What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-16 compared with 2021-02-17 · 49 added, 52 removed, 145 unchanged (41% of the section changed)

10 unchanged sentences

SHOPPING CENTERS AND MALLS:

Vallejo (leased through 2043) (3)

45,000 100.0% $12.00 Best Buy

Walnut Creek (Olympic) 31,000 100.0% 80.50 Anthropologie

Walnut Creek (Mt.

7,000 43.8% 72.00 Sweetgreen (lease not commenced)

Newington 189,000 90.0% 9.75 Walmart, Staples

3 unchanged sentences

66,000 100.0% 18.27 Best Buy

Woodmore Towne Centre (6)

712,000 96.7% 17.43 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack

Massachusetts:

5 unchanged sentences

Salem (leased through 2102) (3)

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

39,000 100.0% 10.00 Fun City

Bergen Town Center - East, Paramus 253,000 93.8% 22.39 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

Bergen Town Center - West, Paramus 1,058,000 90.6% 30.82 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's (lease not commenced)

Brick 278,000 97.0% 19.95 Kohl's, ShopRite, Marshalls, Old Navy

Carlstadt (leased through 2050) (3)

1 unchanged sentence

Cherry Hill (Plaza at Cherry Hill) 422,000 73.0% 14.40 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.

East Brunswick 427,000 100.0% 14.76 Lowe's, Kohl's, Dick's Sporting Goods, P.C.

Richard & Son, T.J.

1 unchanged sentence

East Hanover (200 - 240 Route 10 West) 343,000 99.2% 21.73 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 197,000 100.0% 12.85 Lowe's

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

Garfield 298,000 100.0% 15.82 Walmart, Burlington, Marshalls, PetSmart, Ulta

Hackensack 275,000 99.4% 23.97 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 Mall) 382,000 85.4% 18.14 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy, National retailer (lease not commenced)

Jersey City (Hudson Commons) 236,000 100.0% 13.90 Lowe's, P.C.

Richard & Son

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

Kearny 116,000 100.0% 23.17 LA Fitness, Marshalls, Ulta

Lodi (Washington Street) (6)

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

43,000 100.0% 20.08 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

Marlton 218,000 100.0% 16.49 Kohl's, ShopRite, PetSmart

Middletown (Town Brook Commons) 231,000 98.9% 13.92 Kohl's, Stop & Shop

1 unchanged sentence

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)

Morris Plains (Briarcliff Commons) 179,000 94.8% 23.08 Kohl's, Uncle Giuseppe's

North Bergen (Kennedy Commons) 62,000 100.0% 14.55 Food Bazaar

3 unchanged sentences

63,000 100.0% 44.56 24 Hour Fitness

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

Rockaway 189,000 93.1% 14.51 ShopRite, T.J.

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

1 unchanged sentence

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

Union (West Branch Commons) 278,000 98.7% 16.60 Lowe's, Burlington

Watchung (Greenbrook Commons) 170,000 100.0% 18.54 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% 13.27 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)

Woodbridge (Plaza at Woodbridge) 332,000 91.9% 19.04 Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby

Bronx (Gun Hill Commons) 81,000 100.0% 36.85 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

Bronx (Bruckner Commons) (6)

396,000 39.4% 44.96 ShopRite, Burlington

Bronx (Shops at Bruckner) 115,000 85.2% 38.73 Marshalls, Old Navy, Aldi (lease not commenced), Five Below (lease not commenced)

Brooklyn (Kingswood Center) 129,000 84.3% 35.83 T.J.

Maxx, Visiting Nurse Service of NY

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

Brooklyn (Kingswood Crossing) 107,000 69.5% 41.72 Target, Marshalls, Maimonides Medical

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)

3 unchanged sentences

Freeport (Freeport Commons) 173,000 100.0% 26.32 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

Huntington 216,000 71.6% 19.70 Marshalls, ShopRite (lease not commenced), Old Navy, Petco

Inwood (Burnside Commons) 100,000 29.3% 27.96

Kisco 189,000 98.5% 17.20 Target, Stop & Shop

New Hyde Park (leased through 2029) (3)

8 unchanged sentences

Bensalem (Marten Commons) 185,000 96.6% 14.59 Kohl's, Ross Dress for Less, Staples, Petco

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

169,000 64.1% 16.56 National retailer (lease not commenced), Planet Fitness, PetSmart

Glenolden (MacDade Commons) 102,000 100.0% 12.89 Walmart

2 unchanged sentences

41,000 100.0% 25.29 PetSmart

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

Wilkes-Barre 184,000 88.1% 12.89 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchen (lease not commenced)

Wyomissing (leased through 2065) (3)

5 unchanged sentences

114,000 100.0% 7.79 BJ's Wholesale Club

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

Las Catalinas 356,000 85.4% 28.84 Sector Sixty6 (lease not commenced), Forever 21, Old Navy

Montehiedra (6)

540,000 69.0% 20.80 The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy

Total Shopping Centers and Malls 14,469,000 91.1% $19.70

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)

East Hanover Warehouses (7)

1,218,000 100.0% 5.63 J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Meyer Distributing, Givaudan Flavors, Reliable Tire, LineMart, Nutra-Med

Lodi (Route 17 North) 127,000 100.0% 9.95 AAA Wholesale Group

Total Industrial 1,345,000 100.0% $6.04

Massapequa, NY (Sunrise Mall) (portion leased through 2069) (3)(4)(6)

1,217,000 49.2% 8.50 Macy's, Dick's Sporting Goods, Dave & Busters, Raymour & Flanigan

Total Urban Edge Properties 17,031,000 88.8% $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.

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

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

(2) Weighted average annual rent per square foot including ground leases and executed leases for which rent has not commenced is calculated by annualizing tenants’ current base rent (excluding any free rent periods), and excluding tenant reimbursements, concessions and storage rent.

Excluding the ground leases where the Company is the lessor, the weighted average annual rent per square foot for our retail portfolio is $20.08 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.

The total square feet disclosed for the building will revert to the lessor upon lease expiration.

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

1 unchanged sentence

(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.

(6) Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended December 31, 2021 and 2020.

(7) Includes acquisitions of 151 Ridgedale Avenue and 601 Murray Road.

These properties are included in our non-same property pool for the quarter and year ended December 31, 2021.

As of December 31, 2021, we had approximately 900 leases.

2 unchanged sentences

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 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:

Percentage rents accounted for approximately 2% of our total revenues for the year ended December 31, 2021.

The following table sets forth the consolidated retail portfolio leased 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

2 unchanged sentences

Average annual base rent per sf $19.70 $18.97 $19.22 $17.90 $17.38

(1) Excludes Sunrise Mall for the year ended December 31, 2021.

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:

8 unchanged sentences

% of Total Revenues

The Home Depot, Inc.

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

The TJX Companies, Inc.

22 714,731 4.2% $20,589 4.8%

The Home Depot, Inc.

6 808,926 4.8% 19,904 4.7%

Lowe's Companies, Inc.

3 unchanged sentences

7 415,828 2.4% 10,106 2.4%

Ahold Delhaize (Stop & Shop)

6 424,000 2.6% 10,602 3.2%

Best Buy Co., Inc.

1 unchanged sentence

Kohl's Corporation 7 633,345 3.7% 9,087 2.1%

BJ's Wholesale Club 4 454,297 2.7% 8,263 1.9%

Wakefern (ShopRite) 4 296,018 1.7% 7,284 1.7%

PetSmart, Inc.

10 228,869 1.3% 7,137 1.7%

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.

22 unchanged sentences

1,043 14,469,000 100.0% $ 259,547,500 N/A

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

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

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