InvenTrust Properties (IVT) 8-K InvenTrust Properties Corp. Reports 2022 Second Quarter Results

	Page No.
Introductory Notes	i
Earnings Release	iii
Financial Information
Summary Financial Information	1
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations and Comprehensive Income	3
Condensed Consolidated Supplemental Details of Assets and Liabilities	4
Condensed Consolidated Supplemental Details of Operations	5
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income	6
NAREIT FFO and Core FFO	7
EBITDA, Pro Rata	7
Summary of Outstanding Debt	8
Consolidated Unsecured Credit Facility Covenants, Interest Rate Swaps, and Capital Expenditures	9
Joint Venture Financial Information	10
Portfolio and Leasing Overview
Markets and Tenant Size	14
Top 25 Tenants by ABR and Tenant Merchandise Mix	15
Comparable & Non-Comparable Lease Statistics	16
Tenant Lease Expirations	17
Investment Summary
Acquisitions and Dispositions	18
Development Pipeline	19
Property Summary	20
Components of NAV as of June 30, 2022	22
Glossary of Terms	23

Introductory Notes

About InvenTrust

InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,” "IVT" or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance ("ESG") practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2013. As of June 30, 2022, the Company is an owner and manager of 62 retail properties, representing 10.5 million square feet of retail space. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended June 30, 2022. IVT may, but assumes no obligation to, update information in this supplemental.

Cautionary Note About Forward-Looking Statements

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “objective,” “goal,” “strategy,” “likely,” “will,” “would,” “should” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; the Company's ability to maintain the New York Stock Exchange ("NYSE") listing requirements; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Notice Regarding Non-GAAP Financial Measures

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental on pages 6 and 7 and definitions of our non-GAAP measures are included in the Glossary of Terms on page 23.

Quarter End June 30, 2022 - i

Pro Rata Financial Information

The Company owns a 55% interest in IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. IAGM is the Company’s sole joint venture and is unconsolidated. Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its share of its JV properties when combined with the Company’s wholly-owned properties, with the exception of property count and number of leases. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding our JV properties, see the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust Twitter account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties)) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.

Quarter End June 30, 2022 - ii

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2022 Second Quarter Results

DOWNERS GROVE, III – August 1, 2022 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended June 30, 2022. For the three months ended June 30, 2022 and 2021, Net Income was $41.9 million, or $0.62 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, respectively.

Second Quarter 2022 Highlights:

•NAREIT FFO for the quarter of $0.45 per diluted share

•Core FFO for the quarter of $0.42 per diluted share

•Pro Rata Same Property Net Operating Income (“NOI”) increased 7.7% for the three month period

•Leased Occupancy as of June 30, 2022 of 95.4%

•Executed 78 leases totaling approximately 289,000 square feet of pro rata GLA, of which 153,000 square feet was executed at a blended comparable lease spread of 15.1%

•Net Debt-to-Adjusted EBITDA of 5.1x at June 30, 2022

•Entered into a note purchase agreement providing for the private placement of $150 million of seven year and $100 million of ten year senior notes with a weighted average fixed rate of 5.12% and weighted average tenor of approximately 8.2 years

•Issued our inaugural 2021 Environmental, Social and Governance (ESG) Report

“InvenTrust continues to execute on its business objectives and produce strong results,” stated Daniel (DJ) Busch, President and CEO of InvenTrust. “Our leasing activity remains solid, and we believe the company is well-positioned, with our simple and focused Sun Belt strategy, to deliver sustainable cash flow growth in any economic environment.”

NET INCOME

•Net Income for the three months ended June 30, 2022 was $41.9 million, or $0.62 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, for the same period in 2021.

•Net Income for the six months ended June 30, 2022 was $51.4 million, or $0.76 per diluted share, compared to Net Income of $1.4 million, or $0.02 per diluted share, for the same period in 2021.

NAREIT FFO

•NAREIT FFO for the three months ended June 30, 2022 was $30.4 million, or $0.45 per diluted share, compared to $25.0 million, or $0.35 per diluted share, for the same period in 2021.

•NAREIT FFO for the six months ended June 30, 2022 was $62.1 million, or $0.92 per diluted share, compared to $47.9 million, or $0.66 per share, for the same period in 2021.

Quarter End June 30, 2022 - iii

CORE FFO

•Core FFO for the three months ended June 30, 2022 was $28.6 million, or $0.42 per diluted share, compared to $23.9 million, or $0.33 per diluted share, for the same period in 2021.

•Core FFO for the six months ended June 30, 2022 was $57.7 million, or $0.85 per diluted share, compared to $46.0 million, or $0.64 per diluted share, for the same period in 2021.

PRO RATA SAME PROPERTY NOI

•Pro Rata Same Property NOI for the three months ended June 30, 2022 was $37.3 million, a 7.7% increase, compared to the same period in 2021.

•Pro Rata Same Property NOI for the six months ended June 30, 2022 was $74.8 million, a 9.9% increase, compared to the same period in 2021.

DIVIDEND

•On June 30, 2022, the Board of Directors declared a quarterly cash distribution of $0.2052 per share, payable on July 15, 2022.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of June 30, 2022, the Company’s Leased Occupancy was 95.4%.

◦Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 98.2% and Small Shop Leased Occupancy was 90.5%. Anchor Leased Occupancy increased by 160 basis points and Small Shop Leased Occupancy remained flat on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 220 basis points, which equates to approximately $5.2 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the second quarter were 15.1%.

•Annualized Base Rent PSF (“ABR”) as of June 30, 2022 for the Pro Rata Combined Portfolio was $18.80, an increase of 2.6% compared to the same period in 2021. Anchor Tenant ABR PSF was $12.30 and Small Shop ABR PSF was $31.75 for the second quarter.

•On April 21, 2022, the Company acquired a property located in Flower Mound, Texas for $38.0 million, totaling approximately 175,000 square feet, and assumed $22.9 million of existing mortgage debt to partially finance the acquisition. The Company purchased this property from its joint venture.

•On May 4, 2022, the Company acquired a property located in Bonita Springs, Florida for $10.4 million, totaling approximately 63,000 square feet.

•On June 30, 2022, the Company disposed of two Colorado properties for $55.5 million and recognized a total gain on sale of $36.9 million.

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust had $310.4 million of total liquidity, as of June 30, 2022 comprised of $103.4 million of Pro Rata Cash and $207.0 million of availability under its Revolving Credit Facility.

•The Company has no debt maturing in 2022 and $38.8 million of debt maturing in 2023.

•The Company entered into a note purchase agreement providing for the private placement of $150 million of seven year and $100 million of ten year senior notes with a weighted average fixed rate of 5.12% and weighted average tenor of approximately 8.2 years.

•The Company's weighted average interest rate on its consolidated debt as of June 30, 2022 was 3.05% and the weighted average remaining term was 4.0 years.

Quarter End June 30, 2022 - iv

2022 GUIDANCE

InvenTrust has updated its 2022 guidance, as summarized in the table below.

(Unaudited, dollars in thousands, except per share amounts)	Current			Previous
Net Income per diluted share (1)	$0.74	—	$0.78	$0.18	—	$0.24
NAREIT FFO per diluted share (2)	$1.61	—	$1.65	$1.58	—	$1.64
Core FFO per diluted share	$1.52	—	$1.56	$1.51	—	$1.56
Same Property NOI (“SPNOI”) Growth	4.00%	—	5.00%	3.75%	—	5.25%
General and administrative (3)	$32,750	—	$33,750	$33,500	—	$34,500
Interest expense, net	$24,500	—	$25,500	$25,500	—	$26,500
Net investment activity (4)	~$210,000			~ $210,000

(1) Net Income per diluted share excludes potential gains and losses on asset sales, and any related GAAP adjustments resulting from these transactions.

(2) 2022 NAREIT FFO per diluted share Guidance:

•Excludes potential gains or losses on asset sales, and any related GAAP adjustments resulting from these transactions.

•Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or transaction expenses.

•Includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.

(3) General and administrative guidance is inclusive of expenses associated with our oversight of the joint venture.

(4) Net investment activity represents anticipated acquisition activity less disposal activity for 2022.

Net Income, NAREIT FFO, Core FFO and SPNOI guidance are inclusive of prior period rent that we anticipate collecting in 2022.

The Company's 2022 Guidance is based on a number of assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

Quarter End June 30, 2022 - v

Summary Financial Information

In thousands, except share information and per square foot amounts

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Financial Results
Net income	$	41,921	$	1,499	$	51,422	$	1,399
Net income per common share, basic and diluted	0.62		0.02		0.76		0.02
NAREIT FFO (page 7)	30,446		24,998		62,104		47,896
NAREIT FFO per diluted share	0.45		0.35		0.92		0.66
Core FFO (page 7)	28,631		23,887		57,652		46,005
Core FFO per diluted share	0.42		0.33		0.85		0.64
Pro Rata Same Property NOI (page 6)	37,317		34,662		74,786		68,060

Pro Rata Same Property NOI growth 7.7  % 9.9  %

Adjusted EBITDA(page 7)	34,137		28,314		67,992		55,000
Distributions declared per share	$	0.21	$	0.19	$	0.41	$	0.39

Aggregate distributions declared (as a % of Core FFO) 48.3  % 58.3  % 48.0  % 60.8  %

	As of June 30, 2022			As of December 31, 2021			As of December 31, 2020			As of December 31, 2019
Capital Information
Shares outstanding	67,427,571			67,344,374			71,998,654			72,133,163
Pro Rata Outstanding Debt, net	$	771,852		$	624,289		$	688,422		$	714,053
Less: Pro Rata Cash	(103,377)			(79,628)			(249,854)			(281,430)
Pro Rata Net Debt	$	668,475		$	544,661		$	438,568		$	432,623
Pro Rata Debt Metrics (trailing 12 months)
Adjusted EBITDA (trailing 12 months)	$	130,265		$	117,273		$	117,078		$	137,233
Net Debt-to-Adjusted EBITDA	5.1x			4.6x			3.7x			3.2x
Fixed charge coverage	6.6x			6.4x			5.9x			5.4x
Net debt to real estate assets, excl property acc depr.	25.5		%	22.0		%	17.7		%	17.7		%
Net debt to total assets, excl property acc depr.	22.5		%	19.3		%	14.6		%	14.3		%

Distributions Paid Per Share		Liquidity and Credit Facility
Q2 2022	$0.20520	Pro Rata Cash	$	103,377
Q1 2022	$0.20520	Available under credit facility	207,000
Q4 2021	$0.19550	Total	$	310,377
Q3 2021	$0.01955

	Same Property				Total Portfolio
	Three and Six Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Portfolio Metrics, Pro Rata
No. of properties	57		57		62		65
GLA (square feet)	8,842		8,841		9,840		9,753
Economic Occupancy	93.1	%	92.2	%	93.2	%	91.6	%
Leased Occupancy	95.1	%	93.2	%	95.4	%	92.9	%
ABR PSF	$19.03		$18.53		$18.80		$18.33

Supplemental - Quarter End June 30, 2022 - 1

Condensed Consolidated Balance Sheets

In thousands, except share and per share amounts

	As of
	June 30, 2022		December 31, 2021
Assets	(unaudited)
Investment properties
Land	$	649,634	$	598,936
Building and other improvements	1,804,485		1,664,525
Construction in progress	16,857		9,642
Total	2,470,976		2,273,103
Less accumulated depreciation	(369,291)		(350,256)
Net investment properties	2,101,685		1,922,847
Cash, cash equivalents and restricted cash	95,893		44,854
Investment in unconsolidated entities	57,550		107,944
Intangible assets, net	98,501		81,026
Accounts and rents receivable	27,979		30,059
Deferred costs and other assets, net	46,105		25,685
Total assets	$	2,427,713	$	2,212,415
Liabilities
Debt, net	$	702,802	$	533,082
Accounts payable and accrued expenses	35,952		36,208
Distributions payable	13,836		13,802
Intangible liabilities, net	31,712		28,995
Other liabilities	23,922		28,776
Total liabilities	808,224		640,863
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 67,427,571 shares issued and outstanding as of June 30, 2022 and 67,344,374 shares issued and outstanding as of December 31, 2021	67		67
Additional paid-in capital	5,454,292		5,452,550
Distributions in excess of accumulated net income	(3,852,985)		(3,876,743)
Accumulated comprehensive income (loss)	18,115		(4,322)
Total stockholders' equity	1,619,489		1,571,552
Total liabilities and stockholders' equity	$	2,427,713	$	2,212,415

Supplemental - Quarter End June 30, 2022 - 2

Condensed ConsolidatedStatements of Operations and Comprehensive Income

In thousands, except per share information, unaudited

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Income
Lease income, net	$	58,935	$	50,978	$	116,703	$	100,904
Other property income	318		268		582		450
Other fee income	640		894		1,394		1,907
Total income	59,893		52,140		118,679		103,261
Operating expenses
Depreciation and amortization	24,205		21,995		47,034		43,682
Property operating	9,184		7,774		17,469		15,783
Real estate taxes	8,615		8,158		16,658		16,291
General and administrative	8,116		9,910		16,003		20,261
Total operating expenses	50,120		47,837		97,164		96,017
Other income (expense)
Interest expense, net	(5,631)		(3,972)		(10,440)		(7,957)
Loss on extinguishment of debt	—		—		(96)		—
Gain on sale of investment properties, net	36,856		361		36,856		880
Equity in earnings of unconsolidated entities	716		775		3,432		1,395
Other income and expense, net	207		32		155		(163)
Total other income (expense), net	32,148		(2,804)		29,907		(5,845)
Net income	$	41,921	$	1,499	$	51,422	$	1,399
Weighted-average common shares outstanding, basic	67,413,049		71,943,542		67,384,044		71,970,945
Weighted-average common shares outstanding, diluted	67,550,846		72,036,346		67,577,524		72,024,473
Net income per common share, basic and diluted	$	0.62	$	0.02	$	0.76	$	0.02
Distributions declared per common share outstanding	$	0.21	$	0.19	$	0.41	$	0.39
Distributions paid per common share outstanding	$	0.21	$	0.20	$	0.41	$	0.38
Comprehensive income
Net income	$	41,921	$	1,499	$	51,422	$	1,399
Unrealized gain (loss) on derivatives	5,514		(138)		20,920		1,755
Reclassification to net income	492		1,078		1,517		2,126
Comprehensive income	$	47,927	$	2,439	$	73,859	$	5,280

Supplemental - Quarter End June 30, 2022 - 3

Condensed ConsolidatedSupplemental Details of Assets and Liabilities

In thousands

	As of
	June 30, 2022		December 31, 2021
Accounts and rents receivable
Billed base rent, recoveries, and other revenue	$	9,187	$	13,394
Straight-line rent receivables	18,792		16,665
Total	$	27,979	$	30,059
Deferred cost and other assets, net
Lease commissions, net	$	13,162	$	12,427
Fair value of derivatives	16,595		—
Deferred costs, net	7,567		3,280
Other assets	3,191		3,520
Loan fees, net	3,023		3,712
Right of use assets, net	2,567		2,746
Total	$	46,105	$	25,685
Other liabilities
Deferred revenues	$	6,518	$	6,758
Unearned income	6,318		6,299
Security deposits	5,951		5,466
Operating lease liabilities	3,012		3,189
Other liabilities	2,019		2,168
Financing lease liability	104		283
Fair value of derivatives	—		4,613
Total	$	23,922	$	28,776

Supplemental - Quarter End June 30, 2022 - 4

Condensed ConsolidatedSupplemental Details of Operations

In thousands

		Three Months Ended June 30				Six Months Ended June 30
		2022		2021		2022		2021
Income
*	Minimum base rent	$	36,726	$	31,617	$	71,774	$	62,607
*	Real estate tax recoveries	7,739		7,281		15,006		14,275
*	Common area maintenance, insurance, and other recoveries	7,004		5,830		13,296		11,768
*	Ground rent income	3,760		3,258		7,370		6,514
	Above and below-market rent and lease inducement amortization, net	1,062		1,142		3,609		2,385
*	Short-term and other lease income	1,120		786		2,184		1,721
	Termination fee income	149		74		317		195
	Straight-line rent adjustment, net	707		851		1,370		1,491
	Reversal of (provision for) uncollectible straight-line rent	504		(99)		998		(222)
*	Provision for uncollectible billed rent and recoveries	(144)		(673)		(380)		(1,582)
*	Reversal of uncollectible billed rent and recoveries	308		911		1,159		1,752
	Lease income, net	58,935		50,978		116,703		100,904
*	Other property income	318		268		582		450
	JV property management fee	302		488		714		1,075
	JV asset management fee	220		296		471		567
	JV leasing commissions	118		110		209		265
	Other fee income	640		894		1,394		1,907
	Total income	$	59,893	$	52,140	$	118,679	$	103,261
Operating Expenses
	Depreciation and amortization	$	24,205	$	21,995	$	47,034	$	43,682
*	Property operating	9,184		7,774		17,469		15,783
*	Real estate taxes	8,615		8,158		16,658		16,291
	General and administrative expenses	7,448		8,169		14,902		16,578
	Stock based compensation costs	1,368		2,400		2,525		4,980
	Capitalized direct development compensation costs	(700)		(659)		(1,424)		(1,297)
	General and administrative	8,116		9,910		16,003		20,261
	Total operating expenses	$	50,120	$	47,837	$	97,164	$	96,017

* Component of Net Operating Income

Supplemental - Quarter End June 30, 2022 - 5

Reconciliation of Non-GAAP Measures

Pro Rata, in thousands

Same Property Net Operating Income

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Income
Minimum base rent	$	32,514	$	30,703	$	64,600	$	60,687
Real estate tax recoveries	6,646		7,058		13,093		13,832
Common area maintenance, insurance, and other recoveries	6,100		5,646		11,956		11,385
Ground rent income	3,349		3,242		6,677		6,483
Short-term and other lease income	1,105		691		2,162		1,637
Provision for uncollectible billed rent and recoveries	(124)		(603)		(359)		(687)
Reversal of uncollectible billed rent and recoveries	258		841		1,108		841
Other property income	306		269		573		454
Total income	50,154		47,847		99,810		94,632
Operating Expenses
Property operating	8,089		7,630		15,727		15,431
Real estate taxes	7,430		7,937		14,589		15,846
Total operating expenses	15,519		15,567		30,316		31,277
Same Property NOI	34,635		32,280		69,494		63,355
JV Same Property NOI	2,682		2,382		5,292		4,705
Pro Rata Same Property NOI	$	37,317	$	34,662	$	74,786	$	68,060

% Change over Prior Period	7.7	%	9.9	%
Same Property count	57		57

Reconciliation of Net Income to Pro Rata Same Property NOI

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Net income	$	41,921	$	1,499	$	51,422	$	1,399
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(207)		(32)		(155)		163
Equity in earnings of unconsolidated entities	(716)		(775)		(3,432)		(1,395)
Interest expense, net	5,631		3,972		10,440		7,957
Loss on extinguishment of debt	—		—		96		—
Gain on sale of investment properties, net	(36,856)		(361)		(36,856)		(880)
Depreciation and amortization	24,205		21,995		47,034		43,682
General and administrative	8,116		9,910		16,003		20,261
Other fee income	(640)		(894)		(1,394)		(1,907)
Adjustments to NOI (a)	(2,422)		(1,968)		(6,294)		(3,849)
NOI	39,032		33,346		76,864		65,431
NOI from other investment properties	(4,397)		(1,066)		(7,370)		(2,076)
Same Property NOI	34,635		32,280		69,494		63,355
IAGM Same Property NOI at share	2,682		2,382		5,292		4,705
Pro Rata Same Property NOI	$	37,317	$	34,662	$	74,786	$	68,060

(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.

Supplemental - Quarter End June 30, 2022 - 6

Reconciliation of Non-GAAP Measures

In thousands, except share and per share amounts

NAREIT FFO and Core FFO

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Net income	$	41,921	$	1,499	$	51,422	$	1,399
Depreciation and amortization related to investment properties	23,996		21,774		46,618		43,221
Gain on sale of investment properties, net	(36,856)		(361)		(36,856)		(880)
Unconsolidated joint venture adjustments (a)	1,385		2,086		920		4,156
NAREIT FFO Applicable to Common Shares and Dilutive Securities	30,446		24,998		62,104		47,896
Amortization of above and below-market leases and lease inducements, net	(1,062)		(1,143)		(3,609)		(2,385)
Straight-line rent adjustments, net	(1,211)		(653)		(2,368)		(1,170)
Adjusting items, net (b)	524		539		1,397		1,358
Unconsolidated joint venture adjusting items, net (c)	(66)		146		128		306
Core FFO Applicable to Common Shares and Dilutive Securities	$	28,631	$	23,887	$	57,652	$	46,005
Weighted average common shares outstanding - basic	67,413,049		71,943,542		67,384,044		71,970,945
Dilutive effect of unvested restricted shares (d)	137,797		92,804		193,480		53,528
Weighted average common shares outstanding - diluted	67,550,846		72,036,346		67,577,524		72,024,473
NAREIT FFO Applicable to Common Shares and Dilutive Securities per share	$	0.45	$	0.35	$	0.92	$	0.66
Core FFO Applicable to Common Shares and Dilutive Securities per share	$	0.42	$	0.33	$	0.85	$	0.64

(a)Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM.

(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

(c)Represents our share of amortization of above and below-market leases and lease inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM.

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP.

EBITDA, Pro Rata

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Net income	$	41,921	$	1,499	$	51,422	$	1,399
Interest expense (a)	6,125		4,780		11,572		9,695
Income tax expense (a)	109		102		215		201
Depreciation and amortization (a)	25,590		24,081		50,017		47,838
EBITDA	73,745		30,462		113,226		59,133
Adjustments to reconcile to Adjusted EBITDA (a)
Gain on sale of investment properties, net	(36,856)		(361)		(38,919)		(880)
Loss on debt extinguishment	50		—		207		8
Non-operating income and expense, net (b)	(550)		(71)		(620)		125
Other leasing adjustments (c)	(2,252)		(1,716)		(5,902)		(3,386)
Adjusted EBITDA	$	34,137	$	28,314	$	67,992	$	55,000

(a)Includes our consolidated entities and our pro-rata share of our JV.

(b)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(c)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.

Supplemental - Quarter End June 30, 2022 - 7

Summaryof Outstanding Debt

In thousands

	Balance as of June 30, 2022		Ratio	Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	163,485	23%	3.95%	3.6
Fixed rate unsecured debt	300,000		42%	2.68%	4.4
Variable rate unsecured debt	100,000		15%	2.99%	4.7
Variable rate line of credit (a)	143,000		20%	2.83%	3.2
Issuance costs, net of accumulated amortization	(3,683)		n/a	n/a	n/a
Total consolidated debt, net	$	702,802	100%	3.05%	4.0

(a)The 2025 maturity date for the revolving line of credit is not inclusive of two six-month extension options.

Schedule of Maturities by Year
	Fixed Rate				Variable Rate
Maturity Year	Secured Debt		Unsecured Debt		Unsecured Debt		Total Consolidated Debt		Total JV Debt at 100% (a)		Total Debt
2022	$	—	$	—	$	—	$	—	$	—	$	—
2023	38,775		—		—		38,775		126,022		164,797
2024	15,700		—		—		15,700		—		15,700
2025	51,510		—		143,000		194,510		—		194,510
2026	—		200,000		—		200,000		—		200,000
Thereafter	57,500		100,000		100,000		257,500		—		257,500
Issuance costs, net of amortization	—		—		—		(3,683)		(477)		(4,160)
Total	$	163,485	$	300,000	$	243,000	$	702,802	$	125,545	$	828,347

(a)Weighted average term for JV debt, of which our share is 55%, is 1.2 years and weighted average rate is 2.55%. The 2023 maturities for JV debt are not inclusive of extension options available to the JV.

Debt Maturities as of June 30, 2022

	Maturity Date	Interest Rate	Interest Rate Type	Balance
Mortgages Payable
University Oaks Shopping Center	1/6/2023	4.10%	Fixed	$	24,855
Renaissance Center II	4/6/2023	3.49%	Fixed	13,920
The Shops at Walnut Creek	9/1/2025	3.85%	Fixed	28,630
The Highlands of Flower Mound	12/1/2025	3.88%	Fixed	22,880
Escarpment Village	7/1/2027	3.86%	Fixed	26,000
Shops at Arbor Trails	12/5/2029	4.12%	Fixed	31,500
Total				147,785
Pooled Mortgages Payable
Plantation Grove	6/5/2024	4.24%	Fixed	7,300
Suncrest Village	6/5/2024	4.24%	Fixed	8,400
Total				15,700
Total mortgages payable		3.95%		163,485
Term loans
$200.0 million 5 years	9/22/2026	2.68% (a)	Fixed	100,000
$200.0 million 5 years	9/22/2026	2.68% (a)	Fixed	100,000
$200.0 million 5.5 years	3/22/2027	2.69% (a)	Fixed	50,000
$200.0 million 5.5 years	3/22/2027	2.70% (a)	Fixed	50,000
$200.0 million 5.5 years	3/22/2027	1M SOFR + 1.30% (b)	Variable	100,000
Total				400,000
Revolving Line of Credit
$350.0 million total capacity	9/22/2025 (d)	1M SOFR + 1.14% (b) (c)	Variable	143,000
Grand total		3.05%		$	706,485

(a)Interest rates reflect the fixed rates effectively achieved through the Company's interest rate swaps.

(b)As of June 30, 2022, 1-Month Term SOFR was 1.69%. On May 11, 2022, we transitioned our Amended Revolving Credit Agreement and Amended Term Loan Agreement from 1-Month LIBOR to pricing based on 1-Month Term SOFR.

(c)The Company qualified for a 0.01% sustainability adjustment for the six months ended June 30, 2022.

(d)Maturity date is not inclusive of two six-month extension options.

Supplemental - Quarter End June 30, 2022 - 8

ConsolidatedUnsecured Credit Facility Covenants, Interest Rate Swaps, and Capital Expenditures

Unaudited, dollars in thousands

Unsecured Debt Facility Covenants (trailing 12 months)

		For the quarter ended
Term Loan Covenants:		Q2 2022	Q1 2022	Q4 2021	Q3 2021
Leverage Ratio	< 60.0%	28.5%	28.7%	25.9%	23.7%
Borrower Fixed Charge Coverage Ratio	> 1.50	6.38	6.62	6.31	6.35
Maximum Dividend Payout	< 95%	48.8%	51.5%	55.8%	53.4%
Maximum Secured Recourse Debt	< 10% of Total Asset Value	—%	—%	—%	—%

Interest Rate Swaps, Consolidated

The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps effectively fix the interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.

Effective Interest Rate Swaps	Notional Amount		Fixed Rate Achieved	Effective Date	Maturity Date
5 Year Term Loan	$	100,000	2.6795%	12/2/2019	12/21/2023
5 Year Term Loan	100,000		2.6795%	12/2/2019	12/21/2023
5.5 Year Term Loan	50,000		2.6915%	12/2/2019	6/21/2024
5.5 Year Term Loan	50,000		2.6990%	12/2/2019	6/21/2024
	$	300,000

Forward Interest Rate Swaps	Notional Amount		Fixed Rate Achieved	Effective Date	Maturity Date
5 Year Term Loan	$	100,000	2.7763%	12/21/2023	9/22/2026
5 Year Term Loan	100,000		2.7730%	12/21/2023	9/22/2026
5.5 Year Term Loan	50,000		2.7770%	6/21/2024	3/22/2027
5.5 Year Term Loan	50,000		2.7960%	6/21/2024	3/22/2027
	$	300,000

Capital Expenditures, Pro Rata

	Three months ended June 30,				Six Months Ended June 30
	2022		2021		2022		2021
Leasing and Maintenance Capital Expenditures:
Tenant improvements	$	2,357	$	2,032	$	3,478	$	3,634
Leasing commissions	1,153		1,298		2,279		2,445
Maintenance capital expenditures	3,563		1,598		6,935		3,701
Total leasing and maintenance capital expenditures (a)	7,073		4,928		12,692		9,780
Investment in development and redevelopment projects (b)	4,170		1,981		6,639		3,266
Grand total	$	11,243	$	6,909	$	19,331	$	13,046

(a)As of June 30, 2022 and 2021, total pro rata accrued leasing and maintenance capital expenditures are $3,112 and $2,147, respectively. These accrued amounts are not reflected in the table above.

(b)As of June 30, 2022 and 2021, total pro rata accrued investment in development and redevelopment projects are $1,183 and $204, respectively. These accrued amounts are not reflected in the table above.

Supplemental - Quarter End June 30, 2022 - 9

JointVenture Financial Information

In thousands

Condensed Balance Sheets

	As of
	June 30, 2022		December 31, 2021
Assets
Investment properties
Land	$	63,874	$	89,800
Building and other improvements	214,443		271,637
Construction in progress	2,269		1,158
Total	280,586		362,595
Less accumulated depreciation	(65,980)		(74,581)
Net investment properties	214,606		288,014
Cash and cash equivalents	15,393		77,526
Intangible assets, net	10,856		11,761
Accounts and rents receivable	2,954		4,284
Deferred costs and other assets, net	6,638		5,125
Total assets	$	250,447	$	386,710
Liabilities and Equity
Mortgages debt, net	$	125,545	$	165,831
Accounts payable and accrued expenses	4,344		7,747
Intangible liabilities, net	488		2,133
Other liabilities	2,230		2,529
Total liabilities	132,607		178,240
Equity	117,840		208,470
Total liabilities and equity	$	250,447	$	386,710

Condensed Statement of Operations

	Three Months Ended June 30				Six Months Ended June 30
	2022		2021		2022		2021
Income
Lease income, net	$	6,541	$	11,356	$	14,857	$	22,716
Other property income	63		65		126		134
Total income	6,604		11,421		14,983		22,850
Operating Expenses
Depreciation and amortization	2,519		3,793		5,424		7,557
Property operating	1,111		2,056		2,441		4,129
Real estate taxes	834		2,298		2,245		4,670
Asset management fee	220		296		471		567
General and administrative	59		61		114		137
Total operating expenses	4,743		8,504		10,695		17,060
Other income (expense)
Interest expense, net	(899)		(1,469)		(2,058)		(3,161)
Loss on extinguishment of debt	(91)		—		(202)		(14)
Gain on sale investment properties, net	1,244		—		4,995		—
Other income and expense, net	308		(55)		221		(108)
Total other income (expense), net	562		(1,524)		2,956		(3,283)
Net income	$	2,423	$	1,393	$	7,244	$	2,507

Notes:

Financial information on this page and pages 11, 12 and 13 relate to our JV with IAGM and is shown at 100%. See introductory note for additional details.

Supplemental - Quarter End June 30, 2022 - 10

JointVenture Supplemental Details of Assets and Liabilities

In thousands

	As of
	June 30, 2022		December 31, 2021
Accounts and rents receivable
Billed base rent, recoveries, and other revenue	$	103	$	971
Straight-line rent receivables	2,851		3,313
Total	$	2,954	$	4,284
Deferred cost and other assets, net
Lease commissions, net	$	2,113	$	2,900
Fair value of derivatives	2,764		530
Deferred costs, net	779		826
Other assets	982		869
Total	$	6,638	$	5,125
Other liabilities
Unearned income	$	992	$	1,268
Security deposits	784		806
Other liabilities	454		455
Total	$	2,230	$	2,529

Supplemental - Quarter End June 30, 2022 - 11

JointVenture Supplemental Details of Operations

In thousands

		Three Months Ended June 30				Six Months Ended June 30
		2022		2021		2022		2021
Income
*	Minimum base rent	$	4,054	$	7,574	$	9,358	$	14,851
*	Real estate tax recoveries	598		1,658		1,619		3,300
*	CAM, insurance, and other recoveries	612		1,112		1,347		2,297
*	Ground rent income	1,096		1,142		2,225		2,180
	Above/below market rent and lease inducement amortization, net	(202)		(201)		(398)		(418)
*	Short-term and other lease income	157		147		323		285
	Termination fee income	—		102		—		261
	Straight-line rent adjustment, net	5		49		74		137
	Reversal of (provision for) uncollectible straight-line rent, net	157		8		187		(27)
*	Provision for uncollectible billed rent and recoveries	(3)		(236)		(26)		(257)
*	Reversal of uncollectible billed rent and recoveries	67		1		148		107
	Lease income, net	6,541		11,356		14,857		22,716
*	Other property income	63		65		126		134
	Total income	$	6,604	$	11,421	$	14,983	$	22,850
Operating expenses
	Depreciation and amortization	$	2,519	$	3,793	$	5,424	$	7,557
*	Property operating expenses	1,111		2,056		2,441		4,129
*	Real estate taxes	834		2,298		2,245		4,670
	Asset management fee	220		296		471		567
	General and administrative	59		61		114		137
	Total operating expenses	$	4,743	$	8,504	$	10,695	$	17,060

* Component of Net Operating Income

Supplemental - Quarter End June 30, 2022 - 12

Summaryof Outstanding Joint Venture Debt

In thousands

	Balance as of June 30, 2022		Ratio	Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	103,125	82%	2.38%	1.1
Variable rate secured debt	22,897		18%	3.34%	1.3
Issuance costs, net of accumulated amortization	(477)		n/a	n/a	n/a
Total debt, net	$	125,545	100%	2.55%	1.2

Debt Maturities as of June 30, 2022

	Maturity Date	Interest Rate	Interest Rate Type	Balance
Mortgages Payable
Stone Ridge Market	1/1/2023	3.47%	Fixed	$	28,125
Pooled Mortgages Payable (a)
Cross collateralized	11/2/2023	1M LIBOR + 1.55%	Variable (b)	22,897
Cross collateralized, swapped to fixed	11/2/2023	1.98%	Fixed	45,000
Cross collateralized, swapped to fixed	11/2/2023	1.96%	Fixed	30,000
Total				97,897
Grand total				$	126,022

(a)The 2023 maturities for JV debt are not inclusive of extension options available to the JV.

(b)As of June 30, 2022, 1-Month LIBOR was 1.79%.

Supplemental - Quarter End June 30, 2022 - 13

Marketsand Tenant Size

Pro rata, GLA and dollar amounts in thousands, except per square foot amounts

Market	No. of Properties	ABR		ABR psf	ABR as % of Total		GLA	GLA as % of Total
Austin-Round Rock, TX	8	$	31,984	$16.21	18.6	%	2,056	20.9	%
Atlanta Metro Area, GA	10	19,170		18.87	11.2	%	1,058	10.8	%
Miami-Fort Lauderdale-Miami Beach, FL	3	18,097		22.79	10.6	%	859	8.7	%
Dallas-Fort Worth-Arlington, TX	7	16,575		19.42	9.7	%	939	9.5	%
Houston-Sugar Land-Baytown, TX	6	12,716		15.94	7.4	%	926	9.4	%
Raleigh-Cary-Durham, NC	5	12,471		19.21	7.3	%	688	7.0	%
So. California - Los Angeles, CA	3	10,186		21.04	5.9	%	579	5.9	%
Tampa-St. Petersburg, FL	3	8,487		12.78	5.0	%	753	7.7	%
Washington D.C/Richmond Metro Area	3	8,068		24.16	4.7	%	358	3.6	%
Orlando-Kissimmee, FL	4	7,976		22.37	4.7	%	374	3.8	%
Charlotte-Gastonia-Concord, NC	2	6,425		19.93	3.7	%	328	3.3	%
So. California - Inland Empire, CA	2	5,564		22.84	3.2	%	246	2.5	%
So. California - San Diego, CA	2	5,553		25.78	3.2	%	225	2.3	%
San Antonio, TX	2	3,919		25.97	2.3	%	163	1.7	%
Denver-Colorado Springs-Greeley, CO	1	3,594		17.94	2.1	%	225	2.3	%
Cape Coral-Fort Myers, FL	1	633		10.06	0.4	%	63	0.6	%
Total	62	$	171,418	$18.80	100	%	9,840	100	%

State	No. of Properties	ABR		ABR psf	ABR as % of Total		GLA	GLA as % of Total
Texas	23	$	65,194	$17.27	38.1	%	4,084	41.5	%
Florida	11	35,193		18.74	20.5	%	2,049	20.8	%
California	7	21,303		22.59	12.4	%	1,050	10.7	%
Georgia	10	19,170		18.87	11.2	%	1,058	10.8	%
North Carolina	7	18,896		19.45	11.0	%	1,016	10.3	%
Maryland/Virginia	3	8,068		24.16	4.7	%	358	3.6	%
Colorado	1	3,594		17.94	2.1	%	225	2.3	%
Total	62	$	171,418	$18.80	100	%	9,840	100	%

Tenant type	Leased Occupancy		ABR		ABR PSF		GLA
20,000 SF+ (a)	98.3	%	$	57,192	$	11.10	5,370
10,000 - 19,999 SF (a)	97.4	%	17,463		19.02		953
5,000 - 9,999 SF (b)	92.0	%	17,152		25.96		760
1 - 4,999 SF (b)	90.1	%	79,611		33.35		2,757
Total	95.4	%	$	171,418	$	18.80	9,840
Anchor Tenants(a)	98.2	%	$	74,655	$	12.30	6,323
Small Shops (b)	90.5	%	$	96,763	$	31.75	3,517

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.

(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.

Supplemental - Quarter End June 30, 2022 - 14

Top25 by Total ABR and Tenant Merchandise Mix

In thousands

Parent Name	Tenant Name/Count	No. of Leases	Credit Rating (S&P)	ABR Pro Rata Portfolio		% of Total ABR		GLA Pro Rata Portfolio	% of Total Occ.GLA
Kroger	Kroger 7 / Kroger Gas 1 / Harris Teeter 3 / Ralphs 3	14	BBB	$	8,246	4.8	%	738	7.5	%
Publix Super Markets, Inc.	Publix 13 / Publix Liquor 3	16	N/A	6,468		3.8	%	629	6.4	%
TJX Companies	Marshalls 7 / HomeGoods 4 / TJ Maxx 3	14	A	4,886		2.9	%	418	4.2	%
Albertsons	Tom Thumb 2 / Safeway 1 / Market Street 2 / Albertsons 1	6	BB	4,241		2.5	%	364	3.7	%
H.E.B.		5	N/A	3,669		2.1	%	362	3.7	%
Amazon, Inc.	Whole Foods Market 5	5	AA-	2,631		1.5	%	194	2.0	%
BC Partners	PetSmart 8	8	B	2,537		1.5	%	166	1.7	%
Best Buy		4	BBB+	2,236		1.3	%	138	1.4	%
Ulta Beauty Inc.		8	N/A	1,952		1.1	%	83	0.8	%
Apollo Global Management, Inc.	Michael's 7 / Fresh Market 1	8	B	1,933		1.1	%	178	1.8	%
Bed Bath & Beyond Inc.	Bed Bath & Beyond 4 / Buy Buy Baby 1	5	B-	1,888		1.1	%	150	1.5	%
Dick's Sporting Goods, Inc.	Dick's Sporting Goods 2 / Going, Going, Gone 1	3	BBB	1,876		1.1	%	171	1.7	%
Costco Wholesale		2	A+	1,735		1.0	%	298	3.0	%
Trader Joe's		4	N/A	1,703		1.0	%	51	0.5	%
Wells Fargo		10	BBB+	1,604		0.9	%	39	0.4	%
Five Below, Inc.		8	N/A	1,494		0.9	%	73	0.7	%
Ross Dress For Less		4	BBB+	1,453		0.8	%	120	1.2	%
Bank of America		7	A-	1,376		0.8	%	35	0.4	%
Massage Envy		14	N/A	1,345		0.8	%	42	0.4	%
DSW, Inc.		4	N/A	1,296		0.8	%	73	0.7	%
Sprouts Farmers Market		2	N/A	1,266		0.7	%	56	0.6	%
Regal Cinemas		1	CCC	1,253		0.7	%	61	0.6	%
The Gap, Inc.	Old Navy 5	5	BB	1,225		0.7	%	75	0.8	%
Petco Animal Supplies Stores, Inc		6	B+	1,210		0.7	%	72	0.7	%
Kingswood Capital Management	Cost Plus World Market 5	5	N/A	1,113		0.6	%	91	0.9	%
Totals		168		$	60,636	35.2	%	4,677	47.5	%

Tenant Merchandise Mix

Tenant Category	ABR Pro Rata Portfolio		% of Total ABR
Grocery/Drug Stores	$	34,345	20.0	%
Soft Goods	29,358		17.1	%
Quick Service Restaurants	20,110		11.7	%
Personal Health and Beauty Services	19,396		11.3	%
Full Service Restaurants	14,751		8.6	%
Medical	14,308		8.3	%
Banks	8,324		4.9	%
Other	6,430		3.8	%
Office/Communications	6,178		3.6	%
Pet Supplies	5,940		3.5	%
Fitness	5,169		3.0	%
Other Essential Retail/Services	3,865		2.3	%
Entertainment	1,741		1.0	%
Hardware/Auto	1,503		0.9	%
	$	171,418	100	%

Supplemental - Quarter End June 30, 2022 - 15

Comparableand Non-Comparable Lease Statistics

Pro Rata, GLA in thousands

	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Comparable Leases
Total New and Renewal Leases
Q2 2022	56	153	$29.55	$25.67	15.1%	7.3	$21.84	$3.84
Q1 2022	46	124	26.62	25.32	5.1%	4.7	4.74	0.84
Q4 2021	45	167	25.34	24.33	4.2%	4.8	1.79	1.07
Q3 2021	63	671	16.26	15.37	5.8%	4.8	0.69	0.25
Total	210	1,115	$20.59	$19.23	7.1%	5.1	$4.20	$0.93
	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
New Leases
Q2 2022	10	63	$23.77	$16.85	41.1%	10.1	$53.04	$9.36
Q1 2022	1	11	15.50	13.00	19.2%	11.0	45.00	9.86
Q4 2021	7	12	31.77	32.83	(3.2)%	8.6	7.51	14.79
Q3 2021	8	14	28.07	31.82	(11.8)%	8.9	23.04	11.58
Total	26	100	$24.49	$20.54	19.2%	9.8	$42.33	$10.40
	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Renewals
Q2 2022	46	90	$33.56	$31.80	5.5%	5.4	$0.17	$—
Q1 2022	45	113	27.65	26.47	4.5%	4.1	0.99	—
Q4 2021	38	155	24.84	23.67	4.9%	4.5	1.35	—
Q3 2021	55	657	16.00	15.02	6.5%	4.7	0.20	0.01
Total	184	1,015	$20.20	$19.10	5.8%	4.7	$0.46	$—
	No. of Leases Executed	GLA	ABR PSF			WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Non-Comparable Leases
Q2 2022	22	136	$17.67			7.3	$29.94	$4.70
Q1 2022	20	56	31.06			9.9	42.41	11.96
Q4 2021	26	83	29.29			9.4	22.17	10.82
Q3 2021	18	69	17.81			5.2	11.89	3.38
Total	86	344	$22.61			7.8	$26.48	$7.10

Supplemental - Quarter End June 30, 2022 - 16

TenantLease Expirations

Pro Rata, GLA and ABR in thousands, except per square foot amounts

Anchor Tenants
	Lease Expiration Year	No. of Expiring Leases (a)	GLA of Expiring Leases (square feet)	Percent of Total GLA of Expiring Leases		ABR of Expiring Leases		Percent of Total ABR		Expiring ABR PSF (b)
	2022	4	138	2.3	%	$	875	1.1	%	$6.34
	2023	19	523	8.6	%	6,286		8.1	%	12.02
	2024	26	617	10.1	%	7,969		10.3	%	12.92
	2025	20	790	13.0	%	9,417		12.2	%	11.92
	2026	17	478	7.8	%	5,615		7.3	%	11.75
	2027	39	1,332	21.8	%	19,407		25.2	%	14.57
	2028	13	285	4.7	%	4,188		5.4	%	14.69
	2029	10	309	5.1	%	3,791		4.9	%	12.27
	2030	7	192	3.2	%	2,854		3.7	%	14.86
	2031	6	294	4.8	%	2,659		3.4	%	9.04
	Thereafter	29	1,135	18.6	%	14,231		18.4	%	12.54
	Other (c)	—	—	—	%	—		—	%	—
	Sub total	190	6,093	100	%	$	77,292	100	%	$12.69
	Vacant space		199
	Total		6,292
Small Shops
	2022	46	90	2.9	%	$	2,769	2.6	%	$30.77
	2023	170	368	12.1	%	11,196		10.6	%	30.42
	2024	166	404	13.1	%	12,676		12.0	%	31.38
	2025	155	345	11.2	%	11,049		10.5	%	32.03
	2026	190	454	14.8	%	15,259		14.5	%	33.61
	2027	185	462	15.0	%	16,528		15.8	%	35.77
	2028	80	196	6.4	%	7,074		6.7	%	36.09
	2029	85	222	7.2	%	7,756		7.4	%	34.94
	2030	60	148	4.8	%	5,781		5.5	%	39.06
	2031	71	211	6.9	%	7,966		7.6	%	37.75
	Thereafter	60	148	4.8	%	6,426		6.1	%	43.42
	Other (c)	16	26	0.8	%	729		0.7	%	28.04
	Totals	1,284	3,074	100	%	$	105,209	100	%	$34.23
	Vacant space		474
	Total		3,548
Total Pro Rata
	2022	50	228	2.5	%	$	3,644	2.0	%	$15.98
	2023	189	891	9.7	%	17,482		9.6	%	19.62
	2024	192	1,021	11.1	%	20,645		11.3	%	20.22
	2025	175	1,135	12.4	%	20,466		11.2	%	18.03
	2026	207	932	10.2	%	20,874		11.4	%	22.40
	2027	224	1,794	19.6	%	35,935		19.8	%	20.03
	2028	93	481	5.2	%	11,262		6.2	%	23.41
	2029	95	531	5.8	%	11,547		6.3	%	21.75
	2030	67	340	3.7	%	8,635		4.7	%	25.40
	2031	77	505	5.5	%	10,625		5.8	%	21.04
	Thereafter	89	1,283	14.0	%	20,657		11.3	%	16.10
	Other (c)	16	26	0.3	%	729		0.4	%	28.04
	Totals	1,474	9,167	100	%	$	182,501	100	%	$19.91
	Vacant space		673
	Total		9,840

(a)No. of expiring leases includes JV properties at 100%.

(b)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.

(c)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.

Supplemental - Quarter End June 30, 2022 - 17

Acquisitions and Dispositions

Dollars and GLA in thousands

Acquisitions

Ownership	Date	Property Name	Market	Acquisition Price		GLA	Leased Occ.	Anchor Tenants (a)
100%	2/2/22	Shops at Arbor Trails	Austin-Round Rock, TX	$	112,190	357	99.2%	Costco, Whole Foods Market
100%	2/2/22	Escarpment Village	Austin-Round Rock, TX	77,150		170	99.9%	HEB
100%	4/21/22	The Highlands of Flower Mound (b)	Dallas-Fort Worth-Arlington, TX	38,000		175	90.8%	Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers
100%	5/4/22	Bay Landing	Cape Coral - Fort Myers, FL	10,425		63	100%	The Fresh Market, HomeGoods
100%	6/10/22	Kyle Marketplace- Outparcel (c)	Austin-Round Rock, TX	705		n/a	n/a	HEB
				$	238,470	765

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

(b)This retail property was acquired from the JV.

(c)The land value of the outparcel acquired was combined for presentation purposes with Kyle Marketplace.

Dispositions

Ownership	Date	Property Name	Market	Disposition Price		GLA	Leased Occ.	Anchor Tenants (a)
100%	6/30/22	Centerplace of Greeley	Denver-Colorado Springs-Greeley, CO	$	37,550	152	100%	Safeway, Target*,Famous Footwear, Kohl's*, Ross Dress for Less
100%	6/30/22	Cheyenne Meadows	Denver-Colorado Springs-Greeley, CO	17,900		90	98.4%	King Soopers
				$	55,450	242

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

Joint Venture Dispositions

Ownership	Date	Property Name	Market	Disposition Price (a)		GLA (a)	Leased Occ.	Anchor Tenants (b)
55%	3/3/22	Price Plaza	Houston-Sugar Land-Baytown, TX	$	39,100	206	95.0%	Sam's Club*, Walmart*
55%	4/21/22	The Highlands of Flower Mound	Dallas-Fort Worth-Arlington, TX	38,000		175	90.8%	Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers
				$	77,100	381

(a)Disposition Price and GLA for the Joint Venture Disposition activity are reflected at 100%.

(b)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

Supplemental - Quarter End June 30, 2022 - 18

Development Pipeline

In thousands

Active Redevelopments
Ownership	Property Name	Market	Project Description	Estimated Completion Quarter (a)	Projected Incremental Costs	Costs to Date	Estimated Incremental Yield on Cost
100%	Suncrest Village	Orlando-Kissimmee, FL	Redevelopment of center includes demolition and expansion of the Publix grocery store, upgrading the facade, signage enhancement, and common area improvements. (b)	3Q - 2022	$10,800	$10,800
100%	Eldridge Town Center	Houston-Sugar Land-Baytown, TX	Demolition of bank building and ground up construction of freestanding Chipotle building with a drive-through.	4Q - 2022	1,600	1,100
55%	Cyfair Town Center	Houston-Sugar Land-Baytown, TX	Renovation and re-merchandising of center to include façade and common area enhancements, upgraded signage and rebranding.	3Q - 2022	3,800	2,000
	Totals				$16,200	$13,900	7-10%
(a)The timing of estimated completion of our projects and the may be impacted by factors outside of our control, including global supply constraints or government restrictions.
(b) Construction was completed prior to June 30, 2022, and the project received its Certificate of Occupancy in July. Cost to date is based on paid or accrued expenses through June 30, 2022. Projected incremental costs and costs to date do not take into consideration our expectation for a tenant contribution of approximately $2.9 million which is anticipated to be received by the Company in 2022.
Recently Completed Redevelopments
Ownership	Property Name	Market	Project Description	Completion Quarter	Incremental Costs	Costs to Date
100%	Custer Creek	Dallas-Fort Worth-Arlington, TX	Modernization of center to include façade and common area enhancements.	3Q - 2021	$1,300	$1,300
100%	Eldridge Town Center	Houston-Sugar Land-Baytown, TX	Demolition and reconstruction of fuel facility.	4Q - 2021	$1,000	$1,000
Potential Developments and Redevelopments
Ownership	Property Name	Market	Project Description
100%	Gateway Market Center	Tampa-St. Petersburg, FL	Extensive repositioning and reconfiguration of the shopping center to right size anchor space, add freestanding buildings and improve vehicular access.
100%	Garden Village	So. California - Los Angeles, CA	Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.
100%	Kyle Marketplace	Austin-Round Rock, TX	New development, including addition of outparcel buildings.
100%	Southern Palm Crossing	Miami-Fort Lauderdale-Miami Beach, FL	Redevelopment of a former bank building for a freestanding building with a drive-through.
100%	Antoine Town Center	Houston-Sugar Land-Baytown, TX	New development, including addition of an outparcel building with a drive-through.
100%	Sarasota Pavilion	Tampa-St. Petersburg, FL	Redevelopment of a former bank building for a multi-tenant building with a drive-through and anchor re-positioning.
100%	Westpark Shopping Center	Washington D.C./Richmond Metro Area	New development, including addition of outparcel buildings.
100%	River Oaks Shopping Center	So. California - Los Angeles, CA	Redevelopment of an outparcel and common area improvements.
100%	Buckhead Crossing	Atlanta Metro Area, GA	Re-merchandising of the shopping center including façade and common area enhancements, anchor space repositioning and addition of a freestanding building.
100%	Sandy Plains Centre	Atlanta Metro Area, GA	Redevelopment and expansion of the shopping center.
55%	Cyfair Town Center	Houston-Sugar Land-Baytown, TX	New development, including addition of an outparcel building with a drive-through.

Supplemental - Quarter End June 30, 2022 - 19

PropertySummary

GLA in thousands

No.	Name	Ownership	Market	State	Center Type (a)	GLA (b)	Leased Occupancy	ABR PSF	Grocery Anchor (c)	Major Anchors (d)
1	Antoine Town Center	100%	Houston-Sugar Land-Baytown	TX	N	110	100%	$13.96	Yes	Kroger
2	Bay Colony	55%	Houston-Sugar Land-Baytown	TX	C	416	84.3%	$16.19	Yes	HEB,Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
3	Bay Landing (e)	100%	Cape Coral-Fort Myers	FL	C	63	100%	$10.06	Yes	The Fresh Market, HomeGoods
4	Bear Creek Village Center	100%	So. California - Inland Empire	CA	N	80	100%	$25.08	Yes	Stater Brothers
5	Bent Tree Plaza	100%	Raleigh-Cary-Durham	NC	N	80	98.5%	$13.94	Yes	Food Lion
6	Blackhawk Town Center	55%	Houston-Sugar Land-Baytown	TX	N	127	99.1%	$13.93	Yes	HEB, Walgreens
7	Buckhead Crossing	100%	Atlanta Metro Area	GA	P	221	98.0%	$20.94	No	HomeGoods, Marshalls, Michaels, Office Depot, Ross Dress for Less, The Tile Shop
8	Campus Marketplace	100%	So. California - San Diego	CA	N	144	98.1%	$30.85	Yes	Ralphs, CVS, Discovery Isle Child Development Center
9	Cary Park Town Center	100%	Raleigh-Cary-Durham	NC	N	93	98.2%	$16.47	Yes	Harris Teeter, CVS
10	Commons at University Place	100%	Raleigh-Cary-Durham	NC	N	92	100%	$16.78	Yes	Harris Teeter, CVS
11	Coweta Crossing	100%	Atlanta Metro Area	GA	N	68	100%	$10.84	Yes	Publix
12	Custer Creek Village	100%	Dallas-Fort Worth-Arlington	TX	N	96	97.0%	$15.03	Yes	Tom Thumb
13	Cyfair Town Center	55%	Houston-Sugar Land-Baytown	TX	C	433	91.9%	$15.80	Yes	Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
14	Eldorado Marketplace	100%	Dallas-Fort Worth-Arlington	TX	C	189	95.7%	$23.50	Yes	Market Street, PetSmart, Phenix Salon Suites
15	Eldridge Town Center & Windermere Village	100%	Houston-Sugar Land-Baytown	TX	C	175	92.2%	$17.15	Yes	Kroger, Kohl's*, Petco
16	Escarpment Village (e)	100%	Austin-Round Rock	TX	N	170	99.9%	$21.15	Yes	HEB
17	Garden Village	100%	So. California - Los Angeles	CA	N	117	89.4%	$17.69	Yes	Albertson's, Rite Aid
18	Gateway Market Center	100%	Tampa-St. Petersburg	FL	P	231	100%	$10.71	Yes	Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx, Tuesday Morning
19	Kennesaw Marketplace	100%	Atlanta Metro Area	GA	C	130	100%	$34.18	Yes	Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
20	Kyle Marketplace	100%	Austin-Round Rock	TX	C	225	100%	$16.77	Yes	HEB
21	Lakeside & Lakeside Crossing	100%	Orlando-Kissimmee	FL	N	76	98.5%	$46.31	Yes	Trader Joe's
22	Market at Westlake	100%	Austin-Round Rock	TX	N	30	100%	$21.29	No	Walgreens
23	Northcross Commons	100%	Charlotte-Gastonia-Concord	NC	N	63	100%	$23.58	Yes	Whole Foods Market
24	Old Grove Marketplace	100%	So. California - San Diego	CA	N	81	96.3%	$16.89	Yes	Ralphs, Lowe's*
25	Pavilion at LaQuinta	100%	So. California - Inland Empire	CA	P	166	100%	$21.77	Yes	Sprouts Farmers Market, Bed Bath & Beyond, Best Buy, DSW, OfficeMax
26	Peachland Promenade	100%	Tampa-St. Petersburg	FL	N	177	98.5%	$14.10	Yes	Publix, Goodwill, My Salon Suite, Planet Fitness
27	PGA Plaza Palm Beach Gardens	100%	Miami-Fort Lauderdale-Miami Beach	FL	C	121	96.8%	$33.75	Yes	Trader Joe's, Marshalls, Ulta
28	Plantation Grove	100%	Orlando-Kissimmee	FL	N	74	98.8%	$14.88	Yes	Publix
29	Plaza Midtown	100%	Atlanta Metro Area	GA	N	70	94.9%	$26.82	Yes	Publix
30	Prestonwood Town Center (e)	100%	Dallas-Fort Worth-Arlington	TX	P	233	99.4%	$19.94	Yes	Walmart*, Barnes & Noble, DSW, Michaels, Office Depot, Petco, Ulta
31	Renaissance Center	100%	Raleigh-Cary-Durham	NC	P	363	91.5%	$22.28	No	Ashley HomeStore, Best Buy, Cost Plus World Market, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care
32	Rio Pinar Plaza	100%	Orlando-Kissimmee	FL	N	131	96.7%	$17.97	Yes	Publix, Planet Fitness
33	River Oaks	100%	So. California - Los Angeles	CA	C	275	95.0%	$20.31	Yes	Sprouts Farmers Market, Target, Big 5 Sports Goods, Five Below, Ulta
34	Riverview Village	100%	Dallas-Fort Worth-Arlington	TX	N	89	96.9%	$12.68	Yes	Tom Thumb, Petco
35	Riverwalk Market	100%	Dallas-Fort Worth-Arlington	TX	N	90	100%	$20.74	Yes	Market Street
36	Rose Creek	100%	Atlanta Metro Area	GA	N	70	100%	$11.13	Yes	Publix
37	Sandy Plains Centre	100%	Atlanta Metro Area	GA	C	131	93.7%	$22.46	Yes	Kroger, Pet Supplies Plus, Walgreens*

Supplemental - Quarter End June 30, 2022 - 20

PropertySummary

GLA in thousands

No.	Name	Ownership	Market	State	Center Type (a)	GLA (b)	Leased Occupancy	ABR PSF	Grocery Anchor (c)	Major Anchors (d)
38	Sarasota Pavilion	100%	Tampa-St. Petersburg	FL	P	345	85.5%	$13.76	Yes	Publix, Bank of America, Beall's, Bed Bath & Beyond, Marshalls, Michaels, PetSmart, Ross Dress for Less, SunTrust Bank
39	Scofield Crossing	100%	Austin-Round Rock	TX	N	95	95.9%	$17.24	Yes	Hana World Market, Goodwill
40	Shops at Arbor Trails (e)	100%	Austin-Round Rock	TX	C	357	100%	$13.58	Yes	Costco, Whole Foods Market, Chuy's*, Frost Bank*, Haverty's Furniture, Kerbey Lane Cafe*, Marshalls
41	Shops at Fairview Town Center	100%	Dallas-Fort Worth-Arlington	TX	N	67	97.2%	$23.51	Yes	Whole Foods Market
42	Shops at the Galleria	100%	Austin-Round Rock	TX	P	537	95.2%	$13.92	No	Best Buy, Cost Plus World Market, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods
43	Sonterra Village	100%	San Antonio	TX	N	42	100%	$32.67	Yes	Trader Joe's
44	Southern Palm Crossing	100%	Miami-Fort Lauderdale-Miami Beach	FL	P	345	96.9%	$16.05	Yes	Costco Wholesale, Going Going Gone, Marshalls
45	Stables Town Center	55%	Houston-Sugar Land-Baytown	TX	N	191	84.4%	$17.62	Yes	Kroger, Walgreens
46	Stevenson Ranch	100%	So. California - Los Angeles	CA	C	187	97.0%	$24.62	Yes	Ralphs, Furniture Design Center, L.A. Fitness, PetSmart
47	Stone Ridge Market	55%	San Antonio	TX	C	219	92.0%	$23.35	Yes	HEB Plus*, Burlington, PetSmart
48	Suncrest Village	100%	Orlando-Kissimmee	FL	N	93	92.8%	$14.04	Yes	Publix, Orange County Tax Collector
49	Sycamore Commons	100%	Charlotte-Gastonia-Concord	NC	P	265	99.5%	$19.12	Yes	Costco Wholesale*, Bed Bath & Beyond, Best Buy, Cost Plus World Market, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta
50	The Centre on Hugh Howell	100%	Atlanta Metro Area	GA	N	83	96.5%	$11.84	Yes	Publix
51	The Highlands of Flower Mound (e)	100%	Dallas-Fort Worth-Arlington	TX	P	175	90.8%	$18.06	Yes	Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers
52	The Parke	100%	Austin-Round Rock	TX	P	406	99.1%	$16.27	Yes	Whole Foods Market, Buy Buy Baby, Cost Plus World Market, Dick's Sporting Goods, DSW, La-Z Boy, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Tuesday Morning, Ulta
53	The Pointe at Creedmoor	100%	Raleigh-Cary-Durham	NC	N	60	100%	$16.78	Yes	Harris Teeter
54	The Shops at Town Center	100%	Washington D.C/Richmond Metro Area	MD	N	125	97.3%	$29.91	Yes	Safeway
55	The Shops at Walnut Creek	100%	Denver-Colorado Springs-Greeley	CO	P	225	91.2%	$17.94	Yes	Target*, Dollar Tree, Michaels, Old Navy, PetSmart, TJ Maxx
56	Thomas Crossroads	100%	Atlanta Metro Area	GA	N	105	94.4%	$9.95	Yes	Kroger
57	Travilah Square Shopping Center	100%	Washington D.C/Richmond Metro Area	MD	N	56	86.4%	$48.28	Yes	Trader Joe's
58	Trowbridge Crossing	100%	Atlanta Metro Area	GA	N	63	95.4%	$12.08	Yes	Publix
59	University Oaks	100%	Austin-Round Rock	TX	P	236	82.0%	$20.77	No	DSW, IKEA*, J.C. Penney*, Jo-Ann Fabrics, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods
60	Westfork & Paraiso	100%	Miami-Fort Lauderdale-Miami Beach	FL	N	393	91.5%	$25.32	Yes	Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, TJ Maxx, Ulta
61	Westpark Shopping Center	100%	Washington D.C/Richmond Metro Area	VA	C	177	100%	$14.67	Yes	Publix, Christmas Tree Shops, Planet Fitness, The Tile Shop
62	Windward Commons	100%	Atlanta Metro Area	GA	N	117	99.9%	$15.06	Yes	Kroger
	Totals with JV at 100%					10,464	95.1%	$18.71
	Totals, Pro Rata					9,840	95.4%	$18.80

(a)N = Neighborhood center, P = Power Center, C = Community Center

(b)The GLA of properties owned by our joint venture are included at 100%.

(c)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).

(d)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

(e)Properties are excluded from Same Property for the three months ended June 30, 2022.

Supplemental - Quarter End June 30, 2022 - 21

Componentsof Net Asset Value as of June 30, 2022

In thousands, except share information

NOI Excluding Termination Fee Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter			Page No.
NOI, excluding ground rent	$	35,272	5
Ground rent income	3,760		5
NOI	39,032		5
JV NOI at share, excluding ground rent (a)	$	1,816	12
JV Ground rent income at share	603		12
JV NOI at share	2,419
Annualized NOI, excluding ground rent income	141,088
Annualized JV NOI at share, excluding ground rent income	7,264
Annualized ground rent income	17,452
Projected remaining development
Net Consolidated Project Costs	500		19
Net JV Project Costs at share	990		19
Estimated Range for Incremental Yield	7-10%		19
Fee Income, Most Recent Quarter
JV Management Fees & Commissions	640		5
Other Assets
Cash, cash equivalents and restricted cash	95,893		2
Billed base rent, recoveries, and other revenue	9,187		4
Undeveloped Land	—
Land Held for Development	—
Total JV Other Assets, at share (b)	8,523		10, 11
Liabilities
Debt	706,485		8
Issuance costs, net of accumulated amortization	(3,683)		8
Accounts payable and accrued expenses	35,952		2
Distributions payable	13,836		2
Other liabilities	23,922		2
Projected remaining consolidated project costs	500		19
Total JV Other Liabilities, at share (c)	73,655		10, 19
Common Shares Outstanding	67,427,571		1

(a)Includes elimination of our share of the management fee expense of $301 for the three months ended June 30, 2022.

(b)Total JV other assets, at share, includes the JV's share of cash and cash equivalents and receivables for base rent, recoveries, and other revenue.

(c)Total JV liabilities, at share, includes the JV's share of mortgage debt, issuance costs, net of accumulated amortization, accounts payable and accrued expenses, other liabilities, and projected remaining project costs.

Supplemental - Quarter End June 30, 2022 - 22

Glossaryof Terms

Terms	Definitions
ABR Per Square Foot (ABR PSF)	ABR PSF is the ABR divided by the occupied square footage for that period.
Adjusted EBITDA	Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance. Adjustments for our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's Adjusted EBITDA on the same basis.
Annualized Base Rent (ABR)	Annualized Base Rent (ABR) is the base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease income.
Anchor Tenant	Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center	Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease	A comparable lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)	Our non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, plus federal and state tax expense, interest expense, and depreciation and amortization. Adjustments for our unconsolidated joint venture are calculated to reflect our proportionate share of the joint venture's EBITDA on the same basis.
Economic Occupancy	Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
Gross Leasable Area (GLA)	Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy	Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
NAREIT Funds From Operations (NAREIT FFO) and Core FFO	Our non-GAAP measure of NAREIT Funds from Operations ("NAREIT FFO"), based on the National Association of Real Estate Investment Trusts ("NAREIT") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's NAREIT FFO on the same basis. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within NAREIT FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.
Neighborhood Center	Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt-to-Adjusted EBITDA	Net Debt-to-Adjusted EBITDA is Pro Rata net debt divided by Adjusted EBITDA on a trailing twelve month basis.
Net Operating Income (NOI)	NOI excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below market lease amortization and amortization of lease incentives).
New Lease	New Leases are classified as leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
Power Center	Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent	Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Pro Rata	Where appropriate, the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly-owned properties, defined as "Pro Rata," with the exception of property count and number of leases.
Pro Rata Net Debt	Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including our JV share.
Renewal Lease	Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property	Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant	Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant	Tenants with square footage less than 10,000 square feet are considered Small Shops.
Specialty Lease	Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
Wholly-owned	Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture.

Supplemental - Quarter End June 30, 2022 - 23