What changed in this filing

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Item 2. Properties

2025-02-12 compared with 2024-02-20 · 35 added, 32 removed, 126 unchanged (35% of the section changed)

As of December 31, 2023, we owned interests in a portfolio of 180 operating retail properties totaling approximately 28.1 million square feet and one office property with 0.3 million square feet in 24 states.

As of December 31, 2024, we own interests in a portfolio of 179 operating retail properties totaling approximately 27.7 million square feet, excluding one operating retail property classified as held for sale as of December 31, 2024, and two office properties with 0.4 million square feet in 24 states.

Of the 179 operating retail properties, 10 contain an office component.

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

We also own interests in two development projects that are under construction as of December 31, 2024 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.

2 unchanged sentences

Region/State Number of Properties (1)

Owned GLA (2)

Retail ABR (3)

28 unchanged sentences

Total Northeast 14 1,658 47,610 8.1 %

Total 180 28,108 $ 580,226 100.0 %

179 27,668 $ 590,821 100.0 %

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

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

(2) Owned GLA 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.

(4) Excludes one operating retail property classified as held for sale as of December 31, 2024.

Development and Redevelopment Projects

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) :

In addition to our operating properties, as of December 31, 2024, we own interests in two development projects that are currently under construction.

The following table sets forth information with respect to the Company’s active development projects as of December 31, 2024:

Project MSA KRG

2 unchanged sentences

Commercial GLA Total

Multifamily Units Total Project Costs – at KRG's Share (2)

Requirement (2)

Multifamily Units Total Project Costs – at KRG's Share KRG Equity

Requirement KRG

Remaining Spend Estimated

3 unchanged sentences

Active Projects

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

The Corner – IN (3)

Indianapolis, IN 50% Q4 2024 24,000 285 31,900 — — $1.7M–$1.9M $1.7M–$1.9M

Total 150,000 285 $ 91,600 $ 59,700 $ 30,100 $5.2M–$5.9M $2.7M–$3.4M

Indianapolis, IN 50% Q1 2025 24,000 285 $31.9M $ — $ — $1.7M–$1.9M $1.7M–$1.9M

One Loudoun Expansion (4)

Washington, D.C./Baltimore 100% Q4 2026 119,000 — $81.0M–$91.0M $65.0M–$75.0M $65.0M–$75.0M $4.7M–$6.2M $3.2M–$4.7M

Total 143,000 285 $112.9M–$122.9M $65.0M–$75.0M $65.0M–$75.0M $6.4M–$8.1M $4.9M–$6.6M

(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 for Carillon MOB represent costs to KRG post-merger and exclude any costs spent to date prior to the merger with RPAI.

(2) 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.

(3) The Company does not have any equity requirements related to this development.

Total project costs are at KRG’s share and are net of KRG’s share of a $13.5 million TIF.

Total project costs are at the Company’s share and are net of the Company’s share of a $13.5 million TIF.

(4) The Company’s equity requirement is shown net of land sale net proceeds of $15.9 million.

Tenant Diversification

3 unchanged sentences

Number of Stores Number of Stores (1)

% of Weighted

Total Leased GLA (2)

% of Weighted ABR (4)

The TJX Companies, Inc.

15 unchanged sentences

14 672 6,935 1.2 %

Ulta Beauty, Inc.

28 286 6,303 1.1 %

Total Wine & More 15 355 6,152 1.0 %

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 %

Kroger (6), Harris Teeter (2),

QFC (1), Smith’s (1) 10 356 6,041 1.0 %

Lowe’s Companies, Inc.

6 — 5,838 1.0 %

BJ’s Wholesale Club, Inc.

3 115 5,514 1.0 %

Ulta Beauty, Inc.

25 259 5,465 0.9 %

Fitness International, LLC LA Fitness (5), XSport Fitness (1) 6 241 5,696 1.0 %

Five Below, Inc.

32 291 5,684 1.0 %

Burlington Stores, Inc.

BJ’s Wholesale Club, Inc.

3 115 5,515 0.9 %

Albertsons Companies, Inc.

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

Petco Health and Wellness

1 unchanged sentence

19 273 5,135 0.9 %

Nordstrom, Inc.

Nordstrom Rack 9 272 5,015 0.8 %

Kohl’s Corporation 7 265 4,980 0.8 %

1 unchanged sentence

7 151 4,707 0.8 %

DSW Designer Shoe

Designer Brands Inc.

DSW Designer Shoe Warehouse 16 313 4,630 0.8 %

KnitWell Group Chico’s (7), Talbots (7), LOFT (5), Soma (4), Ann Taylor (4), White House Black Market (4) 31 134 4,571 0.8 %

Trader Joe's 11 135 4,521 0.8 %

Burlington Stores, Inc.

10 459 4,412 0.8 %

Sprouts Farmers Market, Inc.

8 222 4,384 0.7 %

Office Depot, Inc.

Office Depot (11), OfficeMax (3) 14 308 4,369 0.7 %

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 451 10,229 $ 169,713 28.7 %

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

(2) Total leased GLA/NRA excludes the square footage of structures located on land owned by the Company and ground-leased to tenants.

(2) Total leased GLA 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, 2024, for each applicable tenant multiplied by 12 and does not include tenant reimbursements.

32 unchanged sentences

New leases were signed on 204 individual spaces for 1.1 million square feet of GLA (31.9% cash leasing spread on 117 comparable leases), while non-option renewal leases were signed on 336 individual spaces for 1.6 million square feet of GLA (13.3% cash leasing spread on 245 comparable leases) and option renewals were signed on 180 individual spaces for 2.4 million square feet of GLA (6.7% cash leasing spread).

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

The blended cash spread for comparable new and non-option renewal leases was 19.9%.

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