Item 2. Properties
Item 2. Properties.
Our 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. The following table presents an overview of our properties, based on information as of December 31, 2022.
Portfolio
Property
Location
Number of
Tenants
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
WHLR
Alex City Marketplace Alexander City, AL 19 151,843 100.0 % 100.0 % 151,843 $ 1,215 $ 8.00
Amscot Building Tampa, FL 1 2,500 100.0 % 100.0 % 2,500 83 33.00
Beaver Ruin Village Lilburn, GA 29 74,038 96.8 % 94.1 % 69,648 1,254 18.01
Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 464 13.29
Brook Run Shopping Center Richmond, VA 20 147,738 87.0 % 87.0 % 128,495 1,167 9.08
Brook Run Properties (3) Richmond, VA — — — % — % — — —
Bryan Station Lexington, KY 10 54,277 100.0 % 100.0 % 54,277 637 11.73
Cardinal Plaza Henderson, NC 9 50,000 100.0 % 100.0 % 50,000 504 10.07
Chesapeake Square Onley, VA 14 108,982 99.1 % 99.1 % 108,016 838 7.76
Clover Plaza Clover, SC 9 45,575 100.0 % 97.1 % 44,275 360 8.12
Courtland Commons (3) Courtland, VA — — — % — % — — —
Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 986 5.78
Crockett Square Morristown, TN 4 107,122 100.0 % 100.0 % 107,122 970 9.06
Cypress Shopping Center Boiling Springs, SC 16 80,435 59.9 % 39.5 % 31,775 447 14.06
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 % 47,794 733 15.35
Forrest Gallery Tullahoma, TN 28 214,451 90.0 % 90.0 % 193,024 1,425 7.38
Fort Howard Shopping Center Rincon, GA 20 113,652 100.0 % 100.0 % 113,652 1,250 11.00
Freeway Junction Stockbridge, GA 17 156,834 97.5 % 97.5 % 152,984 1,323 8.65
Franklin Village Kittanning, PA 25 151,821 99.9 % 99.9 % 151,673 1,297 8.55
Franklinton Square Franklinton, NC 15 65,366 100.0 % 100.0 % 65,366 596 9.11
Georgetown Georgetown, SC 2 29,572 100.0 % 100.0 % 29,572 267 9.04
Grove Park Shopping Center Orangeburg, SC 14 93,265 100.0 % 100.0 % 93,265 761 8.16
Harbor Pointe (3) Grove, OK — — — % — % — — —
Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 451 8.26
JANAF (4) Norfolk, VA 118 798,086 96.7 % 95.0 % 758,320 8,993 11.86
Laburnum Square Richmond, VA 19 109,405 99.1 % 96.9 % 106,045 970 9.14
Ladson Crossing Ladson, SC 16 52,607 100.0 % 100.0 % 52,607 548 10.42
LaGrange Marketplace LaGrange, GA 14 76,594 93.7 % 93.7 % 71,800 443 6.17
Lake Greenwood Crossing Greenwood, SC 8 43,618 100.0 % 100.0 % 43,618 363 8.33
Lake Murray Lexington, SC 5 39,218 100.0 % 100.0 % 39,218 272 6.92
Litchfield Market Village Pawleys Island, SC 24 86,740 94.8 % 94.8 % 82,202 1,028 12.51
Lumber River Village Lumberton, NC 11 66,781 100.0 % 100.0 % 66,781 474 7.09
Moncks Corner Moncks Corner, SC 1 26,800 100.0 % 100.0 % 26,800 330 12.31
Nashville Commons Nashville, NC 12 56,100 100.0 % 100.0 % 56,100 646 11.51
New Market Crossing Mt. Airy, NC 12 117,076 100.0 % 100.0 % 117,076 1,035 8.84
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
7
Property
Location
Number of
Tenants
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
Port Crossing Harrisonburg, VA 7 65,365 95.9 % 95.9 % 62,715 $ 813 $ 12.97
Ridgeland Ridgeland, SC 1 20,029 100.0 % 100.0 % 20,029 140 7.00
Riverbridge Shopping Center Carrollton, GA 11 91,188 100.0 % 100.0 % 91,188 769 8.43
Rivergate Shopping Center Macon, GA 24 193,960 87.0 % 87.0 % 168,816 2,509 14.86
Sangaree Plaza Summerville, SC 10 66,948 100.0 % 100.0 % 66,948 714 10.67
Shoppes at Myrtle Park Bluffton, SC 13 56,601 97.3 % 97.3 % 55,084 657 11.92
South Lake Lexington, SC 10 44,318 97.3 % 97.3 % 43,118 242 5.61
South Park Mullins, SC 4 60,734 96.9 % 96.9 % 58,834 379 6.43
South Square Lancaster, SC 6 44,350 80.9 % 80.9 % 35,900 303 8.44
St. George Plaza St. George, SC 8 59,174 100.0 % 100.0 % 59,174 401 6.78
Sunshine Plaza Lehigh Acres, FL 23 111,189 100.0 % 100.0 % 111,189 1,111 9.99
Surrey Plaza Hawkinsville, GA 4 42,680 100.0 % 100.0 % 42,680 258 6.05
Tampa Festival Tampa, FL 19 141,580 98.9 % 66.7 % 94,380 932 9.88
Tri-County Plaza Royston, GA 7 67,577 90.2 % 90.2 % 60,977 432 7.08
Tuckernuck Richmond, VA 17 93,440 98.6 % 98.6 % 92,173 999 10.84
Twin City Commons Batesburg-Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 488 10.23
Village of Martinsville Martinsville, VA 21 288,254 100.0 % 96.4 % 277,742 2,199 7.92
Waterway Plaza Little River, SC 10 49,750 100.0 % 100.0 % 49,750 503 10.11
Westland Square West Columbia, SC 11 62,735 100.0 % 100.0 % 62,735 537 8.57
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 % 100.0 % 40,695 653 16.04
WHLR TOTAL 773 5,309,977 96.5 % 94.7 % 5,030,190 $ 48,996 $ 9.74
CDR
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) 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.
8
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, 2022.
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 / 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
The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2022.
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 — 787,656 9.64 % — % $ — — % $ —
Month-to-Month 14 57,298 0.70 % 0.78 % 843 1.15 % 14.71
2023 123 495,810 6.07 % 6.71 % 5,635 7.69 % 11.37
2024 164 908,659 11.12 % 12.30 % 9,712 13.26 % 10.69
2025 171 1,202,547 14.71 % 16.28 % 11,811 16.13 % 9.82
2026 146 898,230 10.99 % 12.16 % 9,737 13.29 % 10.84
2027 142 720,776 8.82 % 9.76 % 8,615 11.76 % 11.95
2028 70 1,049,374 12.84 % 14.21 % 8,270 11.29 % 7.88
2029 49 470,930 5.76 % 6.38 % 4,425 6.04 % 9.40
2030 30 445,826 5.46 % 6.04 % 3,267 4.46 % 7.33
2031 28 340,279 4.16 % 4.61 % 3,254 4.44 % 9.56
2032 and thereafter 69 795,142 9.73 % 10.77 % 7,671 10.49 % 9.65
Total 1,006 8,172,527 100.00 % 100.00 % $ 73,240 100.00 % $ 9.92
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
9
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.
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, 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.
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.