What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-03-02 compared with 2022-02-28 · 42 added, 25 removed, 112 unchanged (37% of the section changed)

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.

At December 31, 2022, we owned seventy-nine properties, including seventy-five income producing properties located in South Carolina, Georgia, Virginia, Pennsylvania, North Carolina, Massachusetts, New Jersey, Florida, Connecticut, Kentucky, Tennessee, Alabama, Maryland, and West Virginia, containing a total of approximately 8,173,000 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.

12 unchanged sentences

Bryan Station Lexington, KY 10 54,277 100.0 % 100.0 % 54,277 637 11.73

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 % 50,000 504 10.07

16 unchanged sentences

Grove Park Shopping Center Orangeburg, SC 14 93,265 100.0 % 100.0 % 93,265 761 8.16

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

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

Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 451 8.26

12 unchanged sentences

Parkway Plaza Brunswick, GA 4 52,365 81.7 % 81.7 % 42,785 452 10.57

Pierpont Centre Morgantown, WV 15 111,162 98.4 % 98.4 % 109,437 1,055 9.64

Total Leasable

3 unchanged sentences

Annualized Base Rent per Occupied Sq.

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

Port Crossing Harrisonburg, VA 7 65,365 95.9 % 95.9 % 62,715 $ 813 $ 12.97

16 unchanged sentences

Village of Martinsville Martinsville, VA 21 288,254 100.0 % 96.4 % 277,742 2,199 7.92

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 % 49,750 503 10.11

1 unchanged sentence

Winslow Plaza Sicklerville, NJ 18 40,695 100.0 % 100.0 % 40,695 653 16.04

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.

WHLR TOTAL 773 5,309,977 96.5 % 94.7 % 5,030,190 $ 48,996 $ 9.74

Brickyard Plaza Berlin, CT 10 227,598 100.0 % 99.2 % 225,821 $ 2,027 $ 8.98

Carll's Corner Bridgeton, NJ 5 129,582 27.5 % 21.1 % 27,324 400 14.63

Coliseum Marketplace Hampton, VA 9 106,648 100.0 % 45.9 % 48,986 610 12.46

Fairview Commons New Cumberland, PA 10 52,964 77.5 % 77.5 % 41,064 448 10.91

Fieldstone Marketplace New Bedford, MA 10 193,970 71.7 % 71.7 % 139,139 1,652 11.87

Gold Star Plaza Shenandoah, PA 6 71,720 97.8 % 97.8 % 70,120 641 9.14

Golden Triangle Lancaster, PA 19 202,790 98.4 % 98.4 % 199,605 2,609 13.07

Hamburg Square Hamburg, PA 7 102,058 100.0 % 100.0 % 102,058 684 6.70

Kings Plaza New Bedford, MA 16 168,243 82.2 % 82.2 % 138,239 1,227 8.87

Oakland Commons Bristol, CT 2 90,100 100.0 % 100.0 % 90,100 574 6.37

Oregon Avenue Philadelphia, PA 1 20,380 100.0 % 5.8 % 1,180 40 34.21

Patuxent Crossing California, MD 30 264,068 84.3 % 84.3 % 222,715 2,254 10.12

Pine Grove Plaza Brown Mills, NJ 14 79,306 81.1 % 49.6 % 39,343 573 14.56

South Philadelphia Philadelphia, PA 10 221,511 71.8 % 71.8 % 159,131 1,445 9.08

Southington Center Southington, CT 10 155,842 100.0 % 98.5 % 153,507 1,172 7.64

Timpany Plaza Gardner, MA 14 182,799 65.0 % 65.0 % 118,875 1,167 9.81

Trexler Mall Trexlertown, PA 23 336,687 98.2 % 98.2 % 330,634 3,670 11.10

Washington Center Shoppes Sewell, NJ 28 157,300 94.0 % 94.0 % 147,856 1,810 12.24

Webster Commons Webster, MA 9 98,984 100.0 % 100.0 % 98,984 1,241 12.54

CDR TOTAL 233 2,862,550 86.2 % 82.3 % 2,354,681 $ 24,244 $ 10.30

COMBINED TOTAL 1,006 8,172,527 92.9 % 90.4 % 7,384,871 $ 73,240 $ 9.92

(1) Reflects leases executed through December 31, 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 unchanged sentences

The following table sets forth information regarding the ten largest tenants in our operating portfolio based on annualized base rent as of December 31, 2022.

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

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

Tenants Category Annualized Base Rent

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

Food Lion Grocery $ 4,435 6.06 % 549,000 6.72 % $ 8.08

Kroger Co (1) Grocery 2,097 2.86 % 311,000 3.81 % 6.74

Dollar Tree (2) Discount Retailer 2,046 2.79 % 244,000 2.99 % 8.39

Piggly Wiggly Grocery 1,509 2.06 % 203,000 2.48 % 7.43

Planet Fitness Gym 1,443 1.97 % 140,000 1.71 % 10.31

TJX Companies (4) Discount Retailer 1,186 1.62 % 195,000 2.39 % 6.08

Lowes Foods (3) Grocery 1,181 1.61 % 130,000 1.59 % 9.08

Big Lots Discount Retailer 1,079 1.47 % 171,000 2.09 % 6.31

Kohl's Discount Retailer 1,031 1.41 % 147,000 1.80 % 7.01

Winn Dixie Grocery 984 1.34 % 134,000 1.64 % 7.34

$ 16,991 23.19 % 2,224,000 27.22 % $ 7.64

(1) Kroger 4 / Harris Teeter 1

(1) Kroger 4 / Harris Teeter 1 / 3 fuel stations

(2) Dollar Tree 17 / Family Dollar 7

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

(4) Marshall's 4 / HomeGoods 2 / TJ Maxx 1

Lease Expirations

16 unchanged sentences

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.

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.

5 unchanged sentences

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 study demographics, customer sales, merchandising mix and cultivate tenant relationships 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.

5 unchanged sentences

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