Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2023, our portfolio was comprised of 71 shopping centers, two outlet centers, two malls and one industrial building totaling approximately 17.1 million sf. We own our two outlet centers, one mall, one industrial building and 56 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, 2023, 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, 2023.
Property Total Square Feet (1)
Percent Leased (1)
Weighted Average Annual Rent per sq ft (2)
Major Tenants
RETAIL PORTFOLIO:
California:
Walnut Creek (Mt. Diablo) (4)
7,000 100.0% $69.26 Sweetgreen
Walnut Creek (Olympic) 31,000 100.0% 80.50 Anthropologie
Connecticut:
Newington Commons 189,000 90.0% 9.50 Walmart, Staples
Maryland:
Goucher Commons 155,000 92.5% 26.52 Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy
Rockville Town Center 98,000 100.0% 16.51 Regal Entertainment Group
Wheaton (leased through 2060) (3)
66,000 100.0% 18.35 Best Buy
Woodmore Towne Centre 712,000 97.7% 18.07 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
Gateway Center (6)
640,000 100.0% 9.69 Costco, Target, Home Depot, Total Wine
Shoppers World (6)
752,000 100.0% 22.50 T.J. Maxx, Marshalls, Home Sense, Sierra Trading, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy
The Shops at Riverwood 79,000 100.0% 24.95 Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace 140,000 100.0% 14.05 Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester Plaza 131,000 100.0% 11.91 Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102) (3)
39,000 100.0% 10.40 Fun City
New Jersey:
Bergen Town Center - East 253,000 92.1% 21.97 Lowe's, Best Buy, REI
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Bergen Town Center - West 1,018,000 96.3% 32.05 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's
Briarcliff Commons 180,000 94.8% 24.65 Uncle Giuseppe's, Kohl's
Brick Commons 273,000 98.7% 21.07 ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons 427,000 100.0% 15.16 Lowe's, Kohl's, Dick's Sporting Goods, P.C. Richard & Son, T.J. Maxx, LA Fitness
Carlstadt Commons (leased through 2050) (3)
78,000 98.3% 24.26 Stop & Shop
Garfield Commons 298,000 100.0% 16.28 Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons 170,000 95.9% 18.64 BJ's Wholesale Club, Aldi
Hackensack Commons 275,000 99.2% 25.89 The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons 343,000 99.3% 21.86 The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls
Hazlet 95,000 100.0% 3.96 Stop & Shop (5)
Hudson Mall 381,000 83.0% 18.34 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
Hudson Commons 236,000 100.0% 14.02 Lowe's, P.C. Richard & Son
Kearny Commons 121,000 100.0% 24.47 LA Fitness, Marshalls, Ulta
Kennedy Commons 62,000 100.0% 15.56 Food Bazaar
Lodi Commons 43,000 100.0% 20.69 Dollar Tree
Manalapan Commons 200,000 93.7% 23.17 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health (lease not commenced), national apparel retailer (lease not commenced)
Marlton Commons 214,000 100.0% 16.69 ShopRite, Kohl's, PetSmart
Millburn 104,000 89.5% 29.05 Trader Joe's, CVS, PetSmart
Montclair 18,000 100.0% 32.00 Whole Foods Market
Paramus (leased through 2033) (3)
63,000 100.0% 49.97 24 Hour Fitness
Plaza at Cherry Hill 417,000 83.1% 13.42 Aldi, Total Wine, LA Fitness, Raymour & Flanigan, Guitar Center, Sam Ash Music
Plaza at Woodbridge 331,000 81.2% 20.36 Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym (lease not commenced), and buybuy Baby
Rockaway River Commons 189,000 96.8% 15.25 ShopRite, T.J. Maxx
Rutherford Commons 196,000 100.0% 13.32 Lowe's
Stelton Commons (leased through 2039) (3)
56,000 100.0% 21.77 Staples, Party City
Tonnelle Commons 410,000 100.0% 22.04 BJ's Wholesale Club, Walmart, PetSmart
Totowa Commons 272,000 93.4% 21.74 The Home Depot, Staples, national tenant (lease not commenced)
Town Brook Commons 231,000 97.0% 13.45 Stop & Shop, Kohl's
Union (Vauxhall) 232,000 100.0% 17.85 The Home Depot
West Branch Commons 279,000 96.1% 16.07 Lowe's, Burlington
West End Commons 241,000 100.0% 11.80 Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Woodbridge Commons 225,000 100.0% 13.59 Walmart, Dollar Tree, Advance Auto Parts
New York:
Amherst Commons 312,000 90.1% 10.74 BJ's Wholesale Club, Burlington, LA Fitness
Bruckner Commons (6)
351,000 85.5% 35.55 ShopRite, Burlington
Shops at Bruckner (6)
113,000 100.0% 39.04 Aldi, Marshalls, Five Below, Old Navy
Burnside Commons 100,000 89.3% 17.40 Bingo Wholesale (leased not commenced)
Cross Bay Commons 44,000 95.8% 40.80 Northwell Health
Dewitt (leased through 2041) (3)
46,000 100.0% 19.36 Best Buy
Forest Commons 165,000 96.6% 25.02 Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School
Gun Hill Commons 81,000 100.0% 38.03 Aldi, Planet Fitness
Henrietta Commons(leased through 2056) (3)
165,000 97.9% 4.69 Kohl's
Huntington Commons 208,000 96.5% 21.81 ShopRite, Marshalls, Old Navy, Petco, Burlington
Kingswood Crossing 107,000 84.4% 44.42 Target, Marshalls, Maimonides Medical, Visiting Nurse Services (lease not commenced)
Meadowbrook Commons (leased through 2040) (3)
44,000 100.0% 22.31 Bob's Discount Furniture
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Mount Kisco Commons 189,000 100.0% 17.63 Target, Stop & Shop
New Hyde Park (leased through 2029) (3)
101,000 100.0% 21.93 Stop & Shop
Yonkers Gateway
448,000 94.9% 20.16 Burlington, Marshalls, Homesense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema
Pennsylvania:
Broomall Commons (6)
168,000 75.8% 16.40 Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital
Lincoln Plaza 228,000 100.0% 5.27 Lowe's, Community Aid, Mattress Firm
MacDade Commons 102,000 100.0% 12.96 Walmart
Marten Commons 185,000 100.0% 15.14 Kohl's, Ross Dress for Less, Staples, Petco
Springfield (leased through 2025) (3)
41,000 100.0% 25.29 PetSmart
Wilkes-Barre Commons 184,000 100.0% 13.12 Bob's Discount Furniture, Ross Dress for Less, Marshalls, Petco, Wren Kitchen
Wyomissing (leased through 2065) (3)
76,000 100.0% 14.83 LA Fitness, PetSmart
South Carolina:
Charleston (leased through 2063) (3)
45,000 100.0% 15.96 Best Buy
Virginia:
Norfolk (leased through 2069) (3)
114,000 100.0% 7.79 BJ's Wholesale Club
Puerto Rico:
Shops at Caguas 356,000 90.6% 30.02 Sector Sixty6, Forever 21, Old Navy
The Outlets at Montehiedra (6)
531,000 95.4% 21.75 The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, Ralph's Food Warehouse (lease not commenced), T.J. Maxx (lease not commenced), Burlington (lease not commenced)
Total Retail Portfolio 15,522,000 95.9% $19.93
INDUSTRIAL:
Lodi Route 17 127,000 100.0% 13.35 AAA Wholesale Group
Total Industrial 127,000 100.0% $13.35
Kingswood Center (6)
129,000 73.5% 26.61 T.J. Maxx, Visiting Nurse Service of NY
Sunrise Mall (4)(6)(7)
1,228,000 30.5% 10.55 Macy's, Dick's Sporting Goods, Dave & Busters, Home Goods
Total Urban Edge Properties 17,006,000 91.0% $19.69
(1) Percent leased is expressed as the percentage of gross leasable area subject to a lease, excluding temporary tenants. The Company also excludes 58,000 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 $22.47 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, 2023 and 2022.
(7) A portion of the property is under a ground lease through 2069.
As of December 31, 2023, we had approximately 1,000 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 1% of our total revenues for the year ended December 31, 2023.
22
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,
2023 (1)
2022 (1)
2021 (1)
2020 2019
Total square feet 15,522,000 14,495,000 14,469,000 15,221,000 14,277,000
Occupancy rate 95.9 % 94.3 % 91.1 % 88.7 % 92.4 %
Average annual base rent per sf $19.93 $19.89 $19.70 $18.97 $19.22
(1) Excludes Sunrise Mall and Kingswood Center for the year ended December 31, 2023, and also 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,
2023 2022 2021 2020 2019
Total square feet 127,000 1,345,000 1,345,000 1,070,000 943,000
Occupancy rate 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Average annual base rent per sf $13.35 $8.89 $6.04 $6.34 $5.70
Major Tenants
The following table sets forth information for our ten largest tenants by total revenues for the year ended December 31, 2023:
Tenant Number of Stores Square Feet % of Total Square Feet 2023 Revenues (1)
(in thousands)
% of Total Revenues
The Home Depot 6 770,742 4.6% $21,513 5.2%
The TJX Companies (2)
22 723,350 4.3% 18,476 4.4%
Lowe's Companies 6 976,415 5.8% 14,200 3.4%
Walmart 5 708,435 4.2% 12,915 3.1%
Kohl’s 9 855,561 5.1% 11,910 2.9%
Best Buy 9 409,641 2.4% 11,026 2.6%
Burlington 8 441,270 2.6% 10,639 2.6%
ShopRite 5 361,683 2.1% 9,926 2.4%
BJ's Wholesale Club 4 454,297 2.7% 8,719 2.1%
PetSmart 12 278,451 1.6% 8,044 1.9%
(1) Based on contractual revenues as determined by the tenants’ operating lease agreements.
(2) Includes Marshalls (14), T.J. Maxx (3), HomeGoods (3) and Homesense (2).
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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 2023 through 2034 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 35 122,000 0.8% $ 3,612,420 $ 29.61
2024 61 679,000 4.4% 12,262,740 18.06
2025 110 1,518,000 9.8% 29,509,920 19.44
2026 114 1,070,000 6.9% 26,632,300 24.89
2027 118 1,387,000 8.9% 23,842,530 17.19
2028 101 1,287,000 8.3% 32,059,170 24.91
2029 120 2,376,000 15.3% 53,958,960 22.71
2030 53 1,438,000 9.3% 19,628,700 13.65
2031 36 1,143,000 7.4% 18,139,410 15.87
2032 52 459,000 3.0% 10,006,200 21.80
2033 53 808,000 5.2% 15,448,960 19.12
2034 54 901,000 5.8% 20,317,550 22.55
Thereafter 49 1,691,000 10.8% 31,046,760 18.36
Subtotal/Average 956 14,879,000 95.9% $ 296,538,470 $ 19.93
Vacant 148 643,000 4.1% N/A N/A
Total (1)
1,104 15,522,000 100.0% $ 296,538,470 N/A
(1) Total lease count excludes industrial tenant leases, temporary tenant leases, cart and kiosk leases, Sunrise Mall and Kingswood Center.