Exhibit 99.2
SUPPLEMENTAL DISCLOSURE | |||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||
TABLE OF CONTENTS | |||||
Page | |||||
Glossary of Terms | 1 | ||||
Results Overview & Guidance | 3 | ||||
Financial Summary | |||||
Consolidated Balance Sheets | 5 | ||||
Consolidated Statements of Operations | 6 | ||||
EBITDA | 7 | ||||
Funds From Operations (FFO) | 8 | ||||
Supplemental Balance Sheet Detail | 9 | ||||
NOI & Supplemental Statement of Operations Detail | 10 | ||||
Same Property NOI Analysis | 11 | ||||
Capital Expenditures | 12 | ||||
Capitalization, Liquidity & Debt Ratios | 13 | ||||
Debt Overview | 14 | ||||
Summary of Outstanding Debt | 15 | ||||
Covenant Disclosure | 16 | ||||
Investment Summary | |||||
Acquisitions | 18 | ||||
Dispositions | 19 | ||||
Anchor Space Repositioning Summary | 20 | ||||
Outparcel Development & New Development Summary | 22 | ||||
Redevelopment Summary | 23 | ||||
Future Redevelopment Opportunities | 25 | ||||
Portfolio Summary | |||||
Portfolio Overview | 28 | ||||
Top Forty Retailers Ranked by ABR | 29 | ||||
New & Renewal Lease Summary | 30 | ||||
New Lease Net Effective Rent & Leases Signed But Not Yet Commenced | 31 | ||||
Lease Expiration Schedule | 32 | ||||
Properties by Largest US MSAs | 33 | ||||
Largest MSAs by ABR | 35 | ||||
Properties by State | 38 | ||||
Property List | 39 | ||||
Note: Financial information is unaudited. | |||||
For additional information, please visit www.brixmor.com, follow Brixmor on Twitter at www.twitter.com/Brixmor or find Brixmor on LinkedIn at www.linkedin.com/company/brixmor. | |||||
This Supplemental Disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. | |||||
Supplemental Disclosure - Three Months Ended June 30, 2018 |
GLOSSARY OF TERMS | |||||||||
Term | Definition | ||||||||
Anchor Spaces | Spaces equal to or greater than 10,000 square feet ("SF") of GLA. | ||||||||
Anchor Space Repositioning | Anchor leasing that is primarily focused on reconfiguring or significantly remerchandising existing space with minimal work required outside of normal | ||||||||
tenant improvement costs. | |||||||||
Annualized Base Rent ("ABR") | Monthly base rent as of a specified date, under leases which have been signed or commenced as of the specified date, multiplied by 12. Annualized | ||||||||
base rent (i) excludes tenant reimbursements of expenses, such as operating costs, insurance expenses and real estate taxes, (ii) excludes percentage | |||||||||
rent and ancillary income and, (iii) is calculated on a cash basis and differs from how rent is calculated in accordance with generally accepted | |||||||||
accounting principles in the United States of America (“GAAP”) for purposes of financial statements. | |||||||||
ABR PSF | ABR divided by leased GLA, excluding the GLA of lessee owned leasehold improvements. | ||||||||
Billed GLA | Aggregate GLA of all commenced leases, as of a specified date. | ||||||||
Development & Redevelopment | Development and redevelopment projects are deemed stabilized upon the earlier of (i) reaching approximately 90% billed or (ii) one year after the | ||||||||
Stabilization | property is placed in service. | ||||||||
EBITDA, EBITDAre, Adjusted EBITDA & | Supplemental, non-GAAP performance measures. Please see below for more information on the limitations of non-GAAP performance measures. | ||||||||
Cash Adjusted EBITDA | A reconciliation of net income to each of these measures is provided on page 7. | ||||||||
EBITDA is calculated as the sum of net income (loss) presented in accordance with GAAP before (i) interest expense, (ii) federal and state taxes, and | |||||||||
(iii) depreciation and amortization. EBITDAre represents EBITDA as adjusted for (i) gain (loss) on disposition of operating properties and (ii) impairment of | |||||||||
real estate assets and real estate equity investments. Adjusted EBITDA represents EBITDAre as adjusted for (i) gain (loss) on extinguishment of debt and | |||||||||
(ii) other items that the Company believes are not indicative of the Company's operating performance. Cash Adjusted EBITDA represents Adjusted | |||||||||
EBITDA as adjusted for (i) straight-line rental income, (ii) amortization of above- and below-market leases and tenant inducements and (iii) straight-line ground | |||||||||
rent expense. EBITDA, EBITDAre, Adjusted EBITDA & Cash Adjusted EBITDA include the Company's unconsolidated joint venture, which was sold on | |||||||||
August 8, 2017, at pro rata share. | |||||||||
Gross Leasable Area ("GLA") | Represents the total amount of leasable property square footage. | ||||||||
Leased GLA | Aggregate GLA of all signed or commenced leases, as of a specified date. | ||||||||
LIBOR | London Interbank Offered Rate. | ||||||||
Metropolitan Statistical Area ("MSA") | Defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at | ||||||||
least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and | |||||||||
economic integration with the central county or counties as measured through commuting. | |||||||||
NAREIT | National Association of Real Estate Investment Trusts. | ||||||||
NAREIT Funds From Operations (“FFO") | A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. | ||||||||
A reconciliation of net income to NAREIT FFO is provided on page 8. | |||||||||
NAREIT defines FFO as net income (loss) presented in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties and | |||||||||
(ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity | |||||||||
investments and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. | |||||||||
Net Effective Rent | Average ABR PSF over the lease term adjusted for tenant improvements and allowances, tenant specific landlord work and third party leasing commissions. | ||||||||
Net Operating Income ("NOI") | A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. | ||||||||
A reconciliation of NOI to net income is provided on page 10. | |||||||||
Calculated as total property revenues (base rent, ancillary and other, expense reimbursements, and percentage rents) less direct property operating | |||||||||
expenses (operating costs, real estate taxes and provision for doubtful accounts). NOI excludes (i) corporate level expenses (including G&A), (ii) lease | |||||||||
termination fees, (iii) straight-line rental income, (iv) amortization of above- and below-market leases and tenant inducements, (v) straight-line ground rent | |||||||||
expense and (vi) the Company's unconsolidated joint venture, which was sold on August 8, 2017. | |||||||||
NOI Yield | Calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net of any project specific | ||||||||
credits (i.e. lease termination fees or other ancillary credits). | |||||||||
Non-controlling Interests | Relate to the portion of Brixmor Operating Partnership LP ("OP”), a consolidated subsidiary, held by the non-controlling interest holders. As of June | ||||||||
30, 2018, the Company, through its 100% ownership of BPG Subsidiary, Inc., owns 100% of the OP. | |||||||||
Non-owned Major Tenant | Also known as a shadow anchor. 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 shopping center, appear to the consumer as a retail tenant of the shopping center and, as a result, attract | |||||||||
additional consumer traffic to the center. | |||||||||
Outparcel | Refers to a portion of a shopping center, separate from the main retail buildings and generally located on the outer edge of a property, which may | ||||||||
currently, or in the future, contain one or several freestanding buildings. | |||||||||
Percent Billed | Billed GLA as a percentage of total GLA. | ||||||||
Percent Leased | Leased GLA as a percentage of total GLA. | ||||||||
PSF | Per square foot of GLA. | ||||||||
Redevelopment | Larger scale projects that typically involve new construction, reconfiguration or demolition of a portion of the shopping center to accommodate | ||||||||
new retailers. | |||||||||
Rent Spread | Represents the percentage change in cash ABR PSF in the first year of the new lease relative to cash ABR PSF in the last year of the old lease. Rent | ||||||||
spreads are presented only for leases deemed comparable. | |||||||||
New Rent Spread | Includes new leases executed on units that were occupied within the prior 12 months. New leases signed on units that have been vacant for | ||||||||
longer than 12 months and new leases signed on first generation space are non-comparable and excluded from New Rent Spreads. | |||||||||
Renewal Rent Spread | Includes renewal leases executed with the same tenant in the same location to extend the term of an expiring lease. Renewals that include the | ||||||||
expansion of an existing tenant into space that has been vacant for longer than 12 months are non-comparable and excluded from Renewal | |||||||||
Rent Spreads. | |||||||||
Option Rent Spread | Includes contractual renewal options exercised by tenants in the same location to extend the term of an expiring lease. | ||||||||
Total Rent Spread | Combined spreads for new, renewal and option leases. | ||||||||
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 1 |
GLOSSARY OF TERMS | |||||||||
Term | Definition | ||||||||
Same Property NOI | A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. | ||||||||
A reconciliation of Same Property NOI to net income is provided on page 11. | |||||||||
Represents NOI of properties owned for the entirety of both periods excluding properties under development. Same Property NOI excludes income | |||||||||
or expense associated with the Company's captive insurance entity. | |||||||||
Number of Properties in Same Property NOI Analysis: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
6/30/18 | 6/30/18 | ||||||||
Total properties in Brixmor Property Group portfolio | 471 | 471 | |||||||
Acquired properties excluded from same property NOI | (3) | (4) | |||||||
Additional exclusions | (2) | (2) | |||||||
Same property NOI pool | 466 | 465 | |||||||
In process redevelopment properties (includes multi-phase projects) | (13) | (13) | |||||||
Completed redevelopment properties | (5) | (5) | |||||||
Total redevelopment properties | (18) | (18) | |||||||
Same property NOI excluding redevelopments pool | 448 | 447 | |||||||
Small Shop Spaces | Spaces less than 10,000 SF of GLA. | ||||||||
Straight-line Rent | Non-cash revenue related to GAAP requirement to average a tenant's contractual base rent over the life of the lease, regardless of the actual | ||||||||
cash collected in the reporting period. | |||||||||
Year Built | Year of most recent redevelopment or year built if no redevelopment has occurred. | ||||||||
Non-GAAP Performance Measures | |||||||||
The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be | |||||||||
considered as supplemental financial results to those presented in accordance with GAAP. | |||||||||
Non-GAAP performance measures should not be considered as alternatives to, or more meaningful than, net income (presented in accordance with GAAP) or other GAAP financial measures | |||||||||
as indicators of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (presented in accordance with GAAP) as a measure of liquidity. | |||||||||
Computation of non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled | |||||||||
measures presented by such other REITs. Investors are cautioned that items excluded from non-GAAP performance measures are relevant to understanding and addressing financial | |||||||||
performance. | |||||||||
The Company believes that the non-GAAP measures it presents are useful to investors for the following reasons: | |||||||||
• NAREIT FFO | By excluding gains and losses related to dispositions of previously depreciated operating properties, real estate-related depreciation and amortization | ||||||||
of continuing operations, impairment of operating properties and real estate equity investments, extraordinary items and after adjustments for joint | |||||||||
ventures calculated to reflect FFO on the same basis, investors can compare the operating performance of a company’s real estate between periods. | |||||||||
• EBITDA, EBITDAre, Adjusted | By excluding various items that the Company believes are not indicative of its operating performance, EBITDA, EBITDAre, Adjusted EBITDA & Cash | ||||||||
EBITDA & Cash Adjusted EBITDA | Adjusted EBITDA provide a meaningful performance measure as it relates to the Company's ability to meet various coverage tests. | ||||||||
• NOI and Same Property NOI | Same property NOI eliminates disparities in NOI due to the acquisition, disposition or stabilization of development properties during the period | ||||||||
presented, and therefore, provides a more consistent metric for comparing the operating performance of a company's real estate between periods. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 2 |
RESULTS OVERVIEW & GUIDANCE | |||||||||||||||||||||||
Unaudited, dollars in thousands, except per share and per square foot amounts | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Summary Financial Results | 6/30/18 | 6/30/17 | 6/30/18 | 6/30/17 | |||||||||||||||||||
Total revenues (page 6) | $ | 313,030 | $ | 322,818 | $ | 630,205 | $ | 648,624 | |||||||||||||||
Net income attributable to common stockholders (page 6) | 80,362 | 75,399 | 141,384 | 146,978 | |||||||||||||||||||
Net income attributable to common stockholders - per diluted share (page 6) | 0.26 | 0.25 | 0.47 | 0.48 | |||||||||||||||||||
Adjusted EBITDA (page 7) | 212,524 | 222,712 | 424,517 | 443,441 | |||||||||||||||||||
Cash Adjusted EBITDA (page 7) | 201,687 | 208,886 | 404,558 | 416,944 | |||||||||||||||||||
NAREIT FFO (page 8) | 154,263 | 161,875 | 309,091 | 323,430 | |||||||||||||||||||
NAREIT FFO per share/OP Unit - diluted (page 8) | 0.51 | 0.53 | 1.02 | 1.06 | |||||||||||||||||||
Items that impact FFO comparability, net per share (page 8) | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||
Share/OP Unit dividends declared (page 8) | 0.275 | 0.260 | 0.550 | 0.520 | |||||||||||||||||||
Share/OP Unit dividend payout ratio (as % of NAREIT FFO) (page 8) | 53.9 | % | 49.0 | % | 53.9 | % | 49.0 | % | |||||||||||||||
NOI (page 10) | 222,051 | 227,522 | 444,943 | 454,976 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Summary Operating and Financial Ratios | 6/30/18 | 3/31/18 | 12/31/17 | 9/30/17 | 6/30/17 | ||||||||||||||||||
NOI margin (page 10) | 73.6 | % | 72.7 | % | 74.1 | % | 74.6 | % | 74.3 | % | |||||||||||||
Same property NOI growth (page 11) (1) | 1.4 | % | 0.7 | % | 3.6 | % | 1.5 | % | 1.3 | % | |||||||||||||
Fixed charge coverage (page 13) | 3.6x | 3.5x | 3.6x | 3.5x | 3.5x | ||||||||||||||||||
Net principal debt to Adjusted EBITDA (page 13) (2) | 6.4x | 6.6x | 6.4x | 6.5x | 6.4x | ||||||||||||||||||
Net principal debt to Cash Adjusted EBITDA (page 13) (2) | 6.7x | 6.8x | 6.8x | 6.8x | 6.9x | ||||||||||||||||||
Outstanding Classes of Stock | As of 6/30/18 | As of 3/31/18 | As of 12/31/17 | As of 9/30/17 | As of 6/30/17 | ||||||||||||||||||
Common shares outstanding (page 13) | 302,627 | 302,826 | 304,620 | 304,937 | 304,936 | ||||||||||||||||||
Summary Portfolio Statistics (3) | As of 6/30/18 | As of 3/31/18 | As of 12/31/17 | As of 9/30/17 | As of 6/30/17 | ||||||||||||||||||
Number of properties (page 28) | 471 | 480 | 486 | 498 | 507 | ||||||||||||||||||
Percent billed (page 28) | 89.4 | % | 89.8 | % | 90.3 | % | 89.6 | % | 89.9 | % | |||||||||||||
Percent leased (page 28) | 92.5 | % | 92.1 | % | 92.2 | % | 91.6 | % | 92.0 | % | |||||||||||||
ABR PSF (page 28) | $ | 13.73 | $ | 13.61 | $ | 13.47 | $ | 13.28 | $ | 13.21 | |||||||||||||
New lease rent spread (page 30) | 28.7 | % | 36.7 | % | 42.7 | % | 20.7 | % | 36.1 | % | |||||||||||||
New & renewal lease rent spread (page 30) | 14.3 | % | 16.7 | % | 16.0 | % | 12.7 | % | 16.8 | % | |||||||||||||
Total - new, renewal & option lease rent spread (page 30) | 11.2 | % | 14.5 | % | 13.9 | % | 10.2 | % | 13.7 | % | |||||||||||||
Total - new, renewal & option GLA (page 30) | 3,396,474 | 2,745,080 | 2,918,966 | 3,419,078 | 2,896,416 | ||||||||||||||||||
2018 Guidance | Current | Previous (at 3/31/18) | Actual YTD | ||||||||||||||||||||
NAREIT FFO per diluted share (4)(5) | $1.95 - $2.04 | $1.95 - $2.04 | $ | 1.02 | |||||||||||||||||||
Same property NOI growth | 1.00% - 1.50% | 1.00% - 1.50% | 1.1 | % | |||||||||||||||||||
(1) Reflects same property NOI as reported for the specified period. | |||||||||||||||||||||||
(2) For purposes of financial ratios, Adjusted EBITDA and Cash Adjusted EBITDA are annualized based on current quarter results. | |||||||||||||||||||||||
(3) Reflects portfolio statistics as reported for the specified period. | |||||||||||||||||||||||
(4) Does not include any expectations of one-time items, including, but not limited to, litigation, investigative and other non-routine legal expenses. | |||||||||||||||||||||||
(5) Includes prospective capital recycling. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 3 |
FINANCIAL SUMMARY | |||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2018 | |||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
Unaudited, dollars in thousands, except share information | |||||||||||
As of | As of | ||||||||||
6/30/18 | 12/31/17 | ||||||||||
Assets | |||||||||||
Real estate | |||||||||||
Land | $ | 1,928,473 | $ | 1,984,309 | |||||||
Buildings and tenant improvements | 7,913,020 | 8,063,871 | |||||||||
Construction in progress | 76,695 | 81,214 | |||||||||
Lease intangibles | 737,391 | 792,097 | |||||||||
10,655,579 | 10,921,491 | ||||||||||
Accumulated depreciation and amortization | (2,402,498 | ) | (2,361,070 | ) | |||||||
Real estate, net | 8,253,081 | 8,560,421 | |||||||||
Cash and cash equivalents | 53,418 | 56,938 | |||||||||
Restricted cash | 48,206 | 53,839 | |||||||||
Marketable securities | 31,226 | 28,006 | |||||||||
Receivables, net of allowance for doubtful accounts of $17,426 and $17,205 | 219,992 | 232,111 | |||||||||
Deferred charges and prepaid expenses, net | 147,321 | 147,508 | |||||||||
Other assets | 97,303 | 75,103 | |||||||||
Total assets | $ | 8,850,547 | $ | 9,153,926 | |||||||
Liabilities | |||||||||||
Debt obligations, net | $ | 5,483,354 | $ | 5,676,238 | |||||||
Accounts payable, accrued expenses and other liabilities | 510,222 | 569,340 | |||||||||
Total liabilities | 5,993,576 | 6,245,578 | |||||||||
Equity | |||||||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; | |||||||||||
305,117,724 and 304,947,144 shares issued and 302,627,414 and 304,620,186 shares outstanding | 3,026 | 3,046 | |||||||||
Additional paid-in capital | 3,300,636 | 3,330,466 | |||||||||
Accumulated other comprehensive income | 28,363 | 24,211 | |||||||||
Distributions in excess of net income | (475,054 | ) | (449,375 | ) | |||||||
Total equity | 2,856,971 | 2,908,348 | |||||||||
Total liabilities and equity | $ | 8,850,547 | $ | 9,153,926 |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 5 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
6/30/18 | 6/30/17 | 6/30/18 | 6/30/17 | ||||||||||||||||
Revenues | |||||||||||||||||||
Rental income | $ | 243,987 | $ | 253,777 | $ | 487,332 | $ | 503,398 | |||||||||||
Expense reimbursements | 67,363 | 67,039 | 138,241 | 140,229 | |||||||||||||||
Other revenues | 1,680 | 2,002 | 4,632 | 4,997 | |||||||||||||||
Total revenues | 313,030 | 322,818 | 630,205 | 648,624 | |||||||||||||||
Operating expenses | |||||||||||||||||||
Operating costs | 33,881 | 33,025 | 69,371 | 70,450 | |||||||||||||||
Real estate taxes | 44,947 | 44,064 | 90,672 | 90,531 | |||||||||||||||
Depreciation and amortization | 91,334 | 96,870 | 181,717 | 190,801 | |||||||||||||||
Provision for doubtful accounts | 949 | 1,757 | 3,364 | 2,807 | |||||||||||||||
Impairment of real estate assets | 11,927 | 10,632 | 27,829 | 16,318 | |||||||||||||||
General and administrative | 21,320 | 23,248 | 43,746 | 44,205 | |||||||||||||||
Total operating expenses | 204,358 | 209,596 | 416,699 | 415,112 | |||||||||||||||
Other income (expense) | |||||||||||||||||||
Dividends and interest | 104 | 85 | 200 | 158 | |||||||||||||||
Interest expense | (55,200 | ) | (57,443 | ) | (110,371 | ) | (113,174 | ) | |||||||||||
Gain on sale of real estate assets | 28,262 | 20,173 | 39,710 | 28,978 | |||||||||||||||
Loss on extinguishment of debt, net | (291 | ) | (78 | ) | (423 | ) | (1,340 | ) | |||||||||||
Other | (1,185 | ) | (684 | ) | (1,238 | ) | (1,391 | ) | |||||||||||
Total other expense | (28,310 | ) | (37,947 | ) | (72,122 | ) | (86,769 | ) | |||||||||||
Income before equity in income of unconsolidated joint venture | 80,362 | 75,275 | 141,384 | 146,743 | |||||||||||||||
Equity in income of unconsolidated joint venture | — | 163 | — | 350 | |||||||||||||||
Net income | 80,362 | 75,438 | 141,384 | 71,818 | |||||||||||||||
Net income attributable to non-controlling interests | — | — | — | (76 | ) | ||||||||||||||
Net income attributable to Brixmor Property Group Inc. | 80,362 | 75,438 | 141,384 | 71,742 | |||||||||||||||
Preferred stock dividends | — | (39 | ) | — | (39 | ) | |||||||||||||
Net income attributable to common stockholders | $ | 80,362 | $ | 75,399 | $ | 141,384 | $ | 71,703 | |||||||||||
Per common share: | |||||||||||||||||||
Net income attributable to common stockholders: | |||||||||||||||||||
Basic | $ | 0.27 | $ | 0.25 | $ | 0.47 | $ | 0.48 | |||||||||||
Diluted | $ | 0.26 | $ | 0.25 | $ | 0.47 | $ | 0.48 | |||||||||||
Weighted average shares: | |||||||||||||||||||
Basic | 302,776 | 304,914 | 303,468 | 304,743 | |||||||||||||||
Diluted | 302,934 | 305,115 | 303,614 | 305,125 |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 6 |
EBITDA | |||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
6/30/18 | 6/30/17 | 6/30/18 | 6/30/17 | ||||||||||||||||
Net income | $ | 80,362 | $ | 75,438 | $ | 141,384 | $ | 147,093 | |||||||||||
Interest expense | 55,200 | 57,443 | 110,371 | 113,174 | |||||||||||||||
Federal and state taxes | 902 | 958 | 1,116 | 1,967 | |||||||||||||||
Depreciation and amortization - continuing operations | 91,334 | 96,870 | 181,717 | 190,801 | |||||||||||||||
Depreciation and amortization - unconsolidated joint venture | — | 39 | — | 56 | |||||||||||||||
EBITDA | 227,798 | 230,748 | 434,588 | 453,091 | |||||||||||||||
Gain on disposition of operating properties | (28,262 | ) | (20,173 | ) | (39,710 | ) | (28,978 | ) | |||||||||||
Impairment of real estate assets | 11,927 | 10,632 | 27,829 | 16,318 | |||||||||||||||
EBITDAre | $ | 211,463 | $ | 221,207 | $ | 422,707 | $ | 440,431 | |||||||||||
EBITDAre | $ | 211,463 | $ | 221,207 | $ | 422,707 | $ | 440,431 | |||||||||||
Litigation and other non-routine legal expenses | 604 | 1,427 | 1,188 | 1,670 | |||||||||||||||
Loss on extinguishment of debt, net | 291 | 78 | 423 | 1,340 | |||||||||||||||
Transaction expenses | 166 | — | 199 | — | |||||||||||||||
Total adjustments | 1,061 | 1,505 | 1,810 | 3,010 | |||||||||||||||
Adjusted EBITDA | $ | 212,524 | $ | 222,712 | $ | 424,517 | $ | 443,441 | |||||||||||
Adjusted EBITDA | $ | 212,524 | $ | 222,712 | $ | 424,517 | $ | 443,441 | |||||||||||
Straight-line rental income, net (1) | (3,784 | ) | (6,836 | ) | (6,881 | ) | (12,087 | ) | |||||||||||
Amortization of above- and below-market leases and tenant inducements, net (2) | (7,083 | ) | (7,022 | ) | (13,138 | ) | (14,483 | ) | |||||||||||
Straight-line ground rent expense (3) | 30 | 32 | 60 | 73 | |||||||||||||||
Total adjustments | (10,837 | ) | (13,826 | ) | (19,959 | ) | (26,497 | ) | |||||||||||
Cash Adjusted EBITDA | $ | 201,687 | $ | 208,886 | $ | 404,558 | $ | 416,944 | |||||||||||
(1) Includes unconsolidated joint venture Montecito Marketplace straight-line rental income, net of $1 and $2 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017. | |||||||||||||||||||
(2) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market leases and tenant inducements, net of $6 and $13 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017. | |||||||||||||||||||
(3) Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 7 |
FUNDS FROM OPERATIONS (FFO) | |||||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
6/30/18 | 6/30/17 | 6/30/18 | 6/30/17 | ||||||||||||||||
Net income | $ | 80,362 | $ | 75,438 | $ | 141,384 | $ | 147,093 | |||||||||||
Gain on disposition of operating properties | (28,262 | ) | (20,173 | ) | (39,710 | ) | (28,978 | ) | |||||||||||
Depreciation and amortization- real estate related- continuing operations | 90,236 | 95,939 | 179,588 | 188,941 | |||||||||||||||
Depreciation and amortization- real estate related- unconsolidated joint venture | — | 39 | — | 56 | |||||||||||||||
Impairment of operating properties | 11,927 | 10,632 | 27,829 | 16,318 | |||||||||||||||
NAREIT FFO | $ | 154,263 | $ | 161,875 | $ | 309,091 | $ | 323,430 | |||||||||||
NAREIT FFO per share/OP Unit - diluted | $ | 0.51 | $ | 0.53 | $ | 1.02 | $ | 1.06 | |||||||||||
Weighted average shares/OP Units outstanding - basic and diluted | 302,934 | 305,115 | 303,614 | 305,125 | |||||||||||||||
Items that impact FFO comparability | |||||||||||||||||||
Litigation and other non-routine legal expenses | $ | (604 | ) | $ | (1,427 | ) | $ | (1,188 | ) | $ | (1,670 | ) | |||||||
Loss on extinguishment of debt, net | (291 | ) | (78 | ) | (423 | ) | (1,340 | ) | |||||||||||
Transaction expenses | (166 | ) | — | (199 | ) | — | |||||||||||||
Total items that impact FFO comparability | $ | (1,061 | ) | $ | (1,505 | ) | $ | (1,810 | ) | $ | (3,010 | ) | |||||||
Items that impact FFO comparability, net per share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||||
Additional Disclosures | |||||||||||||||||||
Straight-line rental income, net (1) | $ | 3,784 | $ | 6,836 | $ | 6,881 | $ | 12,087 | |||||||||||
Amortization of above- and below-market leases and tenant inducements, net (2) | 7,083 | 7,022 | 13,138 | 14,483 | |||||||||||||||
Straight-line ground rent expense (3) | (30 | ) | (32 | ) | (60 | ) | (73 | ) | |||||||||||
Dividends declared per share/OP Unit | $ | 0.275 | $ | 0.260 | $ | 0.550 | $ | 0.520 | |||||||||||
Share/OP Unit dividends declared | $ | 83,223 | $ | 79,284 | $ | 166,500 | $ | 158,556 | |||||||||||
Share/OP Unit dividend payout ratio (as % of NAREIT FFO) | 53.9 | % | 49.0 | % | 53.9 | % | 49.0 | % | |||||||||||
(1) Includes unconsolidated joint venture Montecito Marketplace straight-line rental income, net of $1 and $2 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017. | |||||||||||||||||||
(2) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market leases and tenant inducements, net of $6 and $13 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017. | |||||||||||||||||||
(3) Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 8 |
SUPPLEMENTAL BALANCE SHEET DETAIL | |||||||||||
Unaudited, dollars in thousands | |||||||||||
As of | As of | ||||||||||
6/30/18 | 12/31/17 | ||||||||||
Receivables, net | |||||||||||
Straight-line rent receivable | $ | 124,335 | $ | 118,972 | |||||||
Tenant receivables | 90,335 | 95,447 | |||||||||
Allowance for doubtful accounts | (17,426 | ) | (17,205 | ) | |||||||
Insurance receivable (1) | 19,461 | 28,000 | |||||||||
Other | 3,287 | 6,897 | |||||||||
Total receivables, net | $ | 219,992 | $ | 232,111 | |||||||
Deferred charges and prepaid expenses, net | |||||||||||
�� | Deferred charges, net | $ | 127,164 | $ | 127,778 | ||||||
Prepaid expenses, net | 20,157 | 19,730 | |||||||||
Total deferred charges and prepaid expenses, net | $ | 147,321 | $ | 147,508 | |||||||
Other assets | |||||||||||
Real estate assets held for sale | $ | 51,460 | $ | 27,081 | |||||||
Interest rate swaps | 28,612 | 24,420 | |||||||||
Furniture, fixtures and leasehold improvements, net | 13,968 | 18,341 | |||||||||
Other | 3,263 | 5,261 | |||||||||
Total other assets | $ | 97,303 | $ | 75,103 | |||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Accounts payable and other accrued expenses | $ | 208,536 | $ | 229,517 | |||||||
Below market leases, net | 151,556 | 181,806 | |||||||||
Dividends payable | 85,084 | 85,597 | |||||||||
Accrued litigation (1) | 19,461 | 28,000 | |||||||||
Other | 45,585 | 44,420 | |||||||||
Total accounts payable, accrued expenses and other liabilities | $ | 510,222 | $ | 569,340 | |||||||
(1) In May 2017 the Company entered into a settlement agreement with respect to a class action lawsuit filed in March 2016. The agreed upon settlement amount is within the coverage amount of the Company’s applicable insurance policies. For additional information, refer to Form 10-K, filed with the Securities and Exchange Commission on February 12, 2018. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 9 |
NOI & SUPPLEMENTAL STATEMENT OF OPERATIONS DETAIL | |||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
6/30/18 | 6/30/17 | 6/30/18 | 6/30/17 | ||||||||||||||||
Net Operating Income Detail (1) | |||||||||||||||||||
Base rent | $ | 228,159 | $ | 233,366 | $ | 456,846 | $ | 465,980 | |||||||||||
Ancillary and other | 4,596 | 3,985 | 8,571 | 7,622 | |||||||||||||||
Expense reimbursements | 67,363 | 67,039 | 138,241 | 140,229 | |||||||||||||||
Percentage rents | 1,680 | 1,946 | 4,632 | 4,860 | |||||||||||||||
Operating costs | (33,851 | ) | (32,993 | ) | (69,311 | ) | (70,377 | ) | |||||||||||
Real estate taxes | (44,947 | ) | (44,064 | ) | (90,672 | ) | (90,531 | ) | |||||||||||
Provision for doubtful accounts | (949 | ) | (1,757 | ) | (3,364 | ) | (2,807 | ) | |||||||||||
Net operating income | $ | 222,051 | $ | 227,522 | $ | 444,943 | $ | 454,976 | |||||||||||
Operating Ratios | |||||||||||||||||||
NOI margin (NOI / revenues) | 73.6 | % | 74.3 | % | 73.1 | % | 73.5 | % | |||||||||||
Expense recovery ratio (expense reimbursements / (operating costs + real estate taxes)) | 85.5 | % | 87.0 | % | 86.4 | % | 87.1 | % | |||||||||||
Reconciliation of Net Operating Income to Net Income Attributable to Common Stockholders | |||||||||||||||||||
Net operating income | $ | 222,051 | $ | 227,522 | $ | 444,943 | $ | 454,976 | |||||||||||
Lease termination fees | 365 | 2,575 | 1,896 | 3,241 | |||||||||||||||
Straight-line rental income, net | 3,784 | 6,835 | 6,881 | 12,085 | |||||||||||||||
Amortization of above- and below-market leases and tenant inducements, net | 7,083 | 7,016 | 13,138 | 14,470 | |||||||||||||||
Fee income | — | 56 | — | 137 | |||||||||||||||
Straight-line ground rent expense (2) | (30 | ) | (32 | ) | (60 | ) | (73 | ) | |||||||||||
Depreciation and amortization | (91,334 | ) | (96,870 | ) | (181,717 | ) | (190,801 | ) | |||||||||||
Impairment of real estate assets | (11,927 | ) | (10,632 | ) | (27,829 | ) | (16,318 | ) | |||||||||||
General and administrative | (21,320 | ) | (23,248 | ) | (43,746 | ) | (44,205 | ) | |||||||||||
Total other expense | (28,310 | ) | (37,947 | ) | (72,122 | ) | (86,769 | ) | |||||||||||
Equity in income of unconsolidated joint venture | — | 163 | — | 350 | |||||||||||||||
Net income attributable to non-controlling interests | — | — | — | (76 | ) | ||||||||||||||
Preferred stock dividends | — | (39 | ) | — | (39 | ) | |||||||||||||
Net income attributable to common stockholders | $ | 80,362 | $ | 75,399 | $ | 141,384 | $ | 146,978 | |||||||||||
Supplemental Statement of Operations Detail | |||||||||||||||||||
Rental income | |||||||||||||||||||
Base rent | $ | 228,159 | $ | 233,366 | $ | 456,846 | $ | 465,980 | |||||||||||
Lease termination fees | 365 | 2,575 | 1,896 | 3,241 | |||||||||||||||
Straight-line rental income, net | 3,784 | 6,835 | 6,881 | 12,085 | |||||||||||||||
Amortization of above- and below-market leases and tenant inducements, net | 7,083 | 7,016 | 13,138 | 14,470 | |||||||||||||||
Ancillary and other | 4,596 | 3,985 | 8,571 | 7,622 | |||||||||||||||
Total rental income | $ | 243,987 | $ | 253,777 | $ | 487,332 | $ | 503,398 | |||||||||||
Other revenues | |||||||||||||||||||
Percentage rents | $ | 1,680 | $ | 1,946 | $ | 4,632 | $ | 4,860 | |||||||||||
Fee income | — | 56 | — | 137 | |||||||||||||||
Total other revenues | $ | 1,680 | $ | 2,002 | $ | 4,632 | $ | 4,997 | |||||||||||
Interest expense | |||||||||||||||||||
Mortgage, note and other interest | $ | 44,589 | $ | 46,323 | $ | 89,071 | $ | 89,844 | |||||||||||
Unsecured credit facility and term loan interest | 10,421 | 11,560 | 21,034 | 24,600 | |||||||||||||||
Capitalized interest | (515 | ) | (750 | ) | (1,169 | ) | (1,696 | ) | |||||||||||
Deferred financing cost amortization | 1,631 | 1,774 | 3,313 | 3,574 | |||||||||||||||
Debt premium/discount amortization, net | (926 | ) | (1,464 | ) | (1,878 | ) | (3,148 | ) | |||||||||||
Total interest expense | $ | 55,200 | $ | 57,443 | $ | 110,371 | $ | 113,174 | |||||||||||
Other | |||||||||||||||||||
Federal and state taxes | $ | 902 | $ | 958 | $ | 1,116 | $ | 1,967 | |||||||||||
Other | 283 | (274 | ) | 122 | (576 | ) | |||||||||||||
Total other | $ | 1,185 | $ | 684 | $ | 1,238 | $ | 1,391 | |||||||||||
Additional G&A Disclosures | |||||||||||||||||||
Equity based compensation | 2,784 | 2,848 | 5,268 | 4,974 | |||||||||||||||
Capitalized direct leasing compensation costs | 3,481 | 3,467 | 7,083 | 7,092 | |||||||||||||||
Capitalized direct construction compensation costs | 2,805 | 1,861 | 5,029 | 3,964 | |||||||||||||||
(1) NOI excludes unconsolidated joint venture Montecito Marketplace NOI of $204 and $414 at pro rata share for the three and six months ended June 30, 2017, respectively. Montecito Marketplace was sold on August 8, 2017. | |||||||||||||||||||
(2) Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 10 |
SAME PROPERTY NOI ANALYSIS | ||||||||||||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
6/30/18 | 6/30/17 | Change | 6/30/18 | 6/30/17 | Change | |||||||||||||||||||
Same Property NOI Analysis | ||||||||||||||||||||||||
Number of properties | 466 | 466 | — | 465 | 465 | — | ||||||||||||||||||
Percent billed | 89.4 | % | 89.9 | % | (0.5%) | 89.4 | % | 89.9 | % | (0.5%) | ||||||||||||||
Percent leased | 92.4 | % | 92.1 | % | 0.3% | 92.5 | % | 92.1 | % | 0.4% | ||||||||||||||
Revenues | ||||||||||||||||||||||||
Base rent | $ | 223,609 | $ | 220,076 | $ | 442,992 | $ | 436,324 | ||||||||||||||||
Ancillary and other | 4,519 | 3,744 | 8,348 | 7,176 | ||||||||||||||||||||
Expense reimbursements | 66,233 | 64,040 | 133,217 | 132,602 | ||||||||||||||||||||
Percentage rents | 1,672 | 1,864 | 4,598 | 4,749 | ||||||||||||||||||||
296,033 | 289,724 | 2.2% | 589,155 | 580,851 | 1.4% | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Operating costs | (32,993 | ) | (30,835 | ) | (66,504 | ) | (65,244 | ) | ||||||||||||||||
Real estate taxes | (44,196 | ) | (42,053 | ) | (87,549 | ) | (85,715 | ) | ||||||||||||||||
Provision for doubtful accounts | (672 | ) | (1,707 | ) | (3,021 | ) | (2,568 | ) | ||||||||||||||||
(77,861 | ) | (74,595 | ) | 4.4% | (157,074 | ) | (153,527 | ) | 2.3% | |||||||||||||||
Same property NOI | $ | 218,172 | $ | 215,129 | 1.4% | $ | 432,081 | $ | 427,324 | 1.1% | ||||||||||||||
Same property NOI excluding redevelopments (1) | $ | 200,752 | $ | 199,055 | 0.9% | $ | 397,938 | $ | 394,757 | 0.8% | ||||||||||||||
NOI margin | 73.7 | % | 74.3 | % | 73.3 | % | 73.6 | % | ||||||||||||||||
Expense recovery ratio | 85.8 | % | 87.9 | % | 86.5 | % | 87.8 | % | ||||||||||||||||
Percent contribution to same property NOI growth: | ||||||||||||||||||||||||
Change | Percent Contribution | Change | Percent Contribution | |||||||||||||||||||||
Base rent | $ | 3,533 | 1.6% | $ | 6,668 | 1.5% | ||||||||||||||||||
Ancillary and other | 775 | 0.4% | 1,172 | 0.3% | ||||||||||||||||||||
Net recoveries | (2,108 | ) | (1.0%) | (2,479 | ) | (0.6%) | ||||||||||||||||||
Percentage rents | (192 | ) | (0.1%) | (151 | ) | 0.0% | ||||||||||||||||||
Provision for doubtful accounts | 1,035 | 0.5% | (453 | ) | (0.1%) | |||||||||||||||||||
1.4% | 1.1% | |||||||||||||||||||||||
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI | ||||||||||||||||||||||||
Same property NOI | $ | 218,172 | $ | 215,129 | $ | 432,081 | $ | 427,324 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Non-same property NOI | 3,879 | 12,393 | 12,862 | 27,652 | ||||||||||||||||||||
Lease termination fees | 365 | 2,575 | 1,896 | 3,241 | ||||||||||||||||||||
Straight-line rental income, net | 3,784 | 6,835 | 6,881 | 12,085 | ||||||||||||||||||||
Amortization of above- and below-market leases and tenant inducements, net | 7,083 | 7,016 | 13,138 | 14,470 | ||||||||||||||||||||
Fee income | — | 56 | — | 137 | ||||||||||||||||||||
Straight-line ground rent expense | (30 | ) | (32 | ) | (60 | ) | (73 | ) | ||||||||||||||||
Depreciation and amortization | (91,334 | ) | (96,870 | ) | (181,717 | ) | (190,801 | ) | ||||||||||||||||
Impairment of real estate assets | (11,927 | ) | (10,632 | ) | (27,829 | ) | (16,318 | ) | ||||||||||||||||
General and administrative | (21,320 | ) | (23,248 | ) | (43,746 | ) | (44,205 | ) | ||||||||||||||||
Total other expense | (28,310 | ) | (37,947 | ) | (72,122 | ) | (86,769 | ) | ||||||||||||||||
Equity in income of unconsolidated joint venture | — | 163 | — | 350 | ||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | (76 | ) | |||||||||||||||||||
Preferred stock dividends | — | (39 | ) | — | (39 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 80,362 | $ | 75,399 | $ | 141,384 | $ | 146,978 | ||||||||||||||||
(1) Redevelopments include only in process projects and projects completed in the last comparable period. See page 2 for reconciliation. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 11 |
CAPITAL EXPENDITURES | |||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
6/30/18 | 6/30/17 | 6/30/18 | 6/30/17 | ||||||||||||||||
Leasing related: | |||||||||||||||||||
Tenant improvements and tenant inducements | $ | 18,759 | $ | 15,308 | $ | 39,182 | $ | 36,791 | |||||||||||
External leasing commissions | 1,970 | 2,067 | 5,003 | 4,034 | |||||||||||||||
20,729 | 17,375 | 44,185 | 40,825 | ||||||||||||||||
Value-enhancing: | |||||||||||||||||||
Anchor space repositionings | 7,221 | 4,666 | 18,014 | 8,584 | |||||||||||||||
Outparcel developments | 3,000 | 1,116 | 4,103 | 2,775 | |||||||||||||||
Redevelopments | 20,241 | 10,442 | 33,243 | 22,651 | |||||||||||||||
New development | 2,325 | 1,644 | 5,054 | 2,511 | |||||||||||||||
Other (1) | 716 | — | 1,528 | — | |||||||||||||||
33,503 | 17,868 | 61,942 | 36,521 | ||||||||||||||||
Maintenance capital expenditures | 4,608 | 3,707 | 8,238 | 6,285 | |||||||||||||||
$ | 58,840 | $ | 38,950 | $ | 114,365 | $ | 83,631 | ||||||||||||
(1) Includes, but is not limited to, minor value-enhancing projects, LED lighting upgrades and solar array installations. | |||||||||||||||||||
Includes unconsolidated joint venture, Montecito Marketplace, at pro rata share. Montecito Marketplace was sold on August 8, 2017. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 12 |
CAPITALIZATION, LIQUIDITY & DEBT RATIOS | ||||||||||||||||
Unaudited, dollars and shares in thousands except per share amounts | ||||||||||||||||
As of | As of | |||||||||||||||
6/30/18 | 12/31/17 | |||||||||||||||
Equity Capitalization: | ||||||||||||||||
Common shares outstanding | 302,627 | 304,620 | ||||||||||||||
Common share price | $ | 17.43 | $ | 18.66 | ||||||||||||
Total equity capitalization | $ | 5,274,789 | $ | 5,684,209 | ||||||||||||
Debt: | ||||||||||||||||
Term loans | $ | 1,400,000 | $ | 1,585,000 | ||||||||||||
Unsecured notes | 3,218,453 | 3,218,453 | ||||||||||||||
Secured mortgages | 893,361 | 902,717 | ||||||||||||||
Total principal debt | 5,511,814 | 5,706,170 | ||||||||||||||
Add/Less: Net unamortized premium/discount | (51 | ) | 1,836 | |||||||||||||
Less: Deferred financing fees | (28,409 | ) | (31,768 | ) | ||||||||||||
Total debt | 5,483,354 | 5,676,238 | ||||||||||||||
Less: cash, cash equivalents and restricted cash | (101,624 | ) | (110,777 | ) | ||||||||||||
Net debt | $ | 5,381,730 | $ | 5,565,461 | ||||||||||||
Total market capitalization: | $ | 10,656,519 | $ | 11,249,670 | ||||||||||||
Liquidity: | ||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 101,624 | $ | 110,777 | ||||||||||||
Available under revolving credit facility (1) | 1,244,813 | 1,249,329 | ||||||||||||||
$ | 1,346,437 | $ | 1,360,106 | |||||||||||||
Ratios: | ||||||||||||||||
Principal debt to total market capitalization | 51.7 | % | 50.7 | % | ||||||||||||
Principal debt to total assets, before depreciation | 49.0 | % | 49.6 | % | ||||||||||||
Secured principal debt to total assets, before depreciation | 7.9 | % | 7.8 | % | ||||||||||||
Net principal debt to Adjusted EBITDA (2) | 6.4x | 6.4x | ||||||||||||||
Net principal debt to Cash Adjusted EBITDA (2) | 6.7x | 6.8x | ||||||||||||||
Unencumbered assets to unsecured debt | 2.0x | 1.9x | ||||||||||||||
Interest coverage (Adjusted EBITDA / interest expense) (2) | 3.9x | 3.9x | ||||||||||||||
Debt service coverage (Adjusted EBITDA / (interest expense + scheduled principal payments)) (2) | 3.6x | 3.6x | ||||||||||||||
Fixed charge coverage (Adjusted EBITDA / (interest expense + scheduled principal payments + | ||||||||||||||||
preferred dividends)) (2) | 3.6x | 3.6x | ||||||||||||||
As of | As of | |||||||||||||||
6/30/18 | 12/31/17 | |||||||||||||||
Percentage of total debt: | ||||||||||||||||
Fixed | 100.0 | % | 96.8 | % | ||||||||||||
Variable | 0.0 | % | 3.2 | % | ||||||||||||
Unencumbered summary: | ||||||||||||||||
Percent of properties | 78.6 | % | 75.3 | % | ||||||||||||
Percent of ABR | 80.9 | % | 79.0 | % | ||||||||||||
Percent of NOI | 81.3 | % | 79.5 | % | ||||||||||||
Weighted average maturity (years): | ||||||||||||||||
Fixed | 4.8 | 5.1 | ||||||||||||||
Variable | — | 6.6 | ||||||||||||||
Total | 4.8 | 5.2 | ||||||||||||||
Credit Ratings & Outlook: | ||||||||||||||||
Fitch Ratings | BBB- | Stable | ||||||||||||||
Moody's Investors Service | Baa3 | Stable | ||||||||||||||
Standard & Poor's Ratings Services | BBB- | Stable | ||||||||||||||
(1) Funds available under the revolving credit facility are reduced by three outstanding letters of credit totaling $5,187. | ||||||||||||||||
(2) For purposes of financial ratios, Adjusted EBITDA and Cash Adjusted EBITDA are annualized based on the current quarter results. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 13 |
DEBT OVERVIEW | ||||||||||||||||||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||||||||||||||||||
Maturity Schedule - Debt obligations | ||||||||||||||||||||||||||||||
Year | Scheduled Amortization | Scheduled Maturities | Total | Weighted Avg Stated Interest Rate | ||||||||||||||||||||||||||
2018 | $ | 8,762 | $ | — | $ | 8,762 | 6.17 | % | ||||||||||||||||||||||
2019 | 18,679 | 600,000 | 618,679 | 2.38 | % | |||||||||||||||||||||||||
2020 | 14,445 | 658,250 | 672,695 | 6.15 | % | |||||||||||||||||||||||||
2021 | — | 686,225 | 686,225 | 3.49 | % | |||||||||||||||||||||||||
2022 | — | 500,000 | 500,000 | 3.88 | % | |||||||||||||||||||||||||
2023 | — | 500,000 | 500,000 | 3.25 | % | |||||||||||||||||||||||||
2024 | — | 807,000 | 807,000 | 3.31 | % | |||||||||||||||||||||||||
2025 | — | 700,000 | 700,000 | 3.85 | % | |||||||||||||||||||||||||
2026 | — | 607,542 | 607,542 | 4.17 | % | |||||||||||||||||||||||||
2027 | — | 400,000 | 400,000 | 3.90 | % | |||||||||||||||||||||||||
2028+ | — | 10,911 | 10,911 | 7.08 | % | |||||||||||||||||||||||||
Total Debt Maturities | $ | 41,886 | $ | 5,469,928 | $ | 5,511,814 | 3.84 | % | ||||||||||||||||||||||
Net unamortized discount | (51 | ) | ||||||||||||||||||||||||||||
Deferred financing costs | (28,409 | ) | ||||||||||||||||||||||||||||
Debt obligations, net | $ | 5,483,354 | ||||||||||||||||||||||||||||
Detailed Maturity Schedule - Debt obligations | ||||||||||||||||||||||||||||||
Fixed Rate Secured Mortgages | Fixed Rate Unsecured Notes (1) | Fixed Rate Unsecured Credit Facility / Term Loans (1) | ||||||||||||||||||||||||||||
Year | Scheduled Amortization | Scheduled Maturities | Weighted Avg Stated Interest Rate | Scheduled Maturities | Weighted Avg Stated Interest Rate | Scheduled Maturities | Weighted Avg Stated Interest Rate | |||||||||||||||||||||||
2018 | $ | 8,762 | $ | — | 6.17 | % | $ | — | — | $ | — | — | ||||||||||||||||||
2019 | 18,679 | — | 6.17 | % | — | — | 600,000 | 2.26 | % | |||||||||||||||||||||
2020 | 14,445 | 658,250 | 6.15 | % | — | — | — | — | ||||||||||||||||||||||
2021 | — | 186,225 | 6.24 | % | — | — | 500,000 | 2.46 | % | |||||||||||||||||||||
2022 | — | — | — | 500,000 | 3.88 | % | — | — | ||||||||||||||||||||||
2023 | — | — | — | 500,000 | 3.25 | % | — | — | ||||||||||||||||||||||
2024 | — | 7,000 | 4.40 | % | 500,000 | 3.65 | % | 300,000 | 2.72 | % | ||||||||||||||||||||
2025 | — | — | — | 700,000 | 3.85 | % | — | — | ||||||||||||||||||||||
2026 | — | — | — | 607,542 | 4.17 | % | — | — | ||||||||||||||||||||||
2027 | — | — | — | 400,000 | 3.90 | % | — | — | ||||||||||||||||||||||
2028+ | — | — | — | 10,911 | 7.08 | % | — | — | ||||||||||||||||||||||
Total Debt Maturities | $ | 41,886 | $ | 851,475 | 6.16 | % | $ | 3,218,453 | 3.81 | % | $ | 1,400,000 | 2.43 | % | ||||||||||||||||
(1) No scheduled amortization prior to maturity dates. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 14 |
SUMMARY OF OUTSTANDING DEBT | |||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||
Outstanding | Weighted Average | Maturity | Percent of | ||||||||||||
Loan / Property Name | Balance | Stated Interest Rate | Date | Total Indebtedness | |||||||||||
FIXED RATE DEBT: | |||||||||||||||
Secured Mortgages | |||||||||||||||
LP - JPM CMBS (54 properties) (1) | $ | 337,089 | 6.27 | % | 8/1/20 | 6.12 | % | ||||||||
Monroe Plaza | 7,979 | 6.50 | % | 8/1/20 | 0.14 | % | |||||||||
Bethel Park Shopping Center | 9,286 | 6.50 | % | 8/1/20 | 0.17 | % | |||||||||
Ivyridge | 12,933 | 6.50 | % | 8/1/20 | 0.23 | % | |||||||||
Roosevelt Mall | 46,103 | 6.50 | % | 8/1/20 | 0.84 | % | |||||||||
Inland (Brixmor/IA, LLC) - Pool A (9 properties) | 95,586 | 5.91 | % | 12/6/20 | 1.73 | % | |||||||||
Inland (Brixmor/IA, LLC) - Pool B (8 properties) | 87,546 | 5.91 | % | 12/6/20 | 1.59 | % | |||||||||
Inland (Brixmor/IA, LLC) - Pool C (7 properties) | 93,778 | 5.91 | % | 12/31/20 | 1.70 | % | |||||||||
REIT 20 LP 51 A (4 properties) | 45,496 | 6.24 | % | 1/6/21 | 0.83 | % | |||||||||
REIT 20 LP 45 B (4 properties) | 40,904 | 6.24 | % | 1/6/21 | 0.74 | % | |||||||||
REIT 20 LP 42 C (5 properties) | 38,239 | 6.24 | % | 1/6/21 | 0.69 | % | |||||||||
REIT 20 LP 37 D (3 properties) | 33,022 | 6.24 | % | 1/6/21 | 0.60 | % | |||||||||
REIT 20 LP 43 E (4 properties) | 38,400 | 6.24 | % | 1/6/21 | 0.70 | % | |||||||||
Larchmont Centre | 7,000 | 4.40 | % | 3/1/24 | 0.13 | % | |||||||||
TOTAL FIXED RATE SECURED MORTGAGES | 893,361 | 6.16 | % | 16.21 | % | ||||||||||
Unsecured fixed rate debt | |||||||||||||||
Term Loan Facility - $600M (2) | 600,000 | 2.26 | % | 3/18/19 | 10.89 | % | |||||||||
Term Loan Facility - Tranche B (3) | 500,000 | 2.46 | % | 7/31/21 | 9.07 | % | |||||||||
Term Loan Facility - $300M (4) | 300,000 | 2.72 | % | 7/26/24 | 5.44 | % | |||||||||
TOTAL UNSECURED FIXED RATE DEBT | 1,400,000 | 2.43 | % | 25.40 | % | ||||||||||
Unsecured Notes | |||||||||||||||
3.88%, 2022 Brixmor OP Notes | 500,000 | 3.88 | % | 8/15/22 | 9.07 | % | |||||||||
3.25%, 2023 Brixmor OP Notes | 500,000 | 3.25 | % | 9/15/23 | 9.07 | % | |||||||||
3.65%, 2024 Brixmor OP Notes | 500,000 | 3.65 | % | 6/15/24 | 9.07 | % | |||||||||
3.85%, 2025 Brixmor OP Notes | 700,000 | 3.85 | % | 2/28/25 | 12.70 | % | |||||||||
4.13%, 2026 Brixmor OP Notes | 600,000 | 4.13 | % | 6/15/26 | 10.89 | % | |||||||||
7.97%, 2026 Brixmor LLC Notes | 694 | 7.97 | % | 8/14/26 | 0.01 | % | |||||||||
7.65%, 2026 Brixmor LLC Notes | 6,100 | 7.65 | % | 11/2/26 | 0.11 | % | |||||||||
7.68%, 2026 Brixmor LLC Notes I | 748 | 7.68 | % | 11/2/26 | 0.01 | % | |||||||||
3.90%, 2027 Brixmor OP Notes | 400,000 | 3.90 | % | 3/15/27 | 7.26 | % | |||||||||
6.90%, 2028 Brixmor LLC Notes I | 2,222 | 6.90 | % | 2/15/28 | 0.04 | % | |||||||||
6.90%, 2028 Brixmor LLC Notes II | 5,486 | 6.90 | % | 2/15/28 | 0.10 | % | |||||||||
7.50%, 2029 Brixmor LLC Notes | 3,203 | 7.50 | % | 7/30/29 | 0.06 | % | |||||||||
TOTAL FIXED RATE UNSECURED NOTES | 3,218,453 | 3.81 | % | 58.39 | % | ||||||||||
TOTAL FIXED RATE DEBT | $ | 5,511,814 | 3.84 | % | 100.00 | % | |||||||||
TOTAL DEBT OBLIGATIONS | $ | 5,511,814 | 3.84 | % | 100.00 | % | |||||||||
Net unamortized discount | (51 | ) | |||||||||||||
Deferred financing costs | (28,409 | ) | |||||||||||||
DEBT OBLIGATIONS, NET | $ | 5,483,354 | |||||||||||||
(1) In connection with a prepayment made during the year ended December 31, 2017, 18 properties were released from the LP - JPM CMBS loan pool during the three months ended June 30, 2018. | |||||||||||||||
(2) Effective November 1, 2016, $200,000 of the Term Loan Facility - $600M is swapped from one-month Libor to fixed at a combined rate of 0.818% (plus a spread of 140bps) through July 31, 2018, and the remaining $400,000 is swapped from one-month Libor to a fixed rate of 0.878% (plus a spread of 140bps) through March 18, 2019. | |||||||||||||||
(3) Effective November 1, 2016, the $500,000 Term Loan Facility - Tranche B is swapped from one-month Libor to a fixed rate of 1.113% (plus a spread of 135bps) through July 30, 2021. | |||||||||||||||
(4) Effective July 28, 2017, the Term Loan Facility - $300M is swapped from one-month Libor to a fixed rate of 0.8165% (plus a spread of 190bps) through July 31, 2018. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 15 |
COVENANT DISCLOSURE | |||||||||||
Unaudited, dollars in thousands | |||||||||||
Unsecured OP Notes Covenant Disclosure | |||||||||||
Covenants | 6/30/18 | ||||||||||
I. Aggregate debt test | < 65% | 49.7 | % | ||||||||
Total Debt | 5,483,354 | ||||||||||
Total Assets | 11,033,049 | ||||||||||
II. Secured debt test | < 40% | 8.2 | % | ||||||||
Total Secured Debt | 905,760 | ||||||||||
Total Assets | 11,033,049 | ||||||||||
III. Unencumbered asset ratio | > 150% | 195.6 | % | ||||||||
Total Unencumbered Assets | 8,951,790 | ||||||||||
Unsecured Debt | 4,577,594 | ||||||||||
IV. Debt service test | > 1.5x | 4.0x | |||||||||
Consolidated EBITDA | 849,034 | ||||||||||
Annual Debt Service Charge | 214,677 | ||||||||||
For detailed descriptions of the unsecured OP notes covenant calculations and definitions of capitalized terms please refer to the Prospectus Supplements filed | |||||||||||
by the OP with the Securities and Exchange Commission on January 15, 2015, August 3, 2015, June 6, 2016, August 17, 2016, March 3, 2017 and June 5, 2017 and the | |||||||||||
notes and indenture incorporated therein by reference. | |||||||||||
Unsecured Credit Facility Covenant Disclosure | |||||||||||
Covenants | 6/30/18 | ||||||||||
I. Leverage ratio | < 60% | 40.5 | % | ||||||||
Total Outstanding Indebtedness | 5,511,814 | ||||||||||
Balance Sheet Cash | 120,776 | ||||||||||
Total Asset Value | 13,303,424 | ||||||||||
II. Secured leverage ratio | < 40% | 5.8 | % | ||||||||
Total Secured Indebtedness | 893,361 | ||||||||||
Balance Sheet Cash | 120,776 | ||||||||||
Total Asset Value | 13,303,424 | ||||||||||
III. Unsecured leverage ratio | < 60% | 42.1 | % | ||||||||
Total Unsecured Indebtedness | 4,618,453 | ||||||||||
Unrestricted Cash | 72,570 | ||||||||||
Unencumbered Asset Value | 10,807,210 | ||||||||||
IV. Fixed charge coverage ratio | > 1.5x | 3.8x | |||||||||
Total Net Operating Income | 896,669 | ||||||||||
Capital Expenditure Reserve | 12,000 | ||||||||||
Fixed Charges | 231,134 | ||||||||||
For detailed descriptions of the unsecured credit facility covenant calculations and definitions of capitalized terms please refer to the Amended Revolving Credit | |||||||||||
and Term Loan Agreement, dated as of July 25, 2016 filed as Exhibit 10.5 to Form 10-Q, filed with the Securities and Exchange Commission on July 25, 2016. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 16 |
INVESTMENT SUMMARY | |||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2018 | |||||||||||||||
ACQUISITIONS | |||||||||||||||||||
Dollars in thousands, except ABR PSF | |||||||||||||||||||
Property Name | MSA | Purchase Date | Purchase Price | GLA / Acres | Percent Leased | ABR PSF | Major Tenants | ||||||||||||
Three Months Ended June 30, 2018 (1) | |||||||||||||||||||
Land adjacent to Arborland Center | Ann Arbor, MI | 6/1/18 | $ | 5,475 | 48.5 acres | - | - | - | |||||||||||
$ | 5,475 | 48.5 acres | |||||||||||||||||
TOTAL - SIX MONTHS ENDED JUNE 30, 2018 | $ | 5,475 | 48.5 acres | ||||||||||||||||
(1) In addition, Brixmor paid $1,850 to terminate the ground lease and acquire the Rite Aid building at Lehigh Shopping Center in Bethlehem, PA. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 18 |
DISPOSITIONS | |||||||||||||||||||||
Dollars in thousands, except ABR PSF | |||||||||||||||||||||
Property Name | MSA | Sale Date | Sale Price | GLA / Acres | Percent Leased | ABR PSF (1) | Major Tenants | ||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||||
Wells Fargo at Country Hills (2) | Los Angeles-Long Beach-Anaheim, CA | 1/4/18 | $ | 135 | 3,500 | 100.0 | % | $ | 5.14 | n/a | |||||||||||
Winchester Plaza | Huntsville, AL | 1/17/18 | 14,750 | 75,780 | 96.2 | % | 13.25 | Publix | |||||||||||||
Crossroads Centre | St. Louis, MO-IL | 1/24/18 | 14,650 | 242,752 | 87.9 | % | 8.50 | Ruler Foods, Big Lots, Plato's Closet, Sky Zone, T.J.Maxx | |||||||||||||
Oakwood Commons | Nashville-Davidson--Murfreesboro--Franklin, TN | 1/25/18 | 24,500 | 267,558 | 91.5 | % | 11.44 | Publix, Bed Bath & Beyond, Dollar Tree, Goody’s, PetSmart, Ross Dress for Less | |||||||||||||
Galleria Commons | Las Vegas-Henderson-Paradise, NV | 1/30/18 | 31,400 | 278,411 | 100.0 | % | 11.89 | Babies"R"Us, Burlington Stores, Kirkland’s, Stein Mart, T.J.Maxx, Tuesday Morning | |||||||||||||
Warren Plaza | Dubuque, IA | 3/30/18 | 8,950 | 96,310 | 90.5 | % | 8.48 | Hy-Vee | |||||||||||||
Clocktower Place | St. Louis, MO-IL | 3/30/18 | 12,000 | 209,832 | 92.9 | % | 7.98 | ALDI, Florissant Furniture & Rug Gallery, K&G Fashion Superstore, Ross Dress for Less | |||||||||||||
$ | 106,385 | 1,174,143 | |||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||||
Governors Town Square | Atlanta-Sandy Springs-Roswell, GA | 4/27/18 | $ | 17,450 | 68,658 | 98.0 | % | $ | 17.56 | Publix | |||||||||||
Greensboro Village | Nashville-Davidson--Murfreesboro--Franklin, TN | 4/27/18 | 14,300 | 70,203 | 98.3 | % | 14.67 | Publix | |||||||||||||
Pensacola Square | Pensacola-Ferry Pass-Brent, FL | 5/9/18 | 9,100 | 142,767 | 82.4 | % | 9.43 | Bealls Outlet, Big Lots, Petland, Sears Home Appliance Showroom | |||||||||||||
Roundtree Place | Ann Arbor, MI | 5/16/18 | 11,500 | 246,620 | 98.6 | % | 13.07 | Walmart Supercenter, Harbor Freight Tools, Ollie's Bargain Outlet | |||||||||||||
Shoppes at Hickory Hollow | Nashville-Davidson--Murfreesboro--Franklin, TN | 5/23/18 | 12,600 | 144,469 | 79.4 | % | 11.27 | Kroger, Citi Trends | |||||||||||||
Brooksville Square (2) | Tampa-St. Petersburg-Clearwater, FL | 5/31/18 | 10,000 | 60,000 | 100.0 | % | 12.04 | Publix | |||||||||||||
Southland Shopping Plaza | Toledo, OH | 6/7/18 | 4,200 | 285,278 | 67.9 | % | 7.38 | Big Lots, Planet Fitness, Shopper's World | |||||||||||||
Midpoint Center | Cape Coral-Fort Myers, FL | 6/15/18 | 16,500 | 75,386 | 98.6 | % | 13.72 | Publix | |||||||||||||
Paradise Plaza | Chico, CA | 6/29/18 | 7,887 | 196,451 | 97.9 | % | 7.90 | Save Mart, Kmart | |||||||||||||
Grand Traverse Crossing | Traverse City, MI | 6/29/18 | 35,800 | 411,758 | 100.0 | % | 27.02 | Walmart Supercenter, Books-A-Million, PetSmart, Staples, The Home Depot, Toys"R"Us, Ulta | |||||||||||||
$ | 139,337 | 1,701,590 | |||||||||||||||||||
TOTAL - SIX MONTHS ENDED JUNE 30, 2018 | $ | 245,722 | 2,875,733 |
(1) ABR PSF excludes the GLA of lessee owned leasehold improvements.
(2) Represents partial sale of shopping center. Data presented reflects only portion of property sold.
Major tenants includes only owned tenants.
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 19 |
ANCHOR SPACE REPOSITIONING SUMMARY | ||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||
Property Name | MSA | Description | ||||||||||||||||||
IN PROCESS ANCHOR SPACE REPOSITIONINGS | ||||||||||||||||||||
New Projects Added To In Process Pipeline During The Three Months Ended June 30, 2018 | ||||||||||||||||||||
1 | Lompoc Center | Santa Maria-Santa Barbara, CA | Remerchandise former Staples with a 10K SF Ulta, a 9K SF junior anchor and additional small shop space | |||||||||||||||||
2 | Superior Marketplace | Boulder, CO | Remerchandise former Sports Authority with a 23K SF Stickley Furniture and an additional junior anchor | |||||||||||||||||
3 | Annex of Arlington | Chicago-Naperville-Elgin, IL-IN-WI | Relocate and expand Binny's Beverage Depot to 34K SF, replacing a former hhgregg, and remerchandise former Binny's Beverage Depot with additional retailers | |||||||||||||||||
4 | Market Centre | Elkhart-Goshen, IN | Remerchandise former MC Sports with a 21K SF JOANN Fabric & Craft Stores | |||||||||||||||||
5 | 18 Ryan | Detroit-Warren-Dearborn, MI | Remerchandise former grocer with a 39K SF Dream Market grocer and a 13K SF RedLine Athletics | |||||||||||||||||
6 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Remerchandise former hhgregg with a 39K SF Painted Tree Marketplace | |||||||||||||||||
7 | Williamson Square | Nashville-Davidson--Murfreesboro--Franklin, TN | Remerchandise former Tuesday Morning with a 10K SF Goldfish Swim School and a 4K SF Burn Boot Camp | |||||||||||||||||
8 | Texas City Bay | Houston-The Woodlands-Sugar Land, TX | Remerchandise former Marathon Oil office space with a 22K SF Planet Fitness and additional junior anchor spaces | |||||||||||||||||
In Process Projects | ||||||||||||||||||||
9 | Springdale - Phase I | Mobile, AL | Reconfigure two-level former Belk building and remerchandise with a 25K SF Bed Bath & Beyond, an 18K SF Cost Plus World Market, an additional junior anchor space and 50K SF of second floor space | |||||||||||||||||
10 | Springdale - Phase II | Mobile, AL | Relocate and rightsize existing Burlington Stores to 47K SF and remerchandise former Old Navy with an 18K SF Burke's | |||||||||||||||||
11 | Cudahy Plaza | Los Angeles-Long Beach-Anaheim, CA | Remerchandise former Kmart with a 40K SF Chuze Fitness, a 20K SF junior anchor and additional small shop space | |||||||||||||||||
12 | Arapahoe Crossings | Denver-Aurora-Lakewood, CO | Remerchandise former Gordmans with a 40K SF Burlington Stores and a 15K SF fitness operator | |||||||||||||||||
13 | The Manchester Collection | Hartford-West Hartford-East Hartford, CT | Remerchandise former Thomasville Furniture and adjacent small shop space with a 17K SF Cost Plus World Market | |||||||||||||||||
14 | Northgate Shopping Center | Deltona-Daytona Beach-Ormond Beach, FL | Remerchandise former Sears Essentials with a 22K SF Planet Fitness and additional junior anchor space | |||||||||||||||||
15 | Hunter's Creek Plaza | Orlando-Kissimmee-Sanford, FL | Remerchandise former LA Fitness and downsize Office Depot to accommodate a 30K SF Lucky’s Market | |||||||||||||||||
16 | Redford Plaza | Detroit-Warren-Dearborn, MI | Remerchandise former grocer with a 41K SF Prince Valley Market specialty grocer and a 15K SF Citi Trends | |||||||||||||||||
17 | Ellisville Square | St. Louis, MO-IL | Remerchandise and expand former Sports Authority with a 22K SF ALDI and a 15K SF Petco | |||||||||||||||||
18 | Bedford Grove | Manchester-Nashua, NH | Remerchandise former Hannaford with a 21K SF Boston Interiors and an additional anchor tenant | |||||||||||||||||
19 | Falcaro's Plaza | New York-Newark-Jersey City, NY-NJ-PA | Remerchandise former OfficeMax and adjacent small shop space with a 20K SF Planet Fitness | |||||||||||||||||
20 | Laurel Square | New York-Newark-Jersey City, NY-NJ-PA | Recapture and remerchandise former Kmart with a 95K SF At Home | |||||||||||||||||
21 | Franklin Square | Charlotte-Concord-Gastonia, NC-SC | Remerchandise former Michaels with a 10K SF Partners in Primary Care and additional small shop space | |||||||||||||||||
22 | Florence Plaza - Florence Square | Cincinnati, OH-KY-IN | Rightsize existing T.J. Maxx / HomeGoods combo store to 48K SF to accommodate addition of a 23K SF A.C. Moore | |||||||||||||||||
23 | Dickson City Crossings - Project I | Scranton--Wilkes-Barre--Hazleton, PA | Remerchandise former sporting goods store with a 41K SF Burlington Stores and an additional junior anchor | |||||||||||||||||
24 | Dickson City Crossings - Project II | Scranton--Wilkes-Barre--Hazleton, PA | Remerchandise former hhgregg with a 28K SF Gabe's | |||||||||||||||||
25 | Crossroads Centre - Pasadena | Houston-The Woodlands-Sugar Land, TX | Remerchandise and expand former Sears Outlet with a 37K SF LA Fitness | |||||||||||||||||
26 | Northtown Plaza | Houston-The Woodlands-Sugar Land, TX | Remerchandise former Fallas Paredes with a 25K SF EL Rancho Supermercado | |||||||||||||||||
27 | Tanglewilde Center | Houston-The Woodlands-Sugar Land, TX | Remerchandise and expand former ACE Hardware with a 19K SF ALDI | |||||||||||||||||
28 | Winwood Town Center | Odessa, TX | Remerchandise former Hastings with a 25K SF dd's Discounts (Ross Dress for Less) | |||||||||||||||||
29 | The Centre at Navarro | Victoria, TX | Remerchandise former Hastings with a 20K SF Planet Fitness and additional small shop space | |||||||||||||||||
30 | Ridgeview Centre | Big Stone Gap, VA | Remerchandise remaining former Kmart space with a 20K SF Marshalls and an additional junior anchor |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 20 |
ANCHOR SPACE REPOSITIONING SUMMARY | ||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||
Property Name | MSA | Description | ||||||||||||||||||
31 | Hilltop Plaza | Virginia Beach-Norfolk-Newport News, VA-NC | Relocate and expand JOANN Fabric & Craft Stores to 24K SF, replacing a former Office Depot, and remerchandise former JOANN Fabric & Craft Stores with a 10K SF Ulta | |||||||||||||||||
Number of Projects | Net Estimated Costs (1) | Gross Costs to Date | Expected NOI Yield (1) | |||||||||||||||||
Total In Process | 31 | $ | 111,300 | $ | 28,379 | 9% - 14% | ||||||||||||||
COMPLETED ANCHOR SPACE REPOSITIONINGS | ||||||||||||||||||||
Projects Completed During The Three Months Ended June 30, 2018 | ||||||||||||||||||||
1 | Stony Brook I & II | Louisville/Jefferson County, KY-IN | Reconfigure approximately 15K SF of small shop space to accommodate expansion of existing Kroger to 116K SF Kroger Marketplace | |||||||||||||||||
2 | Hampton Village Centre - Project II | Detroit-Warren-Dearborn, MI | Relocate and reconfigure four small shop spaces to accommodate a 14K SF Petco | |||||||||||||||||
Projects Completed During The Three Months Ended March 31, 2018 | ||||||||||||||||||||
3 | Commons of Chicago Ridge | Chicago-Naperville-Elgin, IL-IN-WI | Remerchandise former Office Depot with a 28K SF Ross Dress for Less | |||||||||||||||||
4 | Haymarket Square & Haymarket Mall | Des Moines-West Des Moines, IA | Relocate and expand Aspen Athletic Club to 25K SF and remerchandise former Aspen Athletic Club with a 23K SF Harbor Freight Tools | |||||||||||||||||
5 | Wadsworth Crossings | Cleveland-Elyria, OH | Remerchandise former MC Sports with a 15K SF Planet Fitness | |||||||||||||||||
6 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Remerchandise former Sports Authority with a 44K SF Dave & Busters and a 9K SF Skechers | |||||||||||||||||
7 | Clear Lake Camino South | Houston-The Woodlands-Sugar Land, TX | Remerchandise former Hancock Fabrics and adjacent small shop spaces with a 22K SF ALDI | |||||||||||||||||
Number of Projects | Net Project Costs (1) | NOI Yield (1) | ||||||||||||||||||
Total Completed | 7 | $ | 12,762 | 15 | % | |||||||||||||||
(1) Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits). | ||||||||||||||||||||
The in process projects listed above are actively underway and reflect projects for which leases have been executed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will complete any or all of these projects, or | ||||||||||||||||||||
that the net estimated costs or expected NOI yields will be the amounts shown. The net estimated costs and expected NOI yields are management's best estimates based on current information and may change over time. For more information, please | ||||||||||||||||||||
refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 21 |
OUTPARCEL DEVELOPMENT & NEW DEVELOPMENT SUMMARY | ||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||
OUTPARCEL DEVELOPMENTS: | ||||||||||||||||||||
Net | Gross | |||||||||||||||||||
Stabilization | Estimated | Costs | Expected | |||||||||||||||||
Property Name | MSA | Project Description | Quarter | Costs (1) | to Date | NOI Yield (1) | ||||||||||||||
IN PROCESS OUTPARCEL DEVELOPMENTS | ||||||||||||||||||||
New Projects Added To In Process Pipeline During The Three Months Ended June 30, 2018 | ||||||||||||||||||||
1 | Westview Center | Chicago-Naperville-Elgin, IL-IN-WI | Construction of a 4K SF Andigo Credit Union outparcel | Dec-18 | $ | 200 | $ | 91 | 60 | % | ||||||||||
2 | Banks Station | Atlanta-Sandy Springs-Roswell, GA | Construction of a 2K SF Del Taco outparcel | Jun-19 | 400 | 57 | 20 | % | ||||||||||||
3 | Lagniappe Village | Lafayette, LA | Construction of a 5K SF Chick-fil-A outparcel | Jun-19 | 100 | 46 | 129 | % | ||||||||||||
In Process Projects | ||||||||||||||||||||
4 | Lake St. Charles | Tampa-St. Petersburg-Clearwater, FL | Construction of a 4K SF Speedy Carwash outparcel | Sep-18 | 100 | 24 | 128 | % | ||||||||||||
5 | Dalewood I, II & III Shopping Center | New York-Newark-Jersey City, NY-NJ-PA | Construction of a 5K SF outparcel with a 3K SF Shake Shack and additional small shop space | Dec-18 | 2,900 | 2,192 | 15 | % | ||||||||||||
6 | Springfield Place | New York-Newark-Jersey City, NY-NJ-PA | Construction of a 4K SF outparcel with a 2K SF Chipotle and additional small shop space | Dec-18 | 3,100 | 2,505 | 8 | % | ||||||||||||
7 | Berkshire Crossing | Pittsfield, MA | Construction of a 5K SF Chili's outparcel | Mar-19 | 300 | 287 | 46 | % | ||||||||||||
8 | Parkway Plaza | Winston-Salem, NC | Construction of a 3K SF Biscuitville outparcel | Mar-19 | 600 | 35 | 18 | % | ||||||||||||
9 | Arapahoe Crossings | Denver-Aurora-Lakewood, CO | Construction of a 5K SF outparcel with a 2K SF Dunkin' Donuts and additional small shop space | Jun-19 | 2,400 | 179 | 9 | % | ||||||||||||
10 | Market Centre | Elkhart-Goshen, IN | Construction of a 10K SF multi-tenant outparcel | Sep-19 | 3,100 | 1,726 | 9 | % | ||||||||||||
11 | Hanover Square | Richmond, VA | Construction of a 5K SF Panera and a 2K SF Chipotle | Sep-19 | 4,300 | 297 | 11 | % | ||||||||||||
TOTAL IN PROCESS OUTPARCEL DEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 17,500 | $ | 7,439 | 13 | % | ||||||||||||||
Stabilization | Net Project | |||||||||||||||||||
Property Name | MSA | Project Description | Quarter | Costs (1,2) | NOI Yield (1,2) | |||||||||||||||
COMPLETED OUTPARCEL DEVELOPMENTS | ||||||||||||||||||||
Projects Completed During The Three Months Ended June 30, 2018 | ||||||||||||||||||||
1 | Orange Grove | Houston-The Woodlands-Sugar Land, TX | Construction of a 4K SF Chick-fil-A outparcel | Jun-18 | $ | 81 | 155 | % | ||||||||||||
Projects Completed During The Three Months Ended March 31, 2018 | ||||||||||||||||||||
2 | Century Plaza Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | Demolition of existing retail space, construction of a 13K SF CVS outparcel with drive-thru and site improvements | Mar-18 | 4,426 | 12 | % | |||||||||||||
3 | Westchester Square | Kansas City, MO-KS | Construction of a 2K SF Starbucks outparcel | Mar-18 | 1,061 | 12 | % | |||||||||||||
TOTAL COMPLETED OUTPARCEL DEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 5,568 | 14 | % | ||||||||||||||||
NEW DEVELOPMENTS: | ||||||||||||||||||||
Net | Gross | |||||||||||||||||||
Stabilization | Estimated | Costs | Expected | |||||||||||||||||
Property Name | MSA | Project Description | Quarter | Costs (1) | to Date | NOI Yield (1) | ||||||||||||||
IN PROCESS NEW DEVELOPMENTS | ||||||||||||||||||||
1 | The Shops at Riverhead | New York-Newark-Jersey City, NY-NJ-PA | Construction of a 42K SF Marshalls / HomeGoods combo store, a 38K SF HomeSense (TJX), an 18K SF PetSmart, a 10K SF ULTA, a 12K SF multi-tenant retail building adjacent to an existing non-owned Costco and solar array installation | Sep-18 | $ | 39,300 | $ | 30,670 | 9 | % | ||||||||||
(1) Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits). | ||||||||||||||||||||
(2) Net project costs and NOI yields may vary from those previously disclosed due to final project reconciliations. | ||||||||||||||||||||
The in process projects listed above are actively underway and reflect projects for which leases have been executed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will complete any or all of these projects, or | ||||||||||||||||||||
that the net estimated costs or expected NOI yields will be the amounts shown or that stabilization will occur as anticipated. The net estimated costs, expected NOI yields and anticipated stabilization dates are management's best estimates based on | ||||||||||||||||||||
current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 22 |
REDEVELOPMENT SUMMARY | |||||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||||
Net | Gross | Expected | |||||||||||||||||||||
Property | Stabilization | Estimated | Costs | NOI | |||||||||||||||||||
Property Name | MSA | Project Description | Acreage | Quarter | Costs (1) | to Date | Yield (1) | ||||||||||||||||
IN PROCESS REDEVELOPMENTS | |||||||||||||||||||||||
New Projects Added To In Process Pipeline During The Three Months Ended June 30, 2018 | |||||||||||||||||||||||
1 | Wynnewood Village - Phase I | Dallas-Fort Worth-Arlington, TX | Raze 24K SF office building; relocate / terminate adjacent retail shops; ground up construction of a 34K SF LA Fitness and a 73K SF Maya Cinemas | 65 | Jun-20 | $ | 20,600 | $ | 3,547 | 8 | % | ||||||||||||
In Process Projects | |||||||||||||||||||||||
�� | |||||||||||||||||||||||
2 | Ventura Downs | Orlando-Kissimmee-Sanford, FL | Redevelopment and rebranding of center including replacing a dark anchor with a 42K SF LA Fitness and remerchandising adjacent small shop space; and shopping center upgrades including façade renovations and LED lighting | 11 | Sep-18 | 6,600 | 656 | 8 | % | ||||||||||||||
3 | Gateway Plaza - Vallejo | Vallejo-Fairfield, CA | Redevelopment of former CVS and adjacent 2.4 acres with a 16K SF DSW and a 10K SF ULTA replacing the former CVS, solar array installation, and construction of a 4K SF Panera Bread outparcel with drive-thru | 53 | Dec-18 | 9,300 | 8,552 | 9 | % | ||||||||||||||
4 | Maple Village | Ann Arbor, MI | Redevelopment of center including replacing former Kmart with a 34K SF Stein Mart, a 22K SF Sierra Trading Post, a 20K SF HomeGoods, and a 21K SF junior anchor; construction of a 34K SF LA Fitness, an outparcel retail building and a 4K SF endcap; and shopping center upgrades including façade renovations and common area enhancements | 31 | Dec-18 / Dec-19 | 31,000 | 20,678 | 8 | % | ||||||||||||||
5 | Speedway Super Center - Phase I | Indianapolis-Carmel-Anderson, IN | Redevelopment of underutilized retail space to accommodate a 40K SF Burlington Stores, a 22K SF Ross Dress for Less and a 9K SF Five Below; potential construction of an outparcel pad; and shopping center upgrades including façade renovations and updated parking lots | 66 | Mar-19 | 12,600 | 9,590 | 9 | % | ||||||||||||||
6 | Collegeville Shopping Center | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Addition of a 15K SF Kimberton Whole Foods organic grocer; construction of a new 4K SF outparcel; remerchandise 22K SF of underutilized space with retailers relevant to the surrounding community; and shopping center upgrades including façade renovations, LED lighting, new pylon signage, and new landscaping | 14 | Jun-19 | 5,500 | 1,307 | 12 | % | ||||||||||||||
7 | Marlton Crossing | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Redevelopment and rightsize existing Burlington Stores to 51K SF prototype to accommodate addition of a 33K SF Sprouts Farmers Market; remerchandise former Champps with a 10K SF Chickie & Pete's; and shopping center upgrades including reconfiguring of parking lot | 34 | Jun-19 | 9,700 | 3,926 | 7 | % | ||||||||||||||
8 | Rose Pavilion - Phase II | San Francisco-Oakland-Hayward, CA | Remerchandise former Toscana Furniture with an 8K SF Pet Supplies Plus, expansion of existing Fitness 19, and additional small shop space; and shopping center upgrades including façade upgrade, solar array installation, and common area enhancements | 27 | Sep-19 | 6,500 | 3,347 | 10 | % | ||||||||||||||
9 | Beneva Village Shoppes | North Port-Sarasota-Bradenton, FL | Demolish and rebuild existing 30-year old Publix and adjacent small shop spaces with a new 46K SF prototype; construction of new small shop endcap adjacent to Publix; shopping center upgrades including facade renovation, reconfiguration of parking lot and additional parking field enhancements such as new landscaping, irrigation and LED lighting upgrades | 14 | Sep-19 | 10,500 | 1,762 | 10 | % | ||||||||||||||
10 | High Point Centre | Chicago-Naperville-Elgin, IL-IN-WI | Redevelopment of 40K SF of retail space with a 34K SF LA Fitness and 2K SF of small shops; construction of a 5K SF outparcel; shopping center upgrades including partial façade renovations, LED lighting, parking lot upgrades, new sidewalks and landscaping | 35 | Sep-19 | 10,500 | 1,425 | 9 | % | ||||||||||||||
11 | Braes Heights | Houston-The Woodlands-Sugar Land, TX | Expansion of existing My Salon Suite to 12K SF; remerchandise shopping center with new relevant retailers; shopping center upgrades including full center façade renovation, parking reconfiguration, pylon sign improvements and new landscaping | 6 | Sep-19 | 6,500 | 655 | 8 | % | ||||||||||||||
12 | Village at Mira Mesa - Phase I (2) | San Diego-Carlsbad, CA | Remerchandise and expand former Kohl’s with a 32K SF Sprouts Farmers Market, a 21K SF Michaels, a 20K SF BevMo!; and a 9K SF Five Below; demolish existing outparcel to accommodate construction of a 6K SF multi-tenant retail building; shopping center upgrades including facade renovations, new landscaping, parking realignment, point of entry and pylon sign improvements; and sustainable features including solar array installation, LED lighting, smart irrigation and lighting control, wireless mesh network systems, and electric vehicle charging stations | 36 | Dec-19 | 21,000 | 7,066 | 9 | % | ||||||||||||||
13 | Mamaroneck Centre | New York-Newark-Jersey City, NY-NJ-PA | Redevelopment of former A&P with a 12K SF CVS and a 13K SF North Shore Farms; demolish adjacent 5K SF residential building (acquired in anticipation of redevelopment) to accommodate construction of 12K SF of small shop retail; shopping center upgrades including landscaping, storm water upgrades, parking lot enhancements and LED lighting | 2 | Jun-20 | 11,100 | 4,790 | 11 | % | ||||||||||||||
TOTAL IN PROCESS REDEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 161,400 | $ | 67,301 | 9 | % | |||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 23 |
REDEVELOPMENT SUMMARY | |||||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||||
Property | Stabilization | Net Project | NOI | ||||||||||||||||||||
Property Name | MSA | Project Description | Acreage | Quarter | Costs (1,3) | Yield (1,3) | |||||||||||||||||
COMPLETED REDEVELOPMENTS | |||||||||||||||||||||||
Projects Completed During The Three Months Ended June 30, 2018 | |||||||||||||||||||||||
1 | Sagamore Park Centre | Lafayette-West Lafayette, IN | Redevelopment and expansion of existing Pay Less (Kroger) with a 91K SF prototype by demolishing 11K SF of underutilized small shops; remerchandise additional small shop spaces with relevant retailers including a 3K SF Pet Valu, a 2K SF Nothing Bundt Cakes, and a 2K SF T-Mobile; and shopping center upgrades including façade renovations, LED lighting, new landscaping, and common area enhancements | 14 | Jun-18 | $ | 1,800 | 14 | % | ||||||||||||||
Projects Completed During The Three Months Ended March 31, 2018 | |||||||||||||||||||||||
2 | Erie Canal Centre | Syracuse, NY | Redevelopment of former Kmart and other vacant anchor space with a 50K SF Dick’s Sporting Goods, a 40K SF Burlington Stores, and a 26K SF Michaels; potential construction of 8K SF of small shop space and outparcel pad; and shopping center upgrades including façade renovations, LED lighting, parking realignment, new landscaping, pylon sign upgrade, and common area enhancements | 11 | Mar-18 | 15,800 | 8 | % | |||||||||||||||
TOTAL COMPLETED REDEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 17,600 | 8 | % | |||||||||||||||||||
(1) Represents gross project costs less any project specific credits (lease termination fees or other ancillary credits). | |||||||||||||||||||||||
(2) Net estimated costs exclude $3 million of project specific credits (lease termination fees or other ancillary credits). | |||||||||||||||||||||||
(3) Net project costs and NOI yields may vary from those previously disclosed due to final project reconciliations. | |||||||||||||||||||||||
The in process projects listed above are actively underway and reflect projects for which leases have been executed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will complete any or all of these projects, or | |||||||||||||||||||||||
that the net estimated costs or expected NOI yields will be the amounts shown or that stabilization will occur as anticipated. The net estimated costs, expected NOI yields and anticipated stabilization dates are management's best estimates based on | |||||||||||||||||||||||
current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 24 |
FUTURE REDEVELOPMENT OPPORTUNITIES | ||||||||
Property Name | MSA | Project Description | ||||||
MAJOR REDEVELOPMENTS | ||||||||
1 | Springdale | Mobile, AL | Further repositioning of existing anchor space for multiple retailers, potential outparcel development | |||||
2 | University Mall | Sacramento--Roseville--Arden-Arcade, CA | Extensive repositioning and reconfiguration with experiential retailers, densification of site, potential residential component | |||||
3 | Village at Mira Mesa - Phase II | San Diego-Carlsbad, CA | Redevelopment of outparcels for multiple retailers and/or restaurants, potential construction of residential rental component, enhancement of common areas | |||||
4 | Mall at 163rd Street | Miami-Fort Lauderdale-West Palm Beach, FL | Extensive redevelopment and repositioning of shopping center, densification of site, reconfiguration of existing retail space | |||||
5 | Miami Gardens | Miami-Fort Lauderdale-West Palm Beach, FL | Redevelopment of existing anchor space for multiple retailers and/or entertainment users, potential outparcel development | |||||
6 | Dolphin Village | Tampa-St. Petersburg-Clearwater, FL | Remerchandise with experiential retailers, addition of a new anchor prototype, reconfiguration of space for junior anchors, outparcel development | |||||
7 | Northeast Plaza | Atlanta-Sandy Springs-Roswell, GA | Extensive repositioning and reconfiguration, densification of site | |||||
8 | Arborland Center (1) | Ann Arbor, MI | Redevelopment and repositioning of shopping center, densification of site | |||||
9 | Roosevelt Mall | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Extensive repositioning and reconfiguration, densification of site | |||||
10 | Village at Newtown | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Redevelopment and repositioning of shopping center, densification of site | |||||
11 | Market Plaza | Dallas-Fort Worth-Arlington, TX | Extensive redevelopment and repositioning of shopping center, remerchandise with multiple retailers | |||||
12 | Spring Mall | Milwaukee-Waukesha-West Allis, WI | Extensive redevelopment and reconfiguration of shopping center, potential outparcel development | |||||
MINOR REDEVELOPMENTS | ||||||||
1 | Carmen Plaza | Oxnard-Thousand Oaks-Ventura, CA | Reconfiguration of obsolete space and repurpose for national retailers, enhancement of common areas, sustainability upgrades | |||||
2 | Venetian Isle Shopping Ctr | Miami-Fort Lauderdale-West Palm Beach, FL | Redevelopment of existing anchor space for new anchor prototype, potential outparcel development | |||||
3 | Freedom Square | Naples-Immokalee-Marco Island, FL | Redevelopment of existing anchor space for multiple retailers and/or entertainment users, potential outparcel development | |||||
4 | Marco Town Center | Naples-Immokalee-Marco Island, FL | Remerchandise with experiential retailers, reconfiguration of common areas for community space | |||||
5 | Pointe Orlando | Orlando-Kissimmee-Sanford, FL | Redevelopment, densification and rebranding for multiple retailers and/or entertainment users | |||||
6 | Clearwater Mall | Tampa-St. Petersburg-Clearwater, FL | Redevelopment of existing anchor space and adjacent retail space for multiple retailers | |||||
7 | Seminole Plaza (1) | Tampa-St. Petersburg-Clearwater, FL | Reposition and remerchandise existing anchor space for multiple retailers | |||||
8 | Tyrone Gardens (1) | Tampa-St. Petersburg-Clearwater, FL | Rebranding of shopping center, including reconfiguration of small shop space | |||||
9 | Mansell Crossing (1) | Atlanta-Sandy Springs-Roswell, GA | Redevelopment of existing anchor space and adjacent retail space for multiple retailers | |||||
10 | Tinley Park Plaza | Chicago-Naperville-Elgin, IL-IN-WI | Reconfiguration of existing footprint for multiple retailers and/or entertainment users, outparcel development | |||||
11 | Market Centre | Elkhart-Goshen, IN | Densification of site, including several multi-tenant outparcel buildings | |||||
12 | Speedway Super Center - Phase II | Indianapolis-Carmel-Anderson, IN | Rebranding of shopping center, including reconfiguration of existing footprint for multiple retailers, potential outparcel development | |||||
13 | London Marketplace | London, KY | Reposition and remerchandise existing anchor space for multiple retailers, potential outparcel development | |||||
14 | Webster Square Shopping Center | Boston-Cambridge-Newton, MA-NH | Redevelopment of existing pad building for multiple retailers | |||||
15 | Hampton Village Centre | Detroit-Warren-Dearborn, MI | Densification of site, including outparcel developments and remerchandising of shopping center | |||||
16 | Redford Plaza | Detroit-Warren-Dearborn, MI | Redevelopment of existing anchor space for multiple retailers, potential outparcel development, façade renovations | |||||
17 | Richfield Hub | Minneapolis-St. Paul-Bloomington, MN-WI | Redevelopment and repositioning of shopping center, densification of site | |||||
18 | Roseville Center | Minneapolis-St. Paul-Bloomington, MN-WI | Reconfigure and repurpose obsolete space, remerchandise with relevant and national retailers | |||||
19 | Capitol Shopping Center | Concord, NH | Redevelopment of existing anchor space for multiple retailers | |||||
20 | Bedford Grove | Manchester-Nashua, NH | Redevelopment of existing anchor space for multiple retailers, potential outparcel development, enhancement of common areas | |||||
21 | Hamilton Plaza | Trenton, NJ | Redevelopment of existing anchor space for multiple retailers, potential outparcel development | |||||
22 | Laurel Square | New York-Newark-Jersey City, NY-NJ-PA | Redevelopment of existing anchor space for multiple retailers, enhancement of common areas | |||||
23 | Stewart Plaza | New York-Newark-Jersey City, NY-NJ-PA | Reconfigure existing anchor space and remerchandise for multiple retailers | |||||
24 | Suffolk Plaza | New York-Newark-Jersey City, NY-NJ-PA | Redevelopment of existing anchor space for multiple retailers, enhancement of common areas | |||||
25 | Western Hills Plaza | Cincinnati, OH-KY-IN | Redevelopment of existing anchor space for multiple retailers, enhancement of common areas | |||||
26 | Park Hills Plaza | Altoona, PA | Reconfigure and remerchandise obsolete space, potential outparcel development | |||||
27 | Collegetown Shopping Center | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Redevelopment of existing anchor spaces for multiple retailers, potential outparcel development, enhancement of common areas | |||||
28 | Whitemarsh Shopping Center | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Densification of site, including outparcel development | |||||
29 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Redevelopment of existing anchor space for multiple retailers, potential outparcel development |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 25 |
FUTURE REDEVELOPMENT OPPORTUNITIES | ||||||||
Property Name | MSA | Project Description | ||||||
30 | Carmel Village | Corpus Christi, TX | Redevelopment of existing anchor space for multiple retailers, potential outparcel development, façade renovations | |||||
31 | Jeff Davis | Dallas-Fort Worth-Arlington, TX | Remerchandise former discount grocer and existing small shop space | |||||
32 | Preston Park Village | Dallas-Fort Worth-Arlington, TX | Repurpose, assemble and reposition for national retail merchandise mix, densification of site, enhancement of common areas | |||||
33 | Jester Village | Houston-The Woodlands-Sugar Land, TX | Redevelopment of existing anchor space for multiple retailers, densification of site, enhancement of common areas | |||||
34 | Texas City Bay | Houston-The Woodlands-Sugar Land, TX | Redevelopment of existing anchor space for multiple retailers, densification of site | |||||
35 | Hanover Square | Richmond, VA | Redevelopment of existing anchor space, outparcel development including multi-tenant retail building | |||||
36 | Hilltop Plaza | Virginia Beach-Norfolk-Newport News, VA-NC | Relocation of existing anchors to facilitate remerchandising of the shopping center | |||||
(1) Indicates project added to pipeline during the three months ended June 30, 2018. | ||||||||
The Company has identified potential future reinvestment opportunities at the properties listed above. Many of these opportunities are, or will soon be, in preliminary planning phases and as such, may not ultimately become active reinvestments. Proceeding | ||||||||
with these reinvestments could be subject to factors outside of the Company’s control which could delay, suspend or defer the expected opportunity or timing of execution. While the Company expects that these projects are likely to become active | ||||||||
in the near-term, it should be noted that this list will fluctuate as projects become active, suspended or otherwise rescheduled. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K | ||||||||
for the year ended December 31, 2017. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 26 |
PORTFOLIO SUMMARY | ||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2018 | ||||||||||||||
Individual values herein may not add up to totals due to rounding. |
PORTFOLIO OVERVIEW | ||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | ||||||||||||||||||||||||||||||
As of: | ||||||||||||||||||||||||||||||
6/30/18 | 3/31/18 | 12/31/17 | 9/30/17 | 6/30/17 | ||||||||||||||||||||||||||
Number of properties | 471 | 480 | 486 | 498 | 507 | |||||||||||||||||||||||||
GLA | 79,997,289 | 81,732,582 | 82,812,209 | 84,091,870 | 85,460,362 | |||||||||||||||||||||||||
Percent billed | 89.4 | % | 89.8 | % | 90.3 | % | 89.6 | % | 89.9 | % | ||||||||||||||||||||
Percent leased | 92.5 | % | 92.1 | % | 92.2 | % | 91.6 | % | 92.0 | % | ||||||||||||||||||||
TOTAL ≥ 10,000 SF | 95.6 | % | 95.4 | % | 95.5 | % | 94.7 | % | 95.0 | % | ||||||||||||||||||||
TOTAL < 10,000 SF | 85.1 | % | 84.4 | % | 84.5 | % | 84.4 | % | 85.0 | % | ||||||||||||||||||||
ABR | $ | 941,392 | $ | 943,734 | $ | 949,568 | $ | 945,721 | $ | 959,800 | ||||||||||||||||||||
ABR PSF | $ | 13.73 | $ | 13.61 | $ | 13.47 | $ | 13.28 | $ | 13.21 | ||||||||||||||||||||
PORTFOLIO BY UNIT SIZE AS OF 6/30/18 | ||||||||||||||||||||||||||||||
Number of Units | GLA | Percent Billed | Percent Leased | Percent of Vacant GLA | ABR | ABR PSF | ||||||||||||||||||||||||
≥ 35,000 SF | 528 | 32,176,036 | 94.3 | % | 96.6 | % | 18.3 | % | $ | 258,333 | $ | 9.63 | ||||||||||||||||||
20,000 – 34,999 SF | 536 | 14,085,829 | 90.8 | % | 95.8 | % | 9.8 | % | 140,202 | 10.57 | ||||||||||||||||||||
10,000 - 19,999 SF | 706 | 9,629,612 | 88.8 | % | 92.2 | % | 12.5 | % | 117,191 | 13.57 | ||||||||||||||||||||
5,000 - 9,999 SF | 1,300 | 8,955,967 | 84.0 | % | 86.6 | % | 19.9 | % | 127,582 | 17.17 | ||||||||||||||||||||
< 5,000 SF | 7,246 | 15,149,845 | 81.3 | % | 84.2 | % | 39.6 | % | 298,084 | 24.05 | ||||||||||||||||||||
TOTAL | 10,316 | 79,997,289 | 89.4 | % | 92.5 | % | 100.0 | % | $ | 941,392 | $ | 13.73 | ||||||||||||||||||
TOTAL ≥ 10,000 SF | 1,770 | 55,891,477 | 92.5 | % | 95.6 | % | 40.6 | % | $ | 515,726 | $ | 10.58 | ||||||||||||||||||
TOTAL < 10,000 SF | 8,546 | 24,105,812 | 82.3 | % | 85.1 | % | 59.4 | % | 425,666 | 21.47 | ||||||||||||||||||||
Reflects portfolio statistics as reported for the specified period. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 28 |
TOP FORTY RETAILERS RANKED BY ABR | ||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | ||||||||||||||||||||||||||
Retailer | Owned Leases | Leased GLA | Percent of Total Portfolio GLA | Leased ABR | Portfolio Leased ABR | ABR PSF | ||||||||||||||||||||
1 | The TJX Companies, Inc. (1) | 89 | 2,761,536 | 3.5 | % | $ | 29,670 | 3.2 | % | $ | 10.74 | |||||||||||||||
2 | The Kroger Co. (2) | 61 | 4,054,956 | 5.1 | % | 28,660 | 3.0 | % | 7.07 | |||||||||||||||||
3 | Dollar Tree Stores, Inc. (3) | 149 | 1,688,070 | 2.1 | % | 17,793 | 1.9 | % | 10.54 | |||||||||||||||||
4 | Ahold Delhaize (4) | 25 | 1,351,798 | 1.7 | % | 14,160 | 1.5 | % | 10.47 | |||||||||||||||||
5 | Publix Super Markets, Inc. | 31 | 1,377,761 | 1.7 | % | 12,968 | 1.4 | % | 9.41 | |||||||||||||||||
6 | Wal-Mart Stores, Inc. (5) | 23 | 2,778,769 | 3.5 | % | 12,750 | 1.4 | % | 4.59 | |||||||||||||||||
7 | Burlington Stores, Inc. | 23 | 1,495,345 | 1.9 | % | 12,704 | 1.3 | % | 8.50 | |||||||||||||||||
8 | Albertson's Companies, Inc. (6) | 20 | 1,122,477 | 1.4 | % | 11,788 | 1.3 | % | 10.50 | |||||||||||||||||
9 | Ross Stores, Inc. (7) | 33 | 894,967 | 1.1 | % | 10,257 | 1.1 | % | 11.46 | |||||||||||||||||
10 | Bed Bath & Beyond, Inc. (8) | 31 | 766,123 | 1.0 | % | 9,836 | 1.0 | % | 12.84 | |||||||||||||||||
485 | 18,291,802 | 23.0 | % | 160,586 | 17.1 | % | 8.78 | |||||||||||||||||||
11 | L.A. Fitness International, LLC | 14 | 595,515 | 0.7 | % | 9,636 | 1.0 | % | 16.18 | |||||||||||||||||
12 | PetSmart, Inc. (9) | 27 | 604,037 | 0.8 | % | 8,924 | 0.9 | % | 14.77 | |||||||||||||||||
13 | Big Lots, Inc. | 41 | 1,352,446 | 1.7 | % | 8,709 | 0.9 | % | 6.44 | |||||||||||||||||
14 | PETCO Animal Supplies, Inc. (10) | 37 | 493,798 | 0.6 | % | 8,397 | 0.9 | % | 17.00 | |||||||||||||||||
15 | Best Buy Co., Inc. | 15 | 613,462 | 0.8 | % | 8,308 | 0.9 | % | 13.54 | |||||||||||||||||
16 | Party City Holdco Inc. | 36 | 518,601 | 0.6 | % | 7,511 | 0.8 | % | 14.48 | |||||||||||||||||
17 | Office Depot, Inc. (11) | 30 | 653,188 | 0.8 | % | 7,312 | 0.8 | % | 11.19 | |||||||||||||||||
18 | The Michaels Companies, Inc. | 26 | 581,254 | 0.7 | % | 6,814 | 0.7 | % | 11.72 | |||||||||||||||||
19 | Kohl's Corporation | 11 | 907,322 | 1.1 | % | 6,787 | 0.7 | % | 7.48 | |||||||||||||||||
20 | DICK's Sporting Goods, Inc. (12) | 12 | 466,963 | 0.6 | % | 6,591 | 0.7 | % | 14.11 | |||||||||||||||||
734 | 25,078,388 | 31.4 | % | 239,575 | 25.4 | % | 9.55 | |||||||||||||||||||
21 | Staples, Inc. | 25 | 514,634 | 0.6 | % | 6,567 | 0.7 | % | 12.76 | |||||||||||||||||
22 | Hobby Lobby Stores, Inc. (13) | 16 | 973,217 | 1.2 | % | 6,505 | 0.7 | % | 6.68 | |||||||||||||||||
23 | Ulta Beauty, Inc. (14) | 23 | 262,731 | 0.3 | % | 5,778 | 0.6 | % | 21.99 | |||||||||||||||||
24 | H.E. Butt Grocery Company (15) | 7 | 419,204 | 0.5 | % | 5,419 | 0.6 | % | 12.93 | |||||||||||||||||
25 | Mattress Firm, Inc. | 41 | 241,950 | 0.3 | % | 5,396 | 0.6 | % | 22.30 | |||||||||||||||||
26 | Ascena Retail Group, Inc. (16) | 47 | 287,104 | 0.4 | % | 5,371 | 0.6 | % | 18.71 | |||||||||||||||||
27 | Sears Holdings Corporation (17) | 11 | 1,096,294 | 1.4 | % | 5,222 | 0.6 | % | 4.76 | |||||||||||||||||
28 | The Home Depot, Inc. | 7 | 687,541 | 0.9 | % | 5,204 | 0.6 | % | 7.57 | |||||||||||||||||
29 | CVS Health | 21 | 279,257 | 0.3 | % | 5,090 | 0.5 | % | 18.23 | |||||||||||||||||
30 | JOANN Stores, Inc. | 23 | 439,420 | 0.5 | % | 4,806 | 0.5 | % | 10.94 | |||||||||||||||||
31 | Five Below, Inc. | 28 | 241,190 | 0.3 | % | 4,587 | 0.5 | % | 19.02 | |||||||||||||||||
32 | Southeastern Grocers (18) | 12 | 568,562 | 0.7 | % | 4,534 | 0.5 | % | 7.97 | |||||||||||||||||
33 | DSW Inc. | 14 | 268,691 | 0.3 | % | 4,376 | 0.5 | % | 16.29 | |||||||||||||||||
34 | Sally Beauty Holdings, Inc. (19) | 108 | 191,882 | 0.2 | % | 4,369 | 0.5 | % | 22.77 | |||||||||||||||||
35 | Giant Eagle, Inc. | 5 | 391,503 | 0.5 | % | 4,285 | 0.5 | % | 10.94 | |||||||||||||||||
36 | JP Morgan Chase & Co. | 30 | 109,970 | 0.1 | % | 4,267 | 0.5 | % | 38.80 | |||||||||||||||||
37 | AMC Entertainment Holdings, Inc. | 4 | 214,355 | 0.3 | % | 4,151 | 0.4 | % | 19.37 | |||||||||||||||||
38 | Gap, Inc. (20) | 15 | 236,332 | 0.3 | % | 4,133 | 0.4 | % | 17.49 | |||||||||||||||||
39 | Walgreen Co. | 17 | 246,409 | 0.3 | % | 4,066 | 0.4 | % | 16.50 | |||||||||||||||||
40 | Barnes & Noble, Inc. | 10 | 224,673 | 0.3 | % | 4,023 | 0.4 | % | 17.91 | |||||||||||||||||
TOTAL TOP 40 RETAILERS | 1,198 | 32,973,307 | 41.1 | % | $ | 337,724 | 36.0 | % | $ | 10.24 | ||||||||||||||||
(1) Includes T.J. Maxx-43, Marshalls-35, HomeGoods-10, and Sierra | (6) Includes Vons-4, Acme-3, Randalls-3, Albertsons-2, Jewel-Osco-2, | |||||||||||||||||||||||||
Trading Post-1. Excludes two leases at new development property. | Shaw's-2, Tom Thumb-2, Shop & Save Market-1 and Star Market-1. | (14) Excludes Ulta at new development property. | ||||||||||||||||||||||||
(2) Includes Kroger-47, King Soopers-3, Harris Teeter-3, Ralphs-2, Pick ' N Save-2, | (7) Includes Ross Dress for Less-30 and dd's Discounts-3. | (15) Includes H-E-B-6 and Central Market-1. | ||||||||||||||||||||||||
Dillons-1, Food 4 Less-1, Pay Less-1 and Smith's-1 | (8) Includes Bed Bath & Beyond-16, Harmon Face Values-6, Christmas | (16) Includes dressbarn-17, Catherines-10, Justice-7, Lane Bryant-7, | ||||||||||||||||||||||||
(3) Includes Dollar Tree-122, Family Dollar-26 and Deals$-1. | Tree Shops-4, Cost Plus World Market-3 and buybuy Baby-2. | maurices-5 and Ann Taylor-1. | ||||||||||||||||||||||||
(4) Includes Giant Food-8, Super Stop & Shop-7, Food Lion-5, Stop & Shop-2, | (9) Excludes PetSmart at new development property. | (17) Includes Kmart-9 and Sears-2. | ||||||||||||||||||||||||
Bottom Dollar Food-1, Hannaford-1 and Tops Market-1. Excludes one lease | (10) Includes PETCO-36 and Unleashed-1. | (18) Includes Winn-Dixie-6, BI-LO-3, Harveys-2 and Fresco y Más-1. | ||||||||||||||||||||||||
where retailer is guarantor. | (11) Includes Office Depot-16 and OfficeMax-14. | (19) Includes Sally Beauty-99, Cosmoprof-8 and Macon Beauty Systems-1. | ||||||||||||||||||||||||
(5) Includes Supercenters-11, Discount Stores-6, Walmart Neighborhood | (12) Includes DICK'S Sporting Goods-8 and Golf Galaxy-4. | (20) Includes Old Navy-11, GAP Factory-3 and Banana Republic-1. | ||||||||||||||||||||||||
Market-5 and Sam's Club-1. | (13) Includes Hobby Lobby-15 and Hemispheres-1. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 29 |
NEW & RENEWAL LEASE SUMMARY | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Tenant Improvements and Allowances PSF (1) | Third Party Leasing Commissions PSF | Weighted Average Lease Term (years) | Comparable Only | |||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR | New ABR PSF | Leases | GLA | New ABR PSF | Old ABR PSF | Rent Spread | ||||||||||||||||||||||||||||||||||||||
TOTAL - NEW, RENEWAL & OPTION LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/18 | 576 | 3,396,474 | $ | 50,355 | $ | 14.83 | $ | 7.60 | $ | 1.37 | 6.6 | 477 | 2,754,832 | $ | 14.99 | $ | 13.48 | 11.2 | % | |||||||||||||||||||||||||||
Three months ended 3/31/18 | 440 | 2,745,080 | 39,606 | 14.43 | 8.90 | 1.63 | 7.3 | 371 | 2,228,858 | 14.76 | 12.89 | 14.5 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/17 | 461 | 2,918,966 | 42,641 | 14.61 | 7.35 | 1.24 | 6.0 | 381 | 2,537,208 | 14.41 | 12.65 | 13.9 | % | |||||||||||||||||||||||||||||||||
Three months ended 9/30/17 | 486 | 3,419,078 | 48,573 | 14.21 | 7.19 | 0.93 | 6.3 | 396 | 3,023,756 | 13.99 | 12.70 | 10.2 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,963 | 12,479,598 | $ | 181,175 | $ | 14.52 | $ | 7.71 | $ | 1.28 | 6.5 | 1,625 | 10,544,654 | $ | 14.51 | $ | 12.93 | 12.2 | % | |||||||||||||||||||||||||||
NEW & RENEWAL LEASES ONLY | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/18 | 464 | 2,077,701 | $ | 34,534 | $ | 16.62 | $ | 12.23 | $ | 2.19 | 7.6 | 365 | 1,436,059 | $ | 17.73 | $ | 15.51 | 14.3 | % | |||||||||||||||||||||||||||
Three months ended 3/31/18 | 395 | 2,046,088 | 31,087 | 15.19 | 11.94 | 2.19 | 8.0 | 326 | 1,529,866 | 15.93 | 13.65 | 16.7 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/17 | 412 | 2,318,617 | 35,039 | 15.11 | 9.23 | 1.57 | 6.3 | 332 | 1,936,859 | 14.96 | 12.90 | 16.0 | % | |||||||||||||||||||||||||||||||||
Three months ended 9/30/17 | 393 | 2,088,931 | 31,305 | 14.99 | 11.76 | 1.52 | 7.1 | 303 | 1,693,609 | 14.78 | 13.11 | 12.7 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,664 | 8,531,337 | $ | 131,965 | $ | 15.47 | $ | 11.23 | $ | 1.86 | 7.2 | 1,326 | 6,596,393 | $ | 15.74 | $ | 13.70 | 14.9 | % | |||||||||||||||||||||||||||
NEW LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/18 | 176 | 1,013,676 | $ | 15,093 | $ | 14.89 | $ | 23.52 | $ | 4.46 | 9.6 | 80 | 381,233 | $ | 16.40 | $ | 12.74 | 28.7 | % | |||||||||||||||||||||||||||
Three months ended 3/31/18 | 151 | 1,042,526 | 15,090 | 14.47 | 21.11 | 4.29 | 10.2 | 82 | 526,304 | 15.91 | 11.64 | 36.7 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/17 | 146 | 872,645 | 14,131 | 16.19 | 20.62 | 4.15 | 9.2 | 67 | 493,973 | 16.48 | 11.55 | 42.7 | % | |||||||||||||||||||||||||||||||||
Three months ended 9/30/17 | 158 | 723,207 | 12,216 | 16.89 | 23.39 | 4.19 | 8.8 | 71 | 364,060 | 17.33 | 14.36 | 20.7 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 631 | 3,652,054 | $ | 56,530 | $ | 15.48 | $ | 22.11 | $ | 4.28 | 9.5 | 300 | 1,765,570 | $ | 16.47 | $ | 12.41 | 32.7 | % | |||||||||||||||||||||||||||
RENEWAL LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/18 | 288 | 1,064,025 | $ | 19,441 | $ | 18.27 | $ | 1.47 | $ | 0.03 | 5.6 | 285 | 1,054,826 | $ | 18.22 | $ | 16.51 | 10.4 | % | |||||||||||||||||||||||||||
Three months ended 3/31/18 | 244 | 1,003,562 | 15,997 | 15.94 | 2.40 | — | 5.6 | 244 | 1,003,562 | 15.94 | 14.70 | 8.4 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/17 | 266 | 1,445,972 | 20,908 | 14.46 | 2.35 | 0.01 | 4.6 | 265 | 1,442,886 | 14.44 | 13.37 | 8.0 | % | |||||||||||||||||||||||||||||||||
Three months ended 9/30/17 | 235 | 1,365,724 | 19,089 | 13.98 | 5.61 | 0.10 | 6.2 | 232 | 1,329,549 | 14.08 | 12.77 | 10.3 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,033 | 4,879,283 | $ | 75,435 | $ | 15.46 | $ | 3.08 | $ | 0.04 | 5.5 | 1,026 | 4,830,823 | $ | 15.48 | $ | 14.17 | 9.2 | % | |||||||||||||||||||||||||||
OPTION LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/18 | 112 | 1,318,773 | $ | 15,821 | $ | 12.00 | $ | 0.30 | $ | 0.08 | 5.2 | 112 | 1,318,773 | $ | 12.00 | $ | 11.28 | 6.4 | % | |||||||||||||||||||||||||||
Three months ended 3/31/18 | 45 | 698,992 | 8,519 | 12.19 | — | — | 5.3 | 45 | 698,992 | 12.19 | 11.23 | 8.5 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/17 | 49 | 600,349 | 7,602 | 12.66 | 0.08 | — | 5.0 | 49 | 600,349 | 12.66 | 11.82 | 7.1 | % | |||||||||||||||||||||||||||||||||
Three months ended 9/30/17 | 93 | 1,330,147 | 17,268 | 12.98 | — | — | 5.0 | 93 | 1,330,147 | 12.98 | 12.19 | 6.5 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 299 | 3,948,261 | $ | 49,210 | $ | 12.46 | $ | 0.11 | $ | 0.03 | 5.1 | 299 | 3,948,261 | $ | 12.46 | $ | 11.66 | 6.9 | % | |||||||||||||||||||||||||||
LEASES BY ANCHOR AND SMALL SHOP | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended 6/30/18 | TTM Ended 6/30/18 | |||||||||||||||||||||||||||||||||||||||||||||
% of Leases | % of GLA | % of ABR | New ABR PSF | Rent Spread (2) | % of Leases | % of GLA | % of ABR | New ABR PSF | Rent Spread (2) | |||||||||||||||||||||||||||||||||||||
Anchor Leases (≥ 10,000 SF) | ||||||||||||||||||||||||||||||||||||||||||||||
Total - New, Renewal & Option Leases | 13 | % | 61 | % | 43 | % | $ | 10.42 | 10.7 | % | 15 | % | 65 | % | 47 | % | $ | 10.63 | 12.1 | % | ||||||||||||||||||||||||||
New & Renewal Leases Only | 8 | % | 48 | % | 32 | % | 11.20 | 19.6 | % | 12 | % | 56 | % | 39 | % | 10.76 | 17.8 | % | ||||||||||||||||||||||||||||
New Leases | 13 | % | 62 | % | 43 | % | 10.42 | 44.7 | % | 15 | % | 63 | % | 46 | % | 11.31 | 42.6 | % | ||||||||||||||||||||||||||||
Renewal Leases | 5 | % | 34 | % | 23 | % | 12.55 | 11.6 | % | 9 | % | 51 | % | 34 | % | 10.25 | 8.1 | % | ||||||||||||||||||||||||||||
Option Leases | 31 | % | 82 | % | 66 | % | 9.71 | 5.8 | % | 35 | % | 83 | % | 69 | % | 10.43 | 6.4 | % | ||||||||||||||||||||||||||||
Small Shop Leases (< 10,000 SF) | ||||||||||||||||||||||||||||||||||||||||||||||
Total - New, Renewal & Option Leases | 88 | % | 39 | % | 57 | % | $ | 21.66 | 11.5 | % | 85 | % | 35 | % | 53 | % | $ | 21.65 | 12.3 | % | ||||||||||||||||||||||||||
New & Renewal Leases Only | 92 | % | 52 | % | 68 | % | 21.54 | 12.6 | % | 88 | % | 44 | % | 61 | % | 21.55 | 13.4 | % | ||||||||||||||||||||||||||||
New Leases | 87 | % | 38 | % | 57 | % | 22.08 | 22.9 | % | 85 | % | 37 | % | 54 | % | 22.60 | 25.5 | % | ||||||||||||||||||||||||||||
Renewal Leases | 95 | % | 66 | % | 77 | % | 21.23 | 9.9 | % | 91 | % | 49 | % | 66 | % | 20.96 | 9.9 | % | ||||||||||||||||||||||||||||
Option Leases | 69 | % | 18 | % | 34 | % | 22.25 | 7.5 | % | 65 | % | 17 | % | 31 | % | 22.18 | 8.0 | % | ||||||||||||||||||||||||||||
(1) Includes tenant-specific landlord work. | ||||||||||||||||||||||||||||||||||||||||||||||
(2) Comparable leases only. | ||||||||||||||||||||||||||||||||||||||||||||||
Includes new development property. Excludes leases executed for terms of less than one year. | ||||||||||||||||||||||||||||||||||||||||||||||
ABR PSF includes the GLA of lessee-owned leasehold improvements. | ||||||||||||||||||||||||||||||||||||||||||||||
Reflects portfolio statistics as reported for the specified period. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 30 |
NEW LEASE NET EFFECTIVE RENT & LEASES SIGNED BUT NOT YET COMMENCED | ||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | ||||||||||||||||||||||||||||
NEW LEASE NET EFFECTIVE RENT | NEW LEASE NET EFFECTIVE RENT | |||||||||||||||||||||||||||
Twelve Months Ended | Three Months Ended | |||||||||||||||||||||||||||
6/30/18 | 6/30/18 | 3/31/18 | 12/31/17 | 9/30/17 | 6/30/17 | |||||||||||||||||||||||
NEW LEASES | ||||||||||||||||||||||||||||
Weighted average over lease term: | ||||||||||||||||||||||||||||
Base rent | $ | 16.53 | $ | 16.08 | $ | 15.58 | $ | 16.94 | $ | 18.04 | $ | 17.46 | ||||||||||||||||
Tenant improvements and allowances | (2.33 | ) | (2.43 | ) | (2.24 | ) | (2.17 | ) | (2.53 | ) | (2.29 | ) | ||||||||||||||||
Tenant specific landlord work | (0.54 | ) | (0.56 | ) | (0.60 | ) | (0.45 | ) | (0.51 | ) | (0.78 | ) | ||||||||||||||||
Third party leasing commissions | (0.45 | ) | (0.47 | ) | (0.44 | ) | (0.42 | ) | (0.47 | ) | (0.43 | ) | ||||||||||||||||
EQUIVALENT NET EFFECTIVE RENT | $ | 13.21 | $ | 12.62 | $ | 12.30 | $ | 13.90 | $ | 14.53 | $ | 13.96 | ||||||||||||||||
Net effective rent / base rent | 80 | % | 79 | % | 79 | % | 82 | % | 81 | % | 80 | % | ||||||||||||||||
Weighted average term (years) | 9.5 | 9.6 | 10.2 | 9.2 | 8.8 | 9.0 | ||||||||||||||||||||||
PERCENT OF TOTAL EQUIVALENT NET EFFECTIVE RENT BY ANCHOR AND SMALL SHOP | ||||||||||||||||||||||||||||
≥ 10,000 SF | 43 | % | 40 | % | 45 | % | 47 | % | 39 | % | 41 | % | ||||||||||||||||
< 10,000 SF | 57 | % | 60 | % | 55 | % | 53 | % | 61 | % | 59 | % | ||||||||||||||||
LEASES SIGNED BUT NOT YET COMMENCED | ||||||||||||||||||||||||||||
As of 6/30/18: | Leases | GLA | ABR | ABR PSF | ||||||||||||||||||||||||
≥ 10,000 SF | 78 | 1,995,730 | $ | 24,186 | $ | 12.12 | ||||||||||||||||||||||
< 10,000 SF | 271 | 778,052 | 19,206 | 24.68 | ||||||||||||||||||||||||
TOTAL | 349 | 2,773,782 | $ | 43,391 | $ | 15.64 | ||||||||||||||||||||||
Includes new development property. | ||||||||||||||||||||||||||||
ABR PSF includes the GLA of lessee owned leasehold improvements. | ||||||||||||||||||||||||||||
Reflects portfolio statistics as reported for the specified period. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 31 |
LEASE EXPIRATION SCHEDULE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSUMES NO EXERCISE OF RENEWAL OPTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PORTFOLIO | SPACES > 10,000 SF | SPACES < 10,000 SF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | % of | % of | ABR PSF | Number | % of | % of | ABR PSF | Number | % of | % of | ABR PSF | |||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Leased | Leased | In-Place | In-place | at | of | Leased | Leased | In-Place | In-place | at | of | Leased | Leased | In-Place | In-place | at | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | GLA | ABR | ABR PSF | Expiration | Leases | GLA | GLA | ABR | ABR PSF | Expiration | Leases | GLA | GLA | ABR | ABR PSF | Expiration | |||||||||||||||||||||||||||||||||||||||||||||||
M-M | 355 | 1,030,770 | 1.4 | % | 1.6 | % | $ | 14.72 | $ | 14.72 | 13 | 275,544 | 0.5 | % | 0.5 | % | $ | 8.89 | $ | 8.89 | 342 | 755,226 | 3.7 | % | 3.0 | % | $ | 16.85 | $ | 16.85 | ||||||||||||||||||||||||||||||||||
2018 | 529 | 2,380,797 | 3.2 | % | 3.4 | % | 13.32 | 13.32 | 40 | 1,234,865 | 2.3 | % | 2.0 | % | 8.18 | 8.18 | 489 | 1,145,932 | 5.6 | % | 5.1 | % | 18.86 | 18.86 | ||||||||||||||||||||||||||||||||||||||||
2019 | 1,456 | 9,761,607 | 13.2 | % | 12.1 | % | 11.71 | 11.73 | 188 | 6,283,437 | 11.8 | % | 9.6 | % | 7.91 | 7.91 | 1,268 | 3,478,170 | 17.0 | % | 15.2 | % | 18.56 | 18.62 | ||||||||||||||||||||||||||||||||||||||||
2020 | 1,429 | 11,179,218 | 15.1 | % | 14.1 | % | 11.89 | 12.01 | 246 | 8,088,089 | 15.1 | % | 13.6 | % | 8.68 | 8.71 | 1,183 | 3,091,129 | 15.1 | % | 14.7 | % | 20.30 | 20.65 | ||||||||||||||||||||||||||||||||||||||||
2021 | 1,243 | 9,929,254 | 13.4 | % | 12.9 | % | 12.19 | 12.44 | 211 | 7,131,795 | 13.3 | % | 12.4 | % | 8.98 | 9.03 | 1,032 | 2,797,459 | 13.6 | % | 13.4 | % | 20.38 | 21.12 | ||||||||||||||||||||||||||||||||||||||||
2022 | 1,105 | 9,044,630 | 12.2 | % | 12.5 | % | 12.97 | 13.39 | 206 | 6,517,179 | 12.2 | % | 12.1 | % | 9.58 | 9.69 | 899 | 2,527,451 | 12.3 | % | 12.9 | % | 21.69 | 22.92 | ||||||||||||||||||||||||||||||||||||||||
2023 | 917 | 7,393,486 | 10.0 | % | 10.3 | % | 13.08 | 13.73 | 190 | 5,236,694 | 9.8 | % | 10.0 | % | 9.85 | 10.10 | 727 | 2,156,792 | 10.5 | % | 10.6 | % | 20.93 | 22.54 | ||||||||||||||||||||||||||||||||||||||||
2024 | 405 | 4,974,758 | 6.7 | % | 6.2 | % | 11.75 | 12.65 | 115 | 4,006,459 | 7.5 | % | 7.3 | % | 9.42 | 9.93 | 290 | 968,299 | 4.7 | % | 4.9 | % | 21.42 | 23.91 | ||||||||||||||||||||||||||||||||||||||||
2025 | 303 | 3,336,391 | 4.5 | % | 4.7 | % | 13.33 | 14.47 | 86 | 2,528,012 | 4.7 | % | 5.3 | % | 10.91 | 11.55 | 217 | 808,379 | 3.9 | % | 4.0 | % | 20.93 | 23.59 | ||||||||||||||||||||||||||||||||||||||||
2026 | 299 | 3,042,504 | 4.1 | % | 4.9 | % | 15.04 | 16.53 | 85 | 2,306,218 | 4.3 | % | 5.4 | % | 12.14 | 12.96 | 214 | 736,286 | 3.6 | % | 4.2 | % | 24.12 | 27.69 | ||||||||||||||||||||||||||||||||||||||||
2027 | 332 | 3,208,274 | 4.3 | % | 4.9 | % | 14.45 | 16.47 | 78 | 2,351,128 | 4.4 | % | 5.2 | % | 11.38 | 12.70 | 254 | 857,146 | 4.2 | % | 4.6 | % | 22.87 | 26.83 | ||||||||||||||||||||||||||||||||||||||||
2028+ | 557 | 8,678,003 | 11.7 | % | 12.4 | % | 13.50 | 15.58 | 215 | 7,483,697 | 14.0 | % | 16.5 | % | 11.38 | 12.87 | 342 | 1,194,306 | 5.8 | % | 7.5 | % | 26.83 | 32.55 | ||||||||||||||||||||||||||||||||||||||||
ASSUMES EXERCISE OF ALL RENEWAL OPTIONS (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PORTFOLIO | SPACES > 10,000 SF | SPACES < 10,000 SF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | % of | % of | ABR PSF | Number | % of | % of | ABR PSF | Number | % of | % of | ABR PSF | |||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Leased | Leased | In-Place | In-place | at | of | Leased | Leased | In-Place | In-place | at | of | Leased | In-Place | In-place | at | ||||||||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | GLA | ABR | ABR PSF | Expiration | Leases | GLA | GLA | ABR | ABR PSF | Expiration | Leases | GLA | GLA | ABR | ABR PSF | Expiration | |||||||||||||||||||||||||||||||||||||||||||||||
M-M | 355 | 1,030,770 | 1.4 | % | 1.6 | % | $ | 14.72 | $ | 14.72 | 13 | 275,544 | 0.5 | % | 0.5 | % | $ | 8.89 | $ | 8.89 | 342 | 755,226 | 3.7 | % | 3.0 | % | $ | 16.85 | $ | 16.85 | ||||||||||||||||||||||||||||||||||
2018 | 397 | 1,180,640 | 1.6 | % | 2.0 | % | 15.86 | 15.86 | 19 | 369,545 | 0.7 | % | 0.7 | % | 10.07 | 10.07 | 378 | 811,095 | 4.0 | % | 3.5 | % | 18.49 | 18.49 | ||||||||||||||||||||||||||||||||||||||||
2019 | 940 | 3,748,279 | 5.1 | % | 5.4 | % | 13.49 | 13.54 | 61 | 1,568,032 | 2.9 | % | 2.1 | % | 7.06 | 7.06 | 879 | 2,180,247 | 10.6 | % | 9.3 | % | 18.12 | 18.19 | ||||||||||||||||||||||||||||||||||||||||
2020 | 923 | 3,626,208 | 4.9 | % | 5.8 | % | 15.10 | 15.39 | 57 | 1,549,957 | 2.9 | % | 2.6 | % | 8.65 | 8.76 | 866 | 2,076,251 | 10.1 | % | 9.7 | % | 19.91 | 20.33 | ||||||||||||||||||||||||||||||||||||||||
2021 | 836 | 2,834,147 | 3.8 | % | 5.1 | % | 17.09 | 17.81 | 44 | 961,272 | 1.8 | % | 1.9 | % | 10.29 | 10.54 | 792 | 1,872,875 | 9.1 | % | 9.1 | % | 20.58 | 21.54 | ||||||||||||||||||||||||||||||||||||||||
2022 | 720 | 2,409,434 | 3.3 | % | 4.7 | % | 18.33 | 19.48 | 37 | 724,924 | 1.4 | % | 1.6 | % | 11.43 | 11.73 | 683 | 1,684,510 | 8.2 | % | 8.4 | % | 21.30 | 22.82 | ||||||||||||||||||||||||||||||||||||||||
2023 | 641 | 2,679,518 | 3.6 | % | 4.6 | % | 16.17 | 17.45 | 55 | 1,113,205 | 2.1 | % | 2.1 | % | 9.58 | 10.08 | 586 | 1,566,313 | 7.6 | % | 7.7 | % | 20.86 | 22.69 | ||||||||||||||||||||||||||||||||||||||||
2024 | 430 | 2,323,130 | 3.1 | % | 3.4 | % | 13.67 | 15.12 | 43 | 1,201,722 | 2.2 | % | 1.8 | % | 7.78 | 8.51 | 387 | 1,121,408 | 5.5 | % | 5.3 | % | 19.97 | 22.21 | ||||||||||||||||||||||||||||||||||||||||
2025 | 345 | 2,411,090 | 3.3 | % | 3.3 | % | 12.99 | 14.43 | 62 | 1,597,927 | 3.0 | % | 2.8 | % | 8.99 | 9.88 | 283 | 813,163 | 4.0 | % | 4.0 | % | 20.86 | 23.36 | ||||||||||||||||||||||||||||||||||||||||
2026 | 317 | 1,967,533 | 2.7 | % | 3.1 | % | 15.00 | 16.92 | 37 | 1,026,785 | 1.9 | % | 1.8 | % | 9.25 | 10.18 | 280 | 940,748 | 4.6 | % | 4.7 | % | 21.28 | 24.28 | ||||||||||||||||||||||||||||||||||||||||
2027 | 344 | 2,371,228 | 3.2 | % | 3.7 | % | 14.68 | 16.72 | 65 | 1,541,670 | 2.9 | % | 3.2 | % | 10.74 | 11.75 | 279 | 829,558 | 4.0 | % | 4.3 | % | 22.02 | 25.94 | ||||||||||||||||||||||||||||||||||||||||
2028+ | 2,682 | 47,377,715 | 64.1 | % | 57.2 | % | 11.37 | 17.04 | 1,180 | 41,512,534 | 77.7 | % | 78.8 | % | 9.79 | 15.28 | 1,502 | 5,865,181 | 28.6 | % | 31.1 | % | 22.57 | 29.57 | ||||||||||||||||||||||||||||||||||||||||
(1) ABR for leases whose future option rent is based on fair market value or on a percentage change in CPI is reported as the ABR for the last year of the current lease term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABR PSF includes the GLA of lessee owned leasehold improvements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASE RETENTION RATE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By Count | By GLA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended 6/30/18 | 77.2% | 80.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 32 |
PROPERTIES BY LARGEST US MSAs | |||||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest US MSAs by 2017 Population | Properties | GLA | Billed | Leased | ABR | ABR PSF | Properties | of GLA | of ABR | ||||||||||||||||||||||||||
1 | New York-Newark-Jersey City, NY-NJ-PA | 29 | 3,629,380 | 90.4 | % | 93.4 | % | $ | 67,470 | $ | 20.12 | 6.2 | % | 4.5 | % | 7.2 | % | ||||||||||||||||||
2 | Los Angeles-Long Beach-Anaheim, CA | 10 | 1,710,036 | 93.0 | % | 97.1 | % | 32,555 | 21.62 | 2.1 | % | 2.1 | % | 3.5 | % | ||||||||||||||||||||
3 | Chicago-Naperville-Elgin, IL-IN-WI | 15 | 3,912,574 | 80.2 | % | 82.6 | % | 41,343 | 13.66 | 3.2 | % | 4.9 | % | 4.4 | % | ||||||||||||||||||||
4 | Dallas-Fort Worth-Arlington, TX | 16 | 3,180,195 | 87.6 | % | 93.0 | % | 45,165 | 15.79 | 3.4 | % | 4.0 | % | 4.8 | % | ||||||||||||||||||||
5 | Houston-The Woodlands-Sugar Land, TX | 36 | 4,524,376 | 88.6 | % | 92.4 | % | 49,237 | 12.33 | 7.6 | % | 5.7 | % | 5.2 | % | ||||||||||||||||||||
6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 3 | 451,260 | 96.7 | % | 97.6 | % | 5,060 | 11.49 | 0.6 | % | 0.6 | % | 0.5 | % | ||||||||||||||||||||
7 | Miami-Fort Lauderdale-West Palm Beach, FL | 9 | 1,488,777 | 86.0 | % | 88.8 | % | 17,790 | 14.03 | 1.9 | % | 1.9 | % | 1.9 | % | ||||||||||||||||||||
8 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 25 | 4,045,092 | 94.1 | % | 95.1 | % | 56,127 | 16.72 | 5.3 | % | 5.1 | % | 6.0 | % | ||||||||||||||||||||
9 | Atlanta-Sandy Springs-Roswell, GA | 24 | 3,577,827 | 92.4 | % | 93.5 | % | 36,971 | 11.38 | 5.1 | % | 4.5 | % | 3.9 | % | ||||||||||||||||||||
10 | Boston-Cambridge-Newton, MA-NH | 6 | 707,909 | 95.3 | % | 95.7 | % | 8,473 | 12.56 | 1.3 | % | 0.9 | % | 0.9 | % | ||||||||||||||||||||
Top 10 Largest US MSAs by Population | 173 | 27,227,426 | 89.3 | % | 92.0 | % | 360,191 | 15.18 | 36.7 | % | 34.2 | % | 38.3 | % | |||||||||||||||||||||
11 | Phoenix-Mesa-Scottsdale, AZ | 1 | 119,525 | 85.5 | % | 85.5 | % | 1,309 | 12.81 | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||
12 | San Francisco-Oakland-Hayward, CA | 2 | 506,531 | 92.3 | % | 96.6 | % | 10,342 | 26.31 | 0.4 | % | 0.6 | % | 1.1 | % | ||||||||||||||||||||
13 | Riverside-San Bernardino-Ontario, CA | 5 | 637,436 | 94.6 | % | 95.1 | % | 8,953 | 16.22 | 1.1 | % | 0.8 | % | 1.0 | % | ||||||||||||||||||||
14 | Detroit-Warren-Dearborn, MI | 8 | 1,435,809 | 80.9 | % | 90.2 | % | 14,716 | 12.76 | 1.7 | % | 1.8 | % | 1.6 | % | ||||||||||||||||||||
15 | Seattle-Tacoma-Bellevue, WA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
16 | Minneapolis-St. Paul-Bloomington, MN-WI | 8 | 1,179,757 | 87.1 | % | 90.1 | % | 13,441 | 13.48 | 1.7 | % | 1.5 | % | 1.4 | % | ||||||||||||||||||||
17 | San Diego-Carlsbad, CA | 3 | 645,691 | 89.1 | % | 99.3 | % | 13,708 | 21.88 | 0.6 | % | 0.8 | % | 1.5 | % | ||||||||||||||||||||
18 | Tampa-St. Petersburg-Clearwater, FL | 15 | 2,347,331 | 89.4 | % | 90.3 | % | 27,725 | 14.19 | 3.2 | % | 2.9 | % | 2.9 | % | ||||||||||||||||||||
19 | Denver-Aurora-Lakewood, CO | 5 | 1,194,088 | 88.5 | % | 94.3 | % | 15,348 | 13.70 | 1.1 | % | 1.5 | % | 1.6 | % | ||||||||||||||||||||
20 | Baltimore-Columbia-Towson, MD | 1 | 57,954 | 94.0 | % | 94.0 | % | 899 | 16.50 | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||
Top 20 Largest US MSAs by Population | 221 | 35,351,548 | 89.0 | % | 92.1 | % | 466,632 | 15.21 | 46.9 | % | 44.3 | % | 49.6 | % | |||||||||||||||||||||
21 | St. Louis, MO-IL | 2 | 209,036 | 84.4 | % | 95.0 | % | 2,146 | 10.98 | 0.4 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||
22 | Charlotte-Concord-Gastonia, NC-SC | 5 | 1,638,582 | 93.9 | % | 94.6 | % | 14,749 | 10.43 | 1.1 | % | 2.0 | % | 1.6 | % | ||||||||||||||||||||
23 | Orlando-Kissimmee-Sanford, FL | 5 | 808,790 | 85.9 | % | 92.6 | % | 14,930 | 20.25 | 1.1 | % | 1.0 | % | 1.6 | % | ||||||||||||||||||||
24 | San Antonio-New Braunfels, TX | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
25 | Portland-Vancouver-Hillsboro, OR-WA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
26 | Pittsburgh, PA | 1 | 199,079 | 100.0 | % | 100.0 | % | 1,953 | 10.88 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||
27 | Sacramento--Roseville--Arden-Arcade, CA | 1 | 103,695 | 92.8 | % | 92.8 | % | 1,922 | 19.96 | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||||||||||||||
28 | Las Vegas-Henderson-Paradise, NV | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
29 | Cincinnati, OH-KY-IN | 7 | 1,930,720 | 94.2 | % | 94.8 | % | 21,409 | 14.80 | 1.5 | % | 2.4 | % | 2.3 | % | ||||||||||||||||||||
30 | Kansas City, MO-KS | 4 | 605,526 | 88.2 | % | 89.8 | % | 4,427 | 8.29 | 0.8 | % | 0.8 | % | 0.5 | % | ||||||||||||||||||||
31 | Austin-Round Rock, TX | 1 | 163,712 | 77.6 | % | 91.7 | % | 1,725 | 11.49 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||
32 | Columbus, OH | 4 | 450,288 | 86.4 | % | 88.5 | % | 3,994 | 10.54 | 0.8 | % | 0.6 | % | 0.4 | % | ||||||||||||||||||||
33 | Cleveland-Elyria, OH | 4 | 1,021,816 | 93.7 | % | 93.8 | % | 11,444 | 11.98 | 0.8 | % | 1.3 | % | 1.2 | % | ||||||||||||||||||||
34 | Indianapolis-Carmel-Anderson, IN | 4 | 894,681 | 80.6 | % | 89.7 | % | 7,578 | 9.48 | 0.8 | % | 1.1 | % | 0.8 | % | ||||||||||||||||||||
35 | San Jose-Sunnyvale-Santa Clara, CA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
36 | Nashville-Davidson--Murfreesboro--Franklin, TN | 4 | 797,341 | 88.8 | % | 98.3 | % | 8,841 | 11.31 | 0.8 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||||
37 | Virginia Beach-Norfolk-Newport News, VA-NC | 1 | 150,300 | 74.6 | % | 93.8 | % | 2,492 | 19.61 | 0.2 | % | 0.2 | % | 0.3 | % | ||||||||||||||||||||
38 | Providence-Warwick, RI-MA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
39 | Milwaukee-Waukesha-West Allis, WI | 4 | 703,934 | 91.0 | % | 91.9 | % | 6,703 | 10.80 | 0.8 | % | 0.9 | % | 0.7 | % | ||||||||||||||||||||
40 | Jacksonville, FL | 5 | 834,493 | 86.9 | % | 91.7 | % | 8,631 | 11.74 | 1.1 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||||
41 | Oklahoma City, OK | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
42 | Memphis, TN-MS-AR | 1 | 659,193 | 83.9 | % | 89.8 | % | 8,613 | 14.96 | 0.2 | % | 0.8 | % | 0.9 | % |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 33 |
PROPERTIES BY LARGEST US MSAs | |||||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest US MSAs by 2017 Population | Properties | GLA | Billed | Leased | ABR | ABR PSF | Properties | of GLA | of ABR | ||||||||||||||||||||||||||
43 | Raleigh, NC | 2 | 291,027 | 88.8 | % | 92.3 | % | 3,535 | 13.26 | 0.4 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||||
44 | Richmond, VA | 2 | 222,690 | 94.0 | % | 97.8 | % | 3,263 | 14.98 | 0.4 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||
45 | Louisville/Jefferson County, KY-IN | 4 | 707,728 | 94.8 | % | 96.1 | % | 7,185 | 10.86 | 0.8 | % | 0.9 | % | 0.8 | % | ||||||||||||||||||||
46 | New Orleans-Metairie, LA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
47 | Hartford-West Hartford-East Hartford, CT | 4 | 895,991 | 93.7 | % | 96.0 | % | 12,094 | 16.71 | 0.8 | % | 1.1 | % | 1.3 | % | ||||||||||||||||||||
48 | Salt Lake City, UT | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
49 | Birmingham-Hoover, AL | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
50 | Buffalo-Cheektowaga-Niagara Falls, NY | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Top 50 Largest US MSAs by Population | 286 | 48,640,170 | 89.3 | % | 92.5 | % | 614,266 | 14.53 | 60.7 | % | 60.8 | % | 65.3 | % | |||||||||||||||||||||
MSAs Ranked 51 - 100 by Population | 60 | 10,974,310 | 89.8 | % | 92.3 | % | 118,469 | 13.04 | 12.7 | % | 13.7 | % | 12.6 | % | |||||||||||||||||||||
Other MSAs | 125 | 20,382,809 | 89.6 | % | 92.4 | % | 208,657 | 12.14 | 26.4 | % | 25.5 | % | 22.1 | % | |||||||||||||||||||||
TOTAL | 471 | 79,997,289 | 89.4 | % | 92.5 | % | $ | 941,392 | $ | 13.73 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 34 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Billed | Leased | ABR | ABR PSF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
1 | New York-Newark-Jersey City, NY-NJ-PA | 1 | 29 | 3,629,380 | 90.4 | % | 93.4 | % | $ | 67,470 | $ | 20.12 | 6.2 | % | 4.5 | % | 7.2 | % | |||||||||||||||||
2 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8 | 25 | 4,045,092 | 94.1 | % | 95.1 | % | 56,127 | 16.72 | 5.3 | % | 5.1 | % | 6.0 | % | |||||||||||||||||||
3 | Houston-The Woodlands-Sugar Land, TX | 5 | 36 | 4,524,376 | 88.6 | % | 92.4 | % | 49,237 | 12.33 | 7.6 | % | 5.7 | % | 5.2 | % | |||||||||||||||||||
4 | Dallas-Fort Worth-Arlington, TX | 4 | 16 | 3,180,195 | 87.6 | % | 93.0 | % | 45,165 | 15.79 | 3.4 | % | 4.0 | % | 4.8 | % | |||||||||||||||||||
5 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | 15 | 3,912,574 | 80.2 | % | 82.6 | % | 41,343 | 13.66 | 3.2 | % | 4.9 | % | 4.4 | % | |||||||||||||||||||
6 | Atlanta-Sandy Springs-Roswell, GA | 9 | 24 | 3,577,827 | 92.4 | % | 93.5 | % | 36,971 | 11.38 | 5.1 | % | 4.5 | % | 3.9 | % | |||||||||||||||||||
7 | Los Angeles-Long Beach-Anaheim, CA | 2 | 10 | 1,710,036 | 93.0 | % | 97.1 | % | 32,555 | 21.62 | 2.1 | % | 2.1 | % | 3.5 | % | |||||||||||||||||||
8 | Tampa-St. Petersburg-Clearwater, FL | 18 | 15 | 2,347,331 | 89.4 | % | 90.3 | % | 27,725 | 14.19 | 3.2 | % | 2.9 | % | 2.9 | % | |||||||||||||||||||
9 | Cincinnati, OH-KY-IN | 29 | 7 | 1,930,720 | 94.2 | % | 94.8 | % | 21,409 | 14.80 | 1.5 | % | 2.4 | % | 2.3 | % | |||||||||||||||||||
10 | Miami-Fort Lauderdale-West Palm Beach, FL | 7 | 9 | 1,488,777 | 86.0 | % | 88.8 | % | 17,790 | 14.03 | 1.9 | % | 1.9 | % | 1.9 | % | |||||||||||||||||||
10 Largest MSAs by ABR | — | 186 | 30,346,308 | 89.3 | % | 91.9 | % | 395,792 | 15.22 | 39.5 | % | 38.0 | % | 42.1 | % | ||||||||||||||||||||
11 | Denver-Aurora-Lakewood, CO | 19 | 5 | 1,194,088 | 88.5 | % | 94.3 | % | 15,348 | 13.70 | 1.1 | % | 1.5 | % | 1.6 | % | |||||||||||||||||||
12 | Orlando-Kissimmee-Sanford, FL | 23 | 5 | 808,790 | 85.9 | % | 92.6 | % | 14,930 | 20.25 | 1.1 | % | 1.0 | % | 1.6 | % | |||||||||||||||||||
13 | Charlotte-Concord-Gastonia, NC-SC | 22 | 5 | 1,638,582 | 93.9 | % | 94.6 | % | 14,749 | 10.43 | 1.1 | % | 2.0 | % | 1.6 | % | |||||||||||||||||||
14 | Detroit-Warren-Dearborn, MI | 14 | 8 | 1,435,809 | 80.9 | % | 90.2 | % | 14,716 | 12.76 | 1.7 | % | 1.8 | % | 1.6 | % | |||||||||||||||||||
15 | Allentown-Bethlehem-Easton, PA-NJ | 69 | 5 | 1,293,887 | 88.7 | % | 95.2 | % | 14,009 | 13.66 | 1.1 | % | 1.6 | % | 1.5 | % | |||||||||||||||||||
16 | San Diego-Carlsbad, CA | 17 | 3 | 645,691 | 89.1 | % | 99.3 | % | 13,708 | 21.88 | 0.6 | % | 0.8 | % | 1.5 | % | |||||||||||||||||||
17 | Minneapolis-St. Paul-Bloomington, MN-WI | 16 | 8 | 1,179,757 | 87.1 | % | 90.1 | % | 13,441 | 13.48 | 1.7 | % | 1.5 | % | 1.4 | % | |||||||||||||||||||
18 | Hartford-West Hartford-East Hartford, CT | 47 | 4 | 895,991 | 93.7 | % | 96.0 | % | 12,094 | 16.71 | 0.8 | % | 1.1 | % | 1.3 | % | |||||||||||||||||||
19 | Naples-Immokalee-Marco Island, FL | 144 | 4 | 778,113 | 94.0 | % | 95.8 | % | 11,989 | 16.45 | 0.8 | % | 1.0 | % | 1.3 | % | |||||||||||||||||||
20 | Cleveland-Elyria, OH | 33 | 4 | 1,021,816 | 93.7 | % | 93.8 | % | 11,444 | 11.98 | 0.8 | % | 1.3 | % | 1.2 | % | |||||||||||||||||||
20 Largest MSAs by ABR | — | 237 | 41,238,832 | 89.3 | % | 92.4 | % | 532,220 | 14.99 | 50.3 | % | 51.6 | % | 56.7 | % | ||||||||||||||||||||
21 | Oxnard-Thousand Oaks-Ventura, CA | 67 | 3 | 677,512 | 89.8 | % | 95.4 | % | 11,321 | 17.91 | 0.6 | % | 0.8 | % | 1.2 | % | |||||||||||||||||||
22 | Ann Arbor, MI | 146 | 3 | 827,401 | 81.5 | % | 87.4 | % | 10,958 | 15.27 | 0.6 | % | 1.0 | % | 1.2 | % | |||||||||||||||||||
23 | Binghamton, NY | 192 | 4 | 751,207 | 98.4 | % | 98.4 | % | 10,367 | 14.03 | 0.8 | % | 0.9 | % | 1.1 | % | |||||||||||||||||||
24 | San Francisco-Oakland-Hayward, CA | 12 | 2 | 506,531 | 92.3 | % | 96.6 | % | 10,342 | 26.31 | 0.4 | % | 0.6 | % | 1.1 | % | |||||||||||||||||||
25 | Riverside-San Bernardino-Ontario, CA | 13 | 5 | 637,436 | 94.6 | % | 95.1 | % | 8,953 | 16.22 | 1.1 | % | 0.8 | % | 1.0 | % | |||||||||||||||||||
26 | Vallejo-Fairfield, CA | 121 | 1 | 519,223 | 94.3 | % | 95.1 | % | 8,918 | 18.29 | 0.2 | % | 0.6 | % | 0.9 | % | |||||||||||||||||||
27 | Nashville-Davidson--Murfreesboro--Franklin, TN | 36 | 4 | 797,341 | 88.8 | % | 98.3 | % | 8,841 | 11.31 | 0.8 | % | 1.0 | % | 0.9 | % | |||||||||||||||||||
28 | Jacksonville, FL | 40 | 5 | 834,493 | 86.9 | % | 91.7 | % | 8,631 | 11.74 | 1.1 | % | 1.0 | % | 0.9 | % | |||||||||||||||||||
29 | Memphis, TN-MS-AR | 42 | 1 | 659,193 | 83.9 | % | 89.8 | % | 8,613 | 14.96 | 0.2 | % | 0.8 | % | 0.9 | % | |||||||||||||||||||
30 | Boston-Cambridge-Newton, MA-NH | 10 | 6 | 707,909 | 95.3 | % | 95.7 | % | 8,473 | 12.56 | 1.3 | % | 0.9 | % | 0.9 | % | |||||||||||||||||||
31 | Port St. Lucie, FL | 111 | 5 | 636,145 | 84.2 | % | 86.2 | % | 7,997 | 14.70 | 1.1 | % | 0.8 | % | 0.8 | % | |||||||||||||||||||
32 | North Port-Sarasota-Bradenton, FL | 72 | 5 | 730,479 | 92.1 | % | 93.8 | % | 7,667 | 11.26 | 1.1 | % | 0.9 | % | 0.8 | % | |||||||||||||||||||
33 | Indianapolis-Carmel-Anderson, IN | 34 | 4 | 894,681 | 80.6 | % | 89.7 | % | 7,578 | 9.48 | 0.8 | % | 1.1 | % | 0.8 | % | |||||||||||||||||||
34 | Fresno, CA | 55 | 2 | 442,299 | 96.6 | % | 96.6 | % | 7,529 | 17.87 | 0.4 | % | 0.6 | % | 0.8 | % | |||||||||||||||||||
35 | Louisville/Jefferson County, KY-IN | 45 | 4 | 707,728 | 94.8 | % | 96.1 | % | 7,185 | 10.86 | 0.8 | % | 0.9 | % | 0.8 | % | |||||||||||||||||||
36 | New Haven-Milford, CT | 66 | 5 | 546,407 | 91.2 | % | 92.3 | % | 7,080 | 14.04 | 1.1 | % | 0.7 | % | 0.8 | % | |||||||||||||||||||
37 | Norwich-New London, CT | 182 | 2 | 433,532 | 97.3 | % | 97.6 | % | 7,008 | 16.56 | 0.4 | % | 0.5 | % | 0.7 | % | |||||||||||||||||||
38 | Milwaukee-Waukesha-West Allis, WI | 39 | 4 | 703,934 | 91.0 | % | 91.9 | % | 6,703 | 10.80 | 0.8 | % | 0.9 | % | 0.7 | % | |||||||||||||||||||
39 | Springfield, MA | 90 | 3 | 450,901 | 96.7 | % | 97.4 | % | 5,615 | 15.08 | 0.6 | % | 0.6 | % | 0.6 | % | |||||||||||||||||||
40 | Scranton--Wilkes-Barre--Hazleton, PA | 100 | 2 | 620,309 | 88.2 | % | 96.1 | % | 5,580 | 21.46 | 0.4 | % | 0.8 | % | 0.6 | % | |||||||||||||||||||
41 | Worcester, MA-CT | 58 | 3 | 517,910 | 88.8 | % | 88.8 | % | 5,528 | 14.39 | 0.6 | % | 0.6 | % | 0.6 | % |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 35 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Billed | Leased | ABR | ABR PSF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
42 | Corpus Christi, TX | 118 | 4 | 563,740 | 91.0 | % | 93.4 | % | 5,524 | 12.56 | 0.8 | % | 0.7 | % | 0.6 | % | |||||||||||||||||||
43 | College Station-Bryan, TX | 189 | 4 | 491,463 | 92.5 | % | 92.5 | % | 5,487 | 14.58 | 0.8 | % | 0.6 | % | 0.6 | % | |||||||||||||||||||
44 | Wilmington, NC | 168 | 2 | 379,107 | 97.4 | % | 97.4 | % | 5,384 | 14.74 | 0.4 | % | 0.5 | % | 0.6 | % | |||||||||||||||||||
45 | Dayton, OH | 73 | 3 | 534,385 | 94.5 | % | 96.1 | % | 5,372 | 12.63 | 0.6 | % | 0.7 | % | 0.6 | % | |||||||||||||||||||
46 | Winston-Salem, NC | 83 | 3 | 439,161 | 90.7 | % | 93.7 | % | 5,199 | 13.23 | 0.6 | % | 0.5 | % | 0.6 | % | |||||||||||||||||||
47 | Greensboro-High Point, NC | 75 | 1 | 406,768 | 99.0 | % | 100.0 | % | 5,171 | 14.86 | 0.2 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
48 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 6 | 3 | 451,260 | 96.7 | % | 97.6 | % | 5,060 | 11.49 | 0.6 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
49 | Kansas City, MO-KS | 30 | 4 | 605,526 | 88.2 | % | 89.8 | % | 4,427 | 8.29 | 0.8 | % | 0.8 | % | 0.5 | % | |||||||||||||||||||
50 | Manchester-Nashua, NH | 131 | 2 | 348,054 | 85.5 | % | 95.8 | % | 4,294 | 21.11 | 0.4 | % | 0.4 | % | 0.5 | % | |||||||||||||||||||
50 Largest MSAs by ABR | — | 336 | 59,060,867 | 89.8 | % | 92.8 | % | 749,025 | 14.69 | 70.7 | % | 73.7 | % | 79.8 | % | ||||||||||||||||||||
51 | Boulder, CO | 155 | 1 | 279,204 | 81.9 | % | 90.1 | % | 4,134 | 16.43 | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
52 | Roanoke, VA | 160 | 4 | 522,210 | 92.2 | % | 92.2 | % | 4,039 | 9.56 | 0.8 | % | 0.7 | % | 0.4 | % | |||||||||||||||||||
53 | Charleston-North Charleston, SC | 74 | 2 | 496,571 | 88.4 | % | 89.8 | % | 4,030 | 9.10 | 0.4 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||
54 | Columbus, OH | 32 | 4 | 450,288 | 86.4 | % | 88.5 | % | 3,994 | 10.54 | 0.8 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||
55 | Mobile, AL | 129 | 1 | 583,638 | 48.5 | % | 70.5 | % | 3,954 | 9.80 | 0.2 | % | 0.7 | % | 0.4 | % | |||||||||||||||||||
56 | Pittsfield, MA | 326 | 1 | 436,854 | 97.5 | % | 98.6 | % | 3,933 | 21.06 | 0.2 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
57 | Spartanburg, SC | 153 | 1 | 360,277 | 88.9 | % | 91.7 | % | 3,832 | 12.18 | 0.2 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
58 | Panama City, FL | 224 | 2 | 397,512 | 98.4 | % | 98.4 | % | 3,676 | 9.39 | 0.4 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
59 | Greenville-Anderson-Mauldin, SC | 61 | 2 | 220,723 | 99.3 | % | 99.3 | % | 3,598 | 16.41 | 0.4 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
60 | Raleigh, NC | 43 | 2 | 291,027 | 88.8 | % | 92.3 | % | 3,535 | 13.26 | 0.4 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||
61 | Saginaw, MI | 229 | 2 | 429,188 | 96.9 | % | 96.9 | % | 3,481 | 11.80 | 0.4 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
62 | Bakersfield, CA | 62 | 1 | 240,090 | 89.4 | % | 93.5 | % | 3,419 | 15.51 | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
63 | Atlantic City-Hammonton, NJ | 181 | 1 | 179,199 | 99.1 | % | 99.1 | % | 3,365 | 18.95 | 0.2 | % | 0.2 | % | 0.4 | % | |||||||||||||||||||
64 | Hilton Head Island-Bluffton-Beaufort, SC | 210 | 2 | 230,352 | 94.5 | % | 96.9 | % | 3,278 | 14.68 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
65 | Richmond, VA | 44 | 2 | 222,690 | 94.0 | % | 97.8 | % | 3,263 | 14.98 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
66 | Jackson, MS | 95 | 2 | 333,275 | 88.2 | % | 88.6 | % | 3,098 | 10.98 | 0.4 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
67 | Greenville, NC | 240 | 1 | 233,153 | 96.2 | % | 96.2 | % | 3,046 | 13.58 | 0.2 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
68 | Odessa, TX | 268 | 1 | 365,534 | 93.2 | % | 100.0 | % | 3,012 | 13.19 | 0.2 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
69 | Des Moines-West Des Moines, IA | 88 | 2 | 512,825 | 96.0 | % | 96.6 | % | 2,987 | 6.09 | 0.4 | % | 0.6 | % | 0.3 | % | |||||||||||||||||||
70 | Lafayette, LA | 108 | 3 | 440,104 | 91.1 | % | 92.7 | % | 2,932 | 7.28 | 0.6 | % | 0.6 | % | 0.3 | % | |||||||||||||||||||
71 | Tullahoma-Manchester, TN | 377 | 3 | 433,744 | 97.0 | % | 97.0 | % | 2,851 | 6.78 | 0.6 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
72 | Blacksburg-Christiansburg-Radford, VA | 233 | 1 | 181,055 | 100.0 | % | 100.0 | % | 2,738 | 15.38 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
73 | Lancaster, PA | 102 | 3 | 236,006 | 95.2 | % | 98.3 | % | 2,611 | 11.25 | 0.6 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
74 | Savannah, GA | 137 | 2 | 224,181 | 74.8 | % | 90.1 | % | 2,602 | 13.06 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
75 | Virginia Beach-Norfolk-Newport News, VA-NC | 37 | 1 | 150,300 | 74.6 | % | 93.8 | % | 2,492 | 19.61 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
76 | Chattanooga, TN-GA | 99 | 2 | 339,426 | 96.6 | % | 96.6 | % | 2,475 | 8.18 | 0.4 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
77 | Fort Wayne, IN | 125 | 2 | 253,951 | 82.9 | % | 83.1 | % | 2,460 | 13.56 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
78 | Elkhart-Goshen, IN | 221 | 2 | 330,566 | 86.0 | % | 93.2 | % | 2,450 | 17.15 | 0.4 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
79 | Bridgeport-Stamford-Norwalk, CT | 57 | 1 | 161,075 | 88.0 | % | 88.0 | % | 2,427 | 17.13 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
80 | Merced, CA | 178 | 1 | 153,721 | 92.3 | % | 96.3 | % | 2,362 | 16.51 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
81 | Dover, DE | 244 | 1 | 191,974 | 99.0 | % | 99.0 | % | 2,338 | 12.31 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
82 | Duluth, MN-WI | 174 | 1 | 182,969 | 97.0 | % | 97.7 | % | 2,183 | 12.22 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
83 | Altoona, PA | 336 | 1 | 277,580 | 78.7 | % | 88.9 | % | 2,173 | 8.89 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
84 | St. Louis, MO-IL | 21 | 2 | 209,036 | 84.4 | % | 95.0 | % | 2,146 | 10.98 | 0.4 | % | 0.3 | % | 0.2 | % |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 36 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Billed | Leased | ABR | ABR PSF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
85 | Hickory-Lenoir-Morganton, NC | 147 | 2 | 284,984 | 78.9 | % | 80.0 | % | 2,100 | 9.22 | 0.4 | % | 0.4 | % | 0.2 | % | |||||||||||||||||||
86 | Concord, NH | 285 | 1 | 182,887 | 100.0 | % | 100.0 | % | 2,054 | 11.49 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
87 | Rutland, VT | 539 | 1 | 224,514 | 98.6 | % | 100.0 | % | 2,025 | 9.02 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
88 | Trenton, NJ | 142 | 2 | 205,557 | 94.6 | % | 94.6 | % | 1,980 | 10.18 | 0.4 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
89 | Santa Maria-Santa Barbara, CA | 119 | 1 | 179,549 | 86.9 | % | 92.4 | % | 1,965 | 12.85 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
90 | Pittsburgh, PA | 26 | 1 | 199,079 | 100.0 | % | 100.0 | % | 1,953 | 10.88 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
91 | Sacramento--Roseville--Arden-Arcade, CA | 27 | 1 | 103,695 | 92.8 | % | 92.8 | % | 1,922 | 19.96 | 0.2 | % | 0.1 | % | 0.2 | % | |||||||||||||||||||
92 | York-Hanover, PA | 120 | 1 | 153,088 | 93.9 | % | 95.1 | % | 1,914 | 13.40 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
93 | Tucson, AZ | 53 | 1 | 168,585 | 96.8 | % | 96.8 | % | 1,900 | 11.65 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
94 | Tulsa, OK | 54 | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,900 | 10.17 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
95 | Portland-South Portland, ME | 105 | 1 | 287,513 | 90.0 | % | 90.7 | % | 1,897 | 20.52 | 0.2 | % | 0.4 | % | 0.2 | % | |||||||||||||||||||
96 | Flint, MI | 132 | 1 | 162,059 | 84.0 | % | 89.9 | % | 1,859 | 12.85 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
97 | Manhattan, KS | 395 | 1 | 215,261 | 93.5 | % | 94.1 | % | 1,833 | 14.61 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
98 | California-Lexington Park, MD | 358 | 1 | 92,335 | 100.0 | % | 100.0 | % | 1,812 | 19.62 | 0.2 | % | 0.1 | % | 0.2 | % | |||||||||||||||||||
99 | Harrisburg-Carlisle, PA | 96 | 1 | 214,628 | 85.6 | % | 85.6 | % | 1,806 | 9.83 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
100 | Toledo, OH | 92 | 1 | 315,515 | 80.8 | % | 80.8 | % | 1,777 | 11.93 | 0.2 | % | 0.4 | % | 0.2 | % | |||||||||||||||||||
100 Largest MSAs by ABR | — | 414 | 72,787,265 | 89.7 | % | 92.8 | % | 884,636 | 14.17 | 87.9 | % | 91.0 | % | 94.0 | % | ||||||||||||||||||||
Other MSAs | — | 57 | 7,210,024 | 86.2 | % | 88.7 | % | 56,756 | 9.27 | 12.1 | % | 9.0 | % | 6.0 | % | ||||||||||||||||||||
TOTAL | — | 471 | 79,997,289 | 89.4 | % | 92.5 | % | $ | 941,392 | $ | 13.73 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 37 |
PROPERTIES BY STATE | |||||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||
State | Properties | GLA | Billed | Leased | ABR | ABR PSF | Properties | of GLA | of ABR | ||||||||||||||||||||||||
1 | Texas | 65 | 9,559,611 | 88.5 | % | 93.0 | % | $ | 112,475 | $ | 13.57 | 13.8 | % | 11.9 | % | 11.9 | % | ||||||||||||||||
2 | Florida | 53 | 8,497,055 | 87.7 | % | 90.4 | % | 104,502 | 14.13 | 11.3 | % | 10.6 | % | 11.1 | % | ||||||||||||||||||
3 | California | 31 | 5,908,098 | 92.4 | % | 96.3 | % | 104,212 | 19.60 | 6.6 | % | 7.4 | % | 11.1 | % | ||||||||||||||||||
4 | Pennsylvania | 34 | 5,835,169 | 91.4 | % | 94.7 | % | 69,171 | 14.98 | 7.2 | % | 7.3 | % | 7.3 | % | ||||||||||||||||||
5 | New York | 28 | 3,560,493 | 92.5 | % | 95.1 | % | 62,752 | 19.03 | 5.9 | % | 4.5 | % | 6.7 | % | ||||||||||||||||||
6 | Georgia | 34 | 4,780,157 | 89.3 | % | 91.4 | % | 45,433 | 10.68 | 7.2 | % | 6.0 | % | 4.8 | % | ||||||||||||||||||
7 | Illinois | 21 | 4,467,352 | 81.8 | % | 84.0 | % | 45,416 | 12.83 | 4.5 | % | 5.6 | % | 4.8 | % | ||||||||||||||||||
8 | New Jersey | 18 | 3,096,309 | 91.1 | % | 93.4 | % | 44,123 | 16.19 | 3.8 | % | 3.9 | % | 4.7 | % | ||||||||||||||||||
9 | North Carolina | 20 | 4,245,728 | 92.6 | % | 93.6 | % | 42,668 | 11.50 | 4.2 | % | 5.3 | % | 4.5 | % | ||||||||||||||||||
10 | Ohio | 20 | 3,801,569 | 93.2 | % | 93.7 | % | 39,261 | 12.66 | 4.2 | % | 4.8 | % | 4.2 | % | ||||||||||||||||||
11 | Michigan | 17 | 3,251,229 | 83.6 | % | 89.7 | % | 34,522 | 13.08 | 3.6 | % | 4.1 | % | 3.7 | % | ||||||||||||||||||
12 | Connecticut | 13 | 2,162,501 | 92.6 | % | 93.9 | % | 29,758 | 15.71 | 2.8 | % | 2.7 | % | 3.2 | % | ||||||||||||||||||
13 | Tennessee | 12 | 2,580,283 | 89.0 | % | 93.5 | % | 24,935 | 10.96 | 2.5 | % | 3.2 | % | 2.6 | % | ||||||||||||||||||
14 | Massachusetts | 11 | 1,871,880 | 95.2 | % | 95.7 | % | 21,735 | 15.46 | 2.3 | % | 2.3 | % | 2.3 | % | ||||||||||||||||||
15 | Colorado | 6 | 1,473,292 | 87.3 | % | 93.5 | % | 19,482 | 14.20 | 1.3 | % | 1.8 | % | 2.1 | % | ||||||||||||||||||
16 | Kentucky | 9 | 2,074,205 | 94.1 | % | 95.2 | % | 19,134 | 10.53 | 1.9 | % | 2.6 | % | 2.0 | % | ||||||||||||||||||
17 | Indiana | 12 | 1,878,595 | 84.7 | % | 90.6 | % | 16,441 | 10.94 | 2.5 | % | 2.3 | % | 1.7 | % | ||||||||||||||||||
18 | Minnesota | 9 | 1,362,726 | 88.4 | % | 91.1 | % | 15,624 | 13.29 | 1.9 | % | 1.7 | % | 1.7 | % | ||||||||||||||||||
19 | Virginia | 10 | 1,399,379 | 88.5 | % | 92.6 | % | 14,819 | 12.14 | 2.1 | % | 1.7 | % | 1.6 | % | ||||||||||||||||||
20 | South Carolina | 7 | 1,307,923 | 91.5 | % | 93.2 | % | 14,738 | 12.28 | 1.5 | % | 1.6 | % | 1.6 | % | ||||||||||||||||||
21 | New Hampshire | 5 | 772,635 | 90.1 | % | 94.7 | % | 8,162 | 13.73 | 1.1 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||
22 | Wisconsin | 4 | 703,934 | 91.0 | % | 91.9 | % | 6,703 | 10.80 | 0.8 | % | 0.9 | % | 0.7 | % | ||||||||||||||||||
23 | Maryland | 4 | 468,667 | 97.5 | % | 98.3 | % | 6,621 | 14.37 | 0.8 | % | 0.6 | % | 0.7 | % | ||||||||||||||||||
24 | Alabama | 2 | 815,458 | 62.5 | % | 78.4 | % | 5,521 | 8.75 | 0.4 | % | 1.0 | % | 0.6 | % | ||||||||||||||||||
25 | Missouri | 5 | 655,984 | 87.9 | % | 92.0 | % | 5,211 | 8.82 | 1.1 | % | 0.8 | % | 0.6 | % | ||||||||||||||||||
26 | Iowa | 3 | 626,538 | 94.9 | % | 95.4 | % | 3,643 | 6.15 | 0.6 | % | 0.8 | % | 0.4 | % | ||||||||||||||||||
27 | Louisiana | 4 | 619,143 | 79.1 | % | 80.2 | % | 3,529 | 7.27 | 0.8 | % | 0.8 | % | 0.4 | % | ||||||||||||||||||
28 | Arizona | 2 | 288,110 | 92.1 | % | 92.1 | % | 3,209 | 12.10 | 0.4 | % | 0.4 | % | 0.3 | % | ||||||||||||||||||
29 | Kansas | 2 | 373,839 | 89.6 | % | 91.3 | % | 3,195 | 12.09 | 0.4 | % | 0.5 | % | 0.3 | % | ||||||||||||||||||
30 | Mississippi | 2 | 333,275 | 88.2 | % | 88.6 | % | 3,098 | 10.98 | 0.4 | % | 0.4 | % | 0.3 | % | ||||||||||||||||||
31 | Delaware | 1 | 191,974 | 99.0 | % | 99.0 | % | 2,338 | 12.31 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
32 | West Virginia | 2 | 251,500 | 98.0 | % | 98.0 | % | 2,120 | 8.60 | 0.4 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
33 | Vermont | 1 | 224,514 | 98.6 | % | 100.0 | % | 2,025 | 9.02 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
34 | Oklahoma | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,900 | 10.17 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
35 | Maine | 1 | 287,513 | 90.0 | % | 90.7 | % | 1,897 | 20.52 | 0.2 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||
36 | New Mexico | 2 | 83,800 | 100.0 | % | 100.0 | % | 1,019 | 12.16 | 0.4 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||
TOTAL | 471 | 79,997,289 | 89.4 | % | 92.5 | % | $ | 941,392 | $ | 13.73 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 38 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
1 | Springdale | Mobile | AL | Mobile, AL | 2004 | 583,638 | 70.5 | % | $ | 3,954 | $ | 9.80 | Sam's Club* | Bed Bath & Beyond, Big Lots, Burke's Outlet, Burlington Stores, Cost Plus World Market, David's Bridal, Marshalls, Michaels, Shoe Station | — | ||||||||||||||||
2 | Payton Park | Sylacauga | AL | Talladega-Sylacauga, AL | 1995 | 231,820 | 98.2 | % | 1,567 | 6.88 | Walmart Supercenter | Burke's Outlet | — | ||||||||||||||||||
3 | Glendale Galleria | Glendale | AZ | Phoenix-Mesa-Scottsdale, AZ | 1991 | 119,525 | 85.5 | % | 1,309 | 12.81 | — | Gymnasium Academy, LA Fitness, Sears Outlet | — | ||||||||||||||||||
4 | Northmall Centre | Tucson | AZ | Tucson, AZ | 1996 | 168,585 | 96.8 | % | 1,900 | 11.65 | Sam's Club* | CareMore, JC Penney Home Store, Tuesday Morning, Stein Mart | — | ||||||||||||||||||
5 | Applegate Ranch Shopping Center | Atwater | CA | Merced, CA | 2006 | 153,721 | 96.3 | % | 2,362 | 16.51 | SuperTarget*, Walmart Supercenter* | Marshalls, Petco | — | ||||||||||||||||||
6 | Bakersfield Plaza | Bakersfield | CA | Bakersfield, CA | 1970 | 240,090 | 93.5 | % | 3,419 | 15.51 | Lassens Natural Foods & Vitamins | AMC Theatres, Burlington Stores, In Shape Fitness, Ross Dress for Less | Hobby Lobby | ||||||||||||||||||
7 | Carmen Plaza | Camarillo | CA | Oxnard-Thousand Oaks-Ventura, CA | 2000 | 129,173 | 95.0 | % | 2,334 | 20.10 | Trader Joe's* | 24 Hour Fitness, CVS, Michaels | — | ||||||||||||||||||
8 | Plaza Rio Vista | Cathedral | CA | Riverside-San Bernardino-Ontario, CA | 2005 | 67,619 | 95.8 | % | 1,199 | 18.50 | Stater Bros. | — | — | ||||||||||||||||||
9 | Clovis Commons | Clovis | CA | Fresno, CA | 2004 | 180,955 | 95.0 | % | 3,739 | 22.53 | — | Best Buy, Office Depot, PetSmart, T.J.Maxx | Target | ||||||||||||||||||
10 | Cudahy Plaza | Cudahy | CA | Los Angeles-Long Beach-Anaheim, CA | 1994 | 127,267 | 73.3 | % | 2,105 | 22.57 | — | Big Lots, Chuze Fitness | — | ||||||||||||||||||
11 | University Mall | Davis | CA | Sacramento--Roseville--Arden-Arcade, CA | 1964 | 103,695 | 92.8 | % | 1,922 | 19.96 | Trader Joe's | Forever 21, World Market | — | ||||||||||||||||||
12 | Felicita Plaza | Escondido | CA | San Diego-Carlsbad, CA | 2001 | 98,594 | 100.0 | % | 1,454 | 14.75 | Vons (Albertsons) | Chuze Fitness | — | ||||||||||||||||||
13 | Felicita Town Center | Escondido | CA | San Diego-Carlsbad, CA | 1987 | 126,502 | 98.3 | % | 2,764 | 22.24 | Major Market, Trader Joe's | Rite Aid | — | ||||||||||||||||||
14 | Arbor - Broadway Faire | Fresno | CA | Fresno, CA | 1995 | 261,344 | 97.7 | % | 3,790 | 14.84 | Smart & Final Extra! | PetSmart, The Home Depot, United Artists Theatres | — | ||||||||||||||||||
15 | Lompoc Center | Lompoc | CA | Santa Maria-Santa Barbara, CA | 1960 | 179,549 | 92.4 | % | 1,965 | 12.85 | Vons (Albertsons) | Harbor Freight Tools, Marshalls, Michaels, Ulta | — | ||||||||||||||||||
16 | Briggsmore Plaza | Modesto | CA | Modesto, CA | 1998 | 92,315 | 100.0 | % | 1,218 | 13.96 | Grocery Outlet | Fallas Paredes, Sears Outlet | In Shape Fitness | ||||||||||||||||||
17 | Montebello Plaza | Montebello | CA | Los Angeles-Long Beach-Anaheim, CA | 1974 | 283,631 | 100.0 | % | 5,781 | 20.88 | Albertsons | Best Buy, CVS, Kohl's, Five Below, Ross Dress for Less | — | ||||||||||||||||||
18 | California Oaks Center | Murrieta | CA | Riverside-San Bernardino-Ontario, CA | 1990 | 124,481 | 97.6 | % | 2,024 | 17.20 | Barons Market | Crunch Fitness, Dollar Tree | — | ||||||||||||||||||
19 | Esplanade Shopping Center | Oxnard | CA | Oxnard-Thousand Oaks-Ventura, CA | 2002 | 356,864 | 93.0 | % | 6,888 | 20.96 | Walmart Neighborhood Market | Bob's Discount Furniture, Dick's Sporting Goods, Five Below, Nordstrom Rack, T.J.Maxx | The Home Depot | ||||||||||||||||||
20 | Pacoima Center | Pacoima | CA | Los Angeles-Long Beach-Anaheim, CA | 1995 | 202,773 | 100.0 | % | 2,165 | 10.68 | Food 4 Less (Kroger) | Ross Dress for Less, Target | — | ||||||||||||||||||
21 | Metro 580 | Pleasanton | CA | San Francisco-Oakland-Hayward, CA | 1996 | 177,573 | 100.0 | % | 2,775 | 33.81 | — | Kohl's, Orchard Supply Hardware, Party City | Walmart | ||||||||||||||||||
22 | Rose Pavilion (2) | Pleasanton | CA | San Francisco-Oakland-Hayward, CA | 2018 | 328,958 | 94.7 | % | 7,567 | 24.33 | 99 Ranch Market, Trader Joe's | CVS, Golf Galaxy, Macy's Home Store, Total Wine & More | — | ||||||||||||||||||
23 | Puente Hills Town Center | Rowland Heights | CA | Los Angeles-Long Beach-Anaheim, CA | 1984 | 258,685 | 97.8 | % | 5,809 | 22.95 | — | Marshalls, Michaels | — | ||||||||||||||||||
24 | San Bernardino Center | San Bernardino | CA | Riverside-San Bernardino-Ontario, CA | 2003 | 143,082 | 100.0 | % | 1,079 | 7.54 | — | Big Lots, Target | — | ||||||||||||||||||
25 | Ocean View Plaza | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1990 | 169,963 | 95.8 | % | 4,732 | 29.05 | Ralphs (Kroger), Trader Joe's | Crunch Fitness, CVS | — | ||||||||||||||||||
26 | Plaza By The Sea | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1976 | 49,089 | 93.6 | % | 616 | 14.89 | Stater Bros. | — | — | ||||||||||||||||||
27 | Village at Mira Mesa (2) | San Diego | CA | San Diego-Carlsbad, CA | 2018 | 420,595 | 99.4 | % | 9,490 | 23.51 | Sprouts Farmers Market, Vons (Albertsons) | Bed Bath & Beyond, BevMo, Marshalls, Michaels, Mira Mesa Lanes | — | ||||||||||||||||||
28 | San Dimas Plaza | San Dimas | CA | Los Angeles-Long Beach-Anaheim, CA | 1986 | 164,757 | 100.0 | % | 3,780 | 22.94 | Smart & Final Extra! | Harbor Freight Tools, T.J.Maxx | Rite Aid | ||||||||||||||||||
29 | Bristol Plaza | Santa Ana | CA | Los Angeles-Long Beach-Anaheim, CA | 2003 | 111,403 | 99.7 | % | 3,023 | 27.78 | Trader Joe's | Big Lots, Petco, Rite Aid | — | ||||||||||||||||||
30 | Gateway Plaza | Santa Fe Springs | CA | Los Angeles-Long Beach-Anaheim, CA | 2002 | 289,268 | 100.0 | % | 3,514 | 23.63 | El Super, Walmart Supercenter | LA Fitness, Ross Dress for Less | Target | ||||||||||||||||||
31 | Santa Paula Center | Santa Paula | CA | Oxnard-Thousand Oaks-Ventura, CA | 1995 | 191,475 | 100.0 | % | 2,099 | 11.21 | Vons (Albertsons) | Ace Hardware, Big Lots | — | ||||||||||||||||||
32 | Vail Ranch Center | Temecula | CA | Riverside-San Bernardino-Ontario, CA | 2003 | 201,904 | 92.2 | % | 2,857 | 21.05 | Stater Bros. | Rite Aid, Stein Mart | — | ||||||||||||||||||
33 | Country Hills Shopping Center | Torrance | CA | Los Angeles-Long Beach-Anaheim, CA | 1977 | 53,200 | 100.0 | % | 1,030 | 19.36 | Ralphs (Kroger) | — | — | ||||||||||||||||||
34 | Upland Town Square | Upland | CA | Riverside-San Bernardino-Ontario, CA | 1994 | 100,350 | 90.3 | % | 1,794 | 19.79 | Sprouts Farmers Market | — | — | ||||||||||||||||||
35 | Gateway Plaza - Vallejo (2) | Vallejo | CA | Vallejo-Fairfield, CA | 2018 | 519,223 | 95.1 | % | 8,918 | 18.29 | Costco* | Bed Bath & Beyond, Century Theatres, DSW, Marshalls, Michaels, OfficeMax, Party City, Petco, Ross Dress for Less, Ulta | Target | ||||||||||||||||||
36 | Arvada Plaza | Arvada | CO | Denver-Aurora-Lakewood, CO | 1994 | 95,236 | 100.0 | % | 747 | 7.84 | King Soopers (Kroger) | Arc | — | ||||||||||||||||||
37 | Arapahoe Crossings | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 468,701 | 100.0 | % | 6,978 | 14.89 | King Soopers (Kroger) | 2nd & Charles, AMC Theatres, Big Lots, Burlington Stores, buybuy BABY, Dollar Tree, Kohl's, Planet Fitness, Stein Mart | — | ||||||||||||||||||
38 | Aurora Plaza | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 178,491 | 100.0 | % | 1,721 | 9.98 | King Soopers (Kroger) | Cinema Latino, Gen-X | — | ||||||||||||||||||
39 | Villa Monaco | Denver | CO | Denver-Aurora-Lakewood, CO | 1978 | 121,101 | 93.5 | % | 1,702 | 15.02 | — | Chuze Fitness | — | ||||||||||||||||||
40 | Superior Marketplace | Superior | CO | Boulder, CO | 1997 | 279,204 | 90.1 | % | 4,134 | 16.44 | Whole Foods Market, Costco*, SuperTarget* | Party City, Stickley Furniture, T.J.Maxx, Ulta | — | ||||||||||||||||||
41 | Westminster City Center | Westminster | CO | Denver-Aurora-Lakewood, CO | 1996 | 330,559 | 81.9 | % | 4,200 | 15.52 | — | Barnes & Noble, David's Bridal, Jo-Ann Fabric & Craft Stores, Ross Dress for Less, Tile Shop, Ulta | — | ||||||||||||||||||
42 | Freshwater - Stateline Plaza | Enfield | CT | Hartford-West Hartford-East Hartford, CT | 2004 | 299,978 | 96.6 | % | 2,608 | 17.03 | Costco | Dick's Sporting Goods, Jo-Ann Fabric & Craft Stores, P.C. Richard & Son | The Home Depot | ||||||||||||||||||
43 | The Shoppes at Fox Run | Glastonbury | CT | Hartford-West Hartford-East Hartford, CT | 1974 | 106,364 | 91.0 | % | 2,507 | 25.89 | Whole Foods Market | Petco | — | ||||||||||||||||||
44 | Groton Square | Groton | CT | Norwich-New London, CT | 1987 | 196,802 | 96.8 | % | 2,485 | 13.05 | Super Stop & Shop (Ahold) | Kohl's | Walmart | ||||||||||||||||||
45 | Parkway Plaza | Hamden | CT | New Haven-Milford, CT | 2006 | 72,353 | 100.0 | % | 1,003 | 13.86 | PriceRite (Wakefern) | — | The Home Depot | ||||||||||||||||||
46 | The Manchester Collection | Manchester | CT | Hartford-West Hartford-East Hartford, CT | 2001 | 339,755 | 96.6 | % | 4,538 | 13.82 | Walmart Supercenter* | A.C. Moore, Ashley Furniture, Bed Bath & Beyond, Big Bob's Flooring Outlet, Cost Plus World Market, DSW, Edge Fitness, Hobby Lobby, Men's Wearhouse, Plaza Azteca | Best Buy, The Home Depot, Walmart | ||||||||||||||||||
47 | Chamberlain Plaza | Meriden | CT | New Haven-Milford, CT | 2004 | 54,302 | 100.0 | % | 592 | 10.90 | — | Dollar Tree, Savers | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 39 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
48 | Turnpike Plaza | Newington | CT | Hartford-West Hartford-East Hartford, CT | 2004 | 149,894 | 97.1 | % | 2,441 | 16.76 | Price Chopper | Dick's Sporting Goods | — | ||||||||||||||||||
49 | North Haven Crossing | North Haven | CT | New Haven-Milford, CT | 1993 | 103,865 | 96.1 | % | 1,780 | 17.83 | — | Barnes & Noble, Dollar Tree, DSW, Five Below, Lumber Liquidators, PetSmart | — | ||||||||||||||||||
50 | Christmas Tree Plaza | Orange | CT | New Haven-Milford, CT | 1996 | 132,791 | 94.1 | % | 1,651 | 13.22 | — | A.C. Moore, Christmas Tree Shops | — | ||||||||||||||||||
51 | Stratford Square | Stratford | CT | Bridgeport-Stamford-Norwalk, CT | 1984 | 161,075 | 88.0 | % | 2,427 | 17.13 | — | LA Fitness, Marshalls | — | ||||||||||||||||||
52 | Torrington Plaza | Torrington | CT | Torrington, CT | 1994 | 125,496 | 80.2 | % | 1,149 | 11.42 | — | Jo-Ann Fabric & Craft Stores, Staples, T.J.Maxx | — | ||||||||||||||||||
53 | Waterbury Plaza | Waterbury | CT | New Haven-Milford, CT | 2000 | 183,096 | 83.5 | % | 2,054 | 13.44 | Super Stop & Shop (Ahold) | Dollar Tree | Target | ||||||||||||||||||
54 | Waterford Commons | Waterford | CT | Norwich-New London, CT | 2004 | 236,730 | 98.4 | % | 4,523 | 19.43 | — | Dick’s Sporting Goods, DSW, Michaels, Party City, Ulta | Best Buy, Raymour & Flanigan | ||||||||||||||||||
55 | North Dover Center | Dover | DE | Dover, DE | 1989 | 191,974 | 99.0 | % | 2,338 | 12.31 | — | Kirkland's, Party City, Staples, T.J.Maxx | — | ||||||||||||||||||
56 | Brooksville Square | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 1987 | 96,361 | 88.5 | % | 871 | 10.21 | Publix | — | — | ||||||||||||||||||
57 | Coastal Way - Coastal Landing | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2008 | 374,598 | 92.5 | % | 3,521 | 17.82 | — | Bed Bath & Beyond, Belk, Marshalls, Michaels, Office Depot, Petco, Sears, Ulta | — | ||||||||||||||||||
58 | Clearwater Mall | Clearwater | FL | Tampa-St. Petersburg-Clearwater, FL | 1973 | 300,929 | 80.0 | % | 5,557 | 23.08 | Costco*, SuperTarget* | David's Bridal, Michaels, PetSmart, Ross Dress for Less | Lowe's | ||||||||||||||||||
59 | Coconut Creek Plaza | Coconut Creek | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2005 | 264,129 | 88.5 | % | 3,283 | 14.04 | Publix | Big Lots, Off the Wall Trampoline, Planet Fitness | — | ||||||||||||||||||
60 | Century Plaza Shopping Center | Deerfield Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2006 | 86,663 | 91.2 | % | 1,599 | 20.23 | — | Broward County Library, CVS | — | ||||||||||||||||||
61 | Northgate Shopping Center | DeLand | FL | Deltona-Daytona Beach-Ormond Beach, FL | 1993 | 186,396 | 50.1 | % | 947 | 10.14 | Publix | Planet Fitness | — | ||||||||||||||||||
62 | Sun Plaza | Ft. Walton Beach | FL | Crestview-Fort Walton Beach-Destin, FL | 2004 | 158,118 | 99.1 | % | 1,769 | 11.29 | Publix | Bealls Outlet, Books-A-Million, Office Depot, T.J.Maxx | — | ||||||||||||||||||
63 | Normandy Square | Jacksonville | FL | Jacksonville, FL | 1996 | 89,822 | 100.0 | % | 841 | 9.64 | Winn-Dixie (Southeastern Grocers) | Ace Hardware, Family Dollar | — | ||||||||||||||||||
64 | Regency Park Shopping Center | Jacksonville | FL | Jacksonville, FL | 1985 | 334,065 | 88.0 | % | 1,794 | 6.59 | — | American Signature Furniture, Bealls Outlet, Books-A-Million, David's Bridal, Ollie's Bargain Outlet | — | ||||||||||||||||||
65 | The Shoppes at Southside | Jacksonville | FL | Jacksonville, FL | 2004 | 109,113 | 100.0 | % | 1,971 | 18.06 | — | Best Buy, David's Bridal, Restoration Hardware | — | ||||||||||||||||||
66 | Ventura Downs (2) | Kissimmee | FL | Orlando-Kissimmee-Sanford, FL | 2018 | 98,191 | 94.0 | % | 1,597 | 17.30 | — | LA Fitness | — | ||||||||||||||||||
67 | Marketplace at Wycliffe | Lake Worth | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2002 | 133,520 | 95.6 | % | 2,275 | 17.82 | Walmart Neighborhood Market | Walgreens | — | ||||||||||||||||||
68 | Venetian Isle Shopping Ctr | Lighthouse Point | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1992 | 182,314 | 93.0 | % | 1,859 | 11.30 | Publix | Dollar Tree, Petco, Staples, Tuesday Morning, T.J.Maxx | — | ||||||||||||||||||
69 | Marco Town Center | Marco Island | FL | Naples-Immokalee-Marco Island, FL | 1998 | 109,931 | 76.7 | % | 1,738 | 20.61 | Publix | — | — | ||||||||||||||||||
70 | Mall at 163rd Street | Miami | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2007 | 339,478 | 71.0 | % | 3,056 | 15.98 | Walmart Supercenter* | Citi Trends, Marshalls, Ross Dress for Less | The Home Depot | ||||||||||||||||||
71 | Miami Gardens | Miami | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1996 | 244,719 | 98.8 | % | 2,672 | 11.05 | Fresco y Más (Southeastern Grocers) | Ross Dress for Less | — | ||||||||||||||||||
72 | Freedom Square | Naples | FL | Naples-Immokalee-Marco Island, FL | 1995 | 211,839 | 100.0 | % | 2,062 | 9.73 | Publix | — | — | ||||||||||||||||||
73 | Naples Plaza | Naples | FL | Naples-Immokalee-Marco Island, FL | 2013 | 201,795 | 100.0 | % | 3,583 | 18.06 | Publix | Marshalls, Office Depot, PGA TOUR Superstore | — | ||||||||||||||||||
74 | Park Shore Plaza | Naples | FL | Naples-Immokalee-Marco Island, FL | 2018 | 254,548 | 97.3 | % | 4,606 | 19.66 | The Fresh Market | Big Lots, Burlington Stores, HomeGoods, Kirkland's, Party City, Saks OFF Fifth, Yard House | — | ||||||||||||||||||
75 | Chelsea Place | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 1992 | 81,144 | 100.0 | % | 1,053 | 12.98 | Publix | Zone Fitness Club | — | ||||||||||||||||||
76 | Southgate Center | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 1966 | 248,901 | 97.7 | % | 2,538 | 11.04 | Publix | Bealls Outlet, Big Lots, Lumber Liquidators, Old Time Pottery, Pet Supermarket | — | ||||||||||||||||||
77 | Presidential Plaza West | North Lauderdale | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2006 | 88,441 | 91.8 | % | 900 | 11.09 | Sedano's | Family Dollar | — | ||||||||||||||||||
78 | Fashion Square | Orange Park | FL | Jacksonville, FL | 1996 | 36,029 | 46.5 | % | 368 | 32.00 | — | Miller's Orange Park Ale House | — | ||||||||||||||||||
79 | Colonial Marketplace | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1986 | 141,069 | 100.0 | % | 2,432 | 17.24 | — | Burlington Stores, LA Fitness | Target | ||||||||||||||||||
80 | Conway Crossing | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 76,321 | 100.0 | % | 1,064 | 13.94 | Publix | — | — | ||||||||||||||||||
81 | Hunter's Creek Plaza | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1998 | 73,204 | 89.6 | % | 1,057 | 16.11 | Lucky's Market | — | — | ||||||||||||||||||
82 | Pointe Orlando | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1997 | 420,005 | 89.0 | % | 8,780 | 24.26 | — | Main Event, Regal Cinemas | — | ||||||||||||||||||
83 | Martin Downs Town Center | Palm City | FL | Port St. Lucie, FL | 1996 | 64,546 | 95.7 | % | 749 | 12.13 | Publix | — | — | ||||||||||||||||||
84 | Martin Downs Village Center | Palm City | FL | Port St. Lucie, FL | 1987 | 162,336 | 92.7 | % | 2,750 | 18.81 | — | Coastal Care, Walgreens | — | ||||||||||||||||||
85 | 23rd Street Station | Panama City | FL | Panama City, FL | 1995 | 98,827 | 96.6 | % | 1,254 | 13.14 | Publix | — | — | ||||||||||||||||||
86 | Panama City Square | Panama City | FL | Panama City, FL | 1989 | 298,685 | 99.1 | % | 2,422 | 8.19 | Walmart Supercenter | Big Lots, Harbor Freight Tools, HomeGoods, T.J.Maxx | — | ||||||||||||||||||
87 | East Port Plaza | Port St. Lucie | FL | Port St. Lucie, FL | 1991 | 162,831 | 83.6 | % | 1,932 | 14.19 | Publix | Fortis Institute, Walgreens | — | ||||||||||||||||||
88 | Shoppes of Victoria Square | Port St. Lucie | FL | Port St. Lucie, FL | 1990 | 95,186 | 93.5 | % | 1,139 | 12.80 | Winn-Dixie (Southeastern Grocers) | Dollar Tree | — | ||||||||||||||||||
89 | Lake St. Charles | Riverview | FL | Tampa-St. Petersburg-Clearwater, FL | 1999 | 61,015 | 97.4 | % | 676 | 11.38 | Winn-Dixie (Southeastern Grocers) | — | — | ||||||||||||||||||
90 | Cobblestone Village | Royal Palm Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2005 | 39,404 | 97.4 | % | 771 | 20.08 | SuperTarget* | The Zoo Health Club | — | ||||||||||||||||||
91 | Beneva Village Shoppes (2) | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 2018 | 140,075 | 95.3 | % | 1,737 | 13.01 | Publix | Harbor Freight Tools, Pet Supermarket, Walgreens | — | ||||||||||||||||||
92 | Sarasota Village | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 1972 | 173,184 | 100.0 | % | 2,059 | 12.19 | Publix | Big Lots, Crunch Fitness, HomeGoods | — | ||||||||||||||||||
93 | Atlantic Plaza | Satellite Beach | FL | Palm Bay-Melbourne-Titusville, FL | 2008 | 130,901 | 80.2 | % | 1,381 | 13.16 | Publix | Planet Fitness | — | ||||||||||||||||||
94 | Seminole Plaza | Seminole | FL | Tampa-St. Petersburg-Clearwater, FL | 1964 | 156,579 | 95.2 | % | 1,228 | 8.23 | — | Bealls Outlet, Burlington Stores, T.J.Maxx | — | ||||||||||||||||||
95 | Cobblestone Village | St. Augustine | FL | Jacksonville, FL | 2003 | 265,464 | 96.2 | % | 3,657 | 14.32 | Publix | Bealls, Bed Bath & Beyond, Michaels, Party City, Petco | — | ||||||||||||||||||
96 | Dolphin Village | St. Pete Beach | FL | Tampa-St. Petersburg-Clearwater, FL | 1990 | 136,224 | 77.3 | % | 1,942 | 18.44 | Publix | CVS, Dollar Tree | — | ||||||||||||||||||
97 | Bay Pointe Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2016 | 95,760 | 98.3 | % | 1,618 | 17.18 | Publix | Bealls Outlet, Pet Supermarket | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 40 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
98 | Rutland Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 149,562 | 95.9 | % | 1,276 | 8.89 | Winn-Dixie (Southeastern Grocers) | Bealls Outlet, Big Lots | — | ||||||||||||||||||
99 | Skyway Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 110,799 | 76.6 | % | 725 | 8.86 | — | Dollar Tree | — | ||||||||||||||||||
100 | Tyrone Gardens | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 1998 | 206,784 | 82.3 | % | 1,710 | 10.05 | Winn-Dixie (Southeastern Grocers) | Big Lots, Chuck E. Cheese’s | — | ||||||||||||||||||
101 | Downtown Publix | Stuart | FL | Port St. Lucie, FL | 2000 | 151,246 | 73.2 | % | 1,427 | 12.88 | Publix | Family Dollar, Flooring USA | — | ||||||||||||||||||
102 | Sunrise Town Center | Sunrise | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1989 | 110,109 | 100.0 | % | 1,375 | 12.49 | Patel Brothers | Dollar Tree, LA Fitness | Walmart | ||||||||||||||||||
103 | Carrollwood Center | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 92,958 | 92.2 | % | 1,446 | 16.88 | Publix | Rarehues | — | ||||||||||||||||||
104 | Ross Plaza | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 1996 | 89,885 | 95.3 | % | 1,305 | 15.23 | — | Deal$, Ross Dress for Less, Lumber Liquidators | — | ||||||||||||||||||
105 | Shoppes at Tarpon | Tarpon Springs | FL | Tampa-St. Petersburg-Clearwater, FL | 2003 | 145,832 | 98.6 | % | 2,259 | 15.71 | Publix | Petco, T.J.Maxx, Ulta | — | ||||||||||||||||||
106 | Venice Plaza | Venice | FL | North Port-Sarasota-Bradenton, FL | 1999 | 132,345 | 97.5 | % | 946 | 7.33 | Winn-Dixie (Southeastern Grocers) | Lumber Liquidators, Pet Supermarket, T.J.Maxx | — | ||||||||||||||||||
107 | Venice Shopping Center | Venice | FL | North Port-Sarasota-Bradenton, FL | 2000 | 109,801 | 87.1 | % | 614 | 6.42 | Publix | Bealls Outlet | — | ||||||||||||||||||
108 | Venice Village Shoppes | Venice | FL | North Port-Sarasota-Bradenton, FL | 1989 | 175,074 | 88.0 | % | 2,311 | 15.00 | Publix | Jo-Ann Fabric & Craft Stores, Planet Fitness | — | ||||||||||||||||||
109 | Albany Plaza | Albany | GA | Albany, GA | 1995 | 114,169 | 73.7 | % | 578 | 6.87 | Harveys (Southeastern Grocers) | Big Lots, OK Beauty & Fashions Outlet | — | ||||||||||||||||||
110 | Mansell Crossing | Alpharetta | GA | Atlanta-Sandy Springs-Roswell, GA | 1993 | 332,364 | 98.9 | % | 5,350 | 20.30 | — | AMC Theatres, Barnes & Noble, DSW, Macy's Furniture Gallery, REI, T.J.Maxx | — | ||||||||||||||||||
111 | Perlis Plaza | Americus | GA | Americus, GA | 1972 | 165,315 | 83.1 | % | 826 | 6.01 | — | Belk, Roses | — | ||||||||||||||||||
112 | Northeast Plaza | Atlanta | GA | Atlanta-Sandy Springs-Roswell, GA | 1952 | 445,042 | 87.5 | % | 4,512 | 11.84 | City Farmers Market | dd's Discounts (Ross) | — | ||||||||||||||||||
113 | Augusta West Plaza | Augusta | GA | Augusta-Richmond County, GA-SC | 2006 | 207,823 | 73.4 | % | 1,078 | 7.73 | — | At Home, Dollar Tree | — | ||||||||||||||||||
114 | Sweetwater Village | Austell | GA | Atlanta-Sandy Springs-Roswell, GA | 1985 | 66,197 | 98.2 | % | 522 | 8.03 | Food Depot | Family Dollar | — | ||||||||||||||||||
115 | Vineyards at Chateau Elan | Braselton | GA | Atlanta-Sandy Springs-Roswell, GA | 2002 | 79,047 | 93.9 | % | 1,077 | 14.51 | Publix | — | — | ||||||||||||||||||
116 | Cedar Plaza | Cedartown | GA | Cedartown, GA | 1994 | 83,300 | 100.0 | % | 708 | 8.50 | Kroger | Planet Fitness | — | ||||||||||||||||||
117 | Conyers Plaza | Conyers | GA | Atlanta-Sandy Springs-Roswell, GA | 2001 | 171,374 | 94.0 | % | 2,127 | 13.20 | Walmart Supercenter* | Jo-Ann Fabric & Craft Stores, PetSmart, Value Village | The Home Depot | ||||||||||||||||||
118 | Cordele Square | Cordele | GA | Cordele, GA | 2002 | 127,953 | 85.4 | % | 745 | 6.82 | Harveys (Southeastern Grocers) | Belk, Citi Trends, Cordele Theatres | — | ||||||||||||||||||
119 | Covington Gallery | Covington | GA | Atlanta-Sandy Springs-Roswell, GA | 1991 | 174,857 | 94.3 | % | 1,103 | 6.69 | Ingles | Kmart | — | ||||||||||||||||||
120 | Salem Road Station | Covington | GA | Atlanta-Sandy Springs-Roswell, GA | 2000 | 67,270 | 98.1 | % | 784 | 11.88 | Publix | — | — | ||||||||||||||||||
121 | Keith Bridge Commons | Cumming | GA | Atlanta-Sandy Springs-Roswell, GA | 2002 | 94,886 | 88.4 | % | 1,123 | 13.38 | Kroger | — | — | ||||||||||||||||||
122 | Northside | Dalton | GA | Dalton, GA | 2001 | 73,931 | 97.3 | % | 607 | 8.44 | Food City | Family Dollar | — | ||||||||||||||||||
123 | Cosby Station | Douglasville | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 77,811 | 89.3 | % | 776 | 11.16 | Publix | — | — | ||||||||||||||||||
124 | Park Plaza | Douglasville | GA | Atlanta-Sandy Springs-Roswell, GA | 1986 | 46,670 | 88.9 | % | 756 | 18.31 | Kroger* | — | — | ||||||||||||||||||
125 | Dublin Village | Dublin | GA | Dublin, GA | 2005 | 94,920 | 97.5 | % | 722 | 7.81 | Kroger | — | — | ||||||||||||||||||
126 | Westgate | Dublin | GA | Dublin, GA | 2004 | 110,738 | 83.9 | % | 596 | 6.68 | — | Big Lots | The Home Depot | ||||||||||||||||||
127 | Venture Pointe | Duluth | GA | Atlanta-Sandy Springs-Roswell, GA | 1995 | 155,172 | 100.0 | % | 1,642 | 10.58 | — | American Signature Furniture, Ollie's Bargain Outlet, Studio Movie Grill | — | ||||||||||||||||||
128 | Banks Station | Fayetteville | GA | Atlanta-Sandy Springs-Roswell, GA | 2006 | 178,871 | 77.6 | % | 1,157 | 9.97 | Food Depot | Cinemark, Staples | — | ||||||||||||||||||
129 | Barrett Place | Kennesaw | GA | Atlanta-Sandy Springs-Roswell, GA | 1992 | 218,818 | 100.0 | % | 2,420 | 11.06 | ALDI | Best Buy, Michaels, OfficeMax, PetSmart, The Furniture Mall | — | ||||||||||||||||||
130 | Shops of Huntcrest | Lawrenceville | GA | Atlanta-Sandy Springs-Roswell, GA | 2003 | 97,040 | 100.0 | % | 1,377 | 14.19 | Publix | — | — | ||||||||||||||||||
131 | Mableton Walk | Mableton | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 105,884 | 88.6 | % | 1,290 | 13.76 | Publix | — | — | ||||||||||||||||||
132 | The Village at Mableton | Mableton | GA | Atlanta-Sandy Springs-Roswell, GA | 1959 | 229,013 | 95.2 | % | 1,114 | 5.11 | — | Dollar Tree, Ollie's Bargain Outlet, Planet Fitness | — | ||||||||||||||||||
133 | Marshalls at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 1982 | 54,976 | 100.0 | % | 574 | 10.44 | — | Marshalls | — | ||||||||||||||||||
134 | New Chastain Corners | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 2004 | 113,079 | 89.2 | % | 1,044 | 10.35 | Kroger | — | — | ||||||||||||||||||
135 | Pavilions at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 1996 | 154,224 | 86.9 | % | 1,793 | 13.39 | Kroger | Kayhill's Sports Bar and Grill | — | ||||||||||||||||||
136 | Creekwood Village | Rex | GA | Atlanta-Sandy Springs-Roswell, GA | 1990 | 69,778 | 92.1 | % | 563 | 8.76 | Food Depot | — | — | ||||||||||||||||||
137 | Shops of Riverdale | Riverdale | GA | Atlanta-Sandy Springs-Roswell, GA | 1995 | 16,808 | 70.3 | % | 241 | 20.41 | Walmart Supercenter* | — | — | ||||||||||||||||||
138 | Holcomb Bridge Crossing | Roswell | GA | Atlanta-Sandy Springs-Roswell, GA | 1988 | 93,420 | 97.1 | % | 990 | 10.91 | — | PGA TOUR Superstore | — | ||||||||||||||||||
139 | Victory Square | Savannah | GA | Savannah, GA | 2007 | 122,719 | 89.6 | % | 1,640 | 15.31 | SuperTarget* | Citi Trends, Dollar Tree, Staples | The Home Depot | ||||||||||||||||||
140 | Stockbridge Village | Stockbridge | GA | Atlanta-Sandy Springs-Roswell, GA | 2008 | 188,135 | 97.2 | % | 2,856 | 15.62 | Kroger | — | — | ||||||||||||||||||
141 | Stone Mountain Festival | Stone Mountain | GA | Atlanta-Sandy Springs-Roswell, GA | 2006 | 347,091 | 97.8 | % | 1,780 | 5.24 | Walmart Supercenter | Hobby Lobby, NCG Cinemas | — | ||||||||||||||||||
142 | Wilmington Island | Wilmington Island | GA | Savannah, GA | 1985 | 101,462 | 90.8 | % | 962 | 10.44 | Kroger | — | — | ||||||||||||||||||
143 | Kimberly West Shopping Center | Davenport | IA | Davenport-Moline-Rock Island, IA-IL | 1987 | 113,713 | 90.1 | % | 656 | 6.40 | Hy-Vee | — | — | ||||||||||||||||||
144 | Haymarket Mall | Des Moines | IA | Des Moines-West Des Moines, IA | 1979 | 243,120 | 99.4 | % | 1,501 | 6.34 | — | Burlington Stores, Harbor Freight Tools, Hobby Lobby | — | ||||||||||||||||||
145 | Haymarket Square | Des Moines | IA | Des Moines-West Des Moines, IA | 1979 | 269,705 | 94.0 | % | 1,486 | 5.86 | Price Chopper | Aspen Athletic Clubs, Big Lots, Northern Tool + Equipment, Office Depot | — | ||||||||||||||||||
146 | Annex of Arlington | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1999 | 199,463 | 100.0 | % | 3,526 | 17.68 | Trader Joe's | Binny's Beverage Depot, Chuck E. Cheese's, Kirkland's, Petco, Ulta | — | ||||||||||||||||||
147 | Ridge Plaza | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2000 | 151,643 | 92.1 | % | 1,999 | 14.31 | — | Savers, XSport Fitness | Kohl's | ||||||||||||||||||
148 | Bartonville Square | Bartonville | IL | Peoria, IL | 2001 | 61,678 | 87.2 | % | 263 | 5.22 | Kroger | — | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 41 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
149 | Festival Center | Bradley | IL | Kankakee, IL | 2006 | 63,796 | 100.0 | % | 437 | 6.85 | — | Big Lots, Dollar General | — | ||||||||||||||||||
150 | Southfield Plaza | Bridgeview | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 198,190 | 88.7 | % | 2,035 | 11.57 | Shop & Save Market | Hobby Lobby, Octapharma, Walgreens | — | ||||||||||||||||||
151 | Commons of Chicago Ridge | Chicago Ridge | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 324,977 | 92.2 | % | 4,167 | 15.03 | — | Marshalls, The Home Depot, Ross Dress for Less, XSport Fitness | — | ||||||||||||||||||
152 | Rivercrest Shopping Center | Crestwood | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 548,531 | 78.3 | % | 5,522 | 15.39 | — | AMC Theatres, Best Buy, Five Below, Party City, PetSmart, Planet Fitness, Ross Dress for Less, T.J.Maxx | — | ||||||||||||||||||
153 | The Commons of Crystal Lake | Crystal Lake | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1987 | 273,060 | 86.2 | % | 2,345 | 9.96 | Jewel-Osco (Albertsons) | Burlington Stores | Hobby Lobby | ||||||||||||||||||
154 | Elk Grove Town Center | Elk Grove Village | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 131,794 | 33.6 | % | 943 | 21.32 | — | Walgreens | — | ||||||||||||||||||
155 | Freeport Plaza | Freeport | IL | Freeport, IL | 2000 | 87,846 | 88.3 | % | 539 | 6.95 | Cub Foods (Supervalu) | — | — | ||||||||||||||||||
156 | Westview Center | Hanover Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1989 | 321,382 | 91.1 | % | 2,812 | 9.94 | Tony's Finer Foods | Amber's Furniture, Big Lots, LA Fitness, Sears Outlet | Value City | ||||||||||||||||||
157 | The Quentin Collection | Kildeer | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 171,530 | 80.7 | % | 2,142 | 15.47 | — | Best Buy, PetSmart, Stein Mart | — | ||||||||||||||||||
158 | Butterfield Square | Libertyville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 106,683 | 97.2 | % | 1,632 | 15.75 | Sunset Foods | — | — | ||||||||||||||||||
159 | High Point Centre (2) | Lombard | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2018 | 245,497 | 68.0 | % | 1,693 | 11.29 | — | David's Bridal, Jo-Ann Fabric & Craft Stores, LA Fitness, Office Depot | — | ||||||||||||||||||
160 | Long Meadow Commons | Mundelein | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 118,281 | 93.8 | % | 1,718 | 16.33 | Jewel-Osco | Planet Fitness | — | ||||||||||||||||||
161 | Westridge Court | Naperville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 680,553 | 79.8 | % | 6,885 | 12.68 | — | Art Van Furniture, Big Lots, buybuy BABY, Marshalls, Old Navy, Party City, Star Cinema Grill, Ulta | — | ||||||||||||||||||
162 | Sterling Bazaar | Peoria | IL | Peoria, IL | 1992 | 87,359 | 90.1 | % | 747 | 9.71 | Kroger | — | — | ||||||||||||||||||
163 | Rollins Crossing | Round Lake Beach | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 192,913 | 96.3 | % | 1,992 | 17.61 | — | LA Fitness, Regal Cinemas | — | ||||||||||||||||||
164 | Twin Oaks Shopping Center | Silvis | IL | Davenport-Moline-Rock Island, IA-IL | 1991 | 114,342 | 97.6 | % | 750 | 6.72 | Hy-Vee | Eye Surgeons Associates | — | ||||||||||||||||||
165 | Sangamon Center North | Springfield | IL | Springfield, IL | 1996 | 139,757 | 94.9 | % | 1,337 | 10.08 | Schnucks | U.S. Post Office | — | ||||||||||||||||||
166 | Tinley Park Plaza | Tinley Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1973 | 248,077 | 67.4 | % | 1,932 | 12.17 | Walt's Fine Foods | Planet Fitness, Tile Shop | — | ||||||||||||||||||
167 | Meridian Village | Carmel | IN | Indianapolis-Carmel-Anderson, IN | 1990 | 123,169 | 88.7 | % | 999 | 9.14 | — | Dollar Tree, Godby Home Furnishings, Ollie's Bargain Outlet | — | ||||||||||||||||||
168 | Columbus Center | Columbus | IN | Columbus, IN | 1964 | 142,989 | 96.2 | % | 1,566 | 11.38 | — | Big Lots, Five Below, OfficeMax, Pet Supplies Plus, T.J.Maxx, Ulta | Target | ||||||||||||||||||
169 | Elkhart Plaza West | Elkhart | IN | Elkhart-Goshen, IN | 1997 | 81,651 | 87.3 | % | 540 | 35.13 | Martin's Super Market | CVS | — | ||||||||||||||||||
170 | Apple Glen Crossing | Fort Wayne | IN | Fort Wayne, IN | 2002 | 150,163 | 91.2 | % | 1,892 | 17.64 | Walmart Supercenter* | Best Buy, Dick's Sporting Goods, PetSmart | Kohl's | ||||||||||||||||||
171 | Market Centre | Goshen | IN | Elkhart-Goshen, IN | 1994 | 248,915 | 95.2 | % | 1,910 | 14.99 | Walmart Supercenter* | Jo-Ann Fabrics & Craft Stores | — | ||||||||||||||||||
172 | Marwood Plaza | Indianapolis | IN | Indianapolis-Carmel-Anderson, IN | 1992 | 107,080 | 84.1 | % | 783 | 8.69 | Kroger | — | — | ||||||||||||||||||
173 | Westlane Shopping Center | Indianapolis | IN | Indianapolis-Carmel-Anderson, IN | 1968 | 71,602 | 100.0 | % | 666 | 9.30 | Save-A-Lot | Citi Trends | — | ||||||||||||||||||
174 | Valley View Plaza | Marion | IN | Marion, IN | 1997 | 29,974 | 90.0 | % | 376 | 13.94 | Walmart Supercenter* | Aaron's | — | ||||||||||||||||||
175 | Bittersweet Plaza | Mishawaka | IN | South Bend-Mishawaka, IN-MI | 2000 | 92,295 | 91.3 | % | 749 | 8.94 | Martin's Super Market | — | — | ||||||||||||||||||
176 | Lincoln Plaza | New Haven | IN | Fort Wayne, IN | 1968 | 103,788 | 71.5 | % | 568 | 7.66 | Kroger | Go Workout | — | ||||||||||||||||||
177 | Speedway Super Center (2) | Speedway | IN | Indianapolis-Carmel-Anderson, IN | 2018 | 592,830 | 89.6 | % | 5,130 | 9.71 | Kroger | Burlington Stores, Kohl's, Oak Street Health Center, Petco, Ross Dress for Less, Sears Outlet, T.J.Maxx | — | ||||||||||||||||||
178 | Sagamore Park Centre (2) | West Lafayette | IN | Lafayette-West Lafayette, IN | 2018 | 134,139 | 98.6 | % | 1,262 | 9.69 | Pay Less (Kroger) | — | — | ||||||||||||||||||
179 | Westchester Square | Lenexa | KS | Kansas City, MO-KS | 1987 | 158,578 | 87.6 | % | 1,362 | 9.81 | Hy-Vee | — | — | ||||||||||||||||||
180 | West Loop Shopping Center | Manhattan | KS | Manhattan, KS | 2013 | 215,261 | 94.1 | % | 1,833 | 14.61 | Dillons (Kroger) | Bellus Academy, Jo-Ann Fabric & Craft Stores, Marshalls | — | ||||||||||||||||||
181 | North Dixie Plaza | Elizabethtown | KY | Elizabethtown-Fort Knox, KY | 1992 | 130,466 | 100.0 | % | 1,057 | 8.10 | — | At Home, Staples | — | ||||||||||||||||||
182 | Florence Plaza - Florence Square | Florence | KY | Cincinnati, OH-KY-IN | 2014 | 686,526 | 90.3 | % | 6,909 | 14.34 | Kroger | Barnes & Noble, Burlington Stores, David's Bridal, Five Below, Harbor Freight Tools, Hobby Lobby, Old Navy, Ollie's Bargain Outlet, Staples, T.J.Maxx | — | ||||||||||||||||||
183 | Jeffersontown Commons | Jeffersontown | KY | Louisville/Jefferson County, KY-IN | 1959 | 208,374 | 95.2 | % | 1,824 | 9.68 | — | King Pin Lanes, Louisville Athletic Club | — | ||||||||||||||||||
184 | Mist Lake Plaza | Lexington | KY | Lexington-Fayette, KY | 1993 | 217,292 | 98.1 | % | 1,525 | 7.16 | — | Gabriel Brothers, Walmart | — | ||||||||||||||||||
185 | London Marketplace | London | KY | London, KY | 1994 | 169,032 | 99.1 | % | 1,120 | 6.69 | Kroger | Goody's | — | ||||||||||||||||||
186 | Eastgate Shopping Center | Louisville | KY | Louisville/Jefferson County, KY-IN | 2002 | 174,947 | 100.0 | % | 1,982 | 11.33 | Kroger | Petco | — | ||||||||||||||||||
187 | Plainview Village | Louisville | KY | Louisville/Jefferson County, KY-IN | 1997 | 165,467 | 92.6 | % | 1,519 | 10.47 | Kroger | Annie's Attic | — | ||||||||||||||||||
188 | Stony Brook I & II | Louisville | KY | Louisville/Jefferson County, KY-IN | 1988 | 158,940 | 96.5 | % | 1,860 | 12.13 | Kroger Marketplace | — | — | ||||||||||||||||||
189 | Towne Square North | Owensboro | KY | Owensboro, KY | 1988 | 163,161 | 100.0 | % | 1,338 | 8.20 | — | Books-A-Million, Office Depot | — | ||||||||||||||||||
190 | Karam Shopping Center | Lafayette | LA | Lafayette, LA | 1970 | 100,120 | 88.4 | % | 314 | 3.55 | Super 1 Foods | dd's Discounts (Ross) | — | ||||||||||||||||||
191 | Iberia Plaza | New Iberia | LA | Lafayette, LA | 1992 | 131,630 | 96.6 | % | 843 | 6.63 | Super 1 Foods | — | — | ||||||||||||||||||
192 | Lagniappe Village | New Iberia | LA | Lafayette, LA | 2010 | 208,354 | 92.2 | % | 1,775 | 9.48 | — | Big Lots, Citi Trends, Stage, T.J.Maxx | — | ||||||||||||||||||
193 | The Pines Shopping Center | Pineville | LA | Alexandria, LA | 1991 | 179,039 | 49.5 | % | 597 | 7.23 | Super 1 Foods | — | — | ||||||||||||||||||
194 | Points West Plaza | Brockton | MA | Boston-Cambridge-Newton, MA-NH | 1960 | 130,635 | 98.9 | % | 977 | 7.57 | PriceRite (Wakefern) | Citi Trends, L&M Bargain, Ocean State Job Lot | — | ||||||||||||||||||
195 | Burlington Square I, II & III | Burlington | MA | Boston-Cambridge-Newton, MA-NH | 1992 | 74,800 | 98.3 | % | 2,076 | 28.22 | — | Golf Galaxy, Pyara Aveda Spa & Salon, Staples | Duluth Trading Co. | ||||||||||||||||||
196 | Chicopee Marketplace | Chicopee | MA | Springfield, MA | 2005 | 151,003 | 100.0 | % | 2,841 | 19.49 | Walmart Supercenter* | Marshalls, Party City, Staples | — | ||||||||||||||||||
197 | Holyoke Shopping Center | Holyoke | MA | Springfield, MA | 2000 | 195,995 | 96.2 | % | 1,589 | 12.24 | Super Stop & Shop (Ahold) | Jo-Ann Fabric & Craft Stores, Ocean State Job Lot | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 42 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
198 | WaterTower Plaza | Leominster | MA | Worcester, MA-CT | 2000 | 284,857 | 98.4 | % | 3,201 | 11.64 | Shaw's (Albertsons) | Barnes & Noble, Michaels, Party City, Petco, Staples, T.J.Maxx | — | ||||||||||||||||||
199 | Lunenberg Crossing | Lunenburg | MA | Worcester, MA-CT | 1994 | 25,515 | 60.8 | % | 236 | 15.21 | Hannaford Bros. (Delhaize)* | — | Walmart | ||||||||||||||||||
200 | Lynn Marketplace | Lynn | MA | Boston-Cambridge-Newton, MA-NH | 1968 | 78,046 | 100.0 | % | 1,273 | 16.31 | Shaw's (Albertsons) | Rainbow | — | ||||||||||||||||||
201 | Webster Square Shopping Center | Marshfield | MA | Boston-Cambridge-Newton, MA-NH | 2005 | 182,734 | 99.4 | % | 2,333 | 12.85 | Star Market (Albertsons) | Marshalls, Ocean State Job Lot | — | ||||||||||||||||||
202 | Berkshire Crossing | Pittsfield | MA | Pittsfield, MA | 1994 | 436,854 | 98.6 | % | 3,933 | 21.06 | Market 32 | Barnes & Noble, Michaels, Staples, The Home Depot, Ulta, Walmart | — | ||||||||||||||||||
203 | Westgate Plaza | Westfield | MA | Springfield, MA | 1996 | 103,903 | 96.0 | % | 1,185 | 12.25 | — | Ocean State Job Lot, Staples, T.J.Maxx | — | ||||||||||||||||||
204 | Perkins Farm Marketplace | Worcester | MA | Worcester, MA-CT | 1967 | 207,538 | 79.1 | % | 2,091 | 22.36 | Super Stop & Shop (Ahold) | Citi Trends, Fallas Paredes | — | ||||||||||||||||||
205 | South Plaza Shopping Center | California | MD | California-Lexington Park, MD | 2005 | 92,335 | 100.0 | % | 1,812 | 19.62 | — | Best Buy, Old Navy, Petco, Ross Dress for Less | — | ||||||||||||||||||
206 | Campus Village Shoppes | College Park | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1986 | 25,529 | 100.0 | % | 814 | 31.89 | — | — | — | ||||||||||||||||||
207 | Fox Run | Prince Frederick | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1997 | 292,849 | 98.5 | % | 3,096 | 10.73 | Giant Food (Ahold) | Jo-Ann Fabric & Craft Stores, Kmart, Peebles | — | ||||||||||||||||||
208 | Liberty Plaza | Randallstown | MD | Baltimore-Columbia-Towson, MD | 1962 | 57,954 | 94.0 | % | 899 | 16.50 | Walmart Supercenter* | Marshalls | — | ||||||||||||||||||
209 | Pine Tree Shopping Center | Portland | ME | Portland-South Portland, ME | 1958 | 287,513 | 90.7 | % | 1,897 | 20.52 | — | Big Lots, Dollar Tree, Jo-Ann Fabric & Craft Stores, Lowe's | — | ||||||||||||||||||
210 | Arborland Center | Ann Arbor | MI | Ann Arbor, MI | 2000 | 403,536 | 84.5 | % | 5,949 | 17.74 | Kroger | Bed Bath & Beyond, DSW, Marshalls, Michaels, Nordstrom Rack, Ulta | — | ||||||||||||||||||
211 | Maple Village (2) | Ann Arbor | MI | Ann Arbor, MI | 2018 | 300,159 | 87.8 | % | 4,151 | 15.76 | Plum Market | Dunham's Sports, HomeGoods, LA Fitness, Sierra Trading Post, Stein Mart, Ulta | — | ||||||||||||||||||
212 | Grand Crossing | Brighton | MI | Detroit-Warren-Dearborn, MI | 2005 | 85,389 | 100.0 | % | 1,010 | 11.83 | Busch’s Fresh Food Market | Ace Hardware | — | ||||||||||||||||||
213 | Farmington Crossroads | Farmington | MI | Detroit-Warren-Dearborn, MI | 1986 | 79,068 | 100.0 | % | 813 | 10.28 | — | Dollar Tree, Ollie's Bargain Outlet, True Value | — | ||||||||||||||||||
214 | Silver Pointe Shopping Center | Fenton | MI | Flint, MI | 1996 | 162,059 | 89.9 | % | 1,859 | 12.86 | VG's Food (SpartanNash) | Dunham's Sports, Glik's | — | ||||||||||||||||||
215 | Cascade East | Grand Rapids | MI | Grand Rapids-Wyoming, MI | 1983 | 99,529 | 78.4 | % | 606 | 7.76 | D&W Fresh Market (SpartanNash) | — | — | ||||||||||||||||||
216 | Delta Center | Lansing | MI | Lansing-East Lansing, MI | 1985 | 186,246 | 84.6 | % | 1,427 | 9.05 | — | Bed Bath & Beyond, DXL Destination XL, Hobby Lobby, Planet Fitness | — | ||||||||||||||||||
217 | Lakes Crossing | Muskegon | MI | Muskegon, MI | 2008 | 110,997 | 90.6 | % | 1,475 | 15.94 | — | Jo-Ann Fabric & Craft Stores, Party City, Shoe Carnival, Ulta | Kohl's | ||||||||||||||||||
218 | Redford Plaza | Redford | MI | Detroit-Warren-Dearborn, MI | 1992 | 280,941 | 95.3 | % | 2,374 | 10.15 | Prince Valley Market | Ace Hardware, Burlington Stores, Citi Trends, CW Price, Dollar Tree | — | ||||||||||||||||||
219 | Hampton Village Centre | Rochester Hills | MI | Detroit-Warren-Dearborn, MI | 2004 | 469,251 | 98.1 | % | 6,589 | 18.65 | — | Best Buy, DSW, Emagine Theatre, Kohl's, Old Navy, Petco, T.J.Maxx, Ulta | Target | ||||||||||||||||||
220 | Fashion Corners | Saginaw | MI | Saginaw, MI | 2004 | 184,735 | 99.4 | % | 1,850 | 10.07 | — | Bed Bath & Beyond, Best Buy, Dunham's Sports, Guitar Center, Harbor Freight Tools | — | ||||||||||||||||||
221 | Green Acres | Saginaw | MI | Saginaw, MI | 2018 | 244,453 | 95.0 | % | 1,631 | 14.66 | Kroger | Planet Fitness, Rite Aid | — | ||||||||||||||||||
222 | Southfield Plaza | Southfield | MI | Detroit-Warren-Dearborn, MI | 1970 | 101,724 | 100.0 | % | 1,214 | 11.93 | — | Party City, Planet Fitness | Burlington Stores | ||||||||||||||||||
223 | 18 Ryan | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1997 | 101,709 | 100.0 | % | 976 | 9.60 | Dream Market | O'Reilly Auto Parts, Planet Fitness, Redline Athletics | — | ||||||||||||||||||
224 | Delco Plaza | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1996 | 154,853 | 53.0 | % | 563 | 6.86 | — | Bed Bath & Beyond, Dunham's Mega Sports | — | ||||||||||||||||||
225 | West Ridge | Westland | MI | Detroit-Warren-Dearborn, MI | 1989 | 162,874 | 71.4 | % | 1,177 | 10.13 | — | Bed Bath & Beyond, Crunch Fitness, Party City, Petco | Burlington Stores, Target | ||||||||||||||||||
226 | Washtenaw Fountain Plaza | Ypsilanti | MI | Ann Arbor, MI | 2005 | 123,706 | 96.0 | % | 858 | 7.23 | Save-A-Lot | Dollar Tree, Dunham's Sports, Planet Fitness | — | ||||||||||||||||||
227 | Southport Centre I - VI | Apple Valley | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1985 | 124,937 | 98.7 | % | 2,154 | 17.47 | SuperTarget* | Best Buy, Dollar Tree, Walgreens | — | ||||||||||||||||||
228 | Burning Tree Plaza | Duluth | MN | Duluth, MN-WI | 1987 | 182,969 | 97.7 | % | 2,183 | 12.22 | — | Best Buy, David's Bridal, Dunham's Sports, Jo-Ann Fabric & Craft Stores, T.J.Maxx | — | ||||||||||||||||||
229 | Elk Park Center | Elk River | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1999 | 205,009 | 86.9 | % | 1,937 | 10.87 | Cub Foods (Jerry's Foods) | OfficeMax | — | ||||||||||||||||||
230 | Westwind Plaza | Minnetonka | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2007 | 88,018 | 97.4 | % | 1,482 | 17.28 | Cub Foods (Supervalu)* | — | — | ||||||||||||||||||
231 | Richfield Hub | Richfield | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1952 | 213,595 | 87.9 | % | 2,171 | 11.57 | — | Marshalls, Michaels | — | ||||||||||||||||||
232 | Roseville Center | Roseville | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2000 | 69,537 | 57.2 | % | 653 | 16.41 | Cub Foods (Jerry's Foods)* | Dollar Tree | — | ||||||||||||||||||
233 | Marketplace @ 42 | Savage | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1999 | 114,518 | 98.2 | % | 1,822 | 16.20 | Fresh Thyme Farmers Market | Marshalls | — | ||||||||||||||||||
234 | Sun Ray Shopping Center | St. Paul | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1958 | 291,048 | 91.7 | % | 2,489 | 12.37 | Cub Foods (Supervalu) | Planet Fitness, T.J.Maxx, Valu Thrift Store | — | ||||||||||||||||||
235 | White Bear Hills Shopping Center | White Bear Lake | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1996 | 73,095 | 93.5 | % | 733 | 10.73 | Festival Foods | Dollar Tree | — | ||||||||||||||||||
236 | Ellisville Square | Ellisville | MO | St. Louis, MO-IL | 1989 | 137,446 | 96.8 | % | 1,692 | 13.03 | ALDI | Michaels, Party City, Petco, Tuesday Morning | — | ||||||||||||||||||
237 | Hub Shopping Center | Independence | MO | Kansas City, MO-KS | 1995 | 160,423 | 89.5 | % | 793 | 5.91 | Price Chopper | — | — | ||||||||||||||||||
238 | Watts Mill Plaza | Kansas City | MO | Kansas City, MO-KS | 1997 | 161,717 | 95.7 | % | 1,335 | 8.62 | Price Chopper | Ace Hardware | — | ||||||||||||||||||
239 | Liberty Corners | Liberty | MO | Kansas City, MO-KS | 1987 | 124,808 | 85.1 | % | 937 | 8.82 | Price Chopper | — | — | ||||||||||||||||||
240 | Maplewood Square | Maplewood | MO | St. Louis, MO-IL | 1998 | 71,590 | 91.5 | % | 454 | 6.93 | Shcnuck's | — | — | ||||||||||||||||||
241 | Clinton Crossing | Clinton | MS | Jackson, MS | 1990 | 112,148 | 96.6 | % | 1,120 | 10.65 | Kroger | — | — | ||||||||||||||||||
242 | County Line Plaza | Jackson | MS | Jackson, MS | 1997 | 221,127 | 84.5 | % | 1,978 | 11.18 | — | Burke's Outlet, Burlington Stores, Conn's, Kirkland's, Tuesday Morning | — | ||||||||||||||||||
243 | Devonshire Place | Cary | NC | Raleigh, NC | 1996 | 106,680 | 82.9 | % | 1,334 | 15.48 | — | Burlington Stores, Dollar Tree, REI | — | ||||||||||||||||||
244 | McMullen Creek Market | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 1988 | 282,659 | 88.8 | % | 3,449 | 13.74 | Walmart Neighborhood Market | Burlington Stores, Dollar Tree, Staples | — | ||||||||||||||||||
245 | The Commons at Chancellor Park | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 1994 | 348,604 | 100.0 | % | 2,027 | 8.34 | Patel Brothers | Big Lots, Fallas Paredes, Gabriel Brothers, The Home Depot, Value City Furniture | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 43 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
246 | Macon Plaza | Franklin | NC | — | 2001 | 92,787 | 94.1 | % | 480 | 10.64 | BI-LO (Southeastern Grocers) | Peebles | — | ||||||||||||||||||
247 | Garner Towne Square | Garner | NC | Raleigh, NC | 1997 | 184,347 | 97.8 | % | 2,201 | 12.20 | Kroger | Burn Boot Camp, Citi Trends, OfficeMax, PetSmart | Target, The Home Depot | ||||||||||||||||||
248 | Franklin Square | Gastonia | NC | Charlotte-Concord-Gastonia, NC-SC | 1989 | 317,705 | 84.7 | % | 3,169 | 13.27 | Walmart Supercenter* | Best Buy, Burke's Outlet, Dollar Tree, Michaels, Ross Dress for Less | — | ||||||||||||||||||
249 | Wendover Place | Greensboro | NC | Greensboro-High Point, NC | 2000 | 406,768 | 100.0 | % | 5,171 | 14.86 | — | Christmas Tree Shops, Dick's Sporting Goods, Kohl's, Old Navy, PetSmart, Rainbow | Ross Dress for Less, Target | ||||||||||||||||||
250 | University Commons | Greenville | NC | Greenville, NC | 1996 | 233,153 | 96.2 | % | 3,046 | 13.58 | Harris Teeter (Kroger) | A.C. Moore, Barnes & Noble, Petco, T.J.Maxx | Target | ||||||||||||||||||
251 | Valley Crossing | Hickory | NC | Hickory-Lenoir-Morganton, NC | 2014 | 191,431 | 100.0 | % | 1,802 | 9.41 | — | Academy Sports + Outdoors, Dollar Tree, Fallas Paredes, Harbor Freight Tools, Ollie's Bargain Outlet | — | ||||||||||||||||||
252 | Kinston Pointe | Kinston | NC | Kinston, NC | 2001 | 250,580 | 100.0 | % | 1,061 | 4.23 | Walmart Supercenter | Dollar Tree | — | ||||||||||||||||||
253 | Magnolia Plaza | Morganton | NC | Hickory-Lenoir-Morganton, NC | 1990 | 93,553 | 39.0 | % | 298 | 8.18 | — | Harbor Freight Tools | — | ||||||||||||||||||
254 | Roxboro Square | Roxboro | NC | Durham-Chapel Hill, NC | 2005 | 97,226 | 93.8 | % | 1,390 | 15.24 | — | Person County Health & Human Services | — | ||||||||||||||||||
255 | Innes Street Market | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 2002 | 349,425 | 98.7 | % | 3,933 | 11.40 | Food Lion (Delhaize) | Lowe's, Marshalls, Old Navy, PetSmart, Staples, Tinseltown | — | ||||||||||||||||||
256 | Crossroads | Statesville | NC | Charlotte-Concord-Gastonia, NC-SC | 1997 | 340,189 | 99.1 | % | 2,171 | 6.44 | Walmart Supercenter | Big Lots, Burkes Outlet, Tractor Supply | — | ||||||||||||||||||
257 | Anson Station | Wadesboro | NC | — | 1988 | 132,353 | 64.2 | % | 553 | 6.51 | — | Peebles, Tractor Supply Co. | — | ||||||||||||||||||
258 | New Centre Market | Wilmington | NC | Wilmington, NC | 1998 | 143,762 | 94.0 | % | 1,850 | 14.09 | — | OfficeMax, PetSmart, Sportsmans Warehouse | Target | ||||||||||||||||||
259 | University Commons | Wilmington | NC | Wilmington, NC | 2007 | 235,345 | 99.4 | % | 3,534 | 15.11 | Lowes Foods | A.C. Moore, HomeGoods, T.J.Maxx | — | ||||||||||||||||||
260 | Whitaker Square | Winston Salem | NC | Winston-Salem, NC | 1996 | 82,760 | 98.3 | % | 1,206 | 14.82 | Harris Teeter (Kroger) | — | — | ||||||||||||||||||
261 | Parkway Plaza | Winston-Salem | NC | Winston-Salem, NC | 2005 | 284,093 | 92.1 | % | 3,015 | 12.41 | Super Compare Foods | Big Lots, Citi Trends, Modern Home, Office Depot | — | ||||||||||||||||||
262 | Stratford Commons | Winston-Salem | NC | Winston-Salem, NC | 1995 | 72,308 | 94.8 | % | 978 | 14.27 | — | Golf Galaxy, Mattress Firm, OfficeMax | — | ||||||||||||||||||
263 | Bedford Grove | Bedford | NH | Manchester-Nashua, NH | 1989 | 216,806 | 93.2 | % | 1,931 | 23.26 | — | Bed Bath & Beyond, Boston Interiors, Walmart | — | ||||||||||||||||||
264 | Capitol Shopping Center | Concord | NH | Concord, NH | 2001 | 182,887 | 100.0 | % | 2,054 | 11.50 | Market Basket (DeMoulas Supermarkets) | Burlington Stores, Jo-Ann Fabric & Craft Stores, Marshalls | — | ||||||||||||||||||
265 | Willow Springs Plaza | Nashua | NH | Manchester-Nashua, NH | 1990 | 131,248 | 100.0 | % | 2,363 | 19.63 | — | JC Penney, New Hampshire Liquor and Wine Outlet, Petco | The Home Depot | ||||||||||||||||||
266 | Seacoast Shopping Center | Seabrook | NH | Boston-Cambridge-Newton, MA-NH | 1991 | 91,690 | 74.7 | % | 390 | 5.96 | — | Jo-Ann Fabric & Craft Stores, NH1 MotorPlex | Cardi's Furniture, Ocean State Job Lot | ||||||||||||||||||
267 | Tri-City Plaza | Somersworth | NH | Boston-Cambridge-Newton, MA-NH | 1990 | 150,004 | 98.0 | % | 1,424 | 9.69 | Market Basket (DeMoulas Supermarkets) | T.J.Maxx | — | ||||||||||||||||||
268 | Laurel Square | Brick | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2003 | 246,235 | 66.3 | % | 1,170 | 7.78 | — | At Home, Planet Fitness | — | ||||||||||||||||||
269 | The Shoppes at Cinnaminson | Cinnaminson | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2010 | 301,311 | 96.8 | % | 4,559 | 22.87 | ShopRite | Burlington Stores, Planet Fitness, Ross Dress For Less | — | ||||||||||||||||||
270 | Acme Clark | Clark | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 52,812 | 100.0 | % | 1,422 | 26.93 | Acme (Albertsons) | — | — | ||||||||||||||||||
271 | Collegetown Shopping Center | Glassboro | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1966 | 250,408 | 96.4 | % | 2,195 | 9.10 | — | Kmart, LA Fitness, Staples | — | ||||||||||||||||||
272 | Hamilton Plaza | Hamilton | NJ | Trenton, NJ | 1972 | 148,919 | 98.0 | % | 1,211 | 8.30 | — | Hibachi Grill & Supreme Buffet, Kmart, Planet Fitness | — | ||||||||||||||||||
273 | Bennetts Mills Plaza | Jackson | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 127,230 | 93.1 | % | 1,596 | 13.47 | Super Stop & Shop (Ahold) | — | — | ||||||||||||||||||
274 | Lakewood Plaza | Lakewood | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1966 | 203,210 | 100.0 | % | 3,472 | 17.52 | Gourmet Glatt Market | Dollar Tree | — | ||||||||||||||||||
275 | Marlton Crossing (2) | Marlton | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2018 | 332,671 | 99.5 | % | 5,828 | 17.60 | Sprouts Farmers Market | Burlington Stores, DSW, HomeGoods, Michaels, T.J. Maxx | — | ||||||||||||||||||
276 | Middletown Plaza | Middletown | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2001 | 197,066 | 91.0 | % | 3,687 | 20.86 | ShopRite | Petco, Rite Aid | — | ||||||||||||||||||
277 | Larchmont Centre | Mount Laurel | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1985 | 103,787 | 88.5 | % | 1,136 | 30.95 | ShopRite | — | — | ||||||||||||||||||
278 | Old Bridge Gateway | Old Bridge | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1995 | 246,120 | 96.3 | % | 3,813 | 16.08 | Bhavani Food Market | Marshalls, Modell's Sporting Goods, Pep Boys, Petco, Robert Wood Johnson Fitness | — | ||||||||||||||||||
279 | Morris Hills Shopping Center | Parsippany | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1994 | 159,561 | 100.0 | % | 3,067 | 19.22 | — | Blink Fitness (Equinox), Cinepolis, HomeGoods, Marshalls | — | ||||||||||||||||||
280 | Rio Grande Plaza | Rio Grande | NJ | Ocean City, NJ | 1997 | 140,200 | 97.9 | % | 1,559 | 11.36 | ShopRite* | Peebles, PetSmart, Planet Fitness | — | ||||||||||||||||||
281 | Ocean Heights Plaza | Somers Point | NJ | Atlantic City-Hammonton, NJ | 2006 | 179,199 | 99.1 | % | 3,365 | 18.95 | ShopRite | Pier 1 Imports, Staples | — | ||||||||||||||||||
282 | Springfield Place | Springfield | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1965 | 36,209 | 100.0 | % | 654 | 18.06 | ShopRite | — | — | ||||||||||||||||||
283 | Tinton Falls Plaza | Tinton Falls | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 98,410 | 80.1 | % | 1,336 | 16.94 | Acme (Albertsons)* | Dollar Tree, Jersey Strong | — | ||||||||||||||||||
284 | Cross Keys Commons | Turnersville | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 216,323 | 91.8 | % | 3,284 | 16.53 | Walmart Supercenter* | Marshalls, Rainbow, Ross Dress for Less, Staples, ULTA | — | ||||||||||||||||||
285 | Dover Park Plaza | Yardville | NJ | Trenton, NJ | 2005 | 56,638 | 85.7 | % | 769 | 15.84 | — | CVS, Dollar Tree | — | ||||||||||||||||||
286 | St Francis Plaza | Santa Fe | NM | Santa Fe, NM | 1993 | 35,800 | 100.0 | % | 513 | 14.33 | Natural Grocers | Walgreens | — | ||||||||||||||||||
287 | Smith's | Socorro | NM | — | 1976 | 48,000 | 100.0 | % | 506 | 10.54 | — | — | — | ||||||||||||||||||
288 | Parkway Plaza | Carle Place | NY | New York-Newark-Jersey City, NY-NJ-PA | 1993 | 89,704 | 98.5 | % | 2,665 | 30.18 | — | Minado, Stew Leonard's Wines, T.J.Maxx | — | ||||||||||||||||||
289 | Erie Canal Centre | Dewitt | NY | Syracuse, NY | 2018 | 116,488 | 100.0 | % | 1,448 | 12.43 | — | Burlington Stores, Dick's Sporting Goods, Michaels | — | ||||||||||||||||||
290 | Unity Plaza | East Fishkill | NY | New York-Newark-Jersey City, NY-NJ-PA | 2005 | 67,462 | 100.0 | % | 1,429 | 21.18 | Acme (Albertsons) | True Value | — | ||||||||||||||||||
291 | Suffolk Plaza | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1998 | 84,480 | 71.9 | % | 1,540 | 25.36 | BJ's Wholesale* | 24 Hour Fitness | Kohl's, Walmart | ||||||||||||||||||
292 | Three Village Shopping Center | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1991 | 77,458 | 93.2 | % | 1,885 | 26.11 | Wild by Nature Market*, Stop & Shop* | Ace Hardware | Rite Aid | ||||||||||||||||||
293 | Stewart Plaza | Garden City | NY | New York-Newark-Jersey City, NY-NJ-PA | 1990 | 193,622 | 97.2 | % | 2,952 | 15.69 | — | Burlington Stores, Dollar Tree, K&G Fashion Superstore | — | ||||||||||||||||||
294 | Dalewood I, II & III Shopping Center | Hartsdale | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 194,441 | 100.0 | % | 6,735 | 35.94 | H-Mart | Christmas Tree Shops, Rite Aid, T.J.Maxx | — | ||||||||||||||||||
295 | Cayuga Mall | Ithaca | NY | Ithaca, NY | 1969 | 204,830 | 85.0 | % | 1,716 | 9.86 | — | Big Lots, Jo-Ann Fabric & Craft Stores, Party City, Rite Aid, True Value | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 44 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
296 | Kings Park Plaza | Kings Park | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 72,208 | 100.0 | % | 1,499 | 20.76 | Key Food Marketplace | T.J.Maxx | — | ||||||||||||||||||
297 | Village Square Shopping Center | Larchmont | NY | New York-Newark-Jersey City, NY-NJ-PA | 1981 | 17,000 | 100.0 | % | 582 | 34.24 | Trader Joe's | — | — | ||||||||||||||||||
298 | Falcaro's Plaza | Lawrence | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 61,118 | 84.0 | % | 1,278 | 24.89 | KolSave Market* | Advance Auto Parts, Planet Fitness | — | ||||||||||||||||||
299 | Mamaroneck Centre (2) | Mamaroneck | NY | New York-Newark-Jersey City, NY-NJ-PA | 2018 | 24,922 | 100.0 | % | 863 | 34.63 | North Shore Farms | CVS | — | ||||||||||||||||||
300 | Sunshine Square | Medford | NY | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 223,322 | 90.9 | % | 2,782 | 13.71 | Super Stop & Shop (Ahold) | Planet Fitness, Savers | — | ||||||||||||||||||
301 | Wallkill Plaza | Middletown | NY | New York-Newark-Jersey City, NY-NJ-PA | 1986 | 209,910 | 95.2 | % | 2,072 | 10.70 | — | Ashley Furniture, Big Lots, Citi Trends, David's Bridal, Hobby Lobby | — | ||||||||||||||||||
302 | Monroe Plaza | Monroe | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 122,007 | 100.0 | % | 1,953 | 16.01 | ShopRite | Retro Fitness, Rite Aid, U.S. Post Office | — | ||||||||||||||||||
303 | Rockland Plaza | Nanuet | NY | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 251,537 | 98.7 | % | 6,565 | 26.44 | A Matter of Health | Barnes & Noble, Charlotte Russe, Marshalls, Modell's Sporting Goods, Petco | — | ||||||||||||||||||
304 | North Ridge Shopping Center | New Rochelle | NY | New York-Newark-Jersey City, NY-NJ-PA | 1971 | 38,395 | 90.8 | % | 1,339 | 38.42 | — | Harmon Discount | — | ||||||||||||||||||
305 | Nesconset Shopping Center | Port Jefferson Station | NY | New York-Newark-Jersey City, NY-NJ-PA | 1961 | 122,996 | 95.9 | % | 2,623 | 22.23 | — | Dollar Tree, HomeGoods | — | ||||||||||||||||||
306 | Roanoke Plaza | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 99,131 | 100.0 | % | 1,837 | 18.53 | Best Market | CVS, T.J.Maxx | — | ||||||||||||||||||
307 | Rockville Centre | Rockville Centre | NY | New York-Newark-Jersey City, NY-NJ-PA | 1975 | 44,131 | 94.3 | % | 1,107 | 26.59 | — | HomeGoods, Rite Aid | — | ||||||||||||||||||
308 | Mohawk Acres Plaza | Rome | NY | Utica-Rome, NY | 2005 | 156,680 | 81.6 | % | 1,261 | 21.81 | Price Chopper | Family Dollar | — | ||||||||||||||||||
309 | College Plaza | Selden | NY | New York-Newark-Jersey City, NY-NJ-PA | 2013 | 180,182 | 96.6 | % | 3,102 | 18.29 | ShopRite | A.C. Moore, Blink Fitness (Equinox), Bob's Stores | Firestone | ||||||||||||||||||
310 | Campus Plaza | Vestal | NY | Binghamton, NY | 2003 | 160,744 | 97.3 | % | 1,813 | 11.59 | — | Olum's Furniture & Appliances, Rite Aid, Staples | — | ||||||||||||||||||
311 | Parkway Plaza | Vestal | NY | Binghamton, NY | 1995 | 204,954 | 100.0 | % | 2,221 | 10.84 | PriceRite (Wakefern) | Bed Bath & Beyond, Kohl's, PetSmart | Target | ||||||||||||||||||
312 | Shoppes at Vestal | Vestal | NY | Binghamton, NY | 2000 | 92,328 | 100.0 | % | 1,494 | 16.18 | — | HomeGoods, Michaels, Old Navy | — | ||||||||||||||||||
313 | Town Square Mall | Vestal | NY | Binghamton, NY | 1991 | 293,181 | 97.3 | % | 4,839 | 16.96 | Sam's Club*, Walmart Supercenter* | A.C. Moore, AMC Cinemas, Barnes & Noble, Dick's Sporting Goods, Dollar Tree, DSW, T.J.Maxx, Ulta | — | ||||||||||||||||||
314 | The Plaza at Salmon Run | Watertown | NY | Watertown-Fort Drum, NY | 1993 | 68,761 | 94.1 | % | 707 | 10.92 | Hannaford Bros. (Delhaize) | Red Robin Gourmet Burger | Lowe's | ||||||||||||||||||
315 | Highridge Plaza | Yonkers | NY | New York-Newark-Jersey City, NY-NJ-PA | 1977 | 88,501 | 95.7 | % | 2,445 | 28.87 | H-Mart | — | — | ||||||||||||||||||
316 | Brunswick Town Center | Brunswick | OH | Cleveland-Elyria, OH | 2004 | 138,407 | 96.3 | % | 1,885 | 14.14 | Giant Eagle | — | The Home Depot | ||||||||||||||||||
317 | 30th Street Plaza | Canton | OH | Canton-Massillon, OH | 1999 | 145,935 | 94.4 | % | 1,480 | 10.74 | Giant Eagle, Marc's | — | — | ||||||||||||||||||
318 | Brentwood Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2004 | 222,174 | 94.2 | % | 2,389 | 18.05 | Kroger | Petco, Planet Fitness, Rainbow | — | ||||||||||||||||||
319 | Delhi Shopping Center | Cincinnati | OH | Cincinnati, OH-KY-IN | 1973 | 164,750 | 97.4 | % | 1,459 | 9.09 | Kroger | Pet Supplies Plus | — | ||||||||||||||||||
320 | Harpers Station | Cincinnati | OH | Cincinnati, OH-KY-IN | 1994 | 252,233 | 99.0 | % | 3,555 | 14.24 | Fresh Thyme Farmers Market | HomeGoods, LA Fitness, Pet Supplies Plus, Stein Mart, T.J.Maxx | — | ||||||||||||||||||
321 | Western Hills Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 1954 | 314,754 | 100.0 | % | 3,959 | 12.93 | — | Bed Bath & Beyond, Michaels, Staples, T.J.Maxx | Target | ||||||||||||||||||
322 | Western Village | Cincinnati | OH | Cincinnati, OH-KY-IN | 2005 | 115,116 | 93.8 | % | 968 | 30.87 | Kroger | — | — | ||||||||||||||||||
323 | Crown Point | Columbus | OH | Columbus, OH | 1980 | 144,931 | 91.0 | % | 1,298 | 9.84 | Kroger | Dollar Tree, Planet Fitness | — | ||||||||||||||||||
324 | Greentree Shopping Center | Columbus | OH | Columbus, OH | 2005 | 131,573 | 84.9 | % | 1,183 | 11.41 | Kroger | — | — | ||||||||||||||||||
325 | Brandt Pike Place | Dayton | OH | Dayton, OH | 2008 | 17,900 | 88.8 | % | 164 | 10.31 | Kroger* | — | — | ||||||||||||||||||
326 | South Towne Centre | Dayton | OH | Dayton, OH | 1972 | 333,998 | 100.0 | % | 4,530 | 14.16 | Health Foods Unlimited | Burlington Stores, Christmas Tree Shops, Jo-Ann Fabric & Craft Stores, Party City, Petsmart, Value City Furniture | — | ||||||||||||||||||
327 | Southland Shopping Center | Middleburg Heights | OH | Cleveland-Elyria, OH | 1951 | 695,261 | 96.4 | % | 6,865 | 10.24 | BJ's Wholesale Club, Giant Eagle, Marc's | Aspire Fitness, Burlington Stores, Cleveland Furniture Bank, Jo-Ann Fabric & Craft Stores, Marshalls, Party City | — | ||||||||||||||||||
328 | The Shoppes at North Olmsted | North Olmsted | OH | Cleveland-Elyria, OH | 2002 | 70,003 | 100.0 | % | 1,166 | 16.66 | — | Ollie's Bargain Outlet, Sears Outlet | — | ||||||||||||||||||
329 | Surrey Square | Norwood | OH | Cincinnati, OH-KY-IN | 2010 | 175,167 | 96.7 | % | 2,170 | 25.51 | Kroger | Marshalls | — | ||||||||||||||||||
330 | Market Place | Piqua | OH | Dayton, OH | 1972 | 182,487 | 89.6 | % | 678 | 7.58 | Kroger | Roses | — | ||||||||||||||||||
331 | Brice Park | Reynoldsburg | OH | Columbus, OH | 1989 | 158,565 | 88.1 | % | 1,244 | 9.70 | — | Ashley Furniture, Citi Trends, Dollar Tree, Michaels | — | ||||||||||||||||||
332 | Streetsboro Crossing | Streetsboro | OH | Akron, OH | 2002 | 89,436 | 100.0 | % | 694 | 7.76 | Giant Eagle | — | Lowe's, Target | ||||||||||||||||||
333 | Miracle Mile Shopping Plaza | Toledo | OH | Toledo, OH | 1955 | 315,515 | 80.8 | % | 1,777 | 11.93 | Kroger | Aspire Fitness, Big Lots, Harbor Freight Tools | — | ||||||||||||||||||
334 | Wadsworth Crossings | Wadsworth | OH | Cleveland-Elyria, OH | 2005 | 118,145 | 71.8 | % | 1,528 | 18.69 | — | OfficeMax, Petco, Planet Fitness | Kohl's, Lowe's, Target | ||||||||||||||||||
335 | Northgate Plaza | Westerville | OH | Columbus, OH | 2008 | 15,219 | 100.0 | % | 269 | 17.68 | Kroger* | — | The Home Depot | ||||||||||||||||||
336 | Marketplace | Tulsa | OK | Tulsa, OK | 1992 | 186,851 | 100.0 | % | 1,900 | 10.17 | — | Basset Home Furnishings, Conn's, David's Bridal, Boot Barn, PetSmart | Best Buy | ||||||||||||||||||
337 | Village West | Allentown | PA | Allentown-Bethlehem-Easton, PA-NJ | 1999 | 140,474 | 99.4 | % | 2,670 | 19.13 | Giant Food (Ahold) | CVS, Dollar Tree | — | ||||||||||||||||||
338 | Park Hills Plaza | Altoona | PA | Altoona, PA | 1985 | 277,580 | 88.9 | % | 2,173 | 8.89 | Weis Markets | A.C. Moore, Dunham's Sports, Harbor Freight, Shoe Carnival | — | ||||||||||||||||||
339 | Bensalem Square | Bensalem | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1986 | 70,378 | 100.0 | % | 773 | 10.98 | Redner's Warehouse Market | — | Premiere Storage | ||||||||||||||||||
340 | Bethel Park Shopping Center | Bethel Park | PA | Pittsburgh, PA | 1965 | 199,079 | 100.0 | % | 1,953 | 10.88 | Giant Eagle | Walmart | — | ||||||||||||||||||
341 | Bethlehem Square | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 1994 | 389,450 | 96.9 | % | 3,662 | 14.85 | Giant Food (Ahold) | T.J.Maxx, The Home Depot, Walmart | — | ||||||||||||||||||
342 | Lehigh Shopping Center | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 1955 | 373,766 | 92.1 | % | 3,436 | 12.74 | Giant Food (Ahold) | Aetna, Big Lots, Citi Trends, Dollar Tree, Mega Marshalls, PetSmart, Rite Aid, Staples, Wines & Spirits | — | ||||||||||||||||||
343 | Bristol Park | Bristol | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1993 | 282,654 | 93.8 | % | 2,449 | 9.24 | — | Ollie's Bargain Outlet | — | ||||||||||||||||||
344 | Chalfont Village Shopping Center | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 46,051 | 73.6 | % | 417 | 12.30 | — | — | — |
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PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
345 | New Britain Village Square | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 143,716 | 91.4 | % | 2,379 | 18.12 | Giant Food (Ahold) | Tuesday Morning, Wine & Spirits Shoppe | — | ||||||||||||||||||
346 | Collegeville Shopping Center (2) | Collegeville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2018 | 110,696 | 73.8 | % | 1,181 | 14.46 | Kimberton Whole Foods | Pep Boys, Rascal Fitness | — | ||||||||||||||||||
347 | Whitemarsh Shopping Center | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 67,476 | 100.0 | % | 1,608 | 23.83 | Giant Food (Ahold) | Wine & Spirits Shoppe | — | ||||||||||||||||||
348 | Valley Fair | Devon | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2001 | 105,086 | 100.0 | % | 1,088 | 10.35 | — | Chuck E. Cheese's, Mealey's Furniture | — | ||||||||||||||||||
349 | Dickson City Crossings | Dickson City | PA | Scranton--Wilkes-Barre--Hazleton, PA | 1997 | 312,699 | 94.9 | % | 3,334 | 18.19 | — | Burlington Stores, Dollar Tree, Gabe's, Party City, PetSmart, T.J.Maxx, The Home Depot | — | ||||||||||||||||||
350 | Dillsburg Shopping Center | Dillsburg | PA | York-Hanover, PA | 1994 | 153,088 | 95.1 | % | 1,914 | 13.40 | Giant Food (Ahold) | Dollar Tree, Rite Aid, Tractor Supply Co. | — | ||||||||||||||||||
351 | Barn Plaza | Doylestown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 237,681 | 98.2 | % | 3,374 | 14.45 | — | Kohl's, Marshalls, Regal Cinemas | — | ||||||||||||||||||
352 | Pilgrim Gardens | Drexel Hill | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1955 | 75,223 | 100.0 | % | 1,293 | 17.19 | — | Dollar Tree, Ross Dress for Less, Tuesday Morning, US Post Office | — | ||||||||||||||||||
353 | Mount Carmel Plaza | Glenside | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1975 | 14,504 | 84.5 | % | 169 | 13.79 | — | SGS Paper | — | ||||||||||||||||||
354 | Kline Plaza | Harrisburg | PA | Harrisburg-Carlisle, PA | 1952 | 214,628 | 85.6 | % | 1,806 | 9.84 | Giant Food (Ahold) | Citi Trends | — | ||||||||||||||||||
355 | New Garden Center | Kennett Square | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1979 | 144,920 | 94.9 | % | 1,034 | 7.68 | — | Big Lots, Ollie's Bargain Outlet | — | ||||||||||||||||||
356 | Stone Mill Plaza | Lancaster | PA | Lancaster, PA | 2008 | 106,736 | 100.0 | % | 1,343 | 12.58 | Giant Food (Ahold) | — | — | ||||||||||||||||||
357 | Woodbourne Square | Langhorne | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1984 | 29,821 | 81.6 | % | 525 | 21.59 | — | — | — | ||||||||||||||||||
358 | North Penn Market Place | Lansdale | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1977 | 58,358 | 90.7 | % | 958 | 19.42 | Weis Markets* | — | — | ||||||||||||||||||
359 | New Holland Shopping Center | New Holland | PA | Lancaster, PA | 1995 | 65,878 | 96.2 | % | 560 | 8.84 | Grocery Outlet | Family Dollar | — | ||||||||||||||||||
360 | Village at Newtown | Newtown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 175,515 | 87.8 | % | 4,299 | 27.90 | McCaffrey's | Pier 1 Imports | — | ||||||||||||||||||
361 | Cherry Square | Northampton | PA | Allentown-Bethlehem-Easton, PA-NJ | 1989 | 75,005 | 94.7 | % | 700 | 9.85 | Redner's Warehouse Market | — | — | ||||||||||||||||||
362 | Ivyridge | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1963 | 106,353 | 100.0 | % | 2,670 | 25.11 | — | Dollar Tree, Target, Wine & Spirits | — | ||||||||||||||||||
363 | Roosevelt Mall | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1964 | 561,863 | 97.2 | % | 8,048 | 34.52 | — | Macy's, Modell's Sporting Goods, Rainbow, Ross Dress For Less | — | ||||||||||||||||||
364 | Shoppes at Valley Forge | Phoenixville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2003 | 176,676 | 94.2 | % | 1,284 | 7.71 | Redner's Warehouse Market | French Creek Outfitters, Staples | — | ||||||||||||||||||
365 | County Line Plaza | Souderton | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1971 | 154,758 | 97.1 | % | 1,518 | 10.50 | ALDI | Dollar Tree, Planet Fitness, Rite Aid, VF Outlet | — | ||||||||||||||||||
366 | 69th Street Plaza | Upper Darby | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 41,711 | 100.0 | % | 417 | 10.00 | Fresh Grocer (Wakefern)* | EZ Bargains, Rent-A-Center, Super Dollar City | — | ||||||||||||||||||
367 | Warminster Town Center | Warminster | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1997 | 237,152 | 100.0 | % | 3,641 | 16.66 | ShopRite | A.C. Moore, Modell's Sporting Goods, Old Navy, Party City, PetSmart, Ross Dress for Less | Kohl's | ||||||||||||||||||
368 | Shops at Prospect | West Hempfield | PA | Lancaster, PA | 1994 | 63,392 | 97.6 | % | 708 | 11.44 | Musser's Markets | Dollar Tree | Kmart | ||||||||||||||||||
369 | Whitehall Square | Whitehall | PA | Allentown-Bethlehem-Easton, PA-NJ | 2006 | 315,192 | 94.8 | % | 3,541 | 11.85 | Redner's Warehouse Market | Dollar Tree, Gabriel Brothers, Mealey's Furniture, National Tire & Battery, PetSmart, Ross Dress for Less, Staples | — | ||||||||||||||||||
370 | Wilkes-Barre Township Marketplace | Wilkes-Barre | PA | Scranton--Wilkes-Barre--Hazleton, PA | 2004 | 307,610 | 97.3 | % | 2,246 | 29.25 | Walmart Supercenter | Chuck E Cheese, Cracker Barrel, Party City, Shoe Carnival | — | ||||||||||||||||||
371 | Belfair Towne Village | Bluffton | SC | Hilton Head Island-Bluffton-Beaufort, SC | 2006 | 165,039 | 97.0 | % | 2,406 | 15.04 | Kroger | Stein Mart | — | ||||||||||||||||||
372 | Milestone Plaza | Greenville | SC | Greenville-Anderson-Mauldin, SC | 1995 | 89,721 | 100.0 | % | 1,574 | 17.54 | BI-LO (Southeastern Grocers) | — | — | ||||||||||||||||||
373 | Circle Center | Hilton Head | SC | Hilton Head Island-Bluffton-Beaufort, SC | 2000 | 65,313 | 96.9 | % | 872 | 13.77 | BI-LO (Southeastern Grocers) | — | — | ||||||||||||||||||
374 | Island Plaza | James Island | SC | Charleston-North Charleston, SC | 1994 | 171,224 | 100.0 | % | 1,564 | 9.13 | Food Lion (Delhaize) | Dollar Tree, Gold's Gym, Tuesday Morning | — | ||||||||||||||||||
375 | Festival Centre | North Charleston | SC | Charleston-North Charleston, SC | 1987 | 325,347 | 84.5 | % | 2,466 | 9.09 | — | Gold's Gym, Intercontinental Hotels Group, New Spring Church, Sears Outlet | — | ||||||||||||||||||
376 | Fairview Corners I & II | Simpsonville | SC | Greenville-Anderson-Mauldin, SC | 2003 | 131,002 | 98.9 | % | 2,024 | 15.63 | — | Ross Dress for Less, T.J.Maxx | Target | ||||||||||||||||||
377 | Hillcrest Market Place | Spartanburg | SC | Spartanburg, SC | 1965 | 360,277 | 91.7 | % | 3,832 | 12.18 | Publix | Marshalls, NCG Cinemas, Office Depot, Petco, Ross Dress for Less, Stein Mart | — | ||||||||||||||||||
378 | East Ridge Crossing | Chattanooga | TN | Chattanooga, TN-GA | 1999 | 58,950 | 86.1 | % | 552 | 10.88 | Food Lion (Delhaize) | — | — | ||||||||||||||||||
379 | Watson Glen Shopping Center | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1988 | 265,027 | 100.0 | % | 2,812 | 10.71 | ALDI | At Home, Big Lots, Franklin Athletic Club, Trees n Trends | — | ||||||||||||||||||
380 | Williamson Square | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1988 | 331,386 | 99.2 | % | 3,686 | 11.21 | — | Family Leisure, Goldfish Swim School, Grace Church Nashville, Hard Knocks, Hobby Lobby, Planet Fitness, Skyzone | — | ||||||||||||||||||
381 | Greeneville Commons | Greeneville | TN | Greeneville, TN | 2002 | 228,043 | 91.0 | % | 1,437 | 12.12 | — | Belk, Burkes Outlet, Five Below, Hobby Lobby | — | ||||||||||||||||||
382 | Kimball Crossing | Kimball | TN | Chattanooga, TN-GA | 2007 | 280,476 | 98.9 | % | 1,923 | 7.63 | Walmart Supercenter | Goody's | Lowe's | ||||||||||||||||||
383 | Kingston Overlook | Knoxville | TN | Knoxville, TN | 1996 | 122,536 | 65.5 | % | 718 | 9.32 | — | Badcock Home Furniture, Sears Outlet | — | ||||||||||||||||||
384 | Farrar Place | Manchester | TN | Tullahoma-Manchester, TN | 1989 | 43,220 | 100.0 | % | 388 | 8.98 | Food Lion (Delhaize) | — | — | ||||||||||||||||||
385 | The Commons at Wolfcreek | Memphis | TN | Memphis, TN-MS-AR | 2014 | 659,193 | 89.8 | % | 8,613 | 14.96 | — | Academy Sports + Outdoors, Best Buy, Big Lots, Dave & Busters, David's Bridal, DSW, Office Depot, Painted Tree Marketplace, PetSmart, T.J.Maxx, Value City Furniture | Target, The Home Depot | ||||||||||||||||||
386 | Georgetown Square | Murfreesboro | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2003 | 114,117 | 90.3 | % | 1,251 | 12.13 | Kroger | Aaron's | — | ||||||||||||||||||
387 | Nashboro Village | Nashville | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1998 | 86,811 | 100.0 | % | 1,092 | 12.58 | Kroger | — | Walgreens | ||||||||||||||||||
388 | Commerce Central | Tullahoma | TN | Tullahoma-Manchester, TN | 1995 | 182,401 | 98.3 | % | 1,267 | 7.07 | Walmart Supercenter | Dollar Tree | — | ||||||||||||||||||
389 | Merchant's Central | Winchester | TN | Tullahoma-Manchester, TN | 1997 | 208,123 | 95.2 | % | 1,196 | 6.04 | Walmart Supercenter | Goody's | — | ||||||||||||||||||
390 | Palm Plaza | Aransas | TX | Corpus Christi, TX | 2002 | 50,475 | 92.3 | % | 325 | 8.37 | — | Bealls (Stage Stores), Family Dollar | — | ||||||||||||||||||
391 | Bardin Place Center | Arlington | TX | Dallas-Fort Worth-Arlington, TX | 1993 | 420,550 | 100.0 | % | 4,122 | 9.80 | WinCo Foods | Hemispheres, Hobby Lobby, Ross Dress for Less | — | ||||||||||||||||||
392 | Parmer Crossing | Austin | TX | Austin-Round Rock, TX | 1989 | 163,712 | 91.7 | % | 1,725 | 11.50 | — | Big Lots, Dollar Tree, Harbor Freight Tools, Mega Furniture | Fry's Electronics |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 46 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
393 | Baytown Shopping Center | Baytown | TX | Houston-The Woodlands-Sugar Land, TX | 1987 | 95,941 | 91.2 | % | 976 | 11.16 | — | 24 Hour Fitness | — | ||||||||||||||||||
394 | Cedar Bellaire | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 1994 | 50,967 | 100.0 | % | 850 | 16.68 | H-E-B | — | — | ||||||||||||||||||
395 | El Camino | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 2008 | 71,651 | 100.0 | % | 688 | 9.60 | El Ahorro Supermarket | Dollar Tree, Family Dollar | — | ||||||||||||||||||
396 | Bryan Square | Bryan | TX | College Station-Bryan, TX | 2008 | 59,029 | 100.0 | % | 401 | 7.91 | — | 99 Cents Only, Citi Trends, Dollar Floor Store, Firestone | — | ||||||||||||||||||
397 | Townshire | Bryan | TX | College Station-Bryan, TX | 2002 | 136,887 | 91.2 | % | 1,034 | 8.29 | — | Tops Printing | — | ||||||||||||||||||
398 | Plantation Plaza | Clute | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 99,141 | 46.3 | % | 483 | 10.99 | — | Dollar Tree, Walgreens | — | ||||||||||||||||||
399 | Central Station | College Station | TX | College Station-Bryan, TX | 1976 | 176,847 | 86.7 | % | 2,683 | 17.97 | — | Dollar Tree, Party City, Spec's Liquors | Kohl's | ||||||||||||||||||
400 | Rock Prairie Crossing | College Station | TX | College Station-Bryan, TX | 2002 | 118,700 | 99.0 | % | 1,369 | 26.61 | Kroger | CVS | — | ||||||||||||||||||
401 | Carmel Village | Corpus Christi | TX | Corpus Christi, TX | 1993 | 84,075 | 82.7 | % | 738 | 10.61 | — | Bay Area Dialysis, Bealls (Stage Stores), Tuesday Morning | — | ||||||||||||||||||
402 | Five Points | Corpus Christi | TX | Corpus Christi, TX | 1985 | 277,046 | 95.5 | % | 3,417 | 13.12 | — | Bealls (Stage Stores), Burkes Outlet, Harbor Freight Tools, Hobby Lobby, Party City, Ross Dress for Less | — | ||||||||||||||||||
403 | Claremont Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1976 | 66,980 | 100.0 | % | 581 | 8.77 | — | Family Dollar | — | ||||||||||||||||||
404 | Jeff Davis | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1975 | 68,962 | 48.0 | % | 501 | 15.14 | — | Family Dollar | — | ||||||||||||||||||
405 | Stevens Park Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1974 | 45,492 | 100.0 | % | 452 | 9.94 | — | Big Lots, O'Reilly Auto Parts | — | ||||||||||||||||||
406 | Webb Royal Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1961 | 108,545 | 100.0 | % | 1,144 | 11.01 | El Rio Grande Latin Market | Family Dollar | — | ||||||||||||||||||
407 | Wynnewood Village (2) | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2018 | 530,064 | 95.1 | % | 5,469 | 12.90 | El Rancho, Kroger | Fallas Paredes, Gen X Clothing, Ross Dress for Less | — | ||||||||||||||||||
408 | Parktown | Deer Park | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 118,221 | 94.8 | % | 989 | 8.82 | Food Town | Burkes Outlet, Walgreens | — | ||||||||||||||||||
409 | Kenworthy Crossing | El Paso | TX | El Paso, TX | 2003 | 74,393 | 91.0 | % | 719 | 10.63 | Albertsons | — | — | ||||||||||||||||||
410 | Preston Ridge | Frisco | TX | Dallas-Fort Worth-Arlington, TX | 2018 | 789,559 | 95.9 | % | 15,686 | 20.85 | SuperTarget* | Best Buy, Big Lots, Boot Barn, DSW, Old Navy, Marshalls, Nordstrom Rack, Ross Dress for Less, Saks OFF Fifth, Stein Mart, T.J.Maxx | — | ||||||||||||||||||
411 | Forest Hills Village | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1968 | 69,651 | 100.0 | % | 396 | 5.69 | Foodland Markets | Family Dollar, Hi Style Fashion | — | ||||||||||||||||||
412 | Ridglea Plaza | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1990 | 170,519 | 97.1 | % | 1,926 | 11.63 | Tom Thumb (Albertsons) | Goody Goody Wine & Spirits, Stein Mart | — | ||||||||||||||||||
413 | Trinity Commons | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 197,423 | 96.6 | % | 3,751 | 19.66 | Tom Thumb (Albertsons) | DSW | — | ||||||||||||||||||
414 | Village Plaza | Garland | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 89,241 | 100.0 | % | 1,102 | 12.35 | Truong Nguyen Grocer | — | — | ||||||||||||||||||
415 | North Hills Village | Haltom City | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 43,299 | 84.7 | % | 269 | 7.33 | — | Dollar Tree | — | ||||||||||||||||||
416 | Highland Village Town Center | Highland Village | TX | Dallas-Fort Worth-Arlington, TX | 1996 | 99,341 | 64.7 | % | 721 | 11.21 | — | Painted Tree Marketplace | — | ||||||||||||||||||
417 | Bay Forest | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 71,667 | 97.1 | % | 758 | 10.90 | Kroger | — | — | ||||||||||||||||||
418 | Beltway South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 107,174 | 97.0 | % | 981 | 28.98 | Kroger | — | — | ||||||||||||||||||
419 | Braes Heights (2) | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2018 | 92,528 | 91.9 | % | 2,163 | 25.43 | — | CVS, Imagination Toys, I W Marks Jewelers | — | ||||||||||||||||||
420 | Braes Link | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 38,997 | 100.0 | % | 701 | 17.98 | — | Walgreens | — | ||||||||||||||||||
421 | Braes Oaks Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1992 | 42,567 | 93.8 | % | 440 | 11.02 | — | — | — | ||||||||||||||||||
422 | Braesgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 91,382 | 97.0 | % | 587 | 6.62 | Food Town | — | — | ||||||||||||||||||
423 | Broadway | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2006 | 74,717 | 100.0 | % | 782 | 10.88 | El Ahorro Supermarket | Fallas Paredes, Melrose Fashions | — | ||||||||||||||||||
424 | Clear Lake Camino South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1964 | 105,501 | 92.9 | % | 1,432 | 15.61 | ALDI | 24 Hour Fitness, Mr. Gatti's Pizza, Spec's Liquors | — | ||||||||||||||||||
425 | Hearthstone Corners | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 208,147 | 97.6 | % | 1,827 | 8.99 | — | Big Lots, Stein Mart | — | ||||||||||||||||||
426 | Jester Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1988 | 62,665 | 89.7 | % | 734 | 13.05 | — | 24 Hour Fitness | — | ||||||||||||||||||
427 | Jones Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2000 | 111,206 | 67.5 | % | 777 | 10.35 | — | Fitness Connection | — | ||||||||||||||||||
428 | Jones Square | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 169,003 | 100.0 | % | 1,299 | 7.79 | — | Big Lots, Hobby Lobby | — | ||||||||||||||||||
429 | Maplewood | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 93,711 | 88.1 | % | 680 | 8.23 | Foodarama | Burke's Outlet | — | ||||||||||||||||||
430 | Merchants Park | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2009 | 243,798 | 99.4 | % | 3,482 | 14.37 | Kroger | Big Lots, Petco, Ross Dress for Less, Tuesday Morning | — | ||||||||||||||||||
431 | Northgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 40,244 | 100.0 | % | 321 | 7.98 | — | Affordable Furniture, Firestone, Lumber Liquidators, TitleMax | — | ||||||||||||||||||
432 | Northshore | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 223,954 | 92.6 | % | 2,870 | 14.06 | Sellers Bros. | Conn's, Office Depot | — | ||||||||||||||||||
433 | Northtown Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1960 | 190,559 | 96.5 | % | 2,291 | 12.63 | El Rancho | 99 Cents Only, dd's Discounts (Ross) | — | ||||||||||||||||||
434 | Northwood Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 136,747 | 100.0 | % | 1,635 | 12.15 | Food City | — | — | ||||||||||||||||||
435 | Orange Grove | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 184,704 | 97.3 | % | 1,807 | 10.50 | — | 24 Hour Fitness, Floor & Décor | — | ||||||||||||||||||
436 | Pinemont Shopping Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 68,378 | 100.0 | % | 911 | 13.64 | — | Family Dollar, Houston Community College | — | ||||||||||||||||||
437 | Royal Oaks Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 144,929 | 98.2 | % | 3,324 | 23.37 | H-E-B | — | — | ||||||||||||||||||
438 | Tanglewilde Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 83,725 | 100.0 | % | 1,146 | 13.81 | ALDI | Dollar Tree, Party City, Salon In The Park | — | ||||||||||||||||||
439 | Westheimer Commons | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1984 | 241,253 | 91.0 | % | 2,093 | 9.53 | Fiesta Mart | King Dollar, Marshalls | — | ||||||||||||||||||
440 | Fry Road Crossing | Katy | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 240,940 | 100.0 | % | 2,549 | 11.12 | — | Hobby Lobby, Palais Royal, Stein Mart | — | ||||||||||||||||||
441 | Washington Square | Kaufman | TX | Dallas-Fort Worth-Arlington, TX | 1978 | 64,230 | 85.1 | % | 368 | 6.74 | — | AutoZone, Bealls (Stage Stores), Dollar Tree | — | ||||||||||||||||||
442 | Jefferson Park | Mount Pleasant | TX | Mount Pleasant, TX | 2001 | 130,096 | 99.1 | % | 935 | 7.25 | Super 1 Foods | Harbor Freight Tools, PetSense | — | ||||||||||||||||||
443 | Winwood Town Center | Odessa | TX | Odessa, TX | 2002 | 365,534 | 100.0 | % | 3,012 | 13.19 | H-E-B | dd's Discounts (Ross), Michaels, Office Depot, Party City, Ross Dress for Less, Target | — |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 47 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands, except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR PSF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
444 | Crossroads Centre - Pasadena | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 146,567 | 94.3 | % | 1,966 | 15.19 | Kroger | LA Fitness | — | ||||||||||||||||||
445 | Spencer Square | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 186,732 | 94.0 | % | 2,121 | 12.44 | Kroger | Burkes Outlet | — | ||||||||||||||||||
446 | Pearland Plaza | Pearland | TX | Houston-The Woodlands-Sugar Land, TX | 1995 | 156,491 | 93.4 | % | 1,110 | 7.60 | Kroger | Harbor Freight Tools, Walgreens | — | ||||||||||||||||||
447 | Market Plaza | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 146,211 | 76.4 | % | 2,615 | 24.61 | Central Market (H-E-B) | — | — | ||||||||||||||||||
448 | Preston Park Village | Plano | TX | Dallas-Fort Worth-Arlington, TX | 1985 | 270,128 | 88.0 | % | 6,062 | 25.51 | — | Gap Factory Store, Infinite Bounds Gymnastics | — | ||||||||||||||||||
449 | Northshore Plaza | Portland | TX | Corpus Christi, TX | 2000 | 152,144 | 95.7 | % | 1,044 | 14.70 | H-E-B | Bealls (Stage Stores) | — | ||||||||||||||||||
450 | Klein Square | Spring | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 80,636 | 95.5 | % | 759 | 9.86 | Food Town | Family Dollar, Petco | — | ||||||||||||||||||
451 | Keegan's Meadow | Stafford | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 125,293 | 92.0 | % | 1,243 | 11.12 | — | Palais Royal | — | ||||||||||||||||||
452 | Texas City Bay | Texas City | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 223,152 | 61.0 | % | 1,372 | 10.15 | Kroger | Planet Fitness | — | ||||||||||||||||||
453 | Windvale Center | The Woodlands | TX | Houston-The Woodlands-Sugar Land, TX | 2002 | 101,088 | 95.2 | % | 1,090 | 28.04 | Randalls (Albertsons) | — | — | ||||||||||||||||||
454 | The Centre at Navarro | Victoria | TX | Victoria, TX | 2005 | 66,102 | 90.9 | % | 671 | 15.99 | ALDI | Planet Fitness, Walgreens | — | ||||||||||||||||||
455 | Spradlin Farm | Christiansburg | VA | Blacksburg-Christiansburg-Radford, VA | 2000 | 181,055 | 100.0 | % | 2,738 | 15.38 | — | Barnes & Noble, Big Lots, Michaels, Petco, T.J.Maxx | Target, The Home Depot | ||||||||||||||||||
456 | Culpeper Town Square | Culpeper | VA | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1999 | 132,882 | 95.2 | % | 1,150 | 9.09 | Food Lion (Weis Markets) | Mountain Run Bowling, Tractor Supply Co. | — | ||||||||||||||||||
457 | Hanover Square | Mechanicsville | VA | Richmond, VA | 1991 | 136,680 | 99.3 | % | 1,996 | 14.71 | — | Gold's Gym, Hobby Lobby | Kohl's | ||||||||||||||||||
458 | Tuckernuck Square | Richmond | VA | Richmond, VA | 1981 | 86,010 | 95.5 | % | 1,267 | 15.43 | — | 2nd & Charles, Chuck E. Cheese's | — | ||||||||||||||||||
459 | Cave Spring Corners | Roanoke | VA | Roanoke, VA | 2005 | 147,133 | 100.0 | % | 1,188 | 13.46 | Kroger | Hamrick's | — | ||||||||||||||||||
460 | Hunting Hills | Roanoke | VA | Roanoke, VA | 1989 | 166,207 | 96.7 | % | 1,407 | 8.76 | — | Dollar Tree, Kohl's, PetSmart | — | ||||||||||||||||||
461 | Valley Commons | Salem | VA | Roanoke, VA | 1988 | 45,580 | 23.0 | % | 107 | 10.19 | — | — | AMC Theatres | ||||||||||||||||||
462 | Lake Drive Plaza | Vinton | VA | Roanoke, VA | 2008 | 163,290 | 100.0 | % | 1,337 | 8.20 | Kroger | Big Lots, Dollar Tree | — | ||||||||||||||||||
463 | Hilltop Plaza | Virginia Beach | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 2010 | 150,300 | 93.8 | % | 2,492 | 19.61 | Trader Joe's | Jo-Ann Fabric & Craft Stores, Kirkland’s, PetSmart, Ulta | — | ||||||||||||||||||
464 | Ridgeview Centre | Wise | VA | Big Stone Gap, VA | 1990 | 190,242 | 78.1 | % | 1,137 | 7.65 | — | Dollar Tree, Grand Home Furnishings, Harbor Freight Tools, Marshalls, Ollie's Bargain Outlet | Belk | ||||||||||||||||||
465 | Rutland Plaza | Rutland | VT | Rutland, VT | 1997 | 224,514 | 100.0 | % | 2,025 | 9.02 | Price Chopper | Dollar Tree, Flagship Cinemas, T.J.Maxx, Walmart | — | ||||||||||||||||||
466 | Spring Mall | Greenfield | WI | Milwaukee-Waukesha-West Allis, WI | 2003 | 182,632 | 86.4 | % | 1,100 | 8.38 | — | T.J.Maxx | — | ||||||||||||||||||
467 | Mequon Pavilions | Mequon | WI | Milwaukee-Waukesha-West Allis, WI | 1967 | 219,454 | 88.4 | % | 3,155 | 16.26 | Sendik's Food Market | Bed Bath & Beyond, DSW, Marshalls | — | ||||||||||||||||||
468 | Moorland Square Shopping Ctr | New Berlin | WI | Milwaukee-Waukesha-West Allis, WI | 1990 | 98,303 | 100.0 | % | 1,014 | 10.32 | Pick 'n Save (Kroger) | — | — | ||||||||||||||||||
469 | Paradise Pavilion | West Bend | WI | Milwaukee-Waukesha-West Allis, WI | 2000 | 203,545 | 96.8 | % | 1,434 | 7.28 | — | Hobby Lobby, Kohl's | ShopKo | ||||||||||||||||||
470 | Moundsville Plaza | Moundsville | WV | Wheeling, WV-OH | 2004 | 176,156 | 97.2 | % | 1,254 | 7.32 | Kroger | Big Lots, Dunham's Sports, Peebles | — | ||||||||||||||||||
471 | Grand Central Plaza | Parkersburg | WV | Parkersburg-Vienna, WV | 1986 | 75,344 | 100.0 | % | 866 | 11.49 | — | Office Depot, O'Reilly Auto Parts, T.J.Maxx | — | ||||||||||||||||||
TOTAL PORTFOLIO | 79,997,289 | 92.5 | % | $ | 941,392 | $ | 13.73 | ||||||||||||||||||||||||
(1) * Indicates grocer is not owned. | |||||||||||||||||||||||||||||||
(2) Indicates property is currently in redevelopment. |
Supplemental Disclosure - Three Months Ended June 30, 2018 | Page 48 |