Item 2. Properties
ITEM 2. PROPERTIES
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 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.
Operating Properties
The following table summarizes the geographic diversity of the Company’s retail operating properties by region and state, ranked by ABR, as of December 31, 2024 (GLA and ABR in thousands) :
Region/State Number of Properties (1)
Owned GLA (2)
Total
Weighted
Retail ABR (3)
% of
Weighted
Retail ABR (3)
South
Texas 44 7,493 $ 157,891 26.7 %
Florida 30 3,505 69,218 11.7 %
Maryland 8 1,410 35,017 5.9 %
North Carolina 8 1,535 33,700 5.7 %
Virginia 7 1,107 31,857 5.4 %
Georgia 11 1,849 30,581 5.2 %
Tennessee 3 580 8,877 1.5 %
Oklahoma 3 506 8,148 1.4 %
South Carolina 2 262 3,663 0.6 %
Total South 116 18,247 378,952 64.1 %
West
Washington 10 1,633 31,098 5.3 %
Nevada 5 841 28,526 4.8 %
Arizona 5 714 16,088 2.7 %
California 2 531 12,712 2.2 %
Utah 2 388 8,215 1.4 %
Total West 24 4,107 96,639 16.4 %
Midwest
Indiana 15 1,600 31,558 5.3 %
Illinois 7 1,059 22,779 3.9 %
Michigan 1 308 6,729 1.1 %
Missouri 1 453 4,402 0.7 %
Ohio 1 236 2,152 0.4 %
Total Midwest 25 3,656 67,620 11.4 %
Northeast
New York 7 713 25,563 4.3 %
New Jersey 4 339 11,296 1.9 %
Massachusetts 1 264 4,761 0.8 %
Connecticut 1 206 4,008 0.7 %
Pennsylvania 1 136 1,982 0.4 %
Total Northeast 14 1,658 47,610 8.1 %
Total (4)
179 27,668 $ 590,821 100.0 %
(1) Number of properties represents consolidated and unconsolidated retail properties.
(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.
29
Table of Contents
Development and Redevelopment Projects
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
Ownership % Projected
Completion Date (1)
Total
Commercial GLA Total
Multifamily Units Total Project Costs – at KRG's Share KRG Equity
Requirement KRG
Remaining Spend Estimated
Stabilized NOI
to KRG Estimated Remaining
NOI to Come Online (2)
Active Projects
The Corner – IN (3)
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) 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 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.
30
Table of Contents
Tenant Diversification
No individual retail tenant accounted for more than 2.8% of the portfolio’s ABR for the year ended December 31, 2024. The following table summarizes the top 25 tenants at the Company’s retail properties based on minimum rents in place as of December 31, 2024 (GLA and dollars in thousands) :
Tenant Primary DBA/
Number of Stores Number of Stores (1)
Total Leased GLA (2)
ABR (3)
% of Weighted ABR (4)
The TJX Companies, Inc. T.J. Maxx (18), Marshalls (13), HomeGoods (11), Homesense (4), T.J. Maxx & HomeGoods combined (2), Sierra (2) 50 1,450 $ 16,615 2.8 %
Best Buy Co., Inc. Best Buy (15), Pacific Sales (1) 16 633 11,447 1.9 %
Ross Stores, Inc. Ross Dress for Less (32), dd’s DISCOUNTS (1) 33 937 11,333 1.9 %
PetSmart, Inc. 32 657 10,991 1.9 %
Michaels Stores, Inc. Michaels 28 631 8,346 1.4 %
Gap Inc. Old Navy (25), The Gap (3),
Athleta (3), Banana Republic (2) 33 448 8,137 1.4 %
Dick’s Sporting Goods, Inc. Dick’s Sporting Goods (12), Golf Galaxy (1) 13 625 7,956 1.3 %
Publix Super Markets, Inc. 14 672 6,935 1.2 %
Ulta Beauty, Inc. 28 286 6,303 1.1 %
Total Wine & More 15 355 6,152 1.0 %
The Kroger Co. 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 %
Fitness International, LLC LA Fitness (5), XSport Fitness (1) 6 241 5,696 1.0 %
Five Below, Inc. 32 291 5,684 1.0 %
BJ’s Wholesale Club, Inc. 3 115 5,515 0.9 %
Petco Health and Wellness
Company, Inc.
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 %
The Container Store Group, Inc. 7 151 4,707 0.8 %
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 %
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 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. 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.
31
Table of Contents
Lease Expirations
In 2025, leases representing 8.1% of total retail ABR are scheduled to expire. The following table summarizes the scheduled lease expirations for retail tenants as of December 31, 2024, assuming none of the tenants exercise renewal options (dollars in thousands, except per square foot data) :
Expiring Retail GLA (2)
Expiring ABR per Sq. Ft. (3)
Number of
Expiring Leases (1)
Shop Tenants Anchor Tenants Expiring ABR
(Pro rata) Expiring Ground Lease ABR
(Pro rata) % of
Total ABR
(Pro rata) Shop Tenants Anchor Tenants Total
2025 423 1,001,732 975,209 $ 45,580 $ 2,433 8.1 % $ 32.54 $ 13.84 $ 23.31
2026 494 1,108,332 2,190,581 64,100 4,785 11.7 % 31.09 13.90 19.68
2027 538 1,205,945 2,255,715 70,633 5,587 12.9 % 32.66 14.02 20.52
2028 562 1,236,450 2,747,997 85,450 6,678 15.6 % 35.67 15.06 21.46
2029 562 1,236,206 3,040,465 88,120 3,572 15.5 % 35.55 15.40 21.23
2030 323 818,426 1,977,607 50,600 3,942 9.2 % 31.12 12.97 18.29
2031 174 469,946 675,597 26,056 2,111 4.8 % 33.68 15.29 22.84
2032 180 440,150 1,131,795 30,506 466 5.2 % 32.36 14.76 19.69
2033 196 503,675 721,638 29,065 3,778 5.6 % 35.44 15.60 23.76
2034 174 375,948 645,475 25,913 2,053 4.7 % 38.47 17.81 25.41
Beyond 176 374,406 1,162,612 34,328 5,065 6.7 % 37.56 17.54 22.41
3,802 8,771,216 17,524,691 $ 550,351 $ 40,470 100.0 % $ 33.79 $ 14.82 $ 21.15
(1) Lease expirations table reflects rents in place as of December 31, 2024 and does not include option periods; 2025 expirations include 34 month-to-month retail tenants. This column also excludes ground leases.
(2) Expiring 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 as of December 31, 2024 for each applicable tenant multiplied by 12. Excludes tenant reimbursements and ground lease revenue.
Lease Activity – New and Renewal
During 2024, the Company executed new and renewal leases on 720 individual spaces totaling 5.0 million square feet (12.8% cash leasing spread on 542 comparable leases). 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 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.