What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-03-05 compared with 2023-03-02 · 19 added, 17 removed, 137 unchanged (21% of the section changed)

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.

Real Estate Portfolio

The following table presents an overview of our properties, based on information as of December 31, 2023.

29 unchanged sentences

Grove Park Shopping Center Orangeburg, SC 14 93,265 100.0 % 100.0 % 93,265 764 8.19

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

Harbor Point (3)

Grove, OK — — — % — % — — —

Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 465 8.51

50 unchanged sentences

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

Oregon Avenue (5)

Philadelphia, PA — — — % — % — — —

Patuxent Crossing California, MD 27 264,068 81.6 % 81.6 % 215,589 2,646 12.27

9 unchanged sentences

(1) Reflects leases executed through December 31, 2023 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.

(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.

(5) Includes property where a redevelopment opportunity exists.

Major Tenants

3 unchanged sentences

Food Lion Grocery $ 4,476 5.92 % 549,000 6.74 % $ 8.15

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

Dollar Tree (1) Discount Retailer 2,214 2.93 % 255,000 3.13 % 8.68

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

Kroger Co (2) Grocery 2,097 2.77 % 239,000 2.94 % 8.77

TJX Companies (3) Discount Retailer 1,703 2.25 % 195,000 2.39 % 8.73

Planet Fitness Gym 1,497 1.98 % 140,000 1.72 % 10.69

Piggly Wiggly Grocery 1,363 1.80 % 170,000 2.09 % 8.02

Lowes Foods (4) Grocery 1,223 1.62 % 130,000 1.60 % 9.41

3 unchanged sentences

$ 17,688 23.39 % 2,130,000 26.17 % $ 8.30

(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

(1) Line item comprises 18 Dollar Tree stores and 7 Family Dollar stores.

(2) Line item comprises 4 Kroger stores, 1 Harris Teeter store and 3 fuel stations.

(3) Line item comprises 4 Marshall's stores, 2 HomeGoods stores and 1 TJ Maxx store.

(4) Line item comprises 1 Lowes Foods store and 2 KJ's Market stores.

Lease Expirations

12 unchanged sentences

2032 32 390,668 4.80 % 5.27 % 3,442 4.55 % 8.81

2032 and thereafter 69 795,142 9.73 % 10.77 % 7,671 10.49 % 9.65

58 705,804 8.66 % 9.51 % 7,836 10.38 % 11.10

Total 1,011 8,142,065 100.00 % 100.00 % $ 75,574 100.00 % $ 10.19

2 unchanged sentences

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.

We believe that focused property management, leasing and customer retention are essential to maximizing the revenue 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.

7 unchanged sentences

Legal Proceedings.

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

our consolidated financial statements.

See the discussion set forth under the heading “Commitments and Contingencies" in Note 8 to the accompanying audited 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