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, 2025.
Property
Location
Number of Tenants
Total Leasable Sq. Ft.
Percentage Leased
Percentage Occupied
Total Sq. Ft. Occupied
ABR (in 000's) (1)
ABR per Occupied Sq. Ft.
WHLR
Alex City Marketplace Alexander City, AL 20 151,843 100.0 % 100.0 % 151,843 $ 1,341 $ 8.83
Beaver Ruin Village Lilburn, GA 27 74,038 91.4 % 91.4 % 67,637 1,317 19.47
Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 506 14.48
Brook Run Shopping Center Richmond, VA 14 147,738 81.5 % 81.5 % 120,391 915 7.60
Bryan Station Lexington, KY 9 54,277 94.5 % 94.5 % 51,275 629 12.27
Cardinal Plaza Henderson, NC 10 50,000 100.0 % 100.0 % 50,000 541 10.81
Chesapeake Square Onley, VA 13 108,982 90.9 % 90.9 % 99,006 774 7.81
Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 520 11.40
Conyers Crossing Conyers, GA 14 170,475 100.0 % 100.0 % 170,475 1,103 6.47
Crockett Square Morristown, TN 4 107,122 100.0 % 100.0 % 107,122 993 9.27
Cypress Shopping Center Boiling Springs, SC 19 80,435 100.0 % 100.0 % 80,435 817 10.16
Darien Shopping Center Darien, GA 1 26,001 100.0 % 100.0 % 26,001 140 5.38
Folly Road Charleston, SC 5 47,794 100.0 % 100.0 % 47,794 780 16.31
Forrest Gallery Tullahoma, TN 28 214,451 91.2 % 91.2 % 195,642 1,523 7.78
Fort Howard Shopping Center Rincon, GA 20 113,652 100.0 % 100.0 % 113,652 1,319 11.60
Freeway Junction Stockbridge, GA 17 156,834 97.3 % 97.3 % 152,543 1,411 9.25
Franklin Village Kittanning, PA 22 151,821 72.9 % 72.9 % 110,619 1,228 11.10
Franklinton Square Franklinton, NC 14 65,366 95.3 % 95.3 % 62,300 617 9.91
Georgetown Georgetown, SC 1 29,572 74.5 % 74.5 % 22,032 215 9.75
Grove Park Shopping Center Orangeburg, SC 14 93,265 94.8 % 94.8 % 88,375 736 8.33
Harrodsburg Marketplace Harrodsburg, KY 9 60,048 94.0 % 94.0 % 56,448 501 8.88
JANAF
Norfolk, VA 110 796,624 90.6 % 89.8 % 715,712 9,851 13.76
Laburnum Square Richmond, VA 20 109,387 97.4 % 97.4 % 106,587 1,055 9.90
Ladson Crossing Ladson, SC 16 52,607 100.0 % 100.0 % 52,607 575 10.94
LaGrange Marketplace LaGrange, GA 13 76,594 92.2 % 92.2 % 70,600 486 6.88
Lake Greenwood Crossing Greenwood, SC 8 43,618 100.0 % 100.0 % 43,618 417 9.56
Litchfield Market Village Pawleys Island, SC 27 86,717 100.0 % 100.0 % 86,717 1,227 14.15
Lumber River Village Lumberton, NC 11 66,781 100.0 % 100.0 % 66,781 526 7.88
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 % 56,100 695 12.38
New Market Crossing Mt. Airy, NC 13 117,076 100.0 % 100.0 % 117,076 1,069 9.13
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Property
Location
Number of Tenants
Total Leasable Sq. Ft.
Percentage Leased
Percentage Occupied
Total Sq. Ft. Occupied
ABR (in 000's) (1)
ABR per Occupied Sq. Ft.
Parkway Plaza Brunswick, GA 5 52,365 84.8 % 84.8 % 44,385 485 10.93
Pierpont Centre Morgantown, WV 15 111,162 98.4 % 98.4 % 109,433 1,182 10.80
Port Crossing Harrisonburg, VA 8 65,365 100.0 % 100.0 % 65,365 876 13.40
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 % 88,375 767 8.68
Rivergate Shopping Center Macon, GA 25 193,960 93.6 % 68.9 % 133,688 2,401 17.96
Sangaree Plaza Summerville, SC 10 66,948 100.0 % 100.0 % 66,948 761 11.36
Shoppes at Myrtle Park Bluffton, SC 14 56,609 99.3 % 99.3 % 56,189 709 12.62
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 % 35,900 313 8.71
St. George Plaza St. George, SC 9 59,174 100.0 % 100.0 % 59,174 493 8.34
Sunshine Plaza Lehigh Acres, FL 22 111,189 100.0 % 100.0 % 111,189 1,175 10.57
Surrey Plaza Hawkinsville, GA 4 42,680 100.0 % 100.0 % 42,680 267 6.26
Tampa Festival Tampa, FL 22 141,580 100.0 % 100.0 % 141,580 1,327 9.37
Tuckernuck Richmond, VA 18 93,391 100.0 % 98.9 % 92,391 1,110 12.01
Twin City Commons Batesburg-Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 491 10.31
Village of Martinsville Martinsville, VA 22 288,254 100.0 % 94.8 % 273,297 2,284 8.36
Waterway Plaza Little River, SC 10 49,750 100.0 % 100.0 % 49,750 560 11.25
Westland Square West Columbia, SC 12 62,735 100.0 % 100.0 % 62,735 550 8.76
WHLR TOTAL 729 5,075,661 95.1 % 93.7 % 4,756,310 $ 50,449 $ 10.61
CDR
Brickyard Plaza Berlin, CT 11 227,598 100.0 % 100.0 % 227,598 $ 2,106 $ 9.25
Coliseum Marketplace Hampton, VA 10 106,648 100.0 % 100.0 % 106,648 1,301 12.20
Fairview Commons New Cumberland, PA 10 50,485 80.3 % 80.3 % 40,555 514 12.66
Gold Star Plaza Shenandoah, PA 6 71,720 97.8 % 97.8 % 70,120 664 9.46
Golden Triangle Lancaster, PA 19 202,790 90.0 % 90.0 % 182,440 2,780 15.24
Hamburg Square Hamburg, PA 7 102,058 100.0 % 100.0 % 102,058 735 7.20
Patuxent Crossing California, MD 27 264,068 78.2 % 78.2 % 206,609 1,866 9.03
Pine Grove Plaza Brown Mills, NJ 17 79,306 89.9 % 89.9 % 71,306 886 12.43
Southington Center Southington, CT 7 155,842 89.8 % 89.8 % 139,903 1,000 7.15
Timpany Plaza Gardner, MA 18 182,820 82.9 % 82.9 % 151,460 1,571 10.37
Trexler Mall Trexlertown, PA 24 342,541 99.7 % 99.7 % 341,544 4,016 11.76
Washington Center Shoppes Sewell, NJ 31 157,300 98.1 % 98.1 % 154,300 2,120 13.74
CDR TOTAL 187 1,943,176 92.4 % 92.4 % 1,794,541 $ 19,559 $ 10.90
COMBINED TOTAL 916 7,018,837 94.3 % 93.3 % 6,550,851 $ 70,008 $ 10.69
(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.
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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 parcel CDR Philadelphia, PA 1.35
Major Tenants
The following table sets forth information regarding the ten largest tenants in our Operating Portfolio based on annualized base rent ("ABR") as of December 31, 2025.
Tenants Category Annualized Base Rent
($ in 000s) Percentage of Total Annualized Base Rent Total Occupied Square Feet Percentage of Total Leasable Square Feet Annualized Base Rent Per Occupied Square Foot
Food Lion Grocery $ 4,179 6.0 % 484,000 6.9 % $ 8.63
Kroger Co (1)
Grocery 2,137 3.1 % 239,000 3.4 % 8.94
Dollar Tree Discount Retailer 1,440 2.1 % 177,000 2.5 % 8.14
Planet Fitness Gym 1,268 1.8 % 134,000 1.9 % 9.46
TJX Companies (2)
Discount Retailer 1,245 1.8 % 195,000 2.8 % 6.38
Lowes Foods (3)
Grocery 1,236 1.8 % 130,000 1.9 % 9.51
Piggly Wiggly Grocery 1,183 1.7 % 135,000 1.9 % 8.76
Aldi (4)
Grocery 1,072 1.5 % 106,000 1.5 % 10.11
Kohl's Discount Retailer 1,049 1.5 % 147,000 2.1 % 7.14
Lehigh Valley Health Health 819 1.2 % 43,000 0.6 % 19.05
$ 15,628 22.5 % 1,790,000 25.5 % $ 8.73
(1) Kroger 4 / Harris Teeter 1 / 3 fuel stations
(2) Marshall's 4 / HomeGoods 2 / TJ Maxx 1
(3) Lowes Foods 1 / KJ's Market 2
(4) Aldi 3 / Winn Dixie 1
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Lease Expirations
The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2025.
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 — 467,986 6.7 % — % $ — — % $ —
Month-to-Month 11 16,648 0.2 % 0.3 % 240 0.3 % 14.42
2026 113 501,955 7.2 % 7.7 % 5,700 8.1 % 11.36
2027 160 672,461 9.6 % 10.3 % 8,237 11.8 % 12.25
2028 151 1,062,417 15.1 % 16.2 % 10,138 14.5 % 9.54
2029 142 883,802 12.6 % 13.5 % 9,996 14.3 % 11.31
2030 130 1,198,083 17.1 % 18.3 % 11,074 15.8 % 9.24
2031 73 695,611 9.9 % 10.6 % 7,633 10.9 % 10.97
2032 34 421,972 6.0 % 6.4 % 3,904 5.6 % 9.25
2033 21 251,521 3.6 % 3.8 % 2,844 4.1 % 11.31
2034 33 338,791 4.8 % 5.2 % 3,675 5.3 % 10.85
Thereafter 48 507,590 7.2 % 7.7 % 6,567 9.3 % 12.94
Total 916 7,018,837 100.0 % 100.0 % $ 70,008 100.0 % $ 10.69
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 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.
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Part II