What changed in this filing

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Item 2. Properties

2021-02-17 compared with 2020-02-13 · 122 added, 120 removed, 75 unchanged (76% of the section changed)

As of December 31, 2019 , our portfolio is comprised of 74 shopping centers, four malls and a warehouse park totaling approximately 15.2 million square feet.

We own our four malls, warehouse park and 57 shopping centers 100% in fee simple.

As of December 31, 2020, our portfolio is comprised of 72 shopping centers, five malls and two industrial parks totaling approximately 16.3 million sf.

We own our four malls, two industrial parks and 55 shopping centers 100% in fee simple.

We own a 95% interest in Walnut Creek (Mt.

Diablo) and lease 16 of our shopping center properties under ground and/or building leases.

Diablo), an 82.5% interest in Sunrise Mall in Massapequa, NY and lease 16 of our shopping center properties under ground and/or building leases.

As of December 31, 2020, we had $1.6 billion of outstanding mortgage indebtedness which is secured by our properties.

The following pages provide details of our properties as of December 31, 2020.

Total Square Feet (1)

Property Total Square Feet (1)

Percent Leased (1)

3 unchanged sentences

Vallejo (leased through 2043) (3)

Walnut Creek (Olympic)

Anthropologie

45,000 100.0% $12.00 Best Buy

Walnut Creek (Olympic) 31,000 100.0% 70.00 Anthropologie

Walnut Creek (Mt.

Walmart, Staples

Baltimore (Towson)

Staples, HomeGoods, Tuesday Morning, Five Below, Ulta, Kirkland's, Sprouts, DSW (lease not commenced)

Regal Entertainment Group

Newington 189,000 90.0% 9.75 Walmart, Staples

Towson (Goucher Commons) 155,000 92.5% 24.36 Staples, HomeGoods, Five Below, Ulta, Kirkland's, Sprouts, DSW

Rockville 94,000 98.0% 27.34 Regal Entertainment Group

Wheaton (leased through 2060) (3)

66,000 100.0% 16.70 Best Buy

Massachusetts:

Cambridge (leased through 2033) (3)

PetSmart, A.C.

Revere (Wonderland Marketplace)

Big Lots, Planet Fitness, Marshalls, Get Air

Academy Sports, Bob's Discount Furniture, Pan-Asia Market

48,000 62.1% 28.58 PetSmart

Revere (Wonderland Marketplace) 140,000 99.2% 13.15 Big Lots, Planet Fitness, Marshalls, Get Air

Manchester 131,000 100.0% 11.26 Academy Sports, Bob's Discount Furniture, Pan-Asia Market

New Hampshire:

1 unchanged sentence

39,000 100.0% 10.00 Fun City (lease not commenced)

Bergen Town Center - East, Paramus

Lowe's, REI, Kirkland's, Best Buy

Bergen Town Center - West, Paramus

Target, Century 21, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Nieman Marcus Last Call Studio

Kohl's, ShopRite, Marshalls, Kirkland's

Bergen Town Center - East, Paramus 253,000 93.8% 21.13 Lowe's, REI, Best Buy

Bergen Town Center - West, Paramus 1,059,000 79.3% 35.37 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy

Brick (Brick Commons) 278,000 93.8% 19.15 Kohl's, ShopRite, Marshalls, Old Navy

Carlstadt (leased through 2050) (3)

Cherry Hill (Plaza at Cherry Hill)

LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music

East Brunswick

Lowe's, Kohl's, Dick's Sporting Goods, P.C.

78,000 100.0% 24.39 Stop & Shop

Cherry Hill (Plaza at Cherry Hill) 422,000 73.0% 14.50 LA Fitness, Aldi, Raymour & Flanigan, Restoration Hardware, Total Wine, Guitar Center, Sam Ash Music

East Brunswick (Brunswick Commons) 427,000 100.0% 14.52 Lowe's, Kohl's, Dick's Sporting Goods, P.C.

Richard & Son, T.J.

Maxx, LA Fitness

East Hanover (200 - 240 Route 10 West)

The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store

East Hanover (280 Route 10 West)

East Rutherford

Walmart, Burlington, Marshalls, PetSmart, Ulta

The Home Depot, Staples, Petco, 99 Ranch

Stop & Shop (5)

Jersey City (Hudson Mall)

Marshalls, Big Lots, Retro Fitness, Staples, Old Navy

Jersey City (Hudson Commons)

East Hanover (200 - 240 Route 10 West) 343,000 95.3% 21.95 The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls, Paper Store

East Hanover (280 Route 10 West) 28,000 100.0% 34.71 REI

East Rutherford 197,000 98.3% 12.75 Lowe's

Garfield (Garfield Commons) 298,000 100.0% 15.45 Walmart, Burlington, Marshalls, PetSmart, Ulta

Hackensack 275,000 99.4% 23.91 The Home Depot, Staples, Petco, 99 Ranch

Hazlet 95,000 100.0% 3.70 Stop & Shop (5)

Jersey City (Hudson Mall) 382,000 78.1% 16.77 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy

Jersey City (Hudson Commons) 236,000 100.0% 13.81 Lowe's, P.C.

Richard & Son

LA Fitness, Marshalls, Ulta

The Home Depot, PetSmart

Lodi (Route 17 North)

Kearny (Kearny Commons) 114,000 100.0% 21.99 LA Fitness, Marshalls, Ulta

Lodi (Washington Street) (6)

Blink Fitness, Aldi

Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring (lease not commenced)

Kohl's, ShopRite, PetSmart

Middletown (Town Brook Commons)

Kohl's, Stop & Shop

Trader Joe's, CVS, PetSmart

Whole Foods Market

Morris Plains (Briarcliff Commons)

North Bergen (Kennedy Blvd)

North Bergen (Tonnelle Ave)

Walmart, BJ's Wholesale Club, PetSmart, Staples

North Plainfield (West End Commons)

Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis

85,000 94.7% 20.17 Blink Fitness, Aldi, Dollar Tree

Manalapan 208,000 87.7% 20.44 Best Buy, Bed Bath & Beyond, Raymour & Flanigan, PetSmart, Avalon Flooring

Marlton (Marlton Commons) 218,000 100.0% 16.17 Kohl's, ShopRite, PetSmart

Middletown (Town Brook Commons) 231,000 96.4% 13.85 Kohl's, Stop & Shop

Millburn 104,000 98.8% 27.25 Trader Joe's, CVS, PetSmart

Montclair 18,000 100.0% 32.00 Whole Foods Market

Morris Plains (Briarcliff Commons) 179,000 94.9% 22.75 Kohl's, Uncle Giuseppe's (lease not commenced)

North Bergen (Kennedy Commons) 62,000 100.0% 14.45 Food Bazaar

North Bergen (Tonnelle Commons) 413,000 94.4% 21.46 Walmart, BJ's Wholesale Club, PetSmart

North Plainfield (West End Commons) 241,000 99.1% 11.45 Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis

Paramus (leased through 2033) (3)

63,000 100.0% 44.56 24 Hour Fitness

ShopRite, T.J.

Rockaway (Rockaway River Commons) 189,000 91.5% 14.41 ShopRite, T.J.

South Plainfield (Stelton Commons) (leased through 2039) (3)

56,000 96.3% 21.45 Staples, Party City

The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples

At Home, Verizon Wireless

Union (2445 Springfield Ave)

The Home Depot

Union (Route 22 and Morris Ave)

Lowe's, Burlington, Office Depot

Watchung (Greenbrook Commons)

BJ's Wholesale Club

Westfield (One Lincoln Plaza)

Five Guys, PNC Bank

Woodbridge (Woodbridge Commons)

Walmart, Charisma Furniture

Woodbridge (Plaza at Woodbridge)

Best Buy, Raymour & Flanigan, Lincoln Tech, Harbor Freight, Retro Fitness

Bronx (1750-1780 Gun Hill Road)

Planet Fitness, Aldi

Bronx (Bruckner Commons)

Kmart, ShopRite, Burlington

Bronx (Shops at Bruckner)

Marshalls, Old Navy, LA Fitness (lease not commenced)

Buffalo (Amherst Commons)

BJ's Wholesale Club, T.J.

Totowa 271,000 100.0% 18.30 The Home Depot, Bed Bath & Beyond, buybuy Baby, Marshalls, Staples

Turnersville 98,000 100.0% 10.06 At Home, Verizon Wireless

Union (2445 Springfield Ave) 232,000 100.0% 17.85 The Home Depot

Union (West Branch Commons) 278,000 95.0% 16.45 Lowe's, Burlington, Office Depot

Watchung (Greenbrook Commons) 170,000 96.6% 18.15 BJ's Wholesale Club

Westfield (One Lincoln Plaza) 22,000 85.8% 32.39 Five Guys, PNC Bank

Woodbridge (Woodbridge Commons) 225,000 94.7% 13.24 Walmart, Charisma Furniture

Woodbridge (Plaza at Woodbridge) 335,000 90.1% 18.04 Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby (lease commenced 1/2021)

Bronx (Gun Hill Commons) 81,000 90.9% 36.48 Planet Fitness, Aldi

Bronx (Bruckner Commons) 375,000 82.0% 27.18 Kmart, ShopRite, Burlington

Bronx (Shops at Bruckner) 114,000 66.6% 39.19 Marshalls, Old Navy

Brooklyn (Kingswood Center) 129,000 84.3% 35.67 T.J.

Maxx, Visiting Nurse Service of NY

Brooklyn (Kingswood Crossing) 110,000 67.9% 41.72 Target, Marshalls, Maimonides Medical (lease not commenced)

Buffalo (Amherst Commons) 311,000 98.1% 10.94 BJ's Wholesale Club, T.J.

Maxx, Burlington, HomeGoods, LA Fitness

Commack (leased through 2021) (3)

Commack (leased through January 2021) (3)

47,000 100.0% 20.69 PetSmart, Ace Hardware

Dewitt (Marshall Plaza) (leased through 2041) (3)

46,000 100.0% 22.38 Best Buy

Freeport (Meadowbrook Commons) (leased through 2040) (3)

44,000 100.0% 22.31 Bob's Discount Furniture

Freeport (Freeport Commons)

The Home Depot, Staples

Marshalls, Old Navy, Petco

Inwood (Burnside Commons)

Target, Stop & Shop

Freeport (Freeport Commons) 173,000 100.0% 22.23 The Home Depot, Staples

Huntington (Huntington Commons) 204,000 71.1% 18.82 Marshalls, ShopRite (lease not commenced), Old Navy, Petco

Inwood (Burnside Commons) 100,000 96.5% 19.46 Stop & Shop

Massapequa, NY (Sunrise Mall) (leased through 2069) (3)(4)

1,211,000 65.7% 8.77 Macy's, Sears, Dick's Sporting Goods, Dave & Buster's, Raymour & Flanigan

Kisco Commons) 189,000 96.9% 16.97 Target, Stop & Shop

New Hyde Park (leased through 2029) (3)

Queens (Cross Bay Commons)

101,000 100.0% 21.93 Stop & Shop

Queens (Cross Bay Commons) 46,000 80.5% 42.70 Northwell Health

Rochester (Henrietta) (leased through 2056) (3)

Staten Island (Forest Commons)

Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School

165,000 100.0% 4.64 Kohl's

Staten Island (Forest Commons) 165,000 96.3% 24.87 Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School

Yonkers Gateway Center

1 unchanged sentence

Pennsylvania:

Bensalem (Marten Commons)

Kohl's, Ross Dress for Less, Staples, Petco

Bethlehem (Easton Commons)

Giant Food, Petco

Giant Food (5) , Planet Fitness, A.C.

Moore, PetSmart

Glenolden (MacDade Commons)

Lancaster (Lincoln Plaza)

Lowe's, Community Aid, Mattress Firm

Bensalem (Marten Commons) 185,000 96.6% 14.25 Kohl's, Ross Dress for Less, Staples, Petco

Broomall 169,000 64.7% 16.34 National retailer (lease not commenced), Planet Fitness, PetSmart

Glenolden (MacDade Commons) 102,000 100.0% 12.86 Walmart

Lancaster (Lincoln Plaza) 228,000 100.0% 5.12 Lowe's, Community Aid, Mattress Firm

Springfield (leased through 2025) (3)

Wilkes-Barre (461 - 499 Mundy Street)

Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Tuesday Morning

41,000 100.0% 22.99 PetSmart

Wilkes-Barre (461 - 499 Mundy Street) 179,000 68.4% 12.79 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco

Wyomissing (leased through 2065) (3)

2 unchanged sentences

Charleston (leased through 2063) (3)

45,000 100.0% 15.10 Best Buy

Norfolk (leased through 2069) (3)

114,000 100.0% 7.79 BJ's Wholesale Club

Las Catalinas

Forever 21, Old Navy

Kmart, The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy

Las Catalinas 356,000 51.7% 46.86 Forever 21, Old Navy

Montehiedra 539,000 93.9% 18.27 Kmart, The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy

Total Shopping Centers and Malls 15,221,000 88.7% $18.97

East Hanover Warehouses

J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Consolidated Simon Distributors, Givaudan Flavors, Reliable Tire, LineMart

East Hanover Warehouses 943,000 100.0% 5.85 J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Consolidated Simon Distributors, Givaudan Flavors, Reliable Tire, LineMart

Lodi (Route 17 North) 127,000 100.0% 9.95 AAA Wholesale Group (lease not commenced)

Total Industrial 1,070,000 100.0% $6.34

Total Urban Edge Properties 16,291,000 89.4% $18.04

(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease.

The Company excludes 132,000 sf of self-storage from the table above.

(2) Weighted average annual base rent per square foot is the current base rent on an annualized basis.

5 unchanged sentences

At Salem, the ground lease is for a portion of the parking area only.

(4) Our ownership of Walnut Creek (Mt.

Diablo) is 95%.

At Massapequa, the ground lease pertains to the land occupied by Sears and Macy's.

(4) We own 95% of Walnut Creek (Mt.

Diablo) and 82.5% of Sunrise Mall with the remaining portions in each case owned by joint venture partners.

(5) The tenant never commenced operations at this location but continues to pay rent.

(6) On January 8, 2021, the Company sold a 42,000 sf portion of this property, occupied by Blink Fitness and Aldi.

As of December 31, 2020, we had approximately 1,100 leases.

Tenant leases for under 10,000 square feet generally have lease terms of five years or less.

Tenant leases for 10,000 square feet or more generally have lease terms of 10 to 25 years, and are considered anchor leases with one or more renewal options available upon expiration of the initial lease term.

Tenant leases under 10,000 square feet generally have lease terms of five years or less.

Tenant leases comprising 10,000 square feet or more generally have lease terms of 10 to 25 years, and are considered anchor leases with one or more renewal options available upon expiration of the initial lease term.

The majority of our leases provide for reimbursements of real estate taxes, insurance and common area maintenance charges (including roof and structure in shopping centers, unless it is the tenant’s direct responsibility), and percentage rents based on tenant sales volume.

Percentage rents accounted for 1% of our total revenues for the year ended December 31, 2020.

The following table sets forth the consolidated retail portfolio occupancy rate (excluding warehouses and self-storage space), square footage and weighted average annual base rent per square foot of properties in our retail portfolio as of December 31 for the last five years:

The following table sets forth the consolidated retail portfolio occupancy rate (excluding industrial and self-storage space), square footage and weighted average annual base rent per square foot of properties in our retail portfolio as of December 31 for the last five years:

2020 2019 2018 2017 2016

Total square feet 15,221,000 14,277,000 15,407,000 15,743,000 13,831,000

1 unchanged sentence

Average annual base rent per sf $18.97 $19.22 $17.90 $17.38 $17.07

The following table sets forth the occupancy rate, square footage and weighted average annual base rent per square foot of our warehouses as of December 31 for the last five years:

The following table sets forth the occupancy rate, square footage and weighted average annual base rent per square foot of our industrial properties as of December 31 for the last five years:

2020 2019 2018 2017 2016

Total square feet 1,070,000 943,000 942,000 942,000 942,000

2 unchanged sentences

Major Tenants

The following table sets forth information for the 10 largest tenants by total revenues for the year ended December 31, 2019 :

Number of Stores

% of Total Square Feet

2019 Revenues (in thousands)

The following table sets forth information for our ten largest tenants by total revenues for the year ended December 31, 2020:

Tenant Number of Stores Square Feet % of Total Square Feet 2020 Revenues (1)

(in thousands)

% of Total Revenues

The Home Depot, Inc.

6 809,000 5.0% $20,664 6.3%

The TJX Companies, Inc.

22 715,000 4.4% 17,569 5.3%

Lowe's Companies, Inc.

6 976,000 6.0% 13,609 4.1%

5 708,000 4.4% 12,809 3.9%

Burlington Stores, Inc.

7 416,000 2.6% 11,151 3.4%

Ahold Delhaize (Stop & Shop)

6 424,000 2.6% 10,602 3.2%

Best Buy Co., Inc.

Ahold Delhaize (2)

8 359,000 2.2% 9,860 3.0%

Kohl's Corporation 7 633,000 3.9% 9,693 2.9%

PetSmart, Inc.

11 257,000 1.6% 8,622 2.6%

BJ's Wholesale Club 4 454,000 2.8% 8,479 2.6%

Wakefern (ShopRite)

(1) Based on contractual revenues as determined by the tenants’ operating lease agreements.

(2) Includes Marshalls (14), T.J.

Maxx (4), HomeGoods (3) and Homesense (1).

(2) Includes Stop & Shop (6) and Giant Food (2).

Lease Expirations

The following table sets forth the anticipated expirations of tenant leases in our consolidated retail portfolio for each year from 2021 through 2031 and thereafter, assuming no exercise of renewal options or early termination rights:

Percentage of

Weighted Average Annual

Square Feet of

Retail Properties

Base Rent of Expiring Leases

Expiring Leases

Per Square Foot

Percentage of Weighted Average Annual

Number of Square Feet of Retail Properties Base Rent of Expiring Leases

Year Expiring Leases Expiring Leases Square Feet Total Per Square Foot

Month-To-Month 38 114,000 0.7% $ 3,735,780 $32.77

Sub-total/Average

(1) Total lease count excludes warehouse tenant leases, temporary tenant leases and cart and kiosk leases.

2021 106 603,000 4.0% 14,230,800 23.60

2022 101 1,044,000 6.9% 18,739,800 17.95

2023 97 1,558,000 10.2% 31,082,100 19.95

2024 102 1,469,000 9.7% 30,437,680 20.72

2025 79 1,432,000 9.4% 22,840,400 15.95

2026 80 765,000 5.0% 17,250,750 22.55

2027 51 543,000 3.6% 10,691,670 19.69

2028 41 506,000 3.3% 13,591,160 26.86

2029 66 1,617,000 10.6% 33,601,260 20.78

2030 38 1,012,000 6.6% 16,121,160 15.93

2031 18 663,000 4.4% 10,448,880 15.76

Thereafter 43 2,174,000 14.3% 29,783,800 13.70

Subtotal/Average 860 13,500,000 88.7% $ 254,340,000 $18.84

Vacant 277 1,721,000 11.3% N/A N/A

1,137 15,221,000 100.0% $ 254,340,000 N/A

(1) Total lease count excludes industrial tenant leases, temporary tenant leases and cart and kiosk leases.

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