What changed in this filing

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Item 2. Properties

2021-03-18 compared with 2020-02-26 · 100 added, 103 removed, 47 unchanged (81% of the section changed)

Our Portfolio

At December 31, 2019 , we owned sixty-eight properties, including sixty-one income producing properties located in Virginia, North Carolina, South Carolina, Florida, Georgia, Kentucky, Tennessee, Alabama, New Jersey, Pennsylvania and West Virginia, containing a total of 5,618,877 gross leasable square feet of retail space, which we refer to as our operating portfolio.

At December 31, 2020, we owned sixty-six properties, including sixty income producing properties located in Virginia, North Carolina, South Carolina, Florida, Georgia, Kentucky, Tennessee, Alabama, New Jersey, Pennsylvania and West Virginia, containing a total of 5,561,766 gross leasable square feet of retail space, which we refer to as our operating portfolio.

Additionally, we owned six undeveloped land parcels located in Virginia, North Carolina and Oklahoma.

The following table presents an overview of our properties, based on information as of December 31, 2020.

4 unchanged sentences

Annualized Base Rent per Occupied Sq.

Alex City Marketplace

Alexander City, AL

Amscot Building (3)

Beaver Ruin Village

Beaver Ruin Village II

Berkley Shopping Center

Brook Run Shopping Center

Alex City Marketplace Alexander City, AL 15 151,843 96.1 % 77.6 % 117,843 $ 981 $ 8.32

Amscot Building Tampa, FL 1 2,500 100.0 % 100.0 % 2,500 83 33.00

Beaver Ruin Village Lilburn, GA 28 74,038 90.4 % 90.4 % 66,948 1,160 17.32

Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 % 100.0 % 34,925 456 13.07

Norfolk, VA — — — % — % — — —

Berkley Shopping Center Norfolk, VA 10 47,945 42.0 % 42.0 % 20,140 183 9.10

Brook Run Shopping Center Richmond, VA 18 147,738 85.5 % 85.5 % 126,243 1,099 8.70

Brook Run Properties (3)

Bryan Station

Lexington, KY

Butler Square

Cardinal Plaza

Henderson, NC

Chesapeake Square

Columbia Fire Station

Richmond, VA — — — % — % — — —

Bryan Station Lexington, KY 10 54,277 100.0 % 100.0 % 54,277 594 10.95

Butler Square Mauldin, SC 15 82,400 98.2 % 94.9 % 78,196 811 10.38

Cardinal Plaza Henderson, NC 8 50,000 97.0 % 97.0 % 48,500 478 9.85

Chesapeake Square Onley, VA 12 108,982 96.5 % 96.5 % 105,182 795 7.56

Clover Plaza Clover, SC 10 45,575 100.0 % 100.0 % 45,575 373 8.18

Columbia Fire Station Columbia, SC 1 21,273 14.4 % 14.4 % 3,063 81 26.60

Courtland Commons (3)

Courtland, VA — — — % — % — — —

Conyers Crossing

Crockett Square

Morristown, TN

Cypress Shopping Center

Boiling Springs, SC

Darien Shopping Center

Devine Street

Conyers Crossing Conyers, GA 12 170,475 95.7 % 95.7 % 163,150 855 5.24

Crockett Square Morristown, TN 4 107,122 100.0 % 100.0 % 107,122 940 8.78

Cypress Shopping Center Boiling Springs, SC 16 80,435 39.5 % 39.5 % 31,775 429 13.49

Darien Shopping Center Darien, GA 1 26,001 100.0 % 100.0 % 26,001 156 6.00

Devine Street Columbia, SC 2 38,464 100.0 % 100.0 % 38,464 319 8.28

Edenton Commons (3)

Charleston, SC

Forrest Gallery

Tullahoma, TN

Fort Howard Shopping Center

Freeway Junction

Stockbridge, GA

Franklin Village

Kittanning, PA

Franklinton Square

Franklinton, NC

Georgetown, SC

Orangeburg, SC

Edenton, NC — — — % — % — — —

Folly Road Charleston, SC 5 47,794 100.0 % 100.0 % 47,794 730 15.26

Forrest Gallery Tullahoma, TN 25 214,451 80.3 % 79.4 % 170,224 1,223 7.18

Fort Howard Shopping Center Rincon, GA 19 113,652 95.1 % 95.1 % 108,120 1,048 9.69

Freeway Junction Stockbridge, GA 19 156,834 100.0 % 100.0 % 156,834 1,324 8.44

Franklin Village Kittanning, PA 25 151,821 98.7 % 94.9 % 144,021 1,195 8.30

Franklinton Square Franklinton, NC 13 65,366 100.0 % 93.0 % 60,800 558 9.17

Georgetown Georgetown, SC 2 29,572 100.0 % 100.0 % 29,572 267 9.04

Grove Park Orangeburg, SC 13 93,265 97.7 % 97.7 % 91,121 699 7.67

Harbor Point (3)

Harrodsburg Marketplace

Harrodsburg, KY

Laburnum Square

Ladson Crossing

LaGrange Marketplace

Lake Greenwood Crossing

Greenwood, SC

Lexington, SC

Litchfield Market Village

Pawleys Island, SC

Lumber River Village

Lumberton, NC

Moncks Corner

Moncks Corner, SC

Grove, OK — — — % — % — — —

Harrodsburg Marketplace Harrodsburg, KY 6 60,048 79.0 % 79.0 % 47,448 404 8.52

Norfolk, VA 109 800,026 84.8 % 84.6 % 676,703 8,084 11.95

Laburnum Square Richmond, VA 20 109,405 97.5 % 97.5 % 106,705 982 9.21

Ladson Crossing Ladson, SC 14 52,607 97.2 % 97.2 % 51,107 487 9.53

LaGrange Marketplace LaGrange, GA 13 76,594 96.9 % 96.9 % 74,194 429 5.78

Lake Greenwood Crossing Greenwood, SC 6 47,546 87.5 % 87.5 % 41,618 332 7.98

Lake Murray Lexington, SC 4 39,218 96.9 % 96.9 % 38,018 236 6.20

Litchfield Market Village Pawleys Island, SC 19 86,740 87.3 % 87.3 % 75,702 901 11.91

Lumber River Village Lumberton, NC 11 66,781 86.4 % 86.4 % 57,681 435 7.55

Moncks Corner Moncks Corner, SC 1 26,800 100.0 % 100.0 % 26,800 323 12.07

Total Leasable

3 unchanged sentences

Annualized Base Rent per Occupied Sq.

Nashville Commons

Nashville, NC

New Market Crossing

Parkway Plaza

Brunswick, GA

Pierpont Centre

Morgantown, WV

Port Crossing

Harrisonburg, VA

Ridgeland, SC

Riverbridge Shopping Center

Carrollton, GA

Riversedge North (5)

Virginia Beach, VA

Rivergate Shopping Center

Sangaree Plaza

Summerville, SC

Shoppes at Myrtle Park

Shoppes at TJ Maxx

Lexington, SC

Lancaster, SC

Sunshine Plaza

Lehigh Acres, FL

Hawkinsville, GA

Tampa Festival

Tri-County Plaza

Nashville Commons Nashville, NC 12 56,100 100.0 % 100.0 % 56,100 $ 623 $ 11.11

New Market Crossing Mt.

Airy, NC 10 117,076 89.0 % 89.0 % 104,138 920 8.84

Parkway Plaza Brunswick, GA 4 52,365 81.7 % 81.7 % 42,785 352 8.22

Pierpont Centre Morgantown, WV 15 111,162 88.4 % 88.4 % 98,256 912 9.28

Port Crossing Harrisonburg, VA 8 65,365 97.9 % 97.9 % 64,000 852 13.31

Ridgeland Ridgeland, SC 1 20,029 100.0 % 100.0 % 20,029 140 7.00

Riverbridge Shopping Center Carrollton, GA 12 91,188 100.0 % 100.0 % 91,188 720 7.89

Rivergate Shopping Center Macon, GA 30 201,680 73.8 % 73.8 % 148,905 2,480 16.66

Sangaree Plaza Summerville, SC 8 66,948 87.4 % 87.4 % 58,498 598 10.23

Shoppes at Myrtle Park Bluffton, SC 13 56,601 99.3 % 99.3 % 56,181 607 10.81

South Lake Lexington, SC 6 44,318 91.2 % 16.3 % 7,200 93 12.98

South Park Mullins, SC 3 60,734 83.2 % 83.2 % 50,509 351 6.95

South Square Lancaster, SC 5 44,350 81.0 % 74.2 % 32,900 276 8.39

George Plaza St.

George, SC 6 59,279 92.3 % 78.8 % 46,718 338 7.23

Sunshine Plaza Lehigh Acres, FL 23 111,189 100.0 % 100.0 % 111,189 1,076 9.67

Surrey Plaza Hawkinsville, GA 3 42,680 96.5 % 96.5 % 41,180 247 6.00

Tampa Festival Tampa, FL 19 137,987 71.9 % 64.6 % 89,166 891 9.99

Tri-County Plaza Royston, GA 7 67,577 94.1 % 94.1 % 63,577 416 6.55

Tuckernuck Richmond, VA 13 93,624 90.6 % 90.6 % 84,787 956 11.27

Tulls Creek (3)

Twin City Commons

Moyock, NC — — — % — % — — —

Twin City Commons Batesburg

Leesville, SC 5 47,680 100.0 % 100.0 % 47,680 438 9.18

Village of Martinsville

Martinsville, VA

Walnut Hill Plaza

Petersburg, VA

Waterway Plaza

Little River, SC

Westland Square

West Columbia, SC

Winslow Plaza

Sicklerville, NJ

Village of Martinsville Martinsville, VA 17 290,902 94.5 % 94.0 % 273,346 2,192 8.02

Walnut Hill Plaza Petersburg, VA 6 87,239 38.1 % 38.1 % 33,225 268 8.06

Waterway Plaza Little River, SC 10 49,750 100.0 % 100.0 % 49,750 490 9.85

Westland Square West Columbia, SC 11 62,735 95.7 % 95.7 % 60,065 528 8.78

Winslow Plaza Sicklerville, NJ 18 40,695 100.0 % 100.0 % 40,695 637 15.65

Total Portfolio

756 5,561,766 88.9 % 87.1 % 4,846,433 $ 46,851 $ 9.67

(1) Reflects leases executed through January 6, 2021 that commence subsequent to the end of the current 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.

We own the Amscot building, but we do not own the land underneath the buildings and instead lease the land pursuant to ground leases.

As discussed in the financial statements, these ground leases require us to make annual rental payments and contain escalation clauses and renewal options.

(3) This information is not available because the property is undeveloped.

This property is our corporate headquarters that we 100% occupy.

Square footage is net of management office the Company occupies on premise and buildings on ground lease which the Company only leases the land.

(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.

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, 2020.

Number of Stores

Annualized Base Rent

% of Total Annualized Base Rent

Total Occupied Square Feet

Percent Total Leasable Square Foot

Base Rent Per Occupied Square Foot

Tenants Annualized Base Rent

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

$ 2,733 5.83 % 325,576 5.85 % $ 8.39

2,729 5.82 % 380,675 6.84 % 7.17

1,355 2.89 % 186,064 3.35 % 7.28

Piggly Wiggly

1,322 2.82 % 169,750 3.05 % 7.79

Winn Dixie (1)

887 1.89 % 133,575 2.40 % 6.64

Planet Fitness

837 1.79 % 100,427 1.81 % 8.33

717 1.53 % 114,298 2.06 % 6.27

BJ's Wholesale Club

651 1.39 % 147,400 2.65 % 4.42

Harris Teeter (2)

578 1.23 % 39,946 0.72 % 14.47

572 1.22 % 54,838 0.99 % 10.43

$ 12,381 26.41 % 1,652,549 29.72 % $ 7.49

(1) These tenants are both owned by Southeastern Grocers.

2 unchanged sentences

The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2020.

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

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

Available — 715,333 12.86 % — % $ — — % $ —

Month-to-Month 11 24,063 0.43 % 0.50 % 296 0.63 % 12.30

2021 106 363,594 6.54 % 7.50 % 3,820 8.15 % 10.51

2022 126 509,280 9.16 % 10.51 % 5,460 11.65 % 10.72

2023 133 870,708 15.66 % 17.97 % 7,675 16.38 % 8.81

2024 107 665,560 11.97 % 13.73 % 6,373 13.60 % 9.58

2025 104 787,608 14.16 % 16.25 % 7,874 16.81 % 10.00

2026 68 650,641 11.70 % 13.43 % 5,807 12.39 % 8.93

2027 26 164,815 2.96 % 3.40 % 1,988 4.24 % 12.06

2028 21 331,609 5.96 % 6.84 % 2,336 4.99 % 7.04

2029 16 114,020 2.05 % 2.35 % 1,143 2.44 % 10.02

2030 and thereafter 38 364,535 6.55 % 7.52 % 4,079 8.72 % 11.19

Total 756 5,561,766 100.00 % 100.00 % $ 46,851 100.00 % $ 9.67

Property Management and Leasing Strategy

9 unchanged sentences

We believe this hands-on approach maximizes the value of our shopping centers.

Legal Proceedings.

See Note 10, Commitments and Contingencies, to our consolidated financial statements included in this Form 10-K.

Mine Safety Disclosures.

Not applicable.

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