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PART I
Item 1. Business
Brixmor Property Group Inc. and subsidiaries (collectively, “BPG”) is an internally-managed real estate investment trust (“REIT”). Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, “we,” “our” and “us” mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly-traded open-air retail portfolios by gross leasable area (“GLA”) in the United States (“U.S.”), comprised primarily of community and neighborhood shopping centers. As of December 31, 2021, our portfolio was comprised of 382 shopping centers (the “Portfolio”) totaling approximately 67 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Metropolitan Statistical Areas (“MSAs”) in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2021, our three largest tenants by annualized base rent (“ABR”) were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc. In the opinion of our management, no material part of our business is dependent upon a single tenant, the loss of which would have a material adverse effect on us, and no single tenant or shopping center accounted for 5% or more of our consolidated revenues during 2021.
As of December 31, 2021, BPG beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units (the “OP Units”) in the Operating Partnership. The number of OP Units in the Operating Partnership beneficially owned by BPG is equivalent to the number of outstanding shares of BPG’s common stock, and the entitlement of all OP Units to quarterly distributions and payments in liquidation is substantially the same as those of BPG’s common stockholders. BPG’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “BRX.”
Management operates BPG and the Operating Partnership as one business. Because the Operating Partnership is managed by BPG, and BPG conducts substantially all of its operations through the Operating Partnership, BPG’s executive officers are the Operating Partnership’s executive officers, and although, as a partnership, the Operating Partnership does not have a board of directors, we refer to BPG’s board of directors as the Operating Partnership’s board of directors.
Our Shopping Centers
The following table provides summary information regarding our Portfolio as of December 31, 2021:
|
|
|
|
|
|
|
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Number of Shopping Centers
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382
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GLA (square feet)
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67.5 million
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Billed Occupancy
|
89%
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|
Leased Occupancy
|
92%
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|
ABR Per Square Foot (“PSF”)(1)
|
$15.42
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|
New, Renewal and Option Volume (square feet)(2)
|
10.0 million
|
|
New Lease Volume (square feet)(2)
|
3.1 million
|
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New, Renewal and Option Rent Spread(2)(3)
|
10.1%
|
|
New Rent Spread(2)(3)
|
27.6%
|
|
Percent Grocery-anchored Shopping Centers(4)
|
70%
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Percent of ABR in Top 50 U.S. MSAs
|
69%
|
|
Average Effective Age(5)
|
26
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(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
(2) During the year ended December 31, 2021.
(3) Represents the percentage change in contractual ABR PSF in the first year of the new lease relative to contractual ABR PSF in the last year of the old lease. For purposes of calculating rent spreads, ABR PSF includes the GLA of lessee-owned leasehold improvements. Based on comparable leases only, which consist of new leases signed on units that were occupied within the prior 12 months and renewal or option leases signed with the same tenant in all or a portion of the same location or that include the expansion into space that was occupied within the prior 12 months. New leases signed on units that have been vacant for longer than 12 months, new leases signed on first generation space, and new leases that are ancillary in nature regardless of term are deemed non-comparable and excluded from New Rent Spreads. Renewals that include the expansion of an existing tenant into space that has been vacant for longer
than 12 months and renewals that are ancillary in nature regardless of term are deemed non-comparable and excluded from Renewal Rent Spreads.
(4) Based on number of shopping centers.
(5) Effective age is calculated based on the year of the most recent redevelopment of the shopping center or based on the year built if no redevelopment has occurred.
Impacts on Business from COVID-19
Business Objectives and Strategies
Our primary objective is to maximize total returns to our stockholders through consistent, sustainable growth in cash flow. Our key strategies to achieve this objective include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth. In addition, as we execute on our key strategies, we do so guided by a commitment to operate in a socially responsible manner that allows us to realize our purpose of owning and managing properties that are the centers of the communities we serve.
Driving Internal Growth. Our primary drivers of internal growth include (i) embedded contractual rent escalations, (ii) below-market rents which may be reset to market as leases expire, and (iii) occupancy growth. Strong new leasing productivity, a focus on merchandising, and enhanced underwriting processes have also enabled us to consistently improve the credit of our tenancy and the vibrancy and relevancy of our Portfolio to retailers and consumers. During 2021, we executed 639 new leases representing approximately 3.1 million square feet and 1,641 total leases, including renewals and options, representing approximately 10.0 million square feet.
We believe that rents across our Portfolio are well below market, which provides us with a key competitive advantage in attracting and retaining tenants. During 2021, we achieved new lease rent spreads of 27.6% and blended new and renewal rent spreads of 11.4% excluding options, or 10.1% including options. Looking forward, the weighted average expiring ABR PSF of anchor lease expirations through 2024 is $9.76 compared to a weighted average ABR PSF of $14.15 for new anchor leases signed during 2021.
Our occupancy increased in 2021 due to lower than historical levels of tenant move-outs and robust, broad-based leasing demand. Such demand is supported by the acceleration of retail trends that predate COVID-19, including the desire of many retailers to locate in retail formats that provide greater proximity to the customer, as well as the reallocation of daytime traffic to many of our communities due to increased suburbanization and enhanced work-from-home flexibility. We believe there is opportunity for further occupancy gains in our Portfolio, particularly for spaces less than 10,000 square feet, as such spaces will benefit from our continued efforts to improve the quality of our anchor tenancy and the overall vibrancy and relevancy of our centers. As of December 31, 2021, leased occupancy was 86.7% for spaces less than 10,000 square feet, while our total leased occupancy was 92.0%. The spread between our total leased occupancy and our total billed occupancy was 330 basis points and our total signed but not yet commenced lease population, which includes certain leases on spaces that will be vacated by existing tenants, represented 2.6 million square feet and $50.3 million of ABR, providing us strong visibility on our future growth.
Pursuing value-enhancing reinvestment opportunities. We believe that we have significant opportunity to achieve attractive risk-adjusted returns by investing capital in the repositioning and/or redevelopment of certain assets in our Portfolio. Such initiatives are tenant driven and focus on upgrading our centers with strong, best-in-class retailers and enhancing our overall merchandise mix and tenant quality. During 2021, we stabilized 41 anchor space repositioning, redevelopment, and outparcel development projects, with a weighted average incremental net operating income (“NOI”) yield of 11% and an aggregate cost of $168.2 million. As of December 31, 2021, we had 50 projects in process with an expected weighted average incremental NOI yield of 9% and an aggregate anticipated cost of $374.3 million. In addition, we have identified a pipeline of future reinvestment projects aggregating approximately $1.0 billion of potential capital investment, which we expect to execute over the next several years at NOI yields that are generally consistent with those which we have recently realized.
Prudently executing on acquisition and disposition activity. We intend to actively pursue acquisition and disposition opportunities in order to further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. In general, our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and will allow us to leverage our operational platform and expertise to create value, while our disposition strategy focuses on selling assets when we believe value has been maximized, where there is downside risk, or where we have limited ability or desire to build critical mass in a particular submarket. Our acquisition activity may include acquisitions of open-air shopping centers, non-owned anchor spaces and retail buildings and/or outparcels at, or adjacent to, our shopping centers.
During 2021, we acquired $258.8 million of assets, including transaction costs and closing credits, and generated aggregate net proceeds of $237.4 million from property dispositions. Acquisitions were funded through a combination of net proceeds from property dispositions and available cash.
Maintaining a Flexible Capital Structure Positioned for Growth. We believe our capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We have access to multiple forms of capital, including secured property level debt, unsecured corporate level debt, preferred equity, and common equity, which will allow us to efficiently execute on our strategic and operational objectives. We have investment grade credit ratings from all three major credit rating agencies.
During 2021, we issued $850.0 million of senior unsecured notes and utilized the net proceeds to repay our $350.0 million term loan and all $500.0 million of our senior unsecured notes originally scheduled to mature in 2023. As of December 31, 2021, we had $1.2 billion of available liquidity under our $1.25 billion revolving credit facility (the “Revolving Facility”) and $297.7 million of cash and cash equivalents and restricted cash, and we had $250.0 million of debt maturities in February 2022 and no debt maturities in 2023.
Operating in a Socially Responsible Manner. We believe that prioritizing the well-being of all our stakeholders is critical to delivering consistent, sustainable growth. As such, our Corporate Responsibility strategy is driven by creating partnerships that improve the social, economic, and environmental well-being of all our stakeholders and is guided by our mission to ensure that our shopping centers are the centers of the communities we serve. We work to provide welcoming, safe, and attractive retail centers for our tenants and their customers to gather, connect, and engage, both within stores at our centers and in public spaces throughout our Portfolio. We further support our communities by hosting local events, volunteering, and providing aid in times of need. We strive to be a key partner in the success of our retailers, and we do so by providing them proactive property management, ongoing tenant coordination, and additional services such as marketing support for our local tenants. We monitor our success through biennial tenant engagement surveys and implement changes based on feedback received.
In 2020, management established an ESG Steering Committee that is comprised of executives and senior leadership from a variety of functional areas and is led by our Senior Vice President, Operations & Sustainability. The ESG Steering Committee meets quarterly and focuses on setting, implementing, monitoring, and communicating our Corporate Responsibility strategy and related initiatives. We also hold periodic company-wide corporate responsibility trainings to ensure initiatives are communicated effectively throughout the organization.
Our Board of Directors, through our Nominating and Governance Committee, oversees our Corporate Responsibility initiatives to ensure that our actions consistently demonstrate our strong commitment to operating in an environmentally and socially responsible manner. To facilitate their oversight, the Nominating and Governance Committee and the Board of Directors are provided frequent updates by our senior leadership. Importantly, Corporate Responsibility objectives are included as part of our executives’ goals, and the achievement of such goals impacts the individual performance portion of their compensation.
Additional detailed information regarding our Corporate Responsibility strategy can be found in our Corporate Responsibility Report at https://www.brixmor.com/why-brixmor/corporate-responsibility and in our investor relations presentations.
•Environmental Responsibility: In 2021, the ESG Steering Committee formalized the Company’s Climate Change Policy, which prescribes our strategy for the assessment of and response to risks and opportunities posed by climate change and natural hazards to our properties, our tenants, and the communities we serve. As part of this policy, we set a goal to achieve net zero carbon emissions by 2045
for areas under our operational control. We also became a signatory to the Science Based Targets initiative (“SBTI”) aligned with the 1.5 degree Celsius pathway, committing to an interim reduction of 50% for greenhouse gas emissions by 2030 for areas under our operational control. As of December 31, 2020, we have achieved a 36% reduction against this interim SBTI goal. We also continue to make meaningful progress towards reducing our electric and water usage through initiatives such as green lease provisions, which establish a framework for promoting sustainable operations in a triple net lease environment and provide tenants access to lower-cost on-site renewable energy, LED lighting conversions, Xeriscaping and careful management of irrigation systems, and installation of electric vehicle charging stations. Our ongoing commitment to sustainability is also evident in our approach to value-enhancing reinvestment activity, which transforms properties to meet the needs of the communities we serve through strategic repositioning and redevelopment activity, executed with a focus on resource efficiency and resiliency. As a result of our combined environmental sustainability efforts, we have been recognized by GRESB as a Green Star recipient and by the U.S. Department of Energy Better Buildings Alliance/The Institute for Market Transformation as a Green Lease Leader at the highest Gold level. In addition, we earned an “A” rating in GRESB’s 2021 Public Disclosure Score, which measures material sustainability disclosures of listed property companies and REITs globally.
•Human Capital: As of December 31, 2021, we had 501 employees, including 500 full-time employees. Our talented and committed employees are the foundation of our success. Together we focus on building a culture that is supportive, collaborative and inclusive, that provides opportunities for both personal and professional growth, and that empowers and encourages thinking and acting like owners in order to create value for all stakeholders. We believe this approach enables us to attract and retain diverse and talented professionals and creates collaborative, skilled, and motivated teams. The pillars of our human capital strategy are:
◦Engagement and connectivity: We believe that employees that are personally engaged in our vision to be the center of the communities we serve and are connected with similarly engaged colleagues will be more effective in their roles. Company-wide recognition of excellence is one way we show our team members how important they are to the company and each other. Our quarterly employee awards include the “Our Center is You” award, which recognizes employees for immersing themselves in and serving our communities, and the “Find A Better Way” award, which recognizes ingenuity. We foster connectivity through company-wide enrichment events, like our TED-Talk style “Big Brain Days” where leading authors discuss topics to inspire individual and team growth, book clubs, and annual company-wide community service projects, which have focused on important social issues such as food insecurity and implicit bias. We believe our engagement and connectivity initiatives have contributed to our 98% employee satisfaction score and 100% participation in annual performance reviews and talent development discussions.
◦Growth: We encourage our employees to grow and develop their interests and passions by providing a number of professional and personal training and learning opportunities. In addition to comprehensive training programs geared towards specific job functions, we also provide a number of innovative development programs, such as a two-year intensive apprenticeship program for entry level employees in leasing, property management, and construction; “BRX Connect,” an internal exchange program that permits employees to learn about other functions within the company; “Personal Development Accounts,” which provide time off and expense reimbursement for a personal or professional development activity chosen by the employee; Predictive Index Behavioral Assessments, which enhance self-awareness and effective collaboration; and One Day University and LinkedIn Learning memberships, available to all employees to stimulate personal growth.
◦Health and well-being: Our commitment to the health and well-being of our employees is a crucial component of our culture. We provide a wide-range of employee benefits including comprehensive medical, prescription, dental and vision insurance coverage (the majority of which is paid by the company), paid maternity, paternity and adoption leave, matching 401(k) contributions, free life insurance, disability benefits and spousal death benefits, education assistance reimbursements, and flex time. We also encourage healthy lifestyles, through initiatives such as an annual wellness spending account, free access to online applications such as Noom for healthy weight management and Headspace for mindfulness and meditation, weekly live meditation breaks, and health-oriented
employee competitions, like our “Summer Step Challenge” where all employees are offered a free fitness tracker. In 2021, we began hosting Wellness Wednesdays, which include live demonstrations on topics such as healthy cooking, time management, and personal finance. We also ensure that all employees are supported by promoting mental health awareness though free access to licensed counselors.
Our commitment to these pillars of our human capital strategy has guided our response to the extraordinary challenges presented by the COVID-19 pandemic. While our physical offices were closed, we invested significant resources to ensure all employees were safe, functional, and efficient while working at home. We supplemented our health and well-being programs with counseling sessions and provided additional resources for parents navigating schooling challenges. For any employees directly impacted by COVID-19, we have ensured the availability of appropriate time off, coverage for their work responsibilities, and additional support as needed. In the second half of 2021, we implemented a hybrid work schedule for all of our employees that we believe will maximize engagement, collaboration, and efficiency, while also supporting a healthy work-life balance.
We believe our success is driven by an inclusive environment that reflects the diversity of the communities we serve. We therefore advocate for diversity and inclusion in every part of our organization and strive to create equal opportunities for all current and future employees. We believe a culture based on diversity and inclusion is critical to our ability to attract and retain talented employees and to deliver on our strategic goals and objectives. Every year each employee signs a pledge to commit to helping us create and maintain an inclusive culture free from harassment based on race, sexual orientation, gender, and other protected classes. In 2020, we formed a Diversity & Inclusion Leadership Council, which reports directly to our CEO and assists us in maintaining best practices and behaviors to enhance inclusion and promote diversity, and in 2021, we formed an Employee Resource Group to further these initiatives. Also, in 2021, our CEO signed the CEO Action for Diversity & InclusionTM pledge, which is the largest CEO-driven business commitment to advance diversity and inclusion in the workplace. We regularly feature diversity and inclusion themes in our trainings and community events, such as our Big Brain Days. In addition, our summer internship program is focused on growing diversity through hiring early-in-career talent. Furthermore, to ensure ample diversity of job candidates, we utilize targeted recruitment and partnerships with diversity and inclusion-focused organizations such as Jopwell, a community and job board for diverse professionals, and ICSC Launch Academy. In 2021, our diversity and inclusion goals were formalized and outlined in our 2021 Corporate Responsibility Report, and we will measure and report on our progress annually to provide greater transparency and accountability.
Tenants
Our national portfolio is thoughtfully merchandised with non-discretionary and value-oriented retailers, as well as consumer-oriented service providers, and is home to a broad mix of national and regional tenants and local entrepreneurs. As of December 31, 2021, we had over 5,000 diverse tenants in our portfolio, including many vibrant new retailers added over the past several years, and approximately 70% of our properties were anchored by a grocery store.
Compliance with Government Regulations
We are subject to federal, state, and local regulations, including environmental regulations that apply generally to the ownership of real property and the operations conducted on real property. As of December 31, 2021, we are not aware of any environmental conditions or material costs of complying with environmental or other government regulations that would have a material adverse effect on our overall business, financial condition, or results of operations. However, it is possible that we are not aware of, or may become subject to, potential environmental liabilities or material costs of complying with government regulations that could be material. See “Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs” and “Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that would adversely affect our cash flows” in Item 1A. “Risk Factors” for further information regarding our risks related to government regulations. In addition, during the COVID-19 pandemic, our properties and our tenants have been subject to public-health regulations that have impacted our operations and our business. See “The current pandemic of the novel coronavirus, or COVID-19, and future public health crises, could materially
and adversely affect our financial condition, operating results, and cash flows” in Item 1A. “Risk Factors” for further information regarding these regulations.
Financial Information about Industry Segments
Our principal business is the ownership and operation of community and neighborhood shopping centers. We do not distinguish our principal business or group our operations on a geographical basis for purposes of measuring performance. Accordingly, we have a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”).
REIT Qualification
We have been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the U.S. federal income tax laws, commencing with our taxable year ended December 31, 2011, have maintained such requirements through our taxable year ended December 31, 2021, and intend to satisfy such requirements for subsequent taxable years. As a REIT, we generally will not be subject to U.S. federal income tax on net taxable income that we distribute annually to our stockholders. In order to qualify as a REIT for U.S. federal income tax purposes, we must continually satisfy tests concerning, among other things, the real estate qualification of sources of our income, the composition and value of our assets, the amounts we distribute to our stockholders, and the diversity of ownership of our stock. In order to comply with REIT requirements, we may need to forgo otherwise attractive opportunities or limit the manner in which we conduct our operations. See “Risks Related to our REIT Status and Certain Other Tax Items” in Item 1A. “Risk Factors” for further information.
Executive Officers
As of December 31, 2021, each of our executive officers has been employed by us for more than five years and included the following:
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Name
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Position
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Year Joined(1)
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Age
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James Taylor
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President, Chief Executive Officer
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2016
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55
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Angela Aman
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Executive Vice President, Chief Financial Officer
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2016
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42
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Brian T. Finnegan
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Executive Vice President, Chief Revenue Officer
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2004
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41
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Mark T. Horgan
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Executive Vice President, Chief Investment Officer
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2016
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46
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Steven F. Siegel
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Executive Vice President, General Counsel and Secretary
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1991
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61
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Carolyn Carter Singh
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Executive Vice President, Chief Talent Officer
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2001
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59
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(1) Includes predecessors of Brixmor Property Group Inc.
Corporate Headquarters
Brixmor Property Group Inc., a Maryland corporation, was incorporated in 2011. The Operating Partnership, a Delaware limited partnership, was formed in 2011. Our principal executive offices are located at 450 Lexington Avenue, New York, New York 10017, and our telephone number is (212) 869-3000.
Our website address is https://www.brixmor.com. Information on our website is not incorporated by reference herein and is not a part of this Annual Report on Form 10-K. We make available free of charge on our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended (the “Exchange Act”), as soon as reasonably practicable after those reports are electronically filed with, or furnished to, the SEC. We also make available through our website other reports filed with or furnished to the SEC under the Exchange Act, including our proxy statements and reports filed by officers and directors under Section 16(a) of the Exchange Act. You may access these filings by visiting “SEC Filings” under the “Financial Info” section of the “Investors” portion of our website. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information for issuers, such as us, that file electronically with the SEC at https://www.sec.gov.
Financial and other material information regarding our company is routinely posted on and accessible at the “Investors” portion of our website at https://www.brixmor.com. Investors and others should note that we use our website as a channel of distribution of material information to our investors. Therefore, we encourage investors and others interested in our company to review the information we post on the “Investors” portion of our website. In
addition, you may enroll to automatically receive e-mail alerts and other information about our company by visiting “Email Alerts” under the “Additional Info” section of the “Investors” portion of our website.
Dividend Reinvestment & Direct Stock Purchase Plan
Our registrar and stock transfer agent is Computershare Trust Company, N.A. We offer a Dividend Reinvestment and Direct Stock Purchase Plan, providing shareholders and new investors with a simple and convenient method of investing in additional shares of common stock without payment of transaction or processing fees, service charges or other expenses. Plan inquiries may be directed to (877) 373-6374, or (781) 575-2879 if located outside the U.S.
Item 1A. Risk Factors
Risks Related to Our Portfolio and Our Business
Adverse economic, market and real estate conditions may adversely affect our financial condition, operating results, and cash flows.
Our Portfolio is predominantly comprised of community and neighborhood shopping centers. Our performance is, therefore, subject to risks associated with owning and operating these types of real estate assets. See “Forward-Looking Statements” included elsewhere in this Annual Report on Form 10-K for the factors that could affect our rental income and/or property operating expenses and therefore adversely affect our financial condition, operating results, and cash flows.
The current pandemic of the novel coronavirus, or COVID-19, and future public health crises, could materially and adversely affect our financial condition, operating results, and cash flows.
The COVID-19 pandemic has had and may continue to have, and another pandemic or public health crisis in the future could have, repercussions across domestic and global economies and financial markets. The global impact of the COVID-19 pandemic evolved rapidly and many countries, and state and local governments in the U.S., including those in which we own properties, reacted by instituting government restrictions, border closings, quarantines, shelter-in-place orders, and social distancing guidelines, which forced many of our tenants to temporarily close stores, reduce hours, or significantly limit service, and resulted in a dramatic increase in national unemployment and a significant economic contraction in 2020.
Certain tenants experiencing economic difficulties during the pandemic have sought rent relief, which has been provided on a case-by-case basis primarily in the form of rent deferrals and, in more limited cases, in the form of rent abatements. We have experienced an increase in the number of tenants that are delinquent in their lease obligations and in 2020 we recognized significantly higher levels of revenues deemed uncollectible and straight-line rent receivable reversals than historical levels. The COVID-19 pandemic may have a material adverse effect on our financial condition, operating results, and cash flows due to, among others, the following factors:
•additional store closures at our properties resulting from related future government or tenant actions;
•changes in consumer behavior that reduce the frequency of visits to our shopping centers, including as a result of increased e-commerce;
•a deterioration in our or our tenants’ ability to operate or delays in the supply of products or services to us or our tenants from vendors that are essential for efficient operations;
•the inability of our tenants to meet their lease obligations to us due to changes in their businesses or local or national economic conditions, including labor unavailability, inflation, and/or reduced consumer discretionary spending; and
•liquidity issues resulting from reduced cash flow from operations.
The extent to which the COVID-19 pandemic continues to impact us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, treatment developments, public adoption rates of COVID-19 vaccines, including booster shots, the effectiveness of vaccines, booster shots, and treatments against emerging variants of COVID-19 such as the Delta and Omicron variants, the direct and indirect economic effects of the pandemic and containment measures, and potential sustained changes in consumer behavior, among others. Adverse developments related to these conditions could increase the number of tenants that close their stores, that are unable to meet their lease obligations to us, and/or that file for bankruptcy protection, and could limit the demand for space from new tenants. The fluidity of this situation precludes any prediction as to the full adverse impact of the COVID-19 pandemic. Nevertheless, the COVID-19 pandemic presents material uncertainty and risk with respect to our financial condition, operating results, and cash flows.
We face considerable competition in the leasing market and may be unable to renew leases or re-lease space as leases expire. Consequently, we may be required to make rent or other concessions and/or incur significant capital expenditures to retain existing tenants or attract new tenants, which could adversely affect our financial condition, operating results, and cash flows.
There are numerous shopping venues, including regional malls, outlet malls, other shopping centers, and e-commerce, which compete with our Portfolio in attracting and retaining retailers. As of December 31, 2021, leases are scheduled to expire in our Portfolio on a total of approximately 9.1% of leased GLA during 2022. We may not
be able to renew or promptly re-lease expiring space and even if we do renew or re-lease such space, future rental rates may be lower than current rates and other terms may not be as favorable. In addition, we may be required to incur significant capital expenditures in order to retain existing tenants or attract new tenants. In these situations, our financial condition, operating results, and cash flows could be adversely impacted.
We face considerable competition for tenants and the business of consumers. Consequently, we actively reinvest in our Portfolio in the form of repositioning and redevelopment projects. Such projects have inherent risks that could adversely affect our financial condition, operating results, and cash flows.
In order to maintain the attractiveness of our Portfolio to retailers and consumers, we actively reinvest in our assets in the form of repositioning and redevelopments projects. In addition to the risks associated with real estate investments in general, as described elsewhere, the risks associated with repositioning and redevelopment projects include: (1) delays or failures in obtaining necessary zoning, occupancy, land use, and other governmental permits; (2) abandonment of projects after expending resources to pursue such opportunities; (3) cost overruns; (4) construction delays; (5) failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; and (6) exposure to fluctuations in the general economy due to the time lag between commencement and completion of such projects. If we fail to reinvest in our Portfolio or maintain its attractiveness to retailers and consumers, if our capital improvements are not successful, or if retailers and consumers perceive that shopping at other venues (including e-commerce) is more convenient, cost-effective, or otherwise more compelling, our financial condition, operating results, and cash flows could be adversely impacted.
Our performance depends on the financial health of tenants in our Portfolio and our continued ability to collect rent when due. Significant retailer distress across our Portfolio could adversely affect our financial condition, operating results, and cash flows.
Our income is substantially derived from rental income on real property. As a result, our performance depends on the collection of rent from tenants in our Portfolio. Our income would be adversely affected if a significant number of our tenants failed to make rental payments when due. In addition, many of our tenants rely on external sources of financing to operate and grow their businesses, and disruptions in credit markets could adversely affect the ability of our tenants to obtain financing on favorable terms or at all. If our tenants are unable to secure necessary financing to continue to operate or expand their businesses, they may be unable to meet their rent obligations, renew leases, or enter into new leases with us, which could adversely affect our financial condition, operating results, and cash flows.
In certain circumstances, a tenant may have a right to terminate its lease. For example, a failure by an anchor tenant to occupy their leased premises could result in lease terminations or reductions in rent due from certain other tenants in that shopping center. In such situations, we cannot be certain that we will be able to re-lease space on similar or economically advantageous terms. The loss of rental income from a significant number of tenants and difficulty in replacing such tenants could adversely affect our financial condition, operating results, and cash flows.
We may be unable to collect balances and/or future contractual rents due from tenants that file for bankruptcy protection, which could adversely affect our financial condition, operating results, and cash flows.
When a tenant files for bankruptcy protection, we may not be able to collect amounts owed to us by that party prior to the bankruptcy filing. In addition, after filing for bankruptcy protection, a tenant may terminate any or all of its leases with us, which would result in a general unsecured claim against such tenant that would likely be worth less than the full amount owed to us over the remainder of the lease term. In these situations, we cannot be certain that we will be able to re-lease such space on similar or economically advantageous terms, and we may be required to incur significant capital expenditures to re-lease the space, which could adversely affect our financial condition, operating results, and cash flows.
Our expenses may remain constant or increase, even if income from our Portfolio decreases, which could adversely affect our financial condition, operating results, and cash flows.
Costs associated with our business, such as common area expenses, utilities, insurance, real estate taxes, and corporate expenses, are relatively inflexible and generally do not decrease in the event that a property is not fully occupied, rental rates decrease, a tenant fails to pay rent, or other circumstances cause our revenues to decrease. In addition, inflation and increases in real estate taxes in certain jurisdictions in which we operate, could result in higher operating costs. If we are unable to lower our operating costs when revenues decline and/or are unable to fully pass along cost increases to our tenants, our financial condition, operating results, and cash flows could be adversely impacted.
We intend to continue to actively recycle capital by selling certain non-strategic shopping centers. However, real estate property investments are illiquid, and it may not be possible to dispose of assets in a timely manner or on favorable terms, which could adversely affect our financial condition, operating results, and cash flows.
Our ability to dispose of properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers, and we cannot predict the various market conditions affecting real estate investments that will exist at any particular time in the future. We may be required to expend funds to correct defects or to make capital improvements before a property can be sold and we cannot assure that we will have funds available to make such capital improvements; therefore, we may be unable to sell a property on favorable terms or at all. In addition, the ability to sell assets in our Portfolio may also be restricted by certain covenants in our debt agreements, such as the credit agreement governing our senior unsecured credit facility, as amended April 29, 2020 (the “Unsecured Credit Facility”). As a result, we may be unable to realize our investment objectives through dispositions, which could adversely affect our financial condition, operating results, and cash flows.
Our real estate assets may be subject to impairment charges.
We periodically assess whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of our real estate assets (including any related intangible assets or liabilities) may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, are less than the carrying value of the property. In our estimate of cash flows, we consider trends and prospects for a property and the effects of demand and competition on expected future operating income and/or property values. If we are evaluating the redevelopment or potential sale of an asset, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date. Impairment charges have an immediate direct impact on our earnings. There can be no assurance that we will not take additional charges in the future related to the impairment of our assets. Any future impairment could have an adverse effect on our operating results in the period in which the charge is recognized.
We face competition in pursuing acquisition opportunities that could increase the cost of such acquisitions and/or limit our ability to grow, and we may not be able to generate expected returns or successfully integrate completed acquisitions into our existing operations, which could adversely affect our financial condition, operating results, and cash flows.
We continue to evaluate the market for potential acquisitions and we may acquire properties when we believe strategic opportunities exist. Our ability to acquire properties on favorable terms and successfully integrate, operate, reposition, or redevelop such properties is subject to several risks. We may be unable to acquire a desired property because of competition from other real estate investors, including from other well-capitalized REITs and institutional investment funds. Even if we are able to acquire a desired property, competition from such investors may significantly increase the purchase price. We may also abandon acquisition activities after expending significant resources to pursue such opportunities. Once we acquire new properties, these properties may not yield expected returns for several reasons, including: (1) failure to achieve expected occupancy and/or rent levels within the projected time frame, if at all; (2) inability to successfully integrate new properties into existing operations; and (3) exposure to fluctuations in the general economy, including due to the time lag between signing definitive documentation to acquire a new property and the closing of the acquisition. If any of these events occur, the cost of the acquisition may exceed initial estimates or the expected returns may not achieve those originally contemplated, which could adversely affect our financial condition, operating results, and cash flows.
We utilize a significant amount of indebtedness in the operation of our business. Required debt service payments and other risks related to our debt financing could adversely affect our financial condition, operating results, and cash flows.
As of December 31, 2021, we had approximately $5.2 billion aggregate principal amount of indebtedness outstanding. Our leverage could have important consequences to us. For example, it could (1) require us to dedicate a substantial portion of our cash flow to principal and interest payments on our indebtedness, reducing the cash flow available to fund our business, pay dividends, including those necessary to maintain our REIT qualification, or use for other purposes; (2) increase our vulnerability to an economic downturn or various competitive pressures, as debt payments are not reduced if the economic performance of any property, or the Portfolio as a whole, deteriorates; and
(3) limit our flexibility to respond to changing business and economic conditions. In addition, non-compliance with the terms of our debt agreements could result in the acceleration of a significant amount of indebtedness and could materially impair our ability to borrow unused amounts under existing financing arrangements or to obtain additional financing on favorable terms or at all. Any of these outcomes could adversely affect our financial condition, operating results, and cash flows.
Our variable rate indebtedness subjects us to interest rate risk, and an increase in our debt service obligations may adversely affect our operating results, and cash flows.
As of December 31, 2021, borrowings under our unsecured $300.0 million term loan agreement, as amended on April 29, 2020 (the “$300 Million Term Loan”), and unsecured $250.0 million Floating Rate Senior Notes due 2022 (the “2022 Notes”) bear interest at variable rates. In addition, we had $1.2 billion of available liquidity under the Revolving Facility that would bear interest at variable rates upon borrowing. If interest rates were to increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed would remain the same, and our net income and cash flows would correspondingly decrease. In order to partially mitigate our exposure to interest rate risk, we have entered into interest rate swap agreements on $300.0 million of our variable rate debt, which involve the exchange of variable for fixed rate interest payments. Taking into account our current interest rate swap agreements, a 100 basis point increase in interest rates would result in a $2.5 million increase in annual interest expense.
We may be adversely affected by changes in LIBOR reporting practices or the method by which LIBOR is determined.
In July 2017, the Financial Conduct Authority that regulates the London Interbank Offered Rate (“LIBOR”) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after December 31, 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to LIBOR in derivatives and other financial contracts. Subsequently, in November 2020, the Intercontinental Exchange Benchmark Administration, the administrator of LIBOR, announced that it intends to extend the cessation date for most LIBOR tenors to June 30, 2023. We are not able to predict when LIBOR may be limited or discontinued. As of December 31, 2021, we had $550.0 million of debt and four interest rate swaps with an aggregate notional value of $300.0 million outstanding that were indexed to LIBOR. In addition, we had $1.2 billion of available liquidity under the Revolving Facility that would be indexed to LIBOR upon borrowing. We are monitoring and evaluating the risks related to potential changes in LIBOR availability, which include potential changes in interest paid on debt and amounts received and paid on interest rate swaps. In addition, the value of debt or derivative instruments tied to LIBOR could also be impacted when LIBOR is limited or discontinued and contracts must be transitioned to a new alternative rate. Due to the extension noted above, we currently expect that all of our contracts indexed to LIBOR will either mature or be required to be transitioned to an alternative rate by June 30, 2023. However, it is possible that LIBOR may be discontinued prior to then. If a contract is not transitioned to an alternative rate and LIBOR is discontinued, the impact on our contracts is likely to vary by contract. Transitioning to an alternative rate may be challenging for some instruments, as they may require negotiation with the respective counterparty. Any of these events could have an adverse effect on our financing costs, and as a result, our financial condition, operating results, and cash flows.
We may be unable to obtain additional capital through the debt and equity markets, which could have an adverse effect on our financial condition, operating results, and cash flows.
We cannot assure that we will be able to access the capital markets to obtain additional debt or equity capital on terms favorable to us. Our access to external capital depends upon several factors, including general market conditions, our current and potential future earnings, the market’s perception of our growth potential, our liquidity and leverage ratios, our cash distributions, and the market price of our common stock. Our inability to obtain debt or equity capital on favorable terms or at all could result in the disruption of our ability to: (1) operate, maintain or reinvest in our Portfolio; (2) repay or refinance our indebtedness on or before maturity; (3) acquire new properties; or (4) dispose of some of our assets on favorable terms due to an immediate need for capital.
Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.
Our creditworthiness is rated by nationally recognized credit rating agencies. The credit ratings assigned are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors viewed by the credit rating agencies as relevant to our industry. Our credit rating can affect our ability to access debt
capital, as well as the terms of certain existing and future debt financing we may obtain. Since we depend on debt financing to fund our business, an adverse change in our credit rating, including changes in our credit outlook, or even the initiation of a review of our credit rating that could result in an adverse change, could adversely affect our financial condition, operating results, and cash flows.
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition, operating results, and cash flows.
Our debt agreements contain various financial and operating covenants, including, among other things, certain coverage ratios and limitations on our ability to incur secured and unsecured debt. The breach of any of these covenants, if not cured within any applicable cure period, could result in a default and acceleration of certain of our indebtedness. If any of our indebtedness is accelerated prior to maturity, we may not be able to repay or refinance such indebtedness on favorable terms, or at all, which could adversely affect our financial condition, operating results, and cash flows.
An uninsured loss on properties or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties.
We carry comprehensive liability, fire, extended coverage, business interruption, and acts of terrorism insurance with policy specifications and insured limits customarily carried for similar properties. There are, however, certain types of losses, such as from hurricanes, tornadoes, floods, earthquakes, terrorism, or wars, where coverages are limited or deductibles may be higher. In addition, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or real property on the premises due to activities conducted by tenants or their agents on the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant’s expense, kept in full force during the term of the lease. However, tenants may not properly maintain their insurance policies or have the ability to pay the deductibles associated with such policies. Should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of the capital invested in, and anticipated revenue from, one or more of the properties, which could adversely affect our financial condition, operating results, and cash flows.
Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs.
We are subject to federal, state, and local environmental regulations that apply generally to the ownership of real property and the operations conducted on real property. Under various federal, state, and local laws, ordinances, and regulations, we may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in our properties or disposed of by us or our tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). Such liability may be imposed whether or not we knew of, or were responsible for, the presence of these hazardous or toxic substances. As is the case with many community and neighborhood shopping centers, many of our properties had or have on-site dry cleaners and/or on-site gas stations, the prior or current use of which could potentially increase our environmental liability exposure. The costs of investigation, removal or remediation of such substances may be substantial, and the presence of such substances, or the failure to properly remediate such substances, may adversely affect our ability to lease such property, to borrow funds using such property as collateral, or to dispose of such property.
In addition, certain of our properties may contain asbestos-containing building materials (“ACBM”). Environmental laws require that ACBM be properly managed and maintained, and may impose fines and penalties on building owners or operators for failure to comply with these requirements. The laws also may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
Finally, we can provide no assurance that we are aware of all potential environmental liabilities or that the environmental studies performed by us have identified or will identify all material environmental conditions that may exist with respect to any of the properties in our Portfolio; that any previous owner, occupant, or tenant did not create any material environmental condition not known to us; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; or that changes in environmental laws and regulations will not result in additional environmental liabilities to us.
Further information relating to recognition of remediation obligations in accordance with GAAP is discussed under the heading “Environmental matters” in Note 15 – Commitments and Contingencies to our Consolidated Financial Statements in this report.
Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that would adversely affect our financial condition, operating results, and cash flows.
All of the properties in our Portfolio are required to comply with the Americans with Disabilities Act (“ADA”). The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could necessitate the removal of access barriers, and non-compliance could result in the imposition of fines by the U.S. government, awards of damages to private litigants, or both. We are continually assessing our Portfolio to determine our compliance with the current requirements of the ADA. We are required to comply with the ADA within the common areas of our Portfolio and we may not be able to pass on to our tenants the costs necessary to remediate any common area ADA issues, which could adversely affect our financial condition, operating results, and cash flows. In addition, we are required to operate the properties in compliance with fire and safety regulations, building codes, and other regulations, as they may be adopted by governmental agencies and bodies and become applicable to our Portfolio. As a result, we may be required to make substantial capital expenditures to comply with, and we may be restricted in our ability to renovate or redevelop the properties subject to, those requirements. The resulting expenditures and restrictions could adversely affect our financial condition, operating results, and cash flows.
We and our tenants face risks relating to cybersecurity attacks that could cause the loss of confidential information or other business disruptions.
We rely extensively on computer systems to operate and manage our business and process transactions, and as a result, our business is at risk from, and may be impacted by, cybersecurity attacks. These attacks could include attempts to gain unauthorized access to our data and/or computer systems. Attacks can be either individual or highly organized attempts by very sophisticated organizations. We employ a variety of measures to prevent, detect, and mitigate these threats, which include password protection, frequent mandatory password change events, multi-factor authentication, mandatory employee trainings, firewall detection systems, frequent backups, a redundant data system for core applications, and annual penetration testing; however, there is no guarantee that such efforts will be successful in preventing or mitigating a cybersecurity attack. A cybersecurity attack, such as a ransomware attack, could compromise the confidential information, including the personally identifiable information, of our employees, tenants, and vendors, disrupt the proper functioning of our networks, result in misstated financial reports or loan covenants, and/or missed reporting deadlines, prevent us from properly monitoring our REIT qualification, result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space, or require significant management attention and resources to remedy any damages that result. A successful attack could also damage our reputation and result in significant remediation costs and potential litigation. Similarly, our tenants rely extensively on computer systems to process transactions and manage their businesses and thus are also at risk from, and may be impacted by, cybersecurity attacks. An interruption in the business operations of our tenants or a deterioration in their reputation resulting from a cybersecurity attack could adversely impact our business operations. As of December 31, 2021, we have not had any material incidences involving cybersecurity attacks.
Severe weather, flooding, and other effects of climate change and other natural disasters such as earthquakes and wildfires, could adversely affect our financial condition, operating results, and cash flows.
Our properties have been and may in the future be adversely impacted by flooding, wildfires, high winds and other effects of severe weather conditions that may be caused or exacerbated by climate change. These events can force property closures, result in property damage, and/or result in delays in repositioning and/or redevelopment projects. Even if these events do not directly impact our properties, they may impact us through increased insurance, energy or other costs. In addition, changes in laws or regulations, including federal, state, or city laws, relating to climate change could result in increased capital expenditures to improve the energy efficiency of our properties.
Risks Related to Our Organization and Structure
BPG’s board of directors may change significant corporate policies without stockholder approval.
BPG’s investment, financing, and dividend policies and our policies with respect to all other business activities, including strategy and operations, will be determined by BPG’s board of directors. These policies may be amended or revised at any time and from time to time at the discretion of BPG’s board of directors without a vote of our stockholders. BPG’s charter also provides that BPG’s board of directors may revoke or otherwise terminate our
REIT election without approval of BPG’s stockholders if it determines that it is no longer in BPG’s best interests to continue to qualify as a REIT. In addition, BPG’s board of directors may change BPG’s policies with respect to conflicts of interest, provided that such changes are consistent with applicable legal requirements. A change in any of these policies could have an adverse effect on our financial condition, operating results, and cash flows.
BPG’s board of directors may approve the issuance of stock, including preferred stock, with terms that may discourage a third party from acquiring us.
BPG’s charter permits its board of directors to authorize the issuance of stock in one or more classes or series. Our board of directors may also classify or reclassify any unissued stock and establish the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of any such stock, which rights may be superior to those of our common stock. Thus, BPG’s board of directors could authorize the issuance of shares of a class or series of stock with terms and conditions that could have the effect of discouraging an unsolicited acquisition of us or a change of our control in which holders of some or a majority of BPG’s outstanding common stock may receive a premium for their shares over the then-current market price of our common stock.
The rights of BPG and BPG stockholders to take action against BPG’s directors and officers are limited.
BPG’s charter eliminates the liability of BPG’s directors and officers to us and BPG’s stockholders for money damages to the maximum extent permitted under Maryland law. Under Maryland law and BPG’s charter, BPG’s directors and officers do not have any liability to BPG or BPG’s stockholders for money damages other than liability resulting from:
•actual receipt of an improper benefit or profit in money, property, or services; or
•active and deliberate dishonesty by the director or officer that was established by a final judgment and is material to the cause of action adjudicated.
BPG’s charter authorizes BPG and BPG’s bylaws require BPG to indemnify each of BPG’s directors and officers who is made a party to or witness in a proceeding by reason of his or her service in those capacities (or in a similar capacity at another entity at the request of BPG), to the maximum extent permitted under Maryland law, from and against any claim or liability to which such person may become subject by reason of his or her status as a present or former director or officer of BPG. In addition, BPG may be obligated to pay or reimburse the expenses incurred by BPG’s present and former directors and officers without requiring a preliminary determination of their ultimate entitlement to indemnification. As a result, BPG and BPG’s stockholders may have more limited rights to recover money damages from BPG’s directors and officers than might otherwise exist absent these provisions in BPG’s charter and bylaws or that might exist with other companies, which could limit the recourse of stockholders in the event of actions that are not in BPG’s best interests.
BPG’s charter contains a provision that expressly permits BPG’s non-employee directors to compete with us.
BPG’s charter provides that, to the maximum extent permitted under Maryland law, BPG renounces any interest or expectancy that BPG has in, or any right to be offered an opportunity to participate in, any business opportunities that are from time to time presented to or developed by BPG’s directors or their affiliates, other than to those directors who are employed by BPG or BPG’s subsidiaries, unless the business opportunity is expressly offered or made known to such person in his or her capacity as a director. Non-employee directors or any of their affiliates will not have any duty to communicate or offer such transaction or business opportunity to us or to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we or our affiliates engage or propose to engage or to refrain from otherwise competing with us or our affiliates. These provisions may deprive us of opportunities which we may have otherwise wanted to pursue.
BPG’s charter provides that, to the maximum extent permitted under Maryland law, each of BPG’s non-employee directors, and any of their affiliates, may:
•acquire, hold, and dispose of shares of BPG’s stock or OP Units for his or her own account or for the account of others, and exercise all of the rights of a stockholder of Brixmor Property Group Inc. or a limited partner of our Operating Partnership, to the same extent and in the same manner as if he, she, or they were not BPG’s director or stockholder; and
•in his, her, or their personal capacity or in his, her, or their capacity as a director, officer, trustee, stockholder, partner, member, equity owner, manager, advisor, or employee of any other person, have business interests and engage, directly or indirectly, in business activities that are similar to ours or compete with us, that involve a business opportunity that we could seize and develop or that include the acquisition, syndication, holding, management, development, operation, or disposition of interests in mortgages, real property, or persons engaged in the real estate business.
Risks Related to our REIT Status and Certain Other Tax Items
If BPG does not maintain its qualification as a REIT, it will be subject to tax as a regular corporation and could face a substantial tax liability.
BPG intends to continue to operate so as to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). However, qualification as a REIT involves the application of highly technical and complex Code provisions for which only a limited number of judicial or administrative interpretations exist. Notwithstanding the availability of cure provisions in the Code, BPG could fail to meet various compliance requirements, which could jeopardize its REIT status. Furthermore, new tax legislation, administrative guidance, or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for BPG to qualify as a REIT.
If BPG fails to qualify as a REIT in any tax year and BPG is not entitled to relief under applicable statutory provisions:
•BPG would be taxed as a non-REIT “C” corporation, which under current laws, among other things, means being unable to deduct dividends paid to stockholders in computing taxable income and being subject to U.S. federal income tax on its taxable income at normal corporate income tax rates, which would reduce BPG’s cash flows and funds available for distribution to stockholders; and
•BPG would be disqualified from taxation as a REIT for the four taxable years following the year in which it failed to qualify as a REIT.
The Internal Revenue Service (“IRS”), the U.S. Treasury Department, and Congress frequently review U.S. federal income tax legislation, regulations, and other guidance. BPG cannot predict whether, when, or to what extent new U.S. federal tax laws, regulations, interpretations, or rulings will be adopted. Any legislative action may prospectively or retroactively modify BPG’s tax treatment and, therefore, may adversely affect taxation of BPG or BPG’s stockholders. Stockholders should consult with their tax advisors with respect to the status of legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in BPG’s stock.
Complying with REIT requirements may force BPG to liquidate or restructure investments or forgo otherwise attractive investment opportunities, and/or may discourage BPG from disposing of certain assets.
In order to qualify as a REIT, BPG must ensure that, at the end of each calendar quarter, at least 75% of the value of its assets consists of cash, cash equivalents, government securities, and qualified REIT real estate assets. BPG’s investments in securities cannot include more than 10% of the outstanding voting securities of any one issuer or 10% of the total value of the outstanding securities of any one issuer unless: (1) such issuer is a REIT; (2) BPG and such issuer jointly elect for such issuer to be treated as a “taxable REIT subsidiary” under the Code; or (3) for purposes of the 10% value limitation only, the securities satisfy certain requirements and are not considered “securities” for this test. The total value of all of BPG’s investments in taxable REIT subsidiaries cannot exceed 20% of the value of BPG’s total assets. In addition, no more than 5% of the value of BPG’s assets can consist of the securities of any one issuer other than a taxable REIT subsidiary, and no more than 25% of the value of BPG’s total assets may be represented by debt instruments issued by “publicly offered REITs” (as defined under the Code) that are “nonqualified” (e.g., not secured by real property or interests in real property). If BPG fails to comply with these requirements, BPG must dispose of a portion of its assets within 30 days after the end of the calendar quarter in order to avoid losing its REIT status and suffering adverse tax consequences. In addition to the quarterly asset test requirements, BPG must annually satisfy two income test requirements, the 75% and 95% gross income tests, which require that at least 75% of BPG’s gross income be derived from passive real estate sources, including rents from real property, gains from the disposition of real property, and other specified qualifying real estate-sourced income. In addition, at least 95% of BPG’s gross income generally must be derived from items qualifying for the 75% income test and other specified interest, dividend, and portfolio-type income. As a result, BPG may be required to liquidate from its portfolio, or contribute to a taxable REIT subsidiary, otherwise attractive investments in order to maintain its qualification as a REIT. These actions could reduce BPG’s income and amounts available for
distribution to its stockholders. BPG may be unable to pursue investments that would otherwise be advantageous to it in order to satisfy the asset diversification or income requirements for qualifying as a REIT.
In addition, the REIT provisions of the Code impose a 100% tax on income from “prohibited transactions.” Prohibited transactions generally include sales of assets, other than foreclosure property, that constitute inventory or other property held for sale to customers in the ordinary course of business. Although BPG does not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of BPG’s business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS would agree with BPG’s characterization of its properties or that BPG will be able to make use of the otherwise available safe harbors. This 100% tax could affect BPG’s decisions to sell property if it believes such sales could be treated as prohibited transactions. However, BPG would not be subject to this tax if it were to sell such assets through a taxable REIT subsidiary.
BPG’s charter does not permit any person to own more than 9.8% of BPG’s outstanding common stock or of BPG’s outstanding stock of all classes or series, and attempts to acquire BPG’s common stock or BPG’s stock of all other classes or series in excess of these limits would not be effective without an exemption from these limits by BPG’s board of directors.
For BPG to qualify as a REIT under the Code, not more than 50% of the value of BPG’s outstanding stock may be owned directly or indirectly by five or fewer individuals (including certain entities treated as individuals for this purpose) during the last half of a taxable year. For the purpose of assisting BPG’s qualification as a REIT for U.S. federal income tax purposes, among other purposes, BPG’s charter prohibits beneficial or constructive ownership by any individual of more than a certain percentage, currently 9.8%, in value or by number of shares, whichever is more restrictive, of the outstanding shares of BPG’s common stock or 9.8% in value of the outstanding shares of BPG’s capital stock, which BPG refers to as the “ownership limit.” The constructive ownership rules under the Code and BPG’s charter are complex and may cause shares of the outstanding common stock owned by a group of related individuals to be deemed to be constructively owned by one individual. As a result, the acquisition of less than 9.8% of BPG’s outstanding common stock or BPG’s capital stock by an individual could cause the individual to own constructively in excess of 9.8% of BPG’s outstanding common stock or BPG’s capital stock, respectively, and thus violate the ownership limit. Any attempt to own or transfer shares of BPG’s stock in excess of the ownership limit without an exemption from BPG’s board of directors will result either in the shares in excess of the limit being transferred by operation of the charter to a charitable trust or the transfer being void, and the individual who attempted to acquire such excess shares will not have any rights in such excess shares. In addition, there can be no assurance that BPG’s board of directors, as permitted in the charter, will not decrease this ownership limit in the future.
The ownership limit may have the effect of precluding a change in control of BPG by a third party, even if such change in control would be in the best interests of BPG’s stockholders or would result in BPG’s stockholders receiving a premium for their shares over the then-current market price of BPG’s common stock, and even if such change in control would not reasonably jeopardize BPG’s REIT status.
Failure to qualify as a domestically-controlled REIT could subject BPG’s non-U.S. stockholders to adverse U.S. federal income tax consequences.
BPG will be a domestically-controlled REIT if, at all times during a specified testing period, less than 50% in value of its shares are held directly or indirectly by non-U.S. stockholders. Because its shares are publicly traded, BPG cannot guarantee that it will, in fact, be a domestically-controlled REIT. If BPG fails to qualify as a domestically-controlled REIT, its non-U.S. stockholders that otherwise would not be subject to U.S. federal income tax on the gain attributable to a sale of BPG’s shares of common stock would be subject to taxation upon such a sale if either (a) the shares were not considered to be “regularly traded” under applicable Treasury regulations on an established securities market, such as the NYSE, or (b) the shares were considered to be “regularly traded” on an established securities market and the selling non-U.S. stockholder owned, actually or constructively, more than 10% in value of the outstanding shares at any time during specified testing periods. If gain on the sale or exchange of BPG’s shares of common stock was subject to taxation for these reasons, the non-U.S. stockholder would be subject to U.S. federal income tax with respect to any gain on a net basis in a manner similar to the taxation of a taxable U.S. stockholder, subject to any applicable alternative minimum tax and special alternative minimum tax in the case of nonresident alien individuals, and corporate non-U.S. stockholders may be subject to an additional branch profits tax.
BPG may choose to make distributions in BPG’s own stock, in which case stockholders may be required to pay income taxes without receiving any cash dividends.
In connection with BPG’s qualification as a REIT, BPG is required to annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Although it does not currently intend to do so, in order to satisfy this requirement, BPG is permitted, subject to certain conditions and limitations, to make distributions that are in whole or in part payable in shares of BPG’s stock. Taxable stockholders receiving such distributions will be required to include a portion, if not all, of such distributions as ordinary dividend income. As a result, stockholders may be required to pay income taxes with respect to such distributions in excess of the cash portion of the distribution received and may be required to sell shares received in such distribution or may be required to sell other stock or assets owned by them, at a time that may be disadvantageous, in order to satisfy any tax imposed on such distribution. In addition, if a significant number of BPG’s stockholders elect to sell shares of BPG’s stock in order to pay taxes owed on dividend income, such sales may put downward pressure on the market price of BPG’s stock.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
As of December 31, 2021, our Portfolio was comprised of 382 shopping centers totaling approximately 67 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 MSAs in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2021, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc.
The following table summarizes the top 20 tenants by ABR in our Portfolio as of December 31, 2021 (dollars in thousands, except for PSF amounts):
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Retailer
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Owned Leases
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Leased GLA
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Percent of GLA
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ABR
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Percent of ABR
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ABR PSF(1)
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The TJX Companies, Inc.
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87
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2,629,639
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3.9
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%
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$
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31,244
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3.5
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%
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$
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11.88
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The Kroger Co.
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43
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2,947,508
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4.4
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%
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21,633
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2.4
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%
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7.34
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Burlington Stores, Inc.
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31
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1,479,953
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2.2
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%
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16,148
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1.8
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%
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10.91
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Dollar Tree Stores, Inc.
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124
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1,440,678
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2.1
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%
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16,068
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1.8
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%
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11.15
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Publix Super Markets, Inc.
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32
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1,430,950
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2.1
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%
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14,548
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1.6
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%
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10.17
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Ross Stores, Inc
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36
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959,060
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1.4
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%
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11,742
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1.3
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%
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12.24
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Ahold Delhaize
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20
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1,059,637
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1.6
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%
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11,273
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1.3
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%
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10.64
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L.A Fitness International, LLC
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14
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566,362
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0.8
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%
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10,944
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1.2
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%
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19.32
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PetSmart, Inc.
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27
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605,860
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0.9
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%
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9,302
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1.0
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%
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15.35
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Albertson's Companies, Inc
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13
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740,399
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1.1
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%
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9,201
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1.0
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%
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12.43
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Big Lots, Inc.
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36
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1,159,599
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1.7
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%
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8,213
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0.9
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%
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7.08
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PETCO Animal Supplies, Inc.
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33
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447,890
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0.7
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%
|
|
7,920
|
|
|
0.9
|
%
|
|
17.68
|
|
|
Ulta Beauty, Inc.
|
|
29
|
|
|
326,152
|
|
|
0.5
|
%
|
|
7,571
|
|
|
0.8
|
%
|
|
23.21
|
|
|
Five Below, Inc.
|
|
43
|
|
|
391,619
|
|
|
0.6
|
%
|
|
7,334
|
|
|
0.8
|
%
|
|
18.73
|
|
|
Kohl's Corporation
|
|
12
|
|
|
914,585
|
|
|
1.4
|
%
|
|
7,253
|
|
|
0.8
|
%
|
|
7.93
|
|
|
Party City Holdco Inc.
|
|
32
|
|
|
464,729
|
|
|
0.7
|
%
|
|
6,804
|
|
|
0.8
|
%
|
|
14.64
|
|
|
The Michaels Companies, Inc.
|
|
22
|
|
|
496,954
|
|
|
0.7
|
%
|
|
6,226
|
|
|
0.7
|
%
|
|
12.53
|
|
|
Bed Bath & Beyond, Inc.
|
|
23
|
|
|
553,560
|
|
|
0.8
|
%
|
|
6,101
|
|
|
0.7
|
%
|
|
11.02
|
|
|
Staples, Inc.
|
|
23
|
|
|
476,334
|
|
|
0.7
|
%
|
|
5,932
|
|
|
0.7
|
%
|
|
12.45
|
|
|
Amazon.com, Inc. / Whole Foods Market Services, Inc.
|
|
9
|
|
|
300,997
|
|
|
0.4
|
%
|
|
5,516
|
|
|
0.6
|
%
|
|
18.33
|
|
|
TOP 20 RETAILERS
|
|
689
|
|
|
19,392,465
|
|
|
28.7
|
%
|
|
$
|
220,973
|
|
|
24.6
|
%
|
|
$
|
11.39
|
|
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 2021 (dollars in thousands, expect for PSF amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State
|
|
Number of Properties
|
|
GLA
|
|
Percent Billed
|
|
Percent Leased
|
|
ABR
|
|
ABR PSF(1)
|
|
Percent of Number of Properties
|
|
Percent of GLA
|
|
Percent of ABR
|
|
1
|
|
Florida
|
|
49
|
|
|
8,374,903
|
|
|
87.7
|
%
|
|
91.8
|
%
|
|
$
|
120,036
|
|
|
$
|
15.95
|
|
|
12.8
|
%
|
|
12.4
|
%
|
|
13.3
|
%
|
|
2
|
|
California
|
|
27
|
|
|
5,073,076
|
|
|
90.9
|
%
|
|
94.8
|
%
|
|
98,666
|
|
|
22.17
|
|
|
7.1
|
%
|
|
7.5
|
%
|
|
11.0
|
%
|
|
3
|
|
Texas
|
|
45
|
|
|
6,973,484
|
|
|
90.4
|
%
|
|
92.8
|
%
|
|
95,129
|
|
|
15.18
|
|
|
11.8
|
%
|
|
10.3
|
%
|
|
10.6
|
%
|
|
4
|
|
New York
|
|
27
|
|
|
3,457,566
|
|
|
88.2
|
%
|
|
96.5
|
%
|
|
65,961
|
|
|
20.34
|
|
|
7.1
|
%
|
|
5.1
|
%
|
|
7.3
|
%
|
|
5
|
|
Pennsylvania
|
|
26
|
|
|
4,998,492
|
|
|
90.4
|
%
|
|
91.7
|
%
|
|
65,316
|
|
|
17.24
|
|
|
6.8
|
%
|
|
7.4
|
%
|
|
7.3
|
%
|
|
6
|
|
Georgia
|
|
29
|
|
|
4,288,396
|
|
|
88.5
|
%
|
|
91.0
|
%
|
|
45,661
|
|
|
12.02
|
|
|
7.6
|
%
|
|
6.4
|
%
|
|
5.1
|
%
|
|
7
|
|
North Carolina
|
|
19
|
|
|
3,945,131
|
|
|
92.2
|
%
|
|
93.8
|
%
|
|
43,854
|
|
|
12.54
|
|
|
5.0
|
%
|
|
5.8
|
%
|
|
4.9
|
%
|
|
8
|
|
New Jersey
|
|
16
|
|
|
2,828,773
|
|
|
86.8
|
%
|
|
93.3
|
%
|
|
43,799
|
|
|
17.65
|
|
|
4.2
|
%
|
|
4.2
|
%
|
|
4.9
|
%
|
|
9
|
|
Illinois
|
|
15
|
|
|
3,582,076
|
|
|
78.1
|
%
|
|
81.7
|
%
|
|
40,803
|
|
|
14.64
|
|
|
3.9
|
%
|
|
5.3
|
%
|
|
4.5
|
%
|
|
10
|
|
Michigan
|
|
16
|
|
|
2,996,800
|
|
|
86.7
|
%
|
|
90.5
|
%
|
|
35,380
|
|
|
13.63
|
|
|
4.2
|
%
|
|
4.4
|
%
|
|
3.9
|
%
|
|
11
|
|
Ohio
|
|
14
|
|
|
3,016,774
|
|
|
88.1
|
%
|
|
89.6
|
%
|
|
34,802
|
|
|
14.98
|
|
|
3.7
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
12
|
|
Connecticut
|
|
11
|
|
|
1,792,065
|
|
|
85.8
|
%
|
|
85.9
|
%
|
|
24,352
|
|
|
15.92
|
|
|
2.9
|
%
|
|
2.7
|
%
|
|
2.7
|
%
|
|
13
|
|
Tennessee
|
|
8
|
|
|
1,849,963
|
|
|
96.6
|
%
|
|
97.6
|
%
|
|
23,194
|
|
|
13.03
|
|
|
2.1
|
%
|
|
2.7
|
%
|
|
2.6
|
%
|
|
14
|
|
Colorado
|
|
7
|
|
|
1,594,567
|
|
|
86.4
|
%
|
|
94.3
|
%
|
|
21,943
|
|
|
15.50
|
|
|
1.7
|
%
|
|
2.4
|
%
|
|
2.4
|
%
|
|
15
|
|
Massachusetts
|
|
10
|
|
|
1,507,803
|
|
|
90.3
|
%
|
|
95.0
|
%
|
|
19,165
|
|
|
15.15
|
|
|
2.6
|
%
|
|
2.2
|
%
|
|
2.1
|
%
|
|
16
|
|
Kentucky
|
|
7
|
|
|
1,683,198
|
|
|
94.7
|
%
|
|
95.9
|
%
|
|
18,002
|
|
|
12.36
|
|
|
1.7
|
%
|
|
2.6
|
%
|
|
2.0
|
%
|
|
17
|
|
South Carolina
|
|
8
|
|
|
1,431,918
|
|
|
86.4
|
%
|
|
88.0
|
%
|
|
17,252
|
|
|
13.86
|
|
|
2.1
|
%
|
|
2.1
|
%
|
|
1.9
|
%
|
|
18
|
|
Minnesota
|
|
9
|
|
|
1,268,744
|
|
|
92.6
|
%
|
|
94.4
|
%
|
|
16,501
|
|
|
14.94
|
|
|
2.4
|
%
|
|
1.9
|
%
|
|
1.8
|
%
|
|
19
|
|
Indiana
|
|
5
|
|
|
1,213,015
|
|
|
90.4
|
%
|
|
92.8
|
%
|
|
13,124
|
|
|
11.76
|
|
|
1.3
|
%
|
|
1.9
|
%
|
|
1.5
|
%
|
|
20
|
|
Virginia
|
|
6
|
|
|
826,362
|
|
|
85.6
|
%
|
|
91.8
|
%
|
|
9,964
|
|
|
14.28
|
|
|
1.5
|
%
|
|
1.3
|
%
|
|
1.1
|
%
|
|
21
|
|
New Hampshire
|
5
|
|
|
659,931
|
|
|
86.4
|
%
|
|
91.6
|
%
|
|
8,189
|
|
|
14.04
|
|
|
1.3
|
%
|
|
1.0
|
%
|
|
0.9
|
%
|
|
22
|
|
Maryland
|
|
3
|
|
|
427,934
|
|
|
75.2
|
%
|
|
91.8
|
%
|
|
6,909
|
|
|
18.22
|
|
|
0.8
|
%
|
|
0.6
|
%
|
|
0.8
|
%
|
|
23
|
|
Wisconsin
|
|
4
|
|
|
566,998
|
|
|
84.2
|
%
|
|
84.7
|
%
|
|
5,543
|
|
|
11.55
|
|
|
1.0
|
%
|
|
0.8
|
%
|
|
0.6
|
%
|
|
24
|
|
Missouri
|
|
5
|
|
|
655,984
|
|
|
90.7
|
%
|
|
93.0
|
%
|
|
5,466
|
|
|
9.15
|
|
|
1.3
|
%
|
|
1.0
|
%
|
|
0.6
|
%
|
|
25
|
|
Alabama
|
|
1
|
|
|
429,636
|
|
|
81.6
|
%
|
|
84.8
|
%
|
|
4,379
|
|
|
12.29
|
|
|
0.3
|
%
|
|
0.6
|
%
|
|
0.5
|
%
|
|
26
|
|
Kansas
|
|
2
|
|
|
376,599
|
|
|
94.2
|
%
|
|
94.2
|
%
|
|
3,559
|
|
|
12.99
|
|
|
0.5
|
%
|
|
0.6
|
%
|
|
0.4
|
%
|
|
27
|
|
Iowa
|
|
2
|
|
|
495,948
|
|
|
94.1
|
%
|
|
94.1
|
%
|
|
3,077
|
|
|
6.59
|
|
|
0.5
|
%
|
|
0.7
|
%
|
|
0.3
|
%
|
|
28
|
|
Delaware
|
|
1
|
|
|
191,974
|
|
|
97.3
|
%
|
|
97.3
|
%
|
|
2,192
|
|
|
11.74
|
|
|
0.3
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
|
29
|
|
Oklahoma
|
|
1
|
|
|
193,276
|
|
|
96.7
|
%
|
|
100.0
|
%
|
|
2,007
|
|
|
10.38
|
|
|
0.3
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
|
30
|
|
Vermont
|
|
1
|
|
|
223,314
|
|
|
90.0
|
%
|
|
90.0
|
%
|
|
1,938
|
|
|
9.65
|
|
|
0.3
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
|
31
|
|
Maine
|
|
1
|
|
|
287,533
|
|
|
94.8
|
%
|
|
95.5
|
%
|
|
1,872
|
|
|
17.62
|
|
|
0.3
|
%
|
|
0.4
|
%
|
|
0.2
|
%
|
|
32
|
|
Arizona
|
|
1
|
|
|
165,350
|
|
|
67.1
|
%
|
|
79.3
|
%
|
|
1,806
|
|
|
13.77
|
|
|
0.3
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
33
|
|
West Virginia
|
|
1
|
|
|
75,344
|
|
|
90.7
|
%
|
|
90.7
|
%
|
|
782
|
|
|
11.44
|
|
|
0.3
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
TOTAL
|
|
382
|
|
|
67,452,927
|
|
|
88.7
|
%
|
|
92.0
|
%
|
|
$
|
900,623
|
|
|
$
|
15.42
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
The following table summarizes certain information for our Portfolio by unit size as of December 31, 2021 (dollars in thousands, expect for PSF amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Units
|
|
GLA
|
|
Percent of GLA
|
|
Percent Billed
|
|
Percent Leased
|
|
ABR
|
|
ABR PSF(1)
|
|
≥ 35,000 SF
|
429
|
|
|
24,408,959
|
|
|
36.2
|
%
|
|
93.5
|
%
|
|
95.4
|
%
|
|
$
|
221,454
|
|
|
$
|
10.75
|
|
|
20,000 – 34,999 SF
|
511
|
|
|
13,409,045
|
|
|
19.9
|
%
|
|
90.0
|
%
|
|
94.1
|
%
|
|
140,349
|
|
|
11.23
|
|
|
10,000 – 19,999 SF
|
628
|
|
|
8,587,903
|
|
|
12.7
|
%
|
|
88.8
|
%
|
|
92.0
|
%
|
|
112,950
|
|
|
14.67
|
|
|
5,000 – 9,999 SF
|
1,123
|
|
|
7,739,111
|
|
|
11.5
|
%
|
|
83.2
|
%
|
|
88.1
|
%
|
|
123,312
|
|
|
18.90
|
|
|
< 5,000 SF
|
6,275
|
|
|
13,307,909
|
|
|
19.7
|
%
|
|
81.5
|
%
|
|
85.8
|
%
|
|
302,558
|
|
|
27.35
|
|
|
TOTAL
|
8,966
|
|
|
67,452,927
|
|
|
100.0
|
%
|
|
88.7
|
%
|
|
92.0
|
%
|
|
$
|
900,623
|
|
|
$
|
15.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ≥ 10,000 SF
|
1,568
|
|
|
46,405,907
|
|
|
68.8
|
%
|
|
91.6
|
%
|
|
94.4
|
%
|
|
$
|
474,753
|
|
|
$
|
11.63
|
|
|
TOTAL < 10,000 SF
|
7,398
|
|
|
21,047,020
|
|
|
31.2
|
%
|
|
82.2
|
%
|
|
86.7
|
%
|
|
425,870
|
|
|
24.22
|
|
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
The following table summarizes lease expirations for leases in place within our Portfolio for each of the next 10 calendar years and thereafter, assuming no exercise of renewal options and including the GLA of lessee-owned leasehold improvements, as of December 31, 2021:
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Leases
|
|
Leased GLA
|
|
% of Leased GLA
|
|
% of In-Place ABR
|
|
In-Place ABR PSF
|
|
ABR PSF at Expiration
|
|
M-M
|
|
316
|
|
|
925,791
|
|
|
1.5
|
%
|
|
1.5
|
%
|
|
$
|
14.87
|
|
|
$
|
14.87
|
|
|
2022
|
|
1,089
|
|
|
5,673,548
|
|
|
9.1
|
%
|
|
8.7
|
%
|
|
13.77
|
|
|
13.78
|
|
|
2023
|
|
1,124
|
|
|
7,015,328
|
|
|
11.3
|
%
|
|
11.6
|
%
|
|
14.88
|
|
|
15.02
|
|
|
2024
|
|
1,143
|
|
|
8,958,585
|
|
|
14.4
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%
|
|
13.1
|
%
|
|
13.18
|
|
|
13.40
|
|
|
2025
|
|
929
|
|
|
7,755,001
|
|
|
12.5
|
%
|
|
11.9
|
%
|
|
13.77
|
|
|
14.06
|
|
|
2026
|
|
882
|
|
|
7,395,456
|
|
|
11.9
|
%
|
|
12.0
|
%
|
|
14.62
|
|
|
15.08
|
|
|
2027
|
|
640
|
|
|
6,257,566
|
|
|
10.1
|
%
|
|
9.7
|
%
|
|
13.96
|
|
|
15.21
|
|
|
2028
|
|
340
|
|
|
2,912,451
|
|
|
4.7
|
%
|
|
5.3
|
%
|
|
16.24
|
|
|
17.77
|
|
|
2029
|
|
367
|
|
|
3,841,848
|
|
|
6.2
|
%
|
|
6.3
|
%
|
|
14.80
|
|
|
16.42
|
|
|
2030
|
|
285
|
|
|
2,951,175
|
|
|
4.8
|
%
|
|
4.8
|
%
|
|
14.57
|
|
|
16.17
|
|
|
2031
|
|
295
|
|
2,745,081
|
|
|
4.4
|
%
|
|
5.0
|
%
|
|
16.34
|
|
|
18.48
|
|
|
2032+
|
|
447
|
|
|
5,597,591
|
|
|
9.1
|
%
|
|
10.1
|
%
|
|
16.43
|
|
|
19.09
|
|
More specific information with respect to each of our properties is set forth in Exhibit 99.1, which is incorporated herein by reference.
Leases
Our anchor tenants generally have leases with original terms ranging from 10 to 20 years, and may or may not contain renewal options for one or more additional periods. Smaller tenants typically have leases with original terms ranging from five to 10 years, and may or may not contain renewal options for one or more additional periods. Leases in our Portfolio generally provide for the payment of fixed monthly base rent. Certain leases also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a predetermined threshold. Leases typically provide for contractual increases in base rent over both the original lease term and any renewal option periods, and the reimbursement of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties.
The foregoing general description of the characteristics of the leases of our Portfolio is not intended to describe all leases, and material variations in lease terms may exist.
Insurance
We have a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance for the properties in our Portfolio. We formed Incap as part of our overall risk management program to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements.
We also maintain commercial liability, fire, extended coverage, earthquake, business interruption, and rental loss insurance covering all of the properties in our Portfolio. We select coverage specifications and insured limits which we believe to be appropriate given the relative risk of loss, the cost of coverage, industry practice, and the nature of the shopping centers in our Portfolio. In addition, tenants are generally required to indemnify and hold us harmless from liabilities resulting from injury to persons or damage to personal or real property on the premises due to activities conducted by tenants or their agents on the properties (including without limitation any environmental contamination), and to obtain liability and property damage insurance policies at the tenant’s expense, kept in full force during the term of the lease. In the opinion of our management, all of the properties in our Portfolio are currently adequately insured. We do not carry insurance for generally uninsured losses, such as losses from war. See “Risk Factors – Risks Related to Our Portfolio and Our Business – An uninsured loss on properties or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or related revenue in those properties.”
Item 3. Legal Proceedings
The information contained under the heading “Legal Matters” in Note 15 – Commitments and Contingencies to our Consolidated Financial Statements in this report is incorporated by reference into this Item 3.
Item 4. Mine Safety Disclosures
Not applicable.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, unless otherwise stated)
1. Nature of Business and Financial Statement Presentation
Description of Business
Brixmor Property Group Inc. and subsidiaries (collectively, the “Parent Company”) is an internally-managed real estate investment trust (“REIT”). Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC (“BPG Sub”), which, in turn, is the sole member of Brixmor OP GP LLC (the “General Partner”), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership, and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (collectively, the “Company” or “Brixmor”) owns and operates one of the largest publicly-traded open-air retail portfolios by gross leasable area (“GLA”) in the United States (“U.S.”), comprised primarily of community and neighborhood shopping centers. As of December 31, 2021, the Company’s portfolio was comprised of 382 shopping centers (the “Portfolio”) totaling approximately 67 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Metropolitan Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.
The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles (“GAAP”).
Basis of Presentation
The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2021 and 2020 and the consolidated results of its operations and cash flows for the years ended December 31, 2021, 2020, and 2019.
Principles of Consolidation and Use of Estimates
The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating Partnership, each of their wholly owned subsidiaries and all other entities in which they have a controlling financial interest. All intercompany transactions have been eliminated.
When the Company obtains an economic interest in an entity, management evaluates the entity to determine: (i) whether the entity is a variable interest entity (“VIE”), (ii) in the event the entity is a VIE, whether the Company is the primary beneficiary of the entity, and (iii) in the event the entity is not a VIE, whether the Company otherwise has a controlling financial interest.
The Company consolidates: (i) entities that are VIEs for which the Company is deemed to be the primary beneficiary and (ii) entities that are not VIEs which the Company controls. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and the Company does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. The Company has evaluated the Operating Partnership and has determined it is not a VIE as of December 31, 2021.
The Company acquires properties, from time to time, using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a “reverse 1031 exchange”) and, as such, the properties are in the possession of an Exchange Accommodation Titleholder (“EAT”) until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company owns 100% of the EAT, controls the activities that most significantly impact the EAT’s economic performance, and can collapse the reverse 1031
exchange structure at any time. Therefore, the Company consolidates the EAT because it is the primary beneficiary. Assets of the EAT primarily consist of leased property (real estate and intangibles).
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to impairment of real estate, recovery of receivables, and depreciable lives. These estimates are based on historical experience and other assumptions that management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as new information becomes known. Actual results could differ from these estimates.
Cash and Cash Equivalents
For purposes of presentation on both the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows, the Company considers instruments with an original maturity of three months or less to be cash and cash equivalents.
The Company maintains its cash and cash equivalents at major financial institutions. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (“FDIC”) insurance coverage. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal.
Restricted Cash
Restricted cash represents cash deposited in escrow accounts that generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits and funds held in escrow for pending transactions.
Real Estate
Real estate assets are recognized on the Company’s Consolidated Balance Sheets at historical cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements) and identifiable intangible assets and liabilities (consisting of above- and below-market leases and in-place leases) based on an evaluation of available information. Based on these estimates, the fair value is allocated to the acquired assets and assumed liabilities. Transaction costs incurred during the acquisition process are capitalized as a component of the asset’s value.
The fair value of tangible assets is determined as if the acquired property is vacant. Fair value is determined using an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
In allocating fair value to identifiable intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between: (i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the lease, which includes renewal periods with fixed rental terms that are considered to be below-market. The capitalized above-market or below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of each lease.
The value of in-place leases is estimated based on management’s evaluation of the specific characteristics of each tenant lease, including: (i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases. The value assigned to in-place leases is amortized to Depreciation and amortization expense over the remaining term of each lease.
Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
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|
|
|
|
|
|
|
Building and building and land improvements
|
20 – 40 years
|
|
Furniture, fixtures, and equipment
|
5 – 10 years
|
|
Tenant improvements
|
The shorter of the term of the related lease or useful life
|
Costs to fund major replacements and betterments, which extend the life of the asset, are capitalized and depreciated over their respective useful lives, while costs for ordinary repairs and maintenance activities are expensed to Operating costs as incurred.
In situations in which a tenant’s non-cancelable lease term has been modified, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value, and leasing commissions). Based upon consideration of the facts and circumstances surrounding the modification, the Company may accelerate the depreciation and amortization associated with the asset group.
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of the novel coronavirus (“COVID-19”), that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, are less than the carrying value of the property. Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values. Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value.
When a real estate asset is identified by management as held for sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs. If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value. Properties classified as real estate held for sale represent properties that are under contract for sale and where the applicable pre-sale due diligence period has expired prior to the end of the reporting period.
Real Estate Under Development and Redevelopment
Certain costs are capitalized related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs, and compensation and other related costs of personnel directly involved. Additionally, the Company capitalizes interest expense related to development and redevelopment activities. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Additionally, the Company makes estimates as to the probability of certain development and redevelopment projects being completed. If the Company determines the development or redevelopment is no longer probable of completion, the Company expenses all capitalized costs that are not recoverable.
Deferred Leasing and Financing Costs
Direct costs incurred in executing tenant leases and long-term financings are capitalized and amortized using the straight-line method over the term of the related lease or debt agreement, which approximates the effective interest method. For tenant leases, capitalized costs incurred include tenant improvements, tenant allowances, leasing commissions, and leasing legal fees. For long-term financings, capitalized costs incurred include bank and legal fees. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, on the Company’s Consolidated Statements of Operations and in Operating activities on the Company’s Consolidated Statements of Cash Flows.
Marketable Securities
The Company classifies its marketable securities, which are comprised of debt securities, as available-for-sale. These securities are carried at fair value, which is based primarily on publicly traded market values in active markets and is classified accordingly on the fair value hierarchy.
Any unrealized loss on the Company’s financial instruments must be assessed to determine the portion, if any, that is attributable to credit loss and the portion that is due to other factors, such as changes in market interest rates. “Credit loss” refers to any portion of the carrying amount that the Company does not expect to collect over a financial instrument’s contractual life. The Company considers current market conditions and reasonable forecasts of future market conditions to estimate expected credit losses over the life of the financial instrument. Any portion of unrealized losses due to credit loss is recognized through net income and reported in equity as a component of distributions in excess of net income. The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive loss.
As of December 31, 2021 and 2020, the fair value of the Company’s marketable securities portfolio approximated its cost basis.
Derivative Financial Instruments and Hedging
Derivatives are measured at fair value and are recognized in the Company’s Consolidated Balance Sheets as assets or liabilities, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the necessary criteria. Derivatives designated as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. In a cash flow hedge, hedge accounting generally provides for the matching of the timing of recognition of gain or loss on the hedging instrument with the recognition of the earnings effect of the hedged transactions.
Revenue Recognition and Receivables
The Company enters into agreements with tenants that convey the right to control the use of identified space at its shopping centers in exchange for rental revenue. These agreements meet the criteria for recognition as leases under Accounting Standards Codification (“ASC”) 842, Leases. Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized on the Company’s Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and included in Receivables, net on the accompanying Consolidated Balance Sheets. The Company commences recognizing rental revenue based on the date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of our properties by the lessee and are recognized in the period the applicable expenditures are incurred and/or contractually required to be reimbursed.
The Company accounts for rental revenue (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations.
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. Percentage rents are recognized upon the achievement of certain predetermined sales thresholds and are included in Rental income on the Company’s Consolidated Statements of Operations.
Gains from the sale of depreciated operating properties are generally recognized under the full accrual method, provided that various criteria relating to the terms of the sale and subsequent involvement by the Company with the applicable property are met.
The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities. The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability. Any receivables that are deemed to be
uncollectible are recognized as a reduction to Rental income on the Company’s Consolidated Statements of Operations.
Leases
The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. These agreements meet the criteria for recognition as leases under ASC 842. For these agreements the Company recognizes an operating lease right-of-use (“ROU”) asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As the discount rates implicit in the leases are not readily determinable, the Company uses its incremental secured borrowing rate, based on information available at the commencement date of each lease, to determine the present value of the associated lease payments. The lease terms utilized by the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options. The Company evaluates many factors, including current and future lease cash flows, when determining if an option to extend or terminate should be included in the non-cancelable period. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. The Company applies the short-term lease exemption within ASC 842 and has not recorded an ROU asset or lease liability for leases with original terms of less than 12 months. Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties by the Company.
For leases where it is the lessee, the Company accounts for lease payments (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component. These amounts are included in Operating expenses on the Company’s Consolidated Statements of Operations.
Stock Based Compensation
The Company accounts for equity awards in accordance with ASC 718, Compensation - Stock Compensation, which requires that all share-based payments to employees and non-employee directors be recognized in the Consolidated Statements of Operations over the service period based on their fair value. Fair value is determined based on the type of award, using either the grant date market price of the Company’s common stock or a Monte Carlo simulation model. Equity compensation expense is included in General and administrative expenses on the Company’s Consolidated Statements of Operations.
Income Taxes
Brixmor Property Group Inc. has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, Brixmor Property Group Inc. must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain Brixmor Property Group Inc.’s REIT status.
As a REIT, Brixmor Property Group Inc. generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. Brixmor Property Group Inc. conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the Consolidated Financial Statements of the Company.
If Brixmor Property Group Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if Brixmor Property Group Inc. qualifies for taxation as a REIT, Brixmor Property Group Inc. is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.
Brixmor Property Group Inc. has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and Brixmor Property Group Inc. may in the future elect to treat newly formed and/or other existing
subsidiaries as TRSs. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code. A TRS is subject to U.S. federal, state, and local income taxes at regular corporate rates. Income taxes related to Brixmor Property Group Inc.’s TRSs do not materially impact the Consolidated Financial Statements of the Company.
The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s Consolidated Financial Statements as of December 31, 2021 and 2020. Open tax years generally range from 2018 through 2020 but may vary by jurisdiction and issue. The Company recognizes penalties and interest accrued related to unrecognized tax benefits as income tax expense, which is included in Other on the Company’s Consolidated Statements of Operations.
New Accounting Pronouncements
In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-16, Derivatives and Hedging (Topic 815). ASU 2018-16 was subsequently amended by ASU 2020-04, Reference Rate Reform (Topic 848) and ASU 2021-01, Reference Rate Reform (Topic 848). ASU 2018-16 amends guidance to permit the use of the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S. benchmark interest rate for hedge accounting purposes under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. The standard became effective for the Company on January 1, 2019 and a prospective transition approach was required. The Company determined that the adoption of ASU 2018-16 did not have a material impact on the Consolidated Financial Statements of the Company.
ASU 2020-04 and ASU 2021-01 contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Consolidated Financial Statements of the Company.
2. Acquisition of Real Estate
During the year ended December 31, 2021, the Company acquired the following assets, in separate transactions:
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Description(1)
|
|
Location
|
|
Month Acquired
|
|
GLA
|
|
Aggregate Purchase Price(2)
|
|
Land at Ellisville Square (3)
|
|
Ellisville, MO
|
|
Jan-21
|
|
N/A
|
|
$
|
2,014
|
|
|
Outparcel adjacent to Cobblestone Village
|
|
St. Augustine, FL
|
|
Feb-21
|
|
5,040
|
|
|
1,520
|
|
|
Land associated with Westgate Plaza
|
|
Westfield, MA
|
|
Mar-21
|
|
N/A
|
|
245
|
|
|
Center of Bonita Springs
|
|
Bonita Springs, FL
|
|
Apr-21
|
|
281,394
|
|
|
48,061
|
|
|
Champlin Marketplace
|
|
Champlin, MN
|
|
Jun-21
|
|
91,970
|
|
|
14,876
|
|
|
Pawleys Island Plaza
|
|
Pawleys Island, SC
|
|
Oct-21
|
|
120,095
|
|
|
26,418
|
|
|
Granada Shoppes
|
|
Naples, FL
|
|
Dec-21
|
|
306,981
|
|
|
96,851
|
|
|
Kings Market
|
|
Roswell, GA
|
|
Dec-21
|
|
281,064
|
|
|
39,307
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|
|
Connexion
|
|
Roswell, GA
|
|
Dec-21
|
|
107,687
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|
|
29,515
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|
|
|
|
|
|
|
|
1,194,231
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|
|
$
|
258,807
|
|
(1)No debt was assumed related to any of the listed acquisitions.
(2)Aggregate purchase price includes $1.5 million of transaction costs, offset by $2.1 million of closing credits.
(3)The Company terminated a ground lease and acquired a land parcel.
During the year ended December 31, 2020, the Company acquired the following assets, in separate transactions:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description(1)
|
|
Location
|
|
Month Acquired
|
|
GLA
|
|
Aggregate Purchase Price(2)
|
|
Land adjacent to Shops at Palm Lakes
|
|
Miami Gardens, FL
|
|
Feb-20
|
|
N/A
|
|
$
|
2,020
|
|
|
Land adjacent to College Plaza
|
|
Selden, NY
|
|
Jul-20
|
|
N/A
|
|
1,405
|
|
|
|
|
|
|
|
|
N/A
|
|
$
|
3,425
|
|
(1)No debt was assumed related to any of the listed acquisitions.
(2)Aggregate purchase price includes $0.1 million of transaction costs.
The aggregate purchase price of the assets acquired during the years ended December 31, 2021 and 2020, respectively, has been allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Assets
|
2021
|
|
2020
|
|
Land
|
$
|
66,378
|
|
|
$
|
3,425
|
|
|
Buildings
|
160,743
|
|
|
—
|
|
|
Building and tenant improvements
|
25,577
|
|
|
—
|
|
|
Above-market leases(1)
|
629
|
|
|
—
|
|
|
In-place leases(2)
|
17,262
|
|
|
—
|
|
|
Total assets
|
270,589
|
|
|
3,425
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Below-market leases(3)
|
11,782
|
|
|
—
|
|
|
|
|
|
|
|
Total liabilities
|
11,782
|
|
|
—
|
|
|
Net assets acquired
|
$
|
258,807
|
|
|
$
|
3,425
|
|
(1)The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the year ended December 31, 2021 was 5.6 years.
(2)The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the year ended December 31, 2021 was 10.0 years.
(3)The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the year ended December 31, 2021 was 14.8 years.
3. Dispositions and Assets Held for Sale
During the year ended December 31, 2021, the Company disposed of 17 shopping centers and 15 partial shopping centers for aggregate net proceeds of $237.4 million resulting in aggregate gain of $73.1 million and aggregate impairment of $1.9 million. In addition, during the year ended December 31, 2021, the Company received aggregate net proceeds of less than $0.1 million from previously disposed assets resulting in aggregate gain of less than $0.1 million.
During the year ended December 31, 2020, the Company disposed of 10 shopping centers, six partial shopping centers, and one land parcel for aggregate net proceeds of $121.4 million resulting in aggregate gain of $32.6 million and aggregate impairment of $8.0 million. In addition, during the year ended December 31, 2020, the Company received aggregate net proceeds of $1.0 million and resolved contingencies of $0.5 million from previously disposed assets resulting in aggregate gain of $1.5 million.
As of December 31, 2021, the Company had one property and two partial properties held for sale. As of December 31, 2020, the Company had two properties and one partial property held for sale. There were no liabilities associated with the properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
December 31, 2021
|
|
December 31, 2020
|
|
Land
|
$
|
4,339
|
|
|
$
|
5,447
|
|
|
Buildings and improvements
|
19,181
|
|
|
16,481
|
|
|
Accumulated depreciation and amortization
|
(7,899)
|
|
|
(4,693)
|
|
|
Real estate, net
|
15,621
|
|
|
17,235
|
|
|
Other assets
|
510
|
|
|
779
|
|
|
Assets associated with real estate assets held for sale
|
$
|
16,131
|
|
|
$
|
18,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no discontinued operations for the years ended December 31, 2021, 2020, and 2019 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.
4. Real Estate
The Company’s components of Real estate, net consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021
|
|
December 31, 2020
|
|
Land
|
$
|
1,773,448
|
|
|
$
|
1,740,263
|
|
|
Buildings and improvements:
|
|
|
|
|
Buildings and tenant improvements(1)
|
8,110,742
|
|
|
7,856,850
|
|
|
Lease intangibles(2)
|
544,224
|
|
|
566,448
|
|
|
|
10,428,414
|
|
|
10,163,561
|
|
|
Accumulated depreciation and amortization(3)
|
(2,813,329)
|
|
|
(2,659,448)
|
|
|
Total
|
$
|
7,615,085
|
|
|
$
|
7,504,113
|
|
(1)As of December 31, 2021 and 2020, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $39.4 million and $33.0 million, respectively.
(2)As of December 31, 2021 and 2020, Lease intangibles consisted of $491.0 million and $509.3 million, respectively, of in-place leases and $53.2 million and $57.2 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(3)As of December 31, 2021 and 2020, Accumulated depreciation and amortization included $480.9 million and $507.7 million, respectively, of accumulated amortization related to Lease intangibles.
In addition, as of December 31, 2021 and 2020, the Company had intangible liabilities relating to below-market leases of $337.1 million and $345.7 million, respectively, and accumulated accretion of $256.2 million and $260.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease.
Below-market lease accretion income, net of above-market lease amortization for the years ended December 31, 2021, 2020, and 2019 was $12.6 million, $16.5 million, and $18.8 million, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the years ended December 31, 2021, 2020, and 2019 was $15.2 million, $19.1 million, and $25.8 million, respectively. These amounts are included in Depreciation and amortization on the Company’s Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ending December 31,
|
|
Below-market lease accretion (income), net of above-market lease amortization expense
|
|
In-place lease amortization expense
|
|
2022
|
|
$
|
(9,968)
|
|
|
$
|
12,753
|
|
|
2023
|
|
(8,709)
|
|
|
9,926
|
|
|
2024
|
|
(8,032)
|
|
|
7,480
|
|
|
2025
|
|
(6,802)
|
|
|
5,743
|
|
|
2026
|
|
(5,923)
|
|
|
4,413
|
|
5. Impairments
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value.
The Company recognized the following impairments during the year ended December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021
|
|
Property Name(1)
|
|
Location
|
|
GLA
|
|
Impairment Charge
|
|
Albany Plaza(2)
|
|
Albany, GA
|
|
114,169
|
|
|
$
|
1,467
|
|
|
Erie Canal Centre(2)
|
|
DeWitt, NY
|
|
123,404
|
|
|
431
|
|
|
|
|
|
|
237,573
|
|
|
$
|
1,898
|
|
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the year ended December 31, 2021.
The Company recognized the following impairments during the year ended December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2020
|
|
Property Name(1)
|
|
Location
|
|
GLA
|
|
Impairment Charge
|
|
Northmall Centre
|
|
Tucson, AZ
|
|
165,350
|
|
|
$
|
5,721
|
|
|
Spring Mall
|
|
Greenfield, WI
|
|
45,920
|
|
|
4,584
|
|
|
30th Street Plaza(2)
|
|
Canton, OH
|
|
145,935
|
|
|
4,449
|
|
|
Fry Road Crossing(2)
|
|
Katy, TX
|
|
240,940
|
|
|
2,006
|
|
|
Chamberlain Plaza(2)
|
|
Meriden, CT
|
|
54,302
|
|
|
1,538
|
|
|
The Pines Shopping Center(3)
|
|
Pineville, LA
|
|
179,039
|
|
|
1,239
|
|
|
Parcel at Lakes Crossing(2)
|
|
Muskegon, MI
|
|
4,990
|
|
|
14
|
|
|
|
|
|
|
836,476
|
|
|
$
|
19,551
|
|
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the year ended December 31, 2020.
(3)The Company disposed of this property during the year ended December 31, 2021.
The Company recognized the following impairments during the year ended December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019
|
|
Property Name(1)
|
|
Location
|
|
GLA
|
|
Impairment Charge
|
|
Westview Center(2)
|
|
Hanover Park, IL
|
|
321,382
|
|
|
$
|
6,356
|
|
|
Parcel at Mansell Crossing(2)
|
|
Alpharetta, GA
|
|
51,615
|
|
|
5,777
|
|
|
Brice Park
|
|
Reynoldsburg, OH
|
|
158,565
|
|
|
3,112
|
|
|
Lincoln Plaza(4)
|
|
New Haven, IN
|
|
98,288
|
|
|
2,715
|
|
|
Glendale Galleria(2)
|
|
Glendale, AZ
|
|
119,525
|
|
|
2,197
|
|
|
Mohawk Acres Plaza(3)
|
|
Rome, NY
|
|
156,680
|
|
|
1,598
|
|
|
Towne Square North(2)
|
|
Owensboro, KY
|
|
163,161
|
|
|
1,121
|
|
|
Marwood Plaza(2)
|
|
Indianapolis, IN
|
|
107,080
|
|
|
751
|
|
|
Parcel at Lakes Crossing(3)
|
|
Muskegon, MI
|
|
4,990
|
|
|
558
|
|
|
Bartonville Square(2)
|
|
Bartonville, IL
|
|
61,678
|
|
|
191
|
|
|
North Hills Village(2)
|
|
Haltom City, TX
|
|
43,299
|
|
|
26
|
|
|
|
|
|
|
1,286,263
|
|
|
$
|
24,402
|
|
(1)The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program.
(2)The Company disposed of this property during the year ended December 31, 2019.
(3)The Company disposed of this property during the year ended December 31, 2020.
(4)The Company disposed of this property during the year ended December 31, 2021.
The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods. See Note 3 for additional information regarding impairment charges taken in connection with the Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties that have been impaired.
6. Financial Instruments – Derivatives and Hedging
The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes. In certain situations, the Company may enter into derivative financial instruments such as interest rate swap and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.
Cash Flow Hedges of Interest Rate Risk
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount. The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt. During the years ended December 31, 2021 and 2020, the Company did not enter into any new interest rate swap agreements. During the year ended December 31, 2021, interest rate swaps with a notional amount of $250.0 million expired and the Company paid $1.1 million to terminate interest rate swaps with a notional amount of $250.0 million.
Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Instruments
|
|
Notional Amount
|
|
|
December 31, 2021
|
|
December 31, 2020
|
|
December 31, 2021
|
|
December 31, 2020
|
|
Interest Rate Swaps
|
4
|
|
7
|
|
$
|
300,000
|
|
|
$
|
800,000
|
|
The Company has elected to present its interest rate derivatives on its Consolidated Balance Sheets on a gross basis as interest rate swap assets and interest rate swap liabilities. Detail on the fair value of the Company’s interest rate derivatives on a gross and net basis as of December 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Derivative Instruments
|
|
Interest rate swaps classified as:
|
|
December 31, 2021
|
|
December 31, 2020
|
|
Gross derivative assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Gross derivative liabilities
|
|
(12,585)
|
|
|
(28,225)
|
|
|
Net derivative liabilities
|
|
$
|
(12,585)
|
|
|
$
|
(28,225)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. All of the Company’s outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk. The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. These inputs are classified as Level 2 of the fair value hierarchy. The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in other comprehensive income (loss) and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings.
The effective portion of the Company’s interest rate swaps that was recognized on the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives in Cash Flow Hedging Relationships
(Interest Rate Swaps)
|
|
Year Ended December 31,
|
|
|
2021
|
|
2020
|
|
2019
|
|
Change in unrealized gain (loss) on interest rate swaps
|
|
$
|
5,144
|
|
|
$
|
(26,998)
|
|
|
$
|
(19,333)
|
|
|
Amortization (accretion) of interest rate swaps to interest expense
|
|
10,496
|
|
|
8,427
|
|
|
(6,380)
|
|
|
Change in unrealized gain (loss) on interest rate swaps, net
|
|
$
|
15,640
|
|
|
$
|
(18,571)
|
|
|
$
|
(25,713)
|
|
The Company estimates that $6.5 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next twelve months. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the years ended December 31, 2021, 2020, and 2019.
Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk
The Company does not use derivatives for trading or speculative purposes. As of December 31, 2021 and 2020, the Company did not have any non-designated hedges.
Credit-risk-related Contingent Features
The Company has agreements with its derivative counterparties that contain provisions whereby if the Company defaults on certain of its indebtedness and the indebtedness has been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under such agreements at their termination value, including accrued interest.
7. Debt Obligations
As of December 31, 2021 and 2020, the Company had the following indebtedness outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying Value as of
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
Stated
Interest
Rate(1)
|
|
Scheduled
Maturity
Date
|
|
Notes payable
|
|
|
|
|
|
|
|
|
Unsecured notes(2)
|
$
|
4,868,453
|
|
|
$
|
4,518,453
|
|
|
1.18% – 7.97%
|
|
2022 – 2031
|
|
Net unamortized premium
|
26,651
|
|
|
31,390
|
|
|
|
|
|
|
Net unamortized debt issuance costs
|
(26,913)
|
|
|
(25,232)
|
|
|
|
|
|
|
Total notes payable, net
|
$
|
4,868,191
|
|
|
$
|
4,524,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Credit Facility and term loans
|
|
|
|
|
|
|
|
|
Unsecured Credit Facility - Revolving Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
1.20%
|
|
2023
|
|
Unsecured $350 Million Term Loan
|
—
|
|
|
350,000
|
|
|
N/A
|
|
N/A
|
|
Unsecured $300 Million Term Loan(3)
|
300,000
|
|
|
300,000
|
|
|
1.35%
|
|
2024
|
|
Net unamortized debt issuance costs
|
(3,673)
|
|
|
(7,281)
|
|
|
|
|
|
|
Total Unsecured Credit Facility and term loans
|
$
|
296,327
|
|
|
$
|
642,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt obligations, net
|
$
|
5,164,518
|
|
|
$
|
5,167,330
|
|
|
|
|
|
(1)Stated interest rates as of December 31, 2021 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 3.57% as of December 31, 2021.
(3)Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $300.0 million term loan agreement, as amended April 29, 2020 (the “$300 Million Term Loan”), to a fixed, combined interest rate of 2.61% (plus a spread of 125 basis points) through July 26, 2024.
2021 Debt Transactions
In August 2021, the Operating Partnership issued $500.0 million aggregate principal amount of 2.500% Senior Notes due 2031 (the “2031 Notes”) at 99.675% of par, the net proceeds of which were used, along with available cash, to redeem $500.0 million principal amount of the Operating Partnership’s 3.250% Senior Notes due 2023 (the “2023 Notes”), representing all of the outstanding 2023 Notes. The 2031 Notes bear interest at a rate of 2.500% per annum, payable semi-annually on February 16 and August 16 of each year, commencing February 16, 2022. The 2031 Notes will mature on August 16, 2031. The Operating Partnership may redeem the 2031 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2031 Notes. If the 2031 Notes are redeemed on or after May 16, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2031 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2031 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness.
In March 2021, the Operating Partnership issued $350.0 million aggregate principal amount of 2.250% Senior Notes due 2028 (the “2028 Notes”) at 99.817% of par, the net proceeds of which were used, along with available cash, to repay all outstanding indebtedness under the Company’s $350.0 million term loan agreement, as amended April 29, 2020 (the “$350 Million Term Loan”). The 2028 Notes bear interest at a rate of 2.250% per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The 2028 Notes will mature on April 1, 2028. The Operating Partnership may redeem the 2028 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after February 1, 2028 (two months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness.
During the year ended December 31, 2021, as a result of the redemption of the 2023 Notes and the repayment of the $350 Million Term Loan, the Company recognized a $28.3 million loss on extinguishment of debt. Loss on
extinguishment of debt includes $25.5 million of prepayment fees and $2.8 million of accelerated unamortized debt issuance costs and debt discounts.
Pursuant to the terms of the Company’s unsecured debt agreements, the Company among other things is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of December 31, 2021.
Debt Maturities
As of December 31, 2021 and 2020, the Company had accrued interest of $46.3 million and $47.2 million outstanding, respectively. As of December 31, 2021, scheduled maturities of the Company’s outstanding debt obligations were as follows:
|
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|
|
|
|
|
|
|
|
|
Year ending December 31,
|
|
|
|
2022
|
|
$
|
250,000
|
|
|
2023
|
|
—
|
|
|
2024
|
|
800,000
|
|
|
2025
|
|
700,000
|
|
|
2026
|
|
607,542
|
|
|
Thereafter
|
|
2,810,911
|
|
|
Total debt maturities
|
|
5,168,453
|
|
|
Net unamortized premium
|
|
26,651
|
|
|
Net unamortized debt issuance costs
|
|
(30,586)
|
|
|
Total debt obligations, net
|
|
$
|
5,164,518
|
|
As of the date the financial statements were issued, the Company’s scheduled debt maturities for the next 12 months were comprised of the Company’s $250.0 million Floating Rate Senior Notes due 2022. The Company has sufficient cash and cash equivalents to satisfy this scheduled debt maturity.
8. Fair Value Disclosures
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021
|
|
December 31, 2020
|
|
|
Carrying
Amounts
|
|
Fair
Value
|
|
Carrying
Amounts
|
|
Fair
Value
|
|
|
|
Notes payable
|
$
|
4,868,191
|
|
|
$
|
5,166,291
|
|
|
$
|
4,524,611
|
|
|
$
|
5,012,523
|
|
|
Unsecured Credit Facility and term loans
|
296,327
|
|
|
300,629
|
|
|
642,719
|
|
|
651,639
|
|
|
Total debt obligations, net
|
$
|
5,164,518
|
|
|
$
|
5,466,920
|
|
|
$
|
5,167,330
|
|
|
$
|
5,664,162
|
|
As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is included in GAAP that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs that are classified within Level 3 of the hierarchy).
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
Based on the above criteria, the Company has determined that the valuations of its debt obligations are classified within Level 3 of the fair value hierarchy. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.
Recurring Fair Value
The Company’s marketable securities and interest rate derivatives are measured and recognized at fair value on a recurring basis. The valuations of the Company’s marketable securities are based primarily on publicly traded market values in active markets and are classified within Levels 1 and 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives.
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a recurring basis:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2021
|
|
|
Balance
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Assets:
|
|
|
|
|
|
|
|
|
Marketable securities(1)
|
$
|
20,224
|
|
|
$
|
6,304
|
|
|
$
|
13,920
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
$
|
(12,585)
|
|
|
$
|
—
|
|
|
$
|
(12,585)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2020
|
|
|
Balance
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Assets:
|
|
|
|
|
|
|
|
|
Marketable securities(1)
|
$
|
19,548
|
|
|
$
|
980
|
|
|
$
|
18,568
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Interest rate derivatives
|
$
|
(28,225)
|
|
|
$
|
—
|
|
|
$
|
(28,225)
|
|
|
$
|
—
|
|
(1)As of December 31, 2021 and 2020, marketable securities included $0.1 million of net unrealized losses and $0.2 million of net unrealized gains, respectively. As of December 31, 2021, the contractual maturities of the Company’s marketable securities are within the next five years.
Non-Recurring Fair Value
Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. Fair value is determined by offers from third-party buyers, market comparable data, third party appraisals, or discounted cash flow analyses. The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations. The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy.
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis. During the year ended December 31, 2021, no properties were remeasured to fair value as a result of impairment testing that were not sold prior to December 31, 2021. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2020, excluding the properties sold prior to December 31, 2020.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2020
|
|
|
|
|
Balance
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Impairment of Real Estate Assets
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Properties(1)(2)(3)
|
$
|
27,184
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,184
|
|
|
$
|
11,544
|
|
(1)Excludes properties disposed of prior to December 31, 2020.
(2)The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2020 includes: (i) $14.0 million related to Northmall Centre; and (ii) $8.3 million related to The Pines Shopping Center.
(3)The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the year ended December 31, 2020 includes $4.9 million related to Spring Mall. The capitalization rate of 8.0% and the discount rate of 8.0% which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the property.
9. Revenue Recognition
The Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers. Revenue is primarily generated through lease agreements and classified as Rental income on the Company’s Consolidated Statements of Operations. These agreements include retail shopping center unit leases; ground leases; ancillary leases or agreements, such as agreements with tenants for cellular towers, ATMs, and short-term or seasonal retail (e.g. Halloween or Christmas-related retail); and reciprocal easement agreements. The agreements range in term from less than one year to 25 or more years, with certain agreements containing renewal options. These renewal options range from as little as one month to five or more years. The Company’s retail shopping center leases generally require tenants to pay their proportionate share of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties.
As of December 31, 2021, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised. The table below includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The table does not include variable lease payments that may be received under certain leases for the reimbursement of property operating expenses or certain capital expenditures related to the maintenance of the Company’s properties or percentage rents. These variable lease payments are recognized, in the case of reimbursements, in the period when the applicable expenditures are incurred and/or contractually required to be reimbursed or, in the case of percentage rents, upon the achievement of certain predetermined sales thresholds.
|
|
|
|
|
|
|
|
|
|
|
Year ending December 31,
|
|
Operating Leases
|
|
2022
|
|
$
|
840,236
|
|
|
2023
|
|
752,788
|
|
|
2024
|
|
643,580
|
|
|
2025
|
|
531,778
|
|
|
2026
|
|
434,725
|
|
|
Thereafter
|
|
1,345,610
|
|
The Company recognized $6.0 million, $4.2 million, and $7.5 million of rental income based on percentage rents for the years ended December 31, 2021, 2020, and 2019, respectively. These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. As of December 31, 2021 and 2020, receivables associated with the effects of recognizing rental income on a straight-line basis were $139.5 million and $127.3 million, respectively.
COVID-19
The global outbreak of COVID-19 and the public health measures that have been undertaken in response have had a significant adverse impact on the Company’s business, the Company’s tenants, the real estate market, the financial markets, and the global economy. The effects of COVID-19, including related government restrictions, border closings, quarantines, shelter-in-place orders, and social distancing guidelines, forced many of the Company’s tenants to temporarily close stores, reduce hours, or significantly limit service, and resulted in a dramatic increase in national unemployment and a significant economic contraction in 2020. Certain tenants experiencing economic difficulties during the pandemic have sought rent relief, which has been provided on a case-by-case basis primarily in the form of rent deferrals and, in more limited cases, in the form of rent abatements.
Under ASC 842, changes to the amount or timing of lease payments subsequent to the original lease execution are generally accounted for as lease modifications. Due to the number of lease contracts that would require analysis to determine, on a lease by lease basis, whether such a concession is required to be accounted for as a lease modification, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842. The Q&A states that it would be acceptable to make a policy election
regarding rent concessions resulting from COVID-19, which would not require entities to account for the rent concessions as lease modifications or to determine whether rent concessions were contractually obligated in each original lease. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to “Receivables, net” during the deferral period with no impact on rental revenue recognition. Any rent concession that is either unrelated to COVID-19 or substantially increases the total consideration due under the lease does not qualify for consideration under the Q&A. The Company has evaluated the impact of the Q&A and has made the following policy elections:
•The Company accounts for COVID-19 rent deferrals and abatements that significantly increase the consideration due under the lease as lease modifications in accordance with ASC 842. As a result, rental revenue recognition is reduced by the amount of the deferral or abatement in the period it was granted and straight-line rental income recognition is updated over the remaining lease term.
•The Company does not account for COVID-19 rent deferrals that do not significantly increase the consideration due under the lease as lease modifications. As a result, rental revenue recognition, including straight-line rental income recognition, does not change, and Receivables, net increases for the deferred amount.
•The Company does not account for COVID-19 rent abatements that do not significantly increase the consideration due under the lease as lease modifications. As a result, rental revenue recognition is reduced by the amount of the abatement in the period it was granted and straight-line rental income recognition does not change over the remaining lease term.
The following table presents the COVID-19 deferrals and abatements granted for lease payments due during the years ended December 31, 2021 and 2020. Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021
|
|
Year Ended December 31, 2020
|
|
|
Deferrals
|
|
Abatements
|
|
Deferrals
|
|
Abatements
|
|
Lease payments (lease modifications)
|
|
$
|
2,186
|
|
|
$
|
2,153
|
|
|
$
|
3,544
|
|
|
$
|
2,103
|
|
|
Lease payments (not lease modifications)
|
|
13,482
|
|
|
4,057
|
|
|
42,080
|
|
|
2,096
|
|
|
|
|
$
|
15,668
|
|
|
$
|
6,210
|
|
|
$
|
45,624
|
|
|
$
|
4,199
|
|
The following table presents the deferrals that were not lease modifications and were included in Receivables, net on the Company’s Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 Deferred Receivable
|
|
Beginning balance, March 31, 2020
|
|
$
|
—
|
|
|
Deferred lease payments (not lease modifications)
|
|
42,080
|
|
|
Deferred lease payments deemed uncollectible
|
|
(17,928)
|
|
|
Deferred lease payments received
|
|
(8,793)
|
|
|
Ending balance, December 31, 2020
|
|
15,359
|
|
|
Deferred lease payments (not lease modifications)
|
|
13,482
|
|
|
Deferred lease payments deemed uncollectible
|
|
(114)
|
|
|
Deferred lease payments received
|
|
(27,212)
|
|
|
Ending balance, December 31, 2021
|
|
$
|
1,515
|
|
10. Leases
The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease ROU asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of December 31, 2021 the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay its proportionate share of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Supplemental Statements of Operations Information
|
|
2021
|
|
2020
|
|
2019
|
|
Operating lease costs
|
|
$
|
5,920
|
|
|
$
|
7,058
|
|
|
$
|
6,838
|
|
|
Short-term lease costs
|
|
1
|
|
|
39
|
|
|
39
|
|
|
Variable lease costs
|
|
329
|
|
|
519
|
|
|
436
|
|
|
Total lease costs
|
|
$
|
6,250
|
|
|
$
|
7,616
|
|
|
$
|
7,313
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Supplemental Statements of Cash Flows Information
|
|
2021
|
|
2020
|
|
2019
|
|
Operating cash outflows from operating leases
|
|
$
|
6,147
|
|
|
$
|
7,066
|
|
|
$
|
6,954
|
|
|
ROU assets obtained in exchange for operating lease liabilities
|
|
—
|
|
|
1,174
|
|
|
44,845
|
|
|
ROU assets written off due to dispositions and lease modifications
|
|
(229)
|
|
|
(1,748)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Liabilities
|
|
As of
December 31, 2021
|
|
|
|
|
|
Future minimum operating lease payments:
|
|
|
|
|
|
|
|
2022
|
|
$
|
5,986
|
|
|
|
|
|
|
2023
|
|
5,296
|
|
|
|
|
|
|
2024
|
|
5,203
|
|
|
|
|
|
|
2025
|
|
4,902
|
|
|
|
|
|
|
2026
|
|
4,177
|
|
|
|
|
|
|
Thereafter
|
|
20,894
|
|
|
|
|
|
|
Total future minimum operating lease payments
|
|
46,458
|
|
|
|
|
|
|
Less: imputed interest
|
|
(12,745)
|
|
|
|
|
|
|
Operating lease liabilities
|
|
$
|
33,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
Supplemental Balance Sheets Information
|
|
2021
|
|
2020
|
|
|
|
Operating lease liabilities(1)(2)
|
|
$
|
33,713
|
|
|
$
|
38,599
|
|
|
|
|
ROU assets(1)(3)
|
|
29,325
|
|
|
34,006
|
|
|
|
(1)As of December 31, 2021 and 2020, the weighted average remaining lease term was 12.7 years and 12.7 years, respectively, and the weighted average discount rate was 4.41% and 4.39%, respectively.
(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
(3)These amounts are included in Other assets on the Company’s Consolidated Balance Sheets.
As of December 31, 2021, there were no material leases that have been executed but not yet commenced.
11. Equity and Capital
ATM Program
In January 2020, the Company established an at-the-market equity offering program (the “ATM Program”) through which the Company may sell from time to time up to an aggregate of $400.0 million of its common stock through sales agents. The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. The ATM Program is scheduled to expire on January 9, 2023, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers. During the year ended December 31, 2021, the Company issued 0.2 million shares of common stock under the ATM Program at an average price per share of $25.06 for a total of $5.2 million, excluding commissions. The Company incurred commissions of $0.1 million in conjunction with the ATM Program for the year ended December 31, 2021. As of December 31, 2021, $394.8 million of common stock remained available for issuance.
Share Repurchase Program
In January 2020, the Company established a new share repurchase program (the “Program”) for up to $400.0 million of its common stock. The Program is scheduled to expire on January 9, 2023, unless suspended or extended by the Board of Directors. The Program replaced the Company’s prior share repurchase program (the “Prior Program”), which expired on December 5, 2019. During the year ended December 31, 2021, the Company did not repurchase any shares of common stock. During the year ended December 31, 2020, the Company repurchased 1.7 million shares of common stock under the Program at an average price per share of $15.14 for a total of $25.0 million, excluding commissions. The Company incurred commissions of less than $0.1 million in conjunction with the Program for the year ended December 31, 2020. During the year ended December 31, 2019, the Company repurchased 0.8 million shares of common stock under the Prior Program at an average price per share of $17.43 for a total of $14.6 million, excluding commissions. The Company incurred commissions of less than $0.1 million in conjunction with the Prior Program for the year ended December 31, 2019. As of December 31, 2021, the Program had $375.0 million of available repurchase capacity.
Common Stock
In connection with the vesting of restricted stock units (“RSUs”) under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations. During the years ended December 31, 2021 and 2020, the Company withheld 0.3 million and 0.2 million shares of its common stock, respectively.
Dividends and Distributions
Because Brixmor Property Group Inc. is a holding company and has no material assets other than its ownership of BPG Sub, through which it owns the Operating Partnership, and no material operations other than those conducted by the Operating Partnership, distributions are funded as follows:
•first, the Operating Partnership makes distributions to its partners that are holders of OP Units, including BPG Sub;
•second, BPG Sub distributes to Brixmor Property Group Inc. its share of such distributions; and
•third, Brixmor Property Group Inc. distributes the amount authorized by its Board of Directors and declared by Brixmor Property Group Inc. to its common stockholders on a pro rata basis.
During the years ended December 31, 2021, 2020, and 2019, the Board of Directors declared common stock dividends and OP Unit distributions of $0.885 per share/unit, $0.500 per share/unit, and $1.125 per share/unit, respectively. In response to COVID-19, the Board of Directors suspended the dividend in the second and third quarters of 2020. In the fourth quarter of 2020, the Board of Directors resumed the dividend at a rate of $0.215 per common share. As of December 31, 2021 and 2020, the Company had declared but unpaid common stock dividends and OP Unit distributions of $74.4 million and $66.0 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
12. Stock Based Compensation
During the year ended December 31, 2013, the Board of Directors approved the 2013 Omnibus Incentive Plan (the “Plan”). The Plan provides for a maximum of 15.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and RSUs, OP Units, performance awards, and other stock-based awards.
During the years ended December 31, 2021, 2020, and 2019, the Company granted RSUs to certain employees. The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions. Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units which can be earned. The number of units actually earned for each tranche is determined based on performance during a specified performance period. Tranches that only have a service-based component can only earn a target number of units. The aggregate number of RSUs granted, assuming that the target level of performance is achieved, was 1.0 million, 0.7 million, and 0.8 million for the years ended December 31, 2021, 2020, and 2019, respectively, with vesting periods ranging from one to five years. For the performance-based and service-based RSUs granted, fair value is based on the Company’s grant date stock price. For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Assumption
|
|
2021
|
|
2020
|
|
2019
|
|
Volatility
|
|
50.0% - 64.0%
|
|
20.0% - 23.0%
|
|
20.0% - 21.0%
|
|
Weighted average risk-free interest rate
|
|
0.11% - 0.18%
|
|
1.20% - 1.30%
|
|
2.55%
|
|
Weighted average common stock dividend yield
|
|
4.1% - 5.8%
|
|
5.9% - 6.0%
|
|
5.6%
|
Information with respect to RSUs for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Shares
|
|
Aggregate Intrinsic Value
|
|
Outstanding, December 31, 2018
|
1,498
|
|
|
$
|
30,631
|
|
|
Vested
|
(314)
|
|
|
(6,592)
|
|
|
Granted
|
789
|
|
|
15,630
|
|
|
Forfeited
|
(207)
|
|
|
(4,167)
|
|
|
Outstanding, December 31, 2019
|
1,766
|
|
|
35,502
|
|
|
Vested
|
(462)
|
|
|
(8,139)
|
|
|
Granted
|
753
|
|
|
13,760
|
|
|
Forfeited
|
(83)
|
|
|
(1,495)
|
|
|
Outstanding, December 31, 2020
|
1,974
|
|
|
39,628
|
|
|
Vested
|
(834)
|
|
|
(14,396)
|
|
|
Granted
|
1,225
|
|
|
22,406
|
|
|
Forfeited
|
(57)
|
|
|
(1,091)
|
|
|
Outstanding, December 31, 2021
|
2,308
|
|
|
$
|
46,547
|
|
During the years ended December 31, 2021, 2020, and 2019, the Company recognized $18.6 million, $11.9 million, and $13.6 million of equity compensation expense, respectively, of which $1.5 million, $0.9 million, and $0.9 million was capitalized, respectively. These amounts are included in General and administrative on the Company’s Consolidated Statements of Operations. As of December 31, 2021, the Company had $20.2 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.2 years.
13. Earnings per Share
Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such stockholders have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.
The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2021
|
|
2020
|
|
2019
|
|
Computation of Basic Earnings Per Share:
|
|
|
|
|
|
|
Net income
|
$
|
270,187
|
|
|
$
|
121,173
|
|
|
$
|
274,773
|
|
|
Non-forfeitable dividends on unvested restricted shares
|
(748)
|
|
|
(410)
|
|
|
(649)
|
|
|
Net income attributable to the Company’s common stockholders for basic earnings per share
|
$
|
269,439
|
|
|
$
|
120,763
|
|
|
$
|
274,124
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – basic
|
297,408
|
|
|
296,972
|
|
|
298,229
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to the Company’s common stockholders:
|
|
|
|
|
|
|
Net income per share
|
$
|
0.91
|
|
|
$
|
0.41
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
Computation of Diluted Earnings Per Share:
|
|
|
|
|
|
|
Net income attributable to the Company’s common stockholders for diluted earnings per share
|
$
|
269,439
|
|
|
$
|
120,763
|
|
|
$
|
274,124
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – basic
|
297,408
|
|
|
296,972
|
|
|
298,229
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
Equity awards
|
1,427
|
|
|
927
|
|
|
1,105
|
|
|
Weighted average shares outstanding – diluted
|
298,835
|
|
|
297,899
|
|
|
299,334
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to the Company’s common stockholders:
|
|
|
|
|
|
|
Net income per share
|
$
|
0.90
|
|
|
$
|
0.41
|
|
|
$
|
0.92
|
|
14. Earnings per Unit
Basic earnings per unit is calculated by dividing net income attributable to the Operating Partnership’s common unitholders, including any participating securities, by the weighted average number of partnership common units outstanding for the period. Certain restricted units issued pursuant to the Company’s share-based compensation program are considered participating securities, as such unitholders have rights to receive non-forfeitable dividends. Fully-diluted earnings per unit reflects the potential dilution that could occur if securities or other contracts to issue common units were exercised or converted into common units. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units.
The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the years ended December 31, 2021, 2020, and 2019 (dollars in thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2021
|
|
2020
|
|
2019
|
|
Computation of Basic Earnings Per Unit:
|
|
|
|
|
|
|
Net income
|
$
|
270,187
|
|
|
$
|
121,173
|
|
|
$
|
274,773
|
|
|
Non-forfeitable dividends on unvested restricted units
|
(748)
|
|
|
(410)
|
|
|
(649)
|
|
|
Net income attributable to the Operating Partnership’s common units for basic earnings per unit
|
$
|
269,439
|
|
|
$
|
120,763
|
|
|
$
|
274,124
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding – basic
|
297,408
|
|
|
296,972
|
|
|
298,229
|
|
|
|
|
|
|
|
|
|
Basic earnings per unit attributable to the Operating Partnership’s common units:
|
|
|
|
|
|
|
Net income per unit
|
$
|
0.91
|
|
|
$
|
0.41
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
Computation of Diluted Earnings Per Unit:
|
|
|
|
|
|
|
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit
|
$
|
269,439
|
|
|
$
|
120,763
|
|
|
$
|
274,124
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding – basic
|
297,408
|
|
|
296,972
|
|
|
298,229
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
Equity awards
|
1,427
|
|
|
927
|
|
|
1,105
|
|
|
Weighted average common units outstanding – diluted
|
298,835
|
|
|
297,899
|
|
|
299,334
|
|
|
|
|
|
|
|
|
|
Diluted earnings per unit attributable to the Operating Partnership’s common units:
|
|
|
|
|
|
|
Net income per unit
|
$
|
0.90
|
|
|
$
|
0.41
|
|
|
$
|
0.92
|
|
15. Commitments and Contingencies
Legal Matters
The Company is not presently involved in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, taking into account existing reserves, will have a material impact on the Company’s financial condition, operating results, or cash flows.
Insurance Captive
The Company has a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance for the properties in the Company’s Portfolio. The Company formed Incap as part of its overall risk management program to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program. Incap is capitalized in accordance with the applicable regulatory requirements. An actuarial analysis is performed to estimate future projected claims, related deductibles, and projected expenses necessary to fund associated risk management programs. Incap establishes annual premiums based on projections derived from the past loss experience of the Company’s Portfolio. Premiums paid to Incap may be adjusted based on this estimate and may be reimbursed by the Company’s tenants pursuant to specific lease terms.
Activity in the reserve for losses for the years ended December 31, 2021 and 2020 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year End December 31,
|
|
|
2021
|
|
2020
|
|
Balance at the beginning of the year
|
$
|
10,960
|
|
|
$
|
12,345
|
|
|
|
|
|
|
|
Incurred related to:
|
|
|
|
|
Current year
|
2,808
|
|
|
2,911
|
|
|
Prior years
|
(955)
|
|
|
(1,962)
|
|
|
Total incurred
|
1,853
|
|
|
949
|
|
|
|
|
|
|
|
Paid related to:
|
|
|
|
|
Current year
|
4
|
|
|
(141)
|
|
|
Prior years
|
(2,722)
|
|
|
(2,193)
|
|
|
Total paid
|
(2,718)
|
|
|
(2,334)
|
|
|
|
|
|
|
|
Balance at the end of the year
|
$
|
10,095
|
|
|
$
|
10,960
|
|
Environmental Matters
Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). The Company does not believe that any resulting liability from such matters will have a material impact on the Company’s financial condition, operating results, or cash flows. During the years ended December 31, 2021, 2020, and 2019, the Company did not incur any material governmental fines resulting from environmental matters.
16. Income Taxes
The Parent Company has elected to qualify as a REIT in accordance with the Code. To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains. Management intends to continue to satisfy these requirements and maintain the Parent Company’s REIT status.
As a REIT, the Parent Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S. federal tax purposes. Therefore, U.S. federal income taxes do not materially impact the Consolidated Financial Statements of the Company.
If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent Company qualifies for taxation as a REIT, it is subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.
The Company incurred income and other taxes of $0.8 million, $4.4 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019. These amounts are included in Other on the Company’s Consolidated Statements of Operations.
17. Related-Party Transactions
In the ordinary course of conducting its business, the Company enters into agreements with its affiliates in relation to the leasing and management of its real estate assets.
As of December 31, 2021 and 2020, there were no material receivables from or payables to related parties. During the years ended December 31, 2021, 2020, and 2019, the Company did not engage in any material related-party transactions.
18. Retirement Plan
The Company has a Retirement and 401(k) Savings Plan (the “Savings Plan”) covering officers and employees of the Company. Participants in the Savings Plan may elect to contribute a portion of their earnings to the Savings Plan and the Company makes a matching contribution to the Savings Plan, up to a maximum of 3% of the employee’s eligible compensation. For the years ended December 31, 2021, 2020, and 2019, the Company’s expense for the Savings Plan was $1.6 million, $1.6 million, and $1.2 million, respectively. These amounts are included in General and administrative on the Company’s Consolidated Statements of Operations.
19. Supplemental Financial Information
No retrospective adjustments were made to the Company’s Consolidated Financial Statements for the years ended December 31, 2021 and 2020.
20. Subsequent Events
In preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 2021 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from December 31, 2021 through the date the financial statements were issued.
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
None.
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to Acquisition
|
|
Gross Amount at Which Carried
|
|
|
|
|
|
|
|
Life over Which Depreciated - Latest Income Statement
|
|
|
|
|
|
|
Initial Cost to Company
|
|
|
at the Close of the Period
|
|
|
|
|
|
|
|
|
Description(1)
|
|
|
|
Land
|
|
Building & Improvements
|
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Year Constructed(2)
|
|
Date Acquired
|
|
|
Springdale
|
Mobile, AL
|
|
|
|
$
|
7,460
|
|
|
$
|
32,942
|
|
|
$
|
33,096
|
|
|
$
|
7,460
|
|
|
$
|
66,038
|
|
|
$
|
73,498
|
|
|
$
|
(20,746)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Northmall Centre
|
Tucson, AZ
|
|
|
|
3,140
|
|
|
16,119
|
|
|
(490)
|
|
|
2,202
|
|
|
16,567
|
|
|
18,769
|
|
|
(6,363)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Bakersfield Plaza
|
Bakersfield, CA
|
|
|
|
4,000
|
|
|
24,662
|
|
|
15,896
|
|
|
4,502
|
|
|
40,056
|
|
|
44,558
|
|
|
(15,750)
|
|
|
1970
|
|
Jun-11
|
|
40 years
|
|
Carmen Plaza
|
Camarillo, CA
|
|
|
|
5,410
|
|
|
16,955
|
|
|
3,885
|
|
|
5,410
|
|
|
20,840
|
|
|
26,250
|
|
|
(6,336)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Plaza Rio Vista
|
Cathedral, CA
|
|
|
|
2,465
|
|
|
12,534
|
|
|
365
|
|
|
2,465
|
|
|
12,899
|
|
|
15,364
|
|
|
(4,034)
|
|
|
2005
|
|
Oct-13
|
|
40 years
|
|
Cudahy Plaza
|
Cudahy, CA
|
|
|
|
4,490
|
|
|
12,100
|
|
|
19,027
|
|
|
4,778
|
|
|
30,839
|
|
|
35,617
|
|
|
(6,936)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
University Mall
|
Davis, CA
|
|
|
|
4,270
|
|
|
15,088
|
|
|
3,551
|
|
|
4,270
|
|
|
18,639
|
|
|
22,909
|
|
|
(4,978)
|
|
|
1964
|
|
Jun-11
|
|
40 years
|
|
Felicita Plaza
|
Escondido, CA
|
|
|
|
4,280
|
|
|
12,421
|
|
|
1,336
|
|
|
4,280
|
|
|
13,757
|
|
|
18,037
|
|
|
(5,714)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Felicita Town Center
|
Escondido, CA
|
|
|
|
11,231
|
|
|
30,678
|
|
|
1,639
|
|
|
11,231
|
|
|
32,317
|
|
|
43,548
|
|
|
(7,362)
|
|
|
1987
|
|
Dec-16
|
|
40 years
|
|
Arbor - Broadway Faire
|
Fresno, CA
|
|
|
|
5,691
|
|
|
32,621
|
|
|
3,281
|
|
|
5,691
|
|
|
35,902
|
|
|
41,593
|
|
|
(13,872)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Lompoc Center
|
Lompoc, CA
|
|
|
|
4,670
|
|
|
11,455
|
|
|
7,379
|
|
|
4,670
|
|
|
18,834
|
|
|
23,504
|
|
|
(6,572)
|
|
|
1960
|
|
Jun-11
|
|
40 years
|
|
Briggsmore Plaza
|
Modesto, CA
|
|
|
|
2,140
|
|
|
10,220
|
|
|
4,060
|
|
|
2,140
|
|
|
14,280
|
|
|
16,420
|
|
|
(5,117)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Montebello Plaza
|
Montebello, CA
|
|
|
|
13,360
|
|
|
32,536
|
|
|
8,769
|
|
|
13,360
|
|
|
41,305
|
|
|
54,665
|
|
|
(16,623)
|
|
|
1974
|
|
Jun-11
|
|
40 years
|
|
California Oaks Center
|
Murrieta, CA
|
|
|
|
5,180
|
|
|
13,491
|
|
|
6,456
|
|
|
5,180
|
|
|
19,947
|
|
|
25,127
|
|
|
(6,362)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Pacoima Center
|
Pacoima, CA
|
|
|
|
7,050
|
|
|
15,859
|
|
|
1,218
|
|
|
7,050
|
|
|
17,077
|
|
|
24,127
|
|
|
(9,611)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Metro 580
|
Pleasanton, CA
|
|
|
|
10,500
|
|
|
19,243
|
|
|
1,920
|
|
|
10,500
|
|
|
21,163
|
|
|
31,663
|
|
|
(9,119)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Rose Pavilion
|
Pleasanton, CA
|
|
|
|
19,619
|
|
|
59,801
|
|
|
17,247
|
|
|
19,618
|
|
|
77,049
|
|
|
96,667
|
|
|
(22,705)
|
|
|
2019
|
|
Jun-11
|
|
40 years
|
|
Puente Hills Town Center
|
Rowland Heights, CA
|
|
|
|
15,670
|
|
|
37,458
|
|
|
6,564
|
|
|
15,670
|
|
|
44,022
|
|
|
59,692
|
|
|
(14,323)
|
|
|
1984
|
|
Jun-11
|
|
40 years
|
|
Ocean View Plaza
|
San Clemente, CA
|
|
|
|
15,750
|
|
|
29,565
|
|
|
2,933
|
|
|
15,750
|
|
|
32,498
|
|
|
48,248
|
|
|
(10,765)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Plaza By The Sea
|
San Clemente, CA
|
|
|
|
9,607
|
|
|
5,440
|
|
|
4,897
|
|
|
9,607
|
|
|
10,337
|
|
|
19,944
|
|
|
(1,273)
|
|
|
1976
|
|
Dec-17
|
|
40 years
|
|
Village at Mira Mesa
|
San Diego, CA
|
|
|
|
14,870
|
|
|
69,872
|
|
|
39,559
|
|
|
14,870
|
|
|
109,431
|
|
|
124,301
|
|
|
(28,412)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
San Dimas Plaza
|
San Dimas, CA
|
|
|
|
11,490
|
|
|
20,461
|
|
|
8,365
|
|
|
15,101
|
|
|
25,215
|
|
|
40,316
|
|
|
(8,485)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Bristol Plaza
|
Santa Ana, CA
|
|
|
|
9,110
|
|
|
20,709
|
|
|
4,006
|
|
|
9,722
|
|
|
24,103
|
|
|
33,825
|
|
|
(7,977)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Gateway Plaza
|
Santa Fe Springs, CA
|
|
|
|
9,980
|
|
|
30,046
|
|
|
2,872
|
|
|
9,980
|
|
|
32,918
|
|
|
42,898
|
|
|
(13,994)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Santa Paula Center
|
Santa Paula, CA
|
|
|
|
3,520
|
|
|
17,704
|
|
|
1,228
|
|
|
3,520
|
|
|
18,932
|
|
|
22,452
|
|
|
(8,165)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Vail Ranch Center
|
Temecula, CA
|
|
|
|
3,750
|
|
|
20,901
|
|
|
3,496
|
|
|
3,750
|
|
|
24,397
|
|
|
28,147
|
|
|
(9,000)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Country Hills Shopping Center
|
Torrance, CA
|
|
|
|
3,589
|
|
|
8,683
|
|
|
(104)
|
|
|
3,589
|
|
|
8,579
|
|
|
12,168
|
|
|
(2,968)
|
|
|
1977
|
|
Jun-11
|
|
40 years
|
|
Upland Town Square
|
Upland, CA
|
|
|
|
9,051
|
|
|
23,053
|
|
|
1,483
|
|
|
9,051
|
|
|
24,536
|
|
|
33,587
|
|
|
(4,895)
|
|
|
1994
|
|
Nov-17
|
|
40 years
|
|
Gateway Plaza - Vallejo
|
Vallejo, CA
|
|
|
|
11,880
|
|
|
66,525
|
|
|
32,790
|
|
|
12,947
|
|
|
98,248
|
|
|
111,195
|
|
|
(31,026)
|
|
|
2018
|
|
Jun-11
|
|
40 years
|
|
Arvada Plaza
|
Arvada, CO
|
|
|
|
1,160
|
|
|
7,378
|
|
|
593
|
|
|
1,160
|
|
|
7,971
|
|
|
9,131
|
|
|
(4,636)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Arapahoe Crossings
|
Aurora, CO
|
|
|
|
13,676
|
|
|
52,586
|
|
|
17,912
|
|
|
13,676
|
|
|
70,498
|
|
|
84,174
|
|
|
(20,909)
|
|
|
1996
|
|
Jul-13
|
|
40 years
|
|
Aurora Plaza
|
Aurora, CO
|
|
|
|
3,910
|
|
|
7,809
|
|
|
3,179
|
|
|
3,910
|
|
|
10,988
|
|
|
14,898
|
|
|
(5,522)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Villa Monaco
|
Denver, CO
|
|
|
|
3,090
|
|
|
6,095
|
|
|
5,192
|
|
|
3,090
|
|
|
11,287
|
|
|
14,377
|
|
|
(3,751)
|
|
|
1978
|
|
Jun-11
|
|
40 years
|
|
Centennial Shopping Center
|
Englewood, CO
|
|
|
|
6,755
|
|
|
11,697
|
|
|
258
|
|
|
6,755
|
|
|
11,955
|
|
|
18,710
|
|
|
(1,725)
|
|
|
2013
|
|
Apr-19
|
|
40 years
|
|
Superior Marketplace
|
Superior, CO
|
|
|
|
7,090
|
|
|
35,376
|
|
|
8,531
|
|
|
7,090
|
|
|
43,907
|
|
|
50,997
|
|
|
(15,754)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Westminster City Center
|
Westminster, CO
|
|
|
|
6,040
|
|
|
40,717
|
|
|
16,151
|
|
|
6,040
|
|
|
56,868
|
|
|
62,908
|
|
|
(17,594)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
The Shoppes at Fox Run
|
Glastonbury, CT
|
|
|
|
3,550
|
|
|
22,424
|
|
|
4,705
|
|
|
3,600
|
|
|
27,079
|
|
|
30,679
|
|
|
(10,309)
|
|
|
1974
|
|
Jun-11
|
|
40 years
|
|
Groton Square
|
Groton, CT
|
|
|
|
2,730
|
|
|
27,583
|
|
|
2,417
|
|
|
2,730
|
|
|
30,000
|
|
|
32,730
|
|
|
(13,126)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
Parkway Plaza
|
Hamden, CT
|
|
|
|
4,100
|
|
|
7,633
|
|
|
251
|
|
|
4,100
|
|
|
7,884
|
|
|
11,984
|
|
|
(3,130)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
The Manchester Collection
|
Manchester, CT
|
|
|
|
8,200
|
|
|
46,870
|
|
|
(126)
|
|
|
8,200
|
|
|
46,744
|
|
|
54,944
|
|
|
(16,683)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Turnpike Plaza
|
Newington, CT
|
|
|
|
3,920
|
|
|
23,558
|
|
|
68
|
|
|
3,920
|
|
|
23,626
|
|
|
27,546
|
|
|
(10,094)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
North Haven Crossing
|
North Haven, CT
|
|
|
|
5,430
|
|
|
15,889
|
|
|
3,083
|
|
|
5,430
|
|
|
18,972
|
|
|
24,402
|
|
|
(7,082)
|
|
|
1993
|
|
Jun-11
|
|
40 years
|
|
Christmas Tree Plaza
|
Orange, CT
|
|
|
|
4,870
|
|
|
13,724
|
|
|
3,316
|
|
|
4,870
|
|
|
17,040
|
|
|
21,910
|
|
|
(5,921)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Stratford Square
|
Stratford, CT
|
|
|
|
5,860
|
|
|
11,650
|
|
|
7,281
|
|
|
5,860
|
|
|
18,931
|
|
|
24,791
|
|
|
(6,677)
|
|
|
1984
|
|
Jun-11
|
|
40 years
|
|
Torrington Plaza
|
Torrington, CT
|
|
|
|
2,180
|
|
|
12,807
|
|
|
3,719
|
|
|
2,180
|
|
|
16,526
|
|
|
18,706
|
|
|
(6,494)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Waterbury Plaza
|
Waterbury, CT
|
|
|
|
4,793
|
|
|
16,230
|
|
|
2,969
|
|
|
4,793
|
|
|
19,199
|
|
|
23,992
|
|
|
(7,652)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Waterford Commons
|
Waterford, CT
|
|
|
|
4,990
|
|
|
43,495
|
|
|
7,230
|
|
|
4,990
|
|
|
50,725
|
|
|
55,715
|
|
|
(18,355)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
North Dover Center
|
Dover, DE
|
|
|
|
3,100
|
|
|
17,345
|
|
|
6,028
|
|
|
3,100
|
|
|
23,373
|
|
|
26,473
|
|
|
(6,995)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Center of Bonita Springs
|
Bonita Springs, FL
|
|
|
|
10,946
|
|
|
38,446
|
|
|
32
|
|
|
10,946
|
|
|
38,478
|
|
|
49,424
|
|
|
(1,685)
|
|
|
2014
|
|
Apr-21
|
|
40 years
|
|
Coastal Way - Coastal Landing
|
Brooksville, FL
|
|
|
|
8,840
|
|
|
30,693
|
|
|
9,248
|
|
|
8,840
|
|
|
39,941
|
|
|
48,781
|
|
|
(14,098)
|
|
|
2008
|
|
Jun-11
|
|
40 years
|
|
Clearwater Mall
|
Clearwater, FL
|
|
|
|
15,300
|
|
|
51,834
|
|
|
7,786
|
|
|
15,300
|
|
|
59,620
|
|
|
74,920
|
|
|
(18,369)
|
|
|
1973
|
|
Jun-11
|
|
40 years
|
|
Coconut Creek Plaza
|
Coconut Creek, FL
|
|
|
|
7,400
|
|
|
24,504
|
|
|
6,167
|
|
|
7,400
|
|
|
30,671
|
|
|
38,071
|
|
|
(11,094)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Century Plaza Shopping Center
|
Deerfield Beach, FL
|
|
|
|
3,050
|
|
|
7,619
|
|
|
5,524
|
|
|
3,050
|
|
|
13,143
|
|
|
16,193
|
|
|
(3,999)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Northgate Shopping Center
|
DeLand, FL
|
|
|
|
3,500
|
|
|
8,630
|
|
|
5,720
|
|
|
3,500
|
|
|
14,350
|
|
|
17,850
|
|
|
(3,671)
|
|
|
1993
|
|
Jun-11
|
|
40 years
|
|
Sun Plaza
|
Ft. Walton Beach, FL
|
|
|
|
4,480
|
|
|
12,544
|
|
|
1,693
|
|
|
4,480
|
|
|
14,237
|
|
|
18,717
|
|
|
(6,607)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Normandy Square
|
Jacksonville, FL
|
|
|
|
1,936
|
|
|
5,373
|
|
|
1,666
|
|
|
1,936
|
|
|
7,039
|
|
|
8,975
|
|
|
(3,154)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Regency Park Shopping Center
|
Jacksonville, FL
|
|
|
|
6,240
|
|
|
13,502
|
|
|
7,389
|
|
|
6,240
|
|
|
20,891
|
|
|
27,131
|
|
|
(6,767)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Ventura Downs
|
Kissimmee, FL
|
|
|
|
3,580
|
|
|
7,092
|
|
|
6,331
|
|
|
3,580
|
|
|
13,423
|
|
|
17,003
|
|
|
(3,401)
|
|
|
2018
|
|
Jun-11
|
|
40 years
|
|
Marketplace at Wycliffe
|
Lake Worth, FL
|
|
|
|
7,930
|
|
|
13,368
|
|
|
2,304
|
|
|
7,930
|
|
|
15,672
|
|
|
23,602
|
|
|
(4,659)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Venetian Isle Shopping Ctr
|
Lighthouse Point, FL
|
|
|
|
8,270
|
|
|
14,390
|
|
|
2,170
|
|
|
8,270
|
|
|
16,560
|
|
|
24,830
|
|
|
(6,044)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Marco Town Center
|
Marco Island, FL
|
|
|
|
7,235
|
|
|
26,330
|
|
|
11,460
|
|
|
7,235
|
|
|
37,790
|
|
|
45,025
|
|
|
(7,367)
|
|
|
2021
|
|
Oct-13
|
|
40 years
|
|
Mall at 163rd Street
|
Miami, FL
|
|
|
|
9,450
|
|
|
33,139
|
|
|
4,724
|
|
|
9,450
|
|
|
37,863
|
|
|
47,313
|
|
|
(11,960)
|
|
|
2007
|
|
Jun-11
|
|
40 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to Acquisition
|
|
Gross Amount at Which Carried
|
|
|
|
|
|
|
|
Life over Which Depreciated - Latest Income Statement
|
|
|
|
|
|
|
Initial Cost to Company
|
|
|
at the Close of the Period
|
|
|
|
|
|
|
|
|
Description(1)
|
|
|
|
Land
|
|
Building & Improvements
|
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Year Constructed(2)
|
|
Date Acquired
|
|
|
Shops at Palm Lakes
|
Miami, FL
|
|
|
|
10,896
|
|
|
13,971
|
|
|
15,065
|
|
|
10,896
|
|
|
29,036
|
|
|
39,932
|
|
|
(5,689)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Freedom Square
|
Naples, FL
|
|
|
|
4,735
|
|
|
12,326
|
|
|
12,310
|
|
|
4,735
|
|
|
24,636
|
|
|
29,371
|
|
|
(4,792)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Granada Shoppes
|
Naples, FL
|
|
|
|
34,061
|
|
|
69,551
|
|
|
(1)
|
|
|
34,061
|
|
|
69,550
|
|
|
103,611
|
|
|
(315)
|
|
|
2011
|
|
Dec-21
|
|
40 years
|
|
Naples Plaza
|
Naples, FL
|
|
|
|
9,200
|
|
|
20,461
|
|
|
10,692
|
|
|
9,200
|
|
|
31,153
|
|
|
40,353
|
|
|
(11,388)
|
|
|
2013
|
|
Jun-11
|
|
40 years
|
|
Park Shore Plaza
|
Naples, FL
|
|
|
|
4,750
|
|
|
13,615
|
|
|
26,471
|
|
|
7,245
|
|
|
37,591
|
|
|
44,836
|
|
|
(12,180)
|
|
|
2017
|
|
Jun-11
|
|
40 years
|
|
Chelsea Place
|
New Port Richey, FL
|
|
|
|
3,303
|
|
|
9,685
|
|
|
680
|
|
|
3,303
|
|
|
10,365
|
|
|
13,668
|
|
|
(3,540)
|
|
|
1992
|
|
Oct-13
|
|
40 years
|
|
Presidential Plaza West
|
North Lauderdale, FL
|
|
|
|
2,070
|
|
|
5,424
|
|
|
2,347
|
|
|
2,070
|
|
|
7,771
|
|
|
9,841
|
|
|
(2,270)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Colonial Marketplace
|
Orlando, FL
|
|
|
|
4,230
|
|
|
19,676
|
|
|
3,652
|
|
|
4,230
|
|
|
23,328
|
|
|
27,558
|
|
|
(9,298)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Conway Crossing
|
Orlando, FL
|
|
|
|
3,163
|
|
|
12,007
|
|
|
1,064
|
|
|
3,163
|
|
|
13,071
|
|
|
16,234
|
|
|
(4,650)
|
|
|
2002
|
|
Oct-13
|
|
40 years
|
|
Hunter's Creek Plaza
|
Orlando, FL
|
|
|
|
3,589
|
|
|
5,776
|
|
|
3,535
|
|
|
3,589
|
|
|
9,311
|
|
|
12,900
|
|
|
(2,926)
|
|
|
1998
|
|
Oct-13
|
|
40 years
|
|
Pointe Orlando
|
Orlando, FL
|
|
|
|
6,120
|
|
|
51,321
|
|
|
54,354
|
|
|
6,120
|
|
|
105,675
|
|
|
111,795
|
|
|
(26,375)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Martin Downs Town Center
|
Palm City, FL
|
|
|
|
1,660
|
|
|
9,749
|
|
|
415
|
|
|
1,660
|
|
|
10,164
|
|
|
11,824
|
|
|
(2,763)
|
|
|
1996
|
|
Oct-13
|
|
40 years
|
|
Martin Downs Village Center
|
Palm City, FL
|
|
|
|
5,319
|
|
|
28,223
|
|
|
2,594
|
|
|
5,319
|
|
|
30,817
|
|
|
36,136
|
|
|
(9,249)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
23rd Street Station
|
Panama City, FL
|
|
|
|
3,120
|
|
|
6,860
|
|
|
3,094
|
|
|
3,120
|
|
|
9,954
|
|
|
13,074
|
|
|
(2,717)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Panama City Square
|
Panama City, FL
|
|
|
|
5,690
|
|
|
8,900
|
|
|
12,464
|
|
|
5,690
|
|
|
21,364
|
|
|
27,054
|
|
|
(5,185)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
East Port Plaza
|
Port St. Lucie, FL
|
|
|
|
4,099
|
|
|
22,219
|
|
|
4,156
|
|
|
4,099
|
|
|
26,375
|
|
|
30,474
|
|
|
(8,155)
|
|
|
1991
|
|
Oct-13
|
|
40 years
|
|
Shoppes of Victoria Square
|
Port St. Lucie, FL
|
|
|
|
3,450
|
|
|
6,027
|
|
|
1,631
|
|
|
3,450
|
|
|
7,658
|
|
|
11,108
|
|
|
(3,117)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Lake St. Charles
|
Riverview, FL
|
|
|
|
2,801
|
|
|
6,900
|
|
|
470
|
|
|
2,801
|
|
|
7,370
|
|
|
10,171
|
|
|
(2,090)
|
|
|
1999
|
|
Oct-13
|
|
40 years
|
|
Cobblestone Village
|
Royal Palm Beach, FL
|
|
|
|
2,700
|
|
|
4,880
|
|
|
1,030
|
|
|
2,700
|
|
|
5,910
|
|
|
8,610
|
|
|
(1,794)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Beneva Village Shoppes
|
Sarasota, FL
|
|
|
|
4,013
|
|
|
16,966
|
|
|
14,145
|
|
|
4,013
|
|
|
31,111
|
|
|
35,124
|
|
|
(7,064)
|
|
|
2020
|
|
Oct-13
|
|
40 years
|
|
Sarasota Village
|
Sarasota, FL
|
|
|
|
5,190
|
|
|
12,476
|
|
|
4,040
|
|
|
5,190
|
|
|
16,516
|
|
|
21,706
|
|
|
(5,817)
|
|
|
1972
|
|
Jun-11
|
|
40 years
|
|
Atlantic Plaza
|
Satellite Beach, FL
|
|
|
|
2,630
|
|
|
10,479
|
|
|
3,377
|
|
|
2,630
|
|
|
13,856
|
|
|
16,486
|
|
|
(4,701)
|
|
|
2008
|
|
Jun-11
|
|
40 years
|
|
Seminole Plaza
|
Seminole, FL
|
|
|
|
3,870
|
|
|
7,934
|
|
|
12,888
|
|
|
3,870
|
|
|
20,822
|
|
|
24,692
|
|
|
(4,396)
|
|
|
2020
|
|
Jun-11
|
|
40 years
|
|
Cobblestone Village
|
St. Augustine, FL
|
|
|
|
8,189
|
|
|
33,062
|
|
|
5,380
|
|
|
8,189
|
|
|
38,442
|
|
|
46,631
|
|
|
(14,170)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Dolphin Village
|
St. Pete Beach, FL
|
|
|
|
9,882
|
|
|
15,441
|
|
|
3,134
|
|
|
9,882
|
|
|
18,575
|
|
|
28,457
|
|
|
(5,007)
|
|
|
1990
|
|
Oct-13
|
|
40 years
|
|
Rutland Plaza
|
St. Petersburg, FL
|
|
|
|
3,880
|
|
|
8,091
|
|
|
2,041
|
|
|
3,880
|
|
|
10,132
|
|
|
14,012
|
|
|
(3,987)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Tyrone Gardens
|
St. Petersburg, FL
|
|
|
|
5,690
|
|
|
9,654
|
|
|
2,735
|
|
|
5,690
|
|
|
12,389
|
|
|
18,079
|
|
|
(4,940)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Downtown Publix
|
Stuart, FL
|
|
|
|
1,770
|
|
|
12,016
|
|
|
5,553
|
|
|
1,770
|
|
|
17,569
|
|
|
19,339
|
|
|
(5,167)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Sunrise Town Center
|
Sunrise, FL
|
|
|
|
7,856
|
|
|
7,479
|
|
|
1,713
|
|
|
7,856
|
|
|
9,192
|
|
|
17,048
|
|
|
(3,109)
|
|
|
1989
|
|
Oct-13
|
|
40 years
|
|
Carrollwood Center
|
Tampa, FL
|
|
|
|
3,749
|
|
|
14,456
|
|
|
1,757
|
|
|
3,749
|
|
|
16,213
|
|
|
19,962
|
|
|
(5,779)
|
|
|
2002
|
|
Oct-13
|
|
40 years
|
|
Ross Plaza
|
Tampa, FL
|
|
|
|
2,640
|
|
|
10,906
|
|
|
1,255
|
|
|
2,640
|
|
|
12,161
|
|
|
14,801
|
|
|
(3,922)
|
|
|
1996
|
|
Oct-13
|
|
40 years
|
|
Shoppes at Tarpon
|
Tarpon Springs, FL
|
|
|
|
7,800
|
|
|
13,644
|
|
|
4,467
|
|
|
7,800
|
|
|
18,111
|
|
|
25,911
|
|
|
(8,251)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Venice Plaza
|
Venice, FL
|
|
|
|
3,245
|
|
|
14,376
|
|
|
1,308
|
|
|
3,245
|
|
|
15,684
|
|
|
18,929
|
|
|
(3,912)
|
|
|
1999
|
|
Oct-13
|
|
40 years
|
|
Venice Shopping Center
|
Venice, FL
|
|
|
|
2,555
|
|
|
6,185
|
|
|
690
|
|
|
2,555
|
|
|
6,875
|
|
|
9,430
|
|
|
(2,273)
|
|
|
2000
|
|
Oct-13
|
|
40 years
|
|
Venice Village
|
Venice, FL
|
|
|
|
7,157
|
|
|
25,758
|
|
|
7,462
|
|
|
7,157
|
|
|
33,220
|
|
|
40,377
|
|
|
(5,148)
|
|
|
2021
|
|
Nov-17
|
|
40 years
|
|
Mansell Crossing
|
Alpharetta, GA
|
|
|
|
15,461
|
|
|
25,023
|
|
|
6,550
|
|
|
15,461
|
|
|
31,573
|
|
|
47,034
|
|
|
(11,588)
|
|
|
1993
|
|
Jun-11
|
|
40 years
|
|
Northeast Plaza
|
Atlanta, GA
|
|
|
|
6,907
|
|
|
36,191
|
|
|
6,188
|
|
|
6,907
|
|
|
42,379
|
|
|
49,286
|
|
|
(13,361)
|
|
|
1952
|
|
Jun-11
|
|
40 years
|
|
Augusta West Plaza
|
Augusta, GA
|
|
|
|
1,070
|
|
|
5,698
|
|
|
2,816
|
|
|
1,070
|
|
|
8,514
|
|
|
9,584
|
|
|
(2,957)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Sweetwater Village
|
Austell, GA
|
|
|
|
1,080
|
|
|
3,026
|
|
|
993
|
|
|
1,080
|
|
|
4,019
|
|
|
5,099
|
|
|
(1,989)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Vineyards at Chateau Elan
|
Braselton, GA
|
|
|
|
2,202
|
|
|
14,184
|
|
|
1,095
|
|
|
2,202
|
|
|
15,279
|
|
|
17,481
|
|
|
(4,579)
|
|
|
2002
|
|
Oct-13
|
|
40 years
|
|
Salem Road Station
|
Covington, GA
|
|
|
|
670
|
|
|
11,366
|
|
|
922
|
|
|
670
|
|
|
12,288
|
|
|
12,958
|
|
|
(3,776)
|
|
|
2000
|
|
Oct-13
|
|
40 years
|
|
Keith Bridge Commons
|
Cumming, GA
|
|
|
|
1,501
|
|
|
14,755
|
|
|
1,247
|
|
|
1,601
|
|
|
15,902
|
|
|
17,503
|
|
|
(4,942)
|
|
|
2002
|
|
Oct-13
|
|
40 years
|
|
Northside
|
Dalton, GA
|
|
|
|
1,320
|
|
|
3,739
|
|
|
1,242
|
|
|
1,320
|
|
|
4,981
|
|
|
6,301
|
|
|
(2,262)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Cosby Station
|
Douglasville, GA
|
|
|
|
2,650
|
|
|
6,553
|
|
|
861
|
|
|
2,650
|
|
|
7,414
|
|
|
10,064
|
|
|
(2,707)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Park Plaza
|
Douglasville, GA
|
|
|
|
1,470
|
|
|
2,444
|
|
|
1,493
|
|
|
1,470
|
|
|
3,937
|
|
|
5,407
|
|
|
(1,346)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Westgate
|
Dublin, GA
|
|
|
|
1,265
|
|
|
3,175
|
|
|
2,035
|
|
|
1,265
|
|
|
5,210
|
|
|
6,475
|
|
|
(1,468)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Venture Pointe
|
Duluth, GA
|
|
|
|
2,460
|
|
|
7,933
|
|
|
5,612
|
|
|
2,460
|
|
|
13,545
|
|
|
16,005
|
|
|
(7,020)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Banks Station
|
Fayetteville, GA
|
|
|
|
3,490
|
|
|
11,587
|
|
|
2,754
|
|
|
3,490
|
|
|
14,341
|
|
|
17,831
|
|
|
(5,913)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Barrett Place
|
Kennesaw, GA
|
|
|
|
6,990
|
|
|
12,058
|
|
|
1,557
|
|
|
6,990
|
|
|
13,615
|
|
|
20,605
|
|
|
(5,670)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Shops of Huntcrest
|
Lawrenceville, GA
|
|
|
|
2,093
|
|
|
17,498
|
|
|
853
|
|
|
2,093
|
|
|
18,351
|
|
|
20,444
|
|
|
(5,290)
|
|
|
2003
|
|
Oct-13
|
|
40 years
|
|
Mableton Walk
|
Mableton, GA
|
|
|
|
1,645
|
|
|
9,300
|
|
|
1,592
|
|
|
1,645
|
|
|
10,892
|
|
|
12,537
|
|
|
(3,804)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
The Village at Mableton
|
Mableton, GA
|
|
|
|
2,040
|
|
|
5,128
|
|
|
3,818
|
|
|
2,040
|
|
|
8,946
|
|
|
10,986
|
|
|
(3,508)
|
|
|
1959
|
|
Jun-11
|
|
40 years
|
|
Marshalls at Eastlake
|
Marietta, GA
|
|
|
|
2,650
|
|
|
2,557
|
|
|
1,652
|
|
|
2,650
|
|
|
4,209
|
|
|
6,859
|
|
|
(1,552)
|
|
|
1982
|
|
Jun-11
|
|
40 years
|
|
New Chastain Corners
|
Marietta, GA
|
|
|
|
3,090
|
|
|
7,744
|
|
|
3,352
|
|
|
3,090
|
|
|
11,096
|
|
|
14,186
|
|
|
(3,884)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Pavilions at Eastlake
|
Marietta, GA
|
|
|
|
4,770
|
|
|
10,601
|
|
|
5,383
|
|
|
4,770
|
|
|
15,984
|
|
|
20,754
|
|
|
(6,137)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Creekwood Village
|
Rex, GA
|
|
|
|
1,400
|
|
|
4,752
|
|
|
615
|
|
|
1,400
|
|
|
5,367
|
|
|
6,767
|
|
|
(2,303)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Connexion
|
Roswell, GA
|
|
|
|
2,627
|
|
|
28,074
|
|
|
—
|
|
|
2,627
|
|
|
28,074
|
|
|
30,701
|
|
|
—
|
|
|
2016
|
|
Dec-21
|
|
40 years
|
|
Holcomb Bridge Crossing
|
Roswell, GA
|
|
|
|
1,170
|
|
|
5,249
|
|
|
4,874
|
|
|
1,170
|
|
|
10,123
|
|
|
11,293
|
|
|
(4,399)
|
|
|
1988
|
|
Jun-11
|
|
40 years
|
|
Kings Market
|
Roswell, GA
|
|
|
|
6,758
|
|
|
33,899
|
|
|
—
|
|
|
6,758
|
|
|
33,899
|
|
|
40,657
|
|
|
—
|
|
|
2005
|
|
Dec-21
|
|
40 years
|
|
Victory Square
|
Savannah, GA
|
|
|
|
6,080
|
|
|
14,609
|
|
|
1,318
|
|
|
6,080
|
|
|
15,927
|
|
|
22,007
|
|
|
(5,190)
|
|
|
2007
|
|
Jun-11
|
|
40 years
|
|
Stockbridge Village
|
Stockbridge, GA
|
|
|
|
5,872
|
|
|
15,410
|
|
|
4,496
|
|
|
5,872
|
|
|
19,906
|
|
|
25,778
|
|
|
(8,761)
|
|
|
2008
|
|
Jun-11
|
|
40 years
|
|
Stone Mountain Festival
|
Stone Mountain, GA
|
|
|
|
5,740
|
|
|
15,717
|
|
|
1,954
|
|
|
5,740
|
|
|
17,671
|
|
|
23,411
|
|
|
(8,560)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Wilmington Island
|
Wilmington Island, GA
|
|
|
|
2,630
|
|
|
7,792
|
|
|
1,536
|
|
|
2,630
|
|
|
9,328
|
|
|
11,958
|
|
|
(3,027)
|
|
|
1985
|
|
Oct-13
|
|
40 years
|
|
Haymarket Mall
|
Des Moines, IA
|
|
|
|
2,055
|
|
|
9,139
|
|
|
948
|
|
|
2,055
|
|
|
10,087
|
|
|
12,142
|
|
|
(4,590)
|
|
|
1979
|
|
Jun-11
|
|
40 years
|
|
Haymarket Square
|
Des Moines, IA
|
|
|
|
3,360
|
|
|
7,569
|
|
|
6,450
|
|
|
3,360
|
|
|
14,019
|
|
|
17,379
|
|
|
(4,969)
|
|
|
1979
|
|
Jun-11
|
|
40 years
|
|
Annex of Arlington
|
Arlington Heights, IL
|
|
|
|
3,769
|
|
|
13,975
|
|
|
15,861
|
|
|
4,373
|
|
|
29,232
|
|
|
33,605
|
|
|
(9,978)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Ridge Plaza
|
Arlington Heights, IL
|
|
|
|
3,720
|
|
|
8,846
|
|
|
5,781
|
|
|
3,720
|
|
|
14,627
|
|
|
18,347
|
|
|
(7,038)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to Acquisition
|
|
Gross Amount at Which Carried
|
|
|
|
|
|
|
|
Life over Which Depreciated - Latest Income Statement
|
|
|
|
|
|
|
Initial Cost to Company
|
|
|
at the Close of the Period
|
|
|
|
|
|
|
|
|
Description(1)
|
|
|
|
Land
|
|
Building & Improvements
|
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Year Constructed(2)
|
|
Date Acquired
|
|
|
Southfield Plaza
|
Bridgeview, IL
|
|
|
|
5,880
|
|
|
18,113
|
|
|
4,833
|
|
|
5,880
|
|
|
22,946
|
|
|
28,826
|
|
|
(9,422)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Commons of Chicago Ridge
|
Chicago Ridge, IL
|
|
|
|
4,310
|
|
|
38,811
|
|
|
7,761
|
|
|
4,310
|
|
|
46,572
|
|
|
50,882
|
|
|
(19,122)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Rivercrest Shopping Center
|
Crestwood, IL
|
|
|
|
7,010
|
|
|
35,416
|
|
|
21,112
|
|
|
11,010
|
|
|
52,528
|
|
|
63,538
|
|
|
(17,682)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
The Commons of Crystal Lake
|
Crystal Lake, IL
|
|
|
|
3,660
|
|
|
31,062
|
|
|
5,641
|
|
|
3,660
|
|
|
36,703
|
|
|
40,363
|
|
|
(12,947)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
Elk Grove Town Center
|
Elk Grove Village, IL
|
|
|
|
3,010
|
|
|
12,985
|
|
|
1,807
|
|
|
3,010
|
|
|
14,792
|
|
|
17,802
|
|
|
(4,081)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Freeport Plaza
|
Freeport, IL
|
|
|
|
660
|
|
|
5,557
|
|
|
559
|
|
|
660
|
|
|
6,116
|
|
|
6,776
|
|
|
(3,865)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
The Quentin Collection
|
Kildeer, IL
|
|
|
|
5,780
|
|
|
24,215
|
|
|
3,871
|
|
|
6,002
|
|
|
27,864
|
|
|
33,866
|
|
|
(8,092)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Butterfield Square
|
Libertyville, IL
|
|
|
|
3,430
|
|
|
12,677
|
|
|
3,450
|
|
|
3,430
|
|
|
16,127
|
|
|
19,557
|
|
|
(5,726)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
High Point Centre
|
Lombard, IL
|
|
|
|
7,510
|
|
|
18,347
|
|
|
11,900
|
|
|
7,510
|
|
|
30,247
|
|
|
37,757
|
|
|
(7,944)
|
|
|
2019
|
|
Jun-11
|
|
40 years
|
|
Long Meadow Commons
|
Mundelein, IL
|
|
|
|
4,700
|
|
|
11,312
|
|
|
3,525
|
|
|
4,700
|
|
|
14,837
|
|
|
19,537
|
|
|
(7,141)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Westridge Court
|
Naperville, IL
|
|
|
|
10,560
|
|
|
60,874
|
|
|
31,870
|
|
|
10,560
|
|
|
92,744
|
|
|
103,304
|
|
|
(25,176)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Rollins Crossing
|
Round Lake Beach, IL
|
|
|
|
3,040
|
|
|
22,860
|
|
|
2,251
|
|
|
3,040
|
|
|
25,111
|
|
|
28,151
|
|
|
(11,666)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Tinley Park Plaza
|
Tinley Park, IL
|
|
|
|
12,250
|
|
|
19,589
|
|
|
22,914
|
|
|
12,250
|
|
|
42,503
|
|
|
54,753
|
|
|
(7,673)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Meridian Village
|
Carmel, IN
|
|
|
|
2,089
|
|
|
7,011
|
|
|
3,333
|
|
|
2,089
|
|
|
10,344
|
|
|
12,433
|
|
|
(4,250)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Columbus Center
|
Columbus, IN
|
|
|
|
1,480
|
|
|
13,293
|
|
|
5,013
|
|
|
1,480
|
|
|
18,306
|
|
|
19,786
|
|
|
(6,310)
|
|
|
1964
|
|
Jun-11
|
|
40 years
|
|
Market Centre
|
Goshen, IN
|
|
|
|
1,765
|
|
|
12,349
|
|
|
16,288
|
|
|
1,765
|
|
|
28,637
|
|
|
30,402
|
|
|
(6,069)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Speedway Super Center
|
Speedway, IN
|
|
|
|
8,410
|
|
|
48,202
|
|
|
22,595
|
|
|
8,410
|
|
|
70,797
|
|
|
79,207
|
|
|
(22,282)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Sagamore Park Centre
|
West Lafayette, IN
|
|
|
|
2,390
|
|
|
10,708
|
|
|
2,605
|
|
|
2,390
|
|
|
13,313
|
|
|
15,703
|
|
|
(5,366)
|
|
|
2018
|
|
Jun-11
|
|
40 years
|
|
Westchester Square
|
Lenexa, KS
|
|
|
|
3,250
|
|
|
13,693
|
|
|
4,680
|
|
|
3,250
|
|
|
18,373
|
|
|
21,623
|
|
|
(6,589)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
West Loop Shopping Center
|
Manhattan, KS
|
|
|
|
2,800
|
|
|
10,187
|
|
|
7,458
|
|
|
2,800
|
|
|
17,645
|
|
|
20,445
|
|
|
(7,231)
|
|
|
2013
|
|
Jun-11
|
|
40 years
|
|
North Dixie Plaza
|
Elizabethtown, KY
|
|
|
|
2,372
|
|
|
4,475
|
|
|
718
|
|
|
2,108
|
|
|
5,457
|
|
|
7,565
|
|
|
(1,906)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Florence Plaza - Florence Square
|
Florence, KY
|
|
|
|
9,380
|
|
|
44,977
|
|
|
33,325
|
|
|
11,014
|
|
|
76,668
|
|
|
87,682
|
|
|
(26,210)
|
|
|
2014
|
|
Jun-11
|
|
40 years
|
|
Jeffersontown Commons
|
Jeffersontown, KY
|
|
|
|
3,920
|
|
|
14,384
|
|
|
1,378
|
|
|
3,920
|
|
|
15,762
|
|
|
19,682
|
|
|
(7,446)
|
|
|
1959
|
|
Jun-11
|
|
40 years
|
|
London Marketplace
|
London, KY
|
|
|
|
1,400
|
|
|
8,267
|
|
|
7,380
|
|
|
1,400
|
|
|
15,647
|
|
|
17,047
|
|
|
(3,633)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Eastgate Shopping Center
|
Louisville, KY
|
|
|
|
4,300
|
|
|
13,228
|
|
|
3,469
|
|
|
4,300
|
|
|
16,697
|
|
|
20,997
|
|
|
(7,708)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Plainview Village
|
Louisville, KY
|
|
|
|
2,600
|
|
|
9,358
|
|
|
2,502
|
|
|
2,600
|
|
|
11,860
|
|
|
14,460
|
|
|
(4,659)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Stony Brook I & II
|
Louisville, KY
|
|
|
|
3,650
|
|
|
17,367
|
|
|
2,373
|
|
|
3,650
|
|
|
19,740
|
|
|
23,390
|
|
|
(8,174)
|
|
|
1988
|
|
Jun-11
|
|
40 years
|
|
Points West Plaza
|
Brockton, MA
|
|
|
|
2,200
|
|
|
8,140
|
|
|
3,481
|
|
|
2,200
|
|
|
11,621
|
|
|
13,821
|
|
|
(3,287)
|
|
|
1960
|
|
Jun-11
|
|
40 years
|
|
Burlington Square I, II & III
|
Burlington, MA
|
|
|
|
4,690
|
|
|
12,003
|
|
|
3,540
|
|
|
4,690
|
|
|
15,543
|
|
|
20,233
|
|
|
(5,290)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Holyoke Shopping Center
|
Holyoke, MA
|
|
|
|
3,110
|
|
|
11,659
|
|
|
1,630
|
|
|
3,110
|
|
|
13,289
|
|
|
16,399
|
|
|
(6,004)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
WaterTower Plaza
|
Leominster, MA
|
|
|
|
10,400
|
|
|
36,198
|
|
|
4,955
|
|
|
10,400
|
|
|
41,153
|
|
|
51,553
|
|
|
(14,181)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Lunenberg Crossing
|
Lunenburg, MA
|
|
|
|
930
|
|
|
1,668
|
|
|
1,255
|
|
|
930
|
|
|
2,923
|
|
|
3,853
|
|
|
(1,052)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Lynn Marketplace
|
Lynn, MA
|
|
|
|
3,100
|
|
|
4,634
|
|
|
5,532
|
|
|
3,100
|
|
|
10,166
|
|
|
13,266
|
|
|
(2,031)
|
|
|
1968
|
|
Jun-11
|
|
40 years
|
|
Webster Square Shopping Center
|
Marshfield, MA
|
|
|
|
5,532
|
|
|
26,961
|
|
|
1,292
|
|
|
5,532
|
|
|
28,253
|
|
|
33,785
|
|
|
(7,480)
|
|
|
2005
|
|
Jun-15
|
|
40 years
|
|
Berkshire Crossing
|
Pittsfield, MA
|
|
|
|
2,771
|
|
|
29,926
|
|
|
4,438
|
|
|
2,771
|
|
|
34,364
|
|
|
37,135
|
|
|
(13,714)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Westgate Plaza
|
Westfield, MA
|
|
|
|
2,494
|
|
|
7,752
|
|
|
3,122
|
|
|
2,494
|
|
|
10,874
|
|
|
13,368
|
|
|
(2,763)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Perkins Farm Marketplace
|
Worcester, MA
|
|
|
|
2,150
|
|
|
16,280
|
|
|
6,960
|
|
|
2,150
|
|
|
23,240
|
|
|
25,390
|
|
|
(8,605)
|
|
|
1967
|
|
Jun-11
|
|
40 years
|
|
South Plaza Shopping Center
|
California, MD
|
|
|
|
2,174
|
|
|
23,100
|
|
|
265
|
|
|
2,174
|
|
|
23,365
|
|
|
25,539
|
|
|
(6,302)
|
|
|
2005
|
|
Oct-13
|
|
40 years
|
|
Campus Village Shoppes
|
College Park, MD
|
|
|
|
1,660
|
|
|
4,792
|
|
|
828
|
|
|
1,660
|
|
|
5,620
|
|
|
7,280
|
|
|
(1,847)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Fox Run
|
Prince Frederick, MD
|
|
|
|
3,396
|
|
|
28,213
|
|
|
21,233
|
|
|
3,396
|
|
|
49,446
|
|
|
52,842
|
|
|
(11,699)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Pine Tree Shopping Center
|
Portland, ME
|
|
|
|
2,860
|
|
|
18,623
|
|
|
2,326
|
|
|
2,860
|
|
|
20,949
|
|
|
23,809
|
|
|
(10,977)
|
|
|
1958
|
|
Jun-11
|
|
40 years
|
|
Arborland Center
|
Ann Arbor, MI
|
|
|
|
20,175
|
|
|
88,715
|
|
|
3,175
|
|
|
20,174
|
|
|
91,891
|
|
|
112,065
|
|
|
(22,069)
|
|
|
2000
|
|
Mar-17
|
|
40 years
|
|
Maple Village
|
Ann Arbor, MI
|
|
|
|
3,200
|
|
|
13,392
|
|
|
33,884
|
|
|
3,200
|
|
|
47,276
|
|
|
50,476
|
|
|
(11,255)
|
|
|
2020
|
|
Jun-11
|
|
40 years
|
|
Grand Crossing
|
Brighton, MI
|
|
|
|
1,780
|
|
|
7,056
|
|
|
2,464
|
|
|
1,780
|
|
|
9,520
|
|
|
11,300
|
|
|
(4,065)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Farmington Crossroads
|
Farmington, MI
|
|
|
|
1,620
|
|
|
3,971
|
|
|
2,141
|
|
|
1,620
|
|
|
6,112
|
|
|
7,732
|
|
|
(2,756)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Silver Pointe Shopping Center
|
Fenton, MI
|
|
|
|
3,840
|
|
|
11,892
|
|
|
4,647
|
|
|
3,840
|
|
|
16,539
|
|
|
20,379
|
|
|
(6,312)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Cascade East
|
Grand Rapids, MI
|
|
|
|
1,280
|
|
|
4,733
|
|
|
3,283
|
|
|
1,280
|
|
|
8,016
|
|
|
9,296
|
|
|
(3,006)
|
|
|
1983
|
|
Jun-11
|
|
40 years
|
|
Delta Center
|
Lansing, MI
|
|
|
|
1,518
|
|
|
5,075
|
|
|
3,231
|
|
|
1,518
|
|
|
8,306
|
|
|
9,824
|
|
|
(3,703)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Lakes Crossing
|
Muskegon, MI
|
|
|
|
1,274
|
|
|
11,242
|
|
|
2,893
|
|
|
1,200
|
|
|
14,209
|
|
|
15,409
|
|
|
(6,200)
|
|
|
2008
|
|
Jun-11
|
|
40 years
|
|
Redford Plaza
|
Redford, MI
|
|
|
|
7,510
|
|
|
17,249
|
|
|
8,225
|
|
|
7,510
|
|
|
25,474
|
|
|
32,984
|
|
|
(10,329)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Hampton Village Centre
|
Rochester Hills, MI
|
|
|
|
5,370
|
|
|
43,546
|
|
|
21,150
|
|
|
5,370
|
|
|
64,696
|
|
|
70,066
|
|
|
(21,852)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Fashion Corners
|
Saginaw, MI
|
|
|
|
1,940
|
|
|
17,590
|
|
|
786
|
|
|
1,940
|
|
|
18,376
|
|
|
20,316
|
|
|
(7,426)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Southfield Plaza
|
Southfield, MI
|
|
|
|
1,320
|
|
|
3,348
|
|
|
2,718
|
|
|
1,320
|
|
|
6,066
|
|
|
7,386
|
|
|
(3,111)
|
|
|
1970
|
|
Jun-11
|
|
40 years
|
|
18 Ryan
|
Sterling Heights, MI
|
|
|
|
3,160
|
|
|
8,045
|
|
|
2,303
|
|
|
3,160
|
|
|
10,348
|
|
|
13,508
|
|
|
(3,215)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Delco Plaza
|
Sterling Heights, MI
|
|
|
|
2,860
|
|
|
4,852
|
|
|
2,599
|
|
|
2,860
|
|
|
7,451
|
|
|
10,311
|
|
|
(3,091)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
West Ridge
|
Westland, MI
|
|
|
|
1,800
|
|
|
5,189
|
|
|
5,979
|
|
|
1,800
|
|
|
11,168
|
|
|
12,968
|
|
|
(5,117)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Washtenaw Fountain Plaza
|
Ypsilanti, MI
|
|
|
|
2,030
|
|
|
5,929
|
|
|
2,443
|
|
|
2,030
|
|
|
8,372
|
|
|
10,402
|
|
|
(2,894)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Southport Centre I - VI
|
Apple Valley, MN
|
|
|
|
4,602
|
|
|
18,211
|
|
|
933
|
|
|
4,602
|
|
|
19,144
|
|
|
23,746
|
|
|
(6,323)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Champlin Marketplace
|
Champlin, MN
|
|
|
|
3,985
|
|
|
11,375
|
|
|
—
|
|
|
3,985
|
|
|
11,375
|
|
|
15,360
|
|
|
(463)
|
|
|
2005
|
|
Jun-21
|
|
40 years
|
|
Burning Tree Plaza
|
Duluth, MN
|
|
|
|
4,790
|
|
|
15,209
|
|
|
4,203
|
|
|
4,790
|
|
|
19,412
|
|
|
24,202
|
|
|
(6,412)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
Westwind Plaza
|
Minnetonka, MN
|
|
|
|
2,630
|
|
|
11,117
|
|
|
2,483
|
|
|
2,630
|
|
|
13,600
|
|
|
16,230
|
|
|
(4,284)
|
|
|
2007
|
|
Jun-11
|
|
40 years
|
|
Richfield Hub
|
Richfield, MN
|
|
|
|
7,748
|
|
|
18,492
|
|
|
1,975
|
|
|
7,619
|
|
|
20,596
|
|
|
28,215
|
|
|
(6,641)
|
|
|
1952
|
|
Jun-11
|
|
40 years
|
|
Roseville Center
|
Roseville , MN
|
|
|
|
1,620
|
|
|
7,917
|
|
|
7,899
|
|
|
1,620
|
|
|
15,816
|
|
|
17,436
|
|
|
(3,249)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Marketplace @ 42
|
Savage, MN
|
|
|
|
5,150
|
|
|
10,636
|
|
|
6,034
|
|
|
5,150
|
|
|
16,670
|
|
|
21,820
|
|
|
(5,655)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Sun Ray Shopping Center
|
St. Paul, MN
|
|
|
|
5,250
|
|
|
19,421
|
|
|
3,892
|
|
|
5,250
|
|
|
23,313
|
|
|
28,563
|
|
|
(9,429)
|
|
|
1958
|
|
Jun-11
|
|
40 years
|
|
White Bear Hills Shopping Center
|
White Bear Lake, MN
|
|
|
|
1,790
|
|
|
6,016
|
|
|
1,898
|
|
|
1,790
|
|
|
7,914
|
|
|
9,704
|
|
|
(3,318)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Ellisville Square
|
Ellisville, MO
|
|
|
|
4,144
|
|
|
2,715
|
|
|
10,026
|
|
|
4,144
|
|
|
12,741
|
|
|
16,885
|
|
|
(5,251)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to Acquisition
|
|
Gross Amount at Which Carried
|
|
|
|
|
|
|
|
Life over Which Depreciated - Latest Income Statement
|
|
|
|
|
|
|
Initial Cost to Company
|
|
|
at the Close of the Period
|
|
|
|
|
|
|
|
|
Description(1)
|
|
|
|
Land
|
|
Building & Improvements
|
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Year Constructed(2)
|
|
Date Acquired
|
|
|
Hub Shopping Center
|
Independence, MO
|
|
|
|
850
|
|
|
7,486
|
|
|
1,396
|
|
|
850
|
|
|
8,882
|
|
|
9,732
|
|
|
(4,029)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Watts Mill Plaza
|
Kansas City, MO
|
|
|
|
2,610
|
|
|
12,293
|
|
|
2,620
|
|
|
2,610
|
|
|
14,913
|
|
|
17,523
|
|
|
(4,606)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Liberty Corners
|
Liberty, MO
|
|
|
|
2,530
|
|
|
8,416
|
|
|
3,485
|
|
|
2,530
|
|
|
11,901
|
|
|
14,431
|
|
|
(4,976)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
Maplewood Square
|
Maplewood, MO
|
|
|
|
1,450
|
|
|
2,958
|
|
|
2,130
|
|
|
1,450
|
|
|
5,088
|
|
|
6,538
|
|
|
(1,167)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Devonshire Place
|
Cary, NC
|
|
|
|
940
|
|
|
3,267
|
|
|
6,068
|
|
|
940
|
|
|
9,335
|
|
|
10,275
|
|
|
(4,144)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
McMullen Creek Market
|
Charlotte, NC
|
|
|
|
10,590
|
|
|
22,490
|
|
|
8,698
|
|
|
10,590
|
|
|
31,188
|
|
|
41,778
|
|
|
(10,945)
|
|
|
1988
|
|
Jun-11
|
|
40 years
|
|
The Commons at Chancellor Park
|
Charlotte, NC
|
|
|
|
5,240
|
|
|
19,387
|
|
|
3,023
|
|
|
5,240
|
|
|
22,410
|
|
|
27,650
|
|
|
(8,834)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Macon Plaza
|
Franklin, NC
|
|
|
|
770
|
|
|
3,278
|
|
|
957
|
|
|
770
|
|
|
4,235
|
|
|
5,005
|
|
|
(2,097)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Garner Towne Square
|
Garner, NC
|
|
|
|
6,233
|
|
|
19,830
|
|
|
5,820
|
|
|
6,233
|
|
|
25,650
|
|
|
31,883
|
|
|
(6,654)
|
|
|
1997
|
|
Oct-13
|
|
40 years
|
|
Franklin Square
|
Gastonia, NC
|
|
|
|
7,060
|
|
|
27,556
|
|
|
5,530
|
|
|
7,060
|
|
|
33,086
|
|
|
40,146
|
|
|
(11,814)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Wendover Place
|
Greensboro, NC
|
|
|
|
15,883
|
|
|
38,688
|
|
|
8,086
|
|
|
15,882
|
|
|
46,775
|
|
|
62,657
|
|
|
(17,019)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
University Commons
|
Greenville, NC
|
|
|
|
5,350
|
|
|
24,770
|
|
|
5,130
|
|
|
5,350
|
|
|
29,900
|
|
|
35,250
|
|
|
(10,854)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Valley Crossing
|
Hickory, NC
|
|
|
|
2,130
|
|
|
5,677
|
|
|
9,552
|
|
|
2,130
|
|
|
15,229
|
|
|
17,359
|
|
|
(6,236)
|
|
|
2014
|
|
Jun-11
|
|
40 years
|
|
Kinston Pointe
|
Kinston, NC
|
|
|
|
2,180
|
|
|
8,432
|
|
|
631
|
|
|
2,180
|
|
|
9,063
|
|
|
11,243
|
|
|
(4,614)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Magnolia Plaza
|
Morganton, NC
|
|
|
|
730
|
|
|
2,984
|
|
|
3,268
|
|
|
730
|
|
|
6,252
|
|
|
6,982
|
|
|
(1,504)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Roxboro Square
|
Roxboro, NC
|
|
|
|
1,550
|
|
|
8,788
|
|
|
671
|
|
|
1,550
|
|
|
9,459
|
|
|
11,009
|
|
|
(5,276)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Innes Street Market
|
Salisbury, NC
|
|
|
|
10,548
|
|
|
27,268
|
|
|
1,656
|
|
|
10,548
|
|
|
28,924
|
|
|
39,472
|
|
|
(13,697)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Crossroads
|
Statesville, NC
|
|
|
|
3,724
|
|
|
9,034
|
|
|
1,848
|
|
|
3,724
|
|
|
10,882
|
|
|
14,606
|
|
|
(4,286)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Anson Station
|
Wadesboro, NC
|
|
|
|
910
|
|
|
3,557
|
|
|
1,559
|
|
|
910
|
|
|
5,116
|
|
|
6,026
|
|
|
(2,142)
|
|
|
1988
|
|
Jun-11
|
|
40 years
|
|
New Centre Market
|
Wilmington, NC
|
|
|
|
5,730
|
|
|
14,339
|
|
|
5,162
|
|
|
5,730
|
|
|
19,501
|
|
|
25,231
|
|
|
(5,663)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
University Commons
|
Wilmington, NC
|
|
|
|
6,910
|
|
|
25,416
|
|
|
3,521
|
|
|
6,910
|
|
|
28,937
|
|
|
35,847
|
|
|
(10,735)
|
|
|
2007
|
|
Jun-11
|
|
40 years
|
|
Parkway Plaza
|
Winston-Salem, NC
|
|
|
|
6,910
|
|
|
15,950
|
|
|
5,254
|
|
|
6,910
|
|
|
21,204
|
|
|
28,114
|
|
|
(7,228)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Stratford Commons
|
Winston-Salem, NC
|
|
|
|
2,770
|
|
|
8,866
|
|
|
482
|
|
|
2,770
|
|
|
9,348
|
|
|
12,118
|
|
|
(3,245)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Bedford Grove
|
Bedford, NH
|
|
|
|
2,368
|
|
|
8,890
|
|
|
11,540
|
|
|
2,368
|
|
|
20,430
|
|
|
22,798
|
|
|
(4,657)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Capitol Shopping Center
|
Concord, NH
|
|
|
|
2,160
|
|
|
11,020
|
|
|
2,218
|
|
|
2,160
|
|
|
13,238
|
|
|
15,398
|
|
|
(5,848)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Willow Springs Plaza
|
Nashua , NH
|
|
|
|
3,490
|
|
|
18,228
|
|
|
1,909
|
|
|
3,490
|
|
|
20,137
|
|
|
23,627
|
|
|
(6,547)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Seacoast Shopping Center
|
Seabrook , NH
|
|
|
|
2,230
|
|
|
6,820
|
|
|
2,033
|
|
|
2,230
|
|
|
8,853
|
|
|
11,083
|
|
|
(2,328)
|
|
|
1991
|
|
Jun-11
|
|
40 years
|
|
Tri-City Plaza
|
Somersworth, NH
|
|
|
|
1,900
|
|
|
9,160
|
|
|
6,974
|
|
|
1,900
|
|
|
16,134
|
|
|
18,034
|
|
|
(6,129)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Laurel Square
|
Brick, NJ
|
|
|
|
5,400
|
|
|
17,384
|
|
|
11,478
|
|
|
5,400
|
|
|
28,862
|
|
|
34,262
|
|
|
(6,237)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
The Shoppes at Cinnaminson
|
Cinnaminson, NJ
|
|
|
|
6,030
|
|
|
44,753
|
|
|
5,667
|
|
|
6,030
|
|
|
50,420
|
|
|
56,450
|
|
|
(17,910)
|
|
|
2010
|
|
Jun-11
|
|
40 years
|
|
Acme Clark
|
Clark, NJ
|
|
|
|
2,630
|
|
|
8,351
|
|
|
92
|
|
|
2,630
|
|
|
8,443
|
|
|
11,073
|
|
|
(3,883)
|
|
|
2007
|
|
Jun-11
|
|
40 years
|
|
Collegetown Shopping Center
|
Glassboro, NJ
|
|
|
|
1,560
|
|
|
11,743
|
|
|
25,086
|
|
|
1,560
|
|
|
36,829
|
|
|
38,389
|
|
|
(7,569)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Hamilton Plaza
|
Hamilton, NJ
|
|
|
|
1,580
|
|
|
7,110
|
|
|
17,392
|
|
|
1,580
|
|
|
24,502
|
|
|
26,082
|
|
|
(3,961)
|
|
|
1972
|
|
Jun-11
|
|
40 years
|
|
Bennetts Mills Plaza
|
Jackson, NJ
|
|
|
|
3,130
|
|
|
16,333
|
|
|
928
|
|
|
3,130
|
|
|
17,261
|
|
|
20,391
|
|
|
(6,481)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Marlton Crossing
|
Marlton, NJ
|
|
|
|
5,950
|
|
|
43,499
|
|
|
30,548
|
|
|
5,950
|
|
|
74,047
|
|
|
79,997
|
|
|
(24,788)
|
|
|
2019
|
|
Jun-11
|
|
40 years
|
|
Middletown Plaza
|
Middletown, NJ
|
|
|
|
5,060
|
|
|
36,714
|
|
|
4,961
|
|
|
5,060
|
|
|
41,675
|
|
|
46,735
|
|
|
(12,654)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Larchmont Centre
|
Mount Laurel, NJ
|
|
|
|
4,421
|
|
|
14,577
|
|
|
841
|
|
|
4,421
|
|
|
15,418
|
|
|
19,839
|
|
|
(3,887)
|
|
|
1985
|
|
Jun-15
|
|
40 years
|
|
Old Bridge Gateway
|
Old Bridge, NJ
|
|
|
|
7,200
|
|
|
35,619
|
|
|
15,045
|
|
|
7,200
|
|
|
50,664
|
|
|
57,864
|
|
|
(14,688)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Morris Hills Shopping Center
|
Parsippany, NJ
|
|
|
|
3,970
|
|
|
27,823
|
|
|
6,141
|
|
|
3,970
|
|
|
33,964
|
|
|
37,934
|
|
|
(11,297)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Rio Grande Plaza
|
Rio Grande, NJ
|
|
|
|
1,660
|
|
|
11,580
|
|
|
2,487
|
|
|
1,660
|
|
|
14,067
|
|
|
15,727
|
|
|
(4,970)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Ocean Heights Plaza
|
Somers Point, NJ
|
|
|
|
6,110
|
|
|
33,757
|
|
|
2,337
|
|
|
6,110
|
|
|
36,094
|
|
|
42,204
|
|
|
(11,502)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Springfield Place
|
Springfield, NJ
|
|
|
|
1,150
|
|
|
4,049
|
|
|
3,258
|
|
|
1,773
|
|
|
6,684
|
|
|
8,457
|
|
|
(2,299)
|
|
|
1965
|
|
Jun-11
|
|
40 years
|
|
Tinton Falls Plaza
|
Tinton Falls, NJ
|
|
|
|
3,080
|
|
|
11,413
|
|
|
2,448
|
|
|
3,080
|
|
|
13,861
|
|
|
16,941
|
|
|
(4,835)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Cross Keys Commons
|
Turnersville, NJ
|
|
|
|
5,840
|
|
|
30,539
|
|
|
7,115
|
|
|
5,840
|
|
|
37,654
|
|
|
43,494
|
|
|
(13,093)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Parkway Plaza
|
Carle Place, NY
|
|
|
|
5,790
|
|
|
18,688
|
|
|
3,310
|
|
|
5,790
|
|
|
21,998
|
|
|
27,788
|
|
|
(6,461)
|
|
|
1993
|
|
Jun-11
|
|
40 years
|
|
Unity Plaza
|
East Fishkill, NY
|
|
|
|
2,100
|
|
|
13,935
|
|
|
136
|
|
|
2,100
|
|
|
14,071
|
|
|
16,171
|
|
|
(5,016)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Suffolk Plaza
|
East Setauket, NY
|
|
|
|
2,780
|
|
|
5,475
|
|
|
13,408
|
|
|
2,780
|
|
|
18,883
|
|
|
21,663
|
|
|
(3,054)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Three Village Shopping Center
|
East Setauket, NY
|
|
|
|
5,310
|
|
|
15,621
|
|
|
804
|
|
|
5,310
|
|
|
16,425
|
|
|
21,735
|
|
|
(5,629)
|
|
|
1991
|
|
Jun-11
|
|
40 years
|
|
Stewart Plaza
|
Garden City, NY
|
|
|
|
6,040
|
|
|
20,293
|
|
|
17,267
|
|
|
6,040
|
|
|
37,560
|
|
|
43,600
|
|
|
(8,117)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Dalewood I, II & III Shopping Center
|
Hartsdale, NY
|
|
|
|
6,900
|
|
|
55,718
|
|
|
8,955
|
|
|
6,900
|
|
|
64,673
|
|
|
71,573
|
|
|
(17,606)
|
|
|
1972
|
|
Jun-11
|
|
40 years
|
|
Cayuga Mall
|
Ithaca, NY
|
|
|
|
1,180
|
|
|
8,002
|
|
|
6,612
|
|
|
1,180
|
|
|
14,614
|
|
|
15,794
|
|
|
(5,107)
|
|
|
1969
|
|
Jun-11
|
|
40 years
|
|
Kings Park Plaza
|
Kings Park, NY
|
|
|
|
4,790
|
|
|
11,100
|
|
|
2,221
|
|
|
4,790
|
|
|
13,321
|
|
|
18,111
|
|
|
(4,709)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Village Square Shopping Center
|
Larchmont, NY
|
|
|
|
1,320
|
|
|
4,808
|
|
|
1,179
|
|
|
1,320
|
|
|
5,987
|
|
|
7,307
|
|
|
(1,760)
|
|
|
1981
|
|
Jun-11
|
|
40 years
|
|
Falcaro's Plaza
|
Lawrence, NY
|
|
|
|
3,410
|
|
|
8,804
|
|
|
5,927
|
|
|
3,410
|
|
|
14,731
|
|
|
18,141
|
|
|
(3,694)
|
|
|
1972
|
|
Jun-11
|
|
40 years
|
|
Mamaroneck Centre
|
Mamaroneck, NY
|
|
|
|
1,460
|
|
|
755
|
|
|
13,551
|
|
|
2,198
|
|
|
13,568
|
|
|
15,766
|
|
|
(1,149)
|
|
|
2020
|
|
Jun-11
|
|
40 years
|
|
Sunshine Square
|
Medford, NY
|
|
|
|
7,350
|
|
|
23,045
|
|
|
3,093
|
|
|
7,350
|
|
|
26,138
|
|
|
33,488
|
|
|
(9,571)
|
|
|
2007
|
|
Jun-11
|
|
40 years
|
|
Wallkill Plaza
|
Middletown, NY
|
|
|
|
1,360
|
|
|
6,074
|
|
|
3,489
|
|
|
1,360
|
|
|
9,563
|
|
|
10,923
|
|
|
(4,239)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Monroe ShopRite Plaza
|
Monroe, NY
|
|
|
|
1,840
|
|
|
15,788
|
|
|
824
|
|
|
1,840
|
|
|
16,612
|
|
|
18,452
|
|
|
(6,930)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Rockland Plaza
|
Nanuet, NY
|
|
|
|
10,700
|
|
|
56,626
|
|
|
14,750
|
|
|
11,097
|
|
|
70,979
|
|
|
82,076
|
|
|
(19,945)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
North Ridge Shopping Center
|
New Rochelle, NY
|
|
|
|
4,910
|
|
|
8,864
|
|
|
3,199
|
|
|
4,910
|
|
|
12,063
|
|
|
16,973
|
|
|
(3,372)
|
|
|
1971
|
|
Jun-11
|
|
40 years
|
|
Nesconset Shopping Center
|
Port Jefferson Station, NY
|
|
|
|
5,510
|
|
|
19,752
|
|
|
5,558
|
|
|
5,510
|
|
|
25,310
|
|
|
30,820
|
|
|
(8,362)
|
|
|
1961
|
|
Jun-11
|
|
40 years
|
|
Roanoke Plaza
|
Riverhead, NY
|
|
|
|
5,050
|
|
|
14,771
|
|
|
1,796
|
|
|
5,050
|
|
|
16,567
|
|
|
21,617
|
|
|
(5,717)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
The Shops at Riverhead
|
Riverhead, NY
|
|
|
|
3,479
|
|
|
—
|
|
|
38,652
|
|
|
3,899
|
|
|
38,232
|
|
|
42,131
|
|
|
(6,401)
|
|
|
2018
|
|
Jun-11
|
|
40 years
|
|
Rockville Centre
|
Rockville Centre, NY
|
|
|
|
3,590
|
|
|
6,935
|
|
|
391
|
|
|
3,590
|
|
|
7,326
|
|
|
10,916
|
|
|
(2,461)
|
|
|
1975
|
|
Jun-11
|
|
40 years
|
|
College Plaza
|
Selden, NY
|
|
|
|
7,735
|
|
|
6,271
|
|
|
18,326
|
|
|
8,270
|
|
|
24,062
|
|
|
32,332
|
|
|
(7,374)
|
|
|
2013
|
|
Jun-11
|
|
40 years
|
|
Campus Plaza
|
Vestal, NY
|
|
|
|
1,170
|
|
|
16,039
|
|
|
1,366
|
|
|
1,170
|
|
|
17,405
|
|
|
18,575
|
|
|
(7,143)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Parkway Plaza
|
Vestal, NY
|
|
|
|
2,149
|
|
|
18,501
|
|
|
1,761
|
|
|
2,149
|
|
|
20,262
|
|
|
22,411
|
|
|
(10,065)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to Acquisition
|
|
Gross Amount at Which Carried
|
|
|
|
|
|
|
|
Life over Which Depreciated - Latest Income Statement
|
|
|
|
|
|
|
Initial Cost to Company
|
|
|
at the Close of the Period
|
|
|
|
|
|
|
|
|
Description(1)
|
|
|
|
Land
|
|
Building & Improvements
|
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Year Constructed(2)
|
|
Date Acquired
|
|
|
Shoppes at Vestal
|
Vestal, NY
|
|
|
|
1,340
|
|
|
14,531
|
|
|
261
|
|
|
1,340
|
|
|
14,792
|
|
|
16,132
|
|
|
(4,171)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Town Square Mall
|
Vestal, NY
|
|
|
|
2,520
|
|
|
39,636
|
|
|
6,729
|
|
|
2,520
|
|
|
46,365
|
|
|
48,885
|
|
|
(16,242)
|
|
|
1991
|
|
Jun-11
|
|
40 years
|
|
The Plaza at Salmon Run
|
Watertown, NY
|
|
|
|
1,420
|
|
|
12,243
|
|
|
(3,087)
|
|
|
1,420
|
|
|
9,156
|
|
|
10,576
|
|
|
(3,887)
|
|
|
1993
|
|
Jun-11
|
|
40 years
|
|
Highridge Plaza
|
Yonkers, NY
|
|
|
|
6,020
|
|
|
16,074
|
|
|
3,294
|
|
|
6,020
|
|
|
19,368
|
|
|
25,388
|
|
|
(5,805)
|
|
|
1977
|
|
Jun-11
|
|
40 years
|
|
Brunswick Town Center
|
Brunswick, OH
|
|
|
|
2,930
|
|
|
18,132
|
|
|
2,379
|
|
|
2,930
|
|
|
20,511
|
|
|
23,441
|
|
|
(6,626)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Brentwood Plaza
|
Cincinnati, OH
|
|
|
|
5,090
|
|
|
19,432
|
|
|
3,472
|
|
|
5,090
|
|
|
22,904
|
|
|
27,994
|
|
|
(8,961)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Delhi Shopping Center
|
Cincinnati, OH
|
|
|
|
3,690
|
|
|
7,711
|
|
|
2,495
|
|
|
3,690
|
|
|
10,206
|
|
|
13,896
|
|
|
(4,167)
|
|
|
1973
|
|
Jun-11
|
|
40 years
|
|
Harpers Station
|
Cincinnati, OH
|
|
|
|
3,110
|
|
|
24,598
|
|
|
8,245
|
|
|
3,987
|
|
|
31,966
|
|
|
35,953
|
|
|
(12,291)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Western Hills Plaza
|
Cincinnati, OH
|
|
|
|
8,690
|
|
|
25,100
|
|
|
17,406
|
|
|
8,690
|
|
|
42,506
|
|
|
51,196
|
|
|
(9,992)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Western Village
|
Cincinnati, OH
|
|
|
|
3,370
|
|
|
12,097
|
|
|
1,836
|
|
|
3,420
|
|
|
13,883
|
|
|
17,303
|
|
|
(5,552)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Crown Point
|
Columbus, OH
|
|
|
|
2,120
|
|
|
14,253
|
|
|
2,199
|
|
|
2,120
|
|
|
16,452
|
|
|
18,572
|
|
|
(7,457)
|
|
|
1980
|
|
Jun-11
|
|
40 years
|
|
Greentree Shopping Center
|
Columbus, OH
|
|
|
|
1,920
|
|
|
12,016
|
|
|
1,173
|
|
|
1,920
|
|
|
13,189
|
|
|
15,109
|
|
|
(6,668)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
South Towne Centre
|
Dayton, OH
|
|
|
|
4,990
|
|
|
42,063
|
|
|
8,249
|
|
|
4,990
|
|
|
50,312
|
|
|
55,302
|
|
|
(20,223)
|
|
|
1972
|
|
Jun-11
|
|
40 years
|
|
Southland Shopping Center
|
Middleburg Heights, OH
|
|
|
|
4,659
|
|
|
37,177
|
|
|
10,445
|
|
|
4,659
|
|
|
47,622
|
|
|
52,281
|
|
|
(18,029)
|
|
|
1951
|
|
Jun-11
|
|
40 years
|
|
The Shoppes at North Olmsted
|
North Olmsted, OH
|
|
|
|
510
|
|
|
3,987
|
|
|
44
|
|
|
510
|
|
|
4,031
|
|
|
4,541
|
|
|
(1,911)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Surrey Square Mall
|
Norwood, OH
|
|
|
|
3,900
|
|
|
16,439
|
|
|
2,559
|
|
|
3,900
|
|
|
18,998
|
|
|
22,898
|
|
|
(7,546)
|
|
|
2010
|
|
Jun-11
|
|
40 years
|
|
Brice Park
|
Reynoldsburg, OH
|
|
|
|
2,606
|
|
|
11,698
|
|
|
23
|
|
|
1,900
|
|
|
12,427
|
|
|
14,327
|
|
|
(4,970)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Miracle Mile Shopping Plaza
|
Toledo, OH
|
|
|
|
1,411
|
|
|
13,473
|
|
|
5,396
|
|
|
1,411
|
|
|
18,869
|
|
|
20,280
|
|
|
(8,771)
|
|
|
1955
|
|
Jun-11
|
|
40 years
|
|
Marketplace
|
Tulsa, OK
|
|
|
|
5,040
|
|
|
12,401
|
|
|
3,501
|
|
|
5,040
|
|
|
15,902
|
|
|
20,942
|
|
|
(7,802)
|
|
|
1992
|
|
Jun-11
|
|
40 years
|
|
Village West
|
Allentown, PA
|
|
|
|
4,180
|
|
|
22,593
|
|
|
1,884
|
|
|
4,180
|
|
|
24,477
|
|
|
28,657
|
|
|
(8,898)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Park Hills Plaza
|
Altoona, PA
|
|
|
|
4,390
|
|
|
20,965
|
|
|
9,164
|
|
|
4,390
|
|
|
30,129
|
|
|
34,519
|
|
|
(10,120)
|
|
|
1985
|
|
Jun-11
|
|
40 years
|
|
Bethel Park Shopping Center
|
Bethel Park, PA
|
|
|
|
3,060
|
|
|
18,281
|
|
|
2,402
|
|
|
3,060
|
|
|
20,683
|
|
|
23,743
|
|
|
(9,649)
|
|
|
1965
|
|
Jun-11
|
|
40 years
|
|
Lehigh Shopping Center
|
Bethlehem, PA
|
|
|
|
6,980
|
|
|
30,098
|
|
|
10,347
|
|
|
6,980
|
|
|
40,445
|
|
|
47,425
|
|
|
(15,485)
|
|
|
1955
|
|
Jun-11
|
|
40 years
|
|
Bristol Park
|
Bristol, PA
|
|
|
|
3,180
|
|
|
18,807
|
|
|
2,682
|
|
|
3,180
|
|
|
21,489
|
|
|
24,669
|
|
|
(7,532)
|
|
|
1993
|
|
Jun-11
|
|
40 years
|
|
Chalfont Village Shopping Center
|
Chalfont, PA
|
|
|
|
1,040
|
|
|
3,625
|
|
|
(30)
|
|
|
1,040
|
|
|
3,595
|
|
|
4,635
|
|
|
(1,306)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
New Britain Village Square
|
Chalfont, PA
|
|
|
|
4,250
|
|
|
23,452
|
|
|
3,381
|
|
|
4,250
|
|
|
26,833
|
|
|
31,083
|
|
|
(8,340)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Collegeville Shopping Center
|
Collegeville, PA
|
|
|
|
3,410
|
|
|
6,310
|
|
|
7,560
|
|
|
3,410
|
|
|
13,870
|
|
|
17,280
|
|
|
(4,554)
|
|
|
2020
|
|
Jun-11
|
|
40 years
|
|
Plymouth Square Shopping Center
|
Conshohocken, PA
|
|
|
|
17,002
|
|
|
43,945
|
|
|
18,561
|
|
|
17,001
|
|
|
62,507
|
|
|
79,508
|
|
|
(5,360)
|
|
|
1959
|
|
May-19
|
|
40 years
|
|
Whitemarsh Shopping Center
|
Conshohocken, PA
|
|
|
|
3,410
|
|
|
11,287
|
|
|
5,962
|
|
|
3,410
|
|
|
17,249
|
|
|
20,659
|
|
|
(4,826)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Valley Fair
|
Devon, PA
|
|
|
|
1,810
|
|
|
3,783
|
|
|
1,689
|
|
|
1,810
|
|
|
5,472
|
|
|
7,282
|
|
|
(1,802)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Dickson City Crossings
|
Dickson City, PA
|
|
|
|
3,780
|
|
|
29,062
|
|
|
6,015
|
|
|
4,800
|
|
|
34,057
|
|
|
38,857
|
|
|
(12,599)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Barn Plaza
|
Doylestown, PA
|
|
|
|
8,780
|
|
|
27,925
|
|
|
3,340
|
|
|
8,780
|
|
|
31,265
|
|
|
40,045
|
|
|
(13,279)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Pilgrim Gardens
|
Drexel Hill, PA
|
|
|
|
2,090
|
|
|
4,690
|
|
|
5,142
|
|
|
2,090
|
|
|
9,832
|
|
|
11,922
|
|
|
(4,264)
|
|
|
1955
|
|
Jun-11
|
|
40 years
|
|
New Garden Center
|
Kennett Square, PA
|
|
|
|
2,240
|
|
|
6,665
|
|
|
3,321
|
|
|
2,240
|
|
|
9,986
|
|
|
12,226
|
|
|
(3,720)
|
|
|
1979
|
|
Jun-11
|
|
40 years
|
|
North Penn Market Place
|
Lansdale, PA
|
|
|
|
3,060
|
|
|
4,909
|
|
|
1,889
|
|
|
3,060
|
|
|
6,798
|
|
|
9,858
|
|
|
(2,451)
|
|
|
1977
|
|
Jun-11
|
|
40 years
|
|
Village at Newtown
|
Newtown, PA
|
|
|
|
7,690
|
|
|
35,589
|
|
|
44,911
|
|
|
7,690
|
|
|
80,500
|
|
|
88,190
|
|
|
(15,541)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Ivyridge
|
Philadelphia, PA
|
|
|
|
7,100
|
|
|
17,543
|
|
|
3,279
|
|
|
7,100
|
|
|
20,822
|
|
|
27,922
|
|
|
(5,887)
|
|
|
1963
|
|
Jun-11
|
|
40 years
|
|
Roosevelt Mall
|
Philadelphia, PA
|
|
|
|
10,970
|
|
|
85,839
|
|
|
16,865
|
|
|
10,970
|
|
|
102,704
|
|
|
113,674
|
|
|
(33,741)
|
|
|
2020
|
|
Jun-11
|
|
40 years
|
|
Shoppes at Valley Forge
|
Phoenixville, PA
|
|
|
|
2,010
|
|
|
12,010
|
|
|
2,480
|
|
|
2,010
|
|
|
14,490
|
|
|
16,500
|
|
|
(6,263)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
County Line Plaza
|
Souderton, PA
|
|
|
|
910
|
|
|
6,988
|
|
|
3,992
|
|
|
910
|
|
|
10,980
|
|
|
11,890
|
|
|
(4,674)
|
|
|
1971
|
|
Jun-11
|
|
40 years
|
|
69th Street Plaza
|
Upper Darby, PA
|
|
|
|
640
|
|
|
4,315
|
|
|
1,019
|
|
|
640
|
|
|
5,334
|
|
|
5,974
|
|
|
(1,780)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Warminster Towne Center
|
Warminster, PA
|
|
|
|
4,310
|
|
|
34,434
|
|
|
2,263
|
|
|
4,310
|
|
|
36,697
|
|
|
41,007
|
|
|
(12,881)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Shops at Prospect
|
West Hempfield, PA
|
|
|
|
760
|
|
|
6,261
|
|
|
1,082
|
|
|
760
|
|
|
7,343
|
|
|
8,103
|
|
|
(2,684)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Whitehall Square
|
Whitehall, PA
|
|
|
|
4,350
|
|
|
29,714
|
|
|
4,130
|
|
|
4,350
|
|
|
33,844
|
|
|
38,194
|
|
|
(11,792)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Wilkes-Barre Township Marketplace
|
Wilkes-Barre , PA
|
|
|
|
2,180
|
|
|
15,930
|
|
|
4,174
|
|
|
2,180
|
|
|
20,104
|
|
|
22,284
|
|
|
(9,672)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Belfair Towne Village
|
Bluffton, SC
|
|
|
|
4,265
|
|
|
30,308
|
|
|
3,473
|
|
|
4,265
|
|
|
33,781
|
|
|
38,046
|
|
|
(9,125)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Milestone Plaza
|
Greenville, SC
|
|
|
|
2,563
|
|
|
15,295
|
|
|
3,172
|
|
|
2,563
|
|
|
18,467
|
|
|
21,030
|
|
|
(5,485)
|
|
|
1995
|
|
Oct-13
|
|
40 years
|
|
Circle Center
|
Hilton Head, SC
|
|
|
|
3,010
|
|
|
5,707
|
|
|
870
|
|
|
3,010
|
|
|
6,577
|
|
|
9,587
|
|
|
(3,336)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Island Plaza
|
James Island, SC
|
|
|
|
2,940
|
|
|
8,467
|
|
|
4,159
|
|
|
2,940
|
|
|
12,626
|
|
|
15,566
|
|
|
(5,425)
|
|
|
1994
|
|
Jun-11
|
|
40 years
|
|
Festival Centre
|
North Charleston, SC
|
|
|
|
3,630
|
|
|
7,342
|
|
|
7,983
|
|
|
3,630
|
|
|
15,325
|
|
|
18,955
|
|
|
(6,954)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
Pawleys Island Plaza
|
Pawleys Island, SC
|
|
|
|
5,264
|
|
|
21,804
|
|
|
—
|
|
|
5,264
|
|
|
21,804
|
|
|
27,068
|
|
|
(244)
|
|
|
2015
|
|
Oct-21
|
|
40 years
|
|
Fairview Corners I & II
|
Simpsonville, SC
|
|
|
|
2,370
|
|
|
16,339
|
|
|
3,042
|
|
|
2,370
|
|
|
19,381
|
|
|
21,751
|
|
|
(6,975)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Hillcrest Market Place
|
Spartanburg, SC
|
|
|
|
4,190
|
|
|
31,398
|
|
|
8,272
|
|
|
4,190
|
|
|
39,670
|
|
|
43,860
|
|
|
(14,934)
|
|
|
1965
|
|
Jun-11
|
|
40 years
|
|
East Ridge Crossing
|
Chattanooga , TN
|
|
|
|
1,222
|
|
|
3,924
|
|
|
701
|
|
|
1,222
|
|
|
4,625
|
|
|
5,847
|
|
|
(1,979)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Watson Glen Shopping Center
|
Franklin, TN
|
|
|
|
5,220
|
|
|
13,075
|
|
|
3,363
|
|
|
5,220
|
|
|
16,438
|
|
|
21,658
|
|
|
(7,150)
|
|
|
1988
|
|
Jun-11
|
|
40 years
|
|
Williamson Square
|
Franklin, TN
|
|
|
|
7,730
|
|
|
17,472
|
|
|
10,657
|
|
|
7,730
|
|
|
28,129
|
|
|
35,859
|
|
|
(12,510)
|
|
|
1988
|
|
Jun-11
|
|
40 years
|
|
Greeneville Commons
|
Greeneville, TN
|
|
|
|
2,880
|
|
|
10,643
|
|
|
6,345
|
|
|
2,880
|
|
|
16,988
|
|
|
19,868
|
|
|
(5,087)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Kingston Overlook
|
Knoxville, TN
|
|
|
|
2,060
|
|
|
3,727
|
|
|
3,715
|
|
|
2,060
|
|
|
7,442
|
|
|
9,502
|
|
|
(1,730)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
The Commons at Wolfcreek
|
Memphis, TN
|
|
|
|
22,530
|
|
|
48,316
|
|
|
31,409
|
|
|
23,240
|
|
|
79,015
|
|
|
102,255
|
|
|
(26,188)
|
|
|
2014
|
|
Jun-11
|
|
40 years
|
|
Georgetown Square
|
Murfreesboro, TN
|
|
|
|
3,250
|
|
|
7,147
|
|
|
3,350
|
|
|
3,716
|
|
|
10,031
|
|
|
13,747
|
|
|
(3,520)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Nashboro Village
|
Nashville, TN
|
|
|
|
2,243
|
|
|
11,488
|
|
|
373
|
|
|
2,243
|
|
|
11,861
|
|
|
14,104
|
|
|
(4,336)
|
|
|
1998
|
|
Oct-13
|
|
40 years
|
|
Parmer Crossing
|
Austin, TX
|
|
|
|
5,927
|
|
|
9,854
|
|
|
3,285
|
|
|
5,927
|
|
|
13,139
|
|
|
19,066
|
|
|
(4,824)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Baytown Shopping Center
|
Baytown, TX
|
|
|
|
3,410
|
|
|
9,082
|
|
|
1,189
|
|
|
3,410
|
|
|
10,271
|
|
|
13,681
|
|
|
(6,035)
|
|
|
1987
|
|
Jun-11
|
|
40 years
|
|
El Camino
|
Bellaire, TX
|
|
|
|
1,320
|
|
|
3,589
|
|
|
882
|
|
|
1,320
|
|
|
4,471
|
|
|
5,791
|
|
|
(1,875)
|
|
|
2008
|
|
Jun-11
|
|
40 years
|
|
Townshire
|
Bryan, TX
|
|
|
|
1,790
|
|
|
6,296
|
|
|
934
|
|
|
1,790
|
|
|
7,230
|
|
|
9,020
|
|
|
(4,040)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Central Station
|
College Station, TX
|
|
|
|
4,340
|
|
|
19,214
|
|
|
5,068
|
|
|
4,340
|
|
|
24,282
|
|
|
28,622
|
|
|
(7,846)
|
|
|
1976
|
|
Jun-11
|
|
40 years
|
|
Rock Prairie Crossing
|
College Station, TX
|
|
|
|
2,401
|
|
|
13,247
|
|
|
521
|
|
|
2,401
|
|
|
13,768
|
|
|
16,169
|
|
|
(6,263)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent to Acquisition
|
|
Gross Amount at Which Carried
|
|
|
|
|
|
|
|
Life over Which Depreciated - Latest Income Statement
|
|
|
|
|
|
|
Initial Cost to Company
|
|
|
at the Close of the Period
|
|
|
|
|
|
|
|
|
Description(1)
|
|
|
|
Land
|
|
Building & Improvements
|
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Year Constructed(2)
|
|
Date Acquired
|
|
|
Carmel Village
|
Corpus Christi, TX
|
|
|
|
1,900
|
|
|
3,938
|
|
|
5,653
|
|
|
1,900
|
|
|
9,591
|
|
|
11,491
|
|
|
(2,204)
|
|
|
2019
|
|
Jun-11
|
|
40 years
|
|
Claremont Village
|
Dallas, TX
|
|
|
|
1,700
|
|
|
1,568
|
|
|
282
|
|
|
1,700
|
|
|
1,850
|
|
|
3,550
|
|
|
(684)
|
|
|
1976
|
|
Jun-11
|
|
40 years
|
|
Kessler Plaza
|
Dallas, TX
|
|
|
|
1,390
|
|
|
2,863
|
|
|
887
|
|
|
1,390
|
|
|
3,750
|
|
|
5,140
|
|
|
(1,347)
|
|
|
1975
|
|
Jun-11
|
|
40 years
|
|
Stevens Park Village
|
Dallas, TX
|
|
|
|
1,270
|
|
|
2,350
|
|
|
1,503
|
|
|
1,270
|
|
|
3,853
|
|
|
5,123
|
|
|
(2,194)
|
|
|
1974
|
|
Jun-11
|
|
40 years
|
|
Webb Royal Plaza
|
Dallas, TX
|
|
|
|
2,470
|
|
|
4,456
|
|
|
2,008
|
|
|
2,470
|
|
|
6,464
|
|
|
8,934
|
|
|
(3,118)
|
|
|
1961
|
|
Jun-11
|
|
40 years
|
|
Wynnewood Village
|
Dallas, TX
|
|
|
|
16,982
|
|
|
41,269
|
|
|
30,994
|
|
|
17,199
|
|
|
72,046
|
|
|
89,245
|
|
|
(19,224)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Parktown
|
Deer Park, TX
|
|
|
|
2,790
|
|
|
6,814
|
|
|
1,175
|
|
|
2,790
|
|
|
7,989
|
|
|
10,779
|
|
|
(4,190)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Preston Ridge
|
Frisco, TX
|
|
|
|
25,820
|
|
|
117,346
|
|
|
20,737
|
|
|
25,820
|
|
|
138,083
|
|
|
163,903
|
|
|
(46,239)
|
|
|
2018
|
|
Jun-11
|
|
40 years
|
|
Ridglea Plaza
|
Ft. Worth, TX
|
|
|
|
2,770
|
|
|
15,143
|
|
|
1,265
|
|
|
2,770
|
|
|
16,408
|
|
|
19,178
|
|
|
(6,291)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Trinity Commons
|
Ft. Worth, TX
|
|
|
|
5,780
|
|
|
24,474
|
|
|
4,349
|
|
|
5,780
|
|
|
28,823
|
|
|
34,603
|
|
|
(11,729)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Village Plaza
|
Garland, TX
|
|
|
|
3,230
|
|
|
6,403
|
|
|
1,576
|
|
|
3,230
|
|
|
7,979
|
|
|
11,209
|
|
|
(3,166)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Highland Village Town Center
|
Highland Village, TX
|
|
|
|
3,370
|
|
|
5,148
|
|
|
2,762
|
|
|
3,370
|
|
|
7,910
|
|
|
11,280
|
|
|
(2,328)
|
|
|
1996
|
|
Jun-11
|
|
40 years
|
|
Bay Forest
|
Houston, TX
|
|
|
|
1,500
|
|
|
6,478
|
|
|
539
|
|
|
1,500
|
|
|
7,017
|
|
|
8,517
|
|
|
(2,770)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Beltway South
|
Houston, TX
|
|
|
|
3,340
|
|
|
9,666
|
|
|
893
|
|
|
3,340
|
|
|
10,559
|
|
|
13,899
|
|
|
(4,968)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Braes Heights
|
Houston, TX
|
|
|
|
1,700
|
|
|
13,942
|
|
|
9,970
|
|
|
1,700
|
|
|
23,912
|
|
|
25,612
|
|
|
(5,609)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Braesgate
|
Houston, TX
|
|
|
|
1,570
|
|
|
2,541
|
|
|
864
|
|
|
1,570
|
|
|
3,405
|
|
|
4,975
|
|
|
(1,658)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Broadway
|
Houston, TX
|
|
|
|
1,720
|
|
|
5,150
|
|
|
2,733
|
|
|
1,720
|
|
|
7,883
|
|
|
9,603
|
|
|
(2,601)
|
|
|
2006
|
|
Jun-11
|
|
40 years
|
|
Clear Lake Camino South
|
Houston, TX
|
|
|
|
3,320
|
|
|
11,723
|
|
|
2,247
|
|
|
3,320
|
|
|
13,970
|
|
|
17,290
|
|
|
(5,106)
|
|
|
1964
|
|
Jun-11
|
|
40 years
|
|
Hearthstone Corners
|
Houston, TX
|
|
|
|
5,240
|
|
|
10,356
|
|
|
5,544
|
|
|
5,240
|
|
|
15,900
|
|
|
21,140
|
|
|
(4,723)
|
|
|
2019
|
|
Jun-11
|
|
40 years
|
|
Jester Village
|
Houston, TX
|
|
|
|
1,380
|
|
|
4,060
|
|
|
9,743
|
|
|
1,380
|
|
|
13,803
|
|
|
15,183
|
|
|
(1,577)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Jones Plaza
|
Houston, TX
|
|
|
|
2,110
|
|
|
9,252
|
|
|
4,241
|
|
|
2,110
|
|
|
13,493
|
|
|
15,603
|
|
|
(3,473)
|
|
|
2021
|
|
Jun-11
|
|
40 years
|
|
Jones Square
|
Houston, TX
|
|
|
|
3,210
|
|
|
10,570
|
|
|
1,300
|
|
|
3,210
|
|
|
11,870
|
|
|
15,080
|
|
|
(4,470)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Maplewood
|
Houston, TX
|
|
|
|
1,790
|
|
|
4,977
|
|
|
2,079
|
|
|
1,790
|
|
|
7,056
|
|
|
8,846
|
|
|
(2,433)
|
|
|
2004
|
|
Jun-11
|
|
40 years
|
|
Merchants Park
|
Houston, TX
|
|
|
|
6,580
|
|
|
30,721
|
|
|
4,718
|
|
|
6,580
|
|
|
35,439
|
|
|
42,019
|
|
|
(14,237)
|
|
|
2009
|
|
Jun-11
|
|
40 years
|
|
Northgate
|
Houston, TX
|
|
|
|
740
|
|
|
1,116
|
|
|
605
|
|
|
740
|
|
|
1,721
|
|
|
2,461
|
|
|
(572)
|
|
|
1972
|
|
Jun-11
|
|
40 years
|
|
Northshore
|
Houston, TX
|
|
|
|
5,970
|
|
|
21,918
|
|
|
4,877
|
|
|
5,970
|
|
|
26,795
|
|
|
32,765
|
|
|
(10,356)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Northtown Plaza
|
Houston, TX
|
|
|
|
4,990
|
|
|
16,064
|
|
|
6,519
|
|
|
4,990
|
|
|
22,583
|
|
|
27,573
|
|
|
(6,442)
|
|
|
1960
|
|
Jun-11
|
|
40 years
|
|
Orange Grove
|
Houston, TX
|
|
|
|
3,670
|
|
|
15,229
|
|
|
1,891
|
|
|
3,670
|
|
|
17,120
|
|
|
20,790
|
|
|
(8,100)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Royal Oaks Village
|
Houston, TX
|
|
|
|
4,620
|
|
|
29,153
|
|
|
2,266
|
|
|
4,620
|
|
|
31,419
|
|
|
36,039
|
|
|
(10,480)
|
|
|
2001
|
|
Jun-11
|
|
40 years
|
|
Tanglewilde Center
|
Houston, TX
|
|
|
|
1,620
|
|
|
6,911
|
|
|
2,361
|
|
|
1,620
|
|
|
9,272
|
|
|
10,892
|
|
|
(3,530)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Westheimer Commons
|
Houston, TX
|
|
|
|
5,160
|
|
|
11,398
|
|
|
6,053
|
|
|
5,160
|
|
|
17,451
|
|
|
22,611
|
|
|
(7,743)
|
|
|
1984
|
|
Jun-11
|
|
40 years
|
|
Crossroads Centre - Pasadena
|
Pasadena, TX
|
|
|
|
4,660
|
|
|
10,759
|
|
|
7,413
|
|
|
4,660
|
|
|
18,172
|
|
|
22,832
|
|
|
(6,018)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Spencer Square
|
Pasadena, TX
|
|
|
|
5,360
|
|
|
18,568
|
|
|
1,645
|
|
|
5,360
|
|
|
20,213
|
|
|
25,573
|
|
|
(7,974)
|
|
|
1998
|
|
Jun-11
|
|
40 years
|
|
Pearland Plaza
|
Pearland, TX
|
|
|
|
3,020
|
|
|
8,411
|
|
|
2,269
|
|
|
3,020
|
|
|
10,680
|
|
|
13,700
|
|
|
(4,330)
|
|
|
1995
|
|
Jun-11
|
|
40 years
|
|
Market Plaza
|
Plano, TX
|
|
|
|
6,380
|
|
|
18,923
|
|
|
1,954
|
|
|
6,380
|
|
|
20,877
|
|
|
27,257
|
|
|
(7,795)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Preston Park Village
|
Plano, TX
|
|
|
|
8,506
|
|
|
74,066
|
|
|
4,715
|
|
|
8,506
|
|
|
78,781
|
|
|
87,287
|
|
|
(19,372)
|
|
|
1985
|
|
Oct-13
|
|
40 years
|
|
Keegan's Meadow
|
Stafford, TX
|
|
|
|
3,300
|
|
|
9,309
|
|
|
1,511
|
|
|
3,300
|
|
|
10,820
|
|
|
14,120
|
|
|
(3,921)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Texas City Bay
|
Texas City, TX
|
|
|
|
3,780
|
|
|
14,976
|
|
|
10,295
|
|
|
3,780
|
|
|
25,271
|
|
|
29,051
|
|
|
(7,396)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Windvale Center
|
The Woodlands, TX
|
|
|
|
3,460
|
|
|
6,201
|
|
|
1,125
|
|
|
3,460
|
|
|
7,326
|
|
|
10,786
|
|
|
(2,111)
|
|
|
2002
|
|
Jun-11
|
|
40 years
|
|
Culpeper Town Square
|
Culpeper, VA
|
|
|
|
3,200
|
|
|
6,669
|
|
|
1,966
|
|
|
3,200
|
|
|
8,635
|
|
|
11,835
|
|
|
(3,001)
|
|
|
1999
|
|
Jun-11
|
|
40 years
|
|
Hanover Square
|
Mechanicsville, VA
|
|
|
|
3,540
|
|
|
14,408
|
|
|
6,637
|
|
|
3,540
|
|
|
21,045
|
|
|
24,585
|
|
|
(6,272)
|
|
|
1991
|
|
Jun-11
|
|
40 years
|
|
Tuckernuck Square
|
Richmond, VA
|
|
|
|
2,400
|
|
|
9,022
|
|
|
3,141
|
|
|
2,400
|
|
|
12,163
|
|
|
14,563
|
|
|
(3,710)
|
|
|
1981
|
|
Jun-11
|
|
40 years
|
|
Cave Spring Corners
|
Roanoke, VA
|
|
|
|
3,060
|
|
|
10,928
|
|
|
1,058
|
|
|
3,060
|
|
|
11,986
|
|
|
15,046
|
|
|
(5,907)
|
|
|
2005
|
|
Jun-11
|
|
40 years
|
|
Hunting Hills
|
Roanoke, VA
|
|
|
|
1,116
|
|
|
7,308
|
|
|
2,692
|
|
|
1,116
|
|
|
10,000
|
|
|
11,116
|
|
|
(4,481)
|
|
|
1989
|
|
Jun-11
|
|
40 years
|
|
Hilltop Plaza
|
Virginia Beach, VA
|
|
|
|
5,154
|
|
|
20,471
|
|
|
5,954
|
|
|
5,154
|
|
|
26,425
|
|
|
31,579
|
|
|
(9,460)
|
|
|
2010
|
|
Jun-11
|
|
40 years
|
|
Rutland Plaza
|
Rutland, VT
|
|
|
|
1,722
|
|
|
16,382
|
|
|
770
|
|
|
1,722
|
|
|
17,152
|
|
|
18,874
|
|
|
(6,240)
|
|
|
1997
|
|
Jun-11
|
|
40 years
|
|
Spring Mall
|
Greenfield, WI
|
|
|
|
1,768
|
|
|
8,813
|
|
|
(3,406)
|
|
|
912
|
|
|
6,263
|
|
|
7,175
|
|
|
(2,420)
|
|
|
2003
|
|
Jun-11
|
|
40 years
|
|
Mequon Pavilions
|
Mequon, WI
|
|
|
|
7,520
|
|
|
27,111
|
|
|
13,768
|
|
|
7,520
|
|
|
40,879
|
|
|
48,399
|
|
|
(13,262)
|
|
|
1967
|
|
Jun-11
|
|
40 years
|
|
Moorland Square Shopping Ctr
|
New Berlin, WI
|
|
|
|
2,080
|
|
|
8,711
|
|
|
1,818
|
|
|
2,080
|
|
|
10,529
|
|
|
12,609
|
|
|
(4,174)
|
|
|
1990
|
|
Jun-11
|
|
40 years
|
|
Paradise Pavilion
|
West Bend, WI
|
|
|
|
1,510
|
|
|
15,110
|
|
|
1,500
|
|
|
1,510
|
|
|
16,610
|
|
|
18,120
|
|
|
(7,752)
|
|
|
2000
|
|
Jun-11
|
|
40 years
|
|
Grand Central Plaza
|
Parkersburg, WV
|
|
|
|
670
|
|
|
5,649
|
|
|
435
|
|
|
670
|
|
|
6,084
|
|
|
6,754
|
|
|
(2,277)
|
|
|
1986
|
|
Jun-11
|
|
40 years
|
|
Remaining portfolio
|
Various
|
|
|
|
—
|
|
|
—
|
|
|
6,270
|
|
|
—
|
|
|
6,270
|
|
|
6,270
|
|
|
(153)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,755,181
|
|
|
$
|
6,534,320
|
|
|
$
|
2,138,913
|
|
|
$
|
1,773,448
|
|
|
$
|
8,654,966
|
|
|
$
|
10,428,414
|
|
|
$
|
(2,813,329)
|
|
|
|
|
|
|
|
(1) As of December 31, 2021, all of the Company’s shopping centers were unencumbered.
(2) Year constructed is calculated based on the year of the most recent redevelopment of the shopping center or based on year built if no redevelopment has occurred.
As of December 31, 2021, the aggregate cost for federal income tax purposes was approximately $11.6 billion.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ending December 31,
|
|
|
2021
|
|
2020
|
|
2019
|
|
[a] Reconciliation of total real estate carrying value is as follows:
|
|
|
|
|
|
|
Balance at beginning of year
|
$
|
10,163,561
|
|
|
$
|
10,123,600
|
|
|
$
|
10,098,777
|
|
|
Acquisitions and improvements
|
579,156
|
|
|
276,321
|
|
|
478,719
|
|
|
Real estate held for sale
|
(23,520)
|
|
|
(21,927)
|
|
|
(36,836)
|
|
|
Impairment of real estate
|
(1,898)
|
|
|
(19,551)
|
|
|
(24,402)
|
|
|
Cost of property sold
|
(211,218)
|
|
|
(102,688)
|
|
|
(305,380)
|
|
|
Write-off of assets no longer in service
|
(77,667)
|
|
|
(92,194)
|
|
|
(87,278)
|
|
|
Balance at end of year
|
$
|
10,428,414
|
|
|
$
|
10,163,561
|
|
|
$
|
10,123,600
|
|
|
|
|
|
|
|
|
|
[b] Reconciliation of accumulated depreciation as follows:
|
|
|
|
|
|
|
Balance at beginning of year
|
$
|
2,659,448
|
|
|
$
|
2,481,250
|
|
|
$
|
2,349,127
|
|
|
Depreciation expense
|
314,689
|
|
|
295,645
|
|
|
299,993
|
|
|
Property sold
|
(75,870)
|
|
|
(42,658)
|
|
|
(99,305)
|
|
|
Write-off of assets no longer in service
|
(84,938)
|
|
|
(74,789)
|
|
|
(68,565)
|
|
|
Balance at end of year
|
$
|
2,813,329
|
|
|
$
|
2,659,448
|
|
|
$
|
2,481,250
|
|