Item 2. Properties
Item 2. Properties.
Real Estate Portfolio
The following tables present an overview of our properties and undeveloped land as of December 31, 2024.
Property
Location
Number of
Tenants
Total Leasable
Square Feet
Percentage
Leased
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (1)
Annualized Base Rent per Occupied Sq. Foot
WHLR
Alex City Marketplace Alexander City, AL 20 151,843 100.0 % 100.0 % 151,843 $ 1,330 $ 8.76
Amscot Building Tampa, FL 1 2,500 100.0 % 100.0 % 2,500 83 33.00
Beaver Ruin Village Lilburn, GA 28 74,038 92.5 % 92.5 % 68,448 1,287 18.80
Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 497 14.22
Brook Run Shopping Center Richmond, VA 17 147,738 91.5 % 91.5 % 135,110 1,187 8.79
Bryan Station Lexington, KY 9 54,277 94.5 % 94.5 % 51,275 612 11.94
Cardinal Plaza Henderson, NC 10 50,000 100.0 % 100.0 % 50,000 519 10.39
Chesapeake Square Onley, VA 13 108,982 90.9 % 90.9 % 99,006 768 7.75
Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 386 8.47
Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 1,023 6.00
Crockett Square Morristown, TN 4 107,122 100.0 % 100.0 % 107,122 978 9.13
Cypress Shopping Center Boiling Springs, SC 19 80,435 100.0 % 100.0 % 80,435 807 10.04
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
Folly Road Charleston, SC 5 47,794 100.0 % 100.0 % 47,794 737 15.43
Forrest Gallery Tullahoma, TN 28 214,451 91.2 % 91.2 % 195,642 1,499 7.66
Fort Howard Shopping Center Rincon, GA 20 113,652 100.0 % 100.0 % 113,652 1,312 11.55
Freeway Junction Stockbridge, GA 17 156,834 97.6 % 97.6 % 152,984 1,356 8.86
Franklin Village Kittanning, PA 24 151,821 93.9 % 93.9 % 142,493 1,383 9.70
Franklinton Square Franklinton, NC 13 65,366 93.0 % 93.0 % 60,800 589 9.69
Georgetown Georgetown, SC 2 29,572 100.0 % 100.0 % 29,572 267 9.04
Grove Park Shopping Center Orangeburg, SC 13 93,265 94.2 % 94.2 % 87,851 722 8.22
Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 % 91.0 % 54,648 466 8.53
JANAF
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
Ladson Crossing Ladson, SC 15 52,607 97.7 % 97.7 % 51,407 563 10.95
LaGrange Marketplace LaGrange, GA 13 76,594 92.2 % 92.2 % 70,600 463 6.56
Lake Greenwood Crossing Greenwood, SC 8 43,618 100.0 % 100.0 % 43,618 414 9.50
Lake Murray Lexington, SC 5 39,218 100.0 % 100.0 % 39,218 364 9.28
Litchfield Market Village Pawleys Island, SC 25 86,717 100.0 % 98.6 % 85,517 1,124 13.15
Lumber River Village Lumberton, NC 11 66,781 100.0 % 100.0 % 66,781 519 7.77
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 % 56,100 675 12.03
New Market Crossing Mt. Airy, NC 13 117,076 100.0 % 100.0 % 117,076 1,052 8.99
Parkway Plaza Brunswick, GA 5 52,365 84.8 % 84.8 % 44,385 483 10.88
Pierpont Centre Morgantown, WV 15 111,162 98.5 % 98.5 % 109,437 1,099 10.05
Port Crossing Harrisonburg, VA 8 65,365 100.0 % 100.0 % 65,365 866 13.25
Ridgeland Ridgeland, SC 1 20,029 100.0 % 100.0 % 20,029 140 7.00
Riverbridge Shopping Center Carrollton, GA 11 91,188 96.9 % 96.9 % 88,375 756 8.56
Rivergate Shopping Center Macon, GA 24 193,960 87.5 % 86.5 % 167,816 2,602 15.50
Sangaree Plaza Summerville, SC 10 66,948 100.0 % 100.0 % 66,948 739 11.05
Shoppes at Myrtle Park Bluffton, SC 13 56,609 97.5 % 97.5 % 55,185 674 12.20
South Lake Lexington, SC 11 44,318 100.0 % 100.0 % 44,318 275 6.21
South Park Mullins, SC 4 60,734 96.9 % 96.9 % 58,834 401 6.82
South Square Lancaster, SC 6 44,350 81.0 % 81.0 % 35,900 311 8.65
8
Property
Location
Number of
Tenants
Total Leasable
Square Feet
Percentage
Leased
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (1)
Annualized Base Rent per Occupied Sq. Foot
St. George Plaza St. George, SC 9 59,174 100.0 % 100.0 % 59,174 470 7.95
Sunshine Plaza Lehigh Acres, FL 22 111,189 100.0 % 98.7 % 109,689 1,127 10.27
Surrey Plaza Hawkinsville, GA 3 42,680 82.0 % 82.0 % 35,000 222 6.35
Tampa Festival Tampa, FL 22 141,580 100.0 % 100.0 % 141,580 1,334 9.42
Tri-County Plaza Royston, GA 8 67,577 96.0 % 96.0 % 64,877 464 7.16
Tuckernuck Richmond, VA 18 93,391 100.0 % 100.0 % 93,391 1,129 12.09
Twin City Commons Batesburg-Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 491 10.30
Village of Martinsville Martinsville, VA 22 288,254 100.0 % 100.0 % 288,254 2,449 8.50
Waterway Plaza Little River, SC 10 49,750 100.0 % 100.0 % 49,750 498 10.02
Westland Square West Columbia, SC 11 62,735 85.1 % 85.1 % 53,360 483 9.05
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 % 100.0 % 40,695 693 17.03
WHLR TOTAL 771 5,308,451 94.9 % 94.8 % 5,035,012 $ 51,411 $ 10.21
CDR
Brickyard Plaza Berlin, CT 11 227,598 100.0 % 100.0 % 227,598 $ 2,100 $ 9.23
Carll's Corner Bridgeton, NJ 7 116,532 36.9 % 36.9 % 43,012 450 10.46
Coliseum Marketplace Hampton, VA 9 106,648 94.9 % 94.9 % 101,198 833 8.24
Fairview Commons New Cumberland, PA 11 50,485 87.8 % 87.8 % 44,335 511 11.53
Fieldstone Marketplace New Bedford, MA 12 193,836 79.4 % 53.5 % 103,664 1,053 10.15
Gold Star Plaza Shenandoah, PA 6 71,720 97.8 % 97.8 % 70,120 643 9.17
Golden Triangle Lancaster, PA 18 202,790 89.2 % 89.2 % 180,940 2,706 14.96
Hamburg Square Hamburg, PA 7 102,058 100.0 % 100.0 % 102,058 703 6.89
Oregon Avenue (2)
Philadelphia, PA — — — % — % — — —
Patuxent Crossing California, MD 26 264,068 82.3 % 82.0 % 216,467 2,542 11.74
Pine Grove Plaza Brown Mills, NJ 16 79,306 86.4 % 86.4 % 68,506 839 12.25
Southington Center Southington, CT 8 155,842 92.1 % 91.0 % 141,870 1,031 7.27
Timpany Plaza Gardner, MA 18 182,820 82.8 % 82.8 % 151,460 1,600 10.56
Trexler Mall Trexlertown, PA 23 342,541 98.7 % 98.7 % 337,944 3,820 11.31
Washington Center Shoppes Sewell, NJ 29 157,300 96.1 % 96.1 % 151,150 1,921 12.71
Webster Commons Webster, MA 9 98,984 100.0 % 100.0 % 98,984 1,285 12.98
CDR TOTAL 210 2,352,528 88.9 % 86.7 % 2,039,306 $ 22,037 $ 10.81
COMBINED TOTAL 981 7,660,979 93.1 % 92.3 % 7,074,318 $ 73,448 $ 10.38
(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
St. George Land WHLR St. George, SC 2.51
South Philadelphia parcels
CDR Philadelphia, PA 4.47
Webster Commons CDR Webster, MA 0.55
9
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, 2024.
Tenants Category Annualized Base Rent
($ 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
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 1.67 % 130,000 1.70 % 9.41
Aldi (5)
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
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) 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
The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2024.
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 — 586,661 7.66 % — % $ — — % $ —
Month-to-Month 10 50,092 0.65 % 0.71 % 414 0.56 % 8.26
2025 119 522,410 6.82 % 7.38 % 5,338 7.27 % 10.22
2026 165 850,573 11.10 % 12.02 % 9,371 12.76 % 11.02
2027 171 697,499 9.10 % 9.86 % 9,103 12.39 % 13.05
2028 137 1,115,267 14.56 % 15.77 % 10,482 14.27 % 9.40
2029 148 965,879 12.61 % 13.65 % 10,671 14.53 % 11.05
2030 74 969,764 12.66 % 13.71 % 8,357 11.38 % 8.62
2031 39 496,453 6.48 % 7.02 % 5,018 6.83 % 10.11
2032 33 415,702 5.43 % 5.88 % 3,592 4.89 % 8.64
2033 20 250,321 3.27 % 3.54 % 2,791 3.80 % 11.15
Thereafter
65 740,358 9.66 % 10.46 % 8,311 11.32 % 11.23
Total 981 7,660,979 100.00 % 100.00 % $ 73,448 100.00 % $ 10.38
Property Management and Leasing Strategy
10
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.
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