Item 2. Properties
Item 2. Properties
The following table summarizes our retail portfolio as of December 31, 2025 and 2024.
Year ended December 31
2025 2024
No. of properties 73 68
GLA (square feet) 11,589 10,972
Economic occupancy 95.4% 95.3%
Leased occupancy 96.7% 97.4%
ABR PSF $20.41 $20.07
The following table summarizes the geographical diversity of our retail portfolio by ABR as of December 31, 2025.
Market No. of Properties ABR ABR PSF ABR as
% of Total GLA GLA as
% of Total
Austin-Round Rock, TX 8 $ 34,659 $16.95 15.4 % 2,091 18.0 %
Houston-Sugar Land-Baytown, TX 6 21,923 16.88 9.7 % 1,378 12.0 %
Atlanta Metro Area, GA 10 21,527 21.28 9.5 % 1,069 9.2 %
Miami-Fort Lauderdale-Miami Beach, FL 3 20,885 24.71 9.2 % 859 7.4 %
Dallas-Fort Worth-Arlington, TX 7 19,272 21.09 8.5 % 941 8.1 %
Charlotte-Gastonia-Concord, NC 6 16,607 22.87 7.4 % 752 6.5 %
Raleigh-Cary-Durham, NC 5 13,665 20.69 6.1 % 688 5.9 %
Richmond, VA 3 12,991 17.02 5.7 % 771 6.7 %
Orlando-Kissimmee, FL 4 10,533 26.57 4.7 % 411 3.6 %
Tampa-St. Petersburg, FL 3 9,636 15.64 4.3 % 744 6.4 %
San Antonio, TX 3 9,318 28.01 4.1 % 353 3.0 %
Charleston-Berkeley-Dorchester, SC 3 7,845 27.43 3.5 % 293 2.5 %
Cape Coral-Fort Myers, FL 3 7,578 20.98 3.4 % 380 3.3 %
Washington D.C., MD 2 6,060 37.42 2.7 % 181 1.6 %
Phoenix, AZ 3 5,278 23.27 2.3 % 234 2.0 %
Asheville, NC 1 2,534 20.10 1.1 % 130 1.1 %
Savannah, GA 1 2,034 19.63 0.9 % 106 0.9 %
So. California - Los Angeles, CA 1 1,724 19.40 0.8 % 117 1.0 %
Tucson, AZ 1 1,501 16.63 0.7 % 91 0.8 %
Total 73 $ 225,570 $20.41 100 % 11,589 100 %
The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2025.
Parent Name Tenant Name/Count No. of Leases ABR % of Total ABR GLA % of Total Occ.GLA
Kroger Kroger 7 / Kroger Fuel 1 / Harris Teeter 5 13 $ 8,079 3.6 % 787 6.8 %
Publix Super Markets, Inc. Publix 13 / Publix Liquor 3 16 7,323 3.2 % 629 5.4 %
TJX Companies Marshalls 8 / HomeGoods 5 / TJ Maxx 3
16 5,465 2.4 % 450 3.9 %
Amazon, Inc. Whole Foods Market 8 5,023 2.2 % 320 2.8 %
Albertsons Tom Thumb 2 / Market Street 2 /
Safeway 1 /Albertsons 1 6 4,400 2.0 % 365 3.1 %
H.E.B. H.E.B. 4 / H.E.B. Staff Office 1 5 4,292 1.9 % 481 4.2 %
Apollo Global Management, Inc. Michaels 9 9 2,927 1.3 % 211 1.8 %
Trader Joe's 7 2,752 1.2 % 88 0.8 %
Wegmans 2 2,450 1.1 % 242 2.1 %
Ross Dress For Less Ross Dress for Less 5 / dd's Discounts 1 6 2,193 1.0 % 171 1.5 %
88 $ 44,904 19.9 % 3,744 32.4 %
16
The following table presents the lease expirations of our retail portfolio as of December 31, 2025. 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)
2026 168 549 5.0 % $ 15,092 6.2 % $27.49
2027 262 1,554 14.1 % 32,522 13.4 % 20.93
2028 264 1,143 10.4 % 28,055 11.5 % 24.55
2029 256 1,530 13.9 % 33,786 13.9 % 22.08
2030 226 1,475 13.4 % 30,093 12.4 % 20.40
2031 153 1,062 9.6 % 22,562 9.3 % 21.24
2032 105 624 5.7 % 14,345 5.9 % 22.99
2033 75 450 4.1 % 11,348 4.7 % 25.22
2034 101 879 8.0 % 19,025 7.8 % 21.64
2035 87 585 5.3 % 15,087 6.2 % 25.79
Thereafter 54 1,125 10.2 % 20,057 8.3 % 17.83
Other (b) 12 35 0.3 % 1,036 0.4 % 29.60
Totals 1,763 11,011 100 % $ 243,008 100 % $22.07
(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 $117.6 million as of December 31, 2025. Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.