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 common stock of BPG Subsidiary Inc. (“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 believe we own and operate one of the largest open airopen-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, 2018,2020, our portfolio was comprised of 425393 shopping centers (the “Portfolio”) totaling approximately 7469 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“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, 2018,2020, our three largest tenants by annualized base rent (“ABR“ABR”) were The TJX Companies, Inc., The Kroger Co., and Dollar Tree Stores, Inc. In the opinion of our management, no material part of our and our subsidiaries’ 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 2020.
As of December 31, 2018,2020, BPG beneficially owned, through its direct and indirect interest in BPG Sub and the General Partner, 100% of the outstanding partnership common units of interest (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, 2018.
2020:
| Number of Shopping Centers | |||||
| GLA (square feet) | |||||
| $ | |||||
New, Renewal and Option Volume (square feet)(2) | 9.6 million | ||||
New Lease Volume (square feet)(2) | |||||
Percent Grocery-anchored Shopping Centers | |||||
| Percent of ABR in Top 50 U.S. MSAs | |||||
Average Effective Age | |||||
(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, 2020.
(3)Based on comparable leases only.only, which consist of new leases signed on units that were occupied within the prior 12 months and renewal 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 first generation space are non-comparable and excluded from New Rent Spread.
(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.
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Impacts on Business from 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 our business, our tenants and the global economy. See “Impacts on Business from COVID-19” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further information.
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 goalpurpose of owning and managing properties that are the centercenters 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, (ii) occupancy growth, and (iii) embedded contractual rent bumps.occupancy growth. Strong new leasing productivity enablesover the past several years has also enabled us to consistently improve the credit of our tenancy and, combined with our efforts in 2020 to support our tenancy during COVID-19, we have continued to prioritize the vibrancy and relevancy of our Portfolio to retailers and consumers. Approximately 70% of our shopping centers are anchored by grocery stores, which have remained open throughout 2020. Despite the negative impact of COVID-19 on our operating results in 2020, our future growth drivers remain in place due to the resilience of our Portfolio and the credit of our tenancy. During 2018,2020, we executed 637419 new leases representing approximately 3.92.3 million square feet and 1,9791,381 total leases representing approximately 12.49.6 million square feet.
Over the past threeseveral years, we have heightened our focus on achieving higher contractual rent increases over the term of our new and renewal leases, providing for enhanced embedded contractual rent growth across our portfolio. During 2018,2020, 93% of our executed new leases reflectedhad embedded contractual rent growth provisions, reflecting an average in-place contractual rent increase over the lease term of 2.0% as2.1%.
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 2020, we achieved new lease rent spreads of 20.2% and blended new and renewal rent spreads of 7.3% excluding options, or 7.2% including options. Looking forward, the weighted average expiring ABR PSF of lease expirations through 2024 is $13.67 compared to 1.7%an average ABR PSF of $15.46 for new and renewal leases signed during 2020, excluding option exercises.
While our occupancy decreased in 2015. Additionally, 94%2020, we believe there is opportunity for occupancy gains in our Portfolio, especially 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 executed newoverall vibrancy and relevance of our centers. For spaces less than 10,000 square feet, leased occupancy was 83.8% at December 31, 2020, while our total leased occupancy was 90.7%.
At December 31, 2020, the spread between our total leased occupancy and our total billed occupancy was 290 basis points, which provides us strong visibility on future growth as it represents $37.6 million of ABR from leases during 2018 had embedded contractual rent growth provisions, compared with only 78% of the executed new leases during 2015.signed but not yet commenced.
Pursuing value-enhancing reinvestment opportunities. We believe that we have significant opportunity to achieve attractive risk-adjusted returns by investing incremental 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 the overall merchandise mix and tenant quality of our Portfolio. During 2018,Despite deferring certain elective capital expenditures during 2020 in response to COVID-19, we completed 27 stabilized 25 anchor space repositioning, redevelopment, outparcel development, and newoutparcel development projects, with ana weighted average incremental net operating income (“NOI”) yield of approximately 9%10% and an aggregate anticipated cost of approximately $131.0$113.2 million. As of December 31, 2018,2020, we had 60 projects in process atwith an expected weighted average incremental NOI yield of approximately 9%10% and an aggregate anticipated cost of $352.2$402.6 million. In addition, we have identified a pipeline of future redevelopmentreinvestment projects aggregating over $1.0 billion approximately $900.0 million of potentialpotential capital investment andwhich we expect to execute over the next several years we expect to accelerate the pace of such investment activity at expected NOI yields that are generally consistent with those which we have recently realized.
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Prudently executing on acquisition and disposition activity. We intend to actively pursue acquisition and disposition activityopportunities in order to further concentrate our Portfolio in attractive retail submarkets while optimizingand optimize the quality and long-term growth rate of our asset base.In general, our disposition strategy focuses on selling assets wherewhen we believe value has been maximized, where there is future downside risk, or where we have limited ability or desire to build critical mass in thea particular submarket, while our acquisition strategy focuses on buying assets with strong growth potential that are located in our existing markets and maywill allow us to more effectively leverage our operational platform and expertise. Acquisition activity may include acquisitions of other open-air shopping centers, non-owned anchor spaces and retail buildings and/or outparcels at, or adjacent to, our shopping centers in addition to acquisitions of our common stock, pursuant to a new $400.0 million share repurchase authorization announcedprogram established in 2017.January 2020, which replaced our prior program.
During 2018,2020, we received aggregate net proceeds of $957.5$121.4 million from property dispositions, which were utilized to repay $774.7 millionfund a portion of outstanding indebtedness, to fund our value-enhancing reinvestment program, acquire $3.4 million of assets, including transaction costs, and to repurchase $104.7$25.0 million of our common stock. During 2019,2021, we intend to be more balanced with respect to capital recycling activity, which may include utilizingutilize net disposition proceeds for our reinvestment program, property acquisitions, in addition to funding reinvestment projects and additional stock repurchases.repurchases, as warranted.
Maintaining a Flexible Capital Structure Positioned for Growth.We believe our current 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 currently have investment grade credit ratings from all three major credit rating agencies.
Operating in a Socially Responsible Manner. We believe that prioritizing the well-being of all our stakeholders is critical to delivering consistent, sustainable growth in cash flow also requires usgrowth. 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 focus onensure that our shopping centers are the environmental, social and economic well-being“centers of the communities we serve, our tenants and our employees. serve”.
As such, through initiatives such as our LED lighting conversion program and installation of electric vehicle charging stations, we havecontinue to make meaningful progress toward our established long-term targets relative to mitigatingmitigate our environmental impact including specific targets relating tothrough reductions in electric and water usage and greenhouse gas emissions, the development of on-site renewable energy, the conversion to LED lighting and the installation of electric vehicle charging stations.emissions. We are also partneringpartner with our tenants to achieve our sustainability goals through our innovative green lease provisions. In addition to establishing a framework for promoting sustainable operations in a triple net lease environment, these provisions which have facilitatedfacilitate the installation of solar panels, which provideproviding tenants with below-market-rate electricity from theseaccess to lower-cost on-site renewable energy systems.energy. As a result of our efforts, we have been recognized by GRESB as a Green Star recipient and by the Institute for Market Transformation and U.S. Department of Energy Better Buildings Alliance as a Green Lease Leader at the highest Gold level. In addition, we earned an “A” rating in GRESB’s Public Disclosure Score, reflecting the robustness of our material environmental, social and governance (“ESG”) disclosures.
Our ongoing commitment to sustainability and the local communities we serve is also evident in our approach to value-enhancing reinvestment activity, which is focused on transformingtransforms properties to meet the needs of the communities we serve through strategic remerchandisingrepositioning and redevelopment activity, executed with a focus on resource efficiency and energy management.efficiency. Additionally, we work to provide welcoming, safe and secure environmentsattractive 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 collaborate withfurther support our tenants throughcommunities 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 proactive property management, and we continuallyadditional services such as marketing support for our local tenants. We monitor our success through the use ofbiennial tenant engagement surveys. During the COVID-19 pandemic, we took critical steps to maintain our high property operational standards, while minimizing unnecessary expenses for Brixmor and its tenants as we prioritized enhanced safety and cleanliness protocols across our Portfolio.
Human Capital. As of December 31, 2020, we had 480 employees, including 474 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
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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 happier, more effective and more likely to think and act like owners. 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, a Board of Directors lunch series, book clubs and Company-wide community service projects. We believe our engagement and connectivity initiatives have contributed to our 98% employee satisfaction rating and 97% participation in annual reviews and talent development surveys.
•Growth: We encourage our employees to grow and develop their interests and passions by providing a number of personal and professional training and learning opportunities. In addition to comprehensive training programs geared toward job functions, we provide a number of innovative development programs, such as “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, the “Leasing Assistant Development Program,” a two-year intensive apprenticeship program for entry level leasing employees, Predictive Index Behavioral Assessments, which enhance self-awareness, collaboration and inclusion, and MasterClass subscriptions 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 our partnership with Headspace, an online application that enables guided mindfulness and meditation, gym membership discounts, and health-oriented employee competitions, like our “Summer Step Challenge” where all employees are offered a free fitness tracker.
Our commitment to these pillars of our human capital strategy has guided our response to the extraordinary challenges presented by the COVID-19 pandemic. The health of our employees has been a priority and, prior to governmental orders to do so, we closed all of our physical offices and 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. We have also focused on engagement and connectivity by, among other things, significantly increasing the frequency of our all-employee calls and hosting virtual happy hours and book club meetings. We have continued to encourage growth through virtual training programs and technology-driven productivity and personal development aids. We did not engage in layoffs, furloughs or pay reductions in response to the pandemic.
We are also highly committed to being a responsible employer and creating and sustaining a positive work environment and corporate culture characterized by high levels of employee engagement,advocate for diversity and inclusion.inclusion in every part of our organization and strive to create equal opportunities for all current and future employees. We seekbelieve a culture based on diversity and inclusion is critical to our ability to attract and retain talented and passionate professionals who align with our cultural tenets, which are focused on integrity, accountability and trust. We challenge our employees to act like owners, provide training to help them succeed, and empower them to connect with local communities in order to deliver valueon our strategic goals and objectives. Every year each employee signs a pledge to all stakeholders. Through employee engagement surveyscommit 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 continually monitorformed a Diversity & Inclusion Leadership Council, which reports directly to our performanceCEO and utilize the resultsassists us in maintaining best practices and behaviors to promote diversity and enhance inclusion. We regularly feature diversity and inclusion themes in our trainings and community events, such as our Big Brain Days and Board of Directors lunch series. In addition, to improve our organization. recruitment of diverse talent, we have partnered with Jopwell, a community and job board for diverse professionals.
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Our Board of Directors oversees these initiatives to ensure that our business and operations and we willactions continue to evaluatedemonstrate our practicesstrong commitment to operating in a socially responsible manner. To facilitate their oversight, the Board of Directors is provided periodic updates by our Executive Vice President, Operations. In 2020, management established an ESG Steering Committee, comprised of individuals from multiple disciplines across the Company and disclosures to emphasizeled by our progressSenior Vice President, Operations & Sustainability. The ESG Steering Committee meets quarterly and focuses primarily on setting, implementing, monitoring, and communicating the Company’s Corporate Responsibility strategy and related initiatives. Additional detailed information regarding our Corporate Responsibility strategy can be found in these key areas.
Compliance with an emphasis on maintaining high occupancy levels with a strong base of nationally and regionally recognized anchor tenants that generate substantial daily traffic. In addition, we believe that the breadth of our national portfolio of shopping centers, the local market knowledge derived from our regional operating teams, and the close relationships we have established with most major national and regional retailers allow us to maintain a strong competitive position.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. For further information regardingAs of December 31, 2020, 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 risks relatedoverall business, financial condition or results of operations. However, it is possible that we are not aware of, or may become subject to,
potential environmental exposure seeliabilities 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”). In the opinion of our management, no material part of our and our subsidiaries’ business is dependent upon a single tenant, the loss of any one of which would have a material adverse effect on us, and during 2018 no single tenant or single shopping center accounted for 5% or more of our consolidated revenues.
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 maintainedsatisfied such requirements through our taxable year ended December 31, 2018,2020, and intend to continue to satisfy such requirements for subsequent taxable years. So long as we qualify 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 foregoforgo otherwise attractive opportunities or limit the manner in which we conduct our operations. See “Risk Factors – Risks Related to our REIT Status and Certain Other Tax Items.”
Corporate Headquarters
Brixmor Property Group Inc., a Maryland corporation, was incorporated in Delaware on May 27, 2011, changed its name to Brixmor Property Group Inc. on June 17, 2013 and changed its jurisdiction of incorporation to Maryland on November 4, 2013. The Operating Partnership, a Delaware limited partnership, was formed on May 23, 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 http://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 or provide a link on our website to 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,
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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 Information”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 regardingfor issuers, such as us, that file electronically with the SEC such as us, at http://www.sec.gov.
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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, including: (1) changesassets. See “Forward-Looking Statements” included elsewhere in national, regionalthis Annual Report on Form 10-K for the factors that could affect our rental income and/or property operating expenses and local economic climates or demographics; (2) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those intherefore adversely affect our Portfolio; (3) competition from other available properties and e-commerce, and the attractiveness of properties in our Portfolio to our tenants; (4) ongoing disruption and/or consolidation in the retail sector, the financial stability of our tenants and the overall financial condition, operating results and cash flows.
The current pandemic of large retailing companies, including their ability to pay rentthe novel coronavirus, or COVID-19, and expense reimbursements; (5) in the case of percentage rents, the sales volume of our tenants; (6) increases in operating costs, including common area expenses, utilities, insurancefuture public health crises, could materially and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decreases; (7) increases in the costs to repair, renovate and re-lease space; (8) earthquakes, tornadoes, hurricanes, damage from rising sea levels due to climate change and other natural disasters, civil unrest, terrorist acts or acts of war, which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes. These and other factors could adversely affect our financial condition, operating results and cash flows.
Since December 2019, COVID-19 has spread globally, including to every state in the United States. In March 2020, the World Health Organization declared COVID-19 a pandemic, and subsequently, the United States declared a national emergency with respect to COVID-19.
The COVID-19 pandemic has had and continues 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 outbreak evolved rapidly and many countries, and state and local governments in the United States, including those in which we own properties, have reacted by instituting government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing” guidelines which have forced many of our tenants to close stores, reduce hours or significantly limit service, and has resulted in a dramatic increase in national unemployment and a significant economic contraction.
As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, with a particularly adverse effect on many of our tenants. Many such tenants, particularly those deemed “non-essential” by state and local governments, have sought rent relief, which we have 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, and we may provide additional relief in the future. We have experienced an increase in the number of tenants that are delinquent in their lease obligations and we have recognized significantly higher levels of revenues deemed uncollectible and straight-line rent receivable reversals than historical levels. The COVID-19 pandemic has had and we expect will continue to have a material adverse effect on our financial condition, operating results and cash flows due to, among others, the following factors:
•continuing or additional store closures at our properties resulting from related government or tenant actions;
•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 needed for efficient operations;
•changes in consumer behavior that reduce the frequency of visits to our shopping centers, including as a result of increased e-commerce;
•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 high unemployment and reduced consumer discretionary spending;
•liquidity issues resulting from (i) reduced cash flow from operations, (ii) the impact that lower operating results could have on the financial covenants in our debt agreements, and (iii) difficulty in accessing debt and equity capital on attractive terms, or at all, due to disruptions in financial and/or credit markets;
•issues related to remote working, including increased cybersecurity risk and other technology and communication issues; and
•the possibility that a significant number of our employees, particularly senior members of our management team, may become unable to work as a result of health issues related to COVID-19.
The extent to which the COVID-19 pandemic continues to impact us and our tenants will depend on future developments, which remain highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the speed and effectiveness of vaccine and treatment developments and deployment, potential mutations of COVID-19, including SARS-CoV-2 and the response thereto, 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
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limit the demand for space from new tenants. The rapid development and 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 and attract 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, 2018,2020, leases are scheduled to expire in our Portfolio on a total of approximately 9.4%9.5% of leased GLA during 2019. For those leases that2021. 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 upon renewal may be lower than current rates. For those leases that do not renew, werates and other terms may not be ableas favorable. In addition, we may be required to promptly re-lease the space on favorable termsincur significant capital expenditures in order to retain or with reasonable capital investments.attract 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 retail shoppers.consumers. Consequently, we actively reinvest in our Portfolio in the form of repositioning and redevelopment projects. RedevelopmentSuch projects have inherent risks that could adversely affect our financial condition, operating results and cash flows.
In order to maintain our attractiveness to retailers and consumers, we are actively reinvestingreinvest in our Portfolio in the form of capital improvements such asrepositioning 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 to obtainin obtaining necessary zoning, occupancy, land use, and other governmental permits; (2) abandonment of redevelopmentprojects 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 significant time lag between commencement and completion of redevelopmentsuch 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 or 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 negativelyadversely affected if a significant number of our tenants failfailed 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 any disruptions in credit markets could adversely affect our tenants’ ability 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, in certain circumstances, a failure by an anchor tenant to occupy their leased premises could result in lease terminations or reductions in rent paid bydue from other tenants in those shopping centers. 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 revenues 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.
We have seen an increase inongoing retailer bankruptcies in recent years, including with respect to certain current and former tenants. If a tenant files for bankruptcy, we may not be able to collect amounts owed by that party prior to the filing. In addition, after filing for bankruptcy, a tenant may terminate any or all of its leases with us, in which event we would haveresult in a general unsecured claim against such tenant that would likely be worth less than the full amount owed to us for the remainder of the lease term. In these situations, we may be required to make capital improvements to re-lease the space, and we cannot be certain that we will be able to re-lease space on similar
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or economically advantageous terms, and we may be required to make capital improvements to re-lease the space, which could adversely affect our business, 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 mortgage payments, 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 pass along cost increases to our tenants, our financial condition, operating results and cash flows could be adversely impacted.
We intend to continue to sell 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; and 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, andsuch as the credit agreement governing our senior unsecured credit facility, agreement, as amended December 12, 2018April 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 holdinghold period and general market conditions, including the impact of COVID-19, that the carrying value of our real estate assets and other investments(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 cash flows, taking into account the anticipated probability weighted holdingprobability-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. If we are evaluating the redevelopment or potential sale of an asset, or redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date based on current plans, intended holding periods and available market information.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 a materialan 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.operations, which could adversely affect our financial condition, operating results and cash flows.
We continue to evaluate the market for available propertiesacquisition opportunities 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 re-developredevelop them is subject to a number ofseveral risks. We may be unable to acquire a desired property because of competition from other well-capitalized 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 a number ofseveral 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 a significantthe time lag between signing definitive documentation to acquire a new property and the closing of the acquisition of a new property.acquisition. If any of these events occur, the cost of
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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, 2018,2020, we had approximately $4.9$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, as debt payments are not reduced if the economic performance of any property or the Portfolio as a whole declines;deteriorates; (3) limit our ability to withstand competitive pressures; and (4) reduce 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 debt 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 orand 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 and operating results.flows.
We may be adversely affected by changes in LIBOR reporting practices or the method inby which LIBOR is determined.
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We may be unable to obtain additional capital through the debt and equity markets, which could have a materialan 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 financing or that we will be able to obtain capital on terms favorable to us. Our access to external capital depends upon a number ofseveral factors, including general market conditions, our current and potential future earnings, liquidity and leverage ratios, 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 financingdebt 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) acquire new properties; (3) 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 credit worthinesscreditworthiness 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.
Legal proceedings related to the Audit Committee review maycertain former employees will continue to result in significantcertain costs and expenses and divert resources from our operations and therefore could have a material adverse effect on our business, financial condition, operating results or cash flows.expenses.
As discussed under the heading “Legal Matters” in Note 1415 – Commitments and Contingencies to our consolidated financial statementsConsolidated Financial Statements in this report, we finalized a settlement with the Company is engaged inSEC with respect to certain reporting matters and we believe that no additional governmental proceedings relating to these matters will be brought against us. We understand that the SEC and the U.S. Attorney’s Office for the Southern District of New York are pursuing actions relating to these matters with respect to certain former employees. We remain obligated to advance funds to these former employees for legal matters related to the Audit Committee review. As a result of these and possible future legal proceedings related to the Audit Committee review, including our obligation to indemnify our former officers, we may incur significantother professional fees pursuant to indemnification obligations and other costs, damages and fines, some of which may bethe amounts advanced are now in excess of our insurance coverage or not be coveredand are being funded by our insurance coverage. Any of these eventsus. These payments could have a material adverse effect onadversely affect our business, financial condition, operating results orand 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, whichwhere coverages are limited or deductibles may be uninsurable, or
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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 property or disposed of by us or our tenants, as well as certain other potential costs which 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 havehad or hadhave on-site dry cleaners and/or on-site gas stations, and thesethe prior or current usesuse of which could potentially increase our environmental liability exposure. The costcosts of investigation, remediationremoval or removalremediation 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.
Finally, we can provide no assurance that we are aware of all potential environmental liabilities or that soil and groundwater contamination exists at some of the properties in our Portfolio. The primary contaminants of concern at these properties include perchloroethylene and trichloroethylene (associated with the operations of on-site dry cleaners) and petroleum hydrocarbons (associated with the operations of on-site gas stations). There may also be asbestos-containing materials at some of the properties in our Portfolio. Further, no assurance can be given that any 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.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 1415 – Commitments and Contingencies to our consolidated financial statementsConsolidated 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 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 or an award 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 operating results.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 orand cash flows.
We and our tenants face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.
We rely extensively on computer systems to process transactions and 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 botheither individual andor highly organized attempts by very sophisticated hacking organizations. We employ a number ofseveral 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
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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 could compromise the confidential information, including 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 disrupt and affect our business operations, damage our reputation, and result in significant litigation and remediation costs. 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 indirectlyadversely impact our business operations. As of December 31, 2018,2020, we have not had any material incidences involving cybersecurity attacks.
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 attempt to qualify, or 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, our operating results, our cash flow,flows, and our ability to satisfy our debt service obligations and to pay dividends to BPG’s stockholders.dividends.
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 which 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 might 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 current 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 orand 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 byunder 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
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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 from time to time byunder Maryland law, BPG renouncerenounces 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 from time to time byunder 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 it were not BPG’s director or stockholder; and
•in his, her or its personal capacity or in his, her or its 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 Code.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 IRS,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 BPGBPG’s stock.
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Complying with REIT requirements may force BPG to liquidate or restructure investments or foregoforgo otherwise attractive investment opportunities.
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 have the effect of reducingreduce 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 incomeasset diversification or asset diversificationincome requirements for qualifying as a REIT. Thus, compliance with REIT requirements may hinder BPG’s ability to operate solely on the basis of maximizing profits.
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 a prohibited transaction.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 personindividual 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 personsindividuals to be deemed to be constructively owned by one person.individual. As a result, the acquisition of less than 9.8% of BPG’s outstanding common stock or BPG’s capital stock by a personan individual could cause a personthe 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 personindividual 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.
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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 currentthen-current market price of BPG’s common stock, (andand even if such change in control would not reasonably jeopardize BPG’s REIT status).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 gain.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 the full amount of such distributions as ordinary dividend income to the extent of BPG’s current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. As a result, U.S. stockholders may be required to pay income taxes with respect to such distributions in excess of the cash portion of the distribution received. Accordingly, U.S. stockholders receiving a distribution in shares of BPG’s stock 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. Furthermore, with respect to certain non-U.S. stockholders, BPG may be required to withhold U.S. tax with respect to such distribution, including in respect of all or a portion of such distribution that is payable in shares of BPG’s stock, by withholding or disposing of part of the shares included in such distribution and using the net proceeds of such disposition to satisfy the withholding tax imposed. In addition, if a significant number of BPG’s stockholders determine to sell shares of BPG’s stock in order to pay taxes owed on dividend income, such salesales may put downward pressure on the market price of BPG’s stock.
Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum tax rate applicable to qualified dividend income payable by non-REIT “C” corporations to certain non-corporate U.S. stockholders has been reduced by legislation to 23.8% (taking into account the 3.8% Medicare tax applicable to net investment income). Dividends payable by REITs, however, generally are not eligible for the reduced rates. Effective for taxable years beginning after December 31, 2017 and before January 1, 2026, non-corporate U.S. stockholders may deduct 20% of their dividends from REITs (excluding qualified dividend income and capital gainsgain dividends). For non-corporate U.S. stockholders in the top marginal tax bracket of 37%, the deduction for REIT dividends yields an effective income tax rate of 29.6% on REIT dividends, which is higher than the 23.8% tax rate on qualified dividend income paid by non-REIT “C” corporations. As a result of the more favorable rates applicable to non-REIT “C” corporate qualified dividends, certain non-corporate investors could perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT “C” corporations that pay dividends, which could adversely affect the value of the shares of REITs, including BPG.
Item 1B. Unresolved Staff Comments
None.
Item 2.Properties
As of December 31, 2018,2020, our Portfolio consistedwas comprised of 425393 shopping centers withtotaling approximately 7469 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, 2018,2020, our three largest tenants by ABR were The TJX Companies, Inc., The Kroger Co., and Dollar Tree Stores, Inc.
The following table summarizes the top 20 tenants by Leased ABR in our Portfolio as of December 31, 20182020 (dollars in thousands)thousands, except for PSF amounts):
| Retailer | Owned Leases | Leased GLA | Percent of GLA | ABR | Percent of ABR | ABR PSF(1) | ||||||||||||||||||||||||||||||||
| The TJX Companies, Inc. | 87 | 2,642,160 | 3.8 | % | $ | 30,890 | 3.5 | % | $ | 11.69 | ||||||||||||||||||||||||||||
| The Kroger Co. | 49 | 3,259,371 | 4.7 | % | 24,487 | 2.8 | % | 7.51 | ||||||||||||||||||||||||||||||
| Dollar Tree Stores, Inc. | 125 | 1,455,108 | 2.1 | % | 16,114 | 1.8 | % | 11.07 | ||||||||||||||||||||||||||||||
| Burlington Stores, Inc. | 29 | 1,460,689 | 2.1 | % | 15,265 | 1.7 | % | 10.45 | ||||||||||||||||||||||||||||||
| Publix Super Markets, Inc. | 29 | 1,285,410 | 1.9 | % | 12,221 | 1.4 | % | 9.51 | ||||||||||||||||||||||||||||||
| Ross Stores, Inc | 37 | 996,222 | 1.4 | % | 12,044 | 1.4 | % | 12.09 | ||||||||||||||||||||||||||||||
| L.A Fitness International, LLC | 15 | 618,290 | 0.9 | % | 11,355 | 1.3 | % | 18.37 | ||||||||||||||||||||||||||||||
| Ahold Delhaize | 20 | 1,059,637 | 1.5 | % | 11,270 | 1.3 | % | 10.64 | ||||||||||||||||||||||||||||||
| Albertson's Companies, Inc | 14 | 795,381 | 1.2 | % | 9,729 | 1.1 | % | 12.23 | ||||||||||||||||||||||||||||||
| PetSmart, Inc. | 26 | 587,388 | 0.9 | % | 8,742 | 1.0 | % | 14.88 | ||||||||||||||||||||||||||||||
| Big Lots, Inc. | 36 | 1,180,035 | 1.7 | % | 8,135 | 0.9 | % | 6.89 | ||||||||||||||||||||||||||||||
| PETCO Animal Supplies, Inc. | 31 | 422,440 | 0.6 | % | 7,584 | 0.9 | % | 17.95 | ||||||||||||||||||||||||||||||
| Kohl's Corporation | 12 | 914,585 | 1.3 | % | 7,253 | 0.8 | % | 7.93 | ||||||||||||||||||||||||||||||
| Bed Bath & Beyond, Inc. | 26 | 628,304 | 0.9 | % | 7,213 | 0.8 | % | 11.48 | ||||||||||||||||||||||||||||||
| Best Buy Co., Inc. | 13 | 537,660 | 0.8 | % | 6,828 | 0.8 | % | 12.70 | ||||||||||||||||||||||||||||||
| Ulta Beauty, Inc. | 26 | 295,708 | 0.4 | % | 6,826 | 0.8 | % | 23.08 | ||||||||||||||||||||||||||||||
| Party City Holdco Inc. | 33 | 474,729 | 0.7 | % | 6,769 | 0.8 | % | 14.26 | ||||||||||||||||||||||||||||||
| The Michaels Companies, Inc. | 24 | 541,541 | 0.8 | % | 6,599 | 0.8 | % | 12.19 | ||||||||||||||||||||||||||||||
| Staples, Inc. | 24 | 496,662 | 0.7 | % | 6,258 | 0.7 | % | 12.60 | ||||||||||||||||||||||||||||||
| Office Depot, Inc. | 23 | 502,566 | 0.7 | % | 5,726 | 0.7 | % | 11.39 | ||||||||||||||||||||||||||||||
| TOP 20 RETAILERS | 679 | 20,153,886 | 29.1 | % | $ | 221,308 | 25.3 | % | $ | 10.98 | ||||||||||||||||||||||||||||
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
17
| Retailer | Owned Leases | Leased GLA | Percent of Portfolio GLA | Leased ABR | Percent of Portfolio Leased ABR | ABR PSF | ||||||||||||||
| The TJX Companies, Inc. | 86 | 2,676,266 | 3.6 | % | $ | 29,515 | 3.3 | % | $ | 11.03 | ||||||||||
| The Kroger Co. | 54 | 3,607,839 | 4.9 | % | 25,880 | 2.9 | % | 7.17 | ||||||||||||
| Dollar Tree Stores, Inc. | 133 | 1,522,382 | 2.1 | % | 16,132 | 1.8 | % | 10.60 | ||||||||||||
| Burlington Stores, Inc. | 23 | 1,446,713 | 2.0 | % | 12,618 | 1.4 | % | 8.72 | ||||||||||||
| Publix Super Markets, Inc. | 30 | 1,332,920 | 1.8 | % | 12,521 | 1.4 | % | 9.39 | ||||||||||||
| Albertson's Companies, Inc | 20 | 1,122,477 | 1.5 | % | 12,020 | 1.4 | % | 10.71 | ||||||||||||
| Ahold Delhaize | 21 | 1,145,961 | 1.6 | % | 11,906 | 1.3 | % | 10.39 | ||||||||||||
| L.A Fitness International, LLC | 15 | 629,515 | 0.9 | % | 10,469 | 1.2 | % | 16.63 | ||||||||||||
| Ross Stores, Inc | 32 | 881,393 | 1.2 | % | 10,057 | 1.1 | % | 11.41 | ||||||||||||
| Wal-Mart Stores, Inc. | 19 | 2,351,481 | 3.2 | % | 9,979 | 1.1 | % | 4.24 | ||||||||||||
| Bed Bath & Beyond, Inc. | 31 | 765,616 | 1.0 | % | 9,693 | 1.1 | % | 12.66 | ||||||||||||
| PetSmart, Inc. | 26 | 587,388 | 0.8 | % | 8,796 | 1.0 | % | 14.97 | ||||||||||||
| Big Lots, Inc. | 39 | 1,276,178 | 1.7 | % | 8,216 | 0.9 | % | 6.44 | ||||||||||||
| PETCO Animal Supplies, Inc. | 34 | 460,940 | 0.6 | % | 7,930 | 0.9 | % | 17.2 | ||||||||||||
| Best Buy Co., Inc. | 14 | 583,462 | 0.8 | % | 7,838 | 0.9 | % | 13.43 | ||||||||||||
| The Michaels Companies, Inc. | 27 | 604,054 | 0.8 | % | 7,166 | 0.8 | % | 11.86 | ||||||||||||
| Kohl's Corporation | 12 | 914,585 | 1.2 | % | 7,107 | 0.8 | % | 7.77 | ||||||||||||
| Party City Holdco Inc. | 33 | 471,082 | 0.6 | % | 6,482 | 0.7 | % | 13.76 | ||||||||||||
| Office Depot, Inc. | 27 | 592,765 | 0.8 | % | 6,450 | 0.7 | % | 10.88 | ||||||||||||
| Ulta Beauty, Inc. | 24 | 274,429 | 0.4 | % | 6,151 | 0.7 | % | 22.41 | ||||||||||||
| TOP 20 RETAILERS | 700 | 23,247,446 | 31.5 | % | $ | 226,926 | 25.4 | % | $ | 9.76 | ||||||||||
The following table summarizes the geographic diversity of our Portfolio by state, ranked by ABR, as of December 31, 20182020 (dollars in thousands, expect per square foot information)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 | 47 | 7,819,020 | 85.4 | % | 88.7 | % | $ | 105,460 | $ | 15.50 | 12.0 | % | 11.4 | % | 12.0 | % | ||||||||||||||||||||||||||||||||||||||||||
| 2 | Texas | 49 | 7,579,507 | 89.9 | % | 92.8 | % | 98,696 | 14.80 | 12.5 | % | 11.0 | % | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 3 | California | 27 | 5,094,057 | 92.3 | % | 94.9 | % | 96,816 | 21.63 | 6.9 | % | 7.4 | % | 11.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 4 | New York | 28 | 3,578,761 | 90.3 | % | 94.1 | % | 65,561 | 19.73 | 7.1 | % | 5.2 | % | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 5 | Pennsylvania | 26 | 4,985,010 | 87.2 | % | 90.5 | % | 63,366 | 17.04 | 6.6 | % | 7.2 | % | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 6 | North Carolina | 20 | 4,243,307 | 93.1 | % | 93.5 | % | 44,725 | 11.88 | 5.1 | % | 6.2 | % | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 7 | New Jersey | 16 | 2,843,142 | 84.1 | % | 91.9 | % | 42,715 | 17.45 | 4.1 | % | 4.1 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 8 | Georgia | 30 | 4,228,329 | 87.3 | % | 89.7 | % | 42,002 | 11.37 | 7.6 | % | 6.1 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 9 | Illinois | 15 | 3,597,442 | 79.7 | % | 81.9 | % | 39,595 | 14.11 | 3.8 | % | 5.2 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 10 | Michigan | 16 | 2,993,755 | 88.2 | % | 89.3 | % | 34,191 | 13.37 | 4.1 | % | 4.3 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 11 | Ohio | 15 | 3,045,070 | 86.9 | % | 89.8 | % | 33,934 | 14.48 | 3.8 | % | 4.4 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 12 | Connecticut | 11 | 1,792,327 | 86.0 | % | 86.9 | % | 24,620 | 15.86 | 2.8 | % | 2.6 | % | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 13 | Tennessee | 9 | 1,891,315 | 95.0 | % | 96.1 | % | 22,755 | 12.69 | 2.3 | % | 2.7 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 14 | Colorado | 7 | 1,595,045 | 94.5 | % | 97.0 | % | 21,417 | 14.68 | 1.8 | % | 2.3 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 15 | Massachusetts | 10 | 1,499,510 | 87.7 | % | 93.3 | % | 18,061 | 14.71 | 2.5 | % | 2.2 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 16 | Kentucky | 7 | 1,683,399 | 94.6 | % | 95.1 | % | 17,451 | 12.07 | 1.8 | % | 2.4 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 17 | Minnesota | 9 | 1,380,401 | 87.8 | % | 90.9 | % | 16,451 | 14.16 | 2.3 | % | 2.0 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 18 | Indiana | 7 | 1,464,266 | 81.9 | % | 87.8 | % | 14,731 | 11.81 | 1.8 | % | 2.1 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 19 | South Carolina | 7 | 1,310,223 | 81.9 | % | 82.3 | % | 14,534 | 13.66 | 1.8 | % | 1.9 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 20 | Virginia | 7 | 1,017,100 | 89.6 | % | 90.0 | % | 10,988 | 13.06 | 1.8 | % | 1.5 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 21 | New Hampshire | 5 | 782,028 | 74.0 | % | 80.2 | % | 8,013 | 13.35 | 1.3 | % | 1.1 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 22 | Maryland | 3 | 415,708 | 68.6 | % | 75.5 | % | 5,670 | 18.53 | 0.7 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 23 | Wisconsin | 4 | 566,998 | 86.0 | % | 86.2 | % | 5,632 | 11.52 | 0.9 | % | 0.8 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 24 | Missouri | 5 | 655,984 | 93.5 | % | 96.0 | % | 5,391 | 8.74 | 1.3 | % | 1.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 25 | Alabama | 1 | 415,636 | 82.5 | % | 91.8 | % | 4,213 | 11.28 | 0.3 | % | 0.6 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 26 | Kansas | 2 | 376,599 | 93.4 | % | 94.8 | % | 3,499 | 12.66 | 0.4 | % | 0.6 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 27 | Iowa | 2 | 512,825 | 85.8 | % | 87.1 | % | 2,926 | 6.63 | 0.4 | % | 0.7 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 28 | Delaware | 1 | 191,974 | 82.3 | % | 99.3 | % | 2,249 | 11.79 | 0.3 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 29 | West Virginia | 2 | 251,500 | 90.0 | % | 90.0 | % | 2,026 | 8.95 | 0.4 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 30 | Vermont | 1 | 223,314 | 100.0 | % | 100.0 | % | 1,980 | 8.99 | 0.3 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 31 | Oklahoma | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,920 | 10.28 | 0.3 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 32 | Maine | 1 | 287,513 | 87.3 | % | 94.8 | % | 1,800 | 17.27 | 0.3 | % | 0.4 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 33 | Arizona | 1 | 165,350 | 67.1 | % | 67.1 | % | 1,587 | 14.30 | 0.3 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| 34 | Louisiana | 1 | 179,039 | 71.4 | % | 71.4 | % | 950 | 7.43 | 0.3 | % | 0.3 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| TOTAL | 393 | 68,852,305 | 87.8 | % | 90.7 | % | $ | 875,925 | $ | 14.93 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||
| Percent of | |||||||||||||||||||||||||||||||
| Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||
| State | Properties | GLA | Billed | Leased | ABR | ABR PSF(1) | Properties | of GLA | of ABR | ||||||||||||||||||||||
| 1 | Florida | 50 | 8,121,665 | 84.5 | % | 89.6 | % | $ | 103,678 | $ | 14.79 | 11.8 | % | 11.0 | % | 11.7 | % | ||||||||||||||
| 2 | Texas | 57 | 8,313,429 | 87.7 | % | 92.7 | % | 100,359 | 13.95 | 13.4 | % | 11.3 | % | 11.3 | % | ||||||||||||||||
| 3 | California | 28 | 5,233,299 | 92.6 | % | 95.8 | % | 93,557 | 20.14 | 6.6 | % | 7.1 | % | 10.5 | % | ||||||||||||||||
| 4 | New York | 29 | 3,687,730 | 92.8 | % | 95.5 | % | 66,613 | 19.39 | 6.8 | % | 5.0 | % | 7.5 | % | ||||||||||||||||
| 5 | Pennsylvania | 27 | 4,913,096 | 90.2 | % | 94.5 | % | 61,814 | 16.04 | 6.4 | % | 6.7 | % | 7.0 | % | ||||||||||||||||
| 6 | Georgia | 32 | 4,668,429 | 87.7 | % | 89.5 | % | 44,663 | 10.95 | 7.5 | % | 6.3 | % | 5.0 | % | ||||||||||||||||
| 7 | North Carolina | 20 | 4,243,202 | 91.0 | % | 92.7 | % | 42,962 | 11.56 | 4.7 | % | 5.8 | % | 4.8 | % | ||||||||||||||||
| 8 | Illinois | 18 | 4,106,268 | 79.7 | % | 83.5 | % | 42,464 | 13.35 | 4.2 | % | 5.6 | % | 4.8 | % | ||||||||||||||||
| 9 | New Jersey | 16 | 2,837,986 | 90.9 | % | 93.1 | % | 40,319 | 16.28 | 3.8 | % | 3.9 | % | 4.5 | % | ||||||||||||||||
| 10 | Ohio | 17 | 3,490,593 | 90.6 | % | 91.0 | % | 36,675 | 13.12 | 4.0 | % | 4.7 | % | 4.1 | % | ||||||||||||||||
| 11 | Michigan | 17 | 3,235,219 | 83.7 | % | 92.0 | % | 35,626 | 13.07 | 4.0 | % | 4.4 | % | 4.0 | % | ||||||||||||||||
| 12 | Connecticut | 12 | 1,862,523 | 89.8 | % | 90.5 | % | 26,479 | 15.75 | 2.8 | % | 2.5 | % | 3.0 | % | ||||||||||||||||
| 13 | Tennessee | 10 | 2,252,108 | 86.4 | % | 94.8 | % | 23,573 | 11.14 | 2.4 | % | 3.1 | % | 2.7 | % | ||||||||||||||||
| 14 | Colorado | 6 | 1,476,597 | 86.2 | % | 91.4 | % | 18,921 | 14.43 | 1.4 | % | 2.0 | % | 2.1 | % | ||||||||||||||||
| 15 | Massachusetts | 10 | 1,725,536 | 92.8 | % | 93.4 | % | 18,883 | 15.35 | 2.4 | % | 2.3 | % | 2.1 | % | ||||||||||||||||
| 16 | Kentucky | 8 | 1,856,913 | 89.2 | % | 91.7 | % | 17,638 | 11.50 | 1.9 | % | 2.5 | % | 2.0 | % | ||||||||||||||||
| 17 | Minnesota | 9 | 1,364,599 | 91.0 | % | 92.7 | % | 16,056 | 13.57 | 2.1 | % | 1.9 | % | 1.8 | % | ||||||||||||||||
| 18 | Indiana | 10 | 1,709,412 | 87.2 | % | 89.4 | % | 15,474 | 11.16 | 2.4 | % | 2.3 | % | 1.7 | % | ||||||||||||||||
| 19 | South Carolina | 7 | 1,305,686 | 92.1 | % | 93.5 | % | 14,999 | 12.53 | 1.6 | % | 1.8 | % | 1.7 | % | ||||||||||||||||
| 20 | Virginia | 9 | 1,355,467 | 93.9 | % | 94.9 | % | 14,986 | 12.40 | 2.1 | % | 1.8 | % | 1.7 | % | ||||||||||||||||
| 21 | New Hampshire | 5 | 772,528 | 89.9 | % | 95.0 | % | 8,284 | 13.89 | 1.2 | % | 1.0 | % | 0.9 | % | ||||||||||||||||
| 22 | Wisconsin | 4 | 703,934 | 90.8 | % | 90.8 | % | 6,619 | 10.80 | 0.9 | % | 1.0 | % | 0.7 | % | ||||||||||||||||
| 23 | Maryland | 3 | 410,713 | 98.1 | % | 98.4 | % | 5,590 | 13.83 | 0.7 | % | 0.6 | % | 0.6 | % | ||||||||||||||||
| 24 | Alabama | 2 | 774,035 | 73.9 | % | 82.6 | % | 5,524 | 8.75 | 0.5 | % | 1.1 | % | 0.6 | % | ||||||||||||||||
| 25 | Missouri | 5 | 655,984 | 87.6 | % | 94.0 | % | 5,302 | 8.77 | 1.2 | % | 0.9 | % | 0.6 | % | ||||||||||||||||
| 26 | Kansas | 2 | 376,962 | 90.4 | % | 93.1 | % | 3,332 | 12.16 | 0.5 | % | 0.5 | % | 0.4 | % | ||||||||||||||||
| 27 | Arizona | 2 | 284,875 | 93.4 | % | 94.2 | % | 3,324 | 12.39 | 0.5 | % | 0.4 | % | 0.4 | % | ||||||||||||||||
| 28 | Iowa | 2 | 512,825 | 96.6 | % | 97.5 | % | 3,102 | 6.27 | 0.5 | % | 0.7 | % | 0.3 | % | ||||||||||||||||
| 29 | West Virginia | 2 | 251,500 | 96.0 | % | 96.0 | % | 2,066 | 8.56 | 0.5 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
| 30 | Vermont | 1 | 224,514 | 98.4 | % | 98.4 | % | 1,988 | 9.00 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
| 31 | Delaware | 1 | 191,974 | 81.9 | % | 81.9 | % | 1,982 | 13.64 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
| 32 | Maine | 1 | 287,513 | 90.7 | % | 90.7 | % | 1,900 | 20.55 | 0.2 | % | 0.4 | % | 0.2 | % | ||||||||||||||||
| 33 | Oklahoma | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,900 | 10.17 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
| 34 | Louisiana | 2 | 279,159 | 63.4 | % | 76.3 | % | 1,091 | 5.31 | 0.5 | % | 0.4 | % | 0.1 | % | ||||||||||||||||
TOTAL(2) | 425 | 73,673,124 | 88.4 | % | 91.9 | % | $ | 887,743 | $ | 14.10 | 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, 20182020 (dollars in thousands, expect per square foot information)for PSF amounts):
| Number of Units | GLA | Percent of GLA | Percent Billed | Percent Leased | ABR | ABR PSF(1) | |||||||||||||||||||||||||||||||||||
| ≥ 35,000 SF | 441 | 25,410,775 | 36.9 | % | 93.1 | % | 95.4 | % | $ | 222,794 | $ | 10.40 | |||||||||||||||||||||||||||||
20,000 – 34,999 SF | 513 | 13,491,801 | 19.6 | % | 89.9 | % | 93.1 | % | 136,121 | 10.96 | |||||||||||||||||||||||||||||||
10,000 – 19,999 SF | 627 | 8,611,875 | 12.5 | % | 86.7 | % | 90.3 | % | 109,477 | 14.43 | |||||||||||||||||||||||||||||||
5,000 – 9,999 SF | 1,148 | 7,919,141 | 11.5 | % | 81.4 | % | 84.5 | % | 117,776 | 18.38 | |||||||||||||||||||||||||||||||
| < 5,000 SF | 6,348 | 13,418,713 | 19.5 | % | 80.4 | % | 83.5 | % | 289,757 | 26.76 | |||||||||||||||||||||||||||||||
| TOTAL | 9,077 | 68,852,305 | 100.0 | % | 87.8 | % | 90.7 | % | $ | 875,925 | $ | 14.93 | |||||||||||||||||||||||||||||
| TOTAL ≥ 10,000 SF | 1,581 | 47,514,451 | 69.0 | % | 91.0 | % | 93.8 | % | $ | 468,392 | $ | 11.31 | |||||||||||||||||||||||||||||
| TOTAL < 10,000 SF | 7,496 | 21,337,854 | 31.0 | % | 80.8 | % | 83.8 | % | 407,533 | 23.65 | |||||||||||||||||||||||||||||||
Number of Units | GLA | Percent Billed | Percent Leased | Percent of Vacant GLA | ABR | ABR PSF(1) | ||||||||||||||||
| ≥ 35,000 SF | 480 | 28,775,204 | 92.3 | % | 95.6 | % | 21.1 | % | $ | 236,033 | $ | 9.88 | ||||||||||
20,000 – 34,999 SF | 515 | 13,570,354 | 89.4 | % | 94.1 | % | 13.4 | % | 134,353 | 10.70 | ||||||||||||
10,000 – 19,999 SF | 653 | 8,951,555 | 88.0 | % | 92.2 | % | 11.7 | % | 111,006 | 13.86 | ||||||||||||
5,000 – 9,999 SF | 1,207 | 8,309,491 | 84.9 | % | 87.1 | % | 17.9 | % | 120,651 | 17.44 | ||||||||||||
| < 5,000 SF | 6,699 | 14,066,520 | 81.6 | % | 84.8 | % | 35.9 | % | 285,700 | 24.70 | ||||||||||||
| TOTAL | 9,554 | 73,673,124 | 88.4 | % | 91.9 | % | 100.0 | % | $ | 887,743 | $ | 14.10 | ||||||||||
| TOTAL ≥ 10,000 SF | 1,648 | 51,297,113 | 90.8 | % | 94.6 | % | 46.1 | % | $ | 481,392 | $ | 10.83 | ||||||||||
| TOTAL < 10,000 SF | 7,906 | 22,376,011 | 82.8 | % | 85.7 | % | 53.9 | % | 406,351 | 21.98 | ||||||||||||
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements.
18
The following table summarizes lease expirations for leases in place within our Portfolio for each of the next ten10 calendar years and thereafter, assuming no exercise of renewal options over the lease term and including the GLA of lessee ownedlessee-owned leasehold improvements, as of December 31, 2018:2020:
| Number of Leases | Leased GLA | % of Leased GLA | % of In-Place ABR | In-Place ABR PSF | ABR PSF at Expiration | |||||||||||||||||||||||||||||||||
| M-M | 322 | 889,505 | 1.4 | % | 1.5 | % | $ | 15.15 | $ | 15.15 | ||||||||||||||||||||||||||||
| 2021 | 1,065 | 5,945,265 | 9.5 | % | 8.9 | % | 13.16 | 13.17 | ||||||||||||||||||||||||||||||
| 2022 | 1,129 | 7,891,881 | 12.6 | % | 12.4 | % | 13.75 | 13.83 | ||||||||||||||||||||||||||||||
| 2023 | 1,080 | 7,081,928 | 11.4 | % | 11.6 | % | 14.34 | 14.55 | ||||||||||||||||||||||||||||||
| 2024 | 1,045 | 9,072,153 | 14.5 | % | 13.2 | % | 12.75 | 13.03 | ||||||||||||||||||||||||||||||
| 2025 | 855 | 7,424,592 | 11.9 | % | 11.5 | % | 13.56 | 13.89 | ||||||||||||||||||||||||||||||
| 2026 | 549 | 5,696,459 | 9.1 | % | 8.8 | % | 13.57 | 14.45 | ||||||||||||||||||||||||||||||
| 2027 | 370 | 3,340,244 | 5.3 | % | 5.7 | % | 15.03 | 16.63 | ||||||||||||||||||||||||||||||
| 2028 | 310 | 2,820,147 | 4.5 | % | 5.1 | % | 15.94 | 17.58 | ||||||||||||||||||||||||||||||
| 2029 | 349 | 3,755,452 | 6.0 | % | 6.4 | % | 14.79 | 16.46 | ||||||||||||||||||||||||||||||
| 2030 | 290 | 2,996,196 | 4.8 | % | 5.0 | % | 14.68 | 16.27 | ||||||||||||||||||||||||||||||
| 2031+ | 392 | 5,544,431 | 9.0 | % | 9.9 | % | 15.48 | 18.02 | ||||||||||||||||||||||||||||||
| Number of Leases | Leased GLA | % of Leased GLA | % of In-Place ABR | In-Place ABR PSF | ABR PSF at Expiration | |||||||||||||||
| M-M | 313 | 922,947 | 1.4 | % | 1.5 | % | $ | 14.24 | $ | 14.24 | ||||||||||
| 2019 | 1,154 | 6,349,213 | 9.4 | % | 8.8 | % | 12.25 | 12.25 | ||||||||||||
| 2020 | 1,356 | 9,985,621 | 14.7 | % | 13.8 | % | 12.26 | 12.34 | ||||||||||||
| 2021 | 1,206 | 9,244,589 | 13.7 | % | 12.9 | % | 12.38 | 12.58 | ||||||||||||
| 2022 | 1,039 | 8,276,063 | 12.2 | % | 12.4 | % | 13.28 | 13.66 | ||||||||||||
| 2023 | 991 | 7,312,658 | 10.8 | % | 11.1 | % | 13.51 | 13.95 | ||||||||||||
| 2024 | 646 | 6,613,415 | 9.8 | % | 9.0 | % | 12.14 | 13.09 | ||||||||||||
| 2025 | 295 | 3,248,556 | 4.8 | % | 4.9 | % | 13.38 | 14.46 | ||||||||||||
| 2026 | 287 | 2,855,423 | 4.2 | % | 4.9 | % | 15.29 | 16.81 | ||||||||||||
| 2027 | 308 | 2,911,954 | 4.3 | % | 4.9 | % | 14.87 | 16.78 | ||||||||||||
| 2028 | 304 | 2,672,197 | 3.9 | % | 4.8 | % | 16.15 | 18.16 | ||||||||||||
| 2029+ | 423 | 7,320,239 | 10.8 | % | 11.0 | % | 13.30 | 15.47 | ||||||||||||
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, whichand 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, whichand may or may not contain renewal options.options for one or more additional periods. Leases in our Portfolio generally provide for the payment of fixed monthly base rent. Leases mayCertain leases also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a certain threshold level. Leases typically containprovide for contractual increases in base rent over both the primary termsoriginal lease term and any renewal option periods, and tenant reimbursementsthe reimbursement of property operating expenses, including common area expenses, utilities (if not separately metered), insurance and real estate taxes. Utilities are generally paid by tenants either through separate meters or reimbursement.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 the 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 programs for the Company’sour properties. The CompanyWe formed Incap as part of itsour overall risk management program and to stabilize insurance costs, manage exposure and recoup expenses through the functionsfunction 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 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, to obtain and keepkept in full force during the term of the lease, liability and property damage insurance policies.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“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.”
19
Item 3.Legal Proceedings
The information contained under the heading “Legal Matters” in Note 1415 – Commitments and Contingencies to our consolidated financial statementsConsolidated Financial Statements in this report is incorporated by reference into this Item 3.
Item 4. Mine Safety Disclosures
Not applicable.
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
BPG’s common stock trades on the New York Stock Exchange under the trading symbol “BRX.” As of February 1, 2019,2021, the number of holders of record of BPG’s common stock was 449.595. This figure does not represent the actual number of beneficial owners of BPG’s common stock because shares of BPG’s common stock are frequently held in “street name” by securities dealers and others for the benefit of beneficial owners who may vote the shares.
BPG 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, BPG must meet a number ofseveral organizational and operational requirements, including a requirement that it currently 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. It is management’s intentionManagement intends to adhere tosatisfy these requirements and maintain BPG’s REIT status. As a REIT, BPG 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.
BPG’s future distributions will be at the sole discretion of BPG’s Board of Directors. When determining the amount of future distributions, we expect that BPG’s Board of Directors will consider, among other factors; (1) the amount of cash recently and expected to be generated from our operating activities; (2) the amount of cash required for leasing and capital expenditures and leasing;expenditures; (3) the amount of cash required for debt repayments, redevelopment, selectivereinvestment activity, net acquisitions, of new properties, and share repurchases; (4) the amount of cash required to be distributed to maintain BPG’s status as a REIT and to reduce any income and excise taxes that BPG otherwise would be required to pay; (5) any limitations on our distributions contained in our financing agreements, including, without limitation, in our Unsecuredsenior unsecured credit facility, as amended April 29, 2020 (the “Unsecured Credit Facility;Facility”); (6) the sufficiency of legally-available assets; and (7) our ability to continue to access additional sources of capital.
To the extent BPG is prevented, by provisions of our financing arrangementsagreements or otherwise, from distributing 100% of BPG’s REIT taxable income, or otherwise does not distribute 100% of BPG’s REIT taxable income, BPG will be subject to income tax, and potentially excise tax, on the retained amounts. If our operations do not generate sufficient cash flow to allow BPG to satisfy the REIT distribution requirements, we may be required to fund distributions with working capital, borrowed funds, or asset sales, or we may be required to reduce such distributions or make such distributions in whole or in part payable in shares of BPG'sBPG’s stock. For moreSee Item 1A. “Risk Factors” for additional information regarding risk factors that could materially adversely affect our actual results of operations, please see Item 1A. “Risk Factors.”operations.
Distributions to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes will be taxable to shareholdersstockholders as ordinary dividend income or capital gain income. Distributions in excess of taxable earnings and profits generally will be treated as non-taxable return of capital. These distributions, to the extent that they do not exceed the shareholder’sstockholder’s adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of the shareholder’sstockholder’s common shares. To the extent that distributions are both in excess of taxable earnings and profits and in excess of the shareholder’sstockholder’s adjusted tax basis in its common shares, the distributiondistributions will be treated as capital gaingains from the sale of common shares. For the taxable year ended December 31, 2018, 84.7%2020, 100.0% of the Company’s distributions to shareholdersstockholders constituted taxable ordinary income and 15.3% constituted a return of capital.income.
21
BPG’s Total Stockholder Return Performance
The following performance chart compares, for the period from December 31, 20132015 through December 31, 2018,2020, the cumulative total stockholder return onof BPG’s common stock with the cumulative total return of the S&P 500 Index and the FTSE NAREIT Equity Shopping Centers Index. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.
Sales of Unregistered Equity Securities
There were no unregistered sales of equity securities during the year ended December 31, 2018.2020.
Issuer Purchases of Equity Securities
On December 5, 2017, the Board of Directors authorizedJanuary 9, 2020, we established a new share repurchase program (the “Program”) for up to $400.0 million of the Company’sour common stock. The Program is scheduled to expire on December 5, 2019,January 9, 2023, unless suspended or extended by the Board of Directors. The Program replaced our prior share repurchase program, which expired on December 5, 2019. During the year ended December 31, 2018, the Company2020, we repurchased 6,314,9981,650,115 shares of common stock under the Program at an average price per share of $16.56$15.14 for a total of approximately $104.6$25.0 million, excluding commissions. The CompanyWe incurred total commissions of less than $0.1 million in conjunction with the Program during the year ended December 31, 2018.2020. As of December 31, 2018,2020, the Program had $289.5$375.0 million of available repurchase capacity. The following table summarizes share repurchases under the Program forDuring the three months ended December 31, 2018:2020, we did not repurchase any shares of common stock.
22
| Period | Total Number of Shares Repurchased | Average Price Paid Per Share | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Repurchased (in millions) | ||||||||||
| October 1, 2018 to October 31, 2018 | 103,432 | $ | 17.12 | 103,432 | $ | 310.5 | ||||||||
| November 1, 2018 to November 30, 2018 | 1,311,514 | 15.99 | 1,311,514 | 289.5 | ||||||||||
| December 1, 2018 to December 31, 2018 | — | — | — | 289.5 | ||||||||||
| Total | 1,414,946 | $ | 16.07 | 1,414,946 | ||||||||||
Item 6.Selected Financial Data
The following table shows ourtables show selected consolidated financial data for BPG and the Operating Partnership and their respective subsidiaries for the periods indicated. This information should be read together with the audited financial statements and notes thereto of BPG and its subsidiaries and the Operating Partnership and its subsidiaries and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report.
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Rental income | $ | 1,050,943 | $ | 1,166,379 | $ | 1,233,068 | $ | 1,281,724 | $ | 1,273,669 | |||||||||||||||||||
| Other revenues | 2,323 | 1,879 | 1,272 | 1,456 | 2,103 | ||||||||||||||||||||||||
| Total revenues | 1,053,266 | 1,168,258 | 1,234,340 | 1,283,180 | 1,275,772 | ||||||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| Operating costs | 111,678 | 124,876 | 136,217 | 136,092 | 133,429 | ||||||||||||||||||||||||
| Real estate taxes | 168,943 | 170,988 | 177,401 | 179,097 | 174,487 | ||||||||||||||||||||||||
| Depreciation and amortization | 335,583 | 332,431 | 352,245 | 375,028 | 387,302 | ||||||||||||||||||||||||
| Provision for doubtful accounts | — | — | 10,082 | 5,323 | 9,182 | ||||||||||||||||||||||||
| Impairment of real estate assets | 19,551 | 24,402 | 53,295 | 40,104 | 5,154 | ||||||||||||||||||||||||
| General and administrative | 98,280 | 102,309 | 93,596 | 92,247 | 92,248 | ||||||||||||||||||||||||
| Total operating expenses | 734,035 | 755,006 | 822,836 | 827,891 | 801,802 | ||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||
| Dividends and interest | 482 | 699 | 519 | 365 | 542 | ||||||||||||||||||||||||
| Interest expense | (199,988) | (189,775) | (215,025) | (226,660) | (226,671) | ||||||||||||||||||||||||
| Gain on sale of real estate assets | 34,499 | 54,767 | 209,168 | 68,847 | 35,613 | ||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt, net | (28,052) | (1,620) | (37,096) | 498 | (832) | ||||||||||||||||||||||||
| Other | (4,999) | (2,550) | (2,786) | (2,907) | (4,957) | ||||||||||||||||||||||||
| Total other expense | (198,058) | (138,479) | (45,220) | (159,857) | (196,305) | ||||||||||||||||||||||||
| Income before equity in income of unconsolidated joint venture | 121,173 | 274,773 | 366,284 | 295,432 | 277,665 | ||||||||||||||||||||||||
| Equity in income of unconsolidated joint venture | — | — | — | 381 | 477 | ||||||||||||||||||||||||
| Gain on disposition of unconsolidated joint venture interest | — | — | — | 4,556 | — | ||||||||||||||||||||||||
| Net income | 121,173 | 274,773 | 366,284 | 300,369 | 278,142 | ||||||||||||||||||||||||
| Net income attributable to non-controlling interests | — | — | — | (76) | (2,514) | ||||||||||||||||||||||||
| Net income attributable to Brixmor Property Group Inc. | 121,173 | 274,773 | 366,284 | 300,293 | 275,628 | ||||||||||||||||||||||||
| Preferred stock dividends | — | — | — | (39) | (150) | ||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 121,173 | $ | 274,773 | $ | 366,284 | $ | 300,254 | $ | 275,478 | |||||||||||||||||||
| Net income attributable to common stockholders per common share: | |||||||||||||||||||||||||||||
| Basic | $ | 0.41 | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||||||||||||||||
| Diluted | $ | 0.41 | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||||||||||||||||
| Weighted average shares: | |||||||||||||||||||||||||||||
| Basic | 296,972 | 298,229 | 302,074 | 304,834 | 301,601 | ||||||||||||||||||||||||
| Diluted | 297,899 | 299,334 | 302,339 | 305,281 | 305,060 | ||||||||||||||||||||||||
| Cash dividends declared per common share | $ | 0.500 | $ | 1.125 | $ | 1.105 | $ | 1.055 | $ | 0.995 | |||||||||||||||||||
23
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
| Revenues | ||||||||||||||||||||
| Rental income | $ | 956,090 | $ | 997,089 | $ | 998,118 | $ | 984,548 | $ | 960,715 | ||||||||||
| Expense reimbursements | 271,671 | 278,636 | 270,548 | 276,032 | 268,035 | |||||||||||||||
| Other revenues | 6,579 | 7,455 | 7,106 | 5,400 | 7,849 | |||||||||||||||
| Total revenues | 1,234,340 | 1,283,180 | 1,275,772 | 1,265,980 | 1,236,599 | |||||||||||||||
| Operating expenses | ||||||||||||||||||||
| Operating costs | 136,217 | 136,092 | 133,429 | 129,477 | 129,148 | |||||||||||||||
| Real estate taxes | 177,401 | 179,097 | 174,487 | 180,911 | 179,504 | |||||||||||||||
| Depreciation and amortization | 352,245 | 375,028 | 387,302 | 417,935 | 441,630 | |||||||||||||||
| Provision for doubtful accounts | 10,082 | 5,323 | 9,182 | 9,540 | 11,537 | |||||||||||||||
| Impairment of real estate assets | 53,295 | 40,104 | 5,154 | 1,005 | — | |||||||||||||||
| General and administrative | 93,596 | 92,247 | 92,248 | 98,454 | 80,175 | |||||||||||||||
| Total operating expenses | 822,836 | 827,891 | 801,802 | 837,322 | 841,994 | |||||||||||||||
| Other income (expense) | ||||||||||||||||||||
| Dividends and interest | 519 | 365 | 542 | 315 | 602 | |||||||||||||||
| Interest expense | (215,025 | ) | (226,660 | ) | (226,671 | ) | (245,012 | ) | (262,812 | ) | ||||||||||
| Gain on sale of real estate assets | 209,168 | 68,847 | 35,613 | 11,744 | 378 | |||||||||||||||
| Gain (loss) on extinguishment of debt, net | (37,096 | ) | 498 | (832 | ) | 1,720 | (13,761 | ) | ||||||||||||
| Other | (2,786 | ) | (2,907 | ) | (4,957 | ) | (348 | ) | (8,431 | ) | ||||||||||
| Total other expense | (45,220 | ) | (159,857 | ) | (196,305 | ) | (231,581 | ) | (284,024 | ) | ||||||||||
| Income before equity in income of unconsolidated joint ventures | 366,284 | 295,432 | 277,665 | 197,077 | 110,581 | |||||||||||||||
| Equity in income of unconsolidated joint ventures | — | 381 | 477 | 459 | 370 | |||||||||||||||
| Gain on disposition of unconsolidated joint venture interests | — | 4,556 | — | — | 1,820 | |||||||||||||||
| Income from continuing operations | 366,284 | 300,369 | 278,142 | 197,536 | 112,771 | |||||||||||||||
| Discontinued operations | ||||||||||||||||||||
| Income from discontinued operations | — | — | — | — | 4,909 | |||||||||||||||
| Gain on disposition of operating properties | — | — | — | — | 15,171 | |||||||||||||||
| Income from discontinued operations | — | — | — | — | 20,080 | |||||||||||||||
| Net income | 366,284 | 300,369 | 278,142 | 197,536 | 132,851 | |||||||||||||||
| Net income attributable to non-controlling interests | — | (76 | ) | (2,514 | ) | (3,816 | ) | (43,849 | ) | |||||||||||
| Net income attributable to Brixmor Property Group Inc. | 366,284 | 300,293 | 275,628 | 193,720 | 89,002 | |||||||||||||||
| Preferred stock dividends | — | (39 | ) | (150 | ) | (150 | ) | (150 | ) | |||||||||||
| Net income attributable to common stockholders | $ | 366,284 | $ | 300,254 | $ | 275,478 | $ | 193,570 | $ | 88,852 | ||||||||||
| Per common share: | ||||||||||||||||||||
| Income from continuing operations: | ||||||||||||||||||||
| Basic | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | ||||||||||
| Diluted | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | ||||||||||
| Net income attributable to common stockholders: | ||||||||||||||||||||
| Basic | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | ||||||||||
| Diluted | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | ||||||||||
| Weighted average shares: | ||||||||||||||||||||
| Basic | 302,074 | 304,834 | 301,601 | 298,004 | 243,390 | |||||||||||||||
| Diluted | 302,339 | 305,281 | 305,060 | 305,017 | 244,588 | |||||||||||||||
| Cash dividends declared per common share | $ | 1.105 | $ | 1.055 | $ | 0.995 | $ | 0.92 | $ | 0.825 | ||||||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
| SELECT BALANCE SHEET INFORMATION | ||||||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
| Real estate, net | $ | 7,504,113 | $ | 7,642,350 | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | ||||||||||||||||||||||
| Total assets | $ | 8,342,147 | $ | 8,142,496 | $ | 8,242,421 | $ | 9,153,926 | $ | 9,319,685 | ||||||||||||||||||||||
Debt obligations, net(1) | $ | 5,167,330 | $ | 4,861,185 | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | ||||||||||||||||||||||
| Total liabilities | $ | 5,661,446 | $ | 5,398,639 | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | ||||||||||||||||||||||
| Total equity | $ | 2,680,701 | $ | 2,743,857 | $ | 2,836,099 | $ | 2,908,348 | $ | 2,927,160 | ||||||||||||||||||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||
| SELECT BALANCE SHEET INFORMATION | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| December 31, | |||||||||||||||||||||
| Balance sheet data as of the end of each year | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
| Real estate, net | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | $ | 9,052,165 | $ | 9,253,015 | |||||||||||
| Total assets | $ | 8,242,421 | $ | 9,153,926 | $ | 9,319,685 | $ | 9,498,007 | $ | 9,681,913 | |||||||||||
Debt obligations, net(1) | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | $ | 5,974,266 | $ | 6,022,508 | |||||||||||
| Total liabilities | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | $ | 6,577,705 | $ | 6,701,610 | |||||||||||
| Total equity | $ | 2,836,099 | $ | 2,908,348 | $ | 2,927,160 | $ | 2,920,302 | $ | 2,980,303 | |||||||||||
(1) Debt includes secured loans, notes payable, and credit agreements, including unamortized premium or net of unamortized discount and unamortized debt issuance costs.
24
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per unit data) | (in thousands, except per unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
| Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||
| Rental income | $ | 956,090 | $ | 997,089 | $ | 998,118 | $ | 984,548 | $ | 960,715 | Rental income | $ | 1,050,943 | $ | 1,166,379 | $ | 1,233,068 | $ | 1,281,724 | $ | 1,273,669 | ||||||||||||||||||||||||||||
| Expense reimbursements | 271,671 | 278,636 | 270,548 | 276,032 | 268,035 | ||||||||||||||||||||||||||||||||||||||||||||
| Other revenues | 6,579 | 7,455 | 7,106 | 5,400 | 7,849 | Other revenues | 2,323 | 1,879 | 1,272 | 1,456 | 2,103 | ||||||||||||||||||||||||||||||||||||||
| Total revenues | 1,234,340 | 1,283,180 | 1,275,772 | 1,265,980 | 1,236,599 | Total revenues | 1,053,266 | 1,168,258 | 1,234,340 | 1,283,180 | 1,275,772 | ||||||||||||||||||||||||||||||||||||||
| Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating costs | 136,217 | 136,092 | 133,429 | 129,477 | 129,148 | Operating costs | 111,678 | 124,876 | 136,217 | 136,092 | 133,429 | ||||||||||||||||||||||||||||||||||||||
| Real estate taxes | 177,401 | 179,097 | 174,487 | 180,911 | 179,504 | Real estate taxes | 168,943 | 170,988 | 177,401 | 179,097 | 174,487 | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 352,245 | 375,028 | 387,302 | 417,935 | 441,630 | Depreciation and amortization | 335,583 | 332,431 | 352,245 | 375,028 | 387,302 | ||||||||||||||||||||||||||||||||||||||
| Provision for doubtful accounts | 10,082 | 5,323 | 9,182 | 9,540 | 11,537 | Provision for doubtful accounts | — | — | 10,082 | 5,323 | 9,182 | ||||||||||||||||||||||||||||||||||||||
| Impairment of real estate assets | 53,295 | 40,104 | 5,154 | 1,005 | — | Impairment of real estate assets | 19,551 | 24,402 | 53,295 | 40,104 | 5,154 | ||||||||||||||||||||||||||||||||||||||
| General and administrative | 93,596 | 92,247 | 92,248 | 98,454 | 80,175 | General and administrative | 98,280 | 102,309 | 93,596 | 92,247 | 92,248 | ||||||||||||||||||||||||||||||||||||||
| Total operating expenses | 822,836 | 827,891 | 801,802 | 837,322 | 841,994 | Total operating expenses | 734,035 | 755,006 | 822,836 | 827,891 | 801,802 | ||||||||||||||||||||||||||||||||||||||
| Other income (expense) | Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends and interest | 519 | 365 | 542 | 315 | 602 | Dividends and interest | 482 | 699 | 519 | 365 | 542 | ||||||||||||||||||||||||||||||||||||||
| Interest expense | (215,025 | ) | (226,660 | ) | (226,671 | ) | (245,012 | ) | (262,812 | ) | Interest expense | (199,988) | (189,775) | (215,025) | (226,660) | (226,671) | |||||||||||||||||||||||||||||||||
| Gain on sale of real estate assets | 209,168 | 68,847 | 35,613 | 11,744 | 378 | Gain on sale of real estate assets | 34,499 | 54,767 | 209,168 | 68,847 | 35,613 | ||||||||||||||||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt, net | (37,096 | ) | 498 | (832 | ) | 1,720 | (13,761 | ) | Gain (loss) on extinguishment of debt, net | (28,052) | (1,620) | (37,096) | 498 | (832) | |||||||||||||||||||||||||||||||||||
| Other | (2,786 | ) | (2,907 | ) | (4,957 | ) | (348 | ) | (8,431 | ) | Other | (4,999) | (2,550) | (2,786) | (2,907) | (4,957) | |||||||||||||||||||||||||||||||||
| Total other expense | (45,220 | ) | (159,857 | ) | (196,305 | ) | (231,581 | ) | (284,024 | ) | Total other expense | (198,058) | (138,479) | (45,220) | (159,857) | (196,305) | |||||||||||||||||||||||||||||||||
| Income before equity in income of unconsolidated joint ventures | 366,284 | 295,432 | 277,665 | 197,077 | 110,581 | ||||||||||||||||||||||||||||||||||||||||||||
| Equity in income of unconsolidated joint ventures | — | 381 | 477 | 459 | 370 | ||||||||||||||||||||||||||||||||||||||||||||
| Gain on disposition of unconsolidated joint venture interests | — | 4,556 | — | — | 1,820 | ||||||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations | 366,284 | 300,369 | 278,142 | 197,536 | 112,771 | ||||||||||||||||||||||||||||||||||||||||||||
| Discontinued operations | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income from discontinued operations | — | — | — | — | 4,909 | ||||||||||||||||||||||||||||||||||||||||||||
| Gain on disposition of operating properties | — | — | — | — | 15,171 | ||||||||||||||||||||||||||||||||||||||||||||
| Income from discontinued operations | — | — | — | — | 20,080 | ||||||||||||||||||||||||||||||||||||||||||||
| Income before equity in income of unconsolidated joint venture | Income before equity in income of unconsolidated joint venture | 121,173 | 274,773 | 366,284 | 295,432 | 277,665 | |||||||||||||||||||||||||||||||||||||||||||
| Equity in income of unconsolidated joint venture | Equity in income of unconsolidated joint venture | — | — | — | 381 | 477 | |||||||||||||||||||||||||||||||||||||||||||
| Gain on disposition of unconsolidated joint venture interest | Gain on disposition of unconsolidated joint venture interest | — | — | — | 4,556 | — | |||||||||||||||||||||||||||||||||||||||||||
| Net income | 366,284 | 300,369 | 278,142 | 197,536 | 132,851 | Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||||||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | — | — | — | — | (1,181 | ) | |||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 366,284 | $ | 300,369 | $ | 278,142 | $ | 197,536 | $ | 131,670 | |||||||||||||||||||||||||||||||||||||||
| Net income attributable to: | |||||||||||||||||||||||||||||||||||||||||||||||||
| Series A interest | $ | — | $ | — | $ | — | $ | — | $ | 21,014 | |||||||||||||||||||||||||||||||||||||||
| Partnership common units | 366,284 | 300,369 | 278,142 | 197,536 | 110,656 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 366,284 | $ | 300,369 | $ | 278,142 | $ | 197,536 | $ | 131,670 | |||||||||||||||||||||||||||||||||||||||
| Per common unit: | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations: | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income per common unit: | Net income per common unit: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | Basic | $ | 0.41 | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | ||||||||||||||||||||||||||||
| Diluted | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | Diluted | $ | 0.41 | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | ||||||||||||||||||||||||||||
| Net income attributable to partnership common units: | |||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average units: | Weighted average units: | ||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | Basic | 296,972 | 298,229 | 302,074 | 304,913 | 304,600 | |||||||||||||||||||||||||||||||||
| Diluted | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | $ | 0.36 | Diluted | 297,899 | 299,334 | 302,339 | 305,281 | 305,059 | |||||||||||||||||||||||||||||||||
| Weighted average number of partnership common units: | |||||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 302,074 | 304,913 | 304,600 | 303,992 | 302,540 | ||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 302,339 | 305,281 | 305,059 | 305,017 | 303,738 | �� | |||||||||||||||||||||||||||||||||||||||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
| SELECT BALANCE SHEET INFORMATION | |||||||||||||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||||||||
| December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
| Real estate, net | $ | 7,504,113 | $ | 7,642,350 | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | |||||||||||||||||||||||||||||||
| Total assets | $ | 8,332,133 | $ | 8,142,480 | $ | 8,242,075 | $ | 9,153,677 | $ | 9,319,434 | |||||||||||||||||||||||||||||||
Debt obligations, net(1) | $ | 5,167,330 | $ | 4,861,185 | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | |||||||||||||||||||||||||||||||
| Total liabilities | $ | 5,661,446 | $ | 5,398,639 | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | |||||||||||||||||||||||||||||||
| Total capital | $ | 2,670,687 | $ | 2,743,841 | $ | 2,835,753 | $ | 2,908,099 | $ | 2,926,909 | |||||||||||||||||||||||||||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||
| SELECT BALANCE SHEET INFORMATION | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| December 31, | |||||||||||||||||||||
| Balance sheet data as of the end of each year | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
| Real estate, net | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | $ | 9,052,165 | $ | 9,253,015 | |||||||||||
| Total assets | $ | 8,242,075 | $ | 9,153,677 | $ | 9,319,434 | $ | 9,497,775 | $ | 9,681,566 | |||||||||||
Debt obligations, net(1) | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | $ | 5,974,266 | $ | 6,022,508 | |||||||||||
| Total liabilities | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | $ | 6,577,705 | $ | 6,701,610 | |||||||||||
| Total capital | $ | 2,835,753 | $ | 2,908,099 | $ | 2,926,909 | $ | 2,920,070 | $ | 2,979,956 | |||||||||||
(1) Debt includes secured loans, notes payable, and credit agreements, including unamortized premium or net of unamortized discount and unamortized debt issuance costs.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Consolidated Financial Statements and the accompanying notes thereto. Historical results and percentage relationships set forth in the Consolidated Financial Statements and accompanying notes, including trends which might appear, should not be taken as indicative of future operations.
Executive Summary
Our Company
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 common stock of BPG Subsidiary Inc. (“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 believe we own and operate one of the largest open airopen-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, 2018,2020, our portfolio was comprised of 425393 shopping centers (the “Portfolio”) totaling approximately 7469 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, 2018,2020, our three largest tenants by annualized base rent (“ABR”) were The TJX Companies, Inc. (“TJX”), The Kroger Co. (“Kroger”), and Dollar Tree Stores, Inc. BPG has 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, has maintained such requirements through our taxable year ended December 31, 2018,2020, and intends to satisfy such requirements for subsequent taxable years.
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 goalpurpose of owning and managing properties that are the centercenters of the communities we serve.
We believe the following set of competitive advantages positions us to successfully execute on our key strategies:
•Expansive Retailer Relationships – We believe that the scale of our asset base and our nationwide footprint represent competitive advantages in supporting the growth objectives of the nation’s largest and most successful retailers. We believe that we are one of the largest landlords by GLA to TJX and Kroger, as well as a key landlord to most major grocers and retail category leaders. We believe that our strong relationships with leading retailers afford us unique insight into their strategies and priority access to their expansion plans.
•Fully-Integrated Operating Platform – We manage a fully-integrated operating platform, leveraging our national scope and demonstrating our commitment to operating with a strong regional and local presence. We provide our tenants with dedicated service through both our national accounts leasing team based in New York and our network of four regional offices in Atlanta, Chicago, Philadelphia and San Diego, as well as our 1011 leasing and property management satellite offices throughout the country. We believe that this structure enables us to obtain critical national market intelligence, while also benefitting from the regional and local expertise of our leasing and operations team.teams.
•Experienced Management – Senior members of our management team are seasoned real estate operators with extensive public company leadership experience. Our management team has deep industry knowledge and well-established relationships with retailers, brokers and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities and expertise in executing value-enhancing reinvestment opportunities.
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We derive our revenuesrental income primarily from base rent and expense reimbursements paid by tenants to us under existing leases at each of our properties. Expense reimbursements primarily consist of payments made by tenants to us for their proportionalproportionate share of property operating costs,expenses, including common area expenses, utilities, insurance and real estate taxes, and certain capital expenditures related to the maintenance of our properties.
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. As discussed below, the COVID-19 pandemic is significantly impacting our business. See Item 1A. “Risk Factors” for a further discussion of these and other factors that could impact our future results.
Impacts on Business from 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 our business, our tenants and the global economy. The effects of COVID-19, including related government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing” guidelines, have forced many of our tenants to close stores, reduce hours or significantly limit service, and have resulted in a dramatic increase in national unemployment and a significant economic contraction. Since we cannot estimate when the COVID-19 pandemic and the responsive measures to combat it will end, we cannot estimate the ultimate operational and financial impact of COVID-19 on our business. Approximately 70% of our shopping centers are anchored by grocery stores. Grocery stores and other essential tenants have remained open throughout this time and many have experienced stable or increased sales, which we believe will help to partially mitigate the adverse impact of COVID-19 on our business. In addition, we have encouraged our tenants whose businesses have been impacted by COVID-19 to explore their eligibility for benefits under government assistance programs intended to provide financial support to affected businesses. COVID-19 significantly impacted our operations during 2020, and the following operating trends, combined with macroeconomic trends such as significantly increased unemployment and changes in consumer spending, lead us to believe that our operating results see for 2021 will continue to be adversely affected by COVID-19.
The following table presents information related to rent collections and store closures:
| As of February 5, 2021 | |||||||||||||||||||||||||||||
| Second Quarter 2020 Billed Base Rent Collected | Third Quarter 2020 Billed Base Rent Collected | Fourth Quarter 2020 Billed Base Rent Collected | Portfolio Composition By ABR | Percent of ABR Currently Closed | |||||||||||||||||||||||||
Essential retailers(1) | 99 | % | 99 | % | 99 | % | 34 | % | 0 | % | |||||||||||||||||||
Hybrid retailers(2) | 86 | % | 89 | % | 91 | % | 25 | % | 3 | % | |||||||||||||||||||
Other retailers or services(3) | 73 | % | 83 | % | 89 | % | 41 | % | 5 | % | |||||||||||||||||||
| Total | 85 | % | 90 | % | 93 | % | 3 | % | |||||||||||||||||||||
(1) Businesses deemed essential for day-to-day living.
(2) Businesses deemed essential for day-to-day living, but operating in a moderated capacity, and businesses deemed essential for day-to-day living in many, but not all jurisdictions.
(3) Businesses deemed non-essential for day-to-day living.
•Timing of rental payments: 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. Rent deferrals have significantly increased our Receivables, net. We are in ongoing discussions with our tenants regarding rent that has not yet been collected or addressed through executed deferral or abatement agreements.
•Leasing activity: While lease execution velocity notably slowed in the second quarter of 2020, it has since recovered to levels similar to those experienced in prior periods.
27
We have taken various steps to mitigate the impact of COVID-19 on our liquidity, including the deferral of approximately $130.0 million of capital expenditures originally anticipated in 2020 and the temporary suspension of our quarterly cash dividend in the second and third quarters of 2020. In June 2020 and August 2020, we issued an aggregate of $800.0 million principal amount of 4.050% Senior Notes due 2030, the net proceeds of which were used to repurchase our 3.875% Senior Notes due 2022, repay outstanding indebtedness under our $1.25 billion revolving credit facility (the “Revolving Facility”), and for general corporate purposes. As of February 5, 2021, we have approximately $330.0 million in cash and cash equivalents and restricted cash, approximately $1.2 billion of remaining availability under the Revolving Facility, and no debt maturities until 2022.
We expect the significance of the COVID-19 pandemic and the resulting economic slowdown on our financial and operational results to be dictated by, among other things, the scope, severity and duration of the pandemic, the speed and effectiveness of vaccine and treatment developments and deployment, potential mutations of COVID-19, including SARS-CoV-2 and the response thereto, the direct and indirect economic effects of the pandemic and containment measures, and potential sustained changes in consumer behavior. Adverse developments related to these conditions could increase the number of tenants that are unable to meet their lease obligations to us, that close their stores, and/or that file for bankruptcy protection, and could limit the demand for space from new tenants. Therefore, there can be no assurances that we will not experience declines in revenues, net income or funds from operations, which could be material. See Item 1A. “Risk Factors.”“Risk Factors” included elsewhere in this Annual Report on Form 10-K for additional information.
Leasing Highlights
As of December 31, 2018,2020, billed and leased occupancy was 88.4%were 87.8% and 91.9%90.7%, respectively, as compared to 90.3%89.3% and 92.2%92.4%, respectively, as of December 31, 2017.2019.
The following table summarizes our executed leasing activity for the years ended December 31, 20182020 and 20172019 (dollars in thousands, except for per square foot (“PSF”) amounts):
| For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
| New, renewal and option leases | 1,381 | 9,558,058 | $ | 13.93 | $ | 3.47 | $ | 1.12 | 7.2 | % | |||||||||||||||||||||||||
| New and renewal leases | 1,184 | 6,202,624 | 15.46 | 5.33 | 1.73 | 7.3 | % | ||||||||||||||||||||||||||||
| New leases | 419 | 2,256,081 | 15.93 | 13.34 | 4.68 | 20.2 | % | ||||||||||||||||||||||||||||
| Renewal leases | 765 | 3,946,543 | 15.19 | 0.75 | 0.04 | 4.3 | % | ||||||||||||||||||||||||||||
| Option leases | 197 | 3,355,434 | 11.12 | 0.05 | — | 7.2 | % | ||||||||||||||||||||||||||||
| For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | ||||||||||||||||||||||||||||||
| New, renewal and option leases | 1,757 | 12,789,345 | $ | 13.89 | $ | 7.16 | $ | 1.50 | 10.9 | % | |||||||||||||||||||||||||
| New and renewal leases | 1,506 | 7,887,596 | 16.20 | 11.57 | 2.44 | 13.1 | % | ||||||||||||||||||||||||||||
| New leases | 622 | 3,525,712 | 16.52 | 23.86 | 5.30 | 31.7 | % | ||||||||||||||||||||||||||||
| Renewal leases | 884 | 4,361,884 | 15.94 | 1.63 | 0.12 | 7.8 | % | ||||||||||||||||||||||||||||
| Option leases | 251 | 4,901,749 | 10.17 | 0.06 | — | 6.9 | % | ||||||||||||||||||||||||||||
| For the Year Ended December 31, 2018 | ||||||||||||||||||||
| Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | |||||||||||||||
| New, renewal and option leases | 1,979 | 12,370,589 | $ | 14.36 | $ | 7.57 | $ | 1.48 | 11.8 | % | ||||||||||
| New and renewal leases | 1,696 | 8,467,746 | 15.72 | 11.01 | 2.15 | 13.8 | % | |||||||||||||
| New leases | 637 | 3,867,457 | 14.89 | 21.82 | 4.66 | 34.4 | % | |||||||||||||
| Renewal leases | 1,059 | 4,600,289 | 16.42 | 1.92 | 0.04 | 7.6 | % | |||||||||||||
| Option leases | 283 | 3,902,843 | 11.41 | 0.10 | 0.03 | 7.0 | % | |||||||||||||
| For the Year Ended December 31, 2017 | ||||||||||||||||||||
| Leases | GLA | New ABR PSF | Tenant Improvements and Allowances PSF | Third Party Leasing Commissions PSF | Rent Spread(1) | |||||||||||||||
| New, renewal and option leases | 1,894 | 11,898,523 | $ | 14.48 | $ | 7.34 | $ | 1.10 | 12.6 | % | ||||||||||
| New and renewal leases | 1,605 | 8,129,836 | 15.44 | 10.73 | 1.61 | 15.5 | % | |||||||||||||
| New leases | 618 | 3,195,154 | 16.00 | 22.26 | 3.97 | 34.1 | % | |||||||||||||
| Renewal leases | 987 | 4,934,682 | 15.08 | 3.27 | 0.08 | 9.8 | % | |||||||||||||
| Option leases | 289 | 3,768,687 | 12.41 | 0.02 | — | 7.2 | % | |||||||||||||
Excludes leases executed for terms of less than one year.
ABR PSF includes the GLA of lessee-owned leasehold improvements.
Acquisition Activity
•During the year ended December 31, 2018,2020, we acquired two land parcels one building, three outparcel buildings and one outparcel for $17.4an aggregate purchase price of $3.4 million, including transaction costs.
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•During the year ended December 31, 2017,2019, we acquired fourtwo shopping centers, two leases at an existing shopping center and one building, two outparcel buildings and two outparcelsland parcel for $190.5an aggregate purchase price of $79.6 million, including transaction costs.
Disposition Activity
•During the year ended December 31, 2018,2020, we disposed of 6210 shopping centers, twosix partial shopping centers and one land parcel for aggregate net proceeds of $957.5$121.4 million resulting in aggregate gain of $208.7$32.6 million and aggregate impairment of $37.0$8.0 million. In addition, during the year ended December 31, 2018,2020, we received aggregate net proceeds of $1.0 million and resolved contingencies of $0.5 million from previously disposed assets resulting in aggregate gain of $0.5$1.5 million.
•During the year ended December 31, 2017,2019, we disposed of 29 wholly owned24 shopping centers and two outparcel buildingsthree partial shopping centers for aggregate net proceeds of $330.8$288.5 million resulting in aggregate gain of $68.7$53.4 million and aggregate impairment of $22.9$16.4 million. In addition, during the year ended December 31, 2017,2019, we disposed of our unconsolidated joint venture interest forreceived aggregate net proceeds of $12.4$1.6 million from previously disposed assets resulting in aaggregate gain of $4.6$1.4 million.
Results of Operations
The results of operations discussion is combined for BPG and the Operating Partnership because there are no material differences in the results of operations between the two reporting entities.
Comparison of the Year Ended December 31, 20182020 to the Year Ended December 31, 20172019
Revenues (in thousands)
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | $ Change | |||||||||||||||
| Revenues | |||||||||||||||||
| Rental income | $ | 1,050,943 | $ | 1,166,379 | $ | (115,436) | |||||||||||
| Other revenues | 2,323 | 1,879 | 444 | ||||||||||||||
| Total revenues | $ | 1,053,266 | $ | 1,168,258 | $ | (114,992) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | $ Change | |||||||||
| Revenues | |||||||||||
| Rental income | $ | 956,090 | $ | 997,089 | $ | (40,999 | ) | ||||
| Expense reimbursements | 271,671 | 278,636 | (6,965 | ) | |||||||
| Other revenues | 6,579 | 7,455 | (876 | ) | |||||||
| Total revenues | $ | 1,234,340 | $ | 1,283,180 | $ | (48,840 | ) | ||||
Rental income
The decrease in rental income for the year ended December 31, 20182020 of $41.0$115.4 million, as compared to the corresponding period in 2017,2019, was primarily due to a $51.0$28.2 million decrease in rental income due to net disposition activity partially offset by a $10.0and an $87.2 million increasedecrease for the remaining portfolio. The increasedecrease for the remaining portfolio iswas due to (i) a $17.3$55.9 million increase in base rent; andrevenues deemed uncollectible; (ii) a $35.1 million decrease in straight-line rental income, net; (iii) a $3.2 million decrease in percentage rents; (iv) a $1.8 million increase in ancillary and other income, partially offset by (iii) a $3.8 million decrease in amortizationaccretion of above- and below-market leases and tenant inducements, net; (iv)(v) a $2.7$1.7 million decrease in straight-lineexpense reimbursements; and (vi) a $0.4 million decrease in ancillary and other rental income; partially offset by (vii) a $7.7 million increase in base rent; and (v)(viii) a $2.6$3.2 million decreaseincrease in lease termination fees. The $17.3increase in revenues deemed uncollectible and decrease in straight-line rental income, net were primarily attributable to COVID-19. The $7.7 million increase in base rent for the remaining portfolio was primarily due to contractual rent increases, as well asan increase in weighted average billed occupancy, and positive rent spreads for new and renewal leases and option exercises of 11.8% and 12.6%7.2% during the years ended December 31, 2018 and 2017, respectively, partially offset by a decline in billed occupancy.
Other revenues
The decreaseincrease in other revenues for the year ended December 31, 20182020 of $0.9$0.4 million, as compared to the corresponding period in 2017,2019, was primarily due to a decreasean increase in percentage rents.tax increment financing income.
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Operating Expenses (in thousands)
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | $ Change | |||||||||||||||
| Operating expenses | |||||||||||||||||
| Operating costs | $ | 111,678 | $ | 124,876 | $ | (13,198) | |||||||||||
| Real estate taxes | 168,943 | 170,988 | (2,045) | ||||||||||||||
| Depreciation and amortization | 335,583 | 332,431 | 3,152 | ||||||||||||||
| Impairment of real estate assets | 19,551 | 24,402 | (4,851) | ||||||||||||||
| General and administrative | 98,280 | 102,309 | (4,029) | ||||||||||||||
| Total operating expenses | $ | 734,035 | $ | 755,006 | $ | (20,971) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | $ Change | |||||||||
| Operating expenses | |||||||||||
| Operating costs | $ | 136,217 | $ | 136,092 | $ | 125 | |||||
| Real estate taxes | 177,401 | 179,097 | (1,696 | ) | |||||||
| Depreciation and amortization | 352,245 | 375,028 | (22,783 | ) | |||||||
| Provision for doubtful accounts | 10,082 | 5,323 | 4,759 | ||||||||
| Impairment of real estate assets | 53,295 | 40,104 | 13,191 | ||||||||
| General and administrative | 93,596 | 92,247 | 1,349 | ||||||||
| Total operating expenses | $ | 822,836 | $ | 827,891 | $ | (5,055 | ) | ||||
Operating costs
Real estate taxes
The decrease in real estate taxes for the year ended December 31, 20182020 of $1.7$2.0 million, as compared to the corresponding period in 2017,2019, was primarily due to a $6.3$3.7 million decrease in real estate taxes due to net disposition activity, partially offset by a $4.6$1.7 million increase for the remaining portfolio primarily due to increases in tax rates and assessments from several jurisdictions, as well as lower tax refunds for the year ended December 31, 2018.partially offset by an increase in capitalized real estate taxes.
Depreciation and amortization
The decreaseincrease in depreciation and amortization for the year ended December 31, 20182020 of $22.8$3.2 million, as compared to the corresponding period in 2017,2019, was primarily due to a $19.1$10.8 million increase for assets owned for the full year primarily related to value-enhancing reinvestment capital expenditures and tenant write-offs, partially offset by a decrease in depreciation and amortization related to acquired in-place lease intangibles and a $7.6 million decrease in depreciation and amortization due to net disposition activity and a decrease in acquired in-place lease intangibles.activity.
Impairment of real estate assets
During the year ended December 31, 2018,2020, aggregate impairment of $53.3$19.6 million was recognized on 18 disposedthree shopping centers includingand one partially disposedpartial shopping center as a result of disposition activity and three operating properties. During the year ended December 31, 2017,2019, aggregate impairment of $40.1$24.4 million was recognized on 11 disposedsix shopping centers and fiveone partial shopping center as a result of disposition activity, three operating properties.properties and one partial operating property. Impairments recognized were due to a changechanges in estimatedanticipated hold periods primarily in connection with our capital recycling program.
General and administrative
The increasedecrease in general and administrative costs for the year ended December 31, 20182020 of $1.3$4.0 million, as compared to the corresponding period in 2017,2019, was primarily due to an increase of $7.0 million relateda decrease in marketing, professional and travel costs due to an SEC settlement,COVID-19 and a decrease in net compensation costs, partially offset by a decreasean increase in litigation and other non-routine legal expenses and professional fees.expenses.
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Other Income and Expenses (in thousands)
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | $ Change | |||||||||||||||
| Other income (expense) | |||||||||||||||||
| Dividends and interest | $ | 482 | $ | 699 | $ | (217) | |||||||||||
| Interest expense | (199,988) | (189,775) | (10,213) | ||||||||||||||
| Gain on sale of real estate assets | 34,499 | 54,767 | (20,268) | ||||||||||||||
| Loss on extinguishment of debt, net | (28,052) | (1,620) | (26,432) | ||||||||||||||
| Other | (4,999) | (2,550) | (2,449) | ||||||||||||||
| Total other expense | $ | (198,058) | $ | (138,479) | $ | (59,579) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | $ Change | |||||||||
| Other income (expense) | |||||||||||
| Dividends and interest | $ | 519 | $ | 365 | $ | 154 | |||||
| Interest expense | (215,025 | ) | (226,660 | ) | 11,635 | ||||||
| Gain on sale of real estate assets | 209,168 | 68,847 | 140,321 | ||||||||
| Gain (loss) on extinguishment of debt, net | (37,096 | ) | 498 | (37,594 | ) | ||||||
| Other | (2,786 | ) | (2,907 | ) | 121 | ||||||
| Total other expense | $ | (45,220 | ) | $ | (159,857 | ) | $ | 114,637 | |||
Dividends and interest
Interest expense
The decreaseincrease in interest expense for the year ended December 31, 20182020 of $11.6$10.2 million, as compared to the corresponding period in 2017,2019, was primarily due to lowerhigher overall debt obligations.obligations as we bolstered liquidity in response to COVID-19.
Gain on sale of real estate assets
During the year ended December 31, 2018, 492020, we disposed of seven shopping centers, onefive partial shopping centercenters and one land parcel were disposed resultingthat resulted in aggregate gain of $208.7$32.6 million. In addition, during the year ended December 31, 2018,2020, we received aggregate net proceeds of $1.0 million and resolved contingencies of $0.5 million from previously disposed assets resulting in aggregate gain of $0.5$1.5 million, and we received final insurance proceeds related to two shopping centers that were damaged by Hurricane Michael resulting in aggregate gain of $0.4 million. During the year ended December 31, 2017,2019, we disposed of 18 shopping centers and two outparcel buildings werepartial shopping centers that resulted in aggregate gain of $53.4 million. In addition, during the year ended December 31, 2019, we received aggregate net proceeds of $1.6 million from previously disposed assets resulting in aggregate gain of $68.7$1.4 million.
During the year ended December 31, 2018,2020, we repaid $881.4repurchased all $500.0 million of our 3.875% Senior Notes due 2022 and repaid our $7.0 million secured loans, $435.0 million of unsecured term loans and amended and restated our senior unsecured credit facility agreement and term loans,loan, resulting in a $37.1$28.1 million loss on extinguishment of debt, net as a result of debt transactions.net. Loss on extinguishment of debt, net includes $24.3 million of legal defeasance fees and $23.0$26.2 million of prepayment fees partially offset by $10.2and $1.9 million of accelerated unamortized debt premiums,issuance costs and debt discounts, net of discounts and debt issuance costs.premiums. During the year ended December 31, 2017,2019, we repaid $389.1$500.0 million of secured loans and $815.0 million ofan unsecured term loans,loan under our senior unsecured credit facility agreement, as amended April 29, 2020 (the “Unsecured Credit Facility”), resulting in a $0.5$1.6 million gainloss on extinguishment of debt net.due to the acceleration of unamortized debt issuance costs.
Other
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | $ Change | |||||||||
| Equity in income of unconsolidated joint venture | $ | — | $ | 381 | $ | (381 | ) | ||||
| Gain on disposition of unconsolidated joint venture interest | — | 4,556 | (4,556 | ) | |||||||
Comparison of the Year Ended December 31, 20172019 to the Year Ended December 31, 20162018
| Year Ended December 31, | |||||||||||
| 2017 | 2016 | $ Change | |||||||||
| Revenues | |||||||||||
| Rental income | $ | 997,089 | $ | 998,118 | $ | (1,029 | ) | ||||
| Expense reimbursements | 278,636 | 270,548 | 8,088 | ||||||||
| Other revenues | 7,455 | 7,106 | 349 | ||||||||
| Total revenues | $ | 1,283,180 | $ | 1,275,772 | $ | 7,408 | |||||
| Year Ended December 31, | |||||||||||
| 2017 | 2016 | $ Change | |||||||||
| Operating expenses | |||||||||||
| Operating costs | $ | 136,092 | $ | 133,429 | $ | 2,663 | |||||
| Real estate taxes | 179,097 | 174,487 | 4,610 | ||||||||
| Depreciation and amortization | 375,028 | 387,302 | (12,274 | ) | |||||||
| Provision for doubtful accounts | 5,323 | 9,182 | (3,859 | ) | |||||||
| Impairment of real estate assets | 40,104 | 5,154 | 34,950 | ||||||||
| General and administrative | 92,247 | 92,248 | (1 | ) | |||||||
| Total operating expenses | $ | 827,891 | $ | 801,802 | $ | 26,089 | |||||
| Year Ended December 31, | |||||||||||
| 2017 | 2016 | $ Change | |||||||||
| Other income (expense) | |||||||||||
| Dividends and interest | $ | 365 | $ | 542 | $ | (177 | ) | ||||
| Interest expense | (226,660 | ) | (226,671 | ) | 11 | ||||||
| Gain on sale of real estate assets | 68,847 | 35,613 | 33,234 | ||||||||
| Gain (loss) on extinguishment of debt, net | 498 | (832 | ) | 1,330 | |||||||
| Other | (2,907 | ) | (4,957 | ) | 2,050 | ||||||
| Total other expense | $ | (159,857 | ) | $ | (196,305 | ) | $ | 36,448 | |||
| Year Ended December 31, | |||||||||||
| 2017 | 2016 | $ Change | |||||||||
| Equity in income of unconsolidated joint venture | $ | 381 | $ | 477 | $ | (96 | ) | ||||
| Gain on disposition of unconsolidated joint venture interest | 4,556 | — | 4,556 | ||||||||
Liquidity and Capital Resources
We anticipate that our cash flows from the sources listed below will provide adequate capital for the next 12 months and beyond for all anticipated uses, including all scheduled principal and interest payments on our outstanding indebtedness,debt, current and
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anticipated tenant and other capital improvements, stockholder distributions to maintain our qualification as a REIT and other obligations associated with conducting our business.
Our primary expected sources and uses of capital are as follows:
Sources
•cash and cash equivalent balances;
•operating cash flow;
•available borrowings under our existingthe Unsecured Credit Facility;
•dispositions;
•issuance of long-term debt; and
•issuance of equity securities.
Uses
•debt repayments;
•dividend/distribution payments
•value-enhancing reinvestment capital expenditures;
•acquisitions; and
•repurchases of equity securities.
We believe our current 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 currently have investment grade credit ratings from all three major credit rating agencies. As of December 31, 2018, our $1.25 billion revolving credit facility (the “Revolving Facility”) had $938.8 million of undrawn capacity and2020, we had outstanding letters$1.2 billion of credit totaling $5.2 million, which reduce available liquidity under theour Revolving Facility.Facility and $370.1 million of cash and cash equivalents and restricted cash. We intend to continue to enhance our financial and operational flexibility through the additional extension of the duration of our debt.
As previously discussed under the header “Impacts on Business from COVID-19”, the COVID-19 pandemic has had, and we expect will continue to have, an adverse impact on our liquidity and capital resources. Future decreases in cash flow from operations resulting from rent deferrals or abatements, tenant defaults, or decreases in rental rates or occupancy, would decrease the cash available for the capital uses described above, including payment of dividends. The decline in our stock price since the onset of the pandemic has decreased the likelihood of utilizing our at-the-market equity offering program in the near future. In June 2020 and August 2018,2020, we issued $250.0an aggregate of $800.0 million aggregate principal amount of Floating Rate4.050% Senior Notes due 2022 (the “2022 Notes”),2030, the net proceeds of which were used to repurchase our 3.875% Senior Notes due 2022, repay a portion ofoutstanding indebtedness under our $600 Million Term Loan maturing March 18, 2019 prior to the amendment of the $600 Million Term Loan, as described below. The 2022 Notes bear interest at a rate of three-month U.S. Dollar LIBOR, reset quarterly, plus 105 basis points, payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, commencing November 1, 2018. The 2022 Notes are scheduled to mature on February 1, 2022. The 2022 Notes are our unsecured and unsubordinated obligations and rank equally in right of payment with all of our existing and future senior unsecured and unsubordinated indebtedness. We may not redeem the 2022 Notes prior to the scheduled maturity date.
We have taken various steps to mitigate the impact of COVID-19 on our liquidity, including the deferral of approximately $130.0 million of capital expenditures originally anticipated in 2020 and the paymenttemporary suspension of a feeour quarterly cash dividend in the second and third quarters of 2020. In addition, we have no debt maturities until 2022. However, since we do not know the ultimate severity, scope or duration of the pandemic, and thus cannot predict the impact it will ultimately have on our tenants and on the extended commitments of 0.0625%. The Unsecured Credit Facility includesdebt and equity capital markets, we cannot estimate the option to increase the revolving loan commitments or add term loans of up to $1 billion in the aggregate to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.
In December 2017, the Board of Directors authorized a share repurchase program (the “Program”) for up to $400.0 million of our common stock. The Program is scheduled to expire on December 5, 2019, unless extended by the Board of Directors. During the year ended December 31, 2018, we repurchased 6.3 million shares of common stock under the Program at an average price per share of $16.56 for a total of $104.6 million, excluding commissions. We incurred commissions of $0.1 million in conjunction with the program for the year ended December 31, 2018. As of December 31, 2018, the Program had $289.5 million of available repurchase capacity.
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net capital gains. We generally intend to continue to satisfy this requirement and maintain a conservative dividend payout ratio.our REIT status. Cash dividends paid to common stockholders and OP Unitholders for the yearyears ended December 31, 20182020 and 20172019 were $333.4$170.4 million and $317.5$334.9 million, respectively. OurIn response to COVID-19, our Board of Directors temporarily suspended the dividend in the second and third quarters of 2020. In October 2020, our Board of Directors declared a quarterly cash dividend of $0.28$0.215 per common share in October 2018 for the fourth quarter of 2018.2020. The dividend was paid on January 15, 20192021 to shareholders of record on January 4, 2019. Our6, 2021. In February 2021, our Board of Directors declared a quarterly cash dividend of $0.28$0.215 per common share in February 2019 for the first quarter of 2019.2021. The dividend is payable on April 15, 20192021 to shareholders of record on April 5, 2019.2021. Our Board of Directors will reevaluate the dividend on a quarterly basis, taking into account a variety of relevant factors, including REIT taxable income.
Our cash flow activities are summarized as follows (dollars in thousands):
Brixmor Property Group Inc.
| Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net cash provided by operating activities | $ | 443,101 | $ | 528,672 | |||||||
| Net cash provided by (used in) investing activities | (167,249) | (172,064) | |||||||||
| Net cash provided by (used in) financing activities | 72,712 | (385,850) | |||||||||
| Year Ended December 31, | ||||||||||||
| 2018 | 2017 | 2016 | ||||||||||
| Cash flows provided by operating activities | $ | 541,689 | $ | 551,948 | $ | 567,485 | ||||||
| Cash flows provided by (used in) investing activities | 669,603 | (52,874 | ) | (141,881 | ) | |||||||
| Cash flows used in financing activities | (1,271,304 | ) | (491,166 | ) | (433,725 | ) | ||||||
Brixmor Operating Partnership LP
| Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net cash provided by operating activities | $ | 443,101 | $ | 528,672 | |||||||
| Net cash provided by (used in) investing activities | (167,249) | (172,285) | |||||||||
| Net cash provided by (used in) financing activities | 62,714 | (385,519) | |||||||||
| Year Ended December 31, | ||||||||||||
| 2018 | 2017 | 2016 | ||||||||||
| Cash flows provided by operating activities | $ | 541,689 | $ | 551,948 | $ | 567,485 | ||||||
| Cash flows provided by (used in) investing activities | 669,605 | (52,872 | ) | (141,873 | ) | |||||||
| Cash flows used in financing activities | (1,271,402 | ) | (491,164 | ) | (433,745 | ) | ||||||
Cash, cash equivalents and restricted cash for BPG and the Operating Partnership were $50.8$370.1 million and $110.8$360.1 million, respectively, as of December 31, 2018 and 2017, respectively.2020. Cash, cash equivalents and restricted cash for BPG and the Operating Partnership were $50.6 million and $110.7$21.5 million as of December 31, 2018 and 2017, respectively.2019.
Operating Activities
Net cash provided by operating activities primarily consists of cash inflows from tenant rental payments and expense reimbursements and cash outflows for property operating costs, real estate taxes,expenses, general and administrative expenses and interest expense.
During the year ended December 31, 2018,2020, our net cash provided by operating activities decreased $10.3$85.6 million as compared to the corresponding period in 2017.2019. The decrease is primarily due to (i) a decrease from net working capital primarily due to decreased cash collection levels as a result of COVID-19; (ii) a decrease in net operating income due to net disposition activityactivity; and (ii) a decrease in lease termination fees; partially offset by (iii) an increase in same property net operating income; (iv) an increase in net working capital; (v) a decrease in cash outflows for interest expense, (vi) a decreaseexpense; partially offset by (iv) an increase in cash inflows from the insurance captivelease termination fees; and (vii)(v) a decrease in cash outflows for general and administrative expense.
Investing Activities
Net cash provided by (used in) investing activities is impacted by the nature, timing and magnitude of acquisition and disposition activity as well asand improvements to and investments in our shopping centers, including capital expenditures associated with leasing andour value-enhancing reinvestment efforts. Capital used to fund these activities can vary significantly from period to period based on the volume and timing of such activities.program.
During the year ended December 31, 2018,2020, our net cash provided byused in investing activities increased $722.5decreased $4.8 million as compared to the corresponding period in 2017.2019. The increasedecrease was primarily due to (i) an increasea decrease of $614.8$110.3 million in improvements to and investments in real estate assets; and (ii) a decrease of $76.2 million in acquisitions of real estate assets; partially offset by (iii) a decrease of $167.8 million in net proceeds from sales of real estate assets,assets; and (iv) a $13.9 million decrease in net proceeds from sales of marketable securities, net of unconsolidated joint venture interest; and (ii) a decrease of $173.0 million in acquisitions of real estate assets, partially offset by (iii) an increase of $65.8 million in improvements to and investments in real estate assets.purchases.
Improvements to and investments in real estate assets
During the yearyears ended December 31, 20182020 and 2017,2019, we expended $268.7$284.8 million and $202.9$395.1 million, respectively, on improvements to and investments in real estate assets. In addition, during the years ended December 31, 2018 2020
33
and 2017,2019, insurance proceeds of $8.4$7.5 million and $3.5$7.4 million, respectively, were received and included in improvements to and investments in real estate assets.
Maintenance capital expenditures represent costs to fund major replacements and betterments to our properties. Leasing related capital expenditures represent tenant specific costs incurred to lease space, including tenant improvements and tenant allowances. In addition, we evaluate our Portfolio on an ongoing basis to identify value-
Acquisitions of and proceeds from sales of real estate assets
We continue to evaluate the market for acquisition opportunities and we may acquire shopping centers when we believe strategic opportunities exist, particularly where we can further concentrate our Portfolio in attractive retail submarkets and optimize the quality and long-term growth rate of our asset base. During the year ended December 31, 2018, 2020, we acquired two land parcels one building, three outparcel buildings and one outparcel for an aggregate purchase price of $17.4 million. $3.4 million, including transaction costs. During the year ended December 31, 2019, we acquired two shopping centers, two leases at an existing shopping center and one land parcel for an aggregate purchase price of $79.6 million, including transaction costs.
We may also dispose of properties when we believe value has been maximized, where there is further downside risk, or where we have limited ability or desire to build critical mass in thea particular submarket. During the year ended December 31, 2018,2020, we disposed of 6210 shopping centers, twosix partial shopping centers and one land parcel for aggregate net proceeds of $957.5 million.$121.4 million. In addition, duringduring the year ended December 31, 2018, 2020, we received aggregate net proceeds of $0.5$1.0 million from previously disposed assets. During the year ended December 31, 2019, we disposed of 24 shopping centers and three partial shopping centers for aggregate net proceeds of $288.5 million. In addition, during the year ended December 31, 2019, we received aggregate net proceeds of $1.6 million from previously disposed assets.
Financing Activities
Net cash used inprovided by (used in) financing activities is impacted by the nature, timing and magnitude of issuances and repurchases of debt and equity securities, as well as principal payments associated with our outstanding indebtedness and distributions made to our common stockholders.
During the year ended December 31, 2018,2020, our net cash used inprovided by financing activities increased $780.1$458.6 million as compared to the corresponding period in 2017.2019. The increase was primarily due to (i) a $622.1$333.8 million increase in debt repayments,borrowings, net of borrowings;repayments; and (ii) ana $164.5 million decrease in distributions to common stockholders; partially offset by (iii) a $27.4 million increase of $98.0 million in repurchases of common stock; (iii) an increase of $45.5 million in deferred financing and debt extinguishment costs; and (iv) ana $12.3 million increase in repurchases of $14.6 millioncommon stock. The increase in distributionsdebt borrowings is primarily related to common stockholders, partners and non-controlling interests.net proceeds from the issuances of our 4.050% Senior Notes due 2030, net of the repurchases of our 3.875% Senior Notes due 2022.
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Contractual Obligations
Our contractual obligations relate to our debt, including unsecured notes payable and unsecured credit facilities, and a secured loan, with maturities ranging from two yearsone year to 1110 years, in addition to non-cancelable operating leases pertaining to shopping centers where we are the lesseeour ground leases and to our administrative offices.office leases.
The following table summarizes our debt maturities (excluding extension options), interest payment obligations (excluding debt premiums and discounts and deferred financing costs) and obligations under non-cancelable operating leases (excluding extensionrenewal options) as of December 31, 2018:2020:
Contractual Obligations (in thousands) | Payment due by period | |||||||||||||||||||||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||||
Debt(1) | $ | — | $ | — | $ | 500,000 | $ | 750,000 | $ | 1,156,000 | $ | 2,525,453 | $ | 4,931,453 | ||||||||||||||
Interest payments(2) | 178,043 | 178,195 | 173,260 | 158,190 | 128,304 | 178,028 | 994,020 | |||||||||||||||||||||
| Operating leases | 6,929 | 6,948 | 7,157 | 7,233 | 5,827 | 43,876 | 77,970 | |||||||||||||||||||||
| Total | $ | 184,972 | $ | 185,143 | $ | 680,417 | $ | 915,423 | $ | 1,290,131 | $ | 2,747,357 | $ | 6,003,443 | ||||||||||||||
| Contractual Obligations (in thousands) | Payment due by period | |||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Debt(1) | $ | — | $ | 250,000 | $ | 850,000 | $ | 800,000 | $ | 700,000 | $ | 2,568,453 | $ | 5,168,453 | ||||||||||||||||||||||||||||||
Interest payments(2) | 188,351 | 183,264 | 182,731 | 147,682 | 118,514 | 309,002 | 1,129,544 | |||||||||||||||||||||||||||||||||||||
| Operating leases | 6,261 | 6,032 | 5,342 | 5,249 | 4,948 | 25,124 | 52,956 | |||||||||||||||||||||||||||||||||||||
| Total | $ | 194,612 | $ | 439,296 | $ | 1,038,073 | $ | 952,931 | $ | 823,462 | $ | 2,902,579 | $ | 6,350,953 | ||||||||||||||||||||||||||||||
(1) Debt includes scheduled maturities for unsecured notes payable and unsecured credit facilities.
(2) As of December 31, 2020, we incur variable rate interest on (i) a $350.0 million term loan; (ii) a $300.0 million term loan; and (iii) $250.0 million of Floating Rate Senior Notes due 2022. We have in place seven interest rate swap agreements with an aggregate notional value of $800.0 million, which effectively convert variable interest payments to fixed interest payments. See Item 7A. “Quantitative and Qualitative Disclosures” for a further discussion of these and other factors that could impact interest payments. Interest payments for these variable rate loans are presented using rates (including the impact of interest rate swaps) as of December 31, 2020.
Non-GAAP DisclosuresPerformance Measures
We present the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (presented(calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (presented(calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those presentedcalculated in accordance with GAAP. Our computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance.
Funds From Operations
NAREIT FFO (defined hereafter) is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) as net income (loss) presented, calculated in accordance with GAAP, excluding (i) gain (loss) on disposition of operating properties, plus (ii) depreciation and amortization of operating properties, (iii) impairment of operating properties andrelated to real estate, equity(ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (iv)(v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis.
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Our reconciliation of net income to NAREIT FFO for the years ended December 31, 2018, 20172020 and 20162019 is as follows (in thousands, except per share amounts):
| Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net income | $ | 121,173 | $ | 274,773 | |||||||
| Depreciation and amortization related to real estate | 331,558 | 328,534 | |||||||||
| Gain on sale of real estate assets | (34,499) | (54,767) | |||||||||
| Impairment of real estate assets | 19,551 | 24,402 | |||||||||
| NAREIT FFO | $ | 437,783 | $ | 572,942 | |||||||
| NAREIT FFO per diluted share | $ | 1.47 | $ | 1.91 | |||||||
| Weighted average diluted shares outstanding | 297,899 | 299,334 | |||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Net income | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Gain on disposition of operating properties | (209,168 | ) | (68,847 | ) | (35,613 | ) | |||||
| Gain on disposition of unconsolidated joint venture interest | — | (4,556 | ) | — | |||||||
| Depreciation and amortization-real estate related-continuing operations | 347,862 | 371,255 | 384,187 | ||||||||
| Depreciation and amortization-real estate related-unconsolidated joint venture | — | 56 | 88 | ||||||||
| Impairment of operating properties | 53,295 | 40,104 | 5,154 | ||||||||
| NAREIT FFO | $ | 558,273 | $ | 638,381 | $ | 631,958 | |||||
NAREIT FFO per share/OP Unit – diluted(1) | $ | 1.85 | $ | 2.09 | $ | 2.07 | |||||
Weighted average shares/OP Units outstanding – basic and diluted(2) | 302,339 | 305,281 | 305,059 | ||||||||
Same Property Net Operating Income
Same property net operating income (“NOI”) is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development)development and completed new development properties which have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other expense reimbursements,rental income, percentage rents and percentage rents)other revenues) less direct property operating expenses (operating costs and real estate taxes and provision for doubtful accounts)taxes). Same property NOI excludes (i) corporate level incomeexpenses (including management, transaction,general and other fees)administrative), (ii) lease termination fees, (iii) straight-line rental income, net, (iv) amortizationaccretion of above- and below-market rentleases and tenant inducements, net, (v) straight-line ground rent expense, and (vi) income / expense(expense) associated with the Company’sour captive insurance company.
Comparison of the Year Ended December 31, 20182020 to the Year Ended December 31, 20172019
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | Change | |||||||||||||||
| Number of properties | 384 | 384 | — | ||||||||||||||
| Percent billed | 88.1 | % | 89.7 | % | (1.6 | %) | |||||||||||
| Percent leased | 91.0 | % | 92.9 | % | (1.9 | %) | |||||||||||
| Revenues | |||||||||||||||||
| Rental income | $ | 1,013,948 | $ | 1,062,483 | $ | (48,535) | |||||||||||
| Other revenues | 2,299 | 1,793 | 506 | ||||||||||||||
| 1,016,247 | 1,064,276 | (48,029) | |||||||||||||||
| Operating expenses | |||||||||||||||||
| Operating costs | (110,317) | (118,008) | 7,691 | ||||||||||||||
| Real estate taxes | (163,019) | (161,116) | (1,903) | ||||||||||||||
| (273,336) | (279,124) | 5,788 | |||||||||||||||
| Same property NOI | $ | 742,911 | $ | 785,152 | $ | (42,241) | |||||||||||
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| Year Ended December 31, | ||||||||||||||
| 2018 | 2017 | Change | ||||||||||||
| Number of properties | 417 | 417 | — | |||||||||||
| Percent billed | 88.4 | % | 89.9 | % | (1.5 | %) | ||||||||
| Percent leased | 91.9 | % | 91.9 | % | — | % | ||||||||
| Revenues | ||||||||||||||
| Base rent | $ | 822,778 | $ | 806,190 | $ | 16,588 | ||||||||
| Ancillary and other | 16,145 | 14,371 | 1,774 | |||||||||||
| Expense reimbursements | 248,541 | 245,158 | 3,383 | |||||||||||
| Percentage rents | 6,014 | 6,609 | (595 | ) | ||||||||||
| 1,093,478 | 1,072,328 | 21,150 | ||||||||||||
| Operating expenses | ||||||||||||||
| Operating costs | (125,878 | ) | (121,064 | ) | (4,814 | ) | ||||||||
| Real estate taxes | (162,455 | ) | (158,844 | ) | (3,611 | ) | ||||||||
| Provision for doubtful accounts | (8,608 | ) | (4,503 | ) | (4,105 | ) | ||||||||
| (296,941 | ) | (284,411 | ) | (12,530 | ) | |||||||||
| Same property NOI | $ | 796,537 | $ | 787,917 | $ | 8,620 | ||||||||
| NOI margin | 72.8 | % | 73.5 | % | ||||||||||
| Expense recovery ratio | 86.2 | % | 87.6 | % | ||||||||||
The following table provides a reconciliation of net income attributable to common stockholders to same property NOI for the periods presented (in thousands):
| Year Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Net income | $ | 121,173 | $ | 274,773 | |||||||
| Adjustments: | |||||||||||
| Non-same property NOI | (22,431) | (45,398) | |||||||||
| Lease termination fees | (6,238) | (3,314) | |||||||||
| Straight-line rental income, net | 11,858 | (23,427) | |||||||||
| Accretion of above- and below-market leases and tenant inducements, net | (13,074) | (15,230) | |||||||||
| Straight-line ground rent expense | 151 | 127 | |||||||||
| Depreciation and amortization | 335,583 | 332,431 | |||||||||
| Impairment of real estate assets | 19,551 | 24,402 | |||||||||
| General and administrative | 98,280 | 102,309 | |||||||||
| Total other expense | 198,058 | 138,479 | |||||||||
| Same property NOI | $ | 742,911 | $ | 785,152 | |||||||
| Year Ended December 31, | |||||||
| 2018 | 2017 | ||||||
| Net income attributable to common stockholders | $ | 366,284 | $ | 300,254 | |||
| Adjustments: | |||||||
| Non-same property NOI | (71,897 | ) | (122,127 | ) | |||
| Lease termination fees | (3,672 | ) | (6,542 | ) | |||
| Straight-line rental income, net | (15,352 | ) | (18,451 | ) | |||
| Amortization of above- and below-market rent and tenant inducements, net | (23,313 | ) | (27,445 | ) | |||
| Fee income | — | (320 | ) | ||||
| Straight-line ground rent expense | 131 | 134 | |||||
| Depreciation and amortization | 352,245 | 375,028 | |||||
| Impairment of real estate assets | 53,295 | 40,104 | |||||
| General and administrative | 93,596 | 92,247 | |||||
| Total other expense | 45,220 | 159,857 | |||||
| Equity in income of unconsolidated joint venture | — | (381 | ) | ||||
| Gain on disposition of unconsolidated joint venture interest | — | (4,556 | ) | ||||
| Net income attributable to non-controlling interests | — | 76 | |||||
| Preferred stock dividends | — | 39 | |||||
| Same property NOI | $ | 796,537 | $ | 787,917 | |||
| Year Ended December 31, | ||||||||||||||
| 2017 | 2016 | Change | ||||||||||||
| Number of properties | 479 | 479 | — | |||||||||||
| Percent billed | 90.3 | % | 90.7 | % | (0.4 | %) | ||||||||
| Percent leased | 92.2 | % | 92.9 | % | (0.7 | %) | ||||||||
| Revenues | ||||||||||||||
| Base rent | $ | 895,447 | $ | 877,117 | $ | 18,330 | ||||||||
| Ancillary and other | 15,804 | 15,599 | 205 | |||||||||||
| Expense reimbursements | 268,690 | 259,261 | 9,429 | |||||||||||
| Percentage rents | 7,023 | 5,711 | 1,312 | |||||||||||
| 1,186,964 | 1,157,688 | 29,276 | ||||||||||||
| Operating expenses | ||||||||||||||
| Operating costs | (134,172 | ) | (128,027 | ) | (6,145 | ) | ||||||||
| Real estate taxes | (172,644 | ) | (167,796 | ) | (4,848 | ) | ||||||||
| Provision for doubtful accounts | (4,809 | ) | (8,780 | ) | 3,971 | |||||||||
| (311,625 | ) | (304,603 | ) | (7,022 | ) | |||||||||
| Same property NOI | $ | 875,339 | $ | 853,085 | $ | 22,254 | ||||||||
| NOI margin | 73.7 | % | 73.7 | % | ||||||||||
| Expense recovery ratio | 87.6 | % | 87.6 | % | ||||||||||
| Year Ended December 31, | |||||||
| 2017 | 2016 | ||||||
| Net income attributable to common stockholders | $ | 300,254 | $ | 275,478 | |||
| Adjustments: | |||||||
| Non-same property NOI | (34,705 | ) | (41,320 | ) | |||
| Lease termination fees | (6,542 | ) | (12,920 | ) | |||
| Straight-line rental income, net | (18,451 | ) | (14,444 | ) | |||
| Amortization of above- and below-market rent and tenant inducements, net | (27,445 | ) | (36,719 | ) | |||
| Fee income | (320 | ) | (1,221 | ) | |||
| Straight-line ground rent expense | 134 | 1,035 | |||||
| Depreciation and amortization | 375,028 | 387,302 | |||||
| Impairment of real estate assets | 40,104 | 5,154 | |||||
| General and administrative | 92,247 | 92,248 | |||||
| Total other expense | 159,857 | 196,305 | |||||
| Equity in income of unconsolidated joint venture | (381 | ) | (477 | ) | |||
| Gain on disposition of unconsolidated joint venture interest | (4,556 | ) | — | ||||
| Net income attributable to non-controlling interests | 76 | 2,514 | |||||
| Preferred stock dividends | 39 | 150 | |||||
| Same property NOI | $ | 875,339 | $ | 853,085 | |||
Our Critical Accounting PoliciesEstimates
Our discussion and analysis of our historical financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could ultimately differ from those estimates. ForSee Note 1 – Nature of Business and Financial Statement Presentation
to our Consolidated Financial Statements in this report for a discussion of recently-issued and adopted accounting standards, see Note 1 to financial statements contained elsewhere in this annual report on Form 10-K.standards.
Revenue Recognition and Receivables
We enter into agreements with tenants which convey the right to control the use of identified space at our 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 in the Company’son our Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and presentedincluded in Receivables, net on the accompanyingour Consolidated Balance Sheets within Receivables, net.
We account for rental revenue (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842. We also include the non-components of or controlsour leases, such as the physical usereimbursement of the leased asset.utilities, insurance and real estate taxes, within this lease component. These amounts are included in Rental income on our Consolidated Statements of Operations.
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. These percentagePercentage rents are recognized upon the achievement of certain pre-determined sales levels. Leases also typically provide for reimbursement of operating costs, including common area expenses, utilities, insurance and real estate taxes, by the lesseethresholds and are recognizedincluded in the period the applicable expenditures are incurred. Rental income on our 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 Companyus with the applicable property are met.
37
as a reduction to Rental income on our Consolidated Statements of its allowanceOperations. Provision for doubtful accounts. In addition, tenantsaccounts recognized prior to the adoption of ASC 842 is included in bankruptcy are analyzedOperating expenses on our Consolidated Statements of Operations in accordance with our previous presentation and estimates are made in connection with the expected recovery of pre-petition and post-petition claims.has not been reclassified to Rental income.
Real Estate
Real estate assets are recognized in the Company’son our 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), identifiable intangible assets and liabilities (consisting of aboveabove- and below-market leases and in-place leases), and assumed debt 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 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.
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:
| 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.
On a periodic basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holdinghold period and general market conditions, including the impact of COVID-19, that the carrying value of the Company’sour 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 holdingprobability-weighted hold period, are less than the carrying value of the property. Various factors are considered in the estimation process, including trends and prospects and the effects of demand and competition on future operating income. Changes in any estimates and/or assumptions, including the anticipated holdinghold 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, a loss is recognized to reflect the estimated fair value.
When a real estate asset is identified by management as held for sale, we discontinue depreciating the asset and estimate 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 is recognized to reflect the estimated fair value. Properties classified as real estate
38
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.
In situations in which a lease or leases with a tenant have been, or are expected to be, terminated early, the Company evaluateswe evaluate the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease terminated (i.e., tenant improvements, aboveabove- and below marketbelow-market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances surrounding the termination, the Companywe may accelerate the depreciation and amortization associated with the asset group.
Stock Based Compensation
Inflation
For the last several years inflation has been low and has had a minimal impact on the operating performance of our shopping centers; however, inflation may increase in the future. Most of our long-term leases contain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay their proportionalproportionate share of property operating costs,expenses, including common area expenses, utilities, insurance and real estate taxes, and certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in property-level costs resulting from inflation. In addition, we believe that many of our existing rental rates are below current market levelsrates for comparable space and that upon renewal or re-leasing, such rates may be increased to be consistent with, or closer to, current market rates. With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations, and may continue to enter into interest rate protection agreements which mitigate, but do not eliminate, the impact of changes in interest rates on our variable rate loans.
Off-Balance Sheet Arrangements
We had no material off-balance sheet arrangements as of December 31, 2018.
2020.
39
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
We may be exposed to interest rate changes primarily as a result of long-term debt used to fund operations and capital expenditures. Our objective in using interest rate derivativesuse of derivative instruments is intended to manage our exposure to interest rate movements. To achieve our objectives we borrow primarily at fixed rates or variable rates with the lowest credit spreads available.
With regard to variable ratevariable-rate financing, we assess interest rate risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. We maintain risk management control systems to monitor interest rate cash flow risk attributable to both our outstanding orand forecasted debt obligations, as well as our potential offsetting hedge positions. The risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on our future cash flows.
We may use derivative financial instruments to hedge exposures to changes in interest rates. To the extent we do, we are exposed to market and credit risk. Market risk is the adverse effect on the value of the financial instrument that results from a change in interest rates. Market risk associated with derivative instruments is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of the derivative contractinstrument is positive, the counterparty owes us, which creates credit risk to us. The credit risk associated with derivative instruments is managed by entering into transactions with a variety of highly-rated counterparties.
As of December 31, 2018,2020, we had $1.7 billion$900.0 million of outstanding variable rate borrowingsvariable-rate indebtedness which bearbears interest at a rate equal to LIBOR plus credit spreads ranging from 105 basis points to 190125 basis points. We have interest rate swap agreements on $1.2 billion$800.0 million of our variable rate borrowings,variable-rate indebtedness, which effectively convert the base rate on the borrowingsindebtedness from variable to fixed. If market rates of interest on our variable ratevariable-rate debt increased or decreased by 100 basis points, the change in annual interest expense on our variable ratevariable-rate debt would decrease earnings and cash flows by approximately $1.0 million or increase earnings and cash flows by approximately $5.1 million or decrease earnings and cash flows by approximately $5.1$1.0 million, respectively (after taking into account the impact of the $1.2 billion$800.0 million of interest rate swap agreements).
The table below presents the maturity profile, weighted average interest rates and fair value of total debt as of December 31, 2018.2020. The table has limited predictive value as average interest rates for variable ratevariable-rate debt included in the table represent rates that existed as of December 31, 20182020 and are subject to change. Further,Furthermore, the table below incorporates only those exposures that exist as of December 31, 20182020 and does not consider exposures or positions that may have arisen or expired after that date. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period,future periods, our hedging strategies at that time, and actual interest rates.
| (dollars in thousands) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
| Unsecured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed rate | $ | — | $ | — | $ | 500,000 | $ | 500,000 | $ | 700,000 | $ | 2,568,453 | $ | 4,268,453 | $ | 4,762,958 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate(1) | 3.90 | % | 3.90 | % | 3.99 | % | 4.04 | % | 4.09 | % | 4.09 | % | ||||||||||||||||||||||||||||||||||||||
Variable rate(2)(3) | $ | — | $ | 250,000 | $ | 350,000 | $ | 300,000 | $ | — | $ | — | $ | 900,000 | $ | 901,204 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate(1)(2) | 2.71 | % | 3.05 | % | 3.86 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||
(1) Weighted average interest rates include the impact of our interest rate swap agreements and are calculated based on the total debt balances as of the end of each year, assuming the repayment of debt on its scheduled maturity date.
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| (dollars in thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
| Secured Debt | ||||||||||||||||||||||||||||||||
| Fixed rate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,000 | $ | 7,000 | $ | 7,072 | ||||||||||||||||
Weighted average interest rate(1) | 4.40 | % | 4.40 | % | 4.40 | % | 4.40 | % | 4.40 | % | 4.40 | % | ||||||||||||||||||||
| Unsecured Debt | ||||||||||||||||||||||||||||||||
| Fixed rate | $ | — | $ | — | $ | — | $ | 500,000 | $ | 500,000 | $ | 2,218,453 | $ | 3,218,453 | $ | 3,372,418 | ||||||||||||||||
Weighted average interest rate(1) | 3.81 | % | 3.81 | % | 3.81 | % | 3.79 | % | 3.92 | % | 3.92 | % | ||||||||||||||||||||
Variable rate(2) (3) | $ | — | $ | — | $ | 500,000 | $ | 250,000 | $ | 656,000 | $ | 300,000 | $ | 1,706,000 | $ | 1,452,382 | ||||||||||||||||
Weighted average interest rate(1) | 2.99 | % | 2.99 | % | 3.25 | % | 3.17 | % | 4.00 | % | 4.00 | % | ||||||||||||||||||||
(2) The interest rates on our variable rate debt are based on credit rating grids. The credit rating grids and all-in-rates on outstanding variable rate debt as of December 31, 2020 are as follows:
| Credit Spread Grid | ||||||||||||||||||||||||||||||||
| As of December 31, 2020 | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||||||||||||||
| Variable Rate Debt | LIBOR Rate | Credit Spread | All-in-Rate | Credit Spread | Credit Spread | |||||||||||||||||||||||||||
Unsecured Credit Facility - Revolving Facility(1) | 0.15% | 1.10% | 1.25% | 0.78% – 1.45% | 0.00% – 0.45% | |||||||||||||||||||||||||||
| $350 Million Term Loan | 0.15% | 1.25% | 1.40% | 0.85% – 1.65% | 0.00% – 0.65% | |||||||||||||||||||||||||||
| $300 Million Term Loan | 0.15% | 1.25% | 1.40% | 0.85% – 1.65% | 0.00% – 0.65% | |||||||||||||||||||||||||||
| 2022 Notes | 0.21% | 1.05% | 1.26% | N/A | N/A | |||||||||||||||||||||||||||
(1) Our Revolving Facility is further subject to a facility fee ranging from 0.13% to 0.30%, which is excluded from the all-in-rate presented above.
(3) We have in place seven interest rate swap agreements that convert the variable interest rates on all or a portion of three variable rate debt instruments to fixed rates. The balances subject to interest rates swaps as of December 31, 2020 are as follows (dollars in thousands):
| As of December 31, 2020 | ||||||||||||||||||||||||||
| Variable Rate Debt | Amount | Weighted Average Fixed LIBOR Rate | Credit Spread | Swapped All-in-Rate | ||||||||||||||||||||||
| $350 Million Term Loan | $ | 350,000 | 1.11% | 1.25% | 2.36% | |||||||||||||||||||||
| $300 Million Term Loan | $ | 300,000 | 2.61% | 1.25% | 3.86% | |||||||||||||||||||||
| 2022 Notes | $ | 150,000 | 1.11% | 1.05% | 2.16% | |||||||||||||||||||||
| Credit Spread Grid | ||||||||||
| As of December 31, 2018 | LIBOR Rate Loans | Base Rate Loans | ||||||||
| Variable Rate Debt | LIBOR Rate | Credit Spread | All-in-Rate | Credit Spread | Credit Spread | |||||
| Unsecured Credit Facility - $500 Million Term Loan | 2.38% | 1.25% | 3.63% | 0.85% – 1.65% | 0.00% – 0.65% | |||||
Unsecured Credit Facility - Revolving Facility(1) | 2.43% | 1.10% | 3.53% | 0.78% – 1.45% | 0.00% – 0.45% | |||||
| $350 Million Term Loan | 2.38% | 1.25% | 3.63% | 0.85% – 1.65% | 0.00% – 0.65% | |||||
| $300 Million Term Loan | 2.35% | 1.90% | 4.25% | 1.50% – 2.45% | 0.50% – 1.45% | |||||
| 2022 Notes | 2.54% | 1.05% | 3.59% | N/A | N/A | |||||
| As of December 31, 2018 | ||||||||||
Variable Rate Debt(1) | Amount | Weighted Average Fixed LIBOR Rate | Credit Spread | Swapped All-in-Rate | ||||||
| Unsecured Credit Facility - $500 Million Term Loan | $ | 500,000 | 1.11% | 1.25% | 2.36% | |||||
| $350 Million Term Loan | $ | 350,000 | 0.88% | 1.25% | 2.13% | |||||
| $300 Million Term Loan | $ | 50,000 | 0.88% | 1.90% | 2.78% | |||||
Item 8.Financial Statements and Supplementary Data
See the Index to Consolidated Financial Statements and financial statements commencing on page F-1.
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Controls and Procedures (Brixmor Property Group Inc.)
Evaluation of Disclosure Controls and Procedures
BPG maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chiefprincipal executive officer and chiefprincipal financial officer, as appropriate, to allow timely decisions regarding required disclosures. BPG’s management, with the participation of its chiefprincipal executive officer and chiefprincipal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, BPG’s chiefprincipal executive officer, James M. Taylor, and chiefprincipal financial officer, Angela Aman, concluded that BPG’s disclosure controls and procedures were effective as of December 31, 2018.2020.
Management’s Report on Internal Control Over Financial Reporting
BPG’s management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of BPG’s financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. BPG’s
internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of BPG’s assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of BPG are being made only in accordance with authorizations of management and directors of BPG; and provide reasonable assurance
41
regarding prevention or timely detection of unauthorized acquisition, use or disposition of its assets that could have a material effect on BPG’s financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of its management, including its chiefprincipal executive officer and chiefprincipal financial officer, BPG conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission. Based on its assessment and those criteria, BPG’s management concluded that its internal control over financial reporting was effective as of December 31, 2018.2020.
Deloitte & Touche LLP, an independent registered public accounting firm, has issued a report, included herein, on the effectiveness of BPG’s internal control over financial reporting.
Changes in Internal Control over Financial Reporting
There have been no changes in BPG’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 20182020 that have materially affected, or that are reasonably likely to materially affect, BPG’s internal control over financial reporting.
Controls and Procedures (Brixmor Operating Partnership LP)
Evaluation of Disclosure Controls and Procedures
The Operating Partnership maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chiefprincipal executive officer and chiefprincipal financial officer, as appropriate, to allow timely decisions regarding required disclosures. The Operating Partnership’s management, with the participation of its chiefprincipal executive officer and chiefprincipal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, the Operating Partnership’s chiefprincipal executive officer, James M. Taylor, and chiefprincipal financial officer, Angela Aman, concluded that the Operating Partnership’s disclosure controls and procedures were effective as of December 31, 2018.2020.
Management’s Report on Internal Control Over Financial Reporting
The Operating Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of the Operating Partnership’s financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Operating Partnership’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Operating Partnership’s assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Operating Partnership are being made only in accordance with authorizations of management and directors of the Operating Partnership; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of its assets that could have a material effect on the Operating Partnership’s financial statements.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
42
Under the supervision and with the participation of its management, including its chiefprincipal executive officer and chiefprincipal financial officer, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the COSO of the Treadway Commission. Based on its assessment and those criteria, the Operating Partnership’s management concluded that its internal control over financial reporting was effective as of December 31, 2018.2020.
Deloitte & Touche LLP, an independent registered public accounting firm, has issued a report, included herein, on the effectiveness of the Operating Partnership’s internal control over financial reporting.
Changes in Internal Control over Financial Reporting
There have been no changes in the Operating Partnership’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 20182020 that have materially affected, or that are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.
Item 9B. Other Information
None.
43
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information required by Item 10 will be included in the definitive proxy statement relating to the 20192021 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on May 15, 2019April 27, 2021 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 20182020 fiscal year covered by this Form 10-K.
Item 11. Executive Compensation
The information required by Item 11 will be included in the definitive proxy statement relating to the 20192021 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on May 15, 2019April 27, 2021 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 20182020 fiscal year covered by this Form 10-K.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by Item 12 will be included in the definitive proxy statement relating to the 20192021 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on May 15, 2019April 27, 2021 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 20182020 fiscal year covered by this Form 10-K.
Item 13.Certain Relationships and Related Transactions, and Director Independence
The information required by Item 13 will be included in the definitive proxy statement relating to the 20192021 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on May 15, 2019April 27, 2021 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 20182020 fiscal year covered by this Form 10-K.
Item 14. Principal Accountant Fees and Services
The information required by Item 14 will be included in the definitive proxy statement relating to the 20192021 Annual Meeting of Stockholders of Brixmor Property Group Inc. to be held on May 15, 2019April 27, 2021 and is incorporated herein by reference. Brixmor Property Group Inc. will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of the Company’s 20182020 fiscal year covered by this Form 10-K.
44
PART IV
Item 15. Exhibits, Financial Statement Schedules
(a) Documents filed as part of this report
| Form 10-K Page | ||||||||
| 1 | CONSOLIDATED STATEMENTS | |||||||
| Reports of Independent Registered Public Accounting Firm | F- | |||||||
| Brixmor Property Group Inc.: | ||||||||
| Consolidated Balance Sheets as of December 31, | F- | |||||||
| Consolidated Statements of Operations for the | F- | |||||||
| Consolidated Statements of Comprehensive Income for the | F- | |||||||
| Consolidated Statement of Changes in Equity for the | F- | |||||||
| Consolidated Statements of Cash Flows for the | F- | |||||||
| Brixmor Operating Partnership LP: | ||||||||
| Consolidated Balance Sheets as of December 31, | F- | |||||||
| Consolidated Statements of Operations for the | F- | |||||||
| Consolidated Statements of Comprehensive Income for the | F- | |||||||
| Consolidated Statement of Changes in Capital for the | F- | |||||||
| Consolidated Statements of Cash Flows for the | F- | |||||||
| Notes to Consolidated Financial Statements | F- | |||||||
| 2 | CONSOLIDATED FINANCIAL STATEMENT SCHEDULES | |||||||
| Schedule II – Valuation and Qualifying Accounts | F- | |||||||
| Schedule III – Real Estate and Accumulated Depreciation | F- | |||||||
| All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. | ||||||||
45
(b) Exhibits. The following documents are filed as exhibits to this report:
| Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
| Articles of Incorporation of Brixmor Property Group Inc., dated as of November 4, 2013 | 8-K | 001-36160 | 11/4/2013 | 3.1 | ||||||||||||||||||||||||||||||||||
| Amended and Restated Bylaws of Brixmor Property Group Inc., dated as of February 28, 2017 | 8-K | 001-36160 | 3/3/2017 | 3.1 | ||||||||||||||||||||||||||||||||||
| Amended and Restated Certificate of Limited Partnership of Brixmor Operating Partnership LP | 10-K | 001-36160 | 3/12/2014 | 10.7 | ||||||||||||||||||||||||||||||||||
| Second Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of October 28, 2019, by and among Brixmor OP GP LLC, as General Partner, BPG Subsidiary Inc., as Limited Partner, BPG Sub LLC, as Limited Partner, and the other limited partners from time to time party thereto | 10-Q | 001-36160 | 10/28/2019 | 3.1 | ||||||||||||||||||||||||||||||||||
| Indenture, dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (the “2015 Indenture”) | 8-K | 001-36160 | 1/21/2015 | 4.1 | ||||||||||||||||||||||||||||||||||
| First Supplemental Indenture to the 2015 Indenture, dated January 21, 2015, among Brixmor Operating Partnership LP, as issuer, and Brixmor OP GP LLC and BPG Subsidiary Inc., as possible future guarantors, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 1/21/2015 | 4.2 | ||||||||||||||||||||||||||||||||||
| Second Supplemental Indenture to the 2015 Indenture, dated August 10, 2015, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/10/2015 | 4.2 | ||||||||||||||||||||||||||||||||||
| Third Supplemental Indenture to the 2015 Indenture, dated June 13, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/13/2016 | 4.2 | ||||||||||||||||||||||||||||||||||
| Fourth Supplemental Indenture to the 2015 Indenture, dated August 24, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/24/2016 | 4.2 | ||||||||||||||||||||||||||||||||||
| Fifth Supplemental Indenture to the 2015 Indenture, dated March 8, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 3/8/2017 | 4.2 | ||||||||||||||||||||||||||||||||||
| Sixth Supplemental Indenture to the 2015 Indenture, dated June 5, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/5/2017 | 4.2 | ||||||||||||||||||||||||||||||||||
46
| Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
| Articles of Incorporation of Brixmor Property Group Inc., dated as of November 4, 2013 | 8-K | 001-36160 | 11/4/2013 | 3.1 | ||||||||
| Amended and Restated Bylaws of Brixmor Property Group Inc., dated as of February 28, 2017 | 8-K | 001-36160 | 3/3/2017 | 3.1 | ||||||||
| Amended and Restated Certificate of Limited Partnership of Brixmor Operating Partnership LP | 10-K | 001-36160 | 3/12/2014 | 10.7 | ||||||||
| Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of October 29, 2013, by and between Brixmor OP GP LLC, as General Partner, BPG Subsidiary Inc., as Special Limited Partner, and the other limited partners from time to time party thereto | 8-K | 001-36160 | 11/4/2013 | 10.1 | ||||||||
| Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of Brixmor Operating Partnership LP, dated as of October 29, 2013, by and between Brixmor OP GP LLC, as General Partner, and the limited partners from time to time party thereto | 8-K | 001-36160 | 11/4/2013 | 10.2 | ||||||||
| Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of March 11, 2014 | 8-K | 001-36160 | 3/14/2014 | 10.1 | ||||||||
| Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership of Brixmor Operating Partnership LP, dated as of March 28, 2014 | 8-K | 001-36160 | 4/3/2014 | 10.1 | ||||||||
| Indenture, dated January 21, 2015, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee (the “2015 Indenture”) | 8-K | 001-36160 | 1/21/2015 | 4.1 | ||||||||
| First Supplemental Indenture to the 2015 Indenture, dated January 21, 2015, among Brixmor Operating Partnership LP, as issuer, and Brixmor OP GP LLC and BPG Subsidiary Inc., as possible future guarantors, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 1/21/2015 | 4.2 | ||||||||
| Second Supplemental Indenture to the 2015 Indenture, dated August 10, 2015, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/10/2015 | 4.2 | ||||||||
| Third Supplemental Indenture to the 2015 Indenture, dated June 13, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/13/2016 | 4.2 | ||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
| Seventh Supplemental Indenture to the 2015 Indenture, dated August 31, 2018, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/28/2018 | 4.2 | ||||||||||||||||||||||||||||||||||
| Eighth Supplemental Indenture to the 2015 Indenture, dated May 10, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 5/10/2019 | 4.2 | ||||||||||||||||||||||||||||||||||
| Amendment No. 1 to the Eighth Supplemental Indenture, dated August 15, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/15/2019 | 4.3 | ||||||||||||||||||||||||||||||||||
| Ninth Supplemental Indenture, dated June 10, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 6/10/2020 | 4.2 | ||||||||||||||||||||||||||||||||||
| Amendment No. 1 to the Ninth Supplemental Indenture, dated August 20, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 001-36160 | 8/20/2020 | 4.3 | ||||||||||||||||||||||||||||||||||
| Indenture, dated as of March 29, 1995, between New Plan Realty Trust and The First National Bank of Boston, as Trustee (the “1995 Indenture”) | S-3 | 33-61383 | 7/28/1995 | 4.2 | ||||||||||||||||||||||||||||||||||
| First Supplemental Indenture to the 1995 Indenture, dated as of August 5, 1999, by and among New Plan Realty Trust, New Plan Excel Realty Trust, Inc. and State Street Bank and Trust Company | 10-Q | 001-12244 | 11/12/1999 | 10.2 | ||||||||||||||||||||||||||||||||||
| Successor Supplemental Indenture to the 1995 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.2 | ||||||||||||||||||||||||||||||||||
| Third Supplemental Indenture to the 1995 Indenture, dated as of October 30, 2009, by and among Centro NP LLC and U.S. Bank Trust National Association | S-11 | 333-190002 | 8/23/2013 | 4.4 | ||||||||||||||||||||||||||||||||||
| Supplemental Indenture to the 1995 Indenture, dated as of October 16, 2014, between Brixmor LLC and U.S. Bank Trust National Association | 8-K | 001-36160 | 10/17/2014 | 4.1 | ||||||||||||||||||||||||||||||||||
| Indenture, dated as of February 3, 1999, among the New Plan Excel Realty Trust, Inc., as Primary Obligor, New Plan Realty Trust, as Guarantor, and State Street Bank and Trust Company, as Trustee (the “1999 Indenture”) | 8-K | 001-12244 | 2/3/1999 | 4.1 | ||||||||||||||||||||||||||||||||||
| Successor Supplemental Indenture to the 1999 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC, New Plan Realty Trust, LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.3 | ||||||||||||||||||||||||||||||||||
| Description of Registered Securities | — | — | — | — | x | |||||||||||||||||||||||||||||||||
47
| Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
| Fourth Supplemental Indenture to the 2015 Indenture, dated August 24, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/24/2016 | 4.2 | ||||||||
| Fifth Supplemental Indenture to the 2015 Indenture, dated March 8, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 3/8/2017 | 4.2 | ||||||||
| Sixth Supplemental Indenture to the 2015 Indenture, dated June 5, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 6/5/2017 | 4.2 | ||||||||
| Seventh Supplemental Indenture to the 2015 Indenture, dated August 31, 2018, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee | 8-K | 00-36160 | 8/28/2018 | 4.2 | ||||||||
| Indenture, dated as of March 29, 1995, between New Plan Realty Trust and The First National Bank of Boston, as Trustee (the “1995 Indenture”) | S-3 | 33-61383 | 7/28/1995 | 4.2 | ||||||||
| First Supplemental Indenture to the 1995 Indenture, dated as of August 5, 1999, by and among New Plan Realty Trust, New Plan Excel Realty Trust, Inc. and State Street Bank and Trust Company | 10-Q | 001-12244 | 11/12/1999 | 10.2 | ||||||||
| Successor Supplemental Indenture to the 1995 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.2 | ||||||||
| Third Supplemental Indenture to the 1995 Indenture, dated as of October 30, 2009, by and among Centro NP LLC and U.S. Bank Trust National Association | S-11 | 333-190002 | 8/23/2013 | 4.4 | ||||||||
| Supplemental Indenture to the 1995 Indenture, dated as of October 16, 2014, between Brixmor LLC and U.S. Bank Trust National Association | 8-K | 001-36160 | 10/17/2014 | 4.1 | ||||||||
| Indenture, dated as of February 3, 1999, among the New Plan Excel Realty Trust, Inc., as Primary Obligor, New Plan Realty Trust, as Guarantor, and State Street Bank and Trust Company, as Trustee (the “1999 Indenture”) | 8-K | 001-12244 | 2/3/1999 | 4.1 | ||||||||
| Successor Supplemental Indenture to the 1999 Indenture, dated as of April 20, 2007, by and among Super IntermediateCo LLC, New Plan Realty Trust, LLC and U.S. Bank Trust National Association | 10-Q | 001-12244 | 8/9/2007 | 4.3 | ||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
| 2013 Omnibus Incentive Plan | S-11 | 333-190002 | 9/23/2013 | 10.18 | ||||||||||||||||||||||||||||||||||
| Form of Director and Officer Indemnification Agreement | S-11 | 333-190002 | 8/23/2013 | 10.19 | ||||||||||||||||||||||||||||||||||
| Form of Director Restricted Stock Award Agreement | S-11 | 333-190002 | 10/4/2013 | 10.30 | ||||||||||||||||||||||||||||||||||
| Form of Restricted Stock Unit Agreement | 10-Q | 001-36160 | 4/26/2016 | 10.6 | ||||||||||||||||||||||||||||||||||
| Form of Brixmor Property Group Inc. Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) | 8-K | 001-36160 | 3/6/2018 | 10.1 | ||||||||||||||||||||||||||||||||||
| Employment Agreement, dated April 12, 2016 by and between Brixmor Property Group Inc. and James M. Taylor | 10-Q | 001-36160 | 7/25/2016 | 10.1 | ||||||||||||||||||||||||||||||||||
| Employment Agreement, dated April 26, 2016, by and between Brixmor Property Group Inc. and Angela Aman | 10-Q | 001-36160 | 7/25/2016 | 10.2 | ||||||||||||||||||||||||||||||||||
| First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Angela Aman | 8-K | 001-36160 | 3/8/2019 | 10.1 | ||||||||||||||||||||||||||||||||||
| Employment Agreement, dated May 11, 2016 by and between Brixmor Property Group Inc. and Mark T. Horgan | 10-K | 001-36160 | 2/13/2017 | 10.22 | ||||||||||||||||||||||||||||||||||
| First Amendment to Employment Agreement, dated March 7, 2019, by and between Brixmor Property Group Inc. and Mark T. Horgan | 8-K | 001-36160 | 3/8/2019 | 10.2 | ||||||||||||||||||||||||||||||||||
| Employment Agreement, dated December 5, 2014 by and between Brixmor Property Group Inc. and Brian T. Finnegan | 10-K | 001-36160 | 2/13/2017 | 10.23 | ||||||||||||||||||||||||||||||||||
| Employment Agreement, dated November 1, 2011, between Brixmor Property Group Inc. and Steven F. Siegel | S-11 | 333-190002 | 8/23/2013 | 10.23 | ||||||||||||||||||||||||||||||||||
| First Amendment to Employment Agreement, dated February 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel | 10-Q | 001-36160 | 4/29/2019 | 10.3 | ||||||||||||||||||||||||||||||||||
| Second Amendment to Employment Agreement, dated April 26, 2019, by and between Brixmor Property Group Inc. and Steven F. Siegel | 10-Q | 001-36160 | 4/29/2019 | 10.4 | ||||||||||||||||||||||||||||||||||
| Amended and Restated Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto | 10-K | 001-36160 | 2/11/2019 | 10.4 | ||||||||||||||||||||||||||||||||||
| Amendment No. 1 to Amended and Restated Term Loan Agreement, dated as of April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 8-K | 001-36160 | 5/1/2020 | 10.2 | ||||||||||||||||||||||||||||||||||
48
| Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
| Term Loan Agreement, dated March 18, 2014, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto (the “Term Loan Agreement”) | 8-K | 001-36160 | 3/18/2014 | 10.1 | ||||||||
| Amendment No. 1 to Term Loan Agreement, dated as of February 5, 2015, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent | 8-K | 001-36160 | 2/9/2015 | 10.2 | ||||||||
| Amendment No. 2 to Term Loan Agreement, dated as of July 25, 2016, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 10-Q | 001-36160 | 7/25/2016 | 10.6 | ||||||||
| Amended and Restated Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto | — | — | — | — | x | |||||||
| Loan Agreement, dated as of July 28, 2010, by and among Centro NP New Garden SC Owner, LLC, Centro NP Clark, LLC, Centro NP Hamilton Plaza Owner, LLC, Centro NP Holdings 11 SPE, LLC, Centro NP Holdings 12 SPE, LLC, Centro NP Atlantic Plaza, LLC, Centro NP 23rd Street Station Owner, LLC, Centro NP Coconut Creek Owner, LLC, Centro NP Seminole Plaza Owner, LLC, Centro NP Ventura Downs Owner, LLC, Centro NP Augusta West Plaza, LLC, Centro NP Banks Station, LLC, Centro NP Laurel Square Owner, LLC, Centro NP Middletown Plaza Owner, LLC, Centro NP Miracle Mile, LLC, Centro NP Ridgeview, LLC, Centro NP Surrey Square Mall, LLC, Centro NP Covington Gallery Owner, LLC, Centro NP Stone Mountain, LLC, Centro NP Greentree SC, LLC, Centro NP Arbor Faire Owner, LP, Centro NP Holdings 10 SPE, LLC, HK New Plan Festival Center (IL), LLC and JPMorgan Chase Bank, N.A., as lender | S-11 | 333-190002 | 8/23/2013 | 10.9 | ||||||||
| Guaranty, dated as of July 28, 2010, made by Centro NP LLC for the benefit of JPMorgan Chase Bank, N.A., as lender (regarding Loan Agreement with Centro NP New Garden SC Owner, LLC, et al.) | S-11 | 333-190002 | 8/23/2013 | 10.10 | ||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
| Term Loan Agreement, dated as of July 28, 2017, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “2017 Term Loan Agreement”) | 8-K | 001-36160 | 7/31/2017 | 10.1 | ||||||||||||||||||||||||||||||||||
| Amendment No. 1 to the 2017 Term Loan Agreement, dated December 12, 2018, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto | 10-K | 001-36160 | 2/11/2019 | 10.25 | ||||||||||||||||||||||||||||||||||
| Amendment No. 2 to Term Loan Agreement, dated as April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto | 8-K | 001-36160 | 5/1/2020 | 10.3 | ||||||||||||||||||||||||||||||||||
| Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 10-K | 001-36160 | 2/11/2019 | 10.26 | ||||||||||||||||||||||||||||||||||
| Amendment No. 1 to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto | 8-K | 001-36160 | 5/1/2020 | 10.1 | ||||||||||||||||||||||||||||||||||
| Subsidiaries of the Brixmor Property Group Inc. | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Subsidiaries of the Brixmor Operating Partnership LP | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Consent of Deloitte & Touche LLP for Brixmor Property Group Inc. | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Consent of Deloitte & Touche LLP for Brixmor Operating Partnership LP | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
49
| Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
| Senior Mezzanine Loan Agreement, dated as of July 28, 2010, by and among Centro NP New Garden Mezz 1, LLC, Centro NP Senior Mezz Holding, LLC and JPMorgan Chase Bank, N.A., as lender | S-11 | 333-190002 | 8/23/2013 | 10.11 | ||||||||
| Senior Mezzanine Guaranty, dated as of July 28, 2010, made by Centro NP LLC for the benefit of JPMorgan Chase Bank, N.A., as lender | S-11 | 333-190002 | 8/23/2013 | 10.12 | ||||||||
| Omnibus Amendment to the Mezzanine Loan Documents, dated as of September 1, 2010, by and among Centro NP New Garden Mezz 1, LLC, Centro NP Senior Mezz Holding, LLC and JPMorgan Chase Bank, N.A., as lender | S-11 | 333-190002 | 8/23/2013 | 10.13 | ||||||||
| Loan Agreement, dated as of July 28, 2010, by and between Centro NP Roosevelt Mall Owner, LLC and JPMorgan Chase Bank, N.A., as lender | S-11 | 333-190002 | 8/23/2013 | 10.14 | ||||||||
| Guaranty, dated as of July 28, 2010, made by Centro NP LLC for the benefit of JPMorgan Chase Bank, N.A., as lender (regarding Loan Agreement with Centro NP Roosevelt Mall Owner, LLC) | S-11 | 333-190002 | 8/23/2013 | 10.15 | ||||||||
| 2013 Omnibus Incentive Plan | S-11 | 333-190002 | 9/23/2013 | 10.18 | ||||||||
| Form of Director and Officer Indemnification Agreement | S-11 | 333-190002 | 8/23/2013 | 10.19 | ||||||||
| Employment Agreement, dated November 1, 2011, between BPG Subsidiary Inc. and Steven F. Siegel | S-11 | 333-190002 | 8/23/2013 | 10.23 | ||||||||
| Form of Brixmor Property Group Inc. Restricted Stock Grant and Acknowledgment | S-11 | 333-190002 | 10/4/2013 | 10.26 | ||||||||
| Form of Director Restricted Stock Award Agreement | S-11 | 333-190002 | 10/4/2013 | 10.30 | ||||||||
| Form of Restricted Stock Unit Agreement | 10-Q | 001-36160 | 4/26/2016 | 10.6 | ||||||||
| Form of Brixmor Property Group Inc. Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) | 8-K | 001-36160 | 3/6/2018 | 10.1 | ||||||||
| Employment Agreement, dated April 12, 2016 by and between Brixmor Property Group Inc. and James M. Taylor | 10-Q | 001-36160 | 7/25/2016 | 10.1 | ||||||||
| Employment Agreement, dated April 26, 2016, by and between Brixmor Property Group Inc. and Angela Aman | 10-Q | 001-36160 | 7/25/2016 | 10.2 | ||||||||
| Employment Agreement, dated May 11, 2016 by and between Brixmor Property Group Inc. and Mark T. Horgan | 10-K | 001-36160 | 2/13/2017 | 10.22 | ||||||||
| Employment Agreement, dated December 5, 2014 by and between Brixmor Property Group Inc. and Brian T. Finnegan | 10-K | 001-36160 | 2/13/2017 | 10.23 | ||||||||
| Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
| Amended and Restated Revolving Credit and Term Loan Agreement, dated as of July 25, 2016, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | 10-Q | 001-36160 | 7/25/2016 | 10.5 | ||||||||
| Term Loan Agreement, dated as of July 28, 2017, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “2017 Term Loan Agreement”) | 8-K | 001-36160 | 7/31/2017 | 10.1 | ||||||||
| Amendment No. 1 to the 2017 Term Loan Agreement, dated December 12, 2018, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto | — | — | — | — | x | |||||||
| Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto | — | — | — | — | x | |||||||
| Subsidiaries of the Brixmor Property Group Inc. | — | — | — | — | x | |||||||
| Subsidiaries of the Brixmor Operating Partnership LP | — | — | — | — | x | |||||||
| Consent of Deloitte & Touche LLP for Brixmor Property Group Inc. | — | — | — | — | x | |||||||
| Consent of Deloitte & Touche LLP for Brixmor Operating Partnership LP | — | — | — | — | x | |||||||
| Brixmor Property Group Inc. Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
| Brixmor Property Group Inc. Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
| Brixmor Operating Partnership LP Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
| Brixmor Operating Partnership LP Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Brixmor Property Group Inc. Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Brixmor Operating Partnership LP Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| Property List | — | — | — | — | x | |||||||||||||||||||||||||||||||||
| 101.INS | XBRL Instance Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | — | — | — | — | x | ||||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) | x | ||||||||||||||||||||||||||||||||||||
* Indicates management contract or compensatory plan or arrangement.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
Item 16. Form 10-K Summary
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
| BRIXMOR PROPERTY GROUP INC. | ||||||||
| Date: February 11, | By: | /s/ James M. Taylor | ||||||
| James M. Taylor | ||||||||
| Chief Executive Officer and President | ||||||||
| (Principal Executive Officer) | ||||||||
| BRIXMOR OPERATING PARTNERSHIP LP | ||||||||
| Date: February 11, | By: | /s/ James M. Taylor | ||||||
| James M. Taylor | ||||||||
| Chief Executive Officer and President | ||||||||
| (Principal Executive Officer) | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: February 11, | By: | /s/ James M. Taylor | ||||||
| James M. Taylor | ||||||||
| Chief Executive Officer and President | ||||||||
| (Principal Executive Officer, Director, Sole Director of Sole Member of General Partner of Operating Partnership) | ||||||||
| Date: February 11, | By: | /s/ Angela Aman | ||||||
| Angela Aman | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
| Date: February 11, | By: | /s/ Steven Gallagher | ||||||
| Steven Gallagher | ||||||||
| Chief Accounting Officer | ||||||||
| (Principal Accounting Officer) | ||||||||
| Date: February 11, | By: | /s/ John G. Schreiber | ||||||
| John G. Schreiber | ||||||||
| Chairman of the Board of Directors | ||||||||
| Date: February 11, | By: | /s/ Michael Berman | ||||||
| Michael Berman | ||||||||
| Director | ||||||||
| Date: February 11, | By: | /s/ Sheryl M. Crosland | ||||||
| Sheryl M. Crosland | ||||||||
| Director | ||||||||
| Date: February 11, | By: | /s/ Thomas W. Dickson | ||||||
| Thomas W. Dickson | ||||||||
| Director | ||||||||
| Date: February 11, | By: | /s/ Daniel B. Hurwitz | ||||||
| Daniel B. Hurwitz | ||||||||
| Director | ||||||||
| Date: February 11, | By: | /s/ William D. Rahm | ||||||
| William D. Rahm | ||||||||
| Director | ||||||||
| Date: February 11, | By: | /s/ Gabrielle Sulzberger | ||||||
| Gabrielle Sulzberger | ||||||||
| Director | ||||||||
| Date: February 11, 2021 | By: | /s/ Juliann Bowerman | ||||||
| Juliann Bowerman | ||||||||
| Director | ||||||||
51
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
| Form 10-K Page | ||||||||
| 1 | CONSOLIDATED STATEMENTS | |||||||
| Reports of Independent Registered Public Accounting Firm | F- | |||||||
| Brixmor Property Group Inc.: | ||||||||
| Consolidated Balance Sheets as of December 31, | F- | |||||||
| Consolidated Statements of Operations for the | F- | |||||||
| Consolidated Statements of Comprehensive Income for the | F- | |||||||
| Consolidated Statements of Changes in Equity for the | F- | |||||||
| Consolidated Statements of Cash Flows for the | F- | |||||||
| Brixmor Operating Partnership LP: | ||||||||
| Consolidated Balance Sheets as of December 31, | F- | |||||||
| Consolidated Statements of Operations for the | F- | |||||||
| Consolidated Statements of Comprehensive Income for the | F- | |||||||
| Consolidated Statements of Changes in Capital for the | F- | |||||||
| Consolidated Statements of Cash Flows for the | F- | |||||||
| Notes to Consolidated Financial Statements | F- | |||||||
| 2 | CONSOLIDATED FINANCIAL STATEMENT SCHEDULES | |||||||
| Schedule II – Valuation and Qualifying Accounts | F- | |||||||
| Schedule III – Real Estate and Accumulated Depreciation | F- | |||||||
| All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. | ||||||||
F-1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of Brixmor Property Group Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Brixmor Property Group Inc. and Subsidiaries (the "Company"“Company”) as of December 31, 20182020 and 2017,2019, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2018,2020, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 20182020 and 2017,2019, and the results of theirits operations and theirits cash flows for each of the three years in the period ended December 31, 2018,2020, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2018,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 11, 2019,2021, expressed an unqualified opinion on the Company's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company'sCompany’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Impairment of Real Estate Assets - Refer to Note 1 and Note 5 to the financial statements
Critical Audit Matter Description
The Company, on a periodic basis, assesses whether there are indicators, including changes in anticipated holding period, that the 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 current and projected operating cash flows (undiscounted and unleveraged), considering the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Changes in any estimates and/or assumptions, including the anticipated holding 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, a loss is recognized for the excess of its carrying amount over its fair value.
The Company utilizes estimates and assumptions when determining potential impairments based on the asset’s projected operating cash flows. We identified management’s estimate of anticipated holding period for the properties evaluated for impairment as a critical audit matter because of the significance of the estimate within
F-2
management’s evaluation of the recoverability of real estate assets. Changes in the anticipated holding period could have a material impact on the projected operating cash flows and the amount of recorded impairment charge(s). This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assessment of expected remaining holding period.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s estimates in determining the impairment of real estate asset values included the following, among others:
•We tested the effectiveness of controls over management’s impairment analysis, including controls over the estimate of the anticipated holding period of real estate assets.
•We evaluated the Company’s estimate of holding periods by:
◦Performing a retrospective analysis to compare historical estimates for real estate assets that have subsequently been disposed.
◦Obtaining and evaluating financial and operational evidence of the assumption of the anticipated holding period.
Evaluation of Collectability of Receivables – Refer to Note 1 to the financial statements
Critical Audit Matter Description
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 creditworthiness, 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. Due to the economic impacts from the COVID-19 pandemic, the Company has experienced an increase in the number of tenants that are delinquent in their lease obligations and has recognized significant levels compared to historical levels of revenues deemed uncollectible and straight-line rent receivable reversals.
The Company exercises judgments when determining the collectability of receivables related to revenue generating activities on an individual tenant basis. We identified management’s assumptions utilized in determining if a tenant’s lease payments are collectible as a critical audit matter because of the material impact to Rental income. This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assessment of collectability.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s assumptions in evaluating the collectability of rental revenue receivables included the following, among others:
•We tested the effectiveness of controls over management’s collectability assessment including controls over the assumptions utilized by management.
•We evaluated the Company’s estimate of the collectability of receivables by:
◦Assessing tenants that are deemed uncollectible by testing management’s estimate including reading available information including tenant’s filings, financial statements, news articles, and analyst reports among other procedures to validate management’s conclusions based on the tenant’s industry, creditworthiness, and payment history.
◦Analyzing tenants that are deemed collectible and who have large outstanding receivable balances, disputed charges, or recent deferral or abatement agreements by assessing analyst and industry reports to evaluate management’s conclusions.
◦Obtaining operational evidence by inquiring with Company employees in departments outside of accounting to corroborate evidence regarding specific tenant’s collectability assessment.
/s/ DELOITTE & TOUCHE LLP
February 11, 2019
2021
We have served as the Company's auditor since 2015.
F-3
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of Brixmor Property Group Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Brixmor Property Group Inc. and Subsidiaries (the “Company”) as of December 31, 2018,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2018],2020, of the Company and our report dated February 11, 2019,2021, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
February 11, 2019 2021
F-4
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners and the Board of Directors of Brixmor Operating Partnership LP
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Brixmor Operating Partnership LP and Subsidiaries (the "Operating Partnership"“Operating Partnership”) as of December 31, 20182020 and 2017,2019, the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows, for each of the three years in the period ended December 31, 2018,2020, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 20182020 and 2017,2019, and the results of theirits operations and theirits cash flows for each of the three years in the period ended December 31, 2018,2020, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Operating Partnership's internal control over financial reporting as of December 31, 2018,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 11, 2019,2021, expressed an unqualified opinion on the Operating Partnership's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Operating Partnership's management. Our responsibility is to express an opinion on the Operating Partnership's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Impairment of Real Estate Assets - Refer to Note 1 and Note 5 to the financial statements
Critical Audit Matter Description
The Operating Partnership, on a periodic basis, assesses whether there are indicators, including changes in anticipated holding period, that the value of the Operating Partnership’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 current and projected operating cash flows (undiscounted and unleveraged), considering the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Changes in any estimates and/or assumptions, including the anticipated holding 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, a loss is recognized for the excess of its carrying amount over its fair value.
The Operating Partnership utilizes estimates and assumptions when determining potential impairments based on the asset’s projected operating cash flows. We identified management’s estimate of anticipated holding period for the properties evaluated for impairment as a critical audit matter because of the significance of the estimate within
F-5
management’s evaluation of the recoverability of real estate assets. Changes in the anticipated holding period could have a material impact on the projected operating cash flows and the amount of recorded impairment charge(s). This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assessment of expected remaining holding period.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s estimates in determining the impairment of real estate asset values included the following, among others:
•We tested the effectiveness of controls over management’s impairment analysis, including controls over the estimate of the anticipated holding period of real estate assets.
•We evaluated the Operating Partnership’s estimate of holding periods by:
◦Performing a retrospective analysis to compare historical estimates for real estate assets that have subsequently been disposed.
◦Obtaining and evaluating financial and operational evidence of the assumption of the anticipated holding period.
Evaluation of Collectability of Receivables – Refer to Note 1 to the financial statements
Critical Audit Matter Description
The Operating Partnership 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 Operating Partnership analyzes individual tenant receivables and considers tenant creditworthiness, 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. Due to the economic impacts from the COVID-19 pandemic, the Operating Partnership has experienced an increase in the number of tenants that are delinquent in their lease obligations and has recognized significant levels compared to historical levels of revenues deemed uncollectible and straight-line rent receivable reversals.
The Operating Partnership exercises judgments when determining the collectability of receivables related to revenue generating activities on an individual tenant basis. We identified management’s assumptions utilized in determining if a tenant’s lease payments are collectible as a critical audit matter because of the material impact to Rental income. This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assessment of collectability.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s assumptions in evaluating the collectability of rental revenue receivables included the following, among others:
•We tested the effectiveness of controls over management’s collectability assessment including controls over the assumptions utilized by management.
•We evaluated the Operating Partnership’s estimate of the collectability of receivables by:
◦Assessing tenants that are deemed uncollectible by testing management’s estimate including reading available information including tenant’s filings, financial statements, news articles, and analyst reports among other procedures to validate management’s conclusions based on the tenant’s industry, creditworthiness, and payment history.
◦Analyzing tenants that are deemed collectible and who have large outstanding receivable balances, disputed charges, or recent deferral or abatement agreements by assessing analyst and industry reports to evaluate management’s conclusions.
◦Obtaining operational evidence by inquiring with Operating Partnership employees in departments outside of accounting to corroborate evidence regarding specific tenant’s collectability assessment.
/s/ DELOITTE & TOUCHE LLP
February 11, 2019
2021
We have served as the Operating Partnership'sPartnership’s auditor since 2015.
F-6
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners and the Board of Directors of Brixmor Operating Partnership LP
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Brixmor Operating Partnership LP and Subsidiaries (the “Operating Partnership”) as of December 31, 2018,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2018],2020, of the Operating Partnership and our report dated February 11, 2019,2021, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Operating Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management'sManagement’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Operating Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
February 11, 2019 2021
F-7
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except share information) | |||||||
December 31, 2018 | December 31, 2017 | ||||||
| Assets | |||||||
| Real estate | |||||||
| Land | $ | 1,804,504 | $ | 1,984,309 | |||
| Buildings and improvements | 8,294,273 | 8,937,182 | |||||
| 10,098,777 | 10,921,491 | ||||||
| Accumulated depreciation and amortization | (2,349,127 | ) | (2,361,070 | ) | |||
| Real estate, net | 7,749,650 | 8,560,421 | |||||
| Cash and cash equivalents | 41,745 | 56,938 | |||||
| Restricted cash | 9,020 | 53,839 | |||||
| Marketable securities | 30,243 | 28,006 | |||||
| Receivables, net of allowance for doubtful accounts of $21,724 and $17,205 | 228,297 | 232,111 | |||||
| Deferred charges and prepaid expenses, net | 145,662 | 147,508 | |||||
| Real estate assets held for sale | 2,901 | 27,081 | |||||
| Other assets | 34,903 | 48,022 | |||||
| Total assets | $ | 8,242,421 | $ | 9,153,926 | |||
| Liabilities | |||||||
| Debt obligations, net | $ | 4,885,863 | $ | 5,676,238 | |||
| Accounts payable, accrued expenses and other liabilities | 520,459 | 569,340 | |||||
| Total liabilities | 5,406,322 | 6,245,578 | |||||
| Commitments and contingencies (Note 14) | — | — | |||||
| Equity | |||||||
| Common stock, $0.01 par value; authorized 3,000,000,000 shares; 305,130,472 and 304,947,144 shares issued and 298,488,516 and 304,620,186 shares outstanding | 2,985 | 3,046 | |||||
| Additional paid-in capital | 3,233,329 | 3,330,466 | |||||
| Accumulated other comprehensive income | 15,973 | 24,211 | |||||
| Distributions in excess of net income | (416,188 | ) | (449,375 | ) | |||
| Total equity | 2,836,099 | 2,908,348 | |||||
| Total liabilities and equity | $ | 8,242,421 | $ | 9,153,926 | |||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands, except share information) | |||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Assets | |||||||||||
| Real estate | |||||||||||
| Land | $ | 1,740,263 | $ | 1,767,029 | |||||||
| Buildings and improvements | 8,423,298 | 8,356,571 | |||||||||
| 10,163,561 | 10,123,600 | ||||||||||
| Accumulated depreciation and amortization | (2,659,448) | (2,481,250) | |||||||||
| Real estate, net | 7,504,113 | 7,642,350 | |||||||||
| Cash and cash equivalents | 368,675 | 19,097 | |||||||||
| Restricted cash | 1,412 | 2,426 | |||||||||
| Marketable securities | 19,548 | 18,054 | |||||||||
| Receivables, net | 240,323 | 234,246 | |||||||||
| Deferred charges and prepaid expenses, net | 139,260 | 143,973 | |||||||||
| Real estate assets held for sale | 18,014 | 22,171 | |||||||||
| Other assets | 50,802 | 60,179 | |||||||||
| Total assets | $ | 8,342,147 | $ | 8,142,496 | |||||||
| Liabilities | |||||||||||
| Debt obligations, net | $ | 5,167,330 | $ | 4,861,185 | |||||||
| Accounts payable, accrued expenses and other liabilities | 494,116 | 537,454 | |||||||||
| Total liabilities | 5,661,446 | 5,398,639 | |||||||||
| Commitments and contingencies (Note 15) | 0 | 0 | |||||||||
| Equity | |||||||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 305,621,403 and 305,334,144 shares issued and 296,494,411 and 297,857,267 shares outstanding | 2,965 | 2,979 | |||||||||
| Additional paid-in capital | 3,213,990 | 3,230,625 | |||||||||
| Accumulated other comprehensive loss | (28,058) | (9,543) | |||||||||
| Distributions in excess of net income | (508,196) | (480,204) | |||||||||
| Total equity | 2,680,701 | 2,743,857 | |||||||||
| Total liabilities and equity | $ | 8,342,147 | $ | 8,142,496 | |||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
F-8
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Revenues | |||||||||||
| Rental income | $ | 956,090 | $ | 997,089 | $ | 998,118 | |||||
| Expense reimbursements | 271,671 | 278,636 | 270,548 | ||||||||
| Other revenues | 6,579 | 7,455 | 7,106 | ||||||||
| Total revenues | 1,234,340 | 1,283,180 | 1,275,772 | ||||||||
| Operating expenses | |||||||||||
| Operating costs | 136,217 | 136,092 | 133,429 | ||||||||
| Real estate taxes | 177,401 | 179,097 | 174,487 | ||||||||
| Depreciation and amortization | 352,245 | 375,028 | 387,302 | ||||||||
| Provision for doubtful accounts | 10,082 | 5,323 | 9,182 | ||||||||
| Impairment of real estate assets | 53,295 | 40,104 | 5,154 | ||||||||
| General and administrative | 93,596 | 92,247 | 92,248 | ||||||||
| Total operating expenses | 822,836 | 827,891 | 801,802 | ||||||||
| Other income (expense) | |||||||||||
| Dividends and interest | 519 | 365 | 542 | ||||||||
| Interest expense | (215,025 | ) | (226,660 | ) | (226,671 | ) | |||||
| Gain on sale of real estate assets | 209,168 | 68,847 | 35,613 | ||||||||
| Gain (loss) on extinguishment of debt, net | (37,096 | ) | 498 | (832 | ) | ||||||
| Other | (2,786 | ) | (2,907 | ) | (4,957 | ) | |||||
| Total other expense | (45,220 | ) | (159,857 | ) | (196,305 | ) | |||||
| Income before equity in income of unconsolidated joint venture | 366,284 | 295,432 | 277,665 | ||||||||
| Equity in income of unconsolidated joint venture | — | 381 | 477 | ||||||||
| Gain on disposition of unconsolidated joint venture interest | — | 4,556 | — | ||||||||
| Net income | 366,284 | 300,369 | 278,142 | ||||||||
| Net income attributable to non-controlling interests | — | (76 | ) | (2,514 | ) | ||||||
| Net income attributable to Brixmor Property Group Inc. | 366,284 | 300,293 | 275,628 | ||||||||
| Preferred stock dividends | — | (39 | ) | (150 | ) | ||||||
| Net income attributable to common stockholders | $ | 366,284 | $ | 300,254 | $ | 275,478 | |||||
| Per common share: | |||||||||||
| Net income attributable to common stockholders: | |||||||||||
| Basic | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
| Diluted | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
| Weighted average shares: | |||||||||||
| Basic | 302,074 | 304,834 | 301,601 | ||||||||
| Diluted | 302,339 | 305,281 | 305,060 | ||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues | |||||||||||||||||
| Rental income | $ | 1,050,943 | $ | 1,166,379 | $ | 1,233,068 | |||||||||||
| Other revenues | 2,323 | 1,879 | 1,272 | ||||||||||||||
| Total revenues | 1,053,266 | 1,168,258 | 1,234,340 | ||||||||||||||
| Operating expenses | |||||||||||||||||
| Operating costs | 111,678 | 124,876 | 136,217 | ||||||||||||||
| Real estate taxes | 168,943 | 170,988 | 177,401 | ||||||||||||||
| Depreciation and amortization | 335,583 | 332,431 | 352,245 | ||||||||||||||
| Provision for doubtful accounts | 0 | 0 | 10,082 | ||||||||||||||
| Impairment of real estate assets | 19,551 | 24,402 | 53,295 | ||||||||||||||
| General and administrative | 98,280 | 102,309 | 93,596 | ||||||||||||||
| Total operating expenses | 734,035 | 755,006 | 822,836 | ||||||||||||||
| Other income (expense) | |||||||||||||||||
| Dividends and interest | 482 | 699 | 519 | ||||||||||||||
| Interest expense | (199,988) | (189,775) | (215,025) | ||||||||||||||
| Gain on sale of real estate assets | 34,499 | 54,767 | 209,168 | ||||||||||||||
| Loss on extinguishment of debt, net | (28,052) | (1,620) | (37,096) | ||||||||||||||
| Other | (4,999) | (2,550) | (2,786) | ||||||||||||||
| Total other expense | (198,058) | (138,479) | (45,220) | ||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Net income per common share: | |||||||||||||||||
| Basic | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
| Diluted | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
| Weighted average shares: | |||||||||||||||||
| Basic | 296,972 | 298,229 | 302,074 | ||||||||||||||
| Diluted | 297,899 | 299,334 | 302,339 | ||||||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-9
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
| (in thousands) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Net income | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Other comprehensive income (loss) | |||||||||||
| Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | (8,361 | ) | 2,815 | 24,042 | |||||||
| Change in unrealized gain (loss) on marketable securities | 123 | (123 | ) | (14 | ) | ||||||
| Total other comprehensive income (loss) | (8,238 | ) | 2,692 | 24,028 | |||||||
| Comprehensive income | 358,046 | 303,061 | 302,170 | ||||||||
| Comprehensive income attributable to non-controlling interests | — | (76 | ) | (2,514 | ) | ||||||
| Comprehensive income attributable to common stockholders | $ | 358,046 | $ | 302,985 | $ | 299,656 | |||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Other comprehensive income (loss) | |||||||||||||||||
| Change in unrealized loss on interest rate swaps, net (Note 6) | (18,571) | (25,713) | (8,361) | ||||||||||||||
| Change in unrealized gain on marketable securities | 56 | 197 | 123 | ||||||||||||||
| Total other comprehensive loss | (18,515) | (25,516) | (8,238) | ||||||||||||||
| Comprehensive income | $ | 102,658 | $ | 249,257 | $ | 358,046 | |||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-10
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||
| Number | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Net Income | Non-controlling Interests | Total | ||||||||||||||||||||
| Beginning balance, January 1, 2016 | 299,138 | $ | 2,991 | $ | 3,270,246 | $ | (2,509 | ) | $ | (400,945 | ) | $ | 50,519 | $ | 2,920,302 | |||||||||||
| Common stock dividends ($0.995 per common share) | — | — | — | — | (301,235 | ) | — | (301,235 | ) | |||||||||||||||||
| Distributions to non-controlling interests | — | — | — | — | — | (2,403 | ) | (2,403 | ) | |||||||||||||||||
| Equity based compensation expense | — | — | 11,478 | — | — | 91 | 11,569 | |||||||||||||||||||
| Preferred stock dividends | — | — | — | — | — | (150 | ) | (150 | ) | |||||||||||||||||
| Issuance of common stock and OP Units | 229 | 2 | (1,395 | ) | — | — | 1,604 | 211 | ||||||||||||||||||
| Other comprehensive income | — | — | — | 24,028 | — | — | 24,028 | |||||||||||||||||||
| Conversion of OP Units into common stock | 4,976 | 50 | 47,849 | — | — | (47,899 | ) | — | ||||||||||||||||||
| Shared-based awards retained for taxes | — | — | (3,304 | ) | — | — | — | (3,304 | ) | |||||||||||||||||
| Net income | — | — | — | — | 275,628 | 2,514 | 278,142 | |||||||||||||||||||
| Ending balance, December 31, 2016 | 304,343 | 3,043 | 3,324,874 | 21,519 | (426,552 | ) | 4,276 | 2,927,160 | ||||||||||||||||||
| Common stock dividends ($1.055 per common share) | — | — | — | — | (322,475 | ) | — | (322,475 | ) | |||||||||||||||||
| Equity based compensation expense | — | — | 10,474 | — | — | 3 | 10,477 | |||||||||||||||||||
| Preferred stock dividends | — | — | — | — | (641 | ) | (648 | ) | (1,289 | ) | ||||||||||||||||
| Other comprehensive income | — | — | — | 2,692 | — | — | 2,692 | |||||||||||||||||||
| Issuance of common stock and OP Units | 201 | 6 | — | — | — | (6 | ) | — | ||||||||||||||||||
| Repurchases of common stock | (327 | ) | (3 | ) | (5,869 | ) | — | — | — | (5,872 | ) | |||||||||||||||
| Share-based awards retained for taxes | — | — | (2,714 | ) | — | — | — | (2,714 | ) | |||||||||||||||||
| Conversion of OP Units into common stock | 403 | — | 3,701 | — | — | (3,701 | ) | — | ||||||||||||||||||
| Net income | — | — | — | — | 300,293 | 76 | 300,369 | |||||||||||||||||||
| Ending balance, December 31, 2017 | 304,620 | 3,046 | 3,330,466 | 24,211 | (449,375 | ) | — | 2,908,348 | ||||||||||||||||||
| Common stock dividends ($1.105 per common share) | — | — | — | — | (333,097 | ) | — | (333,097 | ) | |||||||||||||||||
| Equity based compensation expense | — | — | 9,378 | — | — | — | 9,378 | |||||||||||||||||||
| Other comprehensive loss | — | — | — | (8,238 | ) | — | — | (8,238 | ) | |||||||||||||||||
| Issuance of common stock and OP Units | 184 | 2 | — | — | — | — | 2 | |||||||||||||||||||
| Repurchases of common stock | (6,315 | ) | (63 | ) | (104,637 | ) | — | — | — | (104,700 | ) | |||||||||||||||
| Share-based awards retained for taxes | — | — | (1,878 | ) | — | — | — | (1,878 | ) | |||||||||||||||||
| Net income | — | — | — | — | 366,284 | — | 366,284 | |||||||||||||||||||
| Ending balance, December 31, 2018 | 298,489 | $ | 2,985 | $ | 3,233,329 | $ | 15,973 | $ | (416,188 | ) | $ | — | $ | 2,836,099 | ||||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | ||||||||||||||||||||||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||
| Number | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Net Income | Total | ||||||||||||||||||||||||||||||
| Beginning balance, January 1, 2018 | 304,620 | $ | 3,046 | $ | 3,330,466 | $ | 24,211 | $ | (449,375) | $ | 2,908,348 | ||||||||||||||||||||||||
| Common stock dividends ($1.105 per common share) | — | — | — | — | (333,097) | (333,097) | |||||||||||||||||||||||||||||
| Equity compensation expense | — | — | 9,378 | — | — | 9,378 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (8,238) | — | (8,238) | |||||||||||||||||||||||||||||
| Issuance of common stock and OP Units | 184 | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
| Repurchases of common stock | (6,315) | (63) | (104,637) | — | — | (104,700) | |||||||||||||||||||||||||||||
| Share-based awards retained for taxes | — | — | (1,878) | — | — | (1,878) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | 366,284 | 366,284 | |||||||||||||||||||||||||||||
| Ending balance, December 31, 2018 | 298,489 | 2,985 | 3,233,329 | 15,973 | (416,188) | 2,836,099 | |||||||||||||||||||||||||||||
| ASC 842 cumulative adjustment | — | — | — | — | (1,974) | (1,974) | |||||||||||||||||||||||||||||
| Common stock dividends ($1.125 per common share) | — | — | — | — | (336,815) | (336,815) | |||||||||||||||||||||||||||||
| Equity compensation expense | — | — | 13,571 | — | — | 13,571 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (25,516) | — | (25,516) | |||||||||||||||||||||||||||||
| Issuance of common stock and OP Units | 203 | 3 | — | — | — | 3 | |||||||||||||||||||||||||||||
| Repurchases of common stock | (835) | (9) | (14,554) | — | — | (14,563) | |||||||||||||||||||||||||||||
| Share-based awards retained for taxes | — | — | (1,721) | — | — | (1,721) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | 274,773 | 274,773 | |||||||||||||||||||||||||||||
| Ending balance, December 31, 2019 | 297,857 | 2,979 | 3,230,625 | (9,543) | (480,204) | 2,743,857 | |||||||||||||||||||||||||||||
| Common stock dividends ($0.500 per common share) | — | — | — | — | (149,165) | (149,165) | |||||||||||||||||||||||||||||
| Equity compensation expense | — | — | 11,895 | — | — | 11,895 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | (18,515) | — | (18,515) | |||||||||||||||||||||||||||||
| Issuance of common stock and OP Units | 287 | 3 | — | — | — | 3 | |||||||||||||||||||||||||||||
| Repurchases of common stock | (1,650) | (17) | (24,990) | — | — | (25,007) | |||||||||||||||||||||||||||||
| Share-based awards retained for taxes | — | — | (3,540) | — | — | (3,540) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | 121,173 | 121,173 | |||||||||||||||||||||||||||||
| Ending balance, December 31, 2020 | 296,494 | $ | 2,965 | $ | 3,213,990 | $ | (28,058) | $ | (508,196) | $ | 2,680,701 | ||||||||||||||||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||||||||||||
F-11
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Operating activities: | |||||||||||
| Net income | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 352,245 | 375,028 | 387,302 | ||||||||
| Debt premium and discount amortization | (2,572 | ) | (5,323 | ) | (12,436 | ) | |||||
| Deferred financing cost amortization | 6,601 | 6,971 | 7,708 | ||||||||
| Above- and below-market lease intangible amortization | (26,566 | ) | (29,634 | ) | (37,730 | ) | |||||
| Provisions for impairment | 53,295 | 40,104 | 5,154 | ||||||||
| Gain on disposition of operating properties | (209,168 | ) | (68,847 | ) | (35,613 | ) | |||||
| Gain on disposition of unconsolidated joint venture interest | — | (4,556 | ) | — | |||||||
| Equity based compensation | 9,378 | 10,477 | 11,569 | ||||||||
| Other | 3,424 | 2,511 | 1,121 | ||||||||
| (Gain) loss on extinguishment of debt, net | 37,096 | (498 | ) | 832 | |||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (12,312 | ) | (26,458 | ) | 1,566 | ||||||
| Deferred charges and prepaid expenses | (40,575 | ) | (53,316 | ) | (33,819 | ) | |||||
| Other assets | 3,735 | (3,575 | ) | (644 | ) | ||||||
| Accounts payable, accrued expenses and other liabilities | 824 | 8,695 | (5,667 | ) | |||||||
| Net cash provided by operating activities | 541,689 | 551,948 | 567,485 | ||||||||
| Investing activities: | |||||||||||
| Improvements to and investments in real estate assets | (268,689 | ) | (202,873 | ) | (192,428 | ) | |||||
| Acquisitions of real estate assets | (17,447 | ) | (190,487 | ) | (46,833 | ) | |||||
| Proceeds from sales of real estate assets | 957,955 | 330,757 | 102,904 | ||||||||
| Contributions to unconsolidated joint venture | — | — | (2,846 | ) | |||||||
| Proceeds from sale of unconsolidated joint venture interest | — | 12,369 | — | ||||||||
| Purchase of marketable securities | (33,096 | ) | (28,263 | ) | (46,325 | ) | |||||
| Proceeds from sale of marketable securities | 30,880 | 25,623 | 43,647 | ||||||||
| Net cash provided by (used in) investing activities | 669,603 | (52,874 | ) | (141,881 | ) | ||||||
| Financing activities: | |||||||||||
| Repayment of secured debt obligations | (895,717 | ) | (409,575 | ) | (914,471 | ) | |||||
| Repayment of borrowings under unsecured revolving credit facility | (194,000 | ) | (603,000 | ) | (840,000 | ) | |||||
| Proceeds from borrowings under unsecured revolving credit facility | 500,000 | 481,000 | 546,000 | ||||||||
| Proceeds from unsecured term loans and notes | 250,000 | 1,193,916 | 1,094,648 | ||||||||
| Repayment of borrowings under unsecured term loans | (435,000 | ) | (815,000 | ) | — | ||||||
| Deferred financing and debt extinguishment costs | (56,598 | ) | (11,142 | ) | (17,657 | ) | |||||
| Distributions to common stockholders | (333,411 | ) | (317,389 | ) | (295,205 | ) | |||||
| Distributions to non-controlling interests | — | (1,390 | ) | (3,736 | ) | ||||||
| Repurchases of common shares | (104,700 | ) | (5,872 | ) | — | ||||||
| Repurchases of common shares in conjunction with equity award plans | (1,878 | ) | (2,714 | ) | (3,304 | ) | |||||
| Net cash used in financing activities | (1,271,304 | ) | (491,166 | ) | (433,725 | ) | |||||
| Net change in cash, cash equivalents and restricted cash | (60,012 | ) | 7,908 | (8,121 | ) | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 110,777 | 102,869 | 110,990 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 50,765 | $ | 110,777 | $ | 102,869 | |||||
| Reconciliation to consolidated balance sheets: | |||||||||||
| Cash and cash equivalents | $ | 41,745 | $ | 56,938 | $ | 51,402 | |||||
| Restricted cash | 9,020 | 53,839 | 51,467 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 50,765 | $ | 110,777 | $ | 102,869 | |||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for interest, net of amount capitalized of $2,478, $2,945 and $2,870 | $ | 212,889 | $ | 223,198 | $ | 228,378 | |||||
| State and local taxes paid | 2,180 | 2,199 | 2,067 | ||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating activities: | |||||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | 335,583 | 332,431 | 352,245 | ||||||||||||||
| (Accretion) amortization of debt premium and discount, net | (1,068) | 966 | (2,572) | ||||||||||||||
| Deferred financing cost amortization | 7,527 | 7,063 | 6,601 | ||||||||||||||
| Accretion of above- and below-market leases, net | (16,495) | (18,824) | (26,566) | ||||||||||||||
| Tenant inducement amortization and other | 3,579 | 3,600 | 3,424 | ||||||||||||||
| Impairment of real estate assets | 19,551 | 24,402 | 53,295 | ||||||||||||||
| Gain on sale of real estate assets | (34,499) | (54,767) | (209,168) | ||||||||||||||
| Equity compensation expense, net | 10,951 | 12,661 | 9,378 | ||||||||||||||
| Loss on extinguishment of debt, net | 28,052 | 1,620 | 37,096 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Receivables, net | (9,795) | (26,999) | (12,312) | ||||||||||||||
| Deferred charges and prepaid expenses | (22,560) | (30,702) | (40,575) | ||||||||||||||
| Other assets | (475) | (179) | 3,735 | ||||||||||||||
| Accounts payable, accrued expenses and other liabilities | 1,577 | 2,627 | 824 | ||||||||||||||
| Net cash provided by operating activities | 443,101 | 528,672 | 541,689 | ||||||||||||||
| Investing activities: | |||||||||||||||||
| Improvements to and investments in real estate assets | (284,756) | (395,095) | (268,689) | ||||||||||||||
| Acquisitions of real estate assets | (3,425) | (79,634) | (17,447) | ||||||||||||||
| Proceeds from sales of real estate assets | 122,387 | 290,153 | 957,955 | ||||||||||||||
| Purchase of marketable securities | (22,565) | (37,781) | (33,096) | ||||||||||||||
| Proceeds from sale of marketable securities | 21,110 | 50,293 | 30,880 | ||||||||||||||
| Net cash provided by (used in) investing activities | (167,249) | (172,064) | 669,603 | ||||||||||||||
| Financing activities: | |||||||||||||||||
| Repayment of secured debt obligations | (7,000) | 0 | (895,717) | ||||||||||||||
| Repayment of borrowings under unsecured revolving credit facility | (653,000) | (586,000) | (194,000) | ||||||||||||||
| Proceeds from borrowings under unsecured revolving credit facility | 646,000 | 287,000 | 500,000 | ||||||||||||||
| Proceeds from unsecured notes | 820,396 | 771,623 | 250,000 | ||||||||||||||
| Repayment of borrowings under unsecured term loans and notes | (500,000) | (500,000) | (435,000) | ||||||||||||||
| Deferred financing and debt extinguishment costs | (34,740) | (7,294) | (56,598) | ||||||||||||||
| Distributions to common stockholders | (170,397) | (334,895) | (333,411) | ||||||||||||||
| Repurchases of common shares | (25,007) | (14,563) | (104,700) | ||||||||||||||
| Repurchases of common shares in conjunction with equity award plans | (3,540) | (1,721) | (1,878) | ||||||||||||||
| Net cash provided by (used in) financing activities | 72,712 | (385,850) | (1,271,304) | ||||||||||||||
| Net change in cash, cash equivalents and restricted cash | 348,564 | (29,242) | (60,012) | ||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 21,523 | 50,765 | 110,777 | ||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 370,087 | $ | 21,523 | $ | 50,765 | |||||||||||
| Reconciliation to consolidated balance sheets: | |||||||||||||||||
| Cash and cash equivalents | $ | 368,675 | $ | 19,097 | $ | 41,745 | |||||||||||
| Restricted cash | 1,412 | 2,426 | 9,020 | ||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 370,087 | $ | 21,523 | $ | 50,765 | |||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||||||||
| Cash paid for interest, net of amount capitalized of $4,231, $3,480 and $2,478 | $ | 183,187 | $ | 178,890 | $ | 212,889 | |||||||||||
| State and local taxes paid | 3,577 | 2,134 | 2,180 | ||||||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-12
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except unit information) | |||||||
December 31, 2018 | December 31, 2017 | ||||||
| Assets | |||||||
| Real estate | |||||||
| Land | $ | 1,804,504 | $ | 1,984,309 | |||
| Buildings and improvements | 8,294,273 | 8,937,182 | |||||
| 10,098,777 | 10,921,491 | ||||||
| Accumulated depreciation and amortization | (2,349,127 | ) | (2,361,070 | ) | |||
| Real estate, net | 7,749,650 | 8,560,421 | |||||
| Cash and cash equivalents | 41,619 | 56,908 | |||||
| Restricted cash | 9,020 | 53,839 | |||||
| Marketable securities | 30,023 | 27,787 | |||||
| Receivables, net of allowance for doubtful accounts of $21,724 and $17,205 | 228,297 | 232,111 | |||||
| Deferred charges and prepaid expenses, net | 145,662 | 147,508 | |||||
| Real estate assets held for sale | 2,901 | 27,081 | |||||
| Other assets | 34,903 | 48,022 | |||||
| Total assets | $ | 8,242,075 | $ | 9,153,677 | |||
| Liabilities | |||||||
| Debt obligations, net | $ | 4,885,863 | $ | 5,676,238 | |||
| Accounts payable, accrued expenses and other liabilities | 520,459 | 569,340 | |||||
| Total liabilities | 5,406,322 | 6,245,578 | |||||
| Commitments and contingencies (Note 14) | — | — | |||||
| Capital | |||||||
| Partnership common units; 305,130,472 and 304,947,144 units issued and 298,488,516 and 304,620,186 units outstanding | 2,819,770 | 2,883,875 | |||||
| Accumulated other comprehensive income | 15,983 | 24,224 | |||||
| Total capital | 2,835,753 | 2,908,099 | |||||
| Total liabilities and capital | $ | 8,242,075 | $ | 9,153,677 | |||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands, except unit information) | |||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Assets | |||||||||||
| Real estate | |||||||||||
| Land | $ | 1,740,263 | $ | 1,767,029 | |||||||
| Buildings and improvements | 8,423,298 | 8,356,571 | |||||||||
| 10,163,561 | 10,123,600 | ||||||||||
| Accumulated depreciation and amortization | (2,659,448) | (2,481,250) | |||||||||
| Real estate, net | 7,504,113 | 7,642,350 | |||||||||
| Cash and cash equivalents | 358,661 | 19,081 | |||||||||
| Restricted cash | 1,412 | 2,426 | |||||||||
| Marketable securities | 19,548 | 18,054 | |||||||||
| Receivables, net | 240,323 | 234,246 | |||||||||
| Deferred charges and prepaid expenses, net | 139,260 | 143,973 | |||||||||
| Real estate assets held for sale | 18,014 | 22,171 | |||||||||
| Other assets | 50,802 | 60,179 | |||||||||
| Total assets | $ | 8,332,133 | $ | 8,142,480 | |||||||
| Liabilities | |||||||||||
| Debt obligations, net | $ | 5,167,330 | $ | 4,861,185 | |||||||
| Accounts payable, accrued expenses and other liabilities | 494,116 | 537,454 | |||||||||
| Total liabilities | 5,661,446 | 5,398,639 | |||||||||
| Commitments and contingencies (Note 15) | 0 | 0 | |||||||||
| Capital | |||||||||||
Partnership common units; 305,621,403 and 305,334,144 units issued and 296,494,411 and 297,857,267 units outstanding | 2,698,746 | 2,753,385 | |||||||||
| Accumulated other comprehensive loss | (28,059) | (9,544) | |||||||||
| Total capital | 2,670,687 | 2,743,841 | |||||||||
| Total liabilities and capital | $ | 8,332,133 | $ | 8,142,480 | |||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
F-13
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Revenues | |||||||||||
| Rental income | $ | 956,090 | $ | 997,089 | $ | 998,118 | |||||
| Expense reimbursements | 271,671 | 278,636 | 270,548 | ||||||||
| Other revenues | 6,579 | 7,455 | 7,106 | ||||||||
| Total revenues | 1,234,340 | 1,283,180 | 1,275,772 | ||||||||
| Operating expenses | |||||||||||
| Operating costs | 136,217 | 136,092 | 133,429 | ||||||||
| Real estate taxes | 177,401 | 179,097 | 174,487 | ||||||||
| Depreciation and amortization | 352,245 | 375,028 | 387,302 | ||||||||
| Provision for doubtful accounts | 10,082 | 5,323 | 9,182 | ||||||||
| Impairment of real estate assets | 53,295 | 40,104 | 5,154 | ||||||||
| General and administrative | 93,596 | 92,247 | 92,248 | ||||||||
| Total operating expenses | 822,836 | 827,891 | 801,802 | ||||||||
| Other income (expense) | |||||||||||
| Dividends and interest | 519 | 365 | 542 | ||||||||
| Interest expense | (215,025 | ) | (226,660 | ) | (226,671 | ) | |||||
| Gain on sale of real estate assets | 209,168 | 68,847 | 35,613 | ||||||||
| Gain (loss) on extinguishment of debt, net | (37,096 | ) | 498 | (832 | ) | ||||||
| Other | (2,786 | ) | (2,907 | ) | (4,957 | ) | |||||
| Total other expense | (45,220 | ) | (159,857 | ) | (196,305 | ) | |||||
| Income before equity in income of unconsolidated joint venture | 366,284 | 295,432 | 277,665 | ||||||||
| Equity in income of unconsolidated joint venture | — | 381 | 477 | ||||||||
| Gain on disposition of unconsolidated joint venture interest | — | 4,556 | — | ||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Per common unit: | |||||||||||
| Net income attributable to partnership common units: | |||||||||||
| Basic | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
| Diluted | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
| Weighted average number of partnership common units: | |||||||||||
| Basic | 302,074 | 304,913 | 304,600 | ||||||||
| Diluted | 302,339 | 305,281 | 305,059 | ||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (in thousands, except per unit data) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues | |||||||||||||||||
| Rental income | $ | 1,050,943 | $ | 1,166,379 | $ | 1,233,068 | |||||||||||
| Other revenues | 2,323 | 1,879 | 1,272 | ||||||||||||||
| Total revenues | 1,053,266 | 1,168,258 | 1,234,340 | ||||||||||||||
| Operating expenses | |||||||||||||||||
| Operating costs | 111,678 | 124,876 | 136,217 | ||||||||||||||
| Real estate taxes | 168,943 | 170,988 | 177,401 | ||||||||||||||
| Depreciation and amortization | 335,583 | 332,431 | 352,245 | ||||||||||||||
| Provision for doubtful accounts | 0 | 0 | 10,082 | ||||||||||||||
| Impairment of real estate assets | 19,551 | 24,402 | 53,295 | ||||||||||||||
| General and administrative | 98,280 | 102,309 | 93,596 | ||||||||||||||
| Total operating expenses | 734,035 | 755,006 | 822,836 | ||||||||||||||
| Other income (expense) | |||||||||||||||||
| Dividends and interest | 482 | 699 | 519 | ||||||||||||||
| Interest expense | (199,988) | (189,775) | (215,025) | ||||||||||||||
| Gain on sale of real estate assets | 34,499 | 54,767 | 209,168 | ||||||||||||||
| Loss on extinguishment of debt, net | (28,052) | (1,620) | (37,096) | ||||||||||||||
| Other | (4,999) | (2,550) | (2,786) | ||||||||||||||
| Total other expense | (198,058) | (138,479) | (45,220) | ||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Net income per common unit: | |||||||||||||||||
| Basic | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
| Diluted | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
| Weighted average units: | |||||||||||||||||
| Basic | 296,972 | 298,229 | 302,074 | ||||||||||||||
| Diluted | 297,899 | 299,334 | 302,339 | ||||||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-14
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
| (in thousands) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Other comprehensive income (loss) | |||||||||||
| Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | (8,361 | ) | 2,815 | 24,042 | |||||||
| Change in unrealized gain (loss) on marketable securities | 120 | (122 | ) | (16 | ) | ||||||
| Total other comprehensive income (loss) | (8,241 | ) | 2,693 | 24,026 | |||||||
| Comprehensive income attributable to Brixmor Operating Partnership LP | $ | 358,043 | $ | 303,062 | $ | 302,168 | |||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Other comprehensive income (loss) | |||||||||||||||||
| Change in unrealized loss on interest rate swaps, net (Note 6) | (18,571) | (25,713) | (8,361) | ||||||||||||||
| Change in unrealized gain on marketable securities | 56 | 186 | 120 | ||||||||||||||
| Total other comprehensive loss | (18,515) | (25,527) | (8,241) | ||||||||||||||
| Comprehensive income | $ | 102,658 | $ | 249,246 | $ | 358,043 | |||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-15
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL | |||||||||||
(in thousands) | |||||||||||
| Partnership Common Units | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||
| Beginning balance, January 1, 2016 | $ | 2,922,565 | $ | (2,495 | ) | $ | 2,920,070 | ||||
| Distributions to partners | (303,805 | ) | — | (303,805 | ) | ||||||
| Equity based compensation expense | 11,569 | — | 11,569 | ||||||||
| Other comprehensive income | — | 24,026 | 24,026 | ||||||||
| Issuance of OP Units | 211 | — | 211 | ||||||||
| Share-based awards retained for taxes | (3,304 | ) | — | (3,304 | ) | ||||||
| Net income attributable to Brixmor Operating Partnership LP | 278,142 | — | 278,142 | ||||||||
| Ending balance, December 31, 2016 | 2,905,378 | 21,531 | 2,926,909 | ||||||||
| Distributions to partners | (323,763 | ) | — | (323,763 | ) | ||||||
| Equity based compensation expense | 10,477 | — | 10,477 | ||||||||
| Other comprehensive income | — | 2,693 | 2,693 | ||||||||
| Repurchases of OP Units | (5,872 | ) | — | (5,872 | ) | ||||||
| Share-based awards retained for taxes | (2,714 | ) | — | (2,714 | ) | ||||||
| Net income attributable to Brixmor Operating Partnership LP | 300,369 | — | 300,369 | ||||||||
| Ending balance, December 31, 2017 | 2,883,875 | 24,224 | 2,908,099 | ||||||||
| Distributions to partners | (333,191 | ) | — | (333,191 | ) | ||||||
| Equity based compensation expense | 9,378 | — | 9,378 | ||||||||
| Other comprehensive loss | — | (8,241 | ) | (8,241 | ) | ||||||
| Issuance of OP Units | 2 | — | 2 | ||||||||
| Repurchases of OP Units | (104,700 | ) | — | (104,700 | ) | ||||||
| Share-based awards retained for taxes | (1,878 | ) | — | (1,878 | ) | ||||||
| Net income attributable to Brixmor Operating Partnership LP | 366,284 | — | 366,284 | ||||||||
| Ending balance, December 31, 2018 | $ | 2,819,770 | $ | 15,983 | $ | 2,835,753 | |||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Partnership Common Units | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
| Beginning balance, January 1, 2018 | $ | 2,883,875 | $ | 24,224 | $ | 2,908,099 | |||||||||||
| Distributions to partners | (333,191) | — | (333,191) | ||||||||||||||
| Equity compensation expense | 9,378 | — | 9,378 | ||||||||||||||
| Other comprehensive loss | — | (8,241) | (8,241) | ||||||||||||||
| Issuance of OP Units | 2 | — | 2 | ||||||||||||||
| Repurchases of OP Units | (104,700) | — | (104,700) | ||||||||||||||
| Share-based awards retained for taxes | (1,878) | — | (1,878) | ||||||||||||||
| Net income attributable to Brixmor Operating Partnership LP | 366,284 | — | 366,284 | ||||||||||||||
| Ending balance, December 31, 2018 | 2,819,770 | 15,983 | 2,835,753 | ||||||||||||||
| ASC 842 cumulative adjustment | (1,974) | — | (1,974) | ||||||||||||||
| Distributions to partners | (336,474) | — | (336,474) | ||||||||||||||
| Equity compensation expense | 13,571 | — | 13,571 | ||||||||||||||
| Other comprehensive loss | — | (25,527) | (25,527) | ||||||||||||||
| Issuance of OP Units | 3 | — | 3 | ||||||||||||||
| Repurchases of OP Units | (14,563) | — | (14,563) | ||||||||||||||
| Share-based awards retained for taxes | (1,721) | — | (1,721) | ||||||||||||||
| Net income attributable to Brixmor Operating Partnership LP | 274,773 | — | 274,773 | ||||||||||||||
| Ending balance, December 31, 2019 | 2,753,385 | (9,544) | 2,743,841 | ||||||||||||||
| Distributions to partners | (159,163) | — | (159,163) | ||||||||||||||
| Equity compensation expense | 11,895 | — | 11,895 | ||||||||||||||
| Other comprehensive loss | — | (18,515) | (18,515) | ||||||||||||||
| Issuance of OP Units | 3 | — | 3 | ||||||||||||||
| Repurchases of OP Units | (25,007) | — | (25,007) | ||||||||||||||
| Share-based awards retained for taxes | (3,540) | — | (3,540) | ||||||||||||||
| Net income attributable to Brixmor Operating Partnership LP | 121,173 | — | 121,173 | ||||||||||||||
| Ending balance, December 31, 2020 | $ | 2,698,746 | $ | (28,059) | $ | 2,670,687 | |||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-16
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Operating activities: | |||||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
Adjustments to reconcile net income attributable to Brixmor Operating Partnership LP to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 352,245 | 375,028 | 387,302 | ||||||||
| Debt premium and discount amortization | (2,572 | ) | (5,323 | ) | (12,436 | ) | |||||
| Deferred financing cost amortization | 6,601 | 6,971 | 7,708 | ||||||||
| Above- and below-market lease intangible amortization | (26,566 | ) | (29,634 | ) | (37,730 | ) | |||||
| Provisions for impairment | 53,295 | 40,104 | 5,154 | ||||||||
| Gain on disposition of operating properties | (209,168 | ) | (68,847 | ) | (35,613 | ) | |||||
| Gain on disposition of unconsolidated joint venture interest | — | (4,556 | ) | — | |||||||
| Equity based compensation | 9,378 | 10,477 | 11,569 | ||||||||
| Other | 3,424 | 2,511 | 1,121 | ||||||||
| (Gain) loss on extinguishment of debt, net | 37,096 | (498 | ) | 832 | |||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (12,312 | ) | (26,458 | ) | 1,566 | ||||||
| Deferred charges and prepaid expenses | (40,575 | ) | (53,316 | ) | (33,819 | ) | |||||
| Other assets | 3,735 | (3,575 | ) | (644 | ) | ||||||
| Accounts payable, accrued expenses and other liabilities | 824 | 8,695 | (5,667 | ) | |||||||
| Net cash provided by operating activities | 541,689 | 551,948 | 567,485 | ||||||||
| Investing activities: | |||||||||||
| Improvements to and investments in real estate assets | (268,689 | ) | (202,873 | ) | (192,428 | ) | |||||
| Acquisitions of real estate assets | (17,447 | ) | (190,487 | ) | (46,833 | ) | |||||
| Proceeds from sales of real estate assets | 957,955 | 330,757 | 102,904 | ||||||||
| Contributions to unconsolidated joint venture | — | — | (2,846 | ) | |||||||
| Proceeds from sale of unconsolidated joint venture interest | — | 12,369 | — | ||||||||
| Purchase of marketable securities | (33,094 | ) | (28,261 | ) | (46,317 | ) | |||||
| Proceeds from sale of marketable securities | 30,880 | 25,623 | 43,647 | ||||||||
| Net cash provided by (used in) investing activities | 669,605 | (52,872 | ) | (141,873 | ) | ||||||
| Financing activities: | |||||||||||
| Repayment of secured debt obligations | (895,717 | ) | (409,575 | ) | (914,471 | ) | |||||
| Repayment of borrowings under unsecured revolving credit facility | (194,000 | ) | (603,000 | ) | (840,000 | ) | |||||
| Proceeds from borrowings under unsecured revolving credit facility | 500,000 | 481,000 | 546,000 | ||||||||
| Proceeds from unsecured term loans and notes | 250,000 | 1,193,916 | 1,094,648 | ||||||||
| Repayment of borrowings under unsecured term loans | (435,000 | ) | (815,000 | ) | — | ||||||
| Deferred financing and debt extinguishment costs | (56,598 | ) | (11,142 | ) | (17,657 | ) | |||||
| Partner distributions | (440,087 | ) | (327,363 | ) | (302,265 | ) | |||||
| Net cash used in financing activities | (1,271,402 | ) | (491,164 | ) | (433,745 | ) | |||||
| Net change in cash, cash equivalents and restricted cash | (60,108 | ) | 7,912 | (8,133 | ) | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 110,747 | 102,835 | 110,968 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 50,639 | $ | 110,747 | $ | 102,835 | |||||
| Reconciliation to consolidated balance sheets: | |||||||||||
| Cash and cash equivalents | $ | 41,619 | $ | 56,908 | $ | 51,368 | |||||
| Restricted cash | 9,020 | 53,839 | 51,467 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 50,639 | $ | 110,747 | $ | 102,835 | |||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for interest, net of amount capitalized of $2,478, $2,945 and $2,870 | $ | 212,889 | $ | 223,198 | $ | 228,378 | |||||
| State and local taxes paid | 2,180 | 2,199 | 2,067 | ||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
| BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating activities: | |||||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | 335,583 | 332,431 | 352,245 | ||||||||||||||
| (Accretion) amortization of debt premium and discount, net | (1,068) | 966 | (2,572) | ||||||||||||||
| Deferred financing cost amortization | 7,527 | 7,063 | 6,601 | ||||||||||||||
| Accretion of above- and below-market leases, net | (16,495) | (18,824) | (26,566) | ||||||||||||||
| Tenant inducement amortization and other | 3,579 | 3,600 | 3,424 | ||||||||||||||
| Impairment of real estate assets | 19,551 | 24,402 | 53,295 | ||||||||||||||
| Gain on sale of real estate assets | (34,499) | (54,767) | (209,168) | ||||||||||||||
| Equity compensation expense, net | 10,951 | 12,661 | 9,378 | ||||||||||||||
| Loss on extinguishment of debt, net | 28,052 | 1,620 | 37,096 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Receivables, net | (9,795) | (26,999) | (12,312) | ||||||||||||||
| Deferred charges and prepaid expenses | (22,560) | (30,702) | (40,575) | ||||||||||||||
| Other assets | (475) | (179) | 3,735 | ||||||||||||||
| Accounts payable, accrued expenses and other liabilities | 1,577 | 2,627 | 824 | ||||||||||||||
| Net cash provided by operating activities | 443,101 | 528,672 | 541,689 | ||||||||||||||
| Investing activities: | |||||||||||||||||
| Improvements to and investments in real estate assets | (284,756) | (395,095) | (268,689) | ||||||||||||||
| Acquisitions of real estate assets | (3,425) | (79,634) | (17,447) | ||||||||||||||
| Proceeds from sales of real estate assets | 122,387 | 290,153 | 957,955 | ||||||||||||||
| Purchase of marketable securities | (22,565) | (38,002) | (33,094) | ||||||||||||||
| Proceeds from sale of marketable securities | 21,110 | 50,293 | 30,880 | ||||||||||||||
| Net cash provided by (used in) investing activities | (167,249) | (172,285) | 669,605 | ||||||||||||||
| Financing activities: | |||||||||||||||||
| Repayment of secured debt obligations | (7,000) | 0 | (895,717) | ||||||||||||||
| Repayment of borrowings under unsecured revolving credit facility | (653,000) | (586,000) | (194,000) | ||||||||||||||
| Proceeds from borrowings under unsecured revolving credit facility | 646,000 | 287,000 | 500,000 | ||||||||||||||
| Proceeds from unsecured notes | 820,396 | 771,623 | 250,000 | ||||||||||||||
| Repayment of borrowings under unsecured term loans and notes | (500,000) | (500,000) | (435,000) | ||||||||||||||
| Deferred financing and debt extinguishment costs | (34,740) | (7,294) | (56,598) | ||||||||||||||
| Partner distributions and repurchases of OP Units | (208,942) | (350,848) | (440,087) | ||||||||||||||
| Net cash provided by (used in) financing activities | 62,714 | (385,519) | (1,271,402) | ||||||||||||||
| Net change in cash, cash equivalents and restricted cash | 338,566 | (29,132) | (60,108) | ||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 21,507 | 50,639 | 110,747 | ||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 360,073 | $ | 21,507 | $ | 50,639 | |||||||||||
| Reconciliation to consolidated balance sheets: | |||||||||||||||||
| Cash and cash equivalents | $ | 358,661 | $ | 19,081 | $ | 41,619 | |||||||||||
| Restricted cash | 1,412 | 2,426 | 9,020 | ||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 360,073 | $ | 21,507 | $ | 50,639 | |||||||||||
| Supplemental disclosure of cash flow information: | |||||||||||||||||
| Cash paid for interest, net of amount capitalized of $4,231, $3,480 and $2,478 | $ | 183,187 | $ | 178,890 | $ | 212,889 | |||||||||||
| State and local taxes paid | 3,577 | 2,134 | 2,180 | ||||||||||||||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||
F-17
BRIXMOR PROPERTY GROUP INC. AND BRIXMOR OPERATING PARTNERSHIP LP
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 common stock of BPG Subsidiary Inc. (“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”) believes it owns and operates one of the largest open airopen-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, 2018,2020, the Company’s portfolio was comprised of 425393 shopping centers (the “Portfolio”) totaling approximately 7469 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, 20182020 and 20172019 and the consolidated results of its operations and cash flows for the years ended December 31, 2018, 20172020, 2019 and 2016. Certain prior year balances in the accompanying Consolidated Statements of Cash Flows have been reclassified to conform to the current year presentation for the adoption of Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230).” Additionally, the Company has determined it is preferable to separate Real estate assets held for sale from Other assets on the Company’s Consolidated Balance Sheets. Therefore, certain prior year balances in the accompanying Consolidated Balance Sheets have been reclassified to conform to the current year presentation of Real estate assets held for sale.2018.
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. The portions of consolidated entities not owned by the Parent Company and the Operating Partnership are presented as non-controlling interests as of and during the periods presented. 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, 2018.2020.
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 which management believes are reasonable under the circumstances. Management evaluates its
F-18
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 equivalentequivalents 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, which 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 inon 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), identifiable intangible assets and liabilities (consisting of aboveabove- and below-market leases and in-place leases), and assumed debt 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 the 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 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.
area expenses, utilities, insurance and real estate taxes that would be forgone during a hypothetical expected lease-up period and estimates of lost rentals at market rates. Costs to execute similar leases include(ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvement costs.improvements and allowances, to execute similar leases. The valuesvalue assigned to in-place leases areis 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:
| 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 | ||||
F-19
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.
On a periodic basis, management 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 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 trends and prospects and the effects of demand and competition on future operating income. Changes in any estimates and/or assumptions, including 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, a loss is recognized to reflect the estimated fair value.
When a real estate asset is identified by management as held for sale, the Company discontinues depreciationdepreciating 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, a lossan impairment 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.
In situations in which a lease or leases with a tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful lives of depreciable or amortizable assets in the asset group related to the lease terminated (i.e., tenant improvements, aboveabove- and below marketbelow-market lease intangibles, in-place lease value and leasing commissions). Based upon consideration of the facts and circumstances surrounding the termination, the Company may accelerate the depreciation and amortization associated with the asset group.
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 salariescompensation and other related costs of personnel directly involved. Additionally, the Company capitalizes interest costsexpense related to development and redevelopment activities. Capitalization of these costs beginbegins when the activities and related expenditures commence and cease 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 which are not recoverable.
Deferred Leasing and Financing Costs
Costs incurred in executing tenant leases (including internal leasing costs) and long-term financingfinancings 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. CapitalizedFor tenant leases, capitalized costs incurred include tenant improvements, tenant allowances, and leasing commissions. In connection with the adoption of Accounting Standards Codification (“ASC”) 842, Leases, the Company no longer capitalizes partial salaries and/or indirect legal fees incurred in executing tenant leases include tenant improvements, a portion of salaries, lease commissions and the relatedleases. These amounts were capitalized under previous guidance. For long-term financings, capitalized costs of personnel directly involved in successful leasing efforts. Capitalized costs incurred in executing long-term financing include bank and legal fees. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense, respectively, inon the Company’s Consolidated Statements of Operations and withinin Operating activities on the Company’s Consolidated Statements of Cash Flows.
Marketable Securities
The Company classifies its marketable securities, which include bothare comprised of debt and equity securities, as available-for-sale. These securities are carried at fair value, with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income (loss). The fair value of marketable securitieswhich is based primarily on publicly traded market values in active markets and is classified accordingly on the fair value hierarchy.
F-20
loss” refers to any portion of the carrying amount that the valueCompany 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 Company’s marketable securities may be impaired. A marketable security is impaired if the fair valuefinancial instrument. Any portion of the security is less than its carrying value and the difference is determinedunrealized losses due to be other-than-temporary. To the extent impairment has occurred, acredit loss is recognized for thethrough net income and reported in equity as a component of distributions in excess of the carrying value over its fair value.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.
At December 31, 20182020 and 2017,2019, the fair value of the Company’s marketable securities portfolio approximated its cost basis.
Derivative Financial Instruments and Hedging
Derivatives including certain derivatives embedded in other contracts, 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 a 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 which 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 ASC 842. Rental revenue is recognized on a straight-line basis over the terms of the related leases. The cumulative difference between rental revenue recognized inon the Company’s Consolidated Statements of Operations and contractual payment terms is recognized as deferred rent and presentedincluded in Receivables, net on the accompanying Consolidated Balance Sheets within Receivables, net.
Sheets. The Company commences recognizing rental revenue based on an evaluationthe date it makes the underlying asset available for use by the tenant. Leases also typically provide for the reimbursement of a numberproperty operating expenses, including common area expenses, utilities, insurance and real estate taxes, and certain capital expenditures related to the maintenance of factors. In most cases, revenue recognition under a lease begins whenour properties by the lessee takes possessionand are recognized in the period the applicable expenditures are incurred and/or contractually required to be repaid.
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 or controlsits leases, such as the physical usereimbursement of utilities, insurance and real estate taxes, within this lease component. These amounts are included in Rental income on the leased asset.Company’s Consolidated Statements of Operations.
Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee. These percentagePercentage rents are recognized upon the achievement of certain pre-determined sales levels. Leases also typically provide for reimbursement of operating costs, including common area expenses, utilities, insurance and real estate taxes by the lesseethresholds and are recognizedincluded in Rental income on the period the applicable expenditures are incurred. 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 adequacyCompany’s Consolidated Statements of Operations. Provision for doubtful accounts recognized prior to the adoption of ASC 842 is included in Operating expenses on the Company’s Consolidated Statements of Operations in accordance with the Company’s previous presentation and has not been reclassified to Rental income.
F-21
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-cancellable lease term. As the discount rates implicit in the leases are not readily determinable, the Company uses its incremental secured borrowing rate, based on the 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-cancellable period. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancellable 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. Additionally, 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 allowance for doubtful accounts. In addition, tenantsleases, such as the reimbursement of utilities, insurance and real estate taxes, within this lease component. These amounts are included in bankruptcy are analyzed and estimates are made in connection withOperating expenses on the expected recoveryCompany’s Consolidated Statements of pre-petition and post-petition claims.Operations.
Stock Based Compensation
The Company accounts for equity awards in accordance with the FASB’sFinancial Accounting Standards Board’s (“FASB”) Stock Compensation guidance, which requires that all share basedshare-based payments to employees and non-employee directors be recognized in the statementConsolidated Statements of operationsOperations 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. Share-basedEquity compensation expense is included in General and administrative expenses inon the Company’s Consolidated Statements of Operations.
Income Taxes
As a REIT, the Parent CompanyBrixmor 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. The Parent CompanyBrixmor 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 on the Company’s taxable income do not materially impact the Consolidated Financial Statements of the Company.
If the Parent CompanyBrixmor 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 (including any applicable alternative minimum tax for tax years beginning before January 1, 2018) and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Parent CompanyBrixmor Property Group Inc. qualifies for taxation as a REIT, the CompanyBrixmor 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.income as well as other income items, as applicable.
F-22
local income taxes.taxes at regular corporate rates. Income taxes related to the Parent Company’sBrixmor 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, 20182020 and 2017.2019. Open tax years generally range from 20152017 through 2018,2019 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 November 2018,June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326). ASU 2016-13 was subsequently amended by ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU 2016-13 amends guidance to replace the prior “incurred loss” methodology of recognizing credit losses on financial instruments with a methodology that reflects expected credit losses and requires consideration of a broader range of information. 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 continues to be recognized through other comprehensive income (loss) and reported in accumulated other comprehensive loss. In addition, ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of SubtopicASC 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Accounting Standard Codification (“ASC”) 842, Leases. As suchASC 842. The standard became effective for the Company doeson January 1, 2020. The Company determined that these changes did not expect the adoption of ASU 2018-19 to have a material impact on the Consolidated Financial Statements of the Company. Information regarding the adoption of ASC 842 is described below.
In October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815).” ASU 2018-16 was subsequently amended by ASU 2020-04, 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 Topic 815.ASC 815, Derivatives and Hedging. The standard became effective for the Company
on January 1, 2019.2019 and a prospective transition approach was required. The Company determined that these changes willthe adoption of ASU 2018-16 did not have a material impact on the Consolidated Financial Statements of the Company.
ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 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 to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. 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.
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement(Topic 820).” ASU 2018-13 amends certain disclosure requirements regarding the fair value hierarchy of investments in accordance with GAAP, particularly the significant unobservable inputs used to value investments within Level 3 of the fair value hierarchy. The standard isbecame effective on January 1, 2020, with early adoption permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on the Consolidated Financial Statements of the Company.
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 effect on the Consolidated Financial Statements of the Company.
F-23
2. Acquisition of Real Estate
During the year ended December 31, 2018,2020, the Company acquired the following assets, in separate transactions:
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | |||||||
| Land adjacent to Arborland Center | Ann Arbor, MI | Jun-18 | N/A | $ | 5,576 | ||||||
| Outparcel adjacent to Lehigh Shopping Center | Bethlehem, PA | Jun-18 | 12,739 | 1,899 | |||||||
| Outparcel building adjacent to Beneva Village Shoppes | Sarasota, FL | Jul-18 | 3,710 | 1,541 | |||||||
| Outparcel building adjacent to Roosevelt Mall | Philadelphia, PA | Oct-18 | 975 | 2,318 | |||||||
| Land adjacent to Arborland Center | Ann Arbor, MI | Oct-18 | N/A | 415 | |||||||
| Outparcel building adjacent to Wynnewood Village | Dallas, TX | Dec-18 | 6,000 | 2,551 | |||||||
| Building at Wendover Place | Greensboro, NC | Dec-18 | 58,876 | 3,147 | |||||||
| 82,300 | $ | 17,447 | |||||||||
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
| Land adjacent to | ||||||||||||||||||||||||||
| Miami Gardens, FL | Feb-20 | N/A | $ | 2,020 | ||||||||||||||||||||||
| Selden, NY | Jul-20 | N/A | 1,405 | |||||||||||||||||||||||
| N/A | $ | 3,425 | ||||||||||||||||||||||||
(1)No debt was assumed related to the listed acquisitions.
(2)Aggregate purchase price includes $0.1 million of transaction costs.
During the year ended December 31, 2017,2019, the Company acquired the following assets, in separate transactions:
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
| Land adjacent to Parmer Crossing | Austin, TX | Apr-19 | N/A | $ | 2,197 | |||||||||||||||||||||
| Centennial Shopping Center | Englewood, CO | Apr-19 | 113,682 | 18,011 | ||||||||||||||||||||||
Plymouth Square Shopping Center(3) | Conshohocken, PA | May-19 | 235,728 | 56,909 | ||||||||||||||||||||||
| Leases at Baytown Shopping Center | Baytown, TX | Jun-19 | N/A | 2,517 | ||||||||||||||||||||||
| 349,410 | $ | 79,634 | ||||||||||||||||||||||||
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | |||||||
| Outparcel building adjacent to Annex of Arlington | Arlington Heights, IL | Feb-17 | 5,760 | $ | 1,006 | ||||||
| Outparcel adjacent to Northeast Plaza | Atlanta, GA | Feb-17 | N/A | 1,537 | |||||||
| Arborland Center | Ann Arbor, MI | Mar-17 | 403,536 | 102,268 | |||||||
| Building adjacent to Preston Park | Plano, TX | Apr-17 | 31,080 | 4,015 | |||||||
| Outparcel building adjacent to Cobblestone Village | St. Augustine, FL | May-17 | 4,403 | 1,306 | |||||||
| Outparcel adjacent to Wynnewood Village | Dallas, TX | May-17 | N/A | 1,658 | |||||||
| Venice Village Shoppes | Venice, FL | Nov-17 | 175,054 | 33,486 | |||||||
| Upland Town Square | Upland, CA | Nov-17 | 100,350 | 31,859 | |||||||
| Plaza By The Sea | San Clemente, CA | Dec-17 | 49,089 | 13,352 | |||||||
| 769,272 | $ | 190,487 | |||||||||
(2)Aggregate purchase price includes $1.2 million of transaction costs.
(3)GLA excludes square footage related to the anticipated relocation of the Company’s regional office. Total acquired GLA is 288,718 square feet.
The aggregate purchase price of the assets acquired during the years ended December 31, 20182020 and 2017,2019, respectively, has been allocated as follows:
| Year Ended December 31, | |||||||||||
| Assets | 2020 | 2019 | |||||||||
| Land | $ | 3,425 | $ | 25,953 | |||||||
| Buildings | 0 | 45,781 | |||||||||
| Building and tenant improvements | 0 | 5,832 | |||||||||
Above-market leases(1) | 0 | 155 | |||||||||
In-place leases(2) | 0 | 6,923 | |||||||||
| Total assets | 3,425 | 84,644 | |||||||||
| Liabilities | |||||||||||
Below-market leases(3) | 0 | 5,010 | |||||||||
| Total liabilities | 0 | 5,010 | |||||||||
| Net assets acquired | $ | 3,425 | $ | 79,634 | |||||||
| Year Ended December 31, | |||||||||
| Assets | 2018 | 2017 | |||||||
| Land | $ | 9,220 | $ | 45,055 | |||||
| Buildings | 6,129 | 117,347 | |||||||
| Building and tenant improvements | 1,039 | 17,415 | |||||||
Above-market leases(1) | 20 | 3,051 | |||||||
In-place leases(2) | 1,127 | 13,044 | |||||||
| Total assets | 17,535 | 195,912 | |||||||
| Liabilities | |||||||||
Below-market leases(3) | 88 | 4,103 | |||||||
| Other liabilities | — | 1,322 | |||||||
| Total liabilities | 88 | 5,425 | |||||||
| Net assets acquired | $ | 17,447 | $ | 190,487 | |||||
December 31, 2018 and 20172019 was 4.9 years and 7.5 years, respectively.
10.4 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, 2019 was 8.8 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, 2019 was 24.3 years.
3. Dispositions and Assets Held for Sale
During the year ended December 31, 2018,2020, the Company disposed of 6210 shopping centers, two6 partial shopping centers and one1 land parcel for aggregate net proceeds of $957.5$121.4 million resulting in aggregate gain of $208.7$32.6 million and aggregate impairment of $37.0$8.0 million. In addition, during the year ended December 31, 2018,2020, the Company received aggregate net proceeds of $1.0 million and resolved contingencies of $0.5 million from previously disposed assets resulting in aaggregate gain of $0.5$1.5 million.
During the year ended December 31, 2017,2019, the Company disposed of 29 wholly owned24 shopping centers and two outparcel buildings3 partial shopping centers for aggregate net proceeds of $330.8$288.5 million resulting in aggregate gain of $68.7$53.4 million and aggregate
F-24
impairment of $22.9$16.4 million. In addition, during the year ended December 31, 2017,2019, the Company disposed of its unconsolidated joint venture interest forreceived aggregate net proceeds of $12.4$1.6 million from previously disposed assets resulting in aaggregate gain of $4.6$1.4 million.
As of December 31, 2018 and 2017,2020, the Company had one2 properties and 1 partial property held for sale. As of December 31, 2019, the Company had 2 properties and two partial properties held for sale. The following table presents the assets and liabilities associated with the properties classified as held for sale:
| Assets | December 31, 2020 | December 31, 2019 | |||||||||
| Land | $ | 5,447 | $ | 3,356 | |||||||
| Buildings and improvements | 16,481 | 31,650 | |||||||||
| Accumulated depreciation and amortization | (4,693) | (13,044) | |||||||||
| Real estate, net | 17,235 | 21,962 | |||||||||
| Other assets | 779 | 209 | |||||||||
| Assets associated with real estate assets held for sale | $ | 18,014 | $ | 22,171 | |||||||
| Liabilities | |||||||||||
| Below-market leases | $ | 0 | $ | 415 | |||||||
Liabilities associated with real estate assets held for sale(1) | $ | 0 | $ | 415 | |||||||
| Assets | December 31, 2018 | December 31, 2017 | |||||||
| Land | $ | 1,220 | $ | 3,220 | |||||
| Buildings and improvements | 2,927 | 30,758 | |||||||
| Accumulated depreciation and amortization | (1,334 | ) | (7,464 | ) | |||||
| Real estate, net | 2,813 | 26,514 | |||||||
| Other assets | 88 | 567 | |||||||
| Assets associated with real estate assets held for sale | $ | 2,901 | $ | 27,081 | |||||
| Liabilities | |||||||||
| Other liabilities | $ | — | $ | 33 | |||||
Liabilities associated with real estate assets held for sale(1) | $ | — | $ | 33 | |||||
There were no discontinued operations for the years ended December 31, 2018, 20172020, 2019 and 20162018 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, 2020 | December 31, 2019 | ||||||||||
| Land | $ | 1,740,263 | $ | 1,767,029 | |||||||
| Buildings and improvements: | |||||||||||
Buildings and tenant improvements(1) | 7,856,850 | 7,741,607 | |||||||||
Lease intangibles(2) | 566,448 | 614,964 | |||||||||
| 10,163,561 | 10,123,600 | ||||||||||
Accumulated depreciation and amortization(3) | (2,659,448) | (2,481,250) | |||||||||
| Total | $ | 7,504,113 | $ | 7,642,350 | |||||||
| December 31, 2018 | December 31, 2017 | ||||||
| Land | $ | 1,804,504 | $ | 1,984,309 | |||
| Buildings and improvements: | |||||||
Buildings and tenant improvements(1) | 7,626,363 | 8,145,085 | |||||
Lease intangibles(2) | 667,910 | 792,097 | |||||
| 10,098,777 | 10,921,491 | ||||||
Accumulated depreciation and amortization(3) | (2,349,127 | ) | (2,361,070 | ) | |||
| Total | $ | 7,749,650 | $ | 8,560,421 | |||
(2)As of December 31, 2020 and 2019, Lease intangibles consisted of $509.3 million and $554.9 million, respectively, of in-place leases and $57.2 million and $60.1 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.
(3)As of December 31, 2020 and 2019, Accumulated depreciation and amortization included $507.7 million and $533.1 million, respectively, of accumulated amortization related to Lease intangibles.
In addition, as of December 31, 20182020 and 2017,2019, the Company had intangible liabilities relating to below-market leases of $392.9$345.7 million and $463.3$372.1 million, respectively, and accumulated accretion of $266.1$260.3 million and $281.5$267.1 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities inon the Company’s Consolidated Balance Sheets. These intangible assets are accreted over the term of each related lease.
F-25
Below-market lease accretion income, net of above-market lease amortization for the years ended December 31, 2020, 2019 and 2018 2017 and 2016 was $26.6$16.5 million, $29.6$18.8 million and $37.7$26.6 million, respectively. These amounts are included in Rental income inon the Company’s Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the years ended December 31, 2020, 2019 and 2018 2017 and 2016 was $35.2$19.1 million, $46.2$25.8 million and $60.0$35.2 million, respectively. These amounts are included in Depreciation and amortization inon 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 | In-place lease amortization expense | ||||||||||||
| 2021 | $ | (11,173) | $ | 12,810 | ||||||||||
| 2022 | (9,240) | 8,962 | ||||||||||||
| 2023 | (8,018) | 6,513 | ||||||||||||
| 2024 | (7,504) | 4,846 | ||||||||||||
| 2025 | (6,336) | 3,675 | ||||||||||||
| Year ending December 31, | Below-market lease accretion (income), net of above-market lease amortization | In-place lease amortization expense | ||||||
| 2019 | $ | (18,245 | ) | $ | 23,977 | |||
| 2020 | (14,843 | ) | 17,789 | |||||
| 2021 | (12,138 | ) | 12,865 | |||||
| 2022 | (10,025 | ) | 9,496 | |||||
| 2023 | (8,627 | ) | 6,983 | |||||
5. Impairments
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 a change in the anticipated hold period 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)This property was classified as held for sale as of December 31, 2020.
F-26
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 | 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 a change in the anticipated hold period 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.
The Company recognized the following impairments during the year ended December 31, 2018:
| Year Ended December 31, 2018 | ||||||||||||||||||||
Property Name(1) | Location | GLA | Impairment Charge | |||||||||||||||||
County Line Plaza(2) | Jackson, MS | 221,127 | $ | 10,181 | ||||||||||||||||
Southland Shopping Plaza(2) | Toledo, OH | 285,278 | 7,077 | |||||||||||||||||
Covington Gallery(3) | Covington, GA | 174,857 | 6,748 | |||||||||||||||||
Westview Center(3) | Hanover Park, IL | 321,382 | 5,916 | |||||||||||||||||
Roundtree Place(2) | Ypsilanti, MI | 246,620 | 4,317 | |||||||||||||||||
Skyway Plaza(4) | St. Petersburg, FL | 110,799 | 3,639 | |||||||||||||||||
Wadsworth Crossings(2) | Wadsworth, OH | 118,145 | 3,594 | |||||||||||||||||
Brooksville Square(2) | Brooksville, FL | 96,361 | 2,740 | |||||||||||||||||
Sterling Bazaar(2) | Peoria, IL | 87,359 | 1,571 | |||||||||||||||||
Pensacola Square(2) | Pensacola, FL | 142,767 | 1,345 | |||||||||||||||||
Plantation Plaza(2) | Clute, TX | 99,141 | 1,251 | |||||||||||||||||
Kline Plaza(2) | Harrisburg, PA | 214,628 | 1,237 | |||||||||||||||||
Smith’s(2) | Socorro, NM | 48,000 | 1,200 | |||||||||||||||||
Elkhart Plaza West(2) | Elkhart, IN | 81,651 | 748 | |||||||||||||||||
Dover Park Plaza(2) | Yardville, NJ | 56,638 | 555 | |||||||||||||||||
Parcel at Elk Grove Town Center(2) | Elk Grove Village, IL | 72,385 | 538 | |||||||||||||||||
Crossroads Centre(2) | Fairview Heights, IL | 242,752 | 204 | |||||||||||||||||
Shops of Riverdale(2) | Riverdale, GA | 16,808 | 155 | |||||||||||||||||
Valley Commons(2) | Salem, VA | 45,580 | 115 | |||||||||||||||||
Mount Carmel Plaza(2) | Glenside, PA | 14,504 | 115 | |||||||||||||||||
Klein Square(2) | Spring, TX | 80,636 | 49 | |||||||||||||||||
| 2,777,418 | $ | 53,295 | ||||||||||||||||||
| Year Ended December 31, 2018 | |||||||||
Property Name(1) | Location | GLA | Impairment Charge | ||||||
County Line Plaza(2) | Jackson, MS | 221,127 | $ | 10,181 | |||||
Southland Shopping Plaza(2) | Toledo, OH | 285,278 | 7,077 | ||||||
| Covington Gallery | Covington, GA | 174,857 | 6,748 | ||||||
| Westview Center | Hanover Park, IL | 321,382 | 5,916 | ||||||
Roundtree Place(2) | Ypsilanti, MI | 246,620 | 4,317 | ||||||
| Skyway Plaza | St. Petersburg, FL | 110,799 | 3,639 | ||||||
Wadsworth Crossings(2) | Wadsworth, OH | 118,145 | 3,594 | ||||||
Brooksville Square(2) | Brooksville, FL | 96,361 | 2,740 | ||||||
Sterling Bazaar(2) | Peoria, IL | 87,359 | 1,571 | ||||||
Pensacola Square(2) | Pensacola, FL | 142,767 | 1,345 | ||||||
Plantation Plaza(2) | Clute, TX | 99,141 | 1,251 | ||||||
Kline Plaza(2) | Harrisburg, PA | 214,628 | 1,237 | ||||||
Smith’s(2) | Socorro, NM | 48,000 | 1,200 | ||||||
Elkhart Plaza West(2) | Elkhart, IN | 81,651 | 748 | ||||||
Dover Park Plaza(2) | Yardville, NJ | 56,638 | 555 | ||||||
Parcel at Elk Grove Town Center(2) | Elk Grove Village, IL | 72,385 | 538 | ||||||
Crossroads Centre(2) | Fairview Heights, IL | 242,752 | 204 | ||||||
Shops of Riverdale(2) | Riverdale, GA | 16,808 | 155 | ||||||
Valley Commons(2) | Salem, VA | 45,580 | 115 | ||||||
Mount Carmel Plaza(2) | Glenside, PA | 14,504 | 115 | ||||||
Klein Square(2) | Spring, TX | 80,636 | 49 | ||||||
| 2,777,418 | $ | 53,295 | |||||||
(2)The Company disposed of this property |
| Year Ended December 31, 2017 | |||||||||
Property Name(1) | Location | GLA | Impairment Charge | ||||||
| The Manchester Collection | Manchester, CT | 342,247 | $ | 9,026 | |||||
Lexington Road Plaza(2) | Versailles, KY | 197,668 | 6,393 | ||||||
| The Plaza at Salmon Run | Watertown, NY | 68,761 | 3,486 | ||||||
The Vineyards(2) | Eastlake, OH | 144,820 | 3,008 | ||||||
Highland Commons(2) | Glasgow, KY | 130,466 | 2,499 | ||||||
Parkway Pointe(2) | Springfield, IL | 38,737 | 2,373 | ||||||
Shops at Seneca Mall(2) | Liverpool, NY | 231,024 | 2,226 | ||||||
Smith’s(3) | Socorro, NM | 48,000 | 2,200 | ||||||
Fashion Square(3) | Orange Park, FL | 36,029 | 2,125 | ||||||
Austin Town Center(2) | Austin, MN | 110,680 | 1,853 | ||||||
Renaissance Center East(2) | Las Vegas, NV | 144,216 | 1,658 | ||||||
Salisbury Marketplace(2) | Salisbury, NC | 79,732 | 1,544 | ||||||
Remount Village Shopping Center(2) | North Charleston, SC | 60,238 | 921 | ||||||
The Shoppes at North Ridgeville(2) | North Ridgeville, OH | 59,852 | 389 | ||||||
Crossroads Centre(3) | Fairview Heights, IL | 242,752 | 358 | ||||||
Milford Center(2) | Milford, CT | 25,056 | 45 | ||||||
| 1,960,278 | $ | 40,104 | |||||||
| (3)The Company disposed of this property |
(4)The Company disposed of this property during the year ended December 31, 2020.
| Year Ended December 31, 2016 | |||||||||
Property Name(1) | Location | GLA | Impairment Charge | ||||||
Milford Center(2) | Milford, CT | 25,056 | $ | 2,626 | |||||
Plymouth Plaza(3) | Plymouth Meeting, PA | 30,013 | 1,997 | ||||||
Parcel at Country Hills Shopping Center(4) | Torrance, CA | 3,500 | 550 | ||||||
Inwood Forest(3) | Houston, TX | 77,553 | 52 | ||||||
| Other | – | N/A | (71 | ) | |||||
| 136,122 | $ | 5,154 | |||||||
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
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Company’s dispositions. See Note 8 for additional information regarding the fair value of operating properties whichthat have been impaired.
6. Financial Instruments – Derivatives and Hedging
The Company’s use of derivative instruments is limited to the utilization of interest rate agreements or other instrumentsintended 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 LIBOR based debt. During the yearyears ended December 31, 2018, the Company entered into four forward starting interest rate swap agreements with an effective date of January 2,2020 and 2019, an aggregate notional value of $300.0 million, a weighted average fixed rate of 2.61% and an expiration date of July 26, 2024. During the year ended December 31, 2017, the Company did not0t enter into any new interest rate swap agreements.
Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 20182020 and 20172019 is as follows:
| Number of Instruments | Notional Amount | ||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||
| Interest Rate Swaps | 7 | 7 | $ | 800,000 | $ | 800,000 | |||||||||||||||||
| Number of Instruments | Notional Amount | |||||||||||
| December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |||||||||
| Interest Rate Swaps | 10 | 9 | $ | 1,200,000 | $ | 1,400,000 | ||||||
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 Company’s fair value of the Company’s interest rate derivatives on a gross and net basis as of December 31, 20182020 and 2017, respectively,2019 is as follows:
| Fair Value of Derivative Instruments | ||||||||||||||
| Interest rate swaps classified as: | December 31, 2020 | December 31, 2019 | ||||||||||||
| Gross derivative assets | $ | 0 | $ | 3,795 | ||||||||||
| Gross derivative liabilities | (28,225) | (13,449) | ||||||||||||
| Net derivative liabilities | $ | (28,225) | $ | (9,654) | ||||||||||
| Fair Value of Derivative Instruments | ||||||||
| Interest rate swaps classified as: | December 31, 2018 | December 31, 2017 | ||||||
| Gross derivative assets | $ | 18,630 | $ | 24,420 | ||||
| Gross derivative liabilities | (2,571 | ) | — | |||||
| Net derivative assets | $ | 16,059 | $ | 24,420 | ||||
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 derivatives,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 (“OCI”)(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 inon the Company’s Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 20172020, 2019 and 20162018 is as follows:
| Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) | Year Ended December 31, | |||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Change in unrealized gain (loss) on interest rate swaps | $ | (26,998) | $ | (19,333) | $ | 3,837 | ||||||||||||||
| Amortization (accretion) of interest rate swaps to interest expense | 8,427 | (6,380) | (12,198) | |||||||||||||||||
| Change in unrealized loss on interest rate swaps, net | $ | (18,571) | $ | (25,713) | $ | (8,361) | ||||||||||||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) | Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | ||||||||||
| Change in unrealized gain on interest rate swaps | $ | 3,837 | $ | 4,976 | $ | 19,081 | ||||||
| Amortization (accretion) of interest rate swaps to interest expense | (12,198 | ) | (2,161 | ) | 4,961 | |||||||
| Change in unrealized gain (loss) on interest rate swaps, net | $ | (8,361 | ) | $ | 2,815 | $ | 24,042 | |||||
The Company estimates that $8.4$10.3 million will be reclassified from accumulated other comprehensive incomeloss as a decreasean increase to interest expense over the next twelve months. NoNaN 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, 2018, 20172020, 2019 and 2016.2018.
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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, 20182020 and 2017,2019, the Company did not have any non-designated hedges.
Credit-risk-related Contingent Features
The Company has agreements with its derivative counterparties that contain a provisionprovisions 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 the agreements at their termination value, including accrued interest.
7. Debt Obligations
As of December 31, 20182020 and 2017,2019, the Company had the following indebtedness outstanding:
| Carrying Value as of | |||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | Stated Interest Rate(1) | Scheduled Maturity Date | ||||||||||||||||||||
| Secured loan | |||||||||||||||||||||||
| Secured loan | $ | 0 | $ | 7,000 | N/A | N/A | |||||||||||||||||
| Net unamortized premium | 0 | 211 | |||||||||||||||||||||
| Net unamortized debt issuance costs | 0 | (37) | |||||||||||||||||||||
| Total secured loan, net | $ | 0 | $ | 7,174 | |||||||||||||||||||
| Notes payable | |||||||||||||||||||||||
Unsecured notes(2)(3) | $ | 4,518,453 | $ | 4,218,453 | 1.26% – 7.97% | 2022 – 2030 | |||||||||||||||||
| Net unamortized premium | 31,390 | 11,078 | |||||||||||||||||||||
| Net unamortized debt issuance costs | (25,232) | (23,579) | |||||||||||||||||||||
| Total notes payable, net | $ | 4,524,611 | $ | 4,205,952 | |||||||||||||||||||
| Unsecured Credit Facility and term loans | |||||||||||||||||||||||
| Unsecured Credit Facility - Revolving Facility | $ | 0 | $ | 7,000 | N/A | 2023 | |||||||||||||||||
Unsecured $350 Million Term Loan(3) | 350,000 | 350,000 | 1.40% | 2023 | |||||||||||||||||||
Unsecured $300 Million Term Loan(4) | 300,000 | 300,000 | 1.40% | 2024 | |||||||||||||||||||
| Net unamortized debt issuance costs | (7,281) | (8,941) | |||||||||||||||||||||
| Total Unsecured Credit Facility and term loans | $ | 642,719 | $ | 648,059 | |||||||||||||||||||
| Total debt obligations, net | $ | 5,167,330 | $ | 4,861,185 | |||||||||||||||||||
| Carrying Value as of | ||||||||||||
December 31, 2018 | December 31, 2017 | Stated Interest Rate(1) | Scheduled Maturity Date | |||||||||
| Secured loans | ||||||||||||
Secured loans(2) | $ | 7,000 | $ | 902,717 | 4.40% | 2024 | ||||||
| Net unamortized premium | 262 | 15,321 | ||||||||||
| Net unamortized debt issuance costs | (45 | ) | (93 | ) | ||||||||
| Total secured loans, net | $ | 7,217 | $ | 917,945 | ||||||||
| Notes payable | ||||||||||||
Unsecured notes(3) | $ | 3,468,453 | $ | 3,218,453 | 3.25% – 7.97% | 2022 – 2029 | ||||||
| Net unamortized discount | (11,562 | ) | (13,485 | ) | ||||||||
| Net unamortized debt issuance costs | (20,877 | ) | (22,476 | ) | ||||||||
| Total notes payable, net | $ | 3,436,014 | $ | 3,182,492 | ||||||||
| Unsecured Credit Facility and term loans | ||||||||||||
Unsecured Credit Facility - Term Loans(4) | $ | 500,000 | $ | 685,000 | 3.63% | 2021 | ||||||
| Unsecured Credit Facility - Revolving Facility | 306,000 | — | 3.53% | 2023 | ||||||||
Unsecured $350 Million Term Loan(5) | 350,000 | 600,000 | 3.63% | 2023 | ||||||||
Unsecured $300 Million Term Loan(5) | 300,000 | 300,000 | 4.25% | 2024 | ||||||||
| Net unamortized debt issuance costs | (13,368 | ) | (9,199 | ) | ||||||||
| Total Unsecured Credit Facility and term loans | $ | 1,442,632 | $ | 1,575,801 | ||||||||
Total debt obligations, net(6) | $ | 4,885,863 | $ | 5,676,238 | ||||||||
(2)The weighted average stated interest rate on the Company’s unsecured notes was 3.75% as of December 31, 2020. (3)Effective November 1, 2016, the Company has in place 3 interest rate swap agreements that convert the variable interest rate on $150.0 million of the Company’s |
(4)Effective January 2, 2019, the Company has in place 4 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.
2020 Debt Transactions
During the year ended December 31, 2020, the Company repaid $7.0 million, net of borrowings, under the Operating Partnership’s $1.25 billion revolving credit facility (the “Revolving Facility”).
In June 2020, the Operating Partnership issued $500.0 million aggregate principal amount of 4.050% Senior Notes due 2030 (the “2030 Notes”), at 99.776% of par, the net proceeds of which were used to complete the Tender Offer (defined below), repay a portion ofoutstanding indebtedness under the Company’s $600 Million Term Loan scheduled to mature on March 18, 2019 prior to the amendment of the $600 Million Term Loan, as described below.Revolving Facility, and for general corporate purposes. The 20222030 Notes bear interest at a rate of three-month U.S. Dollar LIBOR, reset quarterly, plus 105 basis points,4.050% per annum, payable quarterly in arrearssemi-annually on February 1, May 1, AugustJanuary 1 and NovemberJuly 1 of each year, commencing NovemberJanuary 1, 2018.2021. The 20222030 Notes will mature on July 1, 2030. The Operating Partnership may redeem the 2030 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the
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applicable redemption price specified in the Indenture with respect to the 2030 Notes. If the 2030 Notes are scheduledredeemed on or after April 1, 2030 (three months prior to mature on February 1, 2022.the maturity date), the redemption price will be equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 20222030 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. The Operating Partnership may not redeem the 2022 Notes prior to the scheduled maturity date.
In December 2018,August 2020, the Operating Partnership amended and restated the Unsecured Credit Facility. The amendment provides for (1) revolving loan commitments of $1.25 billion (the “Revolving Facility”) scheduled to mature on February 28, 2023 (extending the applicable scheduled maturity date from July 31, 2020) and (2) a continuationissued an additional $300.0 million aggregate principal amount of the existing $500 Million Term Loan scheduled2030 Notes at 107.172% of par, the net proceeds of which were used to mature on July 31, 2021 (the “$500 Million Term Loan”). Each ofrepay outstanding indebtedness under the Revolving Facility and the $500 Million Term Loan includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment offor general corporate purposes. The additional notes form a fee on the extended commitments of 0.0625%. The Unsecured Credit Facility includes the option to increase the revolving loan commitments or add term loans of up to $1 billion in the aggregate to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.
In addition, the Unsecured Credit Facility requires the payment of a facility fee ranging from 0.125% to 0.30% (depending on the Operating Partnership’s credit rating) on the total commitments under the Revolving Facility.
In December 12, 2023 (the “$350 Million Term Loan”). The $350 Million Term Loan includes the option to add term loans of up to $250.0 million in the aggregate to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.
During the year ended December 31, 2018,2020, as a result of the Company repaid $881.4 millionTender Offer, the redemption of secured loans and $435.0 millionthe remaining amount of unsecured term loans. These repayments were funded primarily with net disposition proceeds, proceeds from the issuance of the 2022 Notes and $306.0the repayment of its $7.0 million of borrowings under the Revolving Facility, net of repayments. Additionally, during the year ended December 31, 2018,secured loan, the Company recognized a $37.1$28.1 million loss on extinguishment of debt, net as a result of debt transactions.net. Loss on extinguishment of debt, net includes $24.3 million of legal defeasance fees related to secured loans with an aggregate principal balance of $469.2 million and $23.0$26.2 million of prepayment fees related to secured loans with an aggregate principal balance of $412.2 million, partially offset by $10.2and $1.9 million of accelerated unamortized debt premiums,issuance costs and debt discounts, net of discountspremiums.
In April 2020, the Operating Partnership amended its senior unsecured credit agreements related to the Revolving Facility and debt issuance costs.the Operating Partnership’s term loans, changing the covenant calculation reference period to the most recent twelve months for which it reported financial results from the most recent six months for which it reported financial results, annualized.
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, 2018.2020.
Debt Maturities
As of December 31, 20182020 and 2017,2019, the Company had accrued interest of $34.0$47.2 million and $35.9$36.9 million outstanding, respectively. As of December 31, 2018,2020, scheduled amortization and maturities of the Company’s outstanding debt obligations were as follows:
| Year ending December 31, | Year ending December 31, | |||||||||||
| 2019 | $ | — | ||||||||||
| 2020 | — | |||||||||||
| 2021 | 500,000 | 2021 | $ | 0 | ||||||||
| 2022 | 750,000 | 2022 | 250,000 | |||||||||
| 2023 | 1,156,000 | 2023 | 850,000 | |||||||||
| 2024 | 2024 | 800,000 | ||||||||||
| 2025 | 2025 | 700,000 | ||||||||||
| Thereafter | 2,525,453 | Thereafter | 2,568,453 | |||||||||
| Total debt maturities | 4,931,453 | Total debt maturities | 5,168,453 | |||||||||
| Net unamortized discount | (11,300 | ) | ||||||||||
| Net unamortized premium | Net unamortized premium | 31,390 | ||||||||||
| Net unamortized debt issuance costs | (34,290 | ) | Net unamortized debt issuance costs | (32,513) | ||||||||
| Total debt obligations, net | $ | 4,885,863 | Total debt obligations, net | $ | 5,167,330 | |||||||
As of the date the financial statements were issued, the Company did not have any scheduled debt maturities for the next 12 months.
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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:
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
| Carrying Amounts | Fair Value | Carrying Amounts | Fair Value | ||||||||||||||||||||
| Secured loan | $ | 0 | $ | 0 | $ | 7,174 | $ | 7,306 | |||||||||||||||
| Notes payable | 4,524,611 | 5,012,523 | 4,205,952 | 4,422,513 | |||||||||||||||||||
| Unsecured Credit Facility and term loans | 642,719 | 651,639 | 648,059 | 658,490 | |||||||||||||||||||
| Total debt obligations, net | $ | 5,167,330 | $ | 5,664,162 | $ | 4,861,185 | $ | 5,088,309 | |||||||||||||||
| December 31, 2018 | December 31, 2017 | |||||||||||||||
Carrying Amounts | Fair Value | Carrying Amounts | Fair Value | |||||||||||||
| Secured loans | $ | 7,217 | $ | 7,072 | $ | 917,945 | $ | 963,702 | ||||||||
| Notes payable | 3,436,014 | 3,372,418 | 3,182,492 | 3,224,877 | ||||||||||||
| Unsecured Credit Facility and term loans | 1,442,632 | 1,452,382 | 1,575,801 | 1,586,206 | ||||||||||||
| Total debt obligations, net | $ | 4,885,863 | $ | 4,831,872 | $ | 5,676,238 | $ | 5,774,785 | ||||||||
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.
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 Level 1 or 2 of the fair value hierarchy. See Note 6 for fair value information regarding the Company’s interest rate derivatives.
F-31
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:
| 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 | $ | 0 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Interest rate derivatives | $ | (28,225) | $ | 0 | $ | (28,225) | $ | 0 | |||||||||||||||
| Fair Value Measurements as of December 31, 2019 | |||||||||||||||||||||||
| 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) | $ | 18,054 | $ | 1,459 | $ | 16,595 | $ | 0 | |||||||||||||||
| Interest rate derivatives | $ | 3,795 | $ | 0 | $ | 3,795 | $ | 0 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Interest rate derivatives | $ | (13,449) | $ | 0 | $ | (13,449) | $ | 0 | |||||||||||||||
(1)As of December 31, 2020 and 2019, marketable securities included $0.2 million and $0.1 million of net unrealized gains, respectively. As of December 31, 2020, the contractual maturities of the Company’s marketable securities are within the next five years.
| Fair Value Measurements as of December 31, 2018 | |||||||||||||||
| 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) | $ | 30,243 | $ | 1,756 | $ | 28,487 | $ | — | |||||||
| Interest rate derivatives | $ | 18,630 | $ | — | $ | 18,630 | $ | — | |||||||
| Liabilities: | |||||||||||||||
| Interest rate derivatives | $ | (2,571 | ) | $ | — | $ | (2,571 | ) | $ | — | |||||
| Fair Value Measurements as of December 31, 2017 | |||||||||||||||
| 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) | $ | 28,006 | $ | 725 | $ | 27,281 | $ | — | |||||||
| Interest rate derivatives | $ | 24,420 | $ | — | $ | 24,420 | $ | — | |||||||
Non-Recurring Fair Value
On a non-recurringperiodic basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated hold period and general market conditions, including the Company evaluatesimpact of COVID-19, that the carrying value of its properties when eventsthe Company’s real estate assets (including any related intangible assets or changes in circumstances indicate that the carrying valueliabilities) may not be recoverable.impaired. Fair value is determined by purchase price offers from third-party buyers, market comparable data, third party appraisals or by discounted cash flow analysis.analyses. The cash flows utilized in such analyses are comprised of unobservable inputs which include forecasted rental revenue and expenses based upon market conditions and future expectations. CapitalizationThe capitalization rates and discount rates utilized in these modelssuch analyses are based upon unobservable rates that we believethe 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. The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the years ended December 31, 20182020 and 2017,2019, excluding the properties sold prior to December 31, 20182020 and 2017,2019, respectively:
| 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 | $ | 0 | $ | 0 | $ | 27,184 | $ | 11,544 | |||||||||||||||||||
| Fair Value Measurements as of December 31, 2019 | |||||||||||||||||||||||||||||
| 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(4)(5) | $ | 23,533 | $ | 0 | $ | 0 | $ | 23,533 | $ | 7,983 | |||||||||||||||||||
(1)Excludes properties disposed of prior to December 31, 2020.
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| Fair Value Measurements as of December 31, 2018 | |||||||||||||||||||
| 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) | $ | 31,725 | $ | — | $ | — | $ | 31,725 | $ | 16,303 | |||||||||
| Fair Value Measurements as of December 31, 2017 | |||||||||||||||||||
| 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(4)(5)(6) | $ | 73,303 | $ | — | $ | — | $ | 73,303 | $ | 17,195 | |||||||||
(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 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 investment.
(4)Excludes properties disposed of prior to December 31, 2019.
(5)The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2019 includes: (i) $9.7 million related to Brice Park; (ii) $9.1 million related to Mohawk Acres Plaza; (iii) $3.4 million related to Lincoln Plaza; and (iv) $1.3 million related to a parcel at Lakes Crossing.
9. Revenue Recognition
As of December 31, 20182020, 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. Future minimum annual base rents also doThe 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 which may be received under certain leases for percentage rent or the reimbursement of property operating costs, such as common area expenses, utilities, insurance and real estate taxes.the reimbursement of 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 repaid or, in the case of percentage rents, when the sales data is made available.
| Year ending December 31, | Operating Leases | |||||||
| 2021 | $ | 820,956 | ||||||
| 2022 | 728,098 | |||||||
| 2023 | 627,664 | |||||||
| 2024 | 519,600 | |||||||
| 2025 | 412,324 | |||||||
| Thereafter | 1,372,125 | |||||||
| Year ending December 31, | ||||
| 2019 | $ | 811,381 | ||
| 2020 | 709,230 | |||
| 2021 | 599,367 | |||
| 2022 | 490,087 | |||
| 2023 | 392,892 | |||
| Thereafter | 1,368,278 | |||
The Company recognized $6.6$4.2 million, $7.1$7.5 million and $5.9$6.6 million of rental income based on percentage rentrents for the years ended December 31, 2020, 2019 and 2018, 2017 and 2016, respectively.
These amounts are included in Rental income on the Company’s Consolidated Statements of Operations. As of December 31, 20182020 and 2017, the estimated allowance associated with Company’s outstanding rent, expense reimbursement, and other revenue generating receivables, included in Receivables, net of allowance for doubtful accounts in the Company’s Consolidated Balance Sheets was $14.1 million and $12.1 million, respectively. In addition, as of December 31, 2018 and 2017,2019, receivables associated with the effects of recognizing rental income on a straight-line basis were $120.6$127.3 million and $113.9$140.2 million, respectively netrespectively.
COVID-19
The global outbreak of the estimated allowancenovel strain of $7.6 millioncoronavirus (“COVID-19”) and $5.1 million, respectively.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 global economy, and the financial markets. The effects of COVID-19, including related government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing” guidelines, have forced many of the Company’s tenants to close stores, reduce hours or significantly limit service, and have resulted in a dramatic increase in national unemployment and a significant economic contraction. Certain tenants experiencing economic difficulties during this 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
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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 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 related deferrals and abatements granted for lease payments due during the year ended December 31, 2020. Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses.
| Year Ended December 31, 2020 | ||||||||||||||
| Deferrals | Abatements | |||||||||||||
| Lease payments (lease modifications) | $ | 3,544 | $ | 2,103 | ||||||||||
| Lease payments (not lease modifications) | 42,080 | 2,096 | ||||||||||||
| $ | 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 | $ | 0 | ||||||
| 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 | ||||||
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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 a lease liability and an ROU asset based on the present value of future lease payments over the noncancellable lease term. As of December 31, 2020 the Company is not including any prospective renewal or termination options in its lease liabilities or ROU assets, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay its 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 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 | 2020 | 2019 | ||||||||||||
| Operating lease costs | $ | 7,058 | $ | 6,838 | ||||||||||
| Short-term lease costs | 39 | 39 | ||||||||||||
| Variable lease costs | 519 | 436 | ||||||||||||
| Total lease costs | $ | 7,616 | $ | 7,313 | ||||||||||
| Year Ended December 31, | ||||||||||||||
| Supplemental Statements of Cash Flows Information | 2020 | 2019 | ||||||||||||
| Operating cash outflows from operating leases | $ | 7,066 | $ | 6,954 | ||||||||||
| ROU assets obtained in exchange for operating lease liabilities | $ | 1,174 | $ | 44,845 | ||||||||||
| ROU assets written off due to lease modifications | $ | (1,748) | $ | — | ||||||||||
| Operating Lease Liabilities | As of December 31, 2020 | |||||||||||||
| Future minimum operating lease payments: | ||||||||||||||
| 2021 | $ | 6,261 | ||||||||||||
| 2022 | 6,032 | |||||||||||||
| 2023 | 5,342 | |||||||||||||
| 2024 | 5,249 | |||||||||||||
| 2025 | 4,948 | |||||||||||||
| Thereafter | 25,124 | |||||||||||||
| Total future minimum operating lease payments | 52,956 | |||||||||||||
| Less: imputed interest | (14,357) | |||||||||||||
| Operating lease liabilities | $ | 38,599 | ||||||||||||
| As of December 31, | ||||||||||||||
| Supplemental Balance Sheets Information | 2020 | 2019 | ||||||||||||
Operating lease liabilities(1)(2) | $ | 38,599 | $ | 44,707 | ||||||||||
ROU assets(1)(3) | $ | 34,006 | $ | 39,860 | ||||||||||
(1)As of December 31, 2020 and 2019, the weighted average remaining lease term was 12.7 years and 10.9 years, respectively, and the weighted average discount rate was 4.39% and 4.30%. 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, 2020, there were no material leases that have been executed but not yet commenced.
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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 over a three-year period. 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. As of December 31, 2020, 0 shares have been issued under the ATM Program, and as a result, $400.0 million of common stock remained available for issuance.
Share Repurchase Program
In December 2017,January 2020, the Board of Directors authorizedCompany established a new share repurchase program (the “Program”) for up to $400.0 million of the Company’s common stock. The Program is scheduled to expire on December 5, 2019,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, 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. During the year ended December 31, 2018, the Company repurchased 6.3 million shares of common stock under the Prior Program at an average price per share of $16.56 for a total of $104.6 million, excluding commissions. The Company incurred commissions of $0.1 million in conjunction with the programPrior Program for the year ended December 31, 2018. During the year ended December 31, 2017, the Company repurchased 0.3 million shares of common stock under the Program at an average price per share of $17.94 for a total of $5.9 million, excluding commissions. The Company incurred commissions of less than $0.1 million in conjunction with the program for the year ended December 31, 2017. As of December 31, 2018,2020, the Program had $289.5$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 statutory minimum tax withholding obligations. During the years ended December 31, 20182020 and 2017,2019, the Company withheld 0.2 million and 0.1 million shares.shares, 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 those of its partners whichthat are holders of OP Units, including BPG Sub. When the Operating Partnership makes such distributions, in addition to BPG Sub and its wholly owned subsidiaries, the other partners of the Operating Partnership are also entitled to receive equivalent distributions on their partnership interests in the Operating Partnership on a pro rata basis;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, 2018, 20172020, 2019 and 2016,2018, the Company declared common stock dividends and OP Unit distributions of $1.105$0.500 per share/unit, $1.055$1.125 per share/unit and $0.995$1.105 per share/unit, respectively. As of December 31, 20182020 and 2017,2019, the Company had declared but unpaid common stock dividends and OP Unit distributions of $85.3$66.0 million and $85.6$87.2 million, respectively. These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
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.
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During the years ended December 31, 2018, 20172020, 2019 and 2016,2018, the Company granted RSUs to certain employees. During the year ended December 31, 2015, the Company granted RSUs to certain employees, or at the election of certain employees, long-term incentive plan units (“LTIP Units”) in the Operating Partnership. The RSUs and LTIP Units 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 vesting conditions,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 0.80.7 million, 0.60.8 million and 0.8 million for the years ended December 31, 2018, 20172020, 2019 and 2016,2018, respectively, with vesting periods ranging from one to five years. For the performance-based and service-based RSUs and LTIP Units granted, under the Plan, fair value is based on the Company’s grant date stock price. For the market-based RSUs granted during the years ended December 31, 20182020, 2019 and 2017,2018, the Company calculated the grant date fair values per unit using a Monte Carlo simulation based on 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: (i) volatility of 20.0% to 23.0%, 20.0% to 21.0%, and 29.0% to 32.0% and 22.0% to 23.0%, respectively; (ii) a weighted average risk-free interest rate of 1.20% to 1.30%, 2.55%, and 2.43% to 2.53% and 1.20% to 1.41%, respectively; and (iii) the Company’s weighted average common stock dividend yield of 5.9% to 6.0%, 5.6%, and 4.0% to 4.6%5.6%, respectively.
Information with respect to RSUs and LTIP Units for the years ended December 31, 2018, 20172020, 2019 and 20162018 are as follows (in thousands):
| Restricted Shares | Aggregate Intrinsic Value | ||||||||||||||||
| Outstanding, December 31, 2017 | 1,236 | $ | 26,974 | ||||||||||||||
| Vested | (292) | (5,060) | |||||||||||||||
| Granted | 822 | 13,016 | |||||||||||||||
| Forfeited | (268) | (4,299) | |||||||||||||||
| 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 | ||||||||||||||
| Restricted Shares | Aggregate Intrinsic Value | |||||
| Outstanding, December 31, 2015 | 1,172 | $ | 25,649 | |||
| Vested | (519 | ) | (12,550 | ) | ||
| Granted | 881 | 18,842 | ||||
| Forfeited | (519 | ) | (8,861 | ) | ||
| Outstanding, December 31, 2016 | 1,015 | 23,080 | ||||
| Vested | (343 | ) | (7,614 | ) | ||
| Granted | 633 | 12,762 | ||||
| Forfeited | (69 | ) | (1,254 | ) | ||
| Outstanding, December 31, 2017 | 1,236 | 26,974 | ||||
| Vested | (292 | ) | (5,060 | ) | ||
| Granted | 822 | 13,016 | ||||
| Forfeited | (268 | ) | (4,299 | ) | ||
| Outstanding, December 31, 2018 | 1,498 | $ | 30,631 | |||
During the years ended December 31, 2018, 20172020, 2019 and 2016,2018, the Company recognized $9.4$11.9 million, $10.5$13.6 million and $11.6$9.4 million of equity compensation expense, respectively. Equity compensation expense for the year ended December 31, 2016 included the reversalrespectively, of $2.6which $0.9 million, of previously recognized expense as a result of forfeitures$0.9 million and the acceleration of $2.7$0.0 million of expense associated with the issuance of shares, both in connection with the separation of certain Company executives.was capitalized, respectively. These amounts are included in General and administrative expense inon the Company’s Consolidated Statements of Operations. As of December 31, 2018,2020, the Company had $11.4$13.7 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.12.0 years.
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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, 2018, 20172020, 2019 and 20162018 (dollars in thousands, except per share data):
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Computation of Basic Earnings Per Share: | |||||||||||||||||
| Net income | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Non-forfeitable dividends on unvested restricted shares | (410) | (649) | (331) | ||||||||||||||
| Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 120,763 | $ | 274,124 | $ | 365,953 | |||||||||||
| Weighted average shares outstanding – basic | 296,972 | 298,229 | 302,074 | ||||||||||||||
| Basic earnings per share attributable to the Company’s common stockholders: | |||||||||||||||||
| Net income per share | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
| Computation of Diluted Earnings Per Share: | |||||||||||||||||
| Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | 120,763 | $ | 274,124 | $ | 365,953 | |||||||||||
| Weighted average shares outstanding – basic | 296,972 | 298,229 | 302,074 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Equity awards | 927 | 1,105 | 265 | ||||||||||||||
| Weighted average shares outstanding – diluted | 297,899 | 299,334 | 302,339 | ||||||||||||||
| Diluted earnings per share attributable to the Company’s common stockholders: | |||||||||||||||||
| Net income per share | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
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| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Computation of Basic Earnings Per Share: | |||||||||||
| Net income | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Net income attributable to non-controlling interests | — | (76 | ) | (2,514 | ) | ||||||
| Non-forfeitable dividends on unvested restricted shares | (331 | ) | (37 | ) | (40 | ) | |||||
| Preferred stock dividends | — | (39 | ) | (150 | ) | ||||||
| Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 365,953 | $ | 300,217 | $ | 275,438 | |||||
| Weighted average number shares outstanding – basic | 302,074 | 304,834 | 301,601 | ||||||||
| Basic earnings per share attributable to the Company’s common stockholders: | |||||||||||
| Net income per share | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
| Computation of Diluted Earnings Per Share: | |||||||||||
| Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 365,953 | $ | 300,217 | $ | 275,438 | |||||
| Allocation of net income to dilutive convertible non-controlling interests | — | 76 | 2,514 | ||||||||
| Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | 365,953 | $ | 300,293 | $ | 277,952 | |||||
| Weighted average shares outstanding – basic | 302,074 | 304,834 | 301,601 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Conversion of OP Units | — | 79 | 3,000 | ||||||||
| Equity awards | 265 | 368 | 459 | ||||||||
| Weighted average shares outstanding – diluted | 302,339 | 305,281 | 305,060 | ||||||||
| Diluted earnings per share attributable to the Company’s common stockholders: | |||||||||||
| Net income per share | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
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, 2018, 20172020, 2019 and 20162018 (dollars in thousands, except per unit data):
| Year Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Computation of Basic Earnings Per Unit: | |||||||||||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 121,173 | $ | 274,773 | $ | 366,284 | |||||||||||
| Non-forfeitable dividends on unvested restricted units | (410) | (649) | (331) | ||||||||||||||
| Net income attributable to the Operating Partnership’s common units for basic earnings per unit | $ | 120,763 | $ | 274,124 | $ | 365,953 | |||||||||||
| Weighted average common units outstanding – basic | 296,972 | 298,229 | 302,074 | ||||||||||||||
| Basic earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||||||||
| Net income per unit | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
| Computation of Diluted Earnings Per Unit: | |||||||||||||||||
| Net income attributable to the Operating Partnership’s common units for diluted earnings per unit | $ | 120,763 | $ | 274,124 | $ | 365,953 | |||||||||||
| Weighted average common units outstanding – basic | 296,972 | 298,229 | 302,074 | ||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Equity awards | 927 | 1,105 | 265 | ||||||||||||||
| Weighted average common units outstanding – diluted | 297,899 | 299,334 | 302,339 | ||||||||||||||
| Diluted earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||||||||
| Net income per unit | $ | 0.41 | $ | 0.92 | $ | 1.21 | |||||||||||
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| Year Ended December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| Computation of Basic Earnings Per Unit: | |||||||||||
| Net income attributable to Brixmor Operating Partnership LP | $ | 366,284 | $ | 300,369 | $ | 278,142 | |||||
| Non-forfeitable dividends on unvested restricted units | (331 | ) | (37 | ) | (40 | ) | |||||
| Net income attributable to the Operating Partnership’s common units for basic earnings per unit | $ | 365,953 | $ | 300,332 | $ | 278,102 | |||||
| Weighted average number common units outstanding – basic | 302,074 | 304,913 | 304,600 | ||||||||
| Basic earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||
| Net income per unit | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
| Computation of Diluted Earnings Per Unit: | |||||||||||
| Net income attributable to the Operating Partnership’s common units for diluted earnings per unit | $ | 365,953 | $ | 300,332 | $ | 278,102 | |||||
| Weighted average common units outstanding – basic | 302,074 | 304,913 | 304,600 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Equity awards | 265 | 368 | 459 | ||||||||
| Weighted average common units outstanding – diluted | 302,339 | 305,281 | 305,059 | ||||||||
| Diluted earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||
| Net income per unit | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||
Legal Matters
Except as described below, 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 of operations,or cash flows, or financial position.flows.
The Company believes that no additional governmental proceedings relating to these matters will be brought against the Company. The Company understands that the SEC and SDNY inquiries intothe U.S. Attorney’s Office for the Southern District of New York are pursuing actions relating to these matters with respect to certain former employees. The Company remains obligated to advance funds to these former employees for legal and other professional fees pursuant to indemnification obligations and the amounts advanced are ongoing.
| Year ending December 31, | ||||
| 2019 | $ | 6,929 | ||
| 2020 | 6,948 | |||
| 2021 | 7,157 | |||
| 2022 | 7,233 | |||
| 2023 | 5,827 | |||
| Thereafter | 43,876 | |||
| Total minimum annual rental commitments | $ | 77,970 | ||
Insurance captiveCaptive
The Company has a wholly owned captive insurance company, Brixmor Incap, LLC (“Incap”). Incap underwrites the first layer of general liability insurance programs for 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 functionsfunction of the captive program. The Company has capitalized Incap in accordance with the applicable regulatory requirements. Incap established annual premiums based on projections derived from the past loss experience of the Company’s properties. 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 properties. 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, 20182020 and 20172019 is summarized as follows (in thousands):follows:
| Year End December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Balance at the beginning of the year | $ | 12,345 | $ | 12,470 | |||||||
| Incurred related to: | |||||||||||
| Current year | 2,911 | 3,480 | |||||||||
| Prior years | (1,962) | (470) | |||||||||
| Total incurred | 949 | 3,010 | |||||||||
| Paid related to: | |||||||||||
| Current year | (141) | (500) | |||||||||
| Prior years | (2,193) | (2,635) | |||||||||
| Total paid | (2,334) | (3,135) | |||||||||
| Balance at the end of the year | $ | 10,960 | $ | 12,345 | |||||||
| Year End December 31, | |||||||||
| 2018 | 2017 | ||||||||
| Balance at the beginning of the year | $ | 13,295 | $ | 15,045 | |||||
| Incurred related to: | |||||||||
| Current year | 3,833 | 4,205 | |||||||
| Prior years | (1,624 | ) | (3,157 | ) | |||||
| Total incurred | 2,209 | 1,048 | |||||||
| Paid related to: | |||||||||
| Current year | (336 | ) | (299 | ) | |||||
| Prior years | (2,698 | ) | (2,499 | ) | |||||
| Total paid | (3,034 | ) | (2,798 | ) | |||||
| Balance at the end of the year | $ | 12,470 | $ | 13,295 | |||||
Environmental mattersMatters
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 property or disposed of by the Company or its tenants, as well as certain other potential costs which 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 of operations,or cash flows, or financial position.
flows. During the years ended December 31, 2020, 2019 and 2018, the
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Company did 0t incur any governmental fines resulting from environmental matters that were material in accordance with SEC rules.
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 a number ofseveral organizational and operational requirements, including a requirement that it currently 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,gains. Management intends to its stockholders. It is management’s intention to adhere tosatisfy 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 on the Company’s taxable income 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 (including any applicable alternative minimum tax for tax years beginning before January 1, 2018) 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, the Companyit 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.income as well as other income items, as applicable. In addition, taxable income from non-REIT activities managed through a TRSTRSs are subject to U.S. federal, state and local income taxes.
The Company incurred income and other taxes of $2.6$4.4 million, $2.4$2.5 million and $3.3$2.6 million for the years ended December 31, 2018, 20172020, 2019 and 2016.2018. These amounts are included in Other on the Company’s Consolidated Statements of Operations.
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, including real estate assets owned through joint ventures.assets.
As of December 31, 20182020 and 2017,2019, there were no0 material receivables from or payables to related parties. During the years ended December 31, 2020, 2019 and 2018, the Company did 0t engage in any material related-party transactions.
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, 2018, 20172020, 2019 and 2016,2018, the Company’s expense for the Savings Plan was approximately $1.4$1.6 million, $1.2 million and $1.2$1.4 million, respectively. These amounts are included in General and administrative inon the Company’s Consolidated Statements of Operations.
F-41
19. Supplemental Financial Information (unaudited)
The following table summarizes selected Quarterly Financial Data for the Company on a historical basis for the years ended December 31, 20182020 and 20172019 and has been derived from the accompanying consolidated financial statements (in thousands, except per share and per unit data):
Brixmor Property Group Inc.
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||
| Total revenues | $ | 282,301 | $ | 247,620 | $ | 253,935 | $ | 269,410 | |||||||||||||||
| Net income | $ | 59,781 | $ | 9,044 | $ | 27,944 | $ | 24,404 | |||||||||||||||
| Net income per common share: | |||||||||||||||||||||||
Basic(1) | $ | 0.20 | $ | 0.03 | $ | 0.09 | $ | 0.08 | |||||||||||||||
Diluted(1) | $ | 0.20 | $ | 0.03 | $ | 0.09 | $ | 0.08 | |||||||||||||||
| Year Ended December 31, 2019 | |||||||||||||||||||||||
| Total revenues | $ | 291,139 | $ | 291,005 | $ | 292,965 | $ | 293,149 | |||||||||||||||
| Net income | $ | 62,900 | $ | 68,960 | $ | 80,854 | $ | 62,059 | |||||||||||||||
| Net income per common share: | |||||||||||||||||||||||
Basic(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||||||||||
Diluted(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
| Year Ended December 31, 2018 | |||||||||||||||
| Total revenues | $ | 317,175 | $ | 313,030 | $ | 306,480 | $ | 297,655 | |||||||
| Net income attributable to common stockholders | $ | 61,022 | $ | 80,362 | $ | 147,346 | $ | 77,554 | |||||||
| Net income attributable to common stockholders per share: | |||||||||||||||
Basic(1) | $ | 0.20 | $ | 0.27 | $ | 0.49 | $ | 0.26 | |||||||
Diluted(1) | $ | 0.20 | $ | 0.26 | $ | 0.49 | $ | 0.26 | |||||||
| Year Ended December 31, 2017 | |||||||||||||||
| Total revenues | $ | 325,806 | $ | 322,818 | $ | 314,496 | $ | 320,060 | |||||||
| Net income attributable to common stockholders | $ | 71,579 | $ | 75,399 | $ | 83,380 | $ | 69,896 | |||||||
| Net income attributable to common stockholders per share: | |||||||||||||||
Basic(1) | $ | 0.23 | $ | 0.25 | $ | 0.27 | $ | 0.23 | |||||||
Diluted(1) | $ | 0.23 | $ | 0.25 | $ | 0.27 | $ | 0.23 | |||||||
Brixmor Operating Partnership LP
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||
| Total revenues | $ | 282,301 | $ | 247,620 | $ | 253,935 | $ | 269,410 | |||||||||||||||
| Net income | $ | 59,781 | $ | 9,044 | $ | 27,944 | $ | 24,404 | |||||||||||||||
| Net income per common unit: | |||||||||||||||||||||||
Basic(1) | $ | 0.20 | $ | 0.03 | $ | 0.09 | $ | 0.08 | |||||||||||||||
Diluted(1) | $ | 0.20 | $ | 0.03 | $ | 0.09 | $ | 0.08 | |||||||||||||||
| Year Ended December 31, 2019 | |||||||||||||||||||||||
| Total revenues | $ | 291,139 | $ | 291,005 | $ | 292,965 | $ | 293,149 | |||||||||||||||
| Net income | $ | 62,900 | $ | 68,960 | $ | 80,854 | $ | 62,059 | |||||||||||||||
| Net income per common unit: | |||||||||||||||||||||||
Basic(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||||||||||
Diluted(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
| Year Ended December 31, 2018 | |||||||||||||||
| Total revenues | $ | 317,175 | $ | 313,030 | $ | 306,480 | $ | 297,655 | |||||||
| Net income attributable to partnership common units | $ | 61,022 | $ | 80,362 | $ | 147,346 | $ | 77,554 | |||||||
| Net income attributable to common unitholders per unit: | |||||||||||||||
Basic(1) | $ | 0.20 | $ | 0.27 | $ | 0.49 | $ | 0.26 | |||||||
Diluted(1) | $ | 0.20 | $ | 0.26 | $ | 0.49 | $ | 0.26 | |||||||
| Year Ended December 31, 2017 | |||||||||||||||
| Total revenues | $ | 325,806 | $ | 322,818 | $ | 314,496 | $ | 320,060 | |||||||
| Net income attributable to partnership common units | $ | 71,655 | $ | 75,438 | $ | 83,380 | $ | 69,896 | |||||||
| Net income attributable to common unitholders per unit: | |||||||||||||||
Basic(1) | $ | 0.23 | $ | 0.25 | $ | 0.27 | $ | 0.23 | |||||||
Diluted(1) | $ | 0.23 | $ | 0.25 | $ | 0.27 | $ | 0.23 | |||||||
In preparing the Consolidated Financial Statements, the Company has evaluated events and transactions occurring after December 31, 20182020 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from December 31, 20182020 through the date the financial statements were issued.
F-42
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
| Additions | Deductions | ||||||||||||||||||||||
| Balance at Beginning of Year | Charged / (Credited) to Bad Debt Expense | Accounts Receivable Written Off | Balance at End of Year | ||||||||||||||||||||
| Allowance for doubtful accounts: | |||||||||||||||||||||||
| Year ended December 31, 2018 | $ | 17,205 | $ | 10,082 | $ | (5,563) | $ | 21,724 | |||||||||||||||
F-43
| Additions | Deductions | ||||||||||||||
| Balance at Beginning of Period | Charged / (Credited) to Bad Debt Expense | Accounts Receivable Written Off | Balance at End of Period | ||||||||||||
| Allowance for doubtful accounts: | |||||||||||||||
| Year ended December 31, 2018 | $ | 17,205 | $ | 10,082 | $ | (5,563 | ) | $ | 21,724 | ||||||
| Year ended December 31, 2017 | $ | 16,756 | $ | 5,323 | $ | (4,874 | ) | $ | 17,205 | ||||||
| Year ended December 31, 2016 | $ | 16,587 | $ | 9,182 | $ | (9,013 | ) | $ | 16,756 | ||||||
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 | $ | 33,031 | $ | 25,406 | $ | 7,460 | $ | 58,437 | $ | 65,897 | $ | (18,257) | 2004 | Jun-11 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northmall Centre | Tucson, AZ | 3,140 | 16,119 | (500) | 2,200 | 16,559 | 18,759 | (5,755) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bakersfield Plaza | Bakersfield, CA | 4,000 | 24,788 | 15,564 | 4,502 | 39,850 | 44,352 | (14,311) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carmen Plaza | Camarillo, CA | 5,410 | 16,955 | 2,781 | 5,410 | 19,736 | 25,146 | (5,754) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plaza Rio Vista | Cathedral, CA | 2,465 | 12,559 | 339 | 2,465 | 12,898 | 15,363 | (3,618) | 2005 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cudahy Plaza | Cudahy, CA | 4,490 | 12,154 | 18,533 | 4,778 | 30,399 | 35,177 | (5,189) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| University Mall | Davis, CA | 4,270 | 15,617 | 3,199 | 4,270 | 18,816 | 23,086 | (5,039) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Felicita Plaza | Escondido, CA | 4,280 | 12,421 | 1,038 | 4,280 | 13,459 | 17,739 | (5,235) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Felicita Town Center | Escondido, CA | 11,231 | 30,886 | 1,355 | 11,231 | 32,241 | 43,472 | (6,461) | 1987 | Dec-16 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arbor - Broadway Faire | Fresno, CA | 5,940 | 33,885 | 2,814 | 5,940 | 36,699 | 42,639 | (13,244) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lompoc Center | Lompoc, CA | 4,670 | 15,515 | 6,208 | 4,670 | 21,723 | 26,393 | (9,754) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Briggsmore Plaza | Modesto, CA | 2,140 | 10,220 | 3,925 | 2,140 | 14,145 | 16,285 | (4,735) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Montebello Plaza | Montebello, CA | 13,360 | 32,536 | 8,581 | 13,360 | 41,117 | 54,477 | (15,513) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| California Oaks Center | Murrieta, CA | 5,180 | 13,524 | 6,037 | 5,180 | 19,561 | 24,741 | (5,598) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pacoima Center | Pacoima, CA | 7,050 | 15,859 | 1,099 | 7,050 | 16,958 | 24,008 | (8,839) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metro 580 | Pleasanton, CA | 10,500 | 19,243 | 1,920 | 10,500 | 21,163 | 31,663 | (8,300) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rose Pavilion | Pleasanton, CA | 19,619 | 59,899 | 16,446 | 19,619 | 76,345 | 95,964 | (20,304) | 2019 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Puente Hills Town Center | Rowland Heights, CA | 15,670 | 38,046 | 6,480 | 15,670 | 44,526 | 60,196 | (13,425) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ocean View Plaza | San Clemente, CA | 15,750 | 29,572 | 2,733 | 15,750 | 32,305 | 48,055 | (9,963) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plaza By The Sea | San Clemente, CA | 9,607 | 5,461 | 2,836 | 9,607 | 8,297 | 17,904 | (996) | 1976 | Dec-17 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Village at Mira Mesa | San Diego, CA | 14,870 | 70,485 | 31,391 | 14,870 | 101,876 | 116,746 | (25,245) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| San Dimas Plaza | San Dimas, CA | 11,490 | 20,473 | 8,189 | 15,101 | 25,051 | 40,152 | (7,711) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bristol Plaza | Santa Ana, CA | 9,110 | 21,129 | 3,821 | 9,722 | 24,338 | 34,060 | (7,680) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gateway Plaza | Santa Fe Springs, CA | 9,980 | 30,046 | 2,816 | 9,980 | 32,862 | 42,842 | (12,590) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Santa Paula Center | Santa Paula, CA | 3,520 | 17,723 | 1,099 | 3,520 | 18,822 | 22,342 | (7,691) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vail Ranch Center | Temecula, CA | 3,750 | 20,934 | 1,974 | 3,750 | 22,908 | 26,658 | (8,250) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Country Hills Shopping Center | Torrance, CA | 3,589 | 8,683 | (289) | 3,589 | 8,394 | 11,983 | (2,710) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Upland Town Square | Upland, CA | 9,051 | 23,126 | 1,069 | 9,051 | 24,195 | 33,246 | (3,874) | 1994 | Nov-17 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gateway Plaza - Vallejo | Vallejo, CA | 11,880 | 67,060 | 29,998 | 12,947 | 95,991 | 108,938 | (27,990) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arvada Plaza | Arvada, CO | 1,160 | 7,378 | 546 | 1,160 | 7,924 | 9,084 | (4,487) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arapahoe Crossings | Aurora, CO | 13,676 | 52,713 | 17,058 | 13,676 | 69,771 | 83,447 | (18,499) | 1996 | Jul-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aurora Plaza | Aurora, CO | 3,910 | 9,044 | 2,368 | 3,910 | 11,412 | 15,322 | (6,335) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Villa Monaco | Denver, CO | 3,090 | 6,115 | 4,990 | 3,090 | 11,105 | 14,195 | (3,353) | 1978 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Centennial Shopping Center | Englewood, CO | 6,755 | 11,717 | 183 | 6,755 | 11,900 | 18,655 | (1,097) | 2013 | Apr-19 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Superior Marketplace | Superior, CO | 7,090 | 35,418 | 8,013 | 7,090 | 43,431 | 50,521 | (14,198) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westminster City Center | Westminster, CO | 6,040 | 40,717 | 13,713 | 6,040 | 54,430 | 60,470 | (15,522) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Shoppes at Fox Run | Glastonbury, CT | 3,550 | 22,437 | 4,089 | 3,600 | 26,476 | 30,076 | (9,292) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Groton Square | Groton, CT | 2,730 | 27,821 | 2,174 | 2,730 | 29,995 | 32,725 | (12,020) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parkway Plaza | Hamden, CT | 4,100 | 7,709 | 225 | 4,100 | 7,934 | 12,034 | (3,039) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Manchester Collection | Manchester, CT | 8,200 | 47,536 | (245) | 8,200 | 47,291 | 55,491 | (15,346) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Turnpike Plaza | Newington, CT | 3,920 | 23,821 | 50 | 3,920 | 23,871 | 27,791 | (9,633) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Haven Crossing | North Haven, CT | 5,430 | 15,911 | 2,776 | 5,430 | 18,687 | 24,117 | (6,487) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christmas Tree Plaza | Orange, CT | 4,870 | 13,724 | 2,948 | 4,870 | 16,672 | 21,542 | (5,396) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stratford Square | Stratford, CT | 5,860 | 11,650 | 7,008 | 5,860 | 18,658 | 24,518 | (5,960) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Torrington Plaza | Torrington, CT | 2,180 | 12,807 | 3,641 | 2,180 | 16,448 | 18,628 | (5,871) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Waterbury Plaza | Waterbury, CT | 4,793 | 16,230 | 2,844 | 4,793 | 19,074 | 23,867 | (7,141) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Waterford Commons | Waterford, CT | 4,990 | 43,556 | 7,100 | 4,990 | 50,656 | 55,646 | (16,775) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Dover Center | Dover, DE | 3,100 | 17,398 | 3,005 | 3,100 | 20,403 | 23,503 | (6,281) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coastal Way - Coastal Landing | Brooksville, FL | 8,840 | 30,693 | 8,261 | 8,840 | 38,954 | 47,794 | (13,035) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clearwater Mall | Clearwater, FL | 15,300 | 52,109 | 6,588 | 15,300 | 58,697 | 73,997 | (16,837) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coconut Creek Plaza | Coconut Creek, FL | 7,400 | 24,588 | 6,016 | 7,400 | 30,604 | 38,004 | (9,922) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Century Plaza Shopping Center | Deerfield Beach, FL | 3,050 | 7,636 | 5,275 | 3,050 | 12,911 | 15,961 | (3,538) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northgate Shopping Center | DeLand, FL | 3,500 | 8,630 | 5,517 | 3,500 | 14,147 | 17,647 | (3,133) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sun Plaza | Ft. Walton Beach, FL | 4,480 | 12,544 | 1,202 | 4,480 | 13,746 | 18,226 | (6,121) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Normandy Square | Jacksonville, FL | 1,936 | 5,373 | 1,281 | 1,936 | 6,654 | 8,590 | (2,964) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regency Park Shopping Center | Jacksonville, FL | 6,240 | 13,502 | 6,752 | 6,240 | 20,254 | 26,494 | (5,699) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ventura Downs | Kissimmee, FL | 3,580 | 7,092 | 6,182 | 3,580 | 13,274 | 16,854 | (2,833) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketplace at Wycliffe | Lake Worth, FL | 7,930 | 13,376 | 2,159 | 7,930 | 15,535 | 23,465 | (4,215) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venetian Isle Shopping Ctr | Lighthouse Point, FL | 8,270 | 14,396 | 1,664 | 8,270 | 16,060 | 24,330 | (5,671) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marco Town Center | Marco Island, FL | 7,235 | 26,330 | 7,755 | 7,235 | 34,085 | 41,320 | (6,564) | 2021 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mall at 163rd Street | Miami, FL | 9,450 | 34,211 | 4,107 | 9,450 | 38,318 | 47,768 | (12,034) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shops at Palm Lakes | Miami, FL | 10,896 | 14,110 | 6,553 | 10,896 | 20,663 | 31,559 | (5,336) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
F-44
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Springdale | Mobile, AL | $ | — | $ | 7,460 | $ | 33,085 | $ | 17,705 | $ | 7,460 | $ | 50,790 | $ | 58,250 | $ | (13,552 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||
| Payton Park | Sylacauga, AL | — | 1,830 | 14,335 | 486 | 1,830 | 14,821 | 16,651 | (5,534 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Glendale Galleria | Glendale, AZ | — | 4,070 | 6,894 | 9,324 | 4,070 | 16,218 | 20,288 | (3,770 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Northmall Centre | Tucson, AZ | — | 3,140 | 17,966 | 2,383 | 3,140 | 20,349 | 23,489 | (5,798 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Applegate Ranch Shopping Center | Atwater, CA | — | 4,033 | 25,397 | 1,541 | 4,033 | 26,938 | 30,971 | (6,865 | ) | 2006 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Bakersfield Plaza | Bakersfield, CA | — | 4,000 | 24,893 | 10,813 | 4,502 | 35,204 | 39,706 | (11,270 | ) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Carmen Plaza | Camarillo, CA | — | 5,410 | 19,522 | 2,073 | 5,410 | 21,595 | 27,005 | (6,545 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Plaza Rio Vista | Cathedral, CA | — | 2,465 | 12,575 | 234 | 2,465 | 12,809 | 15,274 | (2,720 | ) | 2005 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Cudahy Plaza | Cudahy, CA | — | 4,490 | 12,276 | 10,373 | 4,778 | 22,361 | 27,139 | (3,096 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| University Mall | Davis, CA | — | 4,270 | 18,056 | 2,016 | 4,270 | 20,072 | 24,342 | (5,986 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Felicita Plaza | Escondido, CA | — | 4,280 | 12,434 | 954 | 4,280 | 13,388 | 17,668 | (4,222 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Felicita Town Center | Escondido, CA | — | 11,231 | 31,324 | 287 | 11,230 | 31,612 | 42,842 | (3,601 | ) | 1987 | Dec-16 | 40 years | ||||||||||||||||||||||||||
| Arbor - Broadway Faire | Fresno, CA | — | 5,940 | 33,885 | 2,304 | 5,940 | 36,189 | 42,129 | (11,267 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lompoc Center | Lompoc, CA | — | 4,670 | 15,515 | 4,745 | 4,670 | 20,260 | 24,930 | (7,348 | ) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Briggsmore Plaza | Modesto, CA | — | 2,140 | 10,358 | 3,111 | 2,140 | 13,469 | 15,609 | (3,974 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Montebello Plaza | Montebello, CA | — | 13,360 | 32,536 | 7,169 | 13,360 | 39,705 | 53,065 | (12,783 | ) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| California Oaks Center | Murrieta, CA | — | 5,180 | 13,649 | 5,801 | 5,180 | 19,450 | 24,630 | (4,146 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Pacoima Center | Pacoima, CA | — | 7,050 | 15,932 | 739 | 7,050 | 16,671 | 23,721 | (7,329 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Metro 580 | Pleasanton, CA | — | 10,500 | 19,243 | 1,675 | 10,500 | 20,918 | 31,418 | (6,666 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rose Pavilion | Pleasanton, CA | — | 19,619 | 60,212 | 14,378 | 19,619 | 74,590 | 94,209 | (15,352 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Puente Hills Town Center | Rowland Heights, CA | — | 15,670 | 38,703 | 5,638 | 15,670 | 44,341 | 60,011 | (11,256 | ) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ocean View Plaza | San Clemente, CA | — | 15,750 | 29,741 | 2,124 | 15,750 | 31,865 | 47,615 | (8,511 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Village at Mira Mesa | San Diego, CA | — | 14,870 | 70,850 | 15,934 | 14,870 | 86,784 | 101,654 | (18,600 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| San Dimas Plaza | San Dimas, CA | — | 11,490 | 20,513 | 7,879 | 15,101 | 24,781 | 39,882 | (6,188 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bristol Plaza | Santa Ana, CA | — | 9,110 | 21,143 | 3,025 | 9,722 | 23,556 | 33,278 | (6,293 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Gateway Plaza | Santa Fe Springs, CA | — | 9,980 | 30,113 | 2,372 | 9,980 | 32,485 | 42,465 | (9,871 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Santa Paula Center | Santa Paula, CA | — | 3,520 | 17,776 | 1,082 | 3,520 | 18,858 | 22,378 | (6,657 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Vail Ranch Center | Temecula, CA | — | 3,750 | 22,016 | 1,669 | 3,750 | 23,685 | 27,435 | (7,642 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Country Hills Shopping Center | Torrance, CA | — | 3,589 | 8,683 | (291 | ) | 3,589 | 8,392 | 11,981 | (2,202 | ) | 1977 | Jun-11 | 40 years | |||||||||||||||||||||||||
| Gateway Plaza - Vallejo | Vallejo, CA | — | 11,880 | 67,358 | 21,588 | 12,947 | 87,879 | 100,826 | (21,922 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Plaza By The Sea | San Clemente, CA | — | 9,607 | 5,461 | 236 | 9,607 | 5,697 | 15,304 | (365 | ) | 1976 | Dec-17 | 40 years | ||||||||||||||||||||||||||
| Upland Town Square | Upland, CA | — | 9,051 | 23,126 | 181 | 9,051 | 23,307 | 32,358 | (1,557 | ) | 1994 | Nov-17 | 40 years | ||||||||||||||||||||||||||
| Arvada Plaza | Arvada, CO | — | 1,160 | 7,378 | 495 | 1,160 | 7,873 | 9,033 | (3,838 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Arapahoe Crossings | Aurora, CO | — | 13,676 | 54,786 | 15,587 | 13,676 | 70,373 | 84,049 | (14,130 | ) | 1996 | Jul-13 | 40 years | ||||||||||||||||||||||||||
| Aurora Plaza | Aurora, CO | — | 3,910 | 9,146 | 1,790 | 3,910 | 10,936 | 14,846 | (5,627 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Villa Monaco | Denver, CO | — | 3,090 | 6,189 | 4,475 | 3,090 | 10,664 | 13,754 | (2,582 | ) | 1978 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Superior Marketplace | Superior, CO | — | 7,090 | 35,610 | 5,690 | 7,090 | 41,300 | 48,390 | (11,143 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westminster City Center | Westminster, CO | — | 6,040 | 41,608 | 9,715 | 6,040 | 51,323 | 57,363 | (12,728 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Shoppes at Fox Run | Glastonbury, CT | — | 3,550 | 22,683 | 3,716 | 3,600 | 26,349 | 29,949 | (7,466 | ) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Groton Square | Groton, CT | — | 2,730 | 27,972 | 1,571 | 2,730 | 29,543 | 32,273 | (9,610 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Parkway Plaza | Hamden, CT | — | 4,100 | 7,709 | 143 | 4,100 | 7,852 | 11,952 | (2,715 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Manchester Collection | Manchester, CT | — | 9,180 | 50,914 | (1,770 | ) | 9,180 | 49,144 | 58,324 | (13,077 | ) | 2001 | Jun-11 | 40 years | |||||||||||||||||||||||||
| Chamberlain Plaza | Meriden, CT | — | 1,260 | 4,480 | 835 | 1,260 | 5,315 | 6,575 | (2,285 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Turnpike Plaza | Newington, CT | — | 3,920 | 23,847 | 20 | 3,920 | 23,867 | 27,787 | (7,885 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| North Haven Crossing | North Haven, CT | — | 5,430 | 15,959 | 2,441 | 5,430 | 18,400 | 23,830 | (5,192 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Christmas Tree Plaza | Orange, CT | — | 4,870 | 14,844 | 1,976 | 4,870 | 16,820 | 21,690 | (5,204 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stratford Square | Stratford, CT | — | 5,860 | 11,758 | 6,878 | 5,860 | 18,636 | 24,496 | (4,661 | ) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Torrington Plaza | Torrington, CT | — | 2,180 | 12,843 | 3,546 | 2,180 | 16,389 | 18,569 | (4,680 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Waterbury Plaza | Waterbury, CT | — | 5,030 | 17,109 | 2,215 | 5,030 | 19,324 | 24,354 | (6,385 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Waterford Commons | Waterford, CT | — | 4,990 | 44,164 | 5,033 | 4,990 | 49,197 | 54,187 | (14,113 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| North Dover Center | Dover, DE | — | 3,100 | 18,584 | 2,632 | 3,100 | 21,216 | 24,316 | (6,205 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Coastal Way - Coastal Landing | Brooksville, FL | — | 8,840 | 33,020 | 4,545 | 8,840 | 37,565 | 46,405 | (12,586 | ) | 2008 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Freedom Square | Naples, FL | 4,735 | 12,326 | 3,557 | 4,735 | 15,883 | 20,618 | (4,312) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Naples Plaza | Naples, FL | 9,200 | 20,485 | 10,558 | 9,200 | 31,043 | 40,243 | (10,560) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Park Shore Plaza | Naples, FL | 4,750 | 13,630 | 26,061 | 7,245 | 37,196 | 44,441 | (10,206) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chelsea Place | New Port Richey, FL | 3,303 | 9,693 | 606 | 3,303 | 10,299 | 13,602 | (3,228) | 1992 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Presidential Plaza West | North Lauderdale, FL | 2,070 | 5,428 | 1,489 | 2,070 | 6,917 | 8,987 | (2,023) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Colonial Marketplace | Orlando, FL | 4,230 | 19,781 | 3,629 | 4,230 | 23,410 | 27,640 | (8,600) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conway Crossing | Orlando, FL | 3,163 | 12,071 | 943 | 3,163 | 13,014 | 16,177 | (4,193) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hunter's Creek Plaza | Orlando, FL | 3,589 | 5,776 | 3,377 | 3,589 | 9,153 | 12,742 | (2,422) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pointe Orlando | Orlando, FL | 6,120 | 52,737 | 45,877 | 6,120 | 98,614 | 104,734 | (24,077) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Martin Downs Town Center | Palm City, FL | 1,660 | 9,749 | 415 | 1,660 | 10,164 | 11,824 | (2,462) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Martin Downs Village Center | Palm City, FL | 5,319 | 28,255 | 2,123 | 5,319 | 30,378 | 35,697 | (8,325) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 23rd Street Station | Panama City, FL | 3,120 | 7,025 | 2,927 | 3,120 | 9,952 | 13,072 | (2,522) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Panama City Square | Panama City, FL | 5,690 | 8,936 | 12,161 | 5,690 | 21,097 | 26,787 | (4,350) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| East Port Plaza | Port St. Lucie, FL | 4,099 | 22,226 | 2,800 | 4,099 | 25,026 | 29,125 | (7,233) | 1991 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shoppes of Victoria Square | Port St. Lucie, FL | 3,450 | 6,044 | 1,506 | 3,450 | 7,550 | 11,000 | (2,879) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lake St. Charles | Riverview, FL | 2,801 | 6,900 | 444 | 2,801 | 7,344 | 10,145 | (1,873) | 1999 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cobblestone Village | Royal Palm Beach, FL | 2,700 | 4,934 | 997 | 2,700 | 5,931 | 8,631 | (1,647) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beneva Village Shoppes | Sarasota, FL | 4,013 | 16,966 | 13,892 | 4,013 | 30,858 | 34,871 | (5,339) | 2020 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sarasota Village | Sarasota, FL | 5,190 | 12,476 | 3,967 | 5,190 | 16,443 | 21,633 | (5,357) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Plaza | Satellite Beach, FL | 2,630 | 10,601 | 3,057 | 2,630 | 13,658 | 16,288 | (4,210) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seminole Plaza | Seminole, FL | 3,870 | 7,934 | 12,646 | 3,870 | 20,580 | 24,450 | (3,279) | 2020 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cobblestone Village | St. Augustine, FL | 7,710 | 33,119 | 3,893 | 7,710 | 37,012 | 44,722 | (12,944) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dolphin Village | St. Pete Beach, FL | 9,882 | 15,505 | 1,750 | 9,882 | 17,255 | 27,137 | (4,550) | 1990 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rutland Plaza | St. Petersburg, FL | 3,880 | 8,091 | 1,981 | 3,880 | 10,072 | 13,952 | (3,649) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tyrone Gardens | St. Petersburg, FL | 5,690 | 9,699 | 2,203 | 5,690 | 11,902 | 17,592 | (4,652) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Downtown Publix | Stuart, FL | 1,770 | 12,200 | 2,992 | 1,770 | 15,192 | 16,962 | (4,769) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sunrise Town Center | Sunrise, FL | 7,856 | 9,205 | 1,707 | 7,856 | 10,912 | 18,768 | (4,434) | 1989 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrollwood Center | Tampa, FL | 3,749 | 14,456 | 1,581 | 3,749 | 16,037 | 19,786 | (5,164) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ross Plaza | Tampa, FL | 2,808 | 11,683 | 1,164 | 2,808 | 12,847 | 15,655 | (3,697) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shoppes at Tarpon | Tarpon Springs, FL | 7,800 | 13,683 | 4,445 | 7,800 | 18,128 | 25,928 | (7,475) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venice Plaza | Venice, FL | 3,245 | 14,376 | 730 | 3,245 | 15,106 | 18,351 | (3,460) | 1999 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venice Shopping Center | Venice, FL | 2,555 | 6,246 | 625 | 2,555 | 6,871 | 9,426 | (2,048) | 2000 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venice Village | Venice, FL | 7,157 | 26,358 | 1,354 | 7,157 | 27,712 | 34,869 | (4,597) | 2021 | Nov-17 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Albany Plaza | Albany, GA | 1,840 | 3,072 | 913 | 1,840 | 3,985 | 5,825 | (1,363) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mansell Crossing | Alpharetta, GA | 15,461 | 25,263 | 6,308 | 15,461 | 31,571 | 47,032 | (10,643) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northeast Plaza | Atlanta, GA | 6,907 | 36,318 | 5,478 | 6,907 | 41,796 | 48,703 | (12,128) | 1952 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Augusta West Plaza | Augusta, GA | 1,070 | 5,704 | 2,807 | 1,070 | 8,511 | 9,581 | (2,574) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweetwater Village | Austell, GA | 1,080 | 3,026 | 887 | 1,080 | 3,913 | 4,993 | (1,887) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vineyards at Chateau Elan | Braselton, GA | 2,202 | 14,309 | 814 | 2,202 | 15,123 | 17,325 | (4,143) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cedar Plaza | Cedartown, GA | 1,550 | 4,342 | 807 | 1,550 | 5,149 | 6,699 | (2,054) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conyers Plaza | Conyers, GA | 3,870 | 11,642 | 2,589 | 3,870 | 14,231 | 18,101 | (6,030) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cordele Square | Cordele, GA | 2,050 | 5,537 | 727 | 2,050 | 6,264 | 8,314 | (2,972) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salem Road Station | Covington, GA | 670 | 11,366 | 681 | 670 | 12,047 | 12,717 | (3,423) | 2000 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Keith Bridge Commons | Cumming, GA | 1,501 | 14,769 | 938 | 1,601 | 15,607 | 17,208 | (4,513) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northside | Dalton, GA | 1,320 | 3,950 | 919 | 1,320 | 4,869 | 6,189 | (2,315) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cosby Station | Douglasville, GA | 2,650 | 6,553 | 575 | 2,650 | 7,128 | 9,778 | (2,518) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Park Plaza | Douglasville, GA | 1,470 | 2,463 | 1,346 | 1,470 | 3,809 | 5,279 | (1,179) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westgate | Dublin, GA | 1,450 | 3,637 | 503 | 1,450 | 4,140 | 5,590 | (1,482) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture Pointe | Duluth, GA | 2,460 | 7,933 | 5,592 | 2,460 | 13,525 | 15,985 | (6,457) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Banks Station | Fayetteville, GA | 3,490 | 12,231 | 2,298 | 3,490 | 14,529 | 18,019 | (6,168) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Barrett Place | Kennesaw, GA | 6,990 | 13,953 | 1,427 | 6,990 | 15,380 | 22,370 | (7,197) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shops of Huntcrest | Lawrenceville, GA | 2,093 | 17,639 | 756 | 2,093 | 18,395 | 20,488 | (4,810) | 2003 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mableton Walk | Mableton, GA | 1,645 | 9,324 | 1,297 | 1,645 | 10,621 | 12,266 | (3,512) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Village at Mableton | Mableton, GA | 2,040 | 5,149 | 3,279 | 2,040 | 8,428 | 10,468 | (3,067) | 1959 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marshalls at Eastlake | Marietta, GA | 2,650 | 2,575 | 1,362 | 2,650 | 3,937 | 6,587 | (1,417) | 1982 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Chastain Corners | Marietta, GA | 3,090 | 7,880 | 3,062 | 3,090 | 10,942 | 14,032 | (3,642) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pavilions at Eastlake | Marietta, GA | 4,770 | 10,994 | 4,189 | 4,770 | 15,183 | 19,953 | (5,667) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Creekwood Village | Rex, GA | 1,400 | 4,752 | 517 | 1,400 | 5,269 | 6,669 | (2,163) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Holcomb Bridge Crossing | Roswell, GA | 1,170 | 5,250 | 4,676 | 1,170 | 9,926 | 11,096 | (3,983) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Victory Square | Savannah, GA | 6,080 | 14,608 | 760 | 6,080 | 15,368 | 21,448 | (4,792) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockbridge Village | Stockbridge, GA | 6,210 | 16,257 | 4,418 | 6,210 | 20,675 | 26,885 | (8,451) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stone Mountain Festival | Stone Mountain, GA | 5,740 | 16,458 | 1,862 | 5,740 | 18,320 | 24,060 | (8,856) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wilmington Island | Wilmington Island, GA | 2,630 | 7,894 | 1,384 | 2,630 | 9,278 | 11,908 | (2,843) | 1985 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Haymarket Mall | Des Moines, IA | 2,320 | 9,505 | 895 | 2,320 | 10,400 | 12,720 | (4,460) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Haymarket Square | Des Moines, IA | 3,360 | 7,569 | 5,155 | 3,360 | 12,724 | 16,084 | (4,468) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annex of Arlington | Arlington Heights, IL | 3,769 | 14,071 | 15,449 | 4,373 | 28,916 | 33,289 | (8,839) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ridge Plaza | Arlington Heights, IL | 3,720 | 8,846 | 5,512 | 3,720 | 14,358 | 18,078 | (6,501) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
F-45
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Clearwater Mall | Clearwater, FL | — | 15,300 | 52,615 | 4,563 | 15,300 | 57,178 | 72,478 | (13,812 | ) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Coconut Creek Plaza | Coconut Creek, FL | — | 7,400 | 24,708 | 4,614 | 7,400 | 29,322 | 36,722 | (7,572 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Century Plaza Shopping Center | Deerfield Beach, FL | — | 3,050 | 7,974 | 4,687 | 3,050 | 12,661 | 15,711 | (2,925 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Northgate Shopping Center | DeLand, FL | — | 3,500 | 8,755 | 3,285 | 3,500 | 12,040 | 15,540 | (2,368 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Sun Plaza | Ft. Walton Beach, FL | — | 4,480 | 12,544 | 729 | 4,480 | 13,273 | 17,753 | (5,149 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Normandy Square | Jacksonville, FL | — | 1,930 | 5,384 | 1,210 | 1,930 | 6,594 | 8,524 | (2,610 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Regency Park Shopping Center | Jacksonville, FL | — | 6,240 | 14,206 | 1,827 | 6,240 | 16,033 | 22,273 | (5,138 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Shoppes at Southside | Jacksonville, FL | — | 6,720 | 18,597 | 172 | 6,720 | 18,769 | 25,489 | (5,756 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ventura Downs | Kissimmee, FL | — | 3,580 | 7,336 | 943 | 3,580 | 8,279 | 11,859 | (2,071 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marketplace at Wycliffe | Lake Worth, FL | — | 7,930 | 13,500 | 1,770 | 7,930 | 15,270 | 23,200 | (3,382 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Venetian Isle Shopping Ctr | Lighthouse Point, FL | — | 8,270 | 14,774 | 1,617 | 8,270 | 16,391 | 24,661 | (5,022 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marco Town Center | Marco Island, FL | — | 7,235 | 26,412 | 1,078 | 7,235 | 27,490 | 34,725 | (5,201 | ) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Mall at 163rd Street | Miami, FL | — | 9,450 | 34,227 | 3,176 | 9,450 | 37,403 | 46,853 | (9,672 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Miami Gardens | Miami, FL | — | 8,876 | 14,110 | 1,084 | 8,876 | 15,194 | 24,070 | (4,669 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Freedom Square | Naples, FL | — | 4,735 | 12,369 | 1,531 | 4,735 | 13,900 | 18,635 | (3,548 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Naples Plaza | Naples, FL | — | 9,200 | 20,513 | 10,363 | 9,200 | 30,876 | 40,076 | (8,682 | ) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Park Shore Plaza | Naples, FL | — | 4,750 | 13,812 | 21,196 | 7,245 | 32,513 | 39,758 | (6,601 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Chelsea Place | New Port Richey, FL | — | 3,303 | 9,701 | 486 | 3,303 | 10,187 | 13,490 | (2,682 | ) | 1992 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Presidential Plaza West | North Lauderdale, FL | — | 2,070 | 5,430 | 724 | 2,070 | 6,154 | 8,224 | (1,619 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Colonial Marketplace | Orlando, FL | — | 4,230 | 19,806 | 2,673 | 4,230 | 22,479 | 26,709 | (6,644 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Conway Crossing | Orlando, FL | — | 3,163 | 12,181 | 826 | 3,163 | 13,007 | 16,170 | (3,268 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Hunter's Creek Plaza | Orlando, FL | — | 3,589 | 5,891 | 1,461 | 3,589 | 7,352 | 10,941 | (1,661 | ) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Pointe Orlando | Orlando, FL | — | 6,120 | 54,646 | 25,907 | 6,120 | 80,553 | 86,673 | (19,631 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Martin Downs Town Center | Palm City, FL | — | 1,660 | 9,749 | 186 | 1,660 | 9,935 | 11,595 | (1,883 | ) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Martin Downs Village Center | Palm City, FL | — | 5,319 | 28,399 | 1,768 | 5,319 | 30,167 | 35,486 | (6,451 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| 23rd Street Station | Panama City, FL | — | 3,120 | 7,175 | 1,595 | 3,120 | 8,770 | 11,890 | (2,843 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Panama City Square | Panama City, FL | — | 5,690 | 9,191 | 4,054 | 5,690 | 13,245 | 18,935 | (4,249 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| East Port Plaza | Port St. Lucie, FL | — | 4,099 | 22,325 | 305 | 4,099 | 22,630 | 26,729 | (5,467 | ) | 1991 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Shoppes of Victoria Square | Port St. Lucie, FL | — | 3,450 | 6,205 | 1,073 | 3,450 | 7,278 | 10,728 | (2,450 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lake St. Charles | Riverview, FL | — | 2,801 | 6,909 | 128 | 2,801 | 7,037 | 9,838 | (1,443 | ) | 1999 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Cobblestone Village | Royal Palm Beach, FL | — | 2,700 | 4,974 | 710 | 2,700 | 5,684 | 8,384 | (1,302 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Beneva Village Shoppes | Sarasota, FL | — | 4,013 | 18,209 | 2,328 | 4,013 | 20,537 | 24,550 | (4,111 | ) | 2018 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Sarasota Village | Sarasota, FL | — | 5,190 | 12,476 | 3,607 | 5,190 | 16,083 | 21,273 | (4,432 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Atlantic Plaza | Satellite Beach, FL | — | 2,630 | 10,926 | 1,704 | 2,630 | 12,630 | 15,260 | (3,422 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Seminole Plaza | Seminole, FL | — | 3,870 | 7,934 | 2,132 | 3,870 | 10,066 | 13,936 | (2,199 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cobblestone Village | St. Augustine, FL | — | 7,710 | 33,310 | 3,458 | 7,710 | 36,768 | 44,478 | (10,504 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Dolphin Village | St. Pete Beach, FL | — | 9,882 | 15,752 | 964 | 9,882 | 16,716 | 26,598 | (3,824 | ) | 1990 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Bay Pointe Plaza | St. Petersburg, FL | — | 4,025 | 11,745 | 8,015 | 4,025 | 19,760 | 23,785 | (2,890 | ) | 2016 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Rutland Plaza | St. Petersburg, FL | — | 3,880 | 8,143 | 982 | 3,880 | 9,125 | 13,005 | (3,150 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Skyway Plaza | St. Petersburg, FL | — | 2,200 | 7,178 | (3,556 | ) | 977 | 4,845 | 5,822 | (3,142 | ) | 2002 | Jun-11 | 40 years | |||||||||||||||||||||||||
| Tyrone Gardens | St. Petersburg, FL | — | 5,690 | 9,802 | 2,086 | 5,690 | 11,888 | 17,578 | (4,008 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Downtown Publix | Stuart, FL | — | 1,770 | 12,630 | 1,220 | 1,770 | 13,850 | 15,620 | (3,968 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Sunrise Town Center | Sunrise, FL | — | 7,856 | 9,317 | 1,659 | 7,856 | 10,976 | 18,832 | (3,777 | ) | 1989 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Carrollwood Center | Tampa, FL | — | 3,749 | 14,663 | 1,198 | 3,749 | 15,861 | 19,610 | (4,137 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Ross Plaza | Tampa, FL | — | 2,808 | 11,769 | 835 | 2,808 | 12,604 | 15,412 | (2,931 | ) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Tarpon Mall | Tarpon Springs, FL | — | 7,800 | 13,755 | 4,049 | 7,800 | 17,804 | 25,604 | (5,948 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Venice Plaza | Venice, FL | — | 3,245 | 14,428 | 493 | 3,245 | 14,921 | 18,166 | (2,619 | ) | 1999 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Venice Shopping Center | Venice, FL | — | 2,555 | 6,749 | 469 | 2,555 | 7,218 | 9,773 | (1,851 | ) | 2000 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Venice Village | Venice, FL | — | 7,157 | 26,631 | 161 | 7,157 | 26,792 | 33,949 | (1,929 | ) | 1989 | Nov-17 | 40 years | ||||||||||||||||||||||||||
| Albany Plaza | Albany, GA | — | 1,840 | 3,072 | 817 | 1,840 | 3,889 | 5,729 | (1,143 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Mansell Crossing | Alpharetta, GA | — | 19,840 | 33,052 | 5,791 | 19,840 | 38,843 | 58,683 | (11,140 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Perlis Plaza | Americus, GA | — | 1,170 | 4,738 | 768 | 1,170 | 5,506 | 6,676 | (2,242 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Northeast Plaza | Atlanta, GA | — | 6,907 | 37,386 | 1,714 | 6,907 | 39,100 | 46,007 | (10,720 | ) | 1952 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Augusta West Plaza | Augusta, GA | — | 1,070 | 5,871 | 1,971 | 1,070 | 7,842 | 8,912 | (2,017 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Sweetwater Village | Austell, GA | — | 1,080 | 3,033 | 799 | 1,080 | 3,832 | 4,912 | (1,550 | ) | 1985 | 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 | 3,194 | 5,880 | 21,307 | 27,187 | (8,827) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commons of Chicago Ridge | Chicago Ridge, IL | 4,310 | 38,864 | 7,550 | 4,310 | 46,414 | 50,724 | (17,808) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rivercrest Shopping Center | Crestwood, IL | 7,010 | 38,232 | 20,557 | 11,010 | 54,789 | 65,799 | (18,559) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Commons of Crystal Lake | Crystal Lake, IL | 3,660 | 31,099 | 4,716 | 3,660 | 35,815 | 39,475 | (11,903) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Elk Grove Town Center | Elk Grove Village, IL | 3,010 | 13,066 | 1,482 | 3,010 | 14,548 | 17,558 | (3,723) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Freeport Plaza | Freeport, IL | 660 | 5,614 | 419 | 660 | 6,033 | 6,693 | (3,805) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Quentin Collection | Kildeer, IL | 5,780 | 24,276 | 3,335 | 6,002 | 27,389 | 33,391 | (7,327) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Butterfield Square | Libertyville, IL | 3,430 | 12,677 | 3,061 | 3,430 | 15,738 | 19,168 | (5,227) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| High Point Centre | Lombard, IL | 7,510 | 18,392 | 11,856 | 7,510 | 30,248 | 37,758 | (6,700) | 2019 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long Meadow Commons | Mundelein, IL | 4,700 | 11,312 | 3,287 | 4,700 | 14,599 | 19,299 | (6,541) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westridge Court | Naperville, IL | 10,560 | 60,964 | 28,002 | 10,560 | 88,966 | 99,526 | (21,720) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rollins Crossing | Round Lake Beach, IL | 3,040 | 22,881 | 1,887 | 3,040 | 24,768 | 27,808 | (10,574) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tinley Park Plaza | Tinley Park, IL | 12,250 | 20,229 | 7,653 | 12,250 | 27,882 | 40,132 | (7,495) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Meridian Village | Carmel, IN | 2,089 | 7,026 | 3,249 | 2,089 | 10,275 | 12,364 | (3,874) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Columbus Center | Columbus, IN | 1,480 | 13,293 | 4,556 | 1,480 | 17,849 | 19,329 | (5,592) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apple Glen Crossing | Fort Wayne, IN | 2,550 | 19,389 | 1,225 | 2,550 | 20,614 | 23,164 | (7,018) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Centre | Goshen, IN | 1,765 | 12,524 | 8,086 | 1,765 | 20,610 | 22,375 | (5,316) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lincoln Plaza | New Haven, IN | 780 | 5,997 | (1,215) | 428 | 5,134 | 5,562 | (2,505) | 1968 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Speedway Super Center | Speedway, IN | 8,410 | 48,475 | 19,974 | 8,410 | 68,449 | 76,859 | (19,899) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sagamore Park Centre | West Lafayette, IN | 2,390 | 10,865 | 2,578 | 2,390 | 13,443 | 15,833 | (5,071) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westchester Square | Lenexa, KS | 3,250 | 13,693 | 3,521 | 3,250 | 17,214 | 20,464 | (5,952) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West Loop Shopping Center | Manhattan, KS | 2,800 | 10,187 | 7,190 | 2,800 | 17,377 | 20,177 | (6,503) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Dixie Plaza | Elizabethtown, KY | 2,372 | 4,522 | 661 | 2,108 | 5,447 | 7,555 | (1,714) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florence Plaza - Florence Square | Florence, KY | 9,380 | 45,145 | 32,804 | 11,014 | 76,315 | 87,329 | (21,609) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jeffersontown Commons | Jeffersontown, KY | 3,920 | 14,395 | 1,171 | 3,920 | 15,566 | 19,486 | (7,068) | 1959 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| London Marketplace | London, KY | 1,400 | 8,267 | 7,320 | 1,400 | 15,587 | 16,987 | (3,097) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eastgate Shopping Center | Louisville, KY | 4,300 | 13,228 | 3,158 | 4,300 | 16,386 | 20,686 | (7,187) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plainview Village | Louisville, KY | 2,600 | 9,434 | 2,175 | 2,600 | 11,609 | 14,209 | (4,212) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stony Brook I & II | Louisville, KY | 3,650 | 17,367 | 2,255 | 3,650 | 19,622 | 23,272 | (7,543) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Points West Plaza | Brockton, MA | 2,200 | 8,302 | 3,104 | 2,200 | 11,406 | 13,606 | (2,961) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Burlington Square I, II & III | Burlington, MA | 4,690 | 12,003 | 3,118 | 4,690 | 15,121 | 19,811 | (4,712) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Holyoke Shopping Center | Holyoke, MA | 3,110 | 11,871 | 1,425 | 3,110 | 13,296 | 16,406 | (5,735) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| WaterTower Plaza | Leominster, MA | 10,400 | 36,223 | 4,506 | 10,400 | 40,729 | 51,129 | (13,010) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lunenberg Crossing | Lunenburg, MA | 930 | 1,668 | 1,235 | 930 | 2,903 | 3,833 | (887) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lynn Marketplace | Lynn, MA | 3,100 | 4,634 | 3,881 | 3,100 | 8,515 | 11,615 | (1,729) | 1968 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Webster Square Shopping Center | Marshfield, MA | 5,532 | 26,961 | 1,162 | 5,532 | 28,123 | 33,655 | (6,485) | 2005 | Jun-15 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Berkshire Crossing | Pittsfield, MA | 2,870 | 30,249 | 4,212 | 2,870 | 34,461 | 37,331 | (12,868) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westgate Plaza | Westfield, MA | 2,250 | 7,752 | 2,053 | 2,250 | 9,805 | 12,055 | (2,392) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Perkins Farm Marketplace | Worcester, MA | 2,150 | 16,280 | 6,762 | 2,150 | 23,042 | 25,192 | (7,714) | 1967 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Plaza Shopping Center | California, MD | 2,174 | 23,209 | 214 | 2,174 | 23,423 | 25,597 | (5,805) | 2005 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Campus Village Shoppes | College Park, MD | 1,660 | 4,919 | 719 | 1,660 | 5,638 | 7,298 | (1,735) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fox Run | Prince Frederick, MD | 3,396 | 28,525 | 12,326 | 3,396 | 40,851 | 44,247 | (10,665) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pine Tree Shopping Center | Portland, ME | 2,860 | 18,623 | 2,118 | 2,860 | 20,741 | 23,601 | (10,048) | 1958 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arborland Center | Ann Arbor, MI | 20,175 | 88,717 | 2,503 | 20,175 | 91,220 | 111,395 | (18,710) | 2000 | Mar-17 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maple Village | Ann Arbor, MI | 3,200 | 13,685 | 33,258 | 3,200 | 46,943 | 50,143 | (9,232) | 2020 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grand Crossing | Brighton, MI | 1,780 | 7,072 | 2,287 | 1,780 | 9,359 | 11,139 | (3,758) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Farmington Crossroads | Farmington, MI | 1,620 | 4,041 | 2,141 | 1,620 | 6,182 | 7,802 | (2,589) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver Pointe Shopping Center | Fenton, MI | 3,840 | 12,092 | 4,312 | 3,840 | 16,404 | 20,244 | (5,794) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cascade East | Grand Rapids, MI | 1,280 | 4,733 | 2,949 | 1,280 | 7,682 | 8,962 | (2,777) | 1983 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delta Center | Lansing, MI | 1,580 | 9,019 | 3,190 | 1,580 | 12,209 | 13,789 | (6,051) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lakes Crossing | Muskegon, MI | 1,274 | 11,242 | 2,879 | 1,200 | 14,195 | 15,395 | (5,686) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redford Plaza | Redford, MI | 7,510 | 17,249 | 7,792 | 7,510 | 25,041 | 32,551 | (9,183) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hampton Village Centre | Rochester Hills, MI | 5,370 | 45,406 | 14,857 | 5,370 | 60,263 | 65,633 | (21,624) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fashion Corners | Saginaw, MI | 1,940 | 17,629 | 755 | 1,940 | 18,384 | 20,324 | (7,047) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southfield Plaza | Southfield, MI | 1,320 | 3,348 | 2,711 | 1,320 | 6,059 | 7,379 | (2,777) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 18 Ryan | Sterling Heights, MI | 3,160 | 8,045 | 1,940 | 3,160 | 9,985 | 13,145 | (2,876) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delco Plaza | Sterling Heights, MI | 2,860 | 4,852 | 2,535 | 2,860 | 7,387 | 10,247 | (2,799) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West Ridge | Westland, MI | 1,800 | 5,189 | 5,937 | 1,800 | 11,126 | 12,926 | (4,593) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Washtenaw Fountain Plaza | Ypsilanti, MI | 2,030 | 5,929 | 1,195 | 2,030 | 7,124 | 9,154 | (2,677) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southport Centre I - VI | Apple Valley, MN | 4,602 | 18,211 | 794 | 4,602 | 19,005 | 23,607 | (5,801) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Burning Tree Plaza | Duluth, MN | 4,790 | 15,296 | 4,066 | 4,790 | 19,362 | 24,152 | (5,745) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Elk Park Center | Elk River, MN | 3,770 | 17,736 | 1,810 | 3,770 | 19,546 | 23,316 | (7,031) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westwind Plaza | Minnetonka, MN | 2,630 | 11,269 | 2,318 | 2,630 | 13,587 | 16,217 | (4,014) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Richfield Hub | Richfield, MN | 7,748 | 18,492 | 1,947 | 7,748 | 20,439 | 28,187 | (6,135) | 1952 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roseville Center | Roseville , MN | 1,620 | 7,917 | 7,256 | 1,620 | 15,173 | 16,793 | (2,714) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketplace @ 42 | Savage, MN | 5,150 | 10,636 | 5,470 | 5,150 | 16,106 | 21,256 | (4,787) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sun Ray Shopping Center | St. Paul, MN | 5,250 | 19,485 | 3,364 | 5,250 | 22,849 | 28,099 | (8,494) | 1958 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
F-46
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Vineyards at Chateau Elan | Braselton, GA | — | 2,202 | 14,401 | 592 | 2,202 | 14,993 | 17,195 | (3,122 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Cedar Plaza | Cedartown, GA | — | 1,550 | 4,342 | 703 | 1,550 | 5,045 | 6,595 | (1,746 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Conyers Plaza | Conyers, GA | — | 3,870 | 11,649 | 1,907 | 3,870 | 13,556 | 17,426 | (4,782 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cordele Square | Cordele, GA | — | 2,050 | 5,540 | 563 | 2,050 | 6,103 | 8,153 | (2,629 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Covington Gallery | Covington, GA | — | 3,280 | 8,416 | (5,965 | ) | 906 | 4,825 | 5,731 | (3,157 | ) | 1991 | Jun-11 | 40 years | |||||||||||||||||||||||||
| Salem Road Station | Covington, GA | — | 670 | 11,395 | 621 | 670 | 12,016 | 12,686 | (2,756 | ) | 2000 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Keith Bridge Commons | Cumming, GA | — | 1,501 | 14,841 | 529 | 1,601 | 15,270 | 16,871 | (3,791 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Northside | Dalton, GA | — | 1,320 | 3,950 | 886 | 1,320 | 4,836 | 6,156 | (1,978 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cosby Station | Douglasville, GA | — | 2,650 | 6,553 | 534 | 2,650 | 7,087 | 9,737 | (2,161 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Park Plaza | Douglasville, GA | — | 1,470 | 2,489 | 1,289 | 1,470 | 3,778 | 5,248 | (845 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westgate | Dublin, GA | — | 1,450 | 3,742 | 446 | 1,450 | 4,188 | 5,638 | (1,361 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Venture Pointe | Duluth, GA | — | 2,460 | 7,933 | 5,556 | 2,460 | 13,489 | 15,949 | (5,137 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Banks Station | Fayetteville, GA | — | 3,490 | 12,240 | 1,629 | 3,490 | 13,869 | 17,359 | (5,409 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Barrett Place | Kennesaw, GA | — | 6,990 | 13,953 | 1,390 | 6,990 | 15,343 | 22,333 | (5,884 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Shops of Huntcrest | Lawrenceville, GA | — | 2,093 | 17,790 | 663 | 2,093 | 18,453 | 20,546 | (3,700 | ) | 2003 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Mableton Walk | Mableton, GA | — | 1,645 | 9,384 | 1,046 | 1,645 | 10,430 | 12,075 | (2,960 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Village at Mableton | Mableton, GA | — | 2,040 | 5,149 | 2,464 | 2,040 | 7,613 | 9,653 | (2,232 | ) | 1959 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marshalls at Eastlake | Marietta, GA | — | 2,650 | 2,667 | 1,013 | 2,650 | 3,680 | 6,330 | (1,186 | ) | 1982 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| New Chastain Corners | Marietta, GA | — | 3,090 | 8,071 | 1,469 | 3,090 | 9,540 | 12,630 | (3,048 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Pavilions at Eastlake | Marietta, GA | — | 4,770 | 11,179 | 2,789 | 4,770 | 13,968 | 18,738 | (4,526 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Creekwood Village | Rex, GA | — | 1,400 | 4,752 | 383 | 1,400 | 5,135 | 6,535 | (1,895 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Holcomb Bridge Crossing | Roswell, GA | — | 1,170 | 5,418 | 3,904 | 1,170 | 9,322 | 10,492 | (3,340 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Victory Square | Savannah, GA | — | 6,080 | 14,618 | 479 | 6,080 | 15,097 | 21,177 | (4,026 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stockbridge Village | Stockbridge, GA | — | 6,210 | 16,405 | 3,633 | 6,210 | 20,038 | 26,248 | (7,118 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stone Mountain Festival | Stone Mountain, GA | — | 5,740 | 16,640 | 1,657 | 5,740 | 18,297 | 24,037 | (7,732 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Wilmington Island | Wilmington Island, GA | — | 2,630 | 7,894 | 1,259 | 2,630 | 9,153 | 11,783 | (2,262 | ) | 1985 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Haymarket Mall | Des Moines, IA | — | 2,320 | 9,604 | 683 | 2,320 | 10,287 | 12,607 | (4,110 | ) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Haymarket Square | Des Moines, IA | — | 3,360 | 9,192 | 4,497 | 3,360 | 13,689 | 17,049 | (4,333 | ) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Annex of Arlington | Arlington Heights, IL | — | 3,769 | 14,895 | 13,178 | 4,373 | 27,469 | 31,842 | (6,669 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ridge Plaza | Arlington Heights, IL | — | 3,720 | 9,807 | 5,220 | 3,720 | 15,027 | 18,747 | (6,086 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bartonville Square | Bartonville, IL | — | 480 | 3,575 | 149 | 480 | 3,724 | 4,204 | (1,485 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Southfield Plaza | Bridgeview, IL | — | 5,880 | 18,251 | 1,868 | 5,880 | 20,119 | 25,999 | (7,846 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Commons of Chicago Ridge | Chicago Ridge, IL | — | 4,310 | 38,878 | 5,850 | 4,310 | 44,728 | 49,038 | (14,259 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rivercrest Shopping Center | Crestwood, IL | — | 7,010 | 39,822 | 17,254 | 11,010 | 53,076 | 64,086 | (16,113 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Commons of Crystal Lake | Crystal Lake, IL | — | 3,660 | 31,770 | 4,086 | 3,660 | 35,856 | 39,516 | (10,172 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Elk Grove Town Center | Elk Grove Village, IL | — | 3,010 | 13,171 | 1,014 | 3,010 | 14,185 | 17,195 | (2,972 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Freeport Plaza | Freeport, IL | — | 660 | 5,614 | 80 | 660 | 5,694 | 6,354 | (3,053 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westview Center | Hanover Park, IL | — | 6,130 | 27,290 | 639 | 4,958 | 29,101 | 34,059 | (9,393 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Quentin Collection | Kildeer, IL | — | 5,780 | 25,711 | 1,961 | 6,002 | 27,450 | 33,452 | (7,391 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Butterfield Square | Libertyville, IL | — | 3,430 | 13,276 | 2,834 | 3,430 | 16,110 | 19,540 | (4,761 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| High Point Centre | Lombard, IL | — | 7,510 | 18,417 | 5,942 | 7,510 | 24,359 | 31,869 | (4,787 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Long Meadow Commons | Mundelein, IL | — | 4,700 | 11,381 | 2,374 | 4,700 | 13,755 | 18,455 | (5,375 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westridge Court | Naperville, IL | — | 10,560 | 66,222 | 14,102 | 10,560 | 80,324 | 90,884 | (20,078 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rollins Crossing | Round Lake Beach, IL | — | 3,040 | 23,144 | 1,538 | 3,040 | 24,682 | 27,722 | (8,470 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Twin Oaks Shopping Center | Silvis, IL | — | 1,300 | 6,896 | 148 | 1,300 | 7,044 | 8,344 | (2,413 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Tinley Park Plaza | Tinley Park, IL | — | 12,250 | 20,624 | 4,748 | 12,250 | 25,372 | 37,622 | (6,288 | ) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Meridian Village | Carmel, IN | — | 2,089 | 7,194 | 2,262 | 2,089 | 9,456 | 11,545 | (3,079 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Columbus Center | Columbus, IN | — | 1,480 | 13,803 | 4,281 | 1,480 | 18,084 | 19,564 | (4,692 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Apple Glen Crossing | Fort Wayne, IN | — | 2,550 | 19,742 | 760 | 2,550 | 20,502 | 23,052 | (6,128 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Market Centre | Goshen, IN | — | 1,765 | 14,231 | 4,672 | 1,765 | 18,903 | 20,668 | (5,739 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marwood Plaza | Indianapolis, IN | — | 1,720 | 5,457 | 831 | 1,720 | 6,288 | 8,008 | (1,848 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westlane Shopping Center | Indianapolis, IN | — | 870 | 2,603 | 1,090 | 870 | 3,693 | 4,563 | (1,381 | ) | 1968 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Valley View Plaza | Marion, IN | — | 440 | 3,020 | 200 | 440 | 3,220 | 3,660 | (945 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lincoln Plaza | New Haven, IN | — | 780 | 6,247 | 1,537 | 780 | 7,784 | 8,564 | (2,154 | ) | 1968 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Speedway Super Center | Speedway, IN | — | 8,410 | 48,742 | 15,124 | 8,410 | 63,866 | 72,276 | (15,150 | ) | 2018 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| White Bear Hills Shopping Center | White Bear Lake, MN | 1,790 | 6,062 | 1,520 | 1,790 | 7,582 | 9,372 | (3,138) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ellisville Square | Ellisville, MO | 2,130 | 2,715 | 9,719 | 2,130 | 12,434 | 14,564 | (4,455) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hub Shopping Center | Independence, MO | 850 | 7,486 | 903 | 850 | 8,389 | 9,239 | (3,793) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Watts Mill Plaza | Kansas City, MO | 2,610 | 12,871 | 2,283 | 2,610 | 15,154 | 17,764 | (4,686) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liberty Corners | Liberty, MO | 2,530 | 8,416 | 3,387 | 2,530 | 11,803 | 14,333 | (4,615) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maplewood Square | Maplewood, MO | 1,450 | 2,958 | 2,059 | 1,450 | 5,017 | 6,467 | (956) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Devonshire Place | Cary, NC | 940 | 3,267 | 6,040 | 940 | 9,307 | 10,247 | (3,546) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| McMullen Creek Market | Charlotte, NC | 10,590 | 22,565 | 7,291 | 10,590 | 29,856 | 40,446 | (9,764) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Commons at Chancellor Park | Charlotte, NC | 5,240 | 19,387 | 2,712 | 5,240 | 22,099 | 27,339 | (8,212) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Macon Plaza | Franklin, NC | 770 | 3,278 | 895 | 770 | 4,173 | 4,943 | (1,889) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Garner Towne Square | Garner, NC | 6,233 | 22,758 | 2,695 | 6,233 | 25,453 | 31,686 | (7,830) | 1997 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Franklin Square | Gastonia, NC | 7,060 | 27,556 | 5,016 | 7,060 | 32,572 | 39,632 | (10,772) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wendover Place | Greensboro, NC | 15,990 | 38,831 | 6,653 | 15,990 | 45,484 | 61,474 | (15,454) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| University Commons | Greenville, NC | 5,350 | 24,770 | 4,548 | 5,350 | 29,318 | 34,668 | (9,897) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valley Crossing | Hickory, NC | 2,130 | 5,783 | 9,210 | 2,130 | 14,993 | 17,123 | (5,697) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kinston Pointe | Kinston, NC | 2,180 | 8,474 | 525 | 2,180 | 8,999 | 11,179 | (4,438) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magnolia Plaza | Morganton, NC | 730 | 3,004 | 3,192 | 730 | 6,196 | 6,926 | (1,205) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roxboro Square | Roxboro, NC | 1,550 | 8,913 | 667 | 1,550 | 9,580 | 11,130 | (4,803) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Innes Street Market | Salisbury, NC | 10,548 | 27,268 | 1,370 | 10,548 | 28,638 | 39,186 | (13,093) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crossroads | Statesville, NC | 4,296 | 10,416 | 1,643 | 4,296 | 12,059 | 16,355 | (4,412) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anson Station | Wadesboro, NC | 910 | 3,566 | 1,534 | 910 | 5,100 | 6,010 | (1,944) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Centre Market | Wilmington, NC | 5,730 | 14,375 | 2,604 | 5,730 | 16,979 | 22,709 | (5,010) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| University Commons | Wilmington, NC | 6,910 | 25,539 | 2,862 | 6,910 | 28,401 | 35,311 | (9,869) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Whitaker Square | Winston Salem, NC | 2,923 | 11,556 | 1,050 | 2,923 | 12,606 | 15,529 | (3,335) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parkway Plaza | Winston-Salem, NC | 6,910 | 16,355 | 3,914 | 6,910 | 20,269 | 27,179 | (6,981) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stratford Commons | Winston-Salem, NC | 2,770 | 9,402 | 406 | 2,770 | 9,808 | 12,578 | (3,549) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bedford Grove | Bedford, NH | 3,400 | 12,699 | 11,157 | 3,400 | 23,856 | 27,256 | (4,592) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitol Shopping Center | Concord, NH | 2,160 | 11,020 | 1,956 | 2,160 | 12,976 | 15,136 | (5,555) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Willow Springs Plaza | Nashua , NH | 3,490 | 18,228 | 1,508 | 3,490 | 19,736 | 23,226 | (5,996) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seacoast Shopping Center | Seabrook , NH | 2,230 | 7,956 | 1,830 | 2,230 | 9,786 | 12,016 | (2,451) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tri-City Plaza | Somersworth, NH | 1,900 | 9,160 | 5,728 | 1,900 | 14,888 | 16,788 | (5,544) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Laurel Square | Brick, NJ | 5,400 | 17,409 | 8,670 | 5,400 | 26,079 | 31,479 | (5,366) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Shoppes at Cinnaminson | Cinnaminson, NJ | 6,030 | 44,831 | 5,059 | 6,030 | 49,890 | 55,920 | (16,495) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acme Clark | Clark, NJ | 2,630 | 8,351 | 92 | 2,630 | 8,443 | 11,073 | (3,508) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Collegetown Shopping Center | Glassboro, NJ | 1,560 | 12,614 | 22,292 | 1,560 | 34,906 | 36,466 | (7,009) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hamilton Plaza | Hamilton, NJ | 1,580 | 7,732 | 11,070 | 1,580 | 18,802 | 20,382 | (3,436) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bennetts Mills Plaza | Jackson, NJ | 3,130 | 16,523 | 903 | 3,130 | 17,426 | 20,556 | (6,024) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marlton Crossing | Marlton, NJ | 5,950 | 43,931 | 27,725 | 5,950 | 71,656 | 77,606 | (22,446) | 2019 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Middletown Plaza | Middletown, NJ | 5,060 | 40,660 | 4,961 | 5,060 | 45,621 | 50,681 | (14,858) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Larchmont Centre | Mount Laurel, NJ | 4,421 | 14,668 | 828 | 4,421 | 15,496 | 19,917 | (3,429) | 1985 | Jun-15 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Old Bridge Gateway | Old Bridge, NJ | 7,200 | 35,689 | 5,511 | 7,200 | 41,200 | 48,400 | (13,524) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morris Hills Shopping Center | Parsippany, NJ | 3,970 | 28,331 | 6,031 | 3,970 | 34,362 | 38,332 | (10,566) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rio Grande Plaza | Rio Grande, NJ | 1,660 | 11,580 | 2,342 | 1,660 | 13,922 | 15,582 | (4,505) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ocean Heights Plaza | Somers Point, NJ | 6,110 | 34,031 | 2,308 | 6,110 | 36,339 | 42,449 | (10,674) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Springfield Place | Springfield, NJ | 1,150 | 4,310 | 3,258 | 1,773 | 6,945 | 8,718 | (2,087) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tinton Falls Plaza | Tinton Falls, NJ | 3,080 | 11,413 | 1,743 | 3,080 | 13,156 | 16,236 | (4,437) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cross Keys Commons | Turnersville, NJ | 5,840 | 30,590 | 6,552 | 5,840 | 37,142 | 42,982 | (11,763) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parkway Plaza | Carle Place, NY | 5,790 | 19,143 | 3,158 | 5,790 | 22,301 | 28,091 | (6,302) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Erie Canal Centre | Dewitt, NY | 1,080 | 3,957 | 20,169 | 1,080 | 24,126 | 25,206 | (5,425) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unity Plaza | East Fishkill, NY | 2,100 | 13,935 | 136 | 2,100 | 14,071 | 16,171 | (4,530) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Suffolk Plaza | East Setauket, NY | 2,780 | 5,555 | 9,575 | 2,780 | 15,130 | 17,910 | (2,761) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Village Shopping Center | East Setauket, NY | 5,310 | 15,677 | 508 | 5,310 | 16,185 | 21,495 | (5,174) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stewart Plaza | Garden City, NY | 6,040 | 20,860 | 4,411 | 6,040 | 25,271 | 31,311 | (8,115) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dalewood I, II & III Shopping Center | Hartsdale, NY | 6,900 | 55,995 | 6,537 | 6,900 | 62,532 | 69,432 | (15,982) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cayuga Mall | Ithaca, NY | 1,180 | 8,078 | 6,570 | 1,180 | 14,648 | 15,828 | (4,539) | 1969 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kings Park Plaza | Kings Park, NY | 4,790 | 11,100 | 2,212 | 4,790 | 13,312 | 18,102 | (4,356) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Village Square Shopping Center | Larchmont, NY | 1,320 | 4,808 | 1,142 | 1,320 | 5,950 | 7,270 | (1,562) | 1981 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Falcaro's Plaza | Lawrence, NY | 3,410 | 8,804 | 5,917 | 3,410 | 14,721 | 18,131 | (3,073) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mamaroneck Centre | Mamaroneck, NY | 1,460 | 755 | 12,751 | 2,198 | 12,768 | 14,966 | (731) | 2020 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sunshine Square | Medford, NY | 7,350 | 23,151 | 2,461 | 7,350 | 25,612 | 32,962 | (8,813) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wallkill Plaza | Middletown, NY | 1,360 | 7,793 | 3,264 | 1,360 | 11,057 | 12,417 | (5,561) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Monroe ShopRite Plaza | Monroe, NY | 1,840 | 15,788 | 824 | 1,840 | 16,612 | 18,452 | (6,524) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rockland Plaza | Nanuet, NY | 10,700 | 56,868 | 14,497 | 11,098 | 70,967 | 82,065 | (18,036) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Ridge Shopping Center | New Rochelle, NY | 4,910 | 8,991 | 2,600 | 4,910 | 11,591 | 16,501 | (3,030) | 1971 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nesconset Shopping Center | Port Jefferson Station, NY | 5,510 | 19,761 | 4,586 | 5,510 | 24,347 | 29,857 | (7,698) | 1961 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roanoke Plaza | Riverhead, NY | 5,050 | 15,110 | 1,774 | 5,050 | 16,884 | 21,934 | (5,645) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Shops at Riverhead | Riverhead, NY | 3,479 | 0 | 38,286 | 3,899 | 37,866 | 41,765 | (4,528) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
F-47
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Sagamore Park Centre | West Lafayette, IN | — | 2,390 | 10,865 | 2,133 | 2,390 | 12,998 | 15,388 | (4,339 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westchester Square | Lenexa, KS | — | 3,250 | 13,884 | 2,954 | 3,250 | 16,838 | 20,088 | (4,831 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| West Loop Shopping Center | Manhattan, KS | — | 2,800 | 10,248 | 6,599 | 2,800 | 16,847 | 19,647 | (5,011 | ) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| North Dixie Plaza | Elizabethtown, KY | — | 2,370 | 4,522 | 921 | 2,370 | 5,443 | 7,813 | (1,241 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Florence Plaza - Florence Square | Florence, KY | — | 9,380 | 45,888 | 20,091 | 11,014 | 64,345 | 75,359 | (16,993 | ) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Jeffersontown Commons | Jeffersontown, KY | — | 3,920 | 14,437 | 964 | 3,920 | 15,401 | 19,321 | (6,058 | ) | 1959 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| London Marketplace | London, KY | — | 1,400 | 8,268 | 414 | 1,400 | 8,682 | 10,082 | (2,353 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Eastgate Shopping Center | Louisville, KY | — | 4,300 | 13,482 | 2,636 | 4,300 | 16,118 | 20,418 | (6,133 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Plainview Village | Louisville, KY | — | 2,600 | 9,631 | 1,659 | 2,600 | 11,290 | 13,890 | (3,378 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stony Brook I & II | Louisville, KY | — | 3,650 | 17,540 | 1,812 | 3,650 | 19,352 | 23,002 | (5,957 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Towne Square North | Owensboro, KY | — | 2,230 | 8,946 | 444 | 2,230 | 9,390 | 11,620 | (3,817 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Karam Shopping Center | Lafayette, LA | — | 410 | 2,955 | 446 | 410 | 3,401 | 3,811 | (1,532 | ) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Pines Shopping Center | Pineville, LA | — | 3,080 | 7,035 | 157 | 3,080 | 7,192 | 10,272 | (1,783 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Points West Plaza | Brockton, MA | — | 2,200 | 10,492 | 1,595 | 2,200 | 12,087 | 14,287 | (4,467 | ) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Burlington Square I, II & III | Burlington, MA | — | 4,690 | 12,697 | 2,255 | 4,690 | 14,952 | 19,642 | (4,225 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Holyoke Shopping Center | Holyoke, MA | — | 3,110 | 11,903 | 1,241 | 3,110 | 13,144 | 16,254 | (4,656 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| WaterTower Plaza | Leominster, MA | — | 10,400 | 39,499 | 3,457 | 10,400 | 42,956 | 53,356 | (13,708 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lunenberg Crossing | Lunenburg, MA | — | 930 | 1,668 | 1,083 | 930 | 2,751 | 3,681 | (574 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lynn Marketplace | Lynn, MA | — | 3,100 | 5,615 | 2,255 | 3,100 | 7,870 | 10,970 | (2,203 | ) | 1968 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Webster Square Shopping Center | Marshfield, MA | — | 5,532 | 27,107 | 488 | 5,532 | 27,595 | 33,127 | (4,420 | ) | 2005 | Jun-15 | 40 years | ||||||||||||||||||||||||||
| Berkshire Crossing | Pittsfield, MA | — | 5,210 | 38,733 | 2,905 | �� | 5,210 | 41,638 | 46,848 | (13,984 | ) | 1994 | Jun-11 | 40 years | |||||||||||||||||||||||||
| Westgate Plaza | Westfield, MA | — | 2,250 | 9,669 | 989 | 2,250 | 10,658 | 12,908 | (3,767 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Perkins Farm Marketplace | Worcester, MA | — | 2,150 | 16,403 | 3,034 | 2,150 | 19,437 | 21,587 | (6,357 | ) | 1967 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| South Plaza Shopping Center | California, MD | — | 2,174 | 23,209 | 168 | 2,174 | 23,377 | 25,551 | (4,602 | ) | 2005 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Campus Village Shoppes | College Park, MD | — | 1,660 | 4,955 | 684 | 1,660 | 5,639 | 7,299 | (1,414 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Fox Run | Prince Frederick, MD | — | 3,560 | 31,065 | 3,198 | 3,560 | 34,263 | 37,823 | (10,928 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Pine Tree Shopping Center | Portland, ME | — | 2,860 | 18,988 | 1,858 | 2,860 | 20,846 | 23,706 | (8,569 | ) | 1958 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Arborland Center | Ann Arbor, MI | — | 20,175 | 89,903 | 499 | 20,175 | 90,402 | 110,577 | (10,479 | ) | 2000 | Mar-17 | 40 years | ||||||||||||||||||||||||||
| Maple Village | Ann Arbor, MI | — | 3,200 | 15,884 | 30,032 | 3,200 | 45,916 | 49,116 | (5,939 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Grand Crossing | Brighton, MI | — | 1,780 | 7,487 | 2,129 | 1,780 | 9,616 | 11,396 | (3,356 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Farmington Crossroads | Farmington, MI | — | 1,620 | 4,340 | 1,962 | 1,620 | 6,302 | 7,922 | (2,188 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Silver Pointe Shopping Center | Fenton, MI | — | 3,840 | 12,226 | 1,596 | 3,840 | 13,822 | 17,662 | (5,133 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cascade East | Grand Rapids, MI | — | 1,280 | 4,802 | 1,414 | 1,280 | 6,216 | 7,496 | (2,469 | ) | 1983 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Delta Center | Lansing, MI | — | 1,580 | 9,187 | 1,907 | 1,580 | 11,094 | 12,674 | (4,876 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lakes Crossing | Muskegon, MI | — | 1,440 | 13,457 | 2,915 | 1,440 | 16,372 | 17,812 | (5,086 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Redford Plaza | Redford, MI | — | 7,510 | 17,450 | 5,188 | 7,510 | 22,638 | 30,148 | (7,297 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hampton Village Centre | Rochester Hills, MI | — | 5,370 | 47,094 | 13,434 | 5,370 | 60,528 | 65,898 | (18,464 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Fashion Corners | Saginaw, MI | — | 1,940 | 17,703 | 663 | 1,940 | 18,366 | 20,306 | (6,190 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Green Acres | Saginaw, MI | — | 2,170 | 7,978 | 4,784 | 2,170 | 12,762 | 14,932 | (4,579 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Southfield Plaza | Southfield, MI | — | 1,320 | 3,379 | 2,394 | 1,320 | 5,773 | 7,093 | (2,040 | ) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| 18 Ryan | Sterling Heights, MI | — | 3,160 | 8,794 | 943 | 3,160 | 9,737 | 12,897 | (2,452 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Delco Plaza | Sterling Heights, MI | — | 2,860 | 4,852 | 1,285 | 2,860 | 6,137 | 8,997 | (2,312 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| West Ridge | Westland, MI | — | 1,800 | 5,223 | 5,555 | 1,800 | 10,778 | 12,578 | (2,952 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Washtenaw Fountain Plaza | Ypsilanti, MI | — | 2,030 | 6,890 | 1,068 | 2,030 | 7,958 | 9,988 | (3,225 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Southport Centre I - VI | Apple Valley, MN | — | 4,602 | 18,358 | 615 | 4,602 | 18,973 | 23,575 | (4,891 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Burning Tree Plaza | Duluth, MN | — | 4,790 | 15,761 | 639 | 4,790 | 16,400 | 21,190 | (5,159 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Elk Park Center | Elk River, MN | — | 3,770 | 18,255 | 1,143 | 3,770 | 19,398 | 23,168 | (6,617 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westwind Plaza | Minnetonka, MN | — | 2,630 | 11,382 | 1,158 | 2,630 | 12,540 | 15,170 | (3,302 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Richfield Hub | Richfield, MN | — | 7,748 | 18,517 | 1,702 | 7,748 | 20,219 | 27,967 | (5,098 | ) | 1952 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Roseville Center | Roseville , MN | — | 1,620 | 8,364 | 594 | 1,620 | 8,958 | 10,578 | (2,459 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marketplace @ 42 | Savage, MN | — | 5,150 | 11,489 | 4,946 | 5,150 | 16,435 | 21,585 | (3,693 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Sun Ray Shopping Center | St. Paul, MN | — | 5,250 | 20,520 | 2,781 | 5,250 | 23,301 | 28,551 | (7,672 | ) | 1958 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| White Bear Hills Shopping Center | White Bear Lake, MN | — | 1,790 | 6,062 | 869 | 1,790 | 6,931 | 8,721 | (2,696 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ellisville Square | Ellisville, MO | — | 2,130 | 2,902 | 9,622 | 2,130 | 12,524 | 14,654 | (2,864 | ) | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rockville Centre | Rockville Centre, NY | 3,590 | 6,935 | 346 | 3,590 | 7,281 | 10,871 | (2,279) | 1975 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| College Plaza | Selden, NY | 7,735 | 10,897 | 17,246 | 8,270 | 27,608 | 35,878 | (10,061) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Campus Plaza | Vestal, NY | 1,170 | 16,065 | 845 | 1,170 | 16,910 | 18,080 | (6,710) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parkway Plaza | Vestal, NY | 2,149 | 18,501 | 1,759 | 2,149 | 20,260 | 22,409 | (9,552) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shoppes at Vestal | Vestal, NY | 1,340 | 14,531 | 164 | 1,340 | 14,695 | 16,035 | (3,809) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Town Square Mall | Vestal, NY | 2,520 | 39,636 | 6,067 | 2,520 | 45,703 | 48,223 | (14,888) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Plaza at Salmon Run | Watertown, NY | 1,420 | 12,243 | (3,087) | 1,420 | 9,156 | 10,576 | (3,695) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highridge Plaza | Yonkers, NY | 6,020 | 16,077 | 3,255 | 6,020 | 19,332 | 25,352 | (5,244) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brunswick Town Center | Brunswick, OH | 2,930 | 18,492 | 2,098 | 2,930 | 20,590 | 23,520 | (6,259) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brentwood Plaza | Cincinnati, OH | 5,090 | 19,458 | 3,247 | 5,090 | 22,705 | 27,795 | (8,157) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delhi Shopping Center | Cincinnati, OH | 3,690 | 7,724 | 2,428 | 3,690 | 10,152 | 13,842 | (3,865) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Harpers Station | Cincinnati, OH | 3,110 | 24,598 | 8,045 | 3,987 | 31,766 | 35,753 | (11,030) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western Hills Plaza | Cincinnati, OH | 8,690 | 25,100 | 13,297 | 8,690 | 38,397 | 47,087 | (9,015) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western Village | Cincinnati, OH | 3,370 | 12,106 | 1,497 | 3,420 | 13,553 | 16,973 | (4,964) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crown Point | Columbus, OH | 2,120 | 14,273 | 1,840 | 2,120 | 16,113 | 18,233 | (6,699) | 1980 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Greentree Shopping Center | Columbus, OH | 1,920 | 12,024 | 1,165 | 1,920 | 13,189 | 15,109 | (6,045) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brandt Pike Place | Dayton, OH | 616 | 1,579 | 18 | 616 | 1,597 | 2,213 | (680) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Towne Centre | Dayton, OH | 4,990 | 42,180 | 8,034 | 4,990 | 50,214 | 55,204 | (18,670) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southland Shopping Center | Middleburg Heights, OH | 4,659 | 37,344 | 8,972 | 4,659 | 46,316 | 50,975 | (16,572) | 1951 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Shoppes at North Olmsted | North Olmsted, OH | 510 | 3,987 | 27 | 510 | 4,014 | 4,524 | (1,731) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Surrey Square Mall | Norwood, OH | 3,900 | 17,731 | 2,297 | 3,900 | 20,028 | 23,928 | (8,182) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brice Park | Reynoldsburg, OH | 2,820 | 11,716 | (878) | 2,112 | 11,546 | 13,658 | (4,545) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Miracle Mile Shopping Plaza | Toledo, OH | 1,510 | 14,291 | 4,919 | 1,510 | 19,210 | 20,720 | (8,155) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketplace | Tulsa, OK | 5,040 | 12,401 | 3,313 | 5,040 | 15,714 | 20,754 | (7,216) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Village West | Allentown, PA | 4,180 | 23,025 | 1,822 | 4,180 | 24,847 | 29,027 | (8,581) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Park Hills Plaza | Altoona, PA | 4,390 | 20,965 | 7,548 | 4,390 | 28,513 | 32,903 | (8,909) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bethel Park Shopping Center | Bethel Park, PA | 3,060 | 18,281 | 2,263 | 3,060 | 20,544 | 23,604 | (8,974) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lehigh Shopping Center | Bethlehem, PA | 6,980 | 30,098 | 10,121 | 6,980 | 40,219 | 47,199 | (13,661) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bristol Park | Bristol, PA | 3,180 | 18,909 | 2,519 | 3,180 | 21,428 | 24,608 | (7,023) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chalfont Village Shopping Center | Chalfont, PA | 1,040 | 3,639 | (44) | 1,040 | 3,595 | 4,635 | (1,200) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Britain Village Square | Chalfont, PA | 4,250 | 23,452 | 2,943 | 4,250 | 26,395 | 30,645 | (7,577) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Collegeville Shopping Center | Collegeville, PA | 3,410 | 6,481 | 7,268 | 3,410 | 13,749 | 17,159 | (3,903) | 2020 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plymouth Square Shopping Center | Conshohocken, PA | 17,002 | 43,945 | 11,372 | 17,002 | 55,317 | 72,319 | (3,463) | 1959 | May-19 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Whitemarsh Shopping Center | Conshohocken, PA | 3,410 | 11,590 | 5,189 | 3,410 | 16,779 | 20,189 | (4,443) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valley Fair | Devon, PA | 1,810 | 3,783 | 1,686 | 1,810 | 5,469 | 7,279 | (1,633) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dickson City Crossings | Dickson City, PA | 3,780 | 29,062 | 5,963 | 4,800 | 34,005 | 38,805 | (11,526) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Barn Plaza | Doylestown, PA | 8,780 | 28,058 | 2,607 | 8,780 | 30,665 | 39,445 | (12,364) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pilgrim Gardens | Drexel Hill, PA | 2,090 | 4,690 | 4,919 | 2,090 | 9,609 | 11,699 | (3,781) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Garden Center | Kennett Square, PA | 2,240 | 6,752 | 3,144 | 2,240 | 9,896 | 12,136 | (3,485) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Penn Market Place | Lansdale, PA | 3,060 | 4,909 | 1,817 | 3,060 | 6,726 | 9,786 | (2,175) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Village at Newtown | Newtown, PA | 7,690 | 36,110 | 42,646 | 7,690 | 78,756 | 86,446 | (12,947) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ivyridge | Philadelphia, PA | 7,100 | 18,006 | 2,466 | 7,100 | 20,472 | 27,572 | (5,566) | 1963 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roosevelt Mall | Philadelphia, PA | 10,970 | 85,879 | 16,435 | 10,970 | 102,314 | 113,284 | (30,734) | 2020 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shoppes at Valley Forge | Phoenixville, PA | 2,010 | 12,010 | 1,273 | 2,010 | 13,283 | 15,293 | (5,715) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| County Line Plaza | Souderton, PA | 910 | 7,031 | 2,300 | 910 | 9,331 | 10,241 | (4,480) | 1971 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 69th Street Plaza | Upper Darby, PA | 640 | 4,315 | 145 | 640 | 4,460 | 5,100 | (1,686) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warminster Towne Center | Warminster, PA | 4,310 | 34,434 | 2,038 | 4,310 | 36,472 | 40,782 | (11,776) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shops at Prospect | West Hempfield, PA | 760 | 6,261 | 990 | 760 | 7,251 | 8,011 | (2,447) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Whitehall Square | Whitehall, PA | 4,350 | 29,737 | 3,958 | 4,350 | 33,695 | 38,045 | (10,758) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wilkes-Barre Township Marketplace | Wilkes-Barre , PA | 2,180 | 16,578 | 3,662 | 2,180 | 20,240 | 22,420 | (9,085) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belfair Towne Village | Bluffton, SC | 4,265 | 30,308 | 2,999 | 4,265 | 33,307 | 37,572 | (8,175) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Milestone Plaza | Greenville, SC | 2,563 | 15,295 | 2,852 | 2,563 | 18,147 | 20,710 | (4,713) | 1995 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Circle Center | Hilton Head, SC | 3,010 | 5,707 | 667 | 3,010 | 6,374 | 9,384 | (2,997) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Island Plaza | James Island, SC | 2,940 | 8,467 | 2,940 | 2,940 | 11,407 | 14,347 | (5,037) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Festival Centre | North Charleston, SC | 3,630 | 7,456 | 7,727 | 3,630 | 15,183 | 18,813 | (6,186) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fairview Corners I & II | Simpsonville, SC | 2,370 | 16,357 | 2,506 | 2,370 | 18,863 | 21,233 | (6,404) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hillcrest Market Place | Spartanburg, SC | 4,190 | 31,444 | 7,735 | 4,190 | 39,179 | 43,369 | (13,670) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| East Ridge Crossing | Chattanooga , TN | 1,222 | 3,932 | 241 | 1,222 | 4,173 | 5,395 | (1,885) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Watson Glen Shopping Center | Franklin, TN | 5,220 | 13,276 | 3,044 | 5,220 | 16,320 | 21,540 | (6,877) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Williamson Square | Franklin, TN | 7,730 | 17,477 | 9,841 | 7,730 | 27,318 | 35,048 | (11,468) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Greeneville Commons | Greeneville, TN | 2,880 | 10,681 | 6,272 | 2,880 | 16,953 | 19,833 | (4,418) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kingston Overlook | Knoxville, TN | 2,060 | 5,022 | 2,700 | 2,060 | 7,722 | 9,782 | (2,746) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Commons at Wolfcreek | Memphis, TN | 22,530 | 48,330 | 29,041 | 23,240 | 76,661 | 99,901 | (23,171) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgetown Square | Murfreesboro, TN | 3,250 | 7,167 | 2,962 | 3,716 | 9,663 | 13,379 | (3,268) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nashboro Village | Nashville, TN | 2,243 | 11,516 | 271 | 2,243 | 11,787 | 14,030 | (3,892) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commerce Central | Tullahoma, TN | 391 | 3,164 | 582 | 391 | 3,746 | 4,137 | (1,337) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parmer Crossing | Austin, TX | 5,927 | 9,877 | 2,922 | 5,927 | 12,799 | 18,726 | (4,361) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
F-48
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Hub Shopping Center | Independence, MO | — | 850 | 7,600 | 356 | 850 | 7,956 | 8,806 | (3,524 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Watts Mill Plaza | Kansas City, MO | — | 2,610 | 12,926 | 1,518 | 2,610 | 14,444 | 17,054 | (3,805 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Liberty Corners | Liberty, MO | — | 2,530 | 8,519 | 2,894 | 2,530 | 11,413 | 13,943 | (4,054 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Maplewood Square | Maplewood, MO | — | 1,450 | 2,998 | 568 | 1,450 | 3,566 | 5,016 | (639 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Devonshire Place | Cary, NC | — | 940 | 3,267 | 5,723 | 940 | 8,990 | 9,930 | (2,385 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| McMullen Creek Market | Charlotte, NC | — | 10,590 | 22,849 | 4,966 | 10,589 | 27,816 | 38,405 | (7,611 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Commons at Chancellor Park | Charlotte, NC | — | 5,240 | 19,528 | 2,475 | 5,240 | 22,003 | 27,243 | (6,925 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Macon Plaza | Franklin, NC | — | 770 | 3,783 | 537 | 770 | 4,320 | 5,090 | (1,936 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Garner Towne Square | Garner, NC | — | 6,233 | 22,832 | 1,789 | 6,233 | 24,621 | 30,854 | (6,095 | ) | 1997 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Franklin Square | Gastonia, NC | — | 7,060 | 27,829 | 3,843 | 7,060 | 31,672 | 38,732 | (8,834 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Wendover Place | Greensboro, NC | — | 15,990 | 39,263 | 3,175 | 15,990 | 42,438 | 58,428 | (12,816 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| University Commons | Greenville, NC | — | 5,350 | 25,634 | 4,201 | 5,350 | 29,835 | 35,185 | (8,869 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Valley Crossing | Hickory, NC | — | 2,130 | 5,884 | 8,842 | 2,130 | 14,726 | 16,856 | (4,617 | ) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Kinston Pointe | Kinston, NC | — | 2,180 | 8,479 | 410 | 2,180 | 8,889 | 11,069 | (4,078 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Magnolia Plaza | Morganton, NC | — | 730 | 3,059 | 903 | 730 | 3,962 | 4,692 | (720 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Roxboro Square | Roxboro, NC | — | 1,550 | 8,935 | 445 | 1,550 | 9,380 | 10,930 | (3,778 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Innes Street Market | Salisbury, NC | — | 12,180 | 27,275 | 861 | 12,179 | 28,137 | 40,316 | (11,790 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Crossroads | Statesville, NC | — | 6,220 | 15,098 | 1,419 | 6,220 | 16,517 | 22,737 | (4,974 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Anson Station | Wadesboro, NC | — | 910 | 3,855 | 293 | 910 | 4,148 | 5,058 | (1,978 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| New Centre Market | Wilmington, NC | — | 5,730 | 14,673 | 2,410 | 5,730 | 17,083 | 22,813 | (4,117 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| University Commons | Wilmington, NC | — | 6,910 | 26,376 | 2,251 | 6,910 | 28,627 | 35,537 | (8,893 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Whitaker Square | Winston Salem, NC | — | 2,923 | 11,665 | 887 | 2,923 | 12,552 | 15,475 | (2,727 | ) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Parkway Plaza | Winston-Salem, NC | — | 6,910 | 16,774 | 2,155 | 6,910 | 18,929 | 25,839 | (6,261 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stratford Commons | Winston-Salem, NC | — | 2,770 | 9,402 | 268 | 2,770 | 9,670 | 12,440 | (3,097 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bedford Grove | Bedford, NH | — | 3,400 | 17,627 | 5,783 | 3,400 | 23,410 | 26,810 | (7,173 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Capitol Shopping Center | Concord, NH | — | 2,160 | 11,361 | 1,373 | 2,160 | 12,734 | 14,894 | (5,017 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Willow Springs Plaza | Nashua , NH | — | 3,490 | 19,256 | 1,267 | 3,490 | 20,523 | 24,013 | (5,928 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Seacoast Shopping Center | Seabrook , NH | — | 2,230 | 7,956 | 1,373 | 2,230 | 9,329 | 11,559 | (1,769 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Tri-City Plaza | Somersworth, NH | — | 1,900 | 9,682 | 5,058 | 1,900 | 14,740 | 16,640 | (4,787 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Laurel Square | Brick, NJ | — | 5,400 | 17,716 | 1,605 | 5,400 | 19,321 | 24,721 | (4,158 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| the Shoppes at Cinnaminson | Cinnaminson, NJ | — | 6,030 | 45,126 | 4,472 | 6,030 | 49,598 | 55,628 | (13,686 | ) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Acme Clark | Clark, NJ | — | 2,630 | 8,351 | 28 | 2,630 | 8,379 | 11,009 | (2,761 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Collegetown Shopping Center | Glassboro, NJ | — | 1,560 | 15,512 | 8,197 | 1,560 | 23,709 | 25,269 | (8,124 | ) | 1966 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hamilton Plaza | Hamilton, NJ | — | 1,580 | 8,573 | 4,235 | 1,580 | 12,808 | 14,388 | (3,226 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bennetts Mills Plaza | Jackson, NJ | — | 3,130 | 16,805 | 728 | 3,130 | 17,533 | 20,663 | (4,788 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marlton Crossing | Marlton, NJ | — | 5,950 | 44,756 | 16,815 | 5,950 | 61,571 | 67,521 | (17,247 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Middletown Plaza | Middletown, NJ | — | 5,060 | 40,870 | 3,541 | 5,060 | 44,411 | 49,471 | (11,637 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Larchmont Centre | Mount Laurel, NJ | (7,000 | ) | 4,421 | 14,672 | 138 | 4,421 | 14,810 | 19,231 | (2,335 | ) | 1985 | Jun-15 | 40 years | |||||||||||||||||||||||||
| Old Bridge Gateway | Old Bridge, NJ | — | 7,200 | 36,766 | 4,116 | 7,200 | 40,882 | 48,082 | (11,874 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Morris Hills Shopping Center | Parsippany, NJ | — | 3,970 | 28,888 | 5,725 | 3,970 | 34,613 | 38,583 | (8,541 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rio Grande Plaza | Rio Grande, NJ | — | 1,660 | 11,839 | 2,169 | 1,660 | 14,008 | 15,668 | (3,816 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ocean Heights Plaza | Somers Point, NJ | — | 6,110 | 34,462 | 1,963 | 6,110 | 36,425 | 42,535 | (8,796 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Springfield Place | Springfield, NJ | — | 1,150 | 4,310 | 2,787 | 1,773 | 6,474 | 8,247 | (1,481 | ) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Tinton Falls Plaza | Tinton Falls, NJ | — | 3,080 | 11,550 | 916 | 3,080 | 12,466 | 15,546 | (3,742 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cross Keys Commons | Turnersville, NJ | — | 5,840 | 31,955 | 5,337 | 5,840 | 37,292 | 43,132 | (9,886 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Parkway Plaza | Carle Place, NY | — | 5,790 | 19,208 | 2,696 | 5,790 | 21,904 | 27,694 | (5,087 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Erie Canal Centre | Dewitt, NY | — | 1,080 | 3,957 | 15,590 | 1,080 | 19,547 | 20,627 | (2,890 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Unity Plaza | East Fishkill, NY | — | 2,100 | 13,935 | 134 | 2,100 | 14,069 | 16,169 | (3,555 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Suffolk Plaza | East Setauket, NY | — | 2,780 | 9,937 | 1,174 | 2,780 | 11,111 | 13,891 | (2,318 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Three Village Shopping Center | East Setauket, NY | — | 5,310 | 15,677 | 432 | 5,310 | 16,109 | 21,419 | (4,187 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stewart Plaza | Garden City, NY | — | 6,040 | 20,959 | 1,598 | 6,040 | 22,557 | 28,597 | (7,054 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Dalewood I, II & III Shopping Center | Hartsdale, NY | — | 6,900 | 56,795 | 5,807 | 6,900 | 62,602 | 69,502 | (13,025 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cayuga Mall | Ithaca, NY | — | 1,180 | 9,104 | 3,649 | 1,180 | 12,753 | 13,933 | (4,215 | ) | 1969 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Kings Park Plaza | Kings Park, NY | — | 4,790 | 11,100 | 2,141 | 4,790 | 13,241 | 18,031 | (3,482 | ) | 1985 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Baytown Shopping Center | Baytown, TX | 3,410 | 9,093 | 924 | 3,410 | 10,017 | 13,427 | (4,883) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Camino | Bellaire, TX | 1,320 | 3,617 | 818 | 1,320 | 4,435 | 5,755 | (1,808) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Townshire | Bryan, TX | 1,790 | 6,296 | 967 | 1,790 | 7,263 | 9,053 | (3,755) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Central Station | College Station, TX | 4,340 | 19,224 | 4,740 | 4,340 | 23,964 | 28,304 | (7,097) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rock Prairie Crossing | College Station, TX | 2,401 | 13,298 | 414 | 2,401 | 13,712 | 16,113 | (5,980) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carmel Village | Corpus Christi, TX | 1,900 | 3,938 | 5,190 | 1,900 | 9,128 | 11,028 | (1,820) | 2019 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claremont Village | Dallas, TX | 1,700 | 2,915 | 247 | 1,700 | 3,162 | 4,862 | (1,981) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kessler Plaza | Dallas, TX | 1,390 | 2,863 | 702 | 1,390 | 3,565 | 4,955 | (1,228) | 1975 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stevens Park Village | Dallas, TX | 1,270 | 2,350 | 1,466 | 1,270 | 3,816 | 5,086 | (2,120) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Webb Royal Plaza | Dallas, TX | 2,470 | 4,456 | 2,002 | 2,470 | 6,458 | 8,928 | (2,819) | 1961 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wynnewood Village | Dallas, TX | 16,982 | 41,648 | 28,159 | 17,200 | 69,589 | 86,789 | (17,094) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parktown | Deer Park, TX | 2,790 | 6,814 | 1,064 | 2,790 | 7,878 | 10,668 | (4,014) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preston Ridge | Frisco, TX | 25,820 | 119,622 | 18,837 | 25,820 | 138,459 | 164,279 | (43,276) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ridglea Plaza | Ft. Worth, TX | 2,770 | 15,143 | 1,178 | 2,770 | 16,321 | 19,091 | (5,871) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trinity Commons | Ft. Worth, TX | 5,780 | 24,773 | 3,391 | 5,780 | 28,164 | 33,944 | (11,146) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Village Plaza | Garland, TX | 3,230 | 6,403 | 1,438 | 3,230 | 7,841 | 11,071 | (2,920) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highland Village Town Center | Highland Village, TX | 3,370 | 5,224 | 2,641 | 3,370 | 7,865 | 11,235 | (2,016) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bay Forest | Houston, TX | 1,500 | 6,494 | 270 | 1,500 | 6,764 | 8,264 | (2,629) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beltway South | Houston, TX | 3,340 | 9,666 | 840 | 3,340 | 10,506 | 13,846 | (4,519) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Braes Heights | Houston, TX | 1,700 | 13,942 | 9,323 | 1,700 | 23,265 | 24,965 | (4,866) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Braes Oaks Center | Houston, TX | 1,310 | 3,423 | 618 | 1,310 | 4,041 | 5,351 | (1,110) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Braesgate | Houston, TX | 1,570 | 2,561 | 721 | 1,570 | 3,282 | 4,852 | (1,578) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Broadway | Houston, TX | 1,720 | 5,150 | 2,099 | 1,720 | 7,249 | 8,969 | (2,358) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clear Lake Camino South | Houston, TX | 3,320 | 11,764 | 2,238 | 3,320 | 14,002 | 17,322 | (4,693) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hearthstone Corners | Houston, TX | 5,240 | 10,478 | 5,098 | 5,240 | 15,576 | 20,816 | (4,156) | 2019 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jester Village | Houston, TX | 1,380 | 4,073 | 8,312 | 1,380 | 12,385 | 13,765 | (1,225) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jones Plaza | Houston, TX | 2,110 | 9,427 | 2,673 | 2,110 | 12,100 | 14,210 | (3,081) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jones Square | Houston, TX | 3,210 | 10,613 | 357 | 3,210 | 10,970 | 14,180 | (4,264) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maplewood | Houston, TX | 1,790 | 4,986 | 2,060 | 1,790 | 7,046 | 8,836 | (2,165) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Merchants Park | Houston, TX | 6,580 | 30,736 | 3,950 | 6,580 | 34,686 | 41,266 | (12,988) | 2009 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northgate | Houston, TX | 740 | 1,116 | 302 | 740 | 1,418 | 2,158 | (534) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northshore | Houston, TX | 5,970 | 21,918 | 4,317 | 5,970 | 26,235 | 32,205 | (9,468) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Northtown Plaza | Houston, TX | 4,990 | 16,149 | 4,301 | 4,990 | 20,450 | 25,440 | (5,691) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Orange Grove | Houston, TX | 3,670 | 15,241 | 1,723 | 3,670 | 16,964 | 20,634 | (7,686) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Royal Oaks Village | Houston, TX | 4,620 | 29,153 | 2,190 | 4,620 | 31,343 | 35,963 | (9,679) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tanglewilde Center | Houston, TX | 1,620 | 6,944 | 2,220 | 1,620 | 9,164 | 10,784 | (3,206) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westheimer Commons | Houston, TX | 5,160 | 11,398 | 5,001 | 5,160 | 16,399 | 21,559 | (6,995) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jefferson Park | Mount Pleasant, TX | 870 | 4,869 | 2,446 | 870 | 7,315 | 8,185 | (2,878) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Winwood Town Center | Odessa, TX | 2,850 | 27,507 | 6,087 | 2,850 | 33,594 | 36,444 | (13,452) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crossroads Centre - Pasadena | Pasadena, TX | 4,660 | 10,861 | 7,393 | 4,660 | 18,254 | 22,914 | (5,409) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spencer Square | Pasadena, TX | 5,360 | 18,623 | 1,596 | 5,360 | 20,219 | 25,579 | (7,553) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pearland Plaza | Pearland, TX | 3,020 | 8,420 | 2,100 | 3,020 | 10,520 | 13,540 | (3,997) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Plaza | Plano, TX | 6,380 | 19,101 | 1,701 | 6,380 | 20,802 | 27,182 | (7,347) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preston Park Village | Plano, TX | 8,506 | 78,327 | 3,477 | 8,506 | 81,804 | 90,310 | (20,413) | 1985 | Oct-13 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Keegan's Meadow | Stafford, TX | 3,300 | 9,449 | 1,365 | 3,300 | 10,814 | 14,114 | (3,788) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas City Bay | Texas City, TX | 3,780 | 15,046 | 10,178 | 3,780 | 25,224 | 29,004 | (6,269) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Windvale Center | The Woodlands, TX | 3,460 | 6,492 | 967 | 3,460 | 7,459 | 10,919 | (2,188) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Culpeper Town Square | Culpeper, VA | 3,200 | 7,393 | 1,309 | 3,200 | 8,702 | 11,902 | (3,505) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hanover Square | Mechanicsville, VA | 3,540 | 14,535 | 6,444 | 3,540 | 20,979 | 24,519 | (5,668) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tuckernuck Square | Richmond, VA | 2,400 | 9,226 | 2,610 | 2,400 | 11,836 | 14,236 | (3,463) | 1981 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cave Spring Corners | Roanoke, VA | 3,060 | 11,178 | 948 | 3,060 | 12,126 | 15,186 | (5,684) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hunting Hills | Roanoke, VA | 1,150 | 7,311 | 2,693 | 1,150 | 10,004 | 11,154 | (4,014) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hilltop Plaza | Virginia Beach, VA | 5,154 | 20,471 | 5,859 | 5,154 | 26,330 | 31,484 | (8,595) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ridgeview Centre | Wise, VA | 2,080 | 8,040 | 5,730 | 2,080 | 13,770 | 15,850 | (5,229) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rutland Plaza | Rutland, VT | 2,130 | 20,855 | 688 | 2,130 | 21,543 | 23,673 | (7,693) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spring Mall | Greenfield, WI | 1,768 | 8,844 | (3,485) | 910 | 6,217 | 7,127 | (2,312) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mequon Pavilions | Mequon, WI | 7,520 | 27,733 | 13,034 | 7,520 | 40,767 | 48,287 | (12,231) | 1967 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Moorland Square Shopping Ctr | New Berlin, WI | 2,080 | 8,805 | 1,643 | 2,080 | 10,448 | 12,528 | (3,949) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paradise Pavilion | West Bend, WI | 1,510 | 15,110 | 1,172 | 1,510 | 16,282 | 17,792 | (7,390) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Moundsville Plaza | Moundsville, WV | 1,054 | 9,910 | 1,504 | 1,054 | 11,414 | 12,468 | (4,957) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grand Central Plaza | Parkersburg, WV | 670 | 5,649 | 435 | 670 | 6,084 | 6,754 | (2,107) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Remaining portfolio | Various | 0 | 0 | 3,520 | 0 | 3,520 | 3,520 | (398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 1,722,219 | $ | 6,563,164 | $ | 1,878,178 | $ | 1,740,263 | $ | 8,423,298 | $ | 10,163,561 | $ | (2,659,448) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) As of December 31, 2020, 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.
F-49
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Village Square Shopping Center | Larchmont, NY | — | 1,320 | 4,808 | 963 | 1,320 | 5,771 | 7,091 | (1,184 | ) | 1981 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Falcaro's Plaza | Lawrence, NY | — | 3,410 | 8,804 | 1,925 | 3,410 | 10,729 | 14,139 | (2,246 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Mamaroneck Centre | Mamaroneck, NY | — | 1,460 | 765 | 7,654 | 2,198 | 7,681 | 9,879 | (335 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Sunshine Square | Medford, NY | — | 7,350 | 23,359 | 1,906 | 7,350 | 25,265 | 32,615 | (7,059 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Wallkill Plaza | Middletown, NY | — | 1,360 | 7,813 | 3,063 | 1,360 | 10,876 | 12,236 | (4,599 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Monroe Plaza | Monroe, NY | — | 1,840 | 16,111 | 628 | 1,840 | 16,739 | 18,579 | (5,857 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rockland Plaza | Nanuet, NY | — | 10,700 | 59,080 | 9,270 | 11,097 | 67,953 | 79,050 | (15,480 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| North Ridge Shopping Center | New Rochelle, NY | — | 4,910 | 9,215 | 1,634 | 4,910 | 10,849 | 15,759 | (2,377 | ) | 1971 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Nesconset Shopping Center | Port Jefferson Station, NY | — | 5,510 | 20,046 | 3,339 | 5,510 | 23,385 | 28,895 | (6,432 | ) | 1961 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Roanoke Plaza | Riverhead, NY | — | 5,050 | 15,110 | 1,529 | 5,050 | 16,639 | 21,689 | (4,826 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Shops at Riverhead | Riverhead, NY | — | 3,479 | — | 32,521 | 3,899 | 32,101 | 36,000 | (1,072 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rockville Centre | Rockville Centre, NY | — | 3,590 | 6,935 | 140 | 3,590 | 7,075 | 10,665 | (1,944 | ) | 1975 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Mohawk Acres Plaza | Rome, NY | — | 1,720 | 13,408 | 1,091 | 1,720 | 14,499 | 16,219 | (4,812 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| College Plaza | Selden, NY | — | 6,330 | 11,494 | 16,633 | 6,865 | 27,592 | 34,457 | (7,739 | ) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Campus Plaza | Vestal, NY | — | 1,170 | 16,075 | 710 | 1,170 | 16,785 | 17,955 | (5,950 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Parkway Plaza | Vestal, NY | — | 2,149 | 18,651 | 1,702 | 2,149 | 20,353 | 22,502 | (8,182 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Shoppes at Vestal | Vestal, NY | — | 1,340 | 14,730 | 72 | 1,340 | 14,802 | 16,142 | (3,297 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Town Square Mall | Vestal, NY | — | 2,520 | 40,672 | 5,224 | 2,520 | 45,896 | 48,416 | (13,296 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Plaza at Salmon Run | Watertown, NY | — | 1,420 | 12,243 | (3,102 | ) | 1,420 | 9,141 | 10,561 | (3,311 | ) | 1993 | Jun-11 | 40 years | |||||||||||||||||||||||||
| Highridge Plaza | Yonkers, NY | — | 6,020 | 16,267 | 2,819 | 6,020 | 19,086 | 25,106 | (4,243 | ) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Brunswick Town Center | Brunswick, OH | — | 2,930 | 18,492 | 985 | 2,930 | 19,477 | 22,407 | (4,822 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| 30th Street Plaza | Canton, OH | — | 1,950 | 14,383 | 731 | 1,950 | 15,114 | 17,064 | (5,435 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Brentwood Plaza | Cincinnati, OH | — | 5,090 | 19,586 | 2,472 | 5,090 | 22,058 | 27,148 | (6,574 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Delhi Shopping Center | Cincinnati, OH | — | 3,690 | 7,897 | 2,214 | 3,690 | 10,111 | 13,801 | (3,367 | ) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Harpers Station | Cincinnati, OH | — | 3,110 | 24,895 | 7,460 | 3,987 | 31,478 | 35,465 | (8,778 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Western Hills Plaza | Cincinnati, OH | — | 8,690 | 25,589 | 1,220 | 8,690 | 26,809 | 35,499 | (7,873 | ) | 1954 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Western Village | Cincinnati, OH | — | 3,370 | 12,423 | 827 | 3,420 | 13,200 | 16,620 | (4,125 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Crown Point | Columbus, OH | — | 2,120 | 14,464 | 1,741 | 2,120 | 16,205 | 18,325 | (5,358 | ) | 1980 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Greentree Shopping Center | Columbus, OH | — | 1,920 | 12,024 | 487 | 1,920 | 12,511 | 14,431 | (4,593 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Brandt Pike Place | Dayton, OH | — | 616 | 1,694 | 16 | 616 | 1,710 | 2,326 | (665 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| South Towne Centre | Dayton, OH | — | 4,990 | 42,414 | 7,248 | 4,990 | 49,662 | 54,652 | (15,503 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Southland Shopping Center | Middleburg Heights, OH | — | 5,940 | 54,143 | 8,270 | 5,940 | 62,413 | 68,353 | (20,533 | ) | 1951 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Shoppes at North Olmsted | North Olmsted, OH | — | 510 | 3,987 | 16 | 510 | 4,003 | 4,513 | (1,372 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Surrey Square | Norwood, OH | — | 3,900 | 17,766 | 1,951 | 3,900 | 19,717 | 23,617 | (6,672 | ) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Brice Park | Reynoldsburg, OH | — | 2,820 | 11,998 | 1,779 | 2,820 | 13,777 | 16,597 | (4,056 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Streetsboro Crossing | Streetsboro, OH | — | 640 | 5,491 | 757 | 640 | 6,248 | 6,888 | (2,242 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Miracle Mile Shopping Plaza | Toledo, OH | — | 1,510 | 15,374 | 3,358 | 1,510 | 18,732 | 20,242 | (6,623 | ) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Marketplace | Tulsa, OK | — | 5,040 | 12,401 | 2,988 | 5,040 | 15,389 | 20,429 | (5,762 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Village West | Allentown, PA | — | 4,180 | 23,061 | 1,497 | 4,180 | 24,558 | 28,738 | (7,230 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Park Hills Plaza | Altoona, PA | — | 4,390 | 21,869 | 2,378 | 4,390 | 24,247 | 28,637 | (7,666 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bensalem Square | Bensalem, PA | — | 1,800 | 5,826 | 180 | 1,800 | 6,006 | 7,806 | (2,031 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bethel Park Shopping Center | Bethel Park, PA | — | 3,060 | 18,299 | 2,132 | 3,060 | 20,431 | 23,491 | (7,657 | ) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lehigh Shopping Center | Bethlehem, PA | — | 6,980 | 30,262 | 5,467 | 6,980 | 35,729 | 42,709 | (10,472 | ) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bristol Park | Bristol, PA | — | 3,180 | 20,882 | 1,910 | 3,180 | 22,792 | 25,972 | (7,913 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Chalfont Village Shopping Center | Chalfont, PA | — | 1,040 | 3,639 | (81 | ) | 1,040 | 3,558 | 4,598 | (960 | ) | 1989 | Jun-11 | 40 years | |||||||||||||||||||||||||
| New Britain Village Square | Chalfont, PA | — | 4,250 | 23,644 | 2,516 | 4,250 | 26,160 | 30,410 | (6,226 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Collegeville Shopping Center | Collegeville, PA | — | 3,410 | 6,558 | 4,587 | 3,410 | 11,145 | 14,555 | (2,726 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Whitemarsh Shopping Center | Conshohocken, PA | — | 3,410 | 11,607 | 677 | 3,410 | 12,284 | 15,694 | (3,508 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Valley Fair | Devon, PA | — | 1,810 | 8,128 | 1,536 | 1,810 | 9,664 | 11,474 | (4,545 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Dickson City Crossings | Dickson City, PA | — | 3,780 | 29,517 | 5,731 | 4,800 | 34,228 | 39,028 | (9,799 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Barn Plaza | Doylestown, PA | — | 8,780 | 28,452 | 2,214 | 8,780 | 30,666 | 39,446 | (10,598 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Pilgrim Gardens | Drexel Hill, PA | — | 2,090 | 4,796 | 4,729 | 2,090 | 9,525 | 11,615 | (2,936 | ) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| New Garden Center | Kennett Square, PA | — | 2,240 | 6,752 | 1,771 | 2,240 | 8,523 | 10,763 | (2,916 | ) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stone Mill Plaza | Lancaster, PA | — | 2,490 | 12,445 | 544 | 2,490 | 12,989 | 15,479 | (4,663 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| North Penn Market Place | Lansdale, PA | — | 3,060 | 5,008 | 1,257 | 3,060 | 6,265 | 9,325 | (1,708 | ) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Village at Newtown | Newtown, PA | — | 7,690 | 36,433 | 16,582 | 7,690 | 53,015 | 60,705 | (9,749 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ivyridge | Philadelphia, PA | — | 7,100 | 18,292 | 1,979 | 7,100 | 20,271 | 27,371 | (4,575 | ) | 1963 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Roosevelt Mall | Philadelphia, PA | — | 10,970 | 87,418 | 6,432 | 10,969 | 93,851 | 104,820 | (26,370 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Shoppes at Valley Forge | Phoenixville, PA | — | 2,010 | 12,590 | 721 | 2,010 | 13,311 | 15,321 | (5,307 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| County Line Plaza | Souderton, PA | — | 910 | 7,608 | 2,180 | 910 | 9,788 | 10,698 | (4,149 | ) | 1971 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| 69th Street Plaza | Upper Darby, PA | — | 640 | 4,362 | 81 | 640 | 4,443 | 5,083 | (1,555 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Warminster Town Center | Warminster, PA | — | 4,310 | 35,284 | 1,614 | 4,310 | 36,898 | 41,208 | (10,402 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Shops at Prospect | West Hempfield, PA | — | 760 | 6,261 | 566 | 760 | 6,827 | 7,587 | (2,043 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Whitehall Square | Whitehall, PA | — | 4,350 | 31,016 | 2,726 | 4,350 | 33,742 | 38,092 | (9,651 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Wilkes-Barre Township Marketplace | Wilkes-Barre , PA | — | 2,180 | 16,636 | 2,552 | 2,180 | 19,188 | 21,368 | (6,982 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Belfair Towne Village | Bluffton, SC | — | 4,265 | 31,043 | 1,707 | 4,265 | 32,750 | 37,015 | (6,595 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Milestone Plaza | Greenville, SC | — | 2,563 | 15,295 | 2,325 | 2,563 | 17,620 | 20,183 | (3,222 | ) | 1995 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Circle Center | Hilton Head, SC | — | 3,010 | 5,707 | 610 | 3,010 | 6,317 | 9,327 | (2,330 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Island Plaza | James Island, SC | — | 2,940 | 8,526 | 2,357 | 2,940 | 10,883 | 13,823 | (4,382 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Festival Centre | North Charleston, SC | — | 3,630 | 8,449 | 6,662 | 3,630 | 15,111 | 18,741 | (5,266 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Fairview Corners I & II | Simpsonville, SC | — | 2,370 | 16,632 | 2,085 | 2,370 | 18,717 | 21,087 | (5,495 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hillcrest Market Place | Spartanburg, SC | — | 4,190 | 33,979 | 5,404 | 4,190 | 39,383 | 43,573 | (12,898 | ) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| East Ridge Crossing | Chattanooga , TN | — | 1,230 | 4,007 | 183 | 1,230 | 4,190 | 5,420 | (1,763 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Watson Glen Shopping Center | Franklin, TN | — | 5,220 | 13,379 | 2,625 | 5,220 | 16,004 | 21,224 | (5,813 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Williamson Square | Franklin, TN | — | 7,730 | 20,153 | 7,297 | 7,730 | 27,450 | 35,180 | (10,261 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Greeneville Commons | Greeneville, TN | — | 2,880 | 11,179 | 1,217 | 2,880 | 12,396 | 15,276 | (3,991 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Kingston Overlook | Knoxville, TN | — | 2,060 | 5,022 | 1,764 | 2,060 | 6,786 | 8,846 | (2,068 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Commons at Wolfcreek | Memphis, TN | — | 22,530 | 50,197 | 24,172 | 23,239 | 73,660 | 96,899 | (18,714 | ) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Georgetown Square | Murfreesboro, TN | — | 3,250 | 7,384 | 2,255 | 3,716 | 9,173 | 12,889 | (2,889 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Nashboro Village | Nashville, TN | — | 2,243 | 11,516 | 218 | 2,243 | 11,734 | 13,977 | (2,960 | ) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Commerce Central | Tullahoma, TN | — | 1,240 | 12,128 | 383 | 1,240 | 12,511 | 13,751 | (5,248 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Merchant's Central | Winchester, TN | — | 1,480 | 11,904 | 442 | 1,480 | 12,346 | 13,826 | (4,486 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Palm Plaza | Aransas, TX | — | 680 | 2,218 | 552 | 680 | 2,770 | 3,450 | (1,002 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Parmer Crossing | Austin, TX | — | 3,730 | 9,958 | 2,263 | 3,730 | 12,221 | 15,951 | (3,553 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Baytown Shopping Center | Baytown, TX | — | 3,410 | 6,465 | 816 | 3,410 | 7,281 | 10,691 | (2,961 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| El Camino | Bellaire, TX | — | 1,320 | 3,632 | 327 | 1,320 | 3,959 | 5,279 | (1,655 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bryan Square | Bryan, TX | — | 820 | 2,289 | 110 | 820 | 2,399 | 3,219 | (1,002 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Townshire | Bryan, TX | — | 1,790 | 6,342 | 669 | 1,790 | 7,011 | 8,801 | (3,034 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Central Station | College Station, TX | — | 4,340 | 19,707 | 2,502 | 4,340 | 22,209 | 26,549 | (5,986 | ) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rock Prairie Crossing | College Station, TX | — | 2,401 | 13,371 | 121 | 2,401 | 13,492 | 15,893 | (5,325 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Carmel Village | Corpus Christi, TX | — | 1,900 | 4,198 | 1,205 | 1,900 | 5,403 | 7,303 | (1,507 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Claremont Village | Dallas, TX | — | 1,700 | 2,953 | 210 | 1,700 | 3,163 | 4,863 | (1,923 | ) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Kessler Plaza | Dallas, TX | — | 1,390 | 2,900 | 305 | 1,390 | 3,205 | 4,595 | (1,067 | ) | 1975 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Stevens Park Village | Dallas, TX | — | 1,270 | 2,350 | 1,389 | 1,270 | 3,739 | 5,009 | (1,582 | ) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Webb Royal Plaza | Dallas, TX | — | 2,470 | 4,666 | 1,856 | 2,470 | 6,522 | 8,992 | (2,371 | ) | 1961 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Wynnewood Village | Dallas, TX | — | 16,982 | 42,498 | 7,859 | 17,199 | 50,140 | 67,339 | (14,031 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Parktown | Deer Park, TX | — | 2,790 | 6,904 | 861 | 2,790 | 7,765 | 10,555 | (3,763 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Kenworthy Crossing | El Paso, TX | — | 2,370 | 5,396 | 426 | 2,370 | 5,822 | 8,192 | (2,006 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Preston Ridge | Frisco, TX | — | 25,820 | 122,368 | 15,373 | 25,819 | 137,742 | 163,561 | (37,039 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ridglea Plaza | Ft. Worth, TX | — | 2,770 | 15,829 | 410 | 2,770 | 16,239 | 19,009 | (5,759 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Trinity Commons | Ft. Worth, TX | — | 5,780 | 25,335 | 2,202 | 5,780 | 27,537 | 33,317 | (10,094 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Village Plaza | Garland, TX | — | 3,230 | 6,524 | 1,184 | 3,230 | 7,708 | 10,938 | (2,533 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| North Hills Village | Haltom City, TX | — | 940 | 2,351 | 134 | 940 | 2,485 | 3,425 | (1,023 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Highland Village Town Center | Highland Village, TX | — | 3,370 | 5,269 | 1,468 | 3,370 | 6,737 | 10,107 | (1,433 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Bay Forest | Houston, TX | — | 1,500 | 6,532 | 98 | 1,500 | 6,630 | 8,130 | (2,373 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Beltway South | Houston, TX | — | 3,340 | 9,666 | 477 | 3,340 | 10,143 | 13,483 | (3,627 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Braes Heights | Houston, TX | — | 1,700 | 14,220 | 5,208 | 1,700 | 19,428 | 21,128 | (3,662 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Braes Oaks Center | Houston, TX | — | 1,310 | 3,743 | 604 | 1,310 | 4,347 | 5,657 | (1,165 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Subsequent to Acquisition | Gross Amount at Which Carried | Life on Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||
| Initial Cost to Company | at the Close of the Period | ||||||||||||||||||||||||||||||||||||||
| Description | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
| Braesgate | Houston, TX | — | 1,570 | 2,723 | 427 | 1,570 | 3,150 | 4,720 | (1,567 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Broadway | Houston, TX | — | 1,720 | 5,160 | 1,222 | 1,720 | 6,382 | 8,102 | (1,950 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Clear Lake Camino South | Houston, TX | — | 3,320 | 11,894 | 1,520 | 3,320 | 13,414 | 16,734 | (3,947 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hearthstone Corners | Houston, TX | — | 5,240 | 11,224 | 1,237 | 5,240 | 12,461 | 17,701 | (3,805 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Jester Village | Houston, TX | — | 1,380 | 4,398 | 624 | 1,380 | 5,022 | 6,402 | (1,247 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Jones Plaza | Houston, TX | — | 2,110 | 9,540 | 2,097 | 2,110 | 11,637 | 13,747 | (2,313 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Jones Square | Houston, TX | — | 3,210 | 10,614 | 247 | 3,210 | 10,861 | 14,071 | (3,787 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Maplewood | Houston, TX | — | 1,790 | 5,227 | 479 | 1,790 | 5,706 | 7,496 | (2,031 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Merchants Park | Houston, TX | — | 6,580 | 31,334 | 2,914 | 6,580 | 34,248 | 40,828 | (11,012 | ) | 2009 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Northgate | Houston, TX | — | 740 | 1,116 | 268 | 740 | 1,384 | 2,124 | (477 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Northshore | Houston, TX | — | 5,970 | 21,980 | 3,899 | 5,970 | 25,879 | 31,849 | (7,736 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Northtown Plaza | Houston, TX | — | 4,990 | 16,424 | 2,843 | 4,990 | 19,267 | 24,257 | (4,525 | ) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Orange Grove | Houston, TX | — | 3,670 | 15,431 | 1,683 | 3,670 | 17,114 | 20,784 | (6,625 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Pinemont Shopping Center | Houston, TX | — | 1,673 | 4,563 | 3 | 1,673 | 4,566 | 6,239 | (2,303 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Royal Oaks Village | Houston, TX | — | 4,620 | 29,334 | 945 | 4,620 | 30,279 | 34,899 | (8,313 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Tanglewilde Center | Houston, TX | — | 1,620 | 7,052 | 616 | 1,620 | 7,668 | 9,288 | (2,594 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Westheimer Commons | Houston, TX | — | 5,160 | 11,485 | 4,741 | 5,160 | 16,226 | 21,386 | (5,784 | ) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Fry Road Crossing | Katy, TX | — | 6,030 | 19,659 | 1,299 | 6,030 | 20,958 | 26,988 | (7,611 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Washington Square | Kaufman, TX | — | 880 | 1,930 | 791 | 880 | 2,721 | 3,601 | (974 | ) | 1978 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Jefferson Park | Mount Pleasant, TX | — | 870 | 4,869 | 1,621 | 870 | 6,490 | 7,360 | (2,365 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Winwood Town Center | Odessa, TX | — | 2,850 | 27,507 | 4,260 | 2,850 | 31,767 | 34,617 | (10,596 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Crossroads Centre - Pasadena | Pasadena, TX | — | 4,660 | 10,870 | 6,160 | 4,660 | 17,030 | 21,690 | (4,340 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Spencer Square | Pasadena, TX | — | 5,360 | 18,725 | 1,223 | 5,360 | 19,948 | 25,308 | (6,676 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Pearland Plaza | Pearland, TX | — | 3,020 | 8,431 | 1,358 | 3,020 | 9,789 | 12,809 | (3,340 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Market Plaza | Plano, TX | — | 6,380 | 19,542 | 1,474 | 6,380 | 21,016 | 27,396 | (6,740 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Preston Park Village | Plano, TX | — | 8,506 | 79,134 | 3,208 | 8,506 | 82,342 | 90,848 | (15,752 | ) | 1985 | Oct-13 | 40 years | ||||||||||||||||||||||||||
| Keegan's Meadow | Stafford, TX | — | 3,300 | 9,671 | 1,319 | 3,300 | 10,990 | 14,290 | (3,474 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Texas City Bay | Texas City, TX | — | 3,780 | 15,087 | 2,012 | 3,780 | 17,099 | 20,879 | (4,472 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Windvale Center | The Woodlands, TX | — | 3,460 | 9,282 | 582 | 3,460 | 9,864 | 13,324 | (3,101 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| The Centre at Navarro | Victoria, TX | — | 1,490 | 6,389 | 514 | 1,490 | 6,903 | 8,393 | (1,302 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Spradlin Farm | Christiansburg, VA | — | 3,860 | 22,355 | 2,176 | 3,860 | 24,531 | 28,391 | (7,403 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Culpeper Town Square | Culpeper, VA | — | 3,200 | 9,061 | 1,260 | 3,200 | 10,321 | 13,521 | (4,545 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hanover Square | Mechanicsville, VA | — | 3,540 | 14,621 | 5,289 | 3,540 | 19,910 | 23,450 | (4,296 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Tuckernuck Square | Richmond, VA | — | 2,400 | 9,294 | 1,498 | 2,400 | 10,792 | 13,192 | (2,799 | ) | 1981 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Cave Spring Corners | Roanoke, VA | — | 3,060 | 11,178 | 716 | 3,060 | 11,894 | 14,954 | (4,727 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hunting Hills | Roanoke, VA | — | 1,150 | 7,311 | 2,465 | 1,150 | 9,776 | 10,926 | (3,086 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Lake Drive Plaza | Vinton, VA | — | 2,330 | 12,336 | 1,301 | 2,330 | 13,637 | 15,967 | (5,349 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Hilltop Plaza | Virginia Beach, VA | — | 5,154 | 20,496 | 4,959 | 5,154 | 25,455 | 30,609 | (6,688 | ) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Ridgeview Centre | Wise, VA | — | 2,080 | 8,044 | 4,711 | 2,080 | 12,755 | 14,835 | (3,310 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Rutland Plaza | Rutland, VT | — | 2,130 | 20,894 | 502 | 2,130 | 21,396 | 23,526 | (6,630 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Spring Mall | Greenfield, WI | — | 2,540 | 15,864 | 683 | 2,540 | 16,547 | 19,087 | (4,304 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Mequon Pavilions | Mequon, WI | — | 7,520 | 28,127 | 5,826 | 7,520 | 33,953 | 41,473 | (9,568 | ) | 1967 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Moorland Square Shopping Ctr | New Berlin, WI | — | 2,080 | 9,034 | 1,226 | 2,080 | 10,260 | 12,340 | (3,517 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Paradise Pavilion | West Bend, WI | — | 1,510 | 15,442 | 1,078 | 1,510 | 16,520 | 18,030 | (6,425 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Moundsville Plaza | Moundsville, WV | — | 1,054 | 10,103 | 1,299 | 1,054 | 11,402 | 12,456 | (4,569 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Grand Central Plaza | Parkersburg, WV | — | 670 | 5,649 | 293 | 670 | 5,942 | 6,612 | (1,775 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
| Remaining portfolio | Various | — | 1,906 | — | 1,493 | 1,906 | 1,493 | 3,399 | (315 | ) | |||||||||||||||||||||||||||||
| $ | (7,000 | ) | $ | 1,788,041 | $ | 7,040,161 | $ | 1,270,575 | $ | 1,804,504 | $ | 8,294,273 | $ | 10,098,777 | $ | (2,349,127 | ) | ||||||||||||||||||||||
| (1) 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. | |||||||||||||||||||||||||||||||||||||||
The aggregate cost for Federalfederal income tax purposes was approximately $11.1$11.3 billion at December 31, 2018.2020.
| Year Ending December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| [a] Reconciliation of total real estate carrying value is as follows: | |||||||||||||||||
| Balance at beginning of year | $ | 10,123,600 | $ | 10,098,777 | $ | 10,921,491 | |||||||||||
| Acquisitions and improvements | 276,321 | 478,719 | 301,218 | ||||||||||||||
| Real estate held for sale | (21,927) | (36,836) | (4,148) | ||||||||||||||
| Impairment of real estate | (19,551) | (24,402) | (45,828) | ||||||||||||||
| Cost of property sold | (102,688) | (305,380) | (975,936) | ||||||||||||||
| Write-off of assets no longer in service | (92,194) | (87,278) | (98,020) | ||||||||||||||
| Balance at end of year | $ | 10,163,561 | $ | 10,123,600 | $ | 10,098,777 | |||||||||||
| [b] Reconciliation of accumulated depreciation as follows: | |||||||||||||||||
| Balance at beginning of year | $ | 2,481,250 | $ | 2,349,127 | $ | 2,361,070 | |||||||||||
| Depreciation expense | 295,645 | 299,993 | 320,490 | ||||||||||||||
| Property sold | (42,658) | (99,305) | (252,319) | ||||||||||||||
| Write-off of assets no longer in service | (74,789) | (68,565) | (80,114) | ||||||||||||||
| Balance at end of year | $ | 2,659,448 | $ | 2,481,250 | $ | 2,349,127 | |||||||||||
F-50
| Year Ending December 31, | |||||||||||
| 2018 | 2017 | 2016 | |||||||||
| [a] Reconciliation of total real estate carrying value is as follows: | |||||||||||
| Balance at beginning of period | $ | 10,921,491 | $ | 11,009,058 | $ | 10,932,850 | |||||
| Acquisitions and improvements | 301,218 | 408,570 | 236,590 | ||||||||
| Real estate held for sale | (4,148 | ) | (34,169 | ) | — | ||||||
| Impairment of real estate | (45,828 | ) | (27,300 | ) | (3,176 | ) | |||||
| Cost of property sold | (975,936 | ) | (358,972 | ) | (88,585 | ) | |||||
| Write-off of assets no longer in service | (98,020 | ) | (75,696 | ) | (68,621 | ) | |||||
| Balance at end of period | $ | 10,098,777 | $ | 10,921,491 | $ | 11,009,058 | |||||
| [b] Reconciliation of accumulated depreciation as follows: | |||||||||||
| Balance at beginning of period | $ | 2,361,070 | $ | 2,167,054 | $ | 1,880,685 | |||||
| Depreciation expense | 320,490 | 342,035 | 361,723 | ||||||||
| Property sold | (252,319 | ) | (87,169 | ) | (19,733 | ) | |||||
| Write-off of assets no longer in service | (80,114 | ) | (60,850 | ) | (55,621 | ) | |||||
| Balance at end of period | $ | 2,349,127 | $ | 2,361,070 | $ | 2,167,054 | |||||