What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-28 compared with 2021-02-22 · 149 added, 271 removed, 49 unchanged (90% of the section changed)

Retail Operating Properties

As of December 31, 2020, we owned interests in a portfolio of 83 retail operating properties totaling approximately 16.3 million square feet of total GLA (including approximately 4.6 million square feet of non-owned anchor space).

The following table sets forth more specific information with respect to our retail operating properties as of December 31, 2020:

Location (MSA) Year

Renovated Owned GLA 2

per SqFt Grocery Anchors 4

Other Retailers 4

Total Anchors Shops Total Anchors Shops

The Corner Tucson 2008 79,902 55,883 24,019 100.0 % 100.0 % 100.0 % $ 30.87 Total Wine & More Nordstrom Rack, Panera Bread, (Home Depot)

Crossing at Killingly Commons Willimantic, CT 2010 206,560 149,202 57,358 79.0 % 85.7 % 61.7 % 14.77 Stop & Shop Supermarket, (Target) TJ Maxx, Michaels, Petco, Staples, Lowe's Home Improvement Center

12th Street Plaza Vero Beach 1978/2003 135,016 121,376 13,640 75.7 % 73.0 % 100.0 % 11.32 Publix Tuesday Morning

Bayport Commons Tampa 2008 98,668 73,045 25,623 100.0 % 100.0 % 100.0 % 17.85 (Target) Burlington, PetSmart, Michaels

Centre Point Commons Sarasota 2007 119,366 93,574 25,792 97.4 % 100.0 % 88.2 % 17.75 Best Buy, Dick's Sporting Goods, Office Depot, Panera Bread, (Lowe's Home Improvement Center)

Cobblestone Plaza Miami 2011 133,251 68,219 65,032 96.7 % 100.0 % 93.2 % 28.72 Whole Foods Party City, Planet Fitness

Colonial Square Fort Myers 2010 186,517 150,505 36,012 88.1 % 100.0 % 38.4 % 11.89 Kohl's, Hobby Lobby, PetSmart

Delray Marketplace Miami 2013 260,347 118,136 142,211 94.9 % 100.0 % 90.6 % 26.39 Publix Paragon Theatres, Burt & Max's, Ann Taylor Loft, Chico's, White House Black Market

Estero Town Commons Fort Meyers 2006 25,696 — 25,696 94.7 % 0.0 % 94.7 % 15.53 Lowe's Home Improvement Center, Dollar Tree

Hunter's Creek Promenade Orlando 1994 119,738 55,999 63,739 99.1 % 100.0 % 98.3 % 15.94 Publix

Indian River Square Vero Beach 1997/2004 142,622 109,000 33,622 95.9 % 100.0 % 82.7 % 11.2 (Target) Beall's, Office Depot, Dollar Tree, Panera

International Speedway Square Daytona Beach 1999/2013 233,424 203,405 30,019 79.2 % 82.3 % 57.9 % 12.24 Total Wine & More Bed Bath & Beyond, Old Navy, Staples, Michaels, Dick’s Sporting Goods, Shoe Carnival

Kings Lake Square Naples 1986/2014 88,611 45,600 43,011 99.1 % 100.0 % 98.1 % 19.37 Publix

Lake City Commons Lake City 2008 65,746 45,600 20,146 100.0 % 100.0 % 100.0 % 15.92 Publix

Lake City Commons - Phase II Lake City 2011 16,291 12,131 4,160 100.0 % 100.0 % 100.0 % 15.89 Publix PetSmart

Lake Mary Plaza Orlando 2009 21,385 14,880 6,505 100.0 % 100.0 % 100.0 % 38.22 Walgreens

Lithia Crossing Tampa 2003/2013 90,522 53,547 36,975 58.9 % 32.8 % 96.8 % 22.8 The Fresh Market Chili's, Panera Bread

Miramar Square Miami 2008 231,680 147,505 84,175 94.7 % 100.0 % 85.3 % 18.13 Sprouts Farmers Market Kohl's, Miami Children's Hospital

Northdale Promenade Tampa 1985/2017 179,559 130,269 49,290 95.0 % 100.0 % 81.9 % 12.64 (Winn Dixie) TJ Maxx, Ulta Beauty, Beall's, Crunch Fitness, Tuesday Morning

Pine Ridge Crossing Naples 1993 105,986 66,435 39,551 94.2 % 100.0 % 84.5 % 18.1 Publix, (Target) Ulta Beauty, (Beall's)

Pleasant Hill Commons Orlando 2008 70,645 45,600 25,045 100.0 % 100.0 % 100.0 % 16.06 Publix

Riverchase Plaza Naples 1991/2001 78,291 48,890 29,401 96.3 % 100.0 % 90.3 % 17.24 Publix

Saxon Crossing Daytona Beach 2009 119,909 95,304 24,605 96.0 % 100.0 % 80.5 % 15.29 (Target) Hobby Lobby, LA Fitness, (Lowe's Home Improvement Center)

Shoppes of Eastwood Orlando 1997 69,076 51,512 17,564 90.1 % 100.0 % 61.1 % 12.52 Publix

Shops at Eagle Creek Naples 1983/2013 70,731 50,187 20,544 95.8 % 100.0 % 85.7 % 16.23 The Fresh Market Staples, Panera Bread, (Lowe's Home Improvement Center)

Tamiami Crossing Naples 2016 121,591 121,591 — 73.7 % 73.7 % 0.0 % 13.46 Aldi, (Walmart) Marshalls, Michaels, PetSmart, Ross Stores, Ulta Beauty

Location (MSA) Year

Renovated Owned GLA 2

per SqFt Grocery Anchors 4

Other Retailers 4

Total Anchors Shops Total Anchors Shops

Tarpon Bay Plaza Naples 2007 81,864 59,442 22,422 100.0 % 100.0 % 100.0 % 17.77 (Target) PetSmart, Cost Plus World Market, Ross Stores, Panera Bread

The Landing at Tradition Port St.

Lucie 2007 359,227 283,208 76,019 88.4 % 89.8 % 82.9 % 15.39 (Target) TJ Maxx, Ulta Beauty, Burlington, Bed Bath & Beyond, LA Fitness, Michaels, Old Navy, PetSmart, DSW, Five Below, Ross Stores

The Shops at Julington Creek Jacksonville 2011 40,254 21,038 19,216 100.0 % 100.0 % 100.0 % 20.87 The Fresh Market

Tradition Village Center Port St.

Lucie 2006 85,057 45,600 39,457 96.9 % 100.0 % 93.3 % 18.75 Publix

Waterford Lakes Village Orlando 1997 78,007 51,703 26,304 98.4 % 100.0 % 95.2 % 13.91

Mullins Crossing Augusta 2005 276,318 228,224 48,094 99.3 % 100.0 % 96.1 % 13.39 (Target) Ross Stores, Old Navy, Five Below, Kohls, La-Z-Boy, Marshalls, Office Max, Petco, Ulta Beauty, Panera Bread

Naperville Marketplace Chicago 2008 83,759 61,683 22,076 97.7 % 100.0 % 91.1 % 14.01 (Caputo's Fresh Market) TJ Maxx, PetSmart

54th & College Indianapolis 2008 — — — — % — % — % — The Fresh Market

Bridgewater Marketplace Westfield 2008 25,975 — 25,975 100.0 % 0.0 % 100.0 % 22.15 (Walgreens), The Local Eatery, Original Pancake House

Castleton Crossing Indianapolis 1975/2012 286,377 247,710 38,667 97.4 % 100.0 % 80.6 % 12.21 TJ Maxx/HomeGoods, Burlington, Shoe Carnival, Value City Furniture, K&G Menswear, Chipotle, Verizon, Five Below

Cool Creek Commons Westfield 2005 125,072 54,401 70,671 68.1 % 36.0 % 92.8 % 23.50 The Fresh Market McAlister's Deli, Buffalo Wild Wings, Pet People

Depauw University Bookstore and Café Indianapolis 2012 11,974 — 11,974 100.0 % 0.0 % 100.0 % 9.17 Follett's, Starbucks

Eddy Street Commons at Notre Dame South Bend 2009 87,987 20,154 67,833 96.1 % 100.0 % 95.0 % 27.32 Hammes Bookstore & Cafe, Chipotle, Urban Outfitters, Five Guys, Kilwins, Blaze Pizza

Fishers Station Fishers 1989/2018 52,395 15,441 36,954 78.8 % 100.0 % 70.0 % 16.83 Dollar Tree, Goodwill

Geist Pavilion Fishers 2006 63,910 29,700 34,210 97.6 % 100.0 % 95.6 % 17.6 Ace Hardware, Goodwill, Ale Emporium, Pure Barre

Greyhound Commons Carmel 2005 9,152 — 9,152 100.0 % 0.0 % 100.0 % 15.33 (Lowe's Home Improvement Center), Koto Japenese Steakhouse

Nora Plaza Indianapolis 2004 139,670 73,589 66,081 94.1 % 100.0 % 87.6 % 15.29 Whole Foods, (Target) Marshalls

Rangeline Crossing Carmel 1986/2013 99,497 48,171 51,326 66.4 % 47.7 % 84.0 % 25.05 Walgreens, Panera Bread, City BBQ

Rivers Edge Indianapolis 2011 150,463 117,890 32,573 98.9 % 100.0 % 95.0 % 22.10 Nordstrom Rack, The Container Store, Arhaus Furniture, Bicycle Garage of Indy, Buy Buy Baby

Stoney Creek Commons Noblesville 2000/2013 84,226 84,226 — 64.1 % 64.1 % 0.0 % 14.38 LA Fitness, Goodwill, (Lowe's Home Improvement Center)

Traders Point I Indianapolis 2005 211,545 170,809 40,736 94.4 % 100.0 % 70.9 % 14.47 Dick's Sporting Goods, AMC Theatres, Michaels, Old Navy, PetSmart, Books-A-Million

Traders Point II Indianapolis 2005 45,978 — 45,978 90.4 % 0.0 % 90.4 % 27.72 Starbucks, Noodles & Company, Qdoba

Location (MSA) Year

Renovated Owned GLA 2

per SqFt Grocery Anchors 4

Other Retailers 4

Total Anchors Shops Total Anchors Shops

Centennial Center Las Vegas 2002 334,023 147,824 186,199 99.2 % 100.0 % 98.6 % 25.95 Sam's Club, Walmart Ross Stores, Big Lots, Famous Footwear, Michaels, Petco, Home Depot, HomeGoods, Skechers, Five Below, Sephora, Tillys

Centennial Gateway Las Vegas 2005 193,452 140,277 53,175 99.4 % 100.0 % 97.9 % 24.40 Trader Joe's Party City, Sportsman's Warehouse, Walgreens, UFC Fit

Eastern Beltway Center Las Vegas 1998/2006 162,318 77,436 84,882 88.7 % 100.0 % 78.4 % 27.21 Sam's Club, Walmart Petco, Ross Stores, Skechers, Old Navy, (Home Depot)

Rampart Commons Las Vegas 2002/2018 79,314 11,965 67,349 100.0 % 100.0 % 100.0 % 33.55 Athleta, North Italia, Pottery Barn, Williams Sonoma, Flower Child, Crunch Fitness

Bayonne Crossing New York / Northern New Jersey 2011 112,871 52,219 60,652 72.8 % 41.2 % 100.0 % 34.41 Walmart Michaels, Lowe's Home Improvement Center

Livingston Shopping Center New York / Northern New Jersey 1997 139,022 133,125 5,897 97.9 % 100.0 % 50.8 % 20.93 Cost Plus World Market, Buy Buy Baby, Nordstrom Rack, DSW, TJ Maxx, Ulta Beauty

City Center New York / Northern New Jersey 2004/2018 363,023 325,139 37,884 97.0 % 100.0 % 70.9 % 25.97 ShopRite Nordstrom Rack, New York Sports Club, Burlington, Club Champion Golf, National Amusements

As of December 31, 2021, we owned interests in a portfolio of 180 operating retail properties totaling approximately 29.0 million square feet and one office property with 0.3 million square feet in 24 states.

Of the 180 operating retail properties, 11 contain an office component.

We also own interests in eight development projects under construction.

See “ Schedule III – Consolidated Real Estate and Accumulated Depreciation ” for a list of encumbrances on our properties.

Operating Properties

The following table summarizes the Company’s operating properties by region and state as of December 31, 2021:

(GLA and ABR in thousands) Total Retail Operating Portfolio Total Office Components

Region/State Number of Properties 1

% Leased Total

Weighted ABR 3

% Leased Total

Weighted ABR 3

Texas 45 7,718 93.0 % $ 141,449 24.0 % 434 84.2 % $ 11,350 1.9 %

Florida 29 3,537 92.9 % 58,314 9.9 % 38 97.9 % 1,054 0.2 %

Maryland 7 1,745 92.0 % 34,147 5.8 % 224 100.0 % 3,314 0.6 %

North Carolina 8 1,537 94.0 % 30,306 5.1 % — — % — — %

Eastgate Crossing Raleigh 1958/2007 156,276 62,386 93,890 72.7 % 55.4 % 84.2 % 32.90 Trader Joe's Chipotle, Petco, Starbucks, Ulta Beauty

Holly Springs Towne Center - Phase I Raleigh 2013 209,811 121,761 88,050 91.7 % 100.0 % 80.1 % 18.28 (Target) Dick's Sporting Goods, Marshalls, Petco, Ulta Beauty, Michaels, Old Navy, Five Below

Holly Springs Towne Center - Phase II Raleigh 2016 145,043 111,843 33,200 98.8 % 100.0 % 94.6 % 17.94 (Target) Bed Bath & Beyond, DSW, AMC Theatres, 02 Fitness

Northcrest Shopping Center Charlotte 2008 133,621 65,576 68,045 94.2 % 100.0 % 88.6 % 23.74 (Target) REI Co-Op, David's Bridal, Old Navy, Five Below

Oleander Place Wilmington 2012 45,524 30,144 15,380 100.0 % 100.0 % 100.0 % 18.05 Whole Foods

Parkside Town Commons - Phase I Raleigh 2015 55,368 22,500 32,868 100.0 % 100.0 % 100.0 % 26.23 Harris Teeter/Kroger, (Target) Petco, Guitar Center

Parkside Town Commons - Phase II Raleigh 2017 298,094 188,785 109,309 67.5 % 50.6 % 96.7 % 22.21 (Target) Golf Galaxy, Hobby Lobby, Chuy's, Starbucks, Panera Bread, Levity Live

Perimeter Woods Charlotte 2008 125,579 105,175 20,404 100.0 % 100.0 % 100.0 % 20.82 Best Buy, Off Broadway Shoes, PetSmart, Michaels, (Lowe's Home Improvement Center)

Toringdon Market Charlotte 2004 61,101 26,546 34,555 97.9 % 100.0 % 96.3 % 23.34 Earth Fare

Eastgate Pavilion Cincinnati 1995 236,230 231,730 4,500 100.0 % 100.0 % 100.0 % 9.38 Best Buy, Dick's Sporting Goods, Value City Furniture, Petsmart, DSW

Belle Isle Station Oklahoma City 2000 196,164 115,783 80,381 85.9 % 100.0 % 65.5 % 17.42 (Walmart) REI, Shoe Carnival, Old Navy, Ross Stores, Nordstrom Rack, Ulta Beauty, Five Below

Shops at Moore Oklahoma City 2010 260,625 188,037 72,588 92.6 % 94.6 % 87.2 % 12.35 Bed Bath & Beyond, Best Buy, Hobby Lobby, Old Navy, PetSmart, Ross Stores

Location (MSA) Year

Renovated Owned GLA 2

per SqFt Grocery Anchors 4

Other Retailers 4

Total Anchors Shops Total Anchors Shops

Silver Springs Pointe Oklahoma City 2001 48,440 20,515 27,925 83.0 % 100.0 % 70.4 % 14.38 (Sam's Club), (Walmart) Kohls, Office Depot, (Home Depot)

Virginia 7 1,121 88.6 % 27,864 4.7 % 158 96.4 % 5,007 0.8 %

Georgia 10 1,706 99.4 % 25,716 4.4 % — — % — — %

Tennessee 3 580 98.4 % 8,158 1.4 % — — % — — %

Oklahoma 3 505 88.5 % 7,455 1.3 % — — % — — %

South Carolina 2 258 95.4 % 3,073 0.5 % — — % — — %

Publix at Woodruff Greenville 1997 68,103 47,955 20,148 91.0 % 100.0 % 69.5 % 10.54 Publix

Shoppes at Plaza Green Greenville 2000 189,730 162,068 27,662 82.6 % 87.0 % 56.8 % 12.87 Bed Bath & Beyond, Christmas Tree Shops, American Freight, Party City, Shoe Carnival, Old Navy

Cool Springs Market Nashville 1995 230,981 172,712 58,269 97.8 % 100.0 % 91.4 % 16.69 (Kroger) Dick's Sporting Goods, Marshalls, Buy Buy Baby, DSW, Staples, Jo-Ann Fabric, Panera Bread

Chapel Hill Shopping Center Dallas/Ft.

Worth 2001 126,812 43,450 83,362 100.0 % 100.0 % 100.0 % 26.68 H-E-B Grocery The Container Store, Cost Plus World Market

Colleyville Downs Dallas/Ft.

Worth 2014 194,744 139,219 55,525 94.4 % 100.0 % 80.4 % 15.68 Whole Foods Westlake Hardware, Goody Goody Liquor, Petco, Fit Factory

Kingwood Commons Houston 1999 158,109 74,836 83,273 51.5 % 14.5 % 84.7 % 28.28 Petco, Chico's, Talbots, Ann Taylor

Market Street Village/

Pipeline Point Dallas/Ft.

Worth 1970/2011 156,621 136,742 19,879 100.0 % 100.0 % 100.0 % 13.67 Jo-Ann Fabric, Ross Stores, Buy Buy Baby, Party City, Spec's Wine Spirits & Finer Foods

Plaza at Cedar Hill Dallas/Ft.

Worth 2000/2010 295,665 234,358 61,307 92.4 % 100.0 % 63.1 % 13.67 Sprouts Farmers Market, Total Wine DSW, Ross Stores, Hobby Lobby, Office Max, Marshalls, Home Goods

Plaza Volente Austin 2004 156,146 105,000 51,146 94.8 % 100.0 % 84.2 % $ 17.34 H-E-B Grocery

Portofino Shopping Center Houston 1999/2010 369,802 218,861 150,941 83.2 % 83.6 % 82.6 % 21.38 (Sam's Club) DSW, Michaels, PGA Superstore, PetSmart, Old Navy, TJ Maxx, Nordstrom Rack, Five Below

Sunland Towne Centre El Paso 1996/2014 306,454 265,037 41,417 98.9 % 100.0 % 91.7 % 11.27 Sprouts Farmers Market PetSmart, Ross Stores, Bed Bath & Beyond, Spec's Fine Wines, At Home

Waxahachie Crossing Dallas/Ft.

Worth 2010 97,127 72,191 24,936 100.0 % 100.0 % 100.0 % 15.55 Best Buy, PetSmart, Ross Stores, (Home Depot)

Westside Market Dallas/Ft.

Worth 2013 93,377 70,000 23,377 100.0 % 100.0 % 100.0 % 16.66 Randalls Tom Thumb

Draper Crossing Salt Lake City 2012 164,657 115,916 48,741 100.0 % 100.0 % 100.0 % 17.28 Kroger/Smith's TJ Maxx, Dollar Tree, Downeast Home

Draper Peaks Salt Lake City 2012 227,667 101,464 126,203 91.5 % 100.0 % 84.7 % 21.27 Michaels, Office Depot, Petco, Quilted Bear, Ross Stores, (Kohl's)

Total South 114 18,707 93.4 % 336,482 57.1 % 854 91.2 % 20,725 3.5 %

Washington 10 1,682 94.3 % 29,702 5.0 % — — % — — %

Nevada 4 766 98.7 % 23,976 4.1 % — — % — — %

California 3 652 98.6 % 14,738 2.5 % — — % — — %

Arizona 5 727 95.7 % 14,425 2.4 % — — % — — %

Utah 2 392 97.0 % 7,417 1.3 % — — % — — %

Total West 24 4,219 96.3 % 90,258 15.3 % — — % — — %

Indiana 16 1,618 90.4 % 28,220 4.8 % 369 100.0 % 7,285 1.2 %

Illinois 9 1,264 89.2 % 25,958 4.4 % 163 73.8 % 4,013 0.7 %

Michigan 1 308 83.6 % 6,602 1.1 % — — % — — %

Missouri 1 453 92.3 % 4,124 0.7 % — — % — — %

Ohio 1 236 89.0 % 1,899 0.3 % — — % — — %

Total Midwest 28 3,879 89.6 % 66,803 11.3 % 532 92.0 % 11,298 1.9 %

New York 8 1,212 95.1 % 34,312 5.8 % 174 100.0 % 7,527 1.3 %

New Jersey 4 343 89.6 % 10,999 1.9 % — — % — — %

Massachusetts 1 272 96.2 % 5,435 0.9 % — — % — — %

Connecticut 1 206 89.3 % 3,625 0.6 % — — % — — %

Pennsylvania 1 136 100.0 % 1,982 0.4 % — — % — — %

Total Northeast 15 2,169 94.1 % 56,353 9.6 % 174 100.0 % 7,527 1.3 %

Total 181 28,974 93.4 % $ 549,896 93.3 % 1,560 92.4 % $ 39,550 6.7 %

Total at Pro-Rata Share 11,328,324 7,591,186 3,737,138 91.2 % 93.0 % 87.7 % $ 18.44

____________________

1 All properties are wholly owned, except as indicated through reference to Note 3 below.

Unless otherwise noted, each property is owned in fee simple by the Company.

2 Percentage of Owned GLA Leased reflects Owned GLA/NRA leased as of December 31, 2020, except for Greyhound Commons and 54th & College.

3 Asset is owned in a joint venture.

4 Tenants within parentheses are non-owned.

Office Operating Properties and Other

As of December 31, 2020, we owned interests in one office operating property, two parking garages, and one triple-net leased property.

In addition, two of our retail properties contain stand-alone office components.

Together, these properties have a total of 0.5 million square feet of net rentable area (“NRA”) of space.

The following table sets forth more specific information with respect to our office, parking and other properties as of December 31, 2020:

($ in thousands, except per square foot data)

Property MSA Year Built/

Renovated Acquired,

or Developed Owned

NRA Percentage

Leased Annualized

Office and Other

Major Tenants

Commercial Properties

Thirty South Meridian 2

Indianapolis 1905/2002 Redeveloped 284,874 94.6 % $ 5,448 67.2 % $ 20.22 Carrier, Kite Realty Group, Lumina Foundation

Union Station Parking Garage 3

Indianapolis 1986 Acquired N/A N/A N/A N/A N/A Denison Parking (manager)

Pan Am Plaza Parking Garage 3

Indianapolis Acquired N/A N/A N/A N/A N/A Denison Parking (manager)

Stand-alone Office Components of Retail Properties

Eddy Street Office (part of Eddy Street Commons) 4

South Bend 2009 Developed 81,628 100.0 % 1,324 16.4 % 16.23 University of Notre Dame Offices

Tradition Village Office (part of Tradition Village Square) Port St.

Lucie 2006 Acquired 24,340 100.0 % 735 9.1 % 30.19

Total Commercial Properties 390,842 96.1 % $ 7,507 92.7 % $ 20.00

Other Properties

Burlington San Antonio 1992/2000 Acquired 107,400 100.0 % $ 591 7.3 % $ 5.50 Burlington

107,400 100.0 % $ 591 7.3 % $ 5.50

Total Commercial and Other 498,242 96.9 % $ 8,098 100.0 % $ 16.77

Multi-Family/Lodging

Embassy Suites South Bend at Notre Dame 5

South Bend 2018 Developed — N/A $ — — % $ — Full service hotel with 164 rooms

The Foundry Lofts and Apartments at Eddy Street South Bend 2009 Developed — 100.0 % — — $ — Air rights lease for apartment complex with 266 units

The Foundry Lofts and Apartments at Eddy Street Phase II South Bend 2020 Developed — 100.0 % — — $ — Air rights lease for apartment complex with 453 units

Summit at City Center Apartments New York / Northern New Jersey 2004 Acquired — 100.0 % — — $ — Apartment complex with 24 units.

1 Annualized Base Rent represents the monthly contractual rent as of December 31, 2020 for each applicable property, multiplied by 12.

2 Annualized Base Rent includes $859,256 from the Company and subsidiaries as of December 31, 2020, which is eliminated for purposes of our consolidated financial statement presentation.

3 The garage is managed by a third party.

4 The Company also owns the Eddy Street Commons retail shopping center in South Bend, Indiana, along with a parking garage that serves a hotel and the office and retail components of the property.

5 Property owned in an unconsolidated joint venture.

Development Projects Under Construction

In addition to our retail and office operating properties, as of December 31, 2020, we owned an interest in two development projects currently under construction.

The following table sets forth more specific information with respect to the Company’s development projects as of December 31, 2020:

1 Number of properties represents consolidated and unconsolidated retail properties and the Company’s single standalone office property in Indianapolis, IN.

2 Owned GLA/NRA represents gross leasable area owned by the Company and excludes the square footage of development and redevelopment projects.

3 Weighted ABR and percent of weighted ABR includes ground lease rent and represents the Company’s share of the ABR at consolidated and unconsolidated properties.

Development and Redevelopment Projects

In addition to our operating properties, as of December 31, 2021, we owned an interest in eight development projects currently under construction.

The following table sets forth information with respect to the Company’s active development projects as of December 31, 2021:

($ in thousands)

Project MSA Anticipated Start Date Projected Stabilization Date 1

Projected New Total GLA Projected New Owned GLA Total Project Cost KRG Equity Requirement KRG Remaining Spend Estimated Return on Project 2

Glendale Town Center Apartments Indianapolis, IN Q2 2020 Q2 2022 207,000 24,000 $ 38,400 $ 1,200 $ 900 7.0% - 8.0%

Eddy Street Commons at Notre Dame, IN - Phase III South Bend, IN Q3 2020 Q1 2022 68,500 18,600 $ 7,500 7,500 6,100 8.5% - 9.5%

Glendale Town Center Retail 3

Indianapolis, IN Q1 2021 Q1 2022 54,500 54,500 $ 11,000 3,900 3,900 27.0% - 28.0%

____________________

1 Stabilization date represents near completion of project construction and substantial occupancy of the property.

2 Projected ROI for redevelopments is an estimate of the expected incremental stabilized annual operating cash flows to be generated divided by the estimated project costs, including construction, development, financing, and other soft costs, when applicable to the project.

3 Equity requirement is lower than total project cost due to a $7.1 million TIF received from the City of Indianapolis.

Project MSA KRG Ownership % Projected

Completion Date 1

Commercial GLA Total

Multifamily Units Total

Project Costs 2

Requirement 2

Remaining Spend Estimated

Stabilized NOI

to KRG Estimated Remaining

NOI to Come Online 3

Active Projects

Eddy Street Commons at Notre Dame, IN – Phase III South Bend, IN 100% Q1 2022 18,600 — $ 7,500 $ 7,500 $ 1,200 $0.6M–$0.7M $0.4M–$0.5M

Shoppes at Quarterfield Washington, D.C./Baltimore 100% Q2 2022 58,000 — 4,800 4,800 3,900 $1.0M–$1.1M $0.0M–$0.1M

One Loudoun – Residential Washington, D.C./Baltimore 90% Q2 2022 — 378 13,500 13,500 8,325 $6.3M–$6.5M $4.8M–$5.0M

Circle East Washington, D.C./Baltimore 100% Q3 2022 82,000 370 15,100 15,100 14,700 $1.9M–$2.2M $1.1M–$1.4M

One Loudoun – Pads G&H Commercial Washington, D.C./Baltimore 100% Q2 2023 67,000 — 10,200 10,200 8,600 $1.7M–$2.1M $0.2M–$0.6M

The Landing at Tradition – Phase II Port St.

Lucie, FL 100% Q2 2023 39,900 — 10,900 10,900 10,800 $1.1M–$1.2M $0.6M–$0.7M

Carillon MOB Washington, D.C./Baltimore 100% Q4 2024 126,000 — 59,700 59,700 57,600 $3.5M–$4.0M $3.1M–$3.6M

The Corner – IN 4

Indianapolis, IN 50% Q4 2024 24,000 285 63,900 — — $1.7M–$1.9M $1.7M–$1.9M

Total 415,500 1,033 $ 185,600 $ 121,700 $ 105,125 $17.8M–$19.7M $11.9M–$13.8M

1 Completion date represents the earlier of one year after expected completion of project construction or expected substantial occupancy of the property.

2 Total project costs and KRG equity requirement represent expected costs to KRG post-merger and exclude any costs spent to date prior to the Merger.

3 Excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.

4 KRG does not have any equity requirements related to this development.

Total project costs are at 100% and are net of a $13.5 million TIF.

Tenant Diversification

No individual retail or office tenant accounted for more than 2.5% of the portfolio’s annualized base rent for the year ended December 31, 2020.

No individual retail or office tenant accounted for more than 2.5% of the portfolio’s ABR for the year ended December 31, 2021.

The following table sets forth certain information for the largest 25 tenants open for business at the Company’s retail properties based on minimum rents in place as of December 31, 2021:

TOP 25 TENANTS BY ANNUALIZED BASE RENT

($ in thousands, except per square foot data)

Number of Stores

Tenant Wholly Owned JV 1

($ and GLA in thousands, except per square foot data)

Tenant Number of Stores 1

Total Leased GLA/NRA 2

ABR at Pro-Rata Share 3

ABR psf at Pro-Rata % of Total

Publix Super Markets, Inc.

11 — 535,466 $ 5,455 $ 10.19 2.50 %

% of Weighted

The TJX Companies, Inc.

44 1,294 $ 14,536 $ 11.24 2.5 %

PetSmart, Inc.

Best Buy Co., Inc.

16 633 10,915 17.25 2.0 %

1 unchanged sentence

31 885 10,444 11.80 1.9 %

Dick's Sporting Goods, Inc.

7 — 340,502 3,741 10.99 1.71 %

Bed Bath & Beyond, Inc.

PetSmart, Inc.

31 637 10,241 16.07 1.8 %

Nordstrom Rack 5 1 197,797 3,571 20.75 1.64 %

Michaels Stores, Inc.

29 651 8,814 13.54 1.6 %

Burlington Stores, Inc.

35 468 8,490 18.14 1.5 %

National Amusements 1 — 80,000 2,953 36.92 1.35 %

Old Navy (11) / Athleta (1) 12 — 183,599 2,868 15.62 1.31 %

Kohl's Corporation 4 — 184,516 2,832 7.87 1.30 %

Walmart Stores, Inc.

Bed Bath & Beyond Inc.

23 613 8,303 13.55 1.5 %

Best Buy Co., Inc.

Dick's Sporting Goods, Inc.

12 591 7,187 12.15 1.3 %

Petco Animal Supplies, Inc.

Publix Super Markets, Inc.

14 669 6,884 10.28 1.3 %

Albertsons Companies, Inc.

9 481 6,613 13.74 1.2 %

Lowe's Companies, Inc.

7 168 400 2.38 1.1 %

LA Fitness 3 — 125,209 2,292 18.31 1.05 %

Hobby Lobby Stores, Inc.

The Kroger Co.

10 355 3,460 9.73 1.0 %

Whole Foods Market, Inc.

Petco Health And Wellness

Company, Inc.

22 299 5,346 17.90 1.0 %

Mattress Firm, Inc.

Ulta Beauty, Inc.

24 248 5,589 22.51 0.9 %

Walgreens 4 — 63,462 2,104 33.15 0.96 %

The Kroger Co.

Total Wine & More 13 305 5,069 16.60 0.9 %

BJ's Wholesale Club, Inc.

2 245 4,939 20.18 0.9 %

1 unchanged sentence

29 258 4,901 18.97 0.9 %

DSW 6 1 133,255 1,687 14.33 0.77 %

Sprouts Farmers Market, Inc.

Kohl's Corporation 7 361 2,993 8.28 0.9 %

Burlington Stores, Inc.

8 445 4,496 10.11 0.8 %

TOTAL 186 9 4,968,094 $ 72,702 $ 11.55 33.3 %

1 JV Stores represent stores at unconsolidated properties.

2 Excludes the estimated size of the structures located on land owned by the Company and ground leased to tenants.

3 Annualized base rent represents the monthly contractual rent for December 31, 2020, for each applicable tenant multiplied by 12.

Annualized base rent does not include tenant reimbursements.

Annualized base rent represents 100% of the annualized base rent at consolidated properties and our share of the annualized base rent at unconsolidated properties.

4 Annualized base rent and percent of total portfolio includes ground lease rent.

5 Includes TJ Maxx (9), Marshalls (5) and HomeGoods (2).

6 Includes Dick's Sporting Goods (6) and Golf Galaxy (1).

7 Includes Bed Bath and Beyond (8), Buy Buy Baby (4), and Cost Plus World Market (3).

8 Includes Walmart (3) and Sam's Club (2).

9 Includes Mattress Firm (12) and Sleepy's (4).

10 Includes Kroger (1), Harris Teeter (1), and Smith's (1).

Geographic Diversification – Annualized Base Rent by Region and State

The Company owns interests in 90 operating and redevelopment properties.

We also own interests in two development projects under construction.

The total operating portfolio consists of approximately 12 million of owned square feet in 16 states.

The following table summarizes the Company’s operating properties by region and state as of December 31, 2020:

($ in thousands)

Total Operating Portfolio Excluding Developments and Redevelopments Developments and Redevelopments 2

Joint Ventures 3

Total Operating Portfolio Including

Developments and Redevelopments

Region/State Owned

Base Rent Owned

Base Rent Number of Properties Owned

Annualized Base Rent - Ground Leases Total Annualized

Base Rent Percent of

Florida 3,331,826 $ 52,799 — $ — 121,591 $ 1,206 29 3,453,417 $ 3,740 $ 57,745 25.9%

Texas 1,798,711 27,500 — — 156,146 2,568 10 1,954,857 1,374 31,442 14.1%

North Carolina 1,230,417 23,564 — — — — 9 1,230,417 2,041 25,605 11.5%

Oklahoma 505,229 6,493 — — — — 3 505,229 861 7,354 3.3%

Georgia 276,318 3,676 — — — — 1 276,318 345 4,021 1.8%

Tennessee 230,981 3,771 — — — — 1 230,981 — 3,771 1.7%

South Carolina 257,833 2,670 — — — — 2 257,833 — 2,670 1.2%

Texas - Other 107,400 591 — — — — 1 107,400 — 591 0.3%

Total South 7,738,715 121,064 — — 277,737 3,774 56 8,016,452 8,361 133,199 59.8 %

Indiana - Retail 1,394,221 22,110 344,890 2,572 — — 19 1,739,111 1,518 26,200 11.7%

Indiana - Other 366,502 6,773 24,000 — — — 4 390,502 — 6,773 3.0%

Ohio 236,230 2,217 — — — — 1 236,230 — 2,217 1.0%

Illinois 83,759 1,146 — — — — 1 83,759 — 1,146 0.5%

Total Midwest 2,080,712 32,246 368,890 2,572 — — 25 2,449,602 1,518 36,336 16.3%

Nevada 769,107 19,873 — — — — 4 769,107 3,717 23,590 10.6%

Utah 392,324 7,279 — — — — 2 392,324 — 7,279 3.3%

Arizona 79,902 2,467 — — — — 1 79,902 — 2,467 1.1%

Total West 1,241,333 29,619 — — — — 7 1,241,333 3,717 33,336 14.9%

New York 363,023 9,142 — — — — 1 363,023 — 9,142 4.1%

New Jersey 112,871 2,827 — — 139,022 2,849 2 251,893 2,103 7,779 3.5%

Connecticut 206,560 2,411 — — — — 1 206,560 1,061 3,472 1.6%

Total Northeast 682,454 14,380 — — 139,022 2,849 4 821,476 3,164 20,393 9.1%

4 239 4,464 18.66 0.8 %

Mattress Firm Group Inc.

32 158 4,417 27.97 0.8 %

1 Owned GLA/NRA represents gross leasable area or net leasable area owned by the Company.

It also excludes the square footage of Union Station Parking Garage and Pan Am Plaza Parking Garage.

2 Represents the three redevelopment and two development projects not in the retail operating portfolio.

3 Represents the three operating properties owned in unconsolidated joint ventures.

DSW Designer Shoe

16 314 4,678 14.92 0.8 %

Office Depot, Inc.

14 308 4,347 14.11 0.8 %

Fitness International, LLC 5 205 4,092 19.92 0.7 %

Party City Holdings Inc.

18 263 3,988 15.17 0.7 %

Total Top Tenants 455 11,093 $ 155,606 $ 14.03 29.6 %

1 Number of stores represents stores at consolidated and unconsolidated properties.

2 Excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.

3 ABR represents the monthly contractual rent for December 31, 2021, for each applicable tenant multiplied by 12 and does not include tenant reimbursements.

ABR represents 100% of the ABR at consolidated properties and the Company's share of the ABR at unconsolidated properties excluding ground lease rent.

4 Percent of weighted ABR includes ground lease rent and represents the Company's share of the ABR at consolidated and unconsolidated properties.

5 Includes TJ Maxx (19), Marshalls (13), HomeGoods (10), Homesense (1) and T.J.

Maxx & HomeGoods combined (1).

6 Includes Best Buy (15) and Pacific Sales (1).

7 Includes Old Navy (25), The Gap (5), Banana Republic (3) and Athleta (2).

8 Includes Bed Bath and Beyond (14) and buybuy BABY (9).

9 Includes Dick's Sporting Goods (11) and Golf Galaxy (1).

10 Includes Safeway (4), Jewel-Osco (3) and Tom Thumb (2).

11 Includes Kroger (6), Harris Teeter (2), QFC (1) and Smith's (1).

12 Includes Stop & Shop (3) and Giant Foods (1).

13 Includes Mattress Firm (27) and Sleepy's (5).

14 Includes Office Depot (11) and OfficeMax (3).

Lease Expirations

In 2021, leases representing 8.0% of total annualized base rent are scheduled to expire.

The following tables show scheduled lease expirations for retail and office tenants and in-process development property tenants open for business as of December 31, 2020, assuming none of the tenants exercise renewal options.

LEASE EXPIRATION TABLE – OPERATING PORTFOLIO

In 2022, leases representing 9.1% of total retail ABR are scheduled to expire.

The following tables show scheduled lease expirations for retail and office tenants and tenants open for business at in-process development projects as of December 31, 2021, assuming none of the tenants exercise renewal options.

($ in thousands, except per square foot data)

Retail Portfolio

Expiring GLA – Retail 2

Expiring ABR per Sq.

Expiring Leases 1

Shop Tenants Anchor Tenants Expiring ABR

(Pro-rata) % of

(Pro-rata) Shop Tenants Anchor Tenants Total

2022 520 1,177,508 1,196,248 $ 47,408 9.1 % $ 28.33 $ 11.81 $ 19.99

2023 585 1,361,374 2,634,810 78,221 15.0 % 30.43 13.99 19.59

2024 584 1,334,044 2,580,920 75,482 14.5 % 32.09 13.50 20.06

2025 442 1,061,370 2,551,286 64,728 12.4 % 30.80 12.86 18.17

2026 436 984,890 2,447,939 63,743 12.3 % 30.43 14.11 18.86

2027 309 763,399 1,915,123 46,774 9.0 % 29.40 12.88 17.61

2028 166 422,238 956,761 28,473 5.5 % 33.39 15.07 20.67

2029 154 359,184 1,111,043 30,350 5.8 % 32.76 16.78 20.67

2030 124 375,170 565,268 19,201 3.7 % 28.97 15.10 20.57

2031 123 339,768 606,950 20,070 3.9 % 31.09 15.83 21.27

Beyond 149 328,386 2,067,162 45,829 8.8 % 31.66 17.43 19.37

3,592 8,507,331 18,633,510 $ 520,279 100.0 % $ 30.61 $ 14.23 $ 19.40

Office Portfolio

Expiring GLA 2

Expiring Annualized Base Rent per Sq.

Number of Expiring Leases 1

Shop Tenants Anchor Tenants Office and Other Tenants Expiring Annualized Base Rent (Pro-rata) % of Total Annualized Base Rent (Pro-rata) Shop Tenants Anchor Tenants Office and Other Tenants Total

Expiring Leases 1

Tenants Expiring ABR

(Pro-rata) % of

(Pro-rata) Expiring ABR

2022 47 361,608 $ 8,872 22.4 % $ 24.53

10 unchanged sentences

178 1,442,787 $ 39,550 100.0 % $ 27.41

1 Lease expiration table reflects rents in place as of December 31, 2020 and does not include option periods;

2021 expirations include 8 month-to-month tenants.

1 Lease expiration tables reflect rents in place as of December 31, 2021 and does not include option periods;

2022 expirations include 74 month-to-month tenants and 10 month-to-month office tenants.

This column also excludes ground leases.

2 Expiring GLA excludes estimated square footage attributable to non-owned structures on land owned by the Company and ground-leased to tenants.

3 Annualized base rent represents the monthly contractual rent as of December 31, 2020 for each applicable tenant multiplied by 12.

3 ABR represents the monthly contractual rent as of December 31, 2021 for each applicable tenant multiplied by 12.

Excludes tenant reimbursements and ground lease revenue.

Lease Activity – New and Renewal

In 2020, the Company executed new and renewal leases on 215 individual spaces totaling 1.5 million square feet (7.0% cash leasing spread and 14.5% GAAP leasing spread on 158 comparable leases).

New leases were signed on 59 individual spaces for 0.4 million square feet of GLA (9.1% cash leasing spread and 21.3% GAAP leasing spread on 42 comparable leases), while renewal leases were signed on 156 individual spaces for 1.1 million square feet of GLA (6.1% cash leasing spread and 12.0% GAAP leasing spread on 116 comparable leases).

In 2021, the Company executed new and renewal leases on 363 individual spaces totaling 2.6 million square feet (10.7% cash leasing spread on 245 comparable leases).

New leases were signed on 132 individual spaces for 0.7 million square feet of GLA (24.2% cash leasing spread on 67 comparable leases), while renewal leases were signed on 231 individual spaces for 1.8 million square feet of GLA (6.9% cash leasing spread on 178 comparable leases).

Total executed leases includes leasing activity for the legacy RPAI portfolio from October 22, 2021 through December 31, 2021.

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.

What changed 10-K

Item 2. Properties