Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2022, our portfolio was comprised of 69 shopping centers, five malls and two industrial parks totaling approximately 17.2 million sf. We own our four malls, two industrial parks and 54 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 14 of our shopping centers under ground and/or building leases. As of December 31, 2022, we had $1.7 billion of outstanding mortgage indebtedness which is secured by our properties. The following pages provide details of our properties as of December 31, 2022.
Property Total Square Feet (1)
Percent Leased (1)
Weighted Average Annual Rent per sq ft (2)
Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Olympic) 31,000 100.0% $80.50 Anthropologie
Walnut Creek (Mt. Diablo) (4)
7,000 43.8% 72.00 Sweetgreen
Connecticut:
Newington 189,000 90.0% 9.55 Walmart, Staples
Maryland:
Towson (Goucher Commons) 155,000 90.0% 23.82 Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy (lease not commenced)
Rockville 94,000 98.0% 27.07 Regal Entertainment Group
Wheaton (leased through 2060) (3)
66,000 100.0% 18.35 Best Buy
Woodmore Towne Centre (6)
712,000 97.0% 17.72 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Cambridge (leased through 2033) (3)
48,000 100.0% 28.06 PetSmart, Central Rock Gym (lease not commenced)
Hyde Park (The Shops at Riverwood) (6)
76,000 100.0% 24.42 Price Rite, Planet Fitness, Goodwill
Revere (Wonderland Marketplace) 140,000 100.0% 13.45 Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester 131,000 100.0% 11.82 Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102) (3)
39,000 100.0% 10.20 Fun City
New Jersey:
Bergen Town Center - East, Paramus 253,000 93.8% 22.39 Lowe's, REI, Best Buy
Bergen Town Center - West, Paramus 1,051,000 91.0% 31.26 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's
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Brick 273,000 98.7% 20.62 ShopRite, Kohl's, Marshalls, Old Navy
Carlstadt (leased through 2050) (3)
78,000 98.3% 24.04 Stop & Shop
Cherry Hill (Plaza at Cherry Hill) 422,000 82.1% 15.32 Aldi, LA Fitness, Raymour & Flanigan, Total Wine, Guitar Center, Sam Ash Music
East Brunswick 427,000 100.0% 14.89 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 99.3% 21.60 The Home Depot, Dick's Sporting Goods, Saks Off 5th, Marshalls
East Rutherford 197,000 98.2% 12.94 Lowe's
Garfield 298,000 100.0% 16.01 Walmart, Burlington, Marshalls, PetSmart, Ulta
Hackensack 275,000 99.4% 24.32 The Home Depot, Staples, Petco, 99 Ranch
Hazlet 95,000 100.0% 3.96 Stop & Shop (5)
Jersey City (Hudson Mall) 382,000 84.9% 18.17 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
Jersey City (Hudson Commons) 236,000 100.0% 13.99 Lowe's, P.C. Richard & Son
Kearny 120,000 100.0% 23.96 LA Fitness, Marshalls, Ulta
Lodi (Washington Street) 43,000 100.0% 20.20 Dollar Tree
Manalapan 208,000 87.7% 20.80 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring
Marlton 214,000 100.0% 16.58 ShopRite, Kohl's, PetSmart
Middletown (Town Brook Commons) 231,000 97.0% 13.39 Stop & Shop, Kohl's
Millburn 104,000 89.5% 28.96 Trader Joe's, CVS, PetSmart
Montclair 18,000 100.0% 32.00 Whole Foods Market
Morris Plains (Briarcliff Commons) (6)
176,000 94.7% 23.72 Uncle Giuseppe's, Kohl's
North Bergen (Kennedy Commons) 62,000 100.0% 14.65 Food Bazaar
North Bergen (Tonnelle Commons) 410,000 100.0% 21.95 BJ's Wholesale Club, Walmart, PetSmart
North Plainfield (West End Commons) 241,000 100.0% 11.91 Costco, The Tile Shop, La-Z-Boy, Petco,
DaVita Dialysis
Paramus (leased through 2033) (3)
63,000 100.0% 49.97 24 Hour Fitness
Rockaway 189,000 96.8% 15.16 ShopRite, T.J. Maxx
South Plainfield (Stelton Commons) (leased through 2039) (3)
56,000 100.0% 22.34 Staples, Party City
Totowa 271,000 83.4% 18.04 The Home Depot, Bed Bath & Beyond, buybuy Baby, Staples
Union (2445 Springfield Ave) 232,000 100.0% 17.85 The Home Depot
Union (West Branch Commons) 278,000 98.7% 16.12 Lowe's, Burlington
Watchung (Greenbrook Commons) 170,000 100.0% 18.83 BJ's Wholesale Club, Aldi (lease not commenced)
Woodbridge (Woodbridge Commons) 225,000 100.0% 13.51 Walmart, Charisma Furniture
Woodbridge (Plaza at Woodbridge) 332,000 91.6% 19.04 Best Buy, Raymour & Flanigan, Lincoln Tech, Retro Fitness, Bed Bath & Beyond and buybuy Baby
New York:
Bronx (Gun Hill Commons) 81,000 100.0% 37.62 Aldi, Planet Fitness
Bronx (Bruckner Commons) (6)
396,000 74.6% 33.92 ShopRite, Burlington, Target (lease not commenced)
Bronx (Shops at Bruckner) 115,000 100.0% 38.36 Marshalls, Old Navy, Five Below, Aldi (lease not commenced)
Brooklyn (Kingswood Center) 129,000 90.6% 30.92 T.J. Maxx, Visiting Nurse Service of NY
Brooklyn (Kingswood Crossing) 107,000 69.5% 41.86 Target, Marshalls, Maimonides Medical
Buffalo (Amherst Commons) 311,000 98.1% 11.06 BJ's Wholesale Club, T.J. Maxx, Burlington, HomeGoods, LA Fitness
Dewitt (Marshall Plaza) (leased through 2041) (3)
46,000 100.0% 24.62 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% 26.32 The Home Depot, Staples
Huntington 207,000 81.3% 21.04 ShopRite, Marshalls, Old Navy, Petco
Inwood (Burnside Commons) 100,000 90.7% 17.39 Bingo Wholesale (lease not commenced)
Mt. Kisco 189,000 100.0% 17.59 Target, Stop & Shop
New Hyde Park (leased through 2029) (3)
101,000 100.0% 21.93 Stop & Shop
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Queens (Cross Bay Commons) 45,000 87.1% 42.17 Northwell Health
Rochester (Henrietta) (leased through 2056) (3)
165,000 97.9% 4.62 Kohl's
Staten Island (Forest Commons) 165,000 96.6% 24.84 Western Beef, Planet Fitness, Mavis Discount Tire, NYC Public School
Yonkers Gateway Center
448,000 94.1% 16.02 Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema
Pennsylvania:
Bensalem (Marten Commons) 185,000 96.6% 14.83 Kohl's, Ross Dress for Less, Staples, Petco
Broomall (6)
168,000 75.8% 16.40 Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital
Glenolden (MacDade Commons) 102,000 100.0% 12.93 Walmart
Lancaster (Lincoln Plaza) 228,000 100.0% 5.27 Lowe's, Community Aid, Mattress Firm
Springfield (leased through 2025) (3)
41,000 100.0% 25.29 PetSmart
Wilkes-Barre 184,000 92.5% 13.12 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchens
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% 15.56 Best Buy
Virginia:
Norfolk (leased through 2069) (3)
114,000 100.0% 7.79 BJ's Wholesale Club
Puerto Rico:
Las Catalinas 355,000 86.2% 29.75 Sector Sixty6 (lease not commenced), Forever 21, Old Navy
Montehiedra (6)
514,000 94.7% 20.02 The Home Depot, Marshalls, Caribbean Cinemas, Tiendas Capri, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J. Maxx (lease not commenced)
Total Retail Portfolio 14,495,000 94.3% $19.89
INDUSTRIAL:
East Hanover Warehouses (8)
1,218,000 100.0% 8.46 J & J Tri-State Delivery, Foremost Groups, PCS Wireless, Fidelity Paper & Supply, Decker Tape, Givaudan Flavors, Reliable Tire, Nutra-Med, Bestway Trucking (lease not commenced)
Lodi (Route 17 North) 127,000 100.0% 12.97 AAA Wholesale Group
Total Industrial 1,345,000 100.0% $8.89
Massapequa, NY (Sunrise Mall) (portion leased through 2069) (4)(6)(7)
1,228,000 33.4% 8.37 Macy's, Dick's Sporting Goods, Dave & Buster's, Raymour & Flanigan, Home Goods
Total Urban Edge Properties 17,068,000 90.3% $18.62
(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 $21.85 per square foot.
(3) The Company is a lessee under a ground or building lease. The total square feet disclosed for the building will revert to the lessor upon lease expiration.
(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) Not included in the same-property pool for the purposes of calculating same-property NOI for the quarter ended December 31, 2022 and 2021.
(7) Includes the acquisition of 40 Carmans Road.
(8) Includes 151 Ridgedale Avenue and 601 Murray Road which were acquired in August 2021. These properties are included in our non-same property pool for the year ended December 31, 2022.
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As of December 31, 2022, we had approximately 900 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 approximately 2% of our total revenues for the year ended December 31, 2022.
Occupancy
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:
December 31,
2022 (1)
2021 (1)
2020 2019 2018
Total square feet 14,495,000 14,469,000 15,221,000 14,277,000 15,407,000
Occupancy rate 94.3 % 91.1 % 88.7 % 92.4 % 92.6 %
Average annual base rent per sf $19.89 $19.70 $18.97 $19.22 $17.90
(1) Excludes Sunrise Mall for the years ended December 31, 2022 and 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:
December 31,
2022 2021 2020 2019 2018
Total square feet 1,345,000 1,345,000 1,070,000 943,000 942,000
Occupancy rate 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Average annual base rent per sf $8.89 $6.04 $6.34 $5.70 $5.34
Major Tenants
The following table sets forth information for our ten largest tenants by total revenues for the year ended December 31, 2022:
Tenant Number of Stores Square Feet % of Total Square Feet 2022 Revenues (1)
(in thousands)
% of Total Revenues
The Home Depot 6 808,926 4.7% $21,447 5.4%
The TJX Companies (2)
21 671,521 3.9% 19,027 4.8%
Lowe's Companies 6 976,415 5.7% 14,264 3.6%
Walmart 5 708,435 4.2% 13,663 3.4%
Best Buy 8 359,551 2.1% 10,682 2.7%
Burlington 7 415,828 2.4% 10,476 2.6%
Kohl's 8 767,345 4.5% 10,391 2.6%
BJ's Wholesale Club 4 454,297 2.7% 8,667 2.2%
Ahold Delhaize (Stop & Shop) 5 362,696 2.1% 8,090 2.0%
ShopRite 5 361,058 2.1% 7,870 2.0%
(1) Based on contractual revenues as determined by the tenants’ operating lease agreements.
(2) Includes Marshalls (13), T.J. Maxx (4), HomeGoods (3) and Homesense (1).
22
Lease Expirations
The following table sets forth the anticipated expirations of tenant leases in our consolidated retail portfolio for each year from 2023 through 2033 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 33 116,000 0.8% $ 2,884,920 $ 24.87
2023 80 643,000 4.4% 16,615,120 25.84
2024 116 1,521,000 10.5% 32,595,030 21.43
2025 86 1,256,000 8.7% 23,977,040 19.09
2026 99 922,000 6.4% 21,786,860 23.63
2027 100 1,116,000 7.7% 19,820,160 17.76
2028 75 1,143,000 7.9% 26,711,910 23.37
2029 73 1,536,000 10.6% 33,991,680 22.13
2030 45 1,205,000 8.3% 18,930,550 15.71
2031 33 1,025,000 7.1% 17,209,750 16.79
2032 50 433,000 3.0% 9,214,240 21.28
2033 42 710,000 4.9% 12,616,700 17.77
Thereafter 49 2,043,000 14.0% 34,567,560 16.92
Subtotal/Average 881 13,669,000 94.3% $ 271,876,410 $ 19.89
Vacant 171 826,000 5.7% N/A N/A
Total (1)
1,052 14,495,000 100.0% $ 271,876,410 N/A
(1) Total lease count excludes industrial tenant leases, temporary tenant leases, cart and kiosk leases and Sunrise Mall.