What changed in this filing

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Item 2. Properties

2025-03-04 compared with 2024-03-05 · 34 added, 33 removed, 123 unchanged (35% of the section changed)

Real Estate Portfolio

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

The following tables present an overview of our properties and undeveloped land as of December 31, 2024.

Total Leasable

8 unchanged sentences

Brook Run Shopping Center Richmond, VA 17 147,738 91.5 % 91.5 % 135,110 1,187 8.79

Brook Run Properties (3) Richmond, VA — — — % — % — — —

Bryan Station Lexington, KY 9 54,277 94.5 % 94.5 % 51,275 612 11.94

2 unchanged sentences

Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 386 8.47

Courtland Commons (3) Courtland, VA — — — % — % — — —

Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 1,023 6.00

3 unchanged sentences

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 % 47,794 737 15.43

6 unchanged sentences

Grove Park Shopping Center Orangeburg, SC 13 93,265 94.2 % 94.2 % 87,851 722 8.22

Harbor Point (3)

Grove, OK — — — % — % — — —

Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 466 8.53

JANAF (4) Norfolk, VA 118 798,086 94.3 % 89.9 % 717,171 8,993 12.54

Norfolk, VA 111 796,624 86.4 % 86.4 % 688,033 9,042 13.14

Laburnum Square Richmond, VA 20 109,405 98.2 % 98.2 % 107,405 1,031 9.60

11 unchanged sentences

Pierpont Centre Morgantown, WV 15 111,162 98.5 % 98.5 % 109,437 1,099 10.05

Total Leasable

Percentage Occupied

Total SF Occupied

Base Rent (in 000's) (2)

Annualized Base Rent per Occupied Sq.

Port Crossing Harrisonburg, VA 8 65,365 100.0 % 100.0 % 65,365 866 13.25

7 unchanged sentences

South Square Lancaster, SC 6 44,350 81.0 % 81.0 % 35,900 311 8.65

Total Leasable

Percentage Occupied

Total SF Occupied

Base Rent (in 000's) (1)

Annualized Base Rent per Occupied Sq.

George Plaza St.

19 unchanged sentences

Hamburg Square Hamburg, PA 7 102,058 100.0 % 100.0 % 102,058 703 6.89

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 (2)

2 unchanged sentences

Pine Grove Plaza Brown Mills, NJ 16 79,306 86.4 % 86.4 % 68,506 839 12.25

South Philadelphia Philadelphia, PA 10 221,511 88.1 % 68.3 % 151,388 1,432 9.46

Southington Center Southington, CT 8 155,842 92.1 % 91.0 % 141,870 1,031 7.27

5 unchanged sentences

COMBINED TOTAL 981 7,660,979 93.1 % 92.3 % 7,074,318 $ 73,448 $ 10.38

(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.

(1) Monthly base rent on occupied space as of the end of the current reporting period multiplied by twelve months, excluding the impact of tenant concessions and rent abatements.

(2) Includes property where a redevelopment opportunity exists.

Undeveloped Land Company Location Parcel Size (in acres)

Brook Run Properties WHLR Richmond, VA 2.00

Courtland Commons WHLR Courtland, VA 1.04

George Land WHLR St.

George, SC 2.51

South Philadelphia parcels

CDR Philadelphia, PA 4.47

Webster Commons CDR Webster, MA 0.55

Major Tenants

1 unchanged sentence

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

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

Annualized Base Rent Per Occupied Square Foot

Food Lion Grocery $ 4,280 5.86 % 520,000 6.79 % $ 8.23

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

Kroger Co (1)

Grocery 2,097 2.87 % 239,000 3.12 % 8.77

Dollar Tree (2)

Discount Retailer 2,070 2.83 % 255,000 3.33 % 8.12

Planet Fitness Gym 1,949 2.67 % 205,000 2.68 % 9.51

TJX Companies (3)

Discount Retailer 1,721 2.35 % 195,000 2.55 % 8.83

Piggly Wiggly Grocery 1,363 1.87 % 170,000 2.22 % 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

Lowes Foods (4)

Grocery 1,223 1.67 % 130,000 1.70 % 9.41

Grocery 1,072 1.47 % 106,000 1.38 % 10.11

Kohl's Discount Retailer 1,049 1.44 % 147,000 1.92 % 7.14

Winn Dixie Grocery 984 1.30 % 134,000 1.65 % 7.34

Lehigh Valley Health Medical 803 1.10 % 43,000 0.56 % 18.67

$ 17,627 24.13 % 2,010,000 26.25 % $ 8.77

(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.

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

(2) Dollar Tree 18 / Family Dollar 7

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

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

(5) Aldi 3 / Winn Dixie 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).

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.

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 revenue per square foot, operating cash flow and value of our properties.

12 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