 0.4 % 1,052 0.5 % 30.94
Totals 1,498 9,631 100 % $ 199,653 100 % $20.73
(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.
Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. 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. Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.