Item 2. Properties
Item 2. Properties
The following table summarizes our retail portfolio as of December 31, 2024 and 2023.
Year ended December 31
2024 2023
No. of properties 68 62
GLA (square feet) 10,972 10,324
Economic occupancy 95.3% 93.3%
Leased occupancy 97.4% 96.2%
ABR PSF $20.07 $19.48
The following table summarizes the geographical diversity of our retail portfolio by ABR as of December 31, 2024.
Market No. of Properties ABR ABR PSF ABR as
% of Total GLA GLA as
% of Total
Austin-Round Rock, TX 8 $ 33,517 $16.97 16.1 % 2,091 19.1 %
Houston-Sugar Land-Baytown, TX 6 21,376 16.41 10.2 % 1,378 12.5 %
Atlanta Metro Area, GA 10 20,935 20.89 10.0 % 1,069 9.7 %
Miami-Fort Lauderdale-Miami Beach, FL 3 20,231 24.04 9.7 % 859 7.8 %
Dallas-Fort Worth-Arlington, TX 7 18,678 20.56 9.0 % 941 8.6 %
Raleigh-Cary-Durham, NC 5 13,288 20.39 6.4 % 688 6.3 %
Orlando-Kissimmee, FL 4 10,337 25.67 5.0 % 411 3.7 %
Charlotte-Gastonia-Concord, NC 4 9,972 20.67 4.8 % 515 4.7 %
Tampa-St. Petersburg, FL 3 9,486 15.34 4.6 % 744 6.8 %
So. California - Los Angeles, CA 2 7,489 20.14 3.6 % 392 3.6 %
Richmond, VA 2 6,864 17.94 3.3 % 385 3.5 %
San Antonio, TX 2 6,573 27.02 3.2 % 261 2.4 %
Washington D.C., MD 2 5,826 36.34 2.8 % 181 1.6 %
So. California - San Diego, CA 2 5,712 26.31 2.8 % 225 2.1 %
So. California - Inland Empire, CA 2 5,661 23.36 2.7 % 246 2.2 %
Charleston-Berkeley-Dorchester, SC 2 5,225 25.80 2.5 % 214 2.0 %
Cape Coral-Fort Myers, FL 2 3,718 15.55 1.8 % 249 2.3 %
Phoenix, AZ 2 3,057 25.73 1.5 % 123 1.1 %
Total 68 $ 207,945 $20.07 100 % 10,972 100 %
The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2024.
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 2 14 $ 8,891 4.3 % 821 7.5 %
Publix Super Markets, Inc. Publix 12 / Publix Liquor 3 15 6,926 3.3 % 581 5.3 %
TJX Companies Marshalls 7 / HomeGoods 5 / TJ Maxx 2
14 4,907 2.4 % 399 3.6 %
Albertson's Tom Thumb 2 / Market Street 2 / Safeway 1 /Albertsons 1
6 4,359 2.1 % 365 3.3 %
H.E.B. H.E.B. 4 / H.E.B. Staff Office 1 5 4,257 2.0 % 447 4.1 %
Amazon, Inc. Whole Foods Market 5 5 2,742 1.3 % 194 1.8 %
Apollo Global Management, Inc. Michael's 8 8 2,660 1.3 % 190 1.7 %
Best Buy 4 2,270 1.1 % 138 1.3 %
Ross Dress For Less Ross Dress for Less 5 / dd's Discounts 1 6 2,193 1.1 % 171 1.6 %
BC Partners PetSmart 6 6 2,117 1.0 % 125 1.1 %
83 $ 41,322 19.9 % 3,431 31.3 %
16
The following table presents the lease expirations of our retail portfolio as of December 31, 2024. This table does not include expirations of signed but not yet commenced leases, nor does it assume available but unexercised contractual lease renewal or extension options contained in our leases.
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)
2025 137 697 6.6 % $ 12,522 5.6 % $17.97
2026 231 1,000 9.5 % 24,231 10.9 % 24.23
2027 286 1,883 17.9 % 38,609 17.3 % 20.50
2028 238 1,111 10.7 % 26,712 12.0 % 24.04
2029 241 1,487 14.2 % 32,612 14.6 % 21.93
2030 133 937 8.9 % 20,027 9.0 % 21.37
2031 89 581 5.5 % 12,337 5.5 % 21.23
2032 89 543 5.2 % 12,233 5.5 % 22.53
2033 69 435 4.1 % 10,789 4.8 % 24.80
2034 84 768 7.3 % 15,599 7.0 % 20.31
Thereafter 46 1,032 9.9 % 16,493 7.5 % 15.98
Other (b) 11 22 0.2 % 598 0.3 % 27.18
Totals 1,654 10,496 100 % $ 222,762 100 % $21.22
(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 $93.4 million as of December 31, 2024. Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.