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and may be contacted at 250 Royall Street, Canton, MA 02021 or their website, www.computershare.com.
+Added: Impact of COVID-19
+Added: The United States of America has been subject to significant economic disruption caused by the onset of the novel coronavirus ("COVID-19").
+Added: Nearly every industry has been impacted directly or indirectly, and the U.S.
+Added: retail market has come under severe pressure due to numerous factors, including preventative measures taken by local, state and federal authorities to alleviate the public health crisis such as mandatory business closures, quarantines, restrictions on travel and “shelter-in-place” or “stay-at-home” orders at the state and local levels.
+Added: While many of these restrictions were lifted or relaxed throughout the year there is uncertainty surrounding future restrictions.
+Added: The Company remained operational for the entire year.
+Added: Additional information regarding the impact of COVID-19 on our business can be found under the section titled "Impact of COVID-19" included within Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of this Annual Report on Form 10-K.
Our portfolio contains retail properties in secondary and tertiary markets, with a particular emphasis on grocery-anchored retail centers.
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The Company’s portfolio of properties is dependent upon regional and local economic conditions.
−Removed: As of December 31, 2019 , we own a portfolio consisting of sixty-eight properties, including sixty-one retail shopping centers, totaling 5,618,877 total leasable square feet which is 89.8% leased (our "operating portfolio"), one office property and six undeveloped land parcels totaling approximately 63 acres.
−Removed: The properties are geographically located in the Northeast, Mid-Atlantic and Southeast, which markets represented approximately 4%, 36% and 60%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2019 .
+Added: As of December 31, 2020, we own a portfolio consisting of sixty-six properties, including sixty retail shopping centers, totaling 5,561,766 total leasable square feet which is 88.9% leased (our "operating portfolio"), and six undeveloped land parcels totaling approximately 63 acres.
+Added: The properties are geographically located in the Southeast, Mid-Atlantic and Northeast, which markets represented approximately 61%, 35% and 4%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2020.
No tenant represents greater than 6% of the Company’s annualized base rent or 7% of gross leasable square footage.
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Our management team has experience and capabilities across the real estate sector with experience in all aspects of the commercial real estate industry, specifically in our target/existing markets.
−Removed: David Kelly, age 55, has served as Chief Executive Officer (the "CEO") since January 2018 and first joined the Company in 2013.
−Removed: Kelly served as the Chief Investment Officer (the "CIO") for the Company before serving at the CEO.
−Removed: He has over twenty-eight years of experience in the real estate industry.
−Removed: Prior to joining us, he served for thirteen years as the Director of Real Estate for Supervalu, Inc., a Fortune 100 supermarket retailer.
−Removed: While at Supervalu, he focused on site selection and acquisitions from New England to the Carolinas, completing transactions totaling over $500 million.
−Removed: Andrew Franklin, age 39, is our Chief Operating Officer and has over nineteen years of commercial real estate experience and joined the Company in 2014.
+Added: Daniel Khoshaba, age 61, has served as Chief Executive Officer (the "CEO") since April 2020 and has served as a director since February 2020.
+Added: Khoshaba has over thirty years of experience as a real estate investor, developer and founder of companies in multiple industries including manufacturing, finance and real estate.
+Added: Prior to joining us, Mr.
+Added: Khoshaba co-founded City Sunstone Properties ("CSP") in 2012.
+Added: Between 2012 and 2016, CSP acquired retail strip malls, shopping centers, office complexes, and raw land for development.
+Added: The company’s portfolio primarily consisted of properties in sub-markets with strong demographics and high traffic counts.
+Added: Much of the portfolio was sold at multiples of CSP’s initial investment between 2016 and 2018.
+Added: Khoshaba co-founded KSA Capital Partners, a long/short equity hedge fund which became one of the top performing funds in the industry as noted by Barron’s magazine.
+Added: In 2013, Hedge Funds Review voted KSA the Best Long/Short equity hedge fund in the Americas.
+Added: Khoshaba earned a bachelor's degree from DePaul University and a MBA from the University of Chicago.
+Added: Andrew Franklin, age 40, is our Chief Operating Officer and has over twenty-two years of commercial real estate experience and joined the Company in 2014.
Franklin is responsible for overseeing the property management, lease administration and leasing divisions of our portfolio of commercial assets.
Prior to joining us, Mr.
−Removed: Franklin was a partner with Broad Reach Retail Partners, LLC where he ran the day to day operations, managing the leasing team as well as overseeing the
−Removed: asset, property and construction management of the portfolio with assets totaling $50 million.
+Added: Franklin was a partner with Broad Reach Retail Partners, LLC where he ran the day-to-day operations, managed the leasing team as well as oversaw the asset, property and construction management of the portfolio with assets totaling $50 million.
Franklin is a graduate of the University of Maryland, with a Bachelor of Science degree in Finance.
−Removed: Matthew Reddy, age 37, served as Chief Financial Officer, (the "CFO") until his resignation in February 2020 at which time he was replaced with Crystal Plum.
−Removed: Reddy, a certified public accountant, joined the Company in 2015 as Chief Accounting Officer and was appointed CFO in 2018.
−Removed: Prior to joining the Company, Mr.
−Removed: Reddy was the Assistant Vice President of Online Products at Liberty Tax Service.
−Removed: While employed at Liberty, Mr.
−Removed: Reddy was also employed as Director of Finance from 2011 to 2014, and Manager of Financial Reporting from 2008 to 2011.
−Removed: Prior to joining Liberty, Mr.
−Removed: Reddy worked at KPMG LLP as a Senior Auditor.
−Removed: Crystal Plum, age 38, was appointed as CFO in February 2020.
+Added: Crystal Plum, age 39, has served as Chief Financial Officer since February 2020 and first joined the Company in 2016.
Prior to her appointment as CFO, Ms.
−Removed: Plum most recently served as the Vice President of Financial Reporting and Corporate Accounting for the Company from March 2018 to the present and as Director of Financial Reporting for the Company from September 2016 to March 2018.
+Added: Plum most recently served as the Vice President of Financial Reporting and Corporate Accounting for the Company.
Prior to that time, she served as Manager at Dixon Hughes Goodman LLP from September 2014 to August 2016 and as Supervisor at Dixon Hughes Goodman LLP from 2008 to September 2014.
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Business Objectives and Investment Strategy
−Removed: Our primary business objective is to provide attractive risk-adjusted returns to our shareholders.
+Added: Our primary business objective is to provide attractive risk-adjusted returns to our stockholders.
We intend to achieve this objective utilizing the following investment strategies:
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• Focus on secondary and tertiary markets with strong demographics and demand .
−Removed: Our properties are in markets that have relatively low levels of new construction.
−Removed: The markets have strong demographics such as population density, population growth, tenant sales trends and growth in household income.
+Added: Our properties are in markets that have strong demographics such as population density, population growth, tenant sales trends and growth in household income.
We seek to identify new tenants and renew leases with existing tenants in these locations that support the need for necessity-based retail and limited new supply.
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• Selectively utilize our capital to improve retail properties.
−Removed: We intend to make capital investments where the return on such capital is accretive to our shareholders.
+Added: We intend to make capital investments where the return on
+Added: such capital is accretive to our stockholders.
We allocate capital to value-added improvements of retail properties to increase rents, extend long-term leases with anchor tenants and increase occupancy.
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The content of our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our website is intended to be inactive textual references only.
−Removed: Annual Meeting of Stockholders
−Removed: Our 2020 Annual Meeting of Stockholders will be held in Virginia Beach on May 28, 2020.
Risk Factors.
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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.