What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-28 compared with 2021-03-18 · 27 added, 37 removed, 110 unchanged (37% of the section changed)

Our Portfolio

At December 31, 2020, we owned sixty-six properties, including sixty income producing properties located in Virginia, North Carolina, South Carolina, Florida, Georgia, Kentucky, Tennessee, Alabama, New Jersey, Pennsylvania and West Virginia, containing a total of 5,561,766 gross leasable square feet of retail space, which we refer to as our operating portfolio.

Additionally, we owned six undeveloped land parcels located in Virginia, North Carolina and Oklahoma.

At December 31, 2021, we owned sixty-two properties, including fifty-eight income producing properties located in Virginia, North Carolina, South Carolina, Florida, Georgia, Kentucky, Tennessee, Alabama, New Jersey, Pennsylvania and West Virginia, containing a total of 5,478,855 gross leasable square feet of retail space, which we refer to as our operating portfolio.

Additionally, we owned four undeveloped land parcels located in Virginia, North Carolina and Oklahoma.

The following table presents an overview of our properties, based on information as of December 31, 2021.

8 unchanged sentences

Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 460 13.16

Norfolk, VA — — — % — % — — —

Berkley Shopping Center Norfolk, VA 10 47,945 42.0 % 42.0 % 20,140 183 9.10

Brook Run Shopping Center Richmond, VA 19 147,738 87.8 % 48.2 % 71,237 877 12.32

Brook Run Properties (3)

Richmond, VA — — — % — % — — —

Brook Run Properties (3) Richmond, VA — — — % — % — — —

Bryan Station Lexington, KY 10 54,277 100.0 % 100.0 % 54,277 597 11.00

3 unchanged sentences

Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 378 8.30

Columbia Fire Station Columbia, SC 1 21,273 14.4 % 14.4 % 3,063 81 26.60

Courtland Commons (3)

Courtland, VA — — — % — % — — —

Courtland Commons (3) Courtland, VA — — — % — % — — —

Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 940 5.51

3 unchanged sentences

Devine Street Columbia, SC 1 38,464 89.1 % 89.1 % 34,264 180 5.25

Edenton Commons (3)

Edenton, NC — — — % — % — — —

Edenton Commons (3) Edenton, NC — — — % — % — — —

Folly Road Charleston, SC 5 47,794 100.0 % 100.0 % 47,794 731 15.30

5 unchanged sentences

Georgetown Georgetown, SC 2 29,572 100.0 % 100.0 % 29,572 267 9.04

Grove Park Orangeburg, SC 13 93,265 97.7 % 97.7 % 91,121 699 7.67

Harbor Point (3)

Grove, OK — — — % — % — — —

Grove Park Shopping Center Orangeburg, SC 15 93,265 100.0 % 100.0 % 93,265 745 7.99

Harbor Point (3) Grove, OK — — — % — % — — —

Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 451 8.25

Norfolk, VA 109 800,026 84.8 % 84.6 % 676,703 8,084 11.95

JANAF (4) Norfolk, VA 118 798,086 95.3 % 93.1 % 743,314 8,715 11.73

Laburnum Square Richmond, VA 19 109,405 95.3 % 95.3 % 104,305 950 9.11

6 unchanged sentences

Moncks Corner Moncks Corner, SC 1 26,800 100.0 % 100.0 % 26,800 323 12.07

Nashville Commons Nashville, NC 11 56,100 92.0 % 92.0 % 51,600 584 11.32

New Market Crossing Mt.

Airy, NC 11 117,076 90.3 % 90.3 % 105,738 951 8.99

Parkway Plaza Brunswick, GA 4 52,365 81.7 % 81.7 % 42,785 353 8.25

Total Leasable

3 unchanged sentences

Annualized Base Rent per Occupied Sq.

Nashville Commons Nashville, NC 12 56,100 100.0 % 100.0 % 56,100 $ 623 $ 11.11

New Market Crossing Mt.

Airy, NC 10 117,076 89.0 % 89.0 % 104,138 920 8.84

Parkway Plaza Brunswick, GA 4 52,365 81.7 % 81.7 % 42,785 352 8.22

Pierpont Centre Morgantown, WV 17 111,162 97.2 % 97.2 % 108,001 $ 996 $ 9.22

15 unchanged sentences

Tuckernuck Richmond, VA 16 93,624 98.0 % 98.0 % 91,745 971 10.58

Tulls Creek (3)

Moyock, NC — — — % — % — — —

Twin City Commons Batesburg

Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 438 9.18

Twin City Commons Batesburg-Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 478 10.03

Village of Martinsville Martinsville, VA 20 290,902 96.6 % 96.6 % 280,946 2,177 7.74

5 unchanged sentences

785 5,478,855 94.2 % 91.6 % 5,015,789 $ 48,232 $ 9.62

(1) Reflects leases executed through January 6, 2021 that commence subsequent to the end of the current period.

(1) Reflects leases executed through January 5, 2022 that commence subsequent to the end of the current reporting period.

(2) Annualized based rent per occupied square foot, assumes base rent as of the end of the current reporting period, excludes the impact of tenant concessions and rent abatements.

5 unchanged sentences

($ in 000s) % of Total Annualized Base Rent Total Occupied Square Feet Percent Total Leasable Square Foot Base Rent Per Occupied Square Foot

$ 2,733 5.83 % 325,576 5.85 % $ 8.39

2,729 5.82 % 380,675 6.84 % 7.17

Food Lion $ 4,428 9.18 % 551,469 10.07 % $ 8.03

1,948 4.04 % 226,010 4.13 % 8.62

Piggly Wiggly 1,488 3.09 % 202,968 3.70 % 7.33

Dollar Tree (2)

1,192 2.47 % 148,605 2.71 % 8.02

Winn Dixie (1)

Lowes Foods (3)

1,181 2.45 % 130,036 2.37 % 9.08

Winn Dixie 887 1.84 % 133,575 2.44 % 6.64

Planet Fitness 837 1.74 % 100,427 1.83 % 8.33

837 1.79 % 100,427 1.81 % 8.33

717 1.53 % 114,298 2.06 % 6.27

Hobby Lobby 717 1.49 % 114,298 2.09 % 6.27

Big Lots 679 1.41 % 105,674 1.93 % 6.43

BJ'S Wholesale Club 651 1.35 % 147,400 2.69 % 4.42

$ 14,008 29.06 % 1,860,462 33.96 % $ 7.53

Harris Teeter (2)

578 1.23 % 39,946 0.72 % 14.47

572 1.22 % 54,838 0.99 % 10.43

$ 12,381 26.41 % 1,652,549 29.72 % $ 7.49

(1) These tenants are both owned by Southeastern Grocers.

(2) These tenants are both owned by The Kroger Company.

(1) Kroger 4 / Harris Teeter 1

(2) Dollar Tree 9 / Family Dollar 6

(3) Lowes Foods 1 / KJ's Market 2

Lease Expirations

22 unchanged sentences

As part of our ongoing property management, we conduct regular physical property reviews to improve our properties, react to changing market conditions and ensure proper maintenance.

Our leasing representatives are experienced in the markets in which we operate by becoming familiar with current tenants as well as potential local, regional and national tenants that would complement our current tenant base.

Our leasing representatives are experienced in the markets in which we operate;

they are familiar with current tenants and potential local, regional, and national tenants that would complement our current tenant base.

We study demographics, customer sales and merchandising mix to optimize the sales performance of our centers and thereby increase rents.

1 unchanged sentence

Legal Proceedings.

See Note 10, Commitments and Contingencies, to our consolidated financial statements included in this Form 10-K.

See the discussion set forth under the heading “Commitments and Contingencies, – Litigation” in Note 10 to

our consolidated financial statements.

Mine Safety Disclosures.

1 unchanged sentence

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