What changed in this filing

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Item 2. Properties

2024-02-20 compared with 2023-02-21 · 33 added, 33 removed, 125 unchanged (35% of the section changed)

1 unchanged sentence

Of the 180 operating retail properties, 10 contain an office component.

We also own interests in three development projects under construction.

We also own interests in two development projects under construction as of December 31, 2023 and an additional two properties with future redevelopment opportunities.

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

16 unchanged sentences

Nevada 5 845 28,184 4.9 %

California 3 655 16,416 2.8 %

Arizona 5 726 15,829 2.7 %

California 2 530 12,417 2.1 %

Utah 2 388 8,062 1.4 %

14 unchanged sentences

(1) Number of properties represents consolidated and unconsolidated retail properties.

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

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

(3) Total weighted retail ABR and percent of weighted retail 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, 2022, we owned an interest in three development projects currently under construction.

In addition to our operating properties, as of December 31, 2023, we owned an interest in two development projects currently under construction.

The following table sets forth information with respect to the Company’s active development projects as of December 31, 2023 (dollars in thousands) :

Project Metropolitan

Statistical Area (MSA) KRG

Project MSA KRG

Ownership % Projected

8 unchanged sentences

Active Projects

The Landing at Tradition – Phase II Port St.

Lucie, FL 100% Q3 2023 39,900 — $ 11,200 $ 11,200 $ 4,600 $1.1M–$1.2M $0.3M–$0.5M

Carillon MOB Washington, D.C./Baltimore 100% Q4 2024 126,000 — $ 59,700 $ 59,700 $ 30,100 $3.5M–$4.0M $1.0M–$1.5M

3 unchanged sentences

(1) Projected completion date represents the earlier of one year after completion of project construction or substantial occupancy of the property.

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

(2) Total project costs and KRG equity requirement for Carillon MOB represent costs to KRG post-merger and exclude any costs spent to date prior to the merger with RPAI.

(3) Estimated remaining NOI to come online excludes in-place NOI and NOI related to tenants that have signed leases but have not yet commenced paying rent.

6 unchanged sentences

Number of Stores Number of Stores (1)

Leased GLA/NRA (2)

% of Weighted

1 unchanged sentence

Maxx (18), Marshalls (12), HomeGoods (11), Homesense (3), T.J.

Maxx & HomeGoods combined (2) 45 1,323 $ 14,469 2.5 %

Maxx & HomeGoods combined (2), Sierra (1) 47 1,378 $ 15,422 2.7 %

Best Buy Co., Inc.

4 unchanged sentences

32 657 10,666 1.8 %

Old Navy (25), The Gap (3), Banana Republic (3), Athleta (3) 34 455 8,348 1.4 %

Bed Bath & Beyond Inc.

Bed Bath & Beyond (14), buybuy BABY (9) 23 613 8,277 1.4 %

Dick’s Sporting Goods, Inc.

Dick’s Sporting Goods (12), Golf Galaxy (1) 13 652 8,265 1.4 %

Michaels Stores, Inc.

Michaels 28 631 8,279 1.4 %

Old Navy (25), The Gap (3),

Athleta (3), Banana Republic (2) 33 448 8,216 1.4 %

Dick’s Sporting Goods, Inc.

Dick’s Sporting Goods (12), Golf Galaxy (1) 13 625 7,893 1.4 %

Publix Super Markets, Inc.

14 672 6,935 1.2 %

Lowe’s Companies, Inc.

6 — 5,838 1.0 %

Total Wine & More 15 355 6,151 1.1 %

Nordstrom, Inc.

Nordstrom Rack 10 307 5,882 1.0 %

The Kroger Co.

Kroger (6), Harris Teeter (2), QFC (1), Smith’s (1) 10 355 5,844 1.0 %

Total Wine & More 14 332 5,688 1.0 %

BJ’s Wholesale Club, Inc.

Lowe’s Companies, Inc.

6 — 5,838 1.0 %

Petco Health And Wellness

Company, Inc.

BJ’s Wholesale Club, Inc.

3 115 5,514 1.0 %

1 unchanged sentence

25 259 5,465 0.9 %

Albertsons Companies, Inc.

Safeway (3), Jewel-Osco (2), Tom Thumb (2) 7 395 5,040 0.9 %

Five Below, Inc.

30 271 5,301 0.9 %

Fitness International, LLC 6 242 4,884 0.9 %

Burlington Stores, Inc.

11 515 5,298 0.9 %

Albertsons Companies, Inc.

Safeway (3), Jewel-Osco (2), Tom Thumb (2) 7 345 5,100 0.9 %

Petco Health And Wellness

Company, Inc.

19 266 4,990 0.9 %

Kohl’s Corporation 7 265 4,865 0.8 %

Nordstrom, Inc.

The Container Store Group, Inc.

7 152 4,592 0.8 %

Stop & Shop (3), Giant Foods (1) 4 239 4,493 0.8 %

DSW Designer Shoe

16 314 4,568 0.8 %

Walgreens Boots Alliance, Inc.

8 133 4,453 0.8 %

Office Depot, Inc.

Office Depot (11), OfficeMax (3) 14 308 4,432 0.8 %

Trader Joe’s 10 120 4,187 0.7 %

Mattress Firm Group Inc.

Mattress Firm (24), Sleepy’s (5) 29 144 4,174 0.7 %

Barnes & Noble, Inc.

8 192 4,113 0.7 %

Total Top Tenants 442 10,235 $ 165,852 28.6 %

2 unchanged sentences

(3) ABR represents the monthly contractual rent for December 31, 2023 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.

ABR represents 100% of the ABR at consolidated properties and the Company’s share of the ABR at unconsolidated properties including 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.

1 unchanged sentence

In 2024, leases representing 8.3% of total retail ABR are scheduled to expire.

The following table summarizes scheduled lease expirations for retail tenants and tenants open for business at in-process development projects as of December 31, 2022, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) :

Expiring GLA – Retail (2)

The following table summarizes the scheduled lease expirations for retail tenants as of December 31, 2023, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) :

Expiring Retail GLA (2)

Expiring ABR per Sq.

1 unchanged sentence

Shop Tenants Anchor Tenants Expiring ABR

(Pro rata) Expiring Ground Lease ABR

(Pro rata) % of

20 unchanged sentences

During 2023, the Company executed new and renewal leases on 740 individual spaces totaling 4.9 million square feet (14.3% cash leasing spread on 552 comparable leases).

New leases were signed on 252 individual spaces for 1.1 million square feet of GLA (37.8% cash leasing spread on 95 comparable leases), while renewal leases were signed on 530 individual spaces for 3.7 million square feet of GLA (8.6% cash leasing spread on 437 comparable leases).

New leases were signed on 218 individual spaces for 1.1 million square feet of GLA (41.3% cash leasing spread on 107 comparable leases), while non-option renewal leases were signed on 310 individual spaces for 1.2 million square feet of GLA (13.0% cash leasing spread on 233 comparable leases) and option renewals were signed on 212 individual spaces for 2.6 million square feet of GLA (8.1% cash leasing spread).

The blended cash spreads for comparable new and non-option renewal leases were 22.7%.

Comparable new and renewal leases are defined as those for which the space was occupied by a tenant within the last 12 months.

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