Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2024, our portfolio was comprised of 71 shopping centers, two outlet centers and two malls totaling approximately 17.4 million sf. We own our two outlet centers, one mall 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 15 of our shopping centers under ground and/or building leases. As of December 31, 2024, 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, 2024.
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% $69.90 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% 26.61 Sprouts, HomeGoods, Five Below, Ulta, Kirkland's, DSW, Golf Galaxy
Rockville Town Center 98,000 100.0% 16.41 Regal Entertainment Group
The Village at Waugh Chapel (5)
382,000 97.9% 24.09 Safeway, LA Fitness, Marshalls, Home Goods, T.J. Maxx
Wheaton (leased through 2060) (3)
66,000 100.0% 18.35 Best Buy
Woodmore Towne Centre 712,000 98.8% 18.44 Costco, Wegmans, At Home, Best Buy, LA Fitness, Nordstrom Rack
Massachusetts:
Cambridge (leased through 2033) (3)
48,000 100.0% 28.32 PetSmart, Central Rock Gym
Gateway Center (5)
640,000 100.0% 9.72 Costco, Target, Home Depot, Total Wine
Shoppers World (5)
752,000 99.8% 22.50 T.J. Maxx, Marshalls, Home Sense, Sierra Trading, Public Lands, Golf Galaxy, Nordstrom Rack, Hobby Lobby, AMC, Kohl's, Best Buy
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The Shops at Riverwood 79,000 100.0% 25.80 Price Rite, Planet Fitness, Goodwill
Wonderland Marketplace 140,000 100.0% 14.22 Big Lots, Planet Fitness, Marshalls, Get Air
Missouri:
Manchester Plaza 131,000 100.0% 12.09 Pan-Asia Market, Academy Sports, Bob's Discount Furniture
New Hampshire:
Salem (leased through 2102) (3)
39,000 100.0% 10.61 Fun City
New Jersey:
Bergen Town Center - East (7)
253,000 92.1% 22.56 Lowe's, Best Buy, REI
Bergen Town Center - West 1,018,000 95.5% 33.58 Target, Whole Foods Market, Burlington, Marshalls, Nordstrom Rack, Saks Off 5th, HomeGoods, H&M, Bloomingdale's Outlet, Nike Factory Store, Old Navy, Kohl's, World Market (lease not commenced)
Briarcliff Commons 180,000 100.0% 25.03 Uncle Giuseppe's, Kohl's
Brick Commons 277,000 100.0% 22.06 ShopRite, Kohl's, Marshalls, Old Navy
Brunswick Commons 427,000 100.0% 16.17 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% 21.69 Food Bazaar
Garfield Commons 298,000 100.0% 16.38 Walmart, Burlington, Marshalls, PetSmart, Ulta
Greenbrook Commons 170,000 98.3% 20.00 BJ's Wholesale Club, Aldi
Hackensack Commons 275,000 100.0% 26.29 The Home Depot, 99 Ranch, Staples, Petco
Hanover Commons 343,000 100.0% 23.30 The Home Depot, Dick's Sporting Goods, Saks Off Fifth, Marshalls
Heritage Square (5)
87,000 100.0% 31.19 HomeSense, Sierra Trading Post, Ulta
Hudson Commons 236,000 100.0% 14.33 Lowe's, P.C. Richard & Son
Hudson Mall 381,000 73.5% 17.57 Marshalls, Big Lots, Retro Fitness, Staples, Old Navy
Kearny Commons 123,000 100.0% 25.33 LA Fitness, Marshalls, Ulta
Kennedy Commons 62,000 100.0% 15.67 Food Bazaar
Lodi Commons 43,000 100.0% 20.94 Dollar Tree
Ledgewood Commons (5)
447,000 99.3% 15.30 Walmart, Ashley Furniture, At Home, Barnes & Noble, Burlington, DSW, Marshalls, Old Navy, Ulta
Manalapan Commons 200,000 93.7% 23.44 Best Buy, Raymour & Flanigan, PetSmart, Avalon Flooring, Atlantic Health (lease not commenced), Nordstrom Rack (lease not commenced)
Marlton Commons 214,000 100.0% 17.50 ShopRite, Kohl's, PetSmart
Millburn 104,000 89.5% 29.93 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 80.7% 13.86 Aldi, Total Wine, LA Fitness, Raymour & Flanigan, Guitar Center, Sam Ash Music
Plaza at Woodbridge 293,000 96.7% 21.54 Best Buy, Raymour & Flanigan, Lincoln Tech, UFC Gym, national grocer (lease not commenced)
Rockaway River Commons 189,000 96.8% 15.40 ShopRite, T.J. Maxx
Rutherford Commons (leased through 2099) (3)
196,000 100.0% 13.98 Lowe's
Stelton Commons (leased through 2039) (3)
56,000 100.0% 21.99 Staples, Party City
Tonnelle Commons 410,000 100.0% 23.29 BJ's Wholesale Club, Walmart, PetSmart
Totowa Commons 272,000 100.0% 21.49 The Home Depot, Staples, Tesla (lease not commenced), Lidl (lease not commenced), Boot Barn (lease not commenced)
Town Brook Commons 231,000 98.7% 14.45 Stop & Shop, Kohl's
West Branch Commons 279,000 98.7% 16.74 Lowe's, Burlington
West End Commons 241,000 100.0% 11.89 Costco, The Tile Shop, La-Z-Boy, Petco, Da Vita Dialysis
Woodbridge Commons 225,000 100.0% 14.04 Walmart, Dollar Tree, Advance Auto Parts
New York:
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Amherst Commons 311,000 98.1% 11.35 BJ's Wholesale Club, Burlington, LA Fitness, Bob's Discount Furniture, Ross (lease not commenced)
Bruckner Commons (5)
335,000 82.0% 43.76 ShopRite, Burlington, BJ's Wholesale Club (lease not commenced)
Shops at Bruckner (5)
113,000 100.0% 39.72 Aldi, Marshalls, Five Below, Old Navy
Burnside Commons 100,000 91.4% 17.90 Bingo Wholesale
Cross Bay Commons 44,000 95.8% 41.62 Northwell Health
Dewitt (leased through 2041) (3)
46,000 100.0% 19.36 Best Buy
Forest Commons 165,000 89.5% 26.49 Western Beef, Planet Fitness, Advance Auto Parts, NYC Public School
Gun Hill Commons 81,000 100.0% 38.79 Aldi, Planet Fitness
Henrietta Commons (leased through 2056) (3)
165,000 97.9% 4.71 Kohl's
Huntington Commons 208,000 98.0% 22.19 ShopRite, Marshalls, Old Navy, Petco, Burlington
Kingswood Crossing 107,000 84.4% 47.58 Target, Marshalls, Maimonides Medical, Visiting Nurse Services
Meadowbrook Commons (leased through 2040) (3)
44,000 100.0% 22.31 Bob's Discount Furniture
Mount Kisco Commons 189,000 100.0% 18.08 Target, Stop & Shop
New Hyde Park (leased through 2029) (3)
101,000 100.0% 23.41 Stop & Shop
Yonkers Gateway
448,000 95.5% 20.55 Burlington, Marshalls, HomeSense, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema, Wren Kitchens
Pennsylvania:
Broomall Commons (5)
170,000 100.0% 15.43 Amazon Fresh, Planet Fitness, PetSmart, Nemours Children's Hospital, Picklr (lease not commenced)
Lincoln Plaza 228,000 100.0% 5.35 Lowe's, Community Aid, Mattress Firm
MacDade Commons 102,000 100.0% 13.00 Walmart
Marten Commons 185,000 100.0% 15.23 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% 13.34 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 96.6% 33.46 Sector Sixty6, Forever 21, Old Navy
The Outlets at Montehiedra (5)
531,000 97.1% 24.21 The Home Depot, Marshalls, Caribbean Cinemas, Old Navy, Ralph's Food Warehouse, T.J. Maxx, Burlington (lease not commenced)
Total Retail Portfolio 16,064,000 96.8% $20.79
Sunrise Mall (4)(5)(6)
1,228,000 25.6% 7.35 Macy's, Dick's Sporting Goods
Total Urban Edge Properties 17,292,000 91.7% $20.52
(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 $23.32 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) Not included in the same-property pool for the purposes of calculating same-property metrics for the quarters ended December 31, 2024 and 2023. See “Non-GAAP Financial Measures” included in Part II, Item 7 of this Annual Report on Form 10-K for more information.
(6) A portion of the property is under a ground lease through 2069.
(7) A portion of the property is classified as held for sale as of December 31, 2024.
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As of December 31, 2024, 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 approximately 1% of our total revenues for the year ended December 31, 2024.
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,
2024 (1)
2023 (1)
2022 (1)
2021 (1)
2020
Total square feet 16,064,000 15,522,000 14,495,000 14,469,000 15,221,000
Occupancy rate 96.8 % 95.9 % 94.3 % 91.1 % 88.7 %
Average annual base rent per sf $20.79 $19.93 $19.89 $19.70 $18.97
(1) Excludes Sunrise Mall for the years ended December 31, 2024, 2023, 2022, and 2021 and excludes Kingswood Center for the year ended December 31, 2023. In June 2024, Kingswood Center was foreclosed on, and the lender took possession of the property.
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,
2024 2023 2022 2021 2020
Total square feet — 127,000 1,345,000 1,345,000 1,070,000
Occupancy rate — % 100.0 % 100.0 % 100.0 % 100.0 %
Average annual base rent per sf $— $13.35 $8.89 $6.04 $6.34
Major Tenants
The following table sets forth information for our ten largest tenants by total revenues for the year ended December 31, 2024:
Tenant Number of Stores Square Feet % of Total Square Feet 2024 Revenues (1)
(in thousands)
% of Total Revenues
The TJX Companies (2)
28 873,159 5.0% $22,338 5.0%
Walmart 6 872,522 5.0% 17,403 3.9%
Kohl’s 9 855,561 4.9% 15,261 3.4%
Best Buy 9 409,641 2.4% 15,069 3.4%
Lowe’s Companies 6 976,415 5.6% 13,731 3.1%
The Home Depot 5 538,742 3.1% 13,200 3.0%
Burlington 9 468,606 2.7% 12,077 2.7%
PetSmart 12 278,451 1.6% 11,390 2.6%
ShopRite 5 361,053 2.1% 9,459 2.1%
BJ's Wholesale Club 4 454,297 2.6% 9,422 2.1%
(1) Based on contractual revenues as determined by the tenants’ operating lease agreements.
(2) Includes Marshalls (16), T.J. Maxx (5), HomeGoods (3), HomeSense (3), and Sierra Trading Post (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 2025 through 2035 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 38 185,000 1.2% $ 3,200,500 $ 17.30
2025 76 549,000 3.4% 13,132,080 23.92
2026 125 1,055,000 6.6% 27,735,950 26.29
2027 141 1,374,000 8.6% 26,160,960 19.04
2028 108 1,220,000 7.6% 31,195,400 25.57
2029 160 2,840,000 17.7% 67,677,200 23.83
2030 91 2,372,000 14.8% 34,488,880 14.54
2031 57 1,403,000 8.7% 22,237,550 15.85
2032 59 492,000 3.1% 11,227,440 22.82
2033 61 859,000 5.3% 18,923,770 22.03
2034 67 1,022,000 6.4% 22,381,800 21.90
2035 48 831,000 5.2% 17,708,610 21.31
Thereafter 48 1,347,000 8.2% 27,168,990 20.17
Subtotal/Average 1,079 15,549,000 96.8% $ 323,263,710 $ 20.79
Vacant 113 515,000 3.2% N/A N/A
Total (1)
1,192 16,064,000 100.0% $ 323,263,710 N/A
(1) Total lease count excludes temporary tenant leases, cart and kiosk leases and Sunrise Mall.