Item 2. Properties
Item 2. Properties.
Real Estate Portfolio
The following table presents an overview of our properties, based on information as of December 31, 2023.
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
WHLR
Alex City Marketplace Alexander City, AL 19 151,843 100.0 % 100.0 % 151,843 $ 1,278 $ 8.42
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 % 94.8 % 70,148 1,290 18.39
Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 492 14.08
Brook Run Shopping Center Richmond, VA 19 147,738 94.2 % 87.2 % 128,810 1,133 8.80
Brook Run Properties (3) Richmond, VA — — — % — % — — —
Bryan Station Lexington, KY 9 54,277 94.5 % 94.5 % 51,275 613 11.95
Cardinal Plaza Henderson, NC 9 50,000 100.0 % 100.0 % 50,000 508 10.16
Chesapeake Square Onley, VA 14 108,982 92.1 % 92.1 % 100,406 779 7.76
Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 384 8.42
Courtland Commons (3) Courtland, VA — — — % — % — — —
Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 1,006 5.90
Crockett Square Morristown, TN 4 107,122 100.0 % 100.0 % 107,122 978 9.13
Cypress Shopping Center Boiling Springs, SC 18 80,435 59.9 % 59.9 % 48,175 622 12.90
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 % 47,794 735 15.39
Forrest Gallery Tullahoma, TN 26 214,451 89.5 % 89.5 % 191,859 1,445 7.53
Fort Howard Shopping Center Rincon, GA 20 113,652 100.0 % 100.0 % 113,652 1,283 11.29
Freeway Junction Stockbridge, GA 18 156,834 98.2 % 98.2 % 154,034 1,351 8.77
Franklin Village Kittanning, PA 24 151,821 93.3 % 93.3 % 141,573 1,359 9.60
Franklinton Square Franklinton, NC 15 65,366 100.0 % 100.0 % 65,366 599 9.17
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 % 93,265 764 8.19
Harbor Point (3)
Grove, OK — — — % — % — — —
Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 465 8.51
JANAF (4) Norfolk, VA 118 798,086 94.3 % 89.9 % 717,171 8,993 12.54
Laburnum Square Richmond, VA 20 109,405 99.1 % 99.1 % 108,445 1,011 9.33
Ladson Crossing Ladson, SC 16 52,607 100.0 % 100.0 % 52,607 566 10.75
LaGrange Marketplace LaGrange, GA 13 76,594 91.8 % 91.8 % 70,300 435 6.19
Lake Greenwood Crossing Greenwood, SC 8 43,618 100.0 % 100.0 % 43,618 410 9.41
Lake Murray Lexington, SC 4 39,218 100.0 % 15.3 % 6,000 96 15.98
Litchfield Market Village Pawleys Island, SC 25 86,740 98.5 % 98.5 % 85,477 1,085 12.70
Lumber River Village Lumberton, NC 11 66,781 100.0 % 100.0 % 66,781 501 7.51
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 % 56,100 665 11.86
New Market Crossing Mt. Airy, NC 13 117,076 100.0 % 100.0 % 117,076 1,045 8.93
Parkway Plaza Brunswick, GA 5 52,365 84.8 % 84.8 % 44,385 480 10.81
Pierpont Centre Morgantown, WV 15 111,162 98.5 % 98.5 % 109,437 1,063 9.71
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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
Port Crossing Harrisonburg, VA 8 65,365 100.0 % 100.0 % 65,365 $ 865 $ 13.23
Ridgeland Ridgeland, SC 1 20,029 100.0 % 100.0 % 20,029 140 7.00
Riverbridge Shopping Center Carrollton, GA 10 91,188 96.9 % 95.4 % 86,975 721 8.29
Rivergate Shopping Center Macon, GA 24 193,960 87.5 % 85.8 % 166,362 2,338 14.05
Sangaree Plaza Summerville, SC 10 66,948 100.0 % 100.0 % 66,948 716 10.70
Shoppes at Myrtle Park Bluffton, SC 14 56,609 99.3 % 99.3 % 56,189 687 12.23
South Lake Lexington, SC 11 44,318 100.0 % 100.0 % 44,318 259 5.84
South Park Mullins, SC 3 60,734 84.9 % 84.9 % 51,543 365 7.08
South Square Lancaster, SC 6 44,350 81.0 % 81.0 % 35,900 305 8.49
St. George Plaza St. George, SC 9 59,174 100.0 % 100.0 % 59,174 466 7.87
Sunshine Plaza Lehigh Acres, FL 23 111,189 100.0 % 100.0 % 111,189 1,113 10.01
Surrey Plaza Hawkinsville, GA 4 42,680 100.0 % 100.0 % 42,680 258 6.05
Tampa Festival Tampa, FL 21 141,580 100.0 % 74.9 % 105,980 1,029 9.71
Tri-County Plaza Royston, GA 7 67,577 90.7 % 90.7 % 61,277 434 7.08
Tuckernuck Richmond, VA 16 93,391 96.9 % 96.9 % 90,462 1,057 11.69
Twin City Commons Batesburg-Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 490 10.27
Village of Martinsville Martinsville, VA 22 288,254 100.0 % 100.0 % 288,254 2,441 8.47
Waterway Plaza Little River, SC 10 49,750 100.0 % 100.0 % 49,750 505 10.15
Westland Square West Columbia, SC 12 62,735 100.0 % 100.0 % 62,735 533 8.50
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 % 100.0 % 40,695 663 16.30
WHLR TOTAL 779 5,309,936 95.9 % 93.6 % 4,970,984 $ 49,819 $ 10.02
CDR
Brickyard Plaza Berlin, CT 10 227,598 97.8 % 97.8 % 222,598 $ 2,024 $ 9.09
Carll's Corner Bridgeton, NJ 5 116,532 19.4 % 19.4 % 22,554 267 11.84
Coliseum Marketplace Hampton, VA 9 106,648 94.9 % 94.9 % 101,198 1,217 12.03
Fairview Commons New Cumberland, PA 11 50,119 87.7 % 87.7 % 43,969 512 11.63
Fieldstone Marketplace New Bedford, MA 10 193,970 75.5 % 71.7 % 139,139 1,655 11.90
Gold Star Plaza Shenandoah, PA 7 71,720 100.0 % 100.0 % 71,720 642 8.95
Golden Triangle Lancaster, PA 19 202,790 98.4 % 98.4 % 199,605 2,619 13.12
Hamburg Square Hamburg, PA 7 102,058 100.0 % 100.0 % 102,058 689 6.75
Kings Plaza New Bedford, MA 17 168,243 98.5 % 98.5 % 165,743 1,444 8.71
Oakland Commons Bristol, CT 2 90,100 100.0 % 100.0 % 90,100 574 6.37
Oregon Avenue (5)
Philadelphia, PA — — — % — % — — —
Patuxent Crossing California, MD 27 264,068 81.6 % 81.6 % 215,589 2,646 12.27
Pine Grove Plaza Brown Mills, NJ 13 79,306 77.6 % 77.6 % 61,526 742 12.05
South Philadelphia Philadelphia, PA 10 221,511 88.1 % 68.3 % 151,388 1,432 9.46
Southington Center Southington, CT 11 155,842 100.0 % 100.0 % 155,842 1,288 8.27
Timpany Plaza Gardner, MA 14 182,799 81.8 % 63.3 % 115,735 1,121 9.68
Trexler Mall Trexlertown, PA 22 342,541 99.7 % 98.9 % 338,788 3,710 10.95
Washington Center Shoppes Sewell, NJ 29 157,300 97.5 % 95.9 % 150,800 1,895 12.56
Webster Commons Webster, MA 9 98,984 100.0 % 100.0 % 98,984 1,278 12.91
CDR TOTAL 232 2,832,129 89.6 % 86.4 % 2,447,336 $ 25,755 $ 10.52
COMBINED TOTAL 1,011 8,142,065 93.7 % 91.1 % 7,418,320 $ 75,574 $ 10.19
(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.
(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.
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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, 2023.
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 $ 4,476 5.92 % 549,000 6.74 % $ 8.15
Dollar Tree (1) Discount Retailer 2,214 2.93 % 255,000 3.13 % 8.68
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
Big Lots Discount Retailer 1,100 1.46 % 171,000 2.10 % 6.43
Kohl's Discount Retailer 1,031 1.36 % 147,000 1.81 % 7.01
Winn Dixie Grocery 984 1.30 % 134,000 1.65 % 7.34
$ 17,688 23.39 % 2,130,000 26.17 % $ 8.30
(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
The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2023.
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 — 723,745 8.89 % — % $ — — % $ —
Month-to-Month 16 75,333 0.93 % 1.02 % 620 0.82 % 8.23
2024 145 570,852 7.01 % 7.70 % 6,634 8.78 % 11.62
2025 159 904,927 11.11 % 12.20 % 9,635 12.75 % 10.65
2026 170 910,565 11.18 % 12.27 % 9,962 13.18 % 10.94
2027 139 691,220 8.49 % 9.32 % 8,711 11.53 % 12.60
2028 143 1,345,729 16.53 % 18.14 % 12,592 16.66 % 9.36
2029 74 745,647 9.16 % 10.05 % 6,970 9.22 % 9.35
2030 43 636,575 7.82 % 8.58 % 4,884 6.46 % 7.67
2031 32 441,000 5.42 % 5.94 % 4,288 5.67 % 9.72
2032 32 390,668 4.80 % 5.27 % 3,442 4.55 % 8.81
Thereafter
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
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
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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 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.
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" in Note 8 to the accompanying audited consolidated financial statements.
Item 4. Mine Safety Disclosures.
Not applicable.
Part II