Item 2. Properties
Item 2. Properties.
Our Portfolio
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.
Portfolio
Property
Location
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (2)
Annualized Base Rent per Occupied Sq. Foot
Alex City Marketplace Alexander City, AL 19 151,843 100.0 % 100.0 % 151,843 $ 1,201 $ 7.91
Amscot Building Tampa, FL 1 2,500 100.0 % 100.0 % 2,500 83 33.00
Beaver Ruin Village Lilburn, GA 30 74,038 96.8 % 96.8 % 71,648 1,250 17.44
Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 460 13.16
Brook Run Shopping Center Richmond, VA 19 147,738 87.8 % 48.2 % 71,237 877 12.32
Brook Run Properties (3) Richmond, VA — — — % — % — — —
Bryan Station Lexington, KY 10 54,277 100.0 % 100.0 % 54,277 597 11.00
Butler Square Mauldin, SC 16 82,400 98.2 % 98.2 % 80,950 855 10.57
Cardinal Plaza Henderson, NC 9 50,000 100.0 % 100.0 % 50,000 502 10.03
Chesapeake Square Onley, VA 14 108,982 99.1 % 99.1 % 108,016 823 7.62
Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 378 8.30
Courtland Commons (3) Courtland, VA — — — % — % — — —
Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 940 5.51
Crockett Square Morristown, TN 4 107,122 100.0 % 100.0 % 107,122 970 9.06
Cypress Shopping Center Boiling Springs, SC 17 80,435 41.2 % 41.2 % 33,175 452 13.62
Darien Shopping Center Darien, GA 1 26,001 100.0 % 100.0 % 26,001 140 5.38
Devine Street Columbia, SC 1 38,464 89.1 % 89.1 % 34,264 180 5.25
Edenton Commons (3) Edenton, NC — — — % — % — — —
Folly Road Charleston, SC 5 47,794 100.0 % 100.0 % 47,794 731 15.30
Forrest Gallery Tullahoma, TN 27 214,451 91.1 % 80.8 % 173,289 1,285 7.42
Fort Howard Shopping Center Rincon, GA 19 113,652 95.1 % 95.1 % 108,120 1,046 9.68
Freeway Junction Stockbridge, GA 17 156,834 97.1 % 97.1 % 152,249 1,304 8.56
Franklin Village Kittanning, PA 25 151,821 100.0 % 98.7 % 149,821 1,274 8.50
Franklinton Square Franklinton, NC 15 65,366 100.0 % 100.0 % 65,366 591 9.05
Georgetown Georgetown, SC 2 29,572 100.0 % 100.0 % 29,572 267 9.04
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
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
Ladson Crossing Ladson, SC 16 52,607 100.0 % 100.0 % 52,607 535 10.17
LaGrange Marketplace LaGrange, GA 13 76,594 96.9 % 96.9 % 74,194 433 5.84
Lake Greenwood Crossing Greenwood, SC 8 43,618 100.0 % 100.0 % 43,618 362 8.30
Lake Murray Lexington, SC 5 39,218 100.0 % 100.0 % 39,218 255 6.50
Litchfield Market Village Pawleys Island, SC 21 86,740 90.8 % 90.8 % 78,797 960 12.19
Lumber River Village Lumberton, NC 11 66,781 98.2 % 98.2 % 65,581 452 6.89
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
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Property
Location
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (2)
Annualized Base Rent per Occupied Sq. Foot
Pierpont Centre Morgantown, WV 17 111,162 97.2 % 97.2 % 108,001 $ 996 $ 9.22
Port Crossing Harrisonburg, VA 7 65,365 100.0 % 100.0 % 65,365 847 12.96
Ridgeland Ridgeland, SC 1 20,029 100.0 % 100.0 % 20,029 140 7.00
Riverbridge Shopping Center Carrollton, GA 10 91,188 94.7 % 94.7 % 86,388 692 8.01
Rivergate Shopping Center Macon, GA 24 193,960 87.0 % 87.0 % 168,816 2,450 14.51
Sangaree Plaza Summerville, SC 10 66,948 100.0 % 100.0 % 66,948 707 10.56
Shoppes at Myrtle Park Bluffton, SC 13 56,601 97.3 % 97.3 % 55,084 653 11.86
South Lake Lexington, SC 10 44,318 97.3 % 97.3 % 43,118 239 5.54
South Park Mullins, SC 4 60,734 96.9 % 96.9 % 58,834 381 6.48
South Square Lancaster, SC 6 44,350 81.0 % 81.0 % 35,900 302 8.40
St. George Plaza St. George, SC 7 59,174 96.3 % 96.3 % 56,999 396 6.95
Sunshine Plaza Lehigh Acres, FL 23 111,189 100.0 % 100.0 % 111,189 1,089 9.80
Surrey Plaza Hawkinsville, GA 3 42,680 96.5 % 96.5 % 41,180 247 6.00
Tampa Festival Tampa, FL 19 137,987 97.7 % 64.6 % 89,166 910 10.21
Tri-County Plaza Royston, GA 6 67,577 88.8 % 88.8 % 59,977 420 7.00
Tuckernuck Richmond, VA 16 93,624 98.0 % 98.0 % 91,745 971 10.58
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
Walnut Hill Plaza Petersburg, VA 6 87,239 38.1 % 38.1 % 33,225 279 8.41
Waterway Plaza Little River, SC 10 49,750 100.0 % 100.0 % 49,750 499 10.02
Westland Square West Columbia, SC 10 62,735 95.7 % 95.7 % 60,065 443 7.38
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 % 100.0 % 40,695 641 15.75
Total Portfolio
785 5,478,855 94.2 % 91.6 % 5,015,789 $ 48,232 $ 9.62
(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.
(3) This information is not available because the property is undeveloped.
(4) Square footage is net of the Company's on-premise management office and net of building square footage whereby the Company only leases the land.
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Major Tenants
The following table sets forth information regarding the ten largest tenants in our operating portfolio based on annualized base rent as of December 31, 2021.
Tenants Annualized Base Rent
($ in 000s) % of Total Annualized Base Rent Total Occupied Square Feet Percent Total Leasable Square Foot Base Rent Per Occupied Square Foot
Food Lion $ 4,428 9.18 % 551,469 10.07 % $ 8.03
Kroger Co. (1)
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
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
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
(1) Kroger 4 / Harris Teeter 1
(2) Dollar Tree 9 / Family Dollar 6
(3) Lowes Foods 1 / KJ's Market 2
Lease Expirations
The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2021.
Lease Expiration Period Number of Expiring Leases Total Expiring Square Footage % of Total Expiring Square Footage % of Total Occupied Square Footage Expiring Expiring Annualized Base Rent (in 000s) % of Total Annualized Base Rent Expiring Base Rent Per Occupied
Square Foot
Available — 463,066 8.45 % — % $ — — % $ —
Month-to-Month 7 13,489 0.25 % 0.27 % 211 0.44 % 15.64
2022 105 323,894 5.91 % 6.46 % 3,439 7.13 % 10.62
2023 131 817,131 14.91 % 16.29 % 7,107 14.74 % 8.70
2024 141 749,944 13.69 % 14.95 % 7,358 15.26 % 9.81
2025 120 867,537 15.83 % 17.30 % 8,517 17.66 % 9.82
2026 121 830,542 15.16 % 16.56 % 8,207 17.02 % 9.88
2027 59 325,704 5.94 % 6.49 % 3,639 7.54 % 11.17
2028 22 335,606 6.13 % 6.69 % 2,376 4.93 % 7.08
2029 20 150,962 2.76 % 3.01 % 1,479 3.07 % 9.80
2030 15 249,357 4.55 % 4.97 % 1,997 4.14 % 8.01
2031 and thereafter 44 351,623 6.42 % 7.01 % 3,902 8.07 % 11.10
Total 785 5,478,855 100.00 % 100.00 % $ 48,232 100.00 % $ 9.62
Property Management and Leasing Strategy
We self-administer our property management and substantially all of our leasing activities and operating and administrative functions (including leasing, legal, acquisitions, development, data processing, finance and accounting). On-site functions such as maintenance, landscaping, sweeping, plumbing and electrical are subcontracted out at each location and, to the extent permitted by their respective leases, the cost of these functions is passed on to the tenants.
We believe that focused property management, leasing and customer retention are essential to maximizing the sales per square foot, operating cash flow and value of our properties. Our primary goal in property management is to maintain an attractive shopping environment on a cost effective basis for our tenants.
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The majority of our property management and leasing functions are supervised and administered by us. We maintain regular contact with our tenants and frequently visit each asset to ensure the proper implementation and execution of our market strategies. 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; 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. We believe this hands-on approach maximizes the value of our shopping centers.
Item 3. Legal Proceedings.
See the discussion set forth under the heading “Commitments and Contingencies, – Litigation” in Note 10 to
our consolidated financial statements.
Item 4. Mine Safety Disclosures.
Not applicable.
Part II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.