Item 2. Properties
ITEM 2. PROPERTIES
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), 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.
Property Total Square Feet (1)
Percent Leased (1)
Weighted Average Annual Rent per sq ft (2)
Major Tenants
SHOPPING CENTERS AND MALLS:
California:
Vallejo (leased through 2043) (3)
45,000 100.0% $12.00 Best Buy
Walnut Creek (Olympic) 31,000 100.0% 70.00 Anthropologie
Walnut Creek (Mt. Diablo) (4)
7,000 —% —
Connecticut:
Newington 189,000 90.0% 9.75 Walmart, Staples
Maryland:
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)
48,000 62.1% 28.58 PetSmart
Revere (Wonderland Marketplace) 140,000 99.2% 13.15 Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester 131,000 100.0% 11.26 Academy Sports, Bob's Discount Furniture, Pan-Asia Market
New Hampshire:
Salem (leased through 2102) (3)
39,000 100.0% 10.00 Fun City (lease not commenced)
New Jersey:
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)
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) 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
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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
Kearny (Kearny Commons) 114,000 100.0% 21.99 LA Fitness, Marshalls, Ulta
Lodi (Washington Street) (6)
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
Rockaway (Rockaway River Commons) 189,000 91.5% 14.41 ShopRite, T.J. Maxx
South Plainfield (Stelton Commons) (leased through 2039) (3)
56,000 96.3% 21.45 Staples, Party City
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)
New York:
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 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) 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
Mt. Kisco (Mt. Kisco Commons) 189,000 96.9% 16.97 Target, Stop & Shop
New Hyde Park (leased through 2029) (3)
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)
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
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Yonkers Gateway Center
448,000 93.1% 16.18 Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema
Pennsylvania:
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)
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)
76,000 100.0% 14.70 LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063) (3)
45,000 100.0% 15.10 Best Buy
Virginia:
Norfolk (leased through 2069) (3)
114,000 100.0% 7.79 BJ's Wholesale Club
Puerto Rico:
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
INDUSTRIAL:
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. It includes executed leases for which rent has not commenced and excludes tenant expense reimbursements, free rent periods, concessions and storage rent. Excluding ground leases where the Company is the lessor, the weighted average annual rent per square foot for our retail portfolio is $20.65 per square foot.
(3) The Company is a lessee under a ground or building lease. Ground and building lease terms include exercised options and options that may be exercised in future periods. For building leases, the total square feet disclosed for the building will revert to the lessor upon lease expiration. At Salem, the ground lease is for a portion of the parking area only. 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 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.
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Occupancy
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:
December 31,
2020 2019 2018 2017 2016
Total square feet 15,221,000 14,277,000 15,407,000 15,743,000 13,831,000
Occupancy rate 88.7 % 92.4 % 92.6 % 96.0 % 97.2 %
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 industrial properties as of December 31 for the last five years:
December 31,
2020 2019 2018 2017 2016
Total square feet 1,070,000 943,000 942,000 942,000 942,000
Occupancy rate 100.0 % 100.0 % 100.0 % 100.0 % 91.7 %
Average annual base rent per sf $6.34 $5.70 $5.34 $5.15 $4.77
Major Tenants
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. (2)
22 715,000 4.4% 17,569 5.3%
Lowe's Companies, Inc. 6 976,000 6.0% 13,609 4.1%
Walmart Inc. 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. 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%
(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).
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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
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
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
Total (1)
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.