Exhibit 99.2
Financial Supplement
Table of Contents
Definitions
Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022
Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022
Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) for the three months ended March 31, 2023 and 2022
NOI Reconciliations for the three months ended March 31, 2023 and 2022
Same Property NOI Reconciliation for the three months ended March 31, 2023 and 2022
EBITDA Reconciliations for the three months ended March 31, 2023 and 2022
Same Property Revenues
Same Property Statistics – Retail and Flex Properties
Weighted Average Lease Term
Weighted Average Mortgage Payable Maturity
Weighted Average Mortgage Payable Interest Rate
Definitions
Investors and analysts following the real estate industry utilize certain financial measures as supplemental performance measures, including net operating income ("NOI"), Same Property NOI, earnings before interest, taxes, depreciation and amortization for real estate ("EBITDA"), Funds from operations (“FFO”) and Adjusted FFO (“AFFO”).
While we believe net income available to common stockholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, we consider NOI, Same Property NOI, EBITDA, and FFO and AFFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. NOI provides a measure of rental operations, and does not include depreciation and amortization, interest expense and non-property specific expenses such as corporate-wide interest expense and general and administrative expenses. As used herein, we calculate the following non-U.S. GAAP measures as follows:
• NOI from property operations is calculated as net loss, as defined by U.S. GAAP, plus preferred dividends, legal, accounting and other professional fees, corporate general and administrative expenses, depreciation, amortization of intangible assets and liabilities, net amortization of above and below market leases, interest expense, including amortization of financing costs, share based compensation expense, loss on impairment, impairment of assets held for sale, loss (gain) on disposition of investment properties, loss on extinguishment of debt, other income and other expenses. The components of NOI consist of recurring rental and reimbursement revenue, less real estate taxes and operating expenses, such as insurance, utilities, and repairs and maintenance. NOI presented in this financial supplement includes an adjustment to the Company’s net loss for amortization of above and below market leases and, as a result, varies from NOI presented in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023.
• Same Property NOI is calculated as the NOI of all properties owned during the entire periods presented with the exclusion of any properties acquired or sold during the periods presented.
• EBITDA is net income, as defined by U.S. GAAP, plus preferred dividends, interest expense, including amortization of financing costs, depreciation and amortization, net amortization of acquired above and below market lease revenue, loss on impairment, impairment of assets held for sale, loss (gain) on disposition of investment properties, and loss on extinguishment of debt.
NOI, Same Property NOI, Same Property Revenues, and EBITDA, do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt, capital expenditures and payment of dividends and distributions. NOI, Same Property NOI, and EBITDA should not be considered as substitutes for net income applicable to common stockholders (calculated in accordance with U.S. GAAP) as a measure of results of operations or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. NOI, Same Property NOI, and Adjusted EBITDA, as currently calculated by us, may not be comparable to similarly titled, but variously calculated, measures of other REITs.
FFO and AFFO, non-GAAP measures, are an alternative measure of operating performance, specifically as it relates to results of operations and liquidity. FFO is computed in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in its March 1995 White Paper (as amended in November 1999, April 2002 and December 2018). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and losses on extinguishment of debt, plus real estate related depreciation and amortization (excluding amortization of loan origination costs and above and below market leases). In addition to FFO, AFFO, excludes non-cash items such as amortization of loans and above and below market leases, unbilled rent arising from applying straight line rent revenue recognition and share-based compensation expenses. Additionally, the impact of capital expenditures, including tenant improvement and leasing commissions, net of reimbursements of such expenditures by property escrow funds, is included in the calculation of AFFO.
Medalist Diversified REIT, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
| | | | | | | |
|
| | March 31, 2023 | | | December 31, 2022 |
|
| | (Unaudited) |
| | | ||
ASSETS |
| |
|
| |
| |
Investment properties, net | | $ | 76,242,506 | | $ | 76,514,952 | |
Cash | |
| 3,048,100 | |
| 3,922,136 | |
Restricted cash | | | 1,937,265 | | | 1,740,717 | |
Rent and other receivables, net of allowance of $62,960 and $47,109, as of March 31, 2023 and December 31, 2022, respectively | |
| 290,836 | |
| 402,434 | |
Unbilled rent | |
| 1,069,860 | |
| 1,022,153 | |
Intangible assets, net | |
| 3,449,600 | |
| 3,748,706 | |
Other assets | |
| 497,510 | |
| 564,306 | |
Total Assets | | $ | 86,535,677 | | $ | 87,915,404 | |
| | | | | | | |
LIABILITIES | |
| | |
| | |
Accounts payable and accrued liabilities | | $ | 1,547,240 | | $ | 1,198,072 | |
Intangible liabilities, net | |
| 2,133,752 | |
| 2,234,113 | |
Mortgages payable, net | | | 61,065,672 | | | 61,340,259 | |
Mandatorily redeemable preferred stock, net | |
| 4,509,325 | |
| 4,450,521 | |
Total Liabilities | | $ | 69,255,989 | | $ | 69,222,965 | |
| | | | | | | |
EQUITY | |
|
| |
|
| |
Common stock, 17,758,421 and 17,758,421 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | | $ | 177,584 | | $ | 177,584 | |
Additional paid-in capital | |
| 51,363,812 | |
| 51,363,812 | |
Offering costs | |
| (3,350,946) | |
| (3,350,946) | |
Accumulated deficit | |
| (32,337,125) | |
| (30,939,020) | |
Total Stockholders' Equity | |
| 15,853,325 | |
| 17,251,430 | |
Noncontrolling interests - Hanover Square Property | |
| 126,185 | |
| 127,426 | |
Noncontrolling interests - Parkway Property | | | 462,318 | | | 470,685 | |
Noncontrolling interests - Operating Partnership | |
| 837,860 | |
| 842,898 | |
Total Equity | | $ | 17,279,688 | | $ | 18,692,439 | |
Total Liabilities and Equity | | $ | 86,535,677 | | $ | 87,915,404 | |
See notes to condensed consolidated financial statements
Medalist Diversified REIT, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
| | | | | | | |
| | Three Months Ended | | ||||
| | March 31, | | ||||
|
| 2023 |
| 2022 |
| ||
| | | | | | | |
REVENUE |
| |
|
| |
| |
Retail center property revenues | | $ | 1,891,679 | | $ | 1,525,085 | |
Flex center property revenues | | | 569,297 | | | 613,390 | |
Hotel property room revenues | |
| — | |
| 762,200 | |
Hotel property other revenues | |
| — | |
| 3,289 | |
Total Revenue | | $ | 2,460,976 | | $ | 2,903,964 | |
| | | | | | | |
OPERATING EXPENSES | |
|
| |
|
| |
Retail center property operating expenses | | $ | 520,615 | | $ | 450,125 | |
Flex center property operating expenses | | | 176,737 | | | 161,381 | |
Hotel property operating expenses | |
| — | |
| 372,860 | |
Bad debt expense | | | 27,122 | | | 12,783 | |
Share based compensation expenses | |
| — | |
| 233,100 | |
Legal, accounting and other professional fees | |
| 767,078 | |
| 459,869 | |
Corporate general and administrative expenses | |
| 117,049 | |
| 80,706 | |
Loss on impairment | |
| 36,743 | |
| 36,670 | |
Impairment of assets held for sale | | | — | | | 175,671 | |
Depreciation and amortization | |
| 1,156,348 | | | 1,155,197 | |
Total Operating Expenses | |
| 2,801,692 | |
| 3,138,362 | |
Operating loss | |
| (340,716) | |
| (234,398) | |
Interest expense | |
| 864,052 | |
| 841,424 | |
Net Loss from Operations | |
| (1,204,768) | |
| (1,075,822) | |
Other (loss) income | |
| (29,038) | |
| 95,439 | |
Net Loss | |
| (1,233,806) | |
| (980,383) | |
Less: Net loss attributable to Hanover Square Property noncontrolling interests | | | (1,241) | | | (319) | |
Less: Net (loss) income attributable to Parkway Property noncontrolling interests | |
| (8,367) | |
| 10,193 | |
Less: Net loss attributable to Operating Partnership noncontrolling interests | |
| (2,903) | |
| (973) | |
Net Loss Attributable to Medalist Common Shareholders | | $ | (1,221,295) | | $ | (989,284) | |
| | | | | | | |
Loss per share from operations - basic and diluted | | $ | (0.07) | | $ | (0.06) | |
| | | | | | | |
Weighted-average number of shares - basic and diluted | |
| 17,758,421 | |
| 16,037,073 | |
| | | | | | | |
Dividends paid per common share | | $ | 0.01 | | $ | 0.02 | |
See notes to condensed consolidated financial statements
Medalist Diversified REIT, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
| | | | | | |
| | Three months ended March 31, | ||||
|
| 2023 |
| 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | |
| | | | | | |
Net Loss | | $ | (1,233,806) | | $ | (980,383) |
| | | | | | |
Adjustments to reconcile consolidated net loss to net cash flows from operating activities | |
| | |
| |
Depreciation | |
| 911,481 | |
| 771,560 |
Amortization | |
| 244,867 | |
| 383,637 |
Loan cost amortization | |
| 26,990 | |
| 28,118 |
Mandatorily redeemable preferred stock issuance cost and discount amortization | | | 58,804 | | | 53,923 |
Above (below) market lease amortization, net | |
| (73,018) | |
| (26,034) |
Bad debt expense | | | 27,122 | | | 12,783 |
Share-based compensation | | | — | | | 233,100 |
Impairment of assets held for sale | |
| — | |
| 175,671 |
Loss on impairment | | | 36,743 | | | 36,670 |
| | | | | | |
Changes in assets and liabilities | |
| | |
| |
Rent and other receivables, net | |
| 84,476 | |
| 109,000 |
Unbilled rent | |
| (48,899) | |
| (14,846) |
Other assets | |
| 66,796 | |
| (128,599) |
Accounts payable and accrued liabilities | |
| 349,168 | |
| 38,263 |
Net cash flows from operating activities | |
| 450,724 | |
| 692,863 |
| | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | |
| |
| | | | | | |
Capital expenditures | | | (647,690) | | | (366,059) |
Net cash flows from investing activities | |
| (647,690) | |
| (366,059) |
| | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
|
| |
|
|
| | | | | | |
Dividends and distributions paid | |
| (178,945) | |
| (341,521) |
Repayment of mortgages payable | | | (301,577) | | | (192,257) |
Proceeds from sales of common stock, net of capitalized offering costs | | | — | | | 1,188,574 |
Repurchases of common stock, including costs and fees | |
| — | |
| (286,543) |
Net cash flows from financing activities | |
| (480,522) | |
| 368,253 |
| | | | | | |
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
| (677,488) | |
| 695,057 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | |
| 5,662,853 | |
| 7,383,977 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | | $ | 4,985,365 | | $ | 8,079,034 |
| | | | | | |
CASH AND CASH EQUIVALENTS, end of period, shown in condensed consolidated balance sheets | | | 3,048,100 | | | 4,629,945 |
RESTRICTED CASH including assets restricted for capital and operating reserves and tenant deposits, end of period, shown in condensed consolidated balance sheets | | | 1,937,265 | | | 3,449,089 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period shown in the condensed consolidated statements of cash flows | | $ | 4,985,365 | | $ | 8,079,034 |
| | | | | | |
Supplemental Disclosures and Non-Cash Activities: | |
| | |
| |
| | | | | | |
Other cash transactions: | |
|
| |
|
|
Interest paid | | $ | 796,268 | | $ | 682,456 |
| | | | | | |
See notes to condensed consolidated financial statements
Medalist Diversified REIT
Funds from Operations and Adjusted Funds from Operations
For the three months ended March 31, 2023 and 2022
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Funds from operations | | | | | | |
Net loss | | $ | (1,233,806) | | $ | (980,383) |
Depreciation of tangible real property assets | |
| 674,398 | |
| 602,845 |
Depreciation of tenant improvements | |
| 205,153 | |
| 148,924 |
Amortization of leasing commissions | |
| 31,930 | |
| 19,791 |
Amortization of intangible assets | |
| 244,867 | |
| 383,637 |
Loss on impairment | |
| 36,743 | |
| 36,670 |
Impairment of assets held for sale | |
| — | |
| 175,671 |
Funds from operations | | $ | (40,715) | | $ | 387,155 |
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Adjusted funds from operations | | | | | | |
Funds from operations | | $ | (40,715) | | $ | 387,155 |
Amortization of above market leases | |
| 27,343 | |
| 69,583 |
Amortization of below market leases | |
| (100,361) | |
| (95,617) |
Straight line rent | |
| (48,899) | |
| (14,921) |
Capital expenditures | | | (647,690) | |
| (366,059) |
(Increase) decrease in fair value of interest rate cap | | | 39,868 | |
| (91,042) |
Amortization of loan issuance costs | | | 26,990 | |
| 28,118 |
Amortization of preferred stock discount and offering costs | | | 58,804 | |
| 53,923 |
Share-based compensation | |
| — | |
| 233,100 |
Bad debt expense | |
| 27,122 | |
| 12,783 |
Adjusted Funds from operations (AFFO) | | $ | (657,538) | | $ | 217,023 |
NOI Reconciliation
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Net Operating Income | | | | | | |
Net Loss | | $ | (1,233,806) | | $ | (980,383) |
Plus: Preferred dividends, including amortization of capitalized issuance costs | |
| 158,804 | |
| 153,923 |
Plus: Legal, accounting and other professional fees | |
| 767,078 | |
| 459,869 |
Plus: Corporate general and administrative expenses | | | 117,049 | |
| 80,706 |
Plus: Depreciation expense | | | 911,481 | |
| 771,560 |
Plus: Amortization of intangible assets | | | 244,867 | |
| 383,637 |
Less: Net amortization of above and below market leases | | | (73,018) | |
| (26,034) |
Plus: Interest expense, including amortization of capitalized loan issuance costs | | | 705,248 | |
| 687,501 |
Plus: Share based compensation expense | | | — | |
| 233,100 |
Plus: Loss on impairment | |
| 36,743 | |
| 36,670 |
Plus: Impairment of assets held for sale | | | — | |
| 175,671 |
Less: Other income (loss) | | | 29,038 | |
| (95,439) |
Net Operating Income - NOI | | $ | 1,663,484 | | $ | 1,880,781 |
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Components of Net Operating Income | | | | | | |
Revenues: | | | | | | |
Retail and flex property rental revenues (1) | | $ | 2,012,716 | | $ | 1,775,616 |
Retail and flex property tenant reimbursement revenues | |
| 375,242 | |
| 336,825 |
Hotel property revenues | | | — | | | 765,489 |
Total revenues | | | 2,387,958 | | | 2,877,930 |
| | | | | | |
Operating expenses: | | | | | | |
Retail and flex property operating expenses | | | 697,352 | | | 611,506 |
Hotel property operating expenses | |
| — | |
| 372,860 |
Bad debt expense | | | 27,122 | | | 12,783 |
Total operating expenses | | | 724,474 | | | 997,149 |
| | | | | | |
Net Operating Income - NOI | | $ | 1,663,484 | | $ | 1,880,781 |
| (1) | Excludes amortization of above and below market leases. |
Same Property NOI Reconciliation
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
All Properties | | | | | | |
Same property NOI | | $ | 1,508,255 | | $ | 1,488,152 |
NOI of acquired properties (1) | |
| 155,229 | |
| — |
NOI of disposed properties (2) | | | — | | | 392,629 |
Total NOI (3) | | $ | 1,663,484 | | $ | 1,880,781 |
| (1) | Salisbury Marketplace |
| (2) | Clemson Hotel |
| (3) | Excludes net amortization of above and below market leases. |
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Retail Properties | | | | | | |
Same retail property NOI | | $ | 1,156,090 | | $ | 1,064,536 |
NOI of acquired retail properties (1) | |
| 155,229 | |
| — |
Total retail property NOI (2) | | $ | 1,311,319 | | $ | 1,064,536 |
| (1) | Salisbury Marketplace |
| (2) | Excludes net amortization of above and below market leases. |
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Flex Properties | | | | | | |
Same flex property NOI | | $ | 352,165 | | $ | 423,616 |
Total flex property NOI (1) | | $ | 352,165 | | $ | 423,616 |
| (1) | Excludes net amortization of above and below market leases. |
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Hotel Properties | | | | | | |
NOI of disposed hotel properties (1) | | $ | — | | $ | 392,629 |
Total hotel property NOI | | $ | — | | $ | 392,629 |
| (1) | Clemson Hotel |
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
Same Property Retail & Flex NOI Reconciliation | | | | | | |
Same property retail and flex NOI | | $ | 1,508,255 | | $ | 1,488,152 |
NOI of newly acquired retail and flex properties (1) | |
| 155,229 | |
| — |
Total NOI (2) | | $ | 1,663,484 | | $ | 1,488,152 |
| (1) | Salisbury Marketplace |
| (2) | Excludes net amortization of above and below market leases. |
EBITDA Reconciliation
| | | | | | |
| | Three Months Ended | ||||
|
| March 31, | ||||
| | 2023 | | 2022 | ||
| | (Unaudited) | | (Unaudited) | ||
EBITDA | | | | | | |
Net Loss | | $ | (1,233,806) | | $ | (980,383) |
Plus: Preferred dividends, including amortization of capitalized issuance costs | |
| 158,804 | |
| 153,923 |
Plus: Interest expense, including amortization of capitalized loan issuance costs | |
| 705,248 | |
| 687,501 |
Plus: Depreciation expense | |
| 911,481 | |
| 771,560 |
Plus: Amortization of intangible assets | | | 244,867 | |
| 383,637 |
Less: Net amortization of above and below market leases | | | (73,018) | |
| (26,034) |
Plus: Loss on impairment | | | 36,743 | |
| 36,670 |
Plus: Impairment of assets held for sale | | | — | |
| 175,671 |
EBITDA | | $ | 750,319 | | $ | 1,202,545 |
Same Property Revenues
| | | | | | | | | | | | |
| | Three Months Ended | | | ||||||||
|
| March 31, |
| | ||||||||
| | 2023 | | 2022 | | | | | ||||
| | (Unaudited) | | (Unaudited) | | Change ($) | | Change (%) | ||||
All Properties | | | | | | | | | | | | |
Same property revenues |
| $ | 2,221,242 | | $ | 2,138,475 | | $ | 82,767 | | | 3.9% |
Revenues of acquired properties (1) | |
| 239,734 | |
| — | |
| 239,734 | |
| |
Revenues of disposed properties (2) | | | — | | | 765,489 | | | (765,489) | | | |
Total revenues (3) | | $ | 2,460,976 | | $ | 2,903,964 | | $ | (442,988) | | | (15.3)% |
| (1) | Salisbury Marketplace |
| (2) | Clemson Hotel |
| (3) | Includes net amortization of above and below market leases. |
| | | | | | | | | | | | |
| | Three Months Ended | | | ||||||||
|
| March 31, |
| | ||||||||
| | 2023 | | 2022 | | | | | ||||
| | (Unaudited) | | (Unaudited) | | Change ($) | | Change (%) | ||||
Retail Properties | | | | | | | | | | | | |
Same retail property revenues |
| $ | 1,651,945 | | $ | 1,525,085 | | $ | 126,860 | | | 8.3% |
Revenues of acquired retail properties (1) | |
| 239,734 | |
| — | |
| 239,734 | |
| |
Total retail property revenues (2) | | $ | 1,891,679 | | $ | 1,525,085 | | $ | 366,594 | | | 24.0% |
| (1) | Salisbury Marketplace |
| (2) | Includes net amortization of above and below market leases. |
| | | | | | | | | | | | |
| | Three Months Ended | | | ||||||||
| | | | | | | | | | | | |
|
| March 31, |
| | ||||||||
| | 2023 | | 2022 | | | | | ||||
| | (Unaudited) | | (Unaudited) | | Change ($) | | Change (%) | ||||
Flex Properties | | | | | | | | | | | | |
Same flex property revenues |
| $ | 569,297 | | $ | 613,390 | | $ | (44,093) | | | (7.2)% |
Total flex property revenues (1) | | $ | 569,297 | | $ | 613,390 | | $ | (44,093) | | | (7.2)% |
| (1) | Includes net amortization of above and below market leases. |
| | | | | | | | | | | | |
| | Three Months Ended | | | ||||||||
| | | | | | | | | | | | |
|
| March 31, |
| | ||||||||
| | 2023 | | 2022 | | | | | ||||
| | (Unaudited) | | (Unaudited) | | Change ($) | | Change (%) | ||||
Hotel Property | | | | | | | | | | | | |
Revenues of disposed hotel properties (1) | | $ | — | | $ | 765,489 | | $ | (765,489) | | $ | (100.0)% |
Total hotel property revenues | | $ | — | | $ | 765,489 | | $ | (765,489) | | | (100.0)% |
| (1) | Clemson Hotel |
Same Property Statistics – Retail and Flex Properties
Total Retail and Flex Properties
| | | | | | | | | | | | | | | | | | |
|
| Number of Properties |
| Total Square Feet |
| Percent Leased | ||||||||||||
| | As of March 31, | | As of March 31, | | As of March 31, | ||||||||||||
| | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | ||||||
Retail |
| | 5 | | | 4 | | | 633,013 | | | 553,281 | | | 97.5% | | | 94.8% |
Flex | | | 3 | | | 3 | | | 218,269 | | | 218,269 | | | 94.4% | | | 94.6% |
Total | | | 8 | | | 7 | | | 851,282 | | | 771,550 | | | 96.7% | | | 94.0% |
Retail and Flex - Same Properties
| | | | | | | | | | | | | | | | | | |
|
| Number of Properties |
| Total Square Feet |
| Percent Leased | ||||||||||||
| | As of March 31, | | As of March 31, | | As of March 31, | ||||||||||||
| | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | ||||||
Retail |
| | 4 | | | 4 | | | 553,281 | | | 553,281 | | | 98.8% | | | 94.8% |
Flex | | | 3 | | | 3 | | | 218,269 | | | 218,269 | | | 94.4% | | | 94.6% |
Total | | | 7 | | | 7 | | | 771,550 | | | 771,550 | | | 97.5% | | | 94.0% |
Weighted Average Lease Term
| | | |
Retail Properties |
| | |
Ashley Plaza | | | 6.01 |
Franklin Square | | | 4.42 |
Hanover Square |
| | 3.49 |
Lancer Center | | | 3.87 |
Salisbury Marketplace | | | 5.34 |
Retail Property Average | | | 4.68 |
| | | |
Flex Properties | | | |
Brookfield | | | 2.76 |
Greenbrier Business Center | | | 2.23 |
Parkway | | | 2.52 |
Flex Property Average | | | 2.47 |
| | | |
Retail and Flex Property Average | | | 4.12 |
Weighted Average Debt Data
| | | |
Weighted Average Mortgage Maturity (Years) |
| | 5.84 |
| | | |
Weighted Average Mortgage Payable Interest Rate | | | 4.1% |