Maryland | (Brixmor Property Group Inc.) | 45-2433192 | |||||||||
Delaware | (Brixmor Operating Partnership LP) | 80-0831163 | |||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share. | BRX | New York Stock Exchange |
Brixmor Property Group Inc. | Brixmor Operating Partnership LP | ||||||||||||||||||||||||||||
Large accelerated filer | ☑ | Non-accelerated filer | ☐ | Large accelerated filer | ☐ | Non-accelerated filer | ☑ | ||||||||||||||||||||||
Smaller reporting company | ☐ | Accelerated filer | ☐ | Smaller reporting company | ☐ | Accelerated filer | ☐ | ||||||||||||||||||||||
Emerging growth company | ☐ | Emerging growth company | ☐ |
Item No. | Page | |||||||
Part I | ||||||||
1. | Business | |||||||
1A. | Risk Factors | |||||||
1B. | Unresolved Staff Comments | |||||||
2. | Properties | |||||||
3. | Legal Proceedings | |||||||
4. | Mine Safety Disclosures | |||||||
Part II | ||||||||
5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||||
6. | Selected Financial Data | |||||||
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
7A. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
8 | Financial Statements and Supplementary Data | |||||||
9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |||||||
9A. | Controls and Procedures | |||||||
9B | Other Information | |||||||
Part III | ||||||||
10. | Directors, Executive Officers, and Corporate Governance | |||||||
11. | Executive Compensation | |||||||
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||
13. | Certain Relationships and Related Transactions, and Director Independence | |||||||
14. | Principal Accountant Fees and Services | |||||||
Part IV | ||||||||
15. | Exhibits and Financial Statement Schedules | |||||||
16. | Form 10-K Summary |
Item No. | Page | |
Part I | ||
1. | Business | |
1A. | Risk Factors | |
1B. | Unresolved Staff Comments | |
2. | Properties | |
3. | Legal Proceedings | |
4. | Mine Safety Disclosures | |
Part II | ||
5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
6. | Selected Financial Data | |
7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
7A. | Quantitative and Qualitative Disclosures about Market Risk | |
8 | Financial Statements and Supplementary Data | |
9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
9A. | Controls and Procedures | |
9B | Other Information | |
Part III | ||
10. | Directors, Executive Officers, and Corporate Governance | |
11. | Executive Compensation | |
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
13. | Certain Relationships and Related Transactions, and Director Independence | |
14. | Principal Accountant Fees and Services | |
Part IV | ||
15. | Exhibits and Financial Statement Schedules | |
16. | Form 10-K Summary |
Number of Shopping Centers | |||||
GLA (square feet) | |||||
$ | |||||
9.6 million | |||||
New Lease Volume (square feet)(2) | |||||
New, Renewal and | |||||
New Rent Spread(2)(3) | |||||
Percent Grocery-anchored Shopping Centers(4) | |||||
Percent of ABR in Top 50 U.S. MSAs | |||||
Average Effective Age(5) |
(1) ABR PSF is calculated as ABR divided by leased GLA, excluding the GLA of lessee-owned leasehold improvements. |
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 |
Retailer | Owned Leases | Leased GLA | Percent of GLA | ABR | Percent of ABR | ABR PSF(1) | ||||||||||||||
The TJX Companies, Inc. | 88 | 2,678,618 | 3.8 | % | $ | 30,664 | 3.4 | % | $ | 11.45 | ||||||||||
The Kroger Co. | 50 | 3,323,325 | 4.7 | % | 24,916 | 2.8 | % | 7.5 | ||||||||||||
Dollar Tree Stores, Inc. | 126 | 1,449,148 | 2.1 | % | 15,805 | 1.8 | % | 10.91 | ||||||||||||
Burlington Stores, Inc. | 22 | 1,230,948 | 1.7 | % | 12,419 | 1.4 | % | 10.09 | ||||||||||||
Publix Super Markets, Inc. | 29 | 1,279,135 | 1.8 | % | 12,102 | 1.4 | % | 9.46 | ||||||||||||
Ahold Delhaize | 21 | 1,163,367 | 1.6 | % | 12,091 | 1.3 | % | 10.39 | ||||||||||||
Ross Stores, Inc | 36 | 971,774 | 1.4 | % | 11,524 | 1.3 | % | 11.86 | ||||||||||||
L.A Fitness International, LLC | 15 | 618,290 | 0.9 | % | 11,298 | 1.3 | % | 18.27 | ||||||||||||
Albertson's Companies, Inc | 16 | 907,916 | 1.3 | % | 10,445 | 1.2 | % | 11.5 | ||||||||||||
Bed Bath & Beyond, Inc. | 32 | 791,126 | 1.1 | % | 9,821 | 1.1 | % | 12.41 | ||||||||||||
PetSmart, Inc. | 26 | 587,388 | 0.8 | % | 8,726 | 1.0 | % | 14.86 | ||||||||||||
Big Lots, Inc. | 35 | 1,150,510 | 1.6 | % | 7,758 | 0.9 | % | 6.74 | ||||||||||||
PETCO Animal Supplies, Inc. | 32 | 434,440 | 0.6 | % | 7,716 | 0.9 | % | 17.76 | ||||||||||||
Kohl's Corporation | 12 | 914,585 | 1.3 | % | 7,192 | 0.8 | % | 7.86 | ||||||||||||
Wal-Mart Stores, Inc. | 15 | 1,759,473 | 2.5 | % | 6,837 | 0.8 | % | 3.89 | ||||||||||||
Best Buy Co., Inc. | 13 | 537,660 | 0.8 | % | 6,793 | 0.8 | % | 12.63 | ||||||||||||
Ulta Beauty, Inc. | 26 | 295,778 | 0.4 | % | 6,779 | 0.8 | % | 22.92 | ||||||||||||
Party City Holdco Inc. | 34 | 482,332 | 0.7 | % | 6,742 | 0.8 | % | 13.98 | ||||||||||||
The Michaels Companies, Inc. | 24 | 541,541 | 0.8 | % | 6,546 | 0.7 | % | 12.09 | ||||||||||||
Office Depot, Inc. | 26 | 569,591 | 0.8 | % | 6,322 | 0.7 | % | 11.1 | ||||||||||||
TOP 20 RETAILERS | 678 | 21,686,945 | 30.7 | % | $ | 222,496 | 25.2 | % | $ | 10.26 |
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 | % |
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 | 48 | 7,914,008 | 86.6 | % | 90.2 | % | $ | 106,225 | $ | 15.37 | 11.9 | % | 11.2 | % | 11.9 | % | ||||||||||||||
2 | Texas | 52 | 8,039,742 | 90.9 | % | 94.2 | % | 102,363 | 14.49 | 12.9 | % | 11.4 | % | 11.4 | % | ||||||||||||||||
3 | California | 27 | 5,086,451 | 93.3 | % | 96.2 | % | 95,656 | 21.10 | 6.7 | % | 7.2 | % | 10.7 | % | ||||||||||||||||
4 | New York | 29 | 3,702,568 | 92.8 | % | 96.5 | % | 68,761 | 19.84 | 7.2 | % | 5.2 | % | 7.7 | % | ||||||||||||||||
5 | Pennsylvania | 27 | 5,109,108 | 87.8 | % | 90.6 | % | 65,918 | 17.21 | 6.7 | % | 7.2 | % | 7.4 | % | ||||||||||||||||
6 | North Carolina | 20 | 4,243,707 | 91.9 | % | 95.5 | % | 45,194 | 11.74 | 5.0 | % | 6.0 | % | 5.0 | % | ||||||||||||||||
7 | Georgia | 30 | 4,228,329 | 88.6 | % | 90.9 | % | 42,583 | 11.37 | 7.4 | % | 6.0 | % | 4.7 | % | ||||||||||||||||
8 | New Jersey | 16 | 2,825,936 | 88.5 | % | 93.4 | % | 41,703 | 16.77 | 4.0 | % | 4.0 | % | 4.7 | % | ||||||||||||||||
9 | Illinois | 15 | 3,604,521 | 83.0 | % | 86.0 | % | 40,706 | 13.86 | 3.7 | % | 5.1 | % | 4.5 | % | ||||||||||||||||
10 | Ohio | 16 | 3,299,558 | 87.8 | % | 90.6 | % | 36,419 | 14.04 | 4.0 | % | 4.7 | % | 4.1 | % | ||||||||||||||||
11 | Michigan | 16 | 2,997,110 | 92.4 | % | 94.2 | % | 35,585 | 13.21 | 4.0 | % | 4.2 | % | 4.0 | % | ||||||||||||||||
12 | Connecticut | 12 | 1,850,585 | 91.2 | % | 91.4 | % | 26,118 | 15.46 | 3.0 | % | 2.6 | % | 2.9 | % | ||||||||||||||||
13 | Tennessee | 9 | 2,037,716 | 95.6 | % | 96.6 | % | 23,069 | 11.89 | 2.2 | % | 2.9 | % | 2.6 | % | ||||||||||||||||
14 | Colorado | 7 | 1,595,976 | 89.4 | % | 94.4 | % | 21,530 | 15.18 | 1.8 | % | 2.3 | % | 2.4 | % | ||||||||||||||||
15 | Massachusetts | 10 | 1,742,928 | 89.7 | % | 93.0 | % | 19,405 | 15.97 | 2.5 | % | 2.5 | % | 2.2 | % | ||||||||||||||||
16 | Kentucky | 7 | 1,683,399 | 93.7 | % | 98.1 | % | 17,996 | 12.11 | 1.8 | % | 2.4 | % | 2.0 | % | ||||||||||||||||
17 | Minnesota | 9 | 1,377,429 | 85.4 | % | 90.8 | % | 16,255 | 14.05 | 2.2 | % | 1.9 | % | 1.8 | % | ||||||||||||||||
18 | South Carolina | 7 | 1,310,223 | 93.6 | % | 94.8 | % | 15,591 | 12.83 | 1.8 | % | 1.9 | % | 1.7 | % | ||||||||||||||||
19 | Indiana | 8 | 1,538,030 | 89.7 | % | 90.2 | % | 14,902 | 11.99 | 2.0 | % | 2.2 | % | 1.7 | % | ||||||||||||||||
20 | Virginia | 7 | 1,017,100 | 91.9 | % | 93.5 | % | 11,303 | 12.90 | 1.8 | % | 1.4 | % | 1.3 | % | ||||||||||||||||
21 | New Hampshire | 5 | 778,528 | 78.8 | % | 81.1 | % | 8,014 | 13.20 | 1.3 | % | 1.1 | % | 0.9 | % | ||||||||||||||||
22 | Wisconsin | 4 | 686,770 | 74.3 | % | 75.8 | % | 6,083 | 11.69 | 1.0 | % | 1.0 | % | 0.7 | % | ||||||||||||||||
23 | Maryland | 3 | 412,013 | 76.2 | % | 83.3 | % | 5,666 | 16.50 | 0.7 | % | 0.6 | % | 0.6 | % | ||||||||||||||||
24 | Missouri | 5 | 655,984 | 92.5 | % | 93.6 | % | 5,325 | 8.85 | 1.2 | % | 0.9 | % | 0.6 | % | ||||||||||||||||
25 | Alabama | 1 | 415,636 | 66.4 | % | 77.5 | % | 3,900 | 12.42 | 0.2 | % | 0.6 | % | 0.4 | % | ||||||||||||||||
26 | Kansas | 2 | 378,962 | 92.5 | % | 95.5 | % | 3,530 | 12.55 | 0.5 | % | 0.5 | % | 0.4 | % | ||||||||||||||||
27 | Iowa | 2 | 512,825 | 97.1 | % | 98.3 | % | 3,311 | 6.63 | 0.5 | % | 0.7 | % | 0.4 | % | ||||||||||||||||
28 | West Virginia | 2 | 251,500 | 96.0 | % | 96.0 | % | 2,087 | 8.64 | 0.5 | % | 0.4 | % | 0.2 | % | ||||||||||||||||
29 | Arizona | 1 | 165,350 | 100.0 | % | 100.0 | % | 2,046 | 12.37 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||
30 | Vermont | 1 | 223,314 | 100.0 | % | 100.0 | % | 1,943 | 8.82 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
31 | Oklahoma | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,894 | 10.14 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
32 | Delaware | 1 | 191,974 | 52.2 | % | 82.3 | % | 1,845 | 11.68 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||
33 | Maine | 1 | 287,513 | 89.3 | % | 89.3 | % | 1,777 | 20.10 | 0.2 | % | 0.4 | % | 0.2 | % | ||||||||||||||||
34 | Louisiana | 2 | 279,159 | 66.0 | % | 77.5 | % | 1,261 | 5.83 | 0.5 | % | 0.4 | % | 0.1 | % | ||||||||||||||||
TOTAL | 403 | 70,630,803 | 89.3 | % | 92.4 | % | $ | 895,964 | $ | 14.74 | 100.0 | % | 100.0 | % | 100.0 | % |
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 of GLA | Percent Billed | Percent Leased | ABR | ABR PSF(1) | ||||||||||||||||
≥ 35,000 SF | 458 | 26,884,686 | 38.1 | % | 93.5 | % | 95.4 | % | $ | 230,237 | $ | 10.37 | ||||||||||
20,000 – 34,999 SF | 511 | 13,457,423 | 19.0 | % | 91.1 | % | 95.7 | % | 138,883 | 10.90 | ||||||||||||
10,000 – 19,999 SF | 628 | 8,618,388 | 12.2 | % | 90.9 | % | 93.7 | % | 112,571 | 14.29 | ||||||||||||
5,000 – 9,999 SF | 1,168 | 8,040,595 | 11.4 | % | 83.9 | % | 87.9 | % | 122,448 | 18.15 | ||||||||||||
< 5,000 SF | 6,455 | 13,629,711 | 19.3 | % | 81.5 | % | 85.1 | % | 291,825 | 26.00 | ||||||||||||
TOTAL | 9,220 | 70,630,803 | 100.0 | % | 89.3 | % | 92.4 | % | $ | 895,964 | $ | 14.74 | ||||||||||
TOTAL ≥ 10,000 SF | 1,597 | 48,960,497 | 69.3 | % | 92.4 | % | 95.2 | % | $ | 481,691 | $ | 11.25 | ||||||||||
TOTAL < 10,000 SF | 7,623 | 21,670,306 | 30.7 | % | 82.4 | % | 86.2 | % | 414,273 | 23.05 |
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 | 325 | 887,084 | 1.4 | % | 1.5 | % | $ | 15.19 | $ | 15.19 | ||||||||||
2020 | 1,091 | 6,214,872 | 9.5 | % | 9.0 | % | 12.93 | 12.93 | ||||||||||||
2021 | 1,175 | 8,004,262 | 12.2 | % | 11.6 | % | 13.03 | 13.10 | ||||||||||||
2022 | 1,147 | 8,330,634 | 12.7 | % | 12.7 | % | 13.69 | 13.93 | ||||||||||||
2023 | 977 | 6,860,133 | 10.5 | % | 10.9 | % | 14.17 | 14.54 | ||||||||||||
2024 | 1,026 | 9,244,133 | 14.2 | % | 13.1 | % | 12.69 | 13.03 | ||||||||||||
2025 | 567 | 6,183,680 | 9.5 | % | 8.7 | % | 12.57 | 13.50 | ||||||||||||
2026 | 339 | 3,308,825 | 5.1 | % | 5.5 | % | 15.00 | 16.46 | ||||||||||||
2027 | 337 | 3,017,915 | 4.6 | % | 5.1 | % | 15.14 | 16.98 | ||||||||||||
2028 | 294 | 2,624,351 | 4.0 | % | 4.7 | % | 16.20 | 18.09 | ||||||||||||
2029 | 365 | 3,631,364 | 5.6 | % | 6.1 | % | 15.02 | 16.90 | ||||||||||||
2030+ | 447 | 6,967,222 | 10.7 | % | 11.1 | % | 14.23 | 16.44 |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Revenues | ||||||||||||||||||||
Rental income | $ | 1,166,379 | $ | 1,233,068 | $ | 1,281,724 | $ | 1,273,669 | $ | 1,262,344 | ||||||||||
Other revenues | 1,879 | 1,272 | 1,456 | 2,103 | 3,636 | |||||||||||||||
Total revenues | 1,168,258 | 1,234,340 | 1,283,180 | 1,275,772 | 1,265,980 | |||||||||||||||
Operating expenses | ||||||||||||||||||||
Operating costs | 124,876 | 136,217 | 136,092 | 133,429 | 129,477 | |||||||||||||||
Real estate taxes | 170,988 | 177,401 | 179,097 | 174,487 | 180,911 | |||||||||||||||
Depreciation and amortization | 332,431 | 352,245 | 375,028 | 387,302 | 417,935 | |||||||||||||||
Provision for doubtful accounts | — | 10,082 | 5,323 | 9,182 | 9,540 | |||||||||||||||
Impairment of real estate assets | 24,402 | 53,295 | 40,104 | 5,154 | 1,005 | |||||||||||||||
General and administrative | 102,309 | 93,596 | 92,247 | 92,248 | 98,454 | |||||||||||||||
Total operating expenses | 755,006 | 822,836 | 827,891 | 801,802 | 837,322 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Dividends and interest | 699 | 519 | 365 | 542 | 315 | |||||||||||||||
Interest expense | (189,775 | ) | (215,025 | ) | (226,660 | ) | (226,671 | ) | (245,012 | ) | ||||||||||
Gain on sale of real estate assets | 54,767 | 209,168 | 68,847 | 35,613 | 11,744 | |||||||||||||||
Gain (loss) on extinguishment of debt, net | (1,620 | ) | (37,096 | ) | 498 | (832 | ) | 1,720 | ||||||||||||
Other | (2,550 | ) | (2,786 | ) | (2,907 | ) | (4,957 | ) | (348 | ) | ||||||||||
Total other expense | (138,479 | ) | (45,220 | ) | (159,857 | ) | (196,305 | ) | (231,581 | ) | ||||||||||
Income before equity in income of unconsolidated joint venture | 274,773 | 366,284 | 295,432 | 277,665 | 197,077 | |||||||||||||||
Equity in income of unconsolidated joint venture | — | — | 381 | 477 | 459 | |||||||||||||||
Gain on disposition of unconsolidated joint venture interest | — | — | 4,556 | — | — | |||||||||||||||
Net income | 274,773 | 366,284 | 300,369 | 278,142 | 197,536 | |||||||||||||||
Net income attributable to non-controlling interests | — | — | (76 | ) | (2,514 | ) | (3,816 | ) | ||||||||||||
Net income attributable to Brixmor Property Group Inc. | 274,773 | 366,284 | 300,293 | 275,628 | 193,720 | |||||||||||||||
Preferred stock dividends | — | — | (39 | ) | (150 | ) | (150 | ) | ||||||||||||
Net income attributable to common stockholders | $ | 274,773 | $ | 366,284 | $ | 300,254 | $ | 275,478 | $ | 193,570 | ||||||||||
Per common share: | ||||||||||||||||||||
Net income attributable to common stockholders: | ||||||||||||||||||||
Basic | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | ||||||||||
Diluted | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | ||||||||||
Weighted average shares: | ||||||||||||||||||||
Basic | 298,229 | 302,074 | 304,834 | 301,601 | 298,004 | |||||||||||||||
Diluted | 299,334 | 302,339 | 305,281 | 305,060 | 305,017 | |||||||||||||||
Cash dividends declared per common share | $ | 1.125 | $ | 1.105 | $ | 1.055 | $ | 0.995 | $ | 0.92 |
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 |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||
SELECT BALANCE SHEET INFORMATION | SELECT BALANCE SHEET INFORMATION | SELECT BALANCE SHEET INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet data as of the end of each year | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate, net | $ | 7,642,350 | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | $ | 9,052,165 | Real estate, net | $ | 7,504,113 | $ | 7,642,350 | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | ||||||||||||||||||||||||||||||||
Total assets | $ | 8,142,496 | $ | 8,242,421 | $ | 9,153,926 | $ | 9,319,685 | $ | 9,498,007 | Total assets | $ | 8,342,147 | $ | 8,142,496 | $ | 8,242,421 | $ | 9,153,926 | $ | 9,319,685 | ||||||||||||||||||||||||||||||||
Debt obligations, net(1) | $ | 4,861,185 | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | $ | 5,974,266 | Debt obligations, net(1) | $ | 5,167,330 | $ | 4,861,185 | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 5,398,639 | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | $ | 6,577,705 | Total liabilities | $ | 5,661,446 | $ | 5,398,639 | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | ||||||||||||||||||||||||||||||||
Total equity | $ | 2,743,857 | $ | 2,836,099 | $ | 2,908,348 | $ | 2,927,160 | $ | 2,920,302 | Total equity | $ | 2,680,701 | $ | 2,743,857 | $ | 2,836,099 | $ | 2,908,348 | $ | 2,927,160 |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands, except per unit data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Revenues | ||||||||||||||||||||
Rental income | $ | 1,166,379 | $ | 1,233,068 | $ | 1,281,724 | $ | 1,273,669 | $ | 1,262,344 | ||||||||||
Other revenues | 1,879 | 1,272 | 1,456 | 2,103 | 3,636 | |||||||||||||||
Total revenues | 1,168,258 | 1,234,340 | 1,283,180 | 1,275,772 | 1,265,980 | |||||||||||||||
Operating expenses | ||||||||||||||||||||
Operating costs | 124,876 | 136,217 | 136,092 | 133,429 | 129,477 | |||||||||||||||
Real estate taxes | 170,988 | 177,401 | 179,097 | 174,487 | 180,911 | |||||||||||||||
Depreciation and amortization | 332,431 | 352,245 | 375,028 | 387,302 | 417,935 | |||||||||||||||
Provision for doubtful accounts | — | 10,082 | 5,323 | 9,182 | 9,540 | |||||||||||||||
Impairment of real estate assets | 24,402 | 53,295 | 40,104 | 5,154 | 1,005 | |||||||||||||||
General and administrative | 102,309 | 93,596 | 92,247 | 92,248 | 98,454 | |||||||||||||||
Total operating expenses | 755,006 | 822,836 | 827,891 | 801,802 | 837,322 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Dividends and interest | 699 | 519 | 365 | 542 | 315 | |||||||||||||||
Interest expense | (189,775 | ) | (215,025 | ) | (226,660 | ) | (226,671 | ) | (245,012 | ) | ||||||||||
Gain on sale of real estate assets | 54,767 | 209,168 | 68,847 | 35,613 | 11,744 | |||||||||||||||
Gain (loss) on extinguishment of debt, net | (1,620 | ) | (37,096 | ) | 498 | (832 | ) | 1,720 | ||||||||||||
Other | (2,550 | ) | (2,786 | ) | (2,907 | ) | (4,957 | ) | (348 | ) | ||||||||||
Total other expense | (138,479 | ) | (45,220 | ) | (159,857 | ) | (196,305 | ) | (231,581 | ) | ||||||||||
Income before equity in income of unconsolidated joint venture | 274,773 | 366,284 | 295,432 | 277,665 | 197,077 | |||||||||||||||
Equity in income of unconsolidated joint venture | — | — | 381 | 477 | 459 | |||||||||||||||
Gain on disposition of unconsolidated joint venture interest | — | — | 4,556 | — | — | |||||||||||||||
Net income | $ | 274,773 | $ | 366,284 | $ | 300,369 | $ | 278,142 | $ | 197,536 | ||||||||||
Per common unit: | ||||||||||||||||||||
Net income: | ||||||||||||||||||||
Basic | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | ||||||||||
Diluted | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | $ | 0.65 | ||||||||||
Weighted average units: | ||||||||||||||||||||
Basic | 298,229 | 302,074 | 304,913 | 304,600 | 303,992 | |||||||||||||||
Diluted | 299,334 | 302,339 | 305,281 | 305,059 | 305,017 |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||
SELECT BALANCE SHEET INFORMATION | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Balance sheet data as of the end of each year | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Real estate, net | $ | 7,642,350 | $ | 7,749,650 | $ | 8,560,421 | $ | 8,842,004 | $ | 9,052,165 | |||||||||||
Total assets | $ | 8,142,480 | $ | 8,242,075 | $ | 9,153,677 | $ | 9,319,434 | $ | 9,497,775 | |||||||||||
Debt obligations, net(1) | $ | 4,861,185 | $ | 4,885,863 | $ | 5,676,238 | $ | 5,838,889 | $ | 5,974,266 | |||||||||||
Total liabilities | $ | 5,398,639 | $ | 5,406,322 | $ | 6,245,578 | $ | 6,392,525 | $ | 6,577,705 | |||||||||||
Total capital | $ | 2,743,841 | $ | 2,835,753 | $ | 2,908,099 | $ | 2,926,909 | $ | 2,920,070 |
BRIXMOR OPERATING PARTNERSHIP LP AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
(in thousands, except per unit 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 per common unit: | |||||||||||||||||||||||||||||
Basic | $ | 0.41 | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||||||||||||||||
Diluted | $ | 0.41 | $ | 0.92 | $ | 1.21 | $ | 0.98 | $ | 0.91 | |||||||||||||||||||
Weighted average units: | |||||||||||||||||||||||||||||
Basic | 296,972 | 298,229 | 302,074 | 304,913 | 304,600 | ||||||||||||||||||||||||
Diluted | 297,899 | 299,334 | 302,339 | 305,281 | 305,059 |
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 |
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 | % |
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, 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 | % |
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, | |||||||||||
2019 | 2018 | $ Change | |||||||||
Revenues | |||||||||||
Rental income | $ | 1,166,379 | $ | 1,233,068 | $ | (66,689 | ) | ||||
Other revenues | 1,879 | 1,272 | 607 | ||||||||
Total revenues | $ | 1,168,258 | $ | 1,234,340 | $ | (66,082 | ) |
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, | |||||||||||
2019 | 2018 | $ Change | |||||||||
Operating expenses | |||||||||||
Operating costs | $ | 124,876 | $ | 136,217 | $ | (11,341 | ) | ||||
Real estate taxes | 170,988 | 177,401 | (6,413 | ) | |||||||
Depreciation and amortization | 332,431 | 352,245 | (19,814 | ) | |||||||
Provision for doubtful accounts | — | 10,082 | (10,082 | ) | |||||||
Impairment of real estate assets | 24,402 | 53,295 | (28,893 | ) | |||||||
General and administrative | 102,309 | 93,596 | 8,713 | ||||||||
Total operating expenses | $ | 755,006 | $ | 822,836 | $ | (67,830 | ) |
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, | |||||||||||
2019 | 2018 | $ Change | |||||||||
Other income (expense) | |||||||||||
Dividends and interest | $ | 699 | $ | 519 | $ | 180 | |||||
Interest expense | (189,775 | ) | (215,025 | ) | 25,250 | ||||||
Gain on sale of real estate assets | 54,767 | 209,168 | (154,401 | ) | |||||||
Loss on extinguishment of debt, net | (1,620 | ) | (37,096 | ) | 35,476 | ||||||
Other | (2,550 | ) | (2,786 | ) | 236 | ||||||
Total other expense | $ | (138,479 | ) | $ | (45,220 | ) | $ | (93,259 | ) |
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, | |||||||
2019 | 2018 | ||||||
Cash flows provided by operating activities | $ | 528,672 | $ | 541,689 | |||
Cash flows provided by (used in) investing activities | (172,064 | ) | 669,603 | ||||
Cash flows used in financing activities | (385,850 | ) | (1,271,304 | ) |
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, | |||||||
2019 | 2018 | ||||||
Cash flows provided by operating activities | $ | 528,672 | $ | 541,689 | |||
Cash flows provided by (used in) investing activities | (172,285 | ) | 669,605 | ||||
Cash flows used in financing activities | (385,519 | ) | (1,271,402 | ) |
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 |
Contractual Obligations (in thousands) | Payment due by period | |||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||||||||||
Debt(1) | $ | — | $ | — | $ | 750,000 | $ | 857,000 | $ | 807,000 | $ | 2,468,453 | $ | 4,882,453 | ||||||||||||||
Interest payments(2) | 180,059 | 181,403 | 176,495 | 155,769 | 115,359 | 233,115 | 1,042,200 | |||||||||||||||||||||
Operating leases | 7,036 | 7,066 | 7,115 | 5,611 | 5,246 | 25,560 | 57,634 | |||||||||||||||||||||
Total | $ | 187,095 | $ | 188,469 | $ | 933,610 | $ | 1,018,380 | $ | 927,605 | $ | 2,727,128 | $ | 5,982,287 |
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, | |||||||
2019 | 2018 | ||||||
Net income | $ | 274,773 | $ | 366,284 | |||
Depreciation and amortization related to real estate | 328,534 | 347,862 | |||||
Gain on sale of real estate assets | (54,767 | ) | (209,168 | ) | |||
Impairment of real estate assets | 24,402 | 53,295 | |||||
NAREIT FFO | $ | 572,942 | $ | 558,273 | |||
NAREIT FFO per diluted share | $ | 1.91 | $ | 1.85 | |||
Weighted average diluted shares outstanding | 299,334 | 302,339 |
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) |
Year Ended December 31, | ||||||||||||||
2019 | 2018 | Change | ||||||||||||
Number of properties | 397 | 397 | — | |||||||||||
Percent billed | 89.6 | % | 88.2 | % | 1.4 | % | ||||||||
Percent leased | 92.7 | % | 91.8 | % | 0.9 | % | ||||||||
Revenues | ||||||||||||||
Rental income | $ | 1,087,370 | $ | 1,068,026 | $ | 19,344 | ||||||||
Other revenues | 1,856 | 1,146 | 710 | |||||||||||
1,089,226 | 1,069,172 | 20,054 | ||||||||||||
Operating expenses | ||||||||||||||
Operating costs | (120,994 | ) | (123,561 | ) | 2,567 | |||||||||
Real estate taxes | (164,875 | ) | (160,419 | ) | (4,456 | ) | ||||||||
Provision for doubtful accounts | — | (8,515 | ) | 8,515 | ||||||||||
(285,869 | ) | (292,495 | ) | 6,626 | ||||||||||
Same property NOI | $ | 803,357 | $ | 776,677 | $ | 26,680 |
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, | |||||||
2019 | 2018 | ||||||
Net income | $ | 274,773 | $ | 366,284 | |||
Adjustments: | |||||||
Non-same property NOI | (27,193 | ) | (91,757 | ) | |||
Lease termination fees | (3,314 | ) | (3,672 | ) | |||
Straight-line rental income, net | (23,427 | ) | (15,352 | ) | |||
Accretion of above- and below-market leases and tenant inducements, net | (15,230 | ) | (23,313 | ) | |||
Straight-line ground rent expense | 127 | 131 | |||||
Depreciation and amortization | 332,431 | 352,245 | |||||
Impairment of real estate assets | 24,402 | 53,295 | |||||
General and administrative | 102,309 | 93,596 | |||||
Total other income (expense) | 138,479 | 45,220 | |||||
Same property NOI | $ | 803,357 | $ | 776,677 |
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 |
(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 | % | — | % | — | % | — | % |
(dollars in thousands) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Secured Debt | ||||||||||||||||||||||||||||||||
Fixed rate | $ | — | $ | — | $ | — | $ | — | $ | 7,000 | $ | — | $ | 7,000 | $ | 7,306 | ||||||||||||||||
Weighted average interest rate(1) | 4.40 | % | 4.40 | % | 4.40 | % | 4.40 | % | — | % | — | % | ||||||||||||||||||||
Unsecured Debt | ||||||||||||||||||||||||||||||||
Fixed rate | $ | — | $ | — | $ | 500,000 | $ | 500,000 | $ | 500,000 | $ | 2,468,453 | $ | 3,968,453 | $ | 4,422,513 | ||||||||||||||||
Weighted average interest rate(1) | 3.87 | % | 3.87 | % | 3.87 | % | 3.97 | % | 4.03 | % | 4.03 | % | ||||||||||||||||||||
Variable rate(2)(3) | $ | — | $ | — | $ | 250,000 | $ | 357,000 | $ | 300,000 | $ | — | $ | 907,000 | $ | 658,490 | ||||||||||||||||
Weighted average interest rate(1)(2) | 2.89 | % | 2.89 | % | 3.05 | % | 3.86 | % | — | % | — | % |
Credit Spread Grid | ||||||||||
As of December 31, 2019 | 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) | 1.74% | 1.10% | 2.84% | 0.78% – 1.45% | 0.00% – 0.45% | |||||
$350 Million Term Loan | 1.69% | 1.25% | 2.94% | 0.85% – 1.65% | 0.00% – 0.65% | |||||
$300 Million Term Loan | 1.69% | 1.25% | 2.94% | 0.85% – 1.65% | 0.00% – 0.65% | |||||
2022 Notes | 1.91% | 1.05% | 2.96% | N/A | N/A |
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 |
As of December 31, 2019 | ||||||||||
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% |
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% |
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 Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statement of Changes in Equity for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 | F- | |||||||
Brixmor Operating Partnership LP: | ||||||||
Consolidated Balance Sheets as of December 31, | F- | |||||||
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statement of Changes in Capital for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 | 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. |
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 |
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 |
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 | ||||||||
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 | |||||||
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 |
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 |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
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 | ||||||||
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 |
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 |
Incorporated by Reference | ||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||
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 | ||||||||
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 | ||||||||
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 | |||||||
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 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Date of Filing | Exhibit Number | Filed Herewith | ||||||||||||||||||||||||||||||||
— | — | — | — | 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 |
BRIXMOR PROPERTY GROUP INC. | ||||||||
Date: February | By: | /s/ James M. Taylor | ||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) | ||||||||
BRIXMOR OPERATING PARTNERSHIP LP | ||||||||
Date: February | By: | /s/ James M. Taylor | ||||||
James M. Taylor | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) |
Date: February | 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, 2021 | By: | /s/ Angela Aman | ||||||
Angela Aman | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: February | By: | /s/ Steven Gallagher | ||||||
Steven Gallagher | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) | ||||||||
Date: February 11, 2021 | By: | /s/ John G. Schreiber | ||||||
John G. Schreiber | ||||||||
Chairman of the Board of Directors | ||||||||
Date: February 11, 2021 | By: | /s/ Michael Berman | ||||||
Michael Berman | ||||||||
Director | ||||||||
Date: February 11, 2021 | By: | /s/ Sheryl M. Crosland | ||||||
Sheryl M. Crosland | ||||||||
Director | ||||||||
Date: February 11, 2021 | By: | /s/ Thomas W. Dickson | ||||||
Thomas W. Dickson | ||||||||
Director | ||||||||
Date: February 11, 2021 | By: | /s/ Daniel B. Hurwitz | ||||||
Daniel B. Hurwitz | ||||||||
Director | ||||||||
Date: February 11, 2021 | By: | /s/ William D. Rahm | ||||||
William D. Rahm | ||||||||
Director | ||||||||
Date: February 11, 2021 | By: | /s/ Gabrielle Sulzberger | ||||||
Gabrielle Sulzberger | ||||||||
Director | ||||||||
Date: February 11, 2021 | By: | /s/ Juliann Bowerman | ||||||
Juliann Bowerman | ||||||||
Director |
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 Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 | F- | |||||||
Brixmor Operating Partnership LP: | ||||||||
Consolidated Balance Sheets as of December 31, | F- | |||||||
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Changes in Capital for the Years Ended December 31, 2020, 2019 | F- | |||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 | 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. |
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. |
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. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except share information) | |||||||
December 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Real estate | |||||||
Land | $ | 1,767,029 | $ | 1,804,504 | |||
Buildings and improvements | 8,356,571 | 8,294,273 | |||||
10,123,600 | 10,098,777 | ||||||
Accumulated depreciation and amortization | (2,481,250 | ) | (2,349,127 | ) | |||
Real estate, net | 7,642,350 | 7,749,650 | |||||
Cash and cash equivalents | 19,097 | 41,745 | |||||
Restricted cash | 2,426 | 9,020 | |||||
Marketable securities | 18,054 | 30,243 | |||||
Receivables, net | 234,246 | 228,297 | |||||
Deferred charges and prepaid expenses, net | 143,973 | 145,662 | |||||
Real estate assets held for sale | 22,171 | 2,901 | |||||
Other assets | 60,179 | 34,903 | |||||
Total assets | $ | 8,142,496 | $ | 8,242,421 | |||
Liabilities | |||||||
Debt obligations, net | $ | 4,861,185 | $ | 4,885,863 | |||
Accounts payable, accrued expenses and other liabilities | 537,454 | 520,459 | |||||
Total liabilities | 5,398,639 | 5,406,322 | |||||
Commitments and contingencies (Note 15) | — | — | |||||
Equity | |||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; 305,334,144 and 305,130,472 shares issued and 297,857,267 and 298,488,516 shares outstanding | 2,979 | 2,985 | |||||
Additional paid-in capital | 3,230,625 | 3,233,329 | |||||
Accumulated other comprehensive income (loss) | (9,543 | ) | 15,973 | ||||
Distributions in excess of net income | (480,204 | ) | (416,188 | ) | |||
Total equity | 2,743,857 | 2,836,099 | |||||
Total liabilities and equity | $ | 8,142,496 | $ | 8,242,421 | |||
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. |
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. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(in thousands, except per share data) | |||||||||||
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenues | |||||||||||
Rental income | $ | 1,166,379 | $ | 1,233,068 | $ | 1,281,724 | |||||
Other revenues | 1,879 | 1,272 | 1,456 | ||||||||
Total revenues | 1,168,258 | 1,234,340 | 1,283,180 | ||||||||
Operating expenses | |||||||||||
Operating costs | 124,876 | 136,217 | 136,092 | ||||||||
Real estate taxes | 170,988 | 177,401 | 179,097 | ||||||||
Depreciation and amortization | 332,431 | 352,245 | 375,028 | ||||||||
Provision for doubtful accounts | — | 10,082 | 5,323 | ||||||||
Impairment of real estate assets | 24,402 | 53,295 | 40,104 | ||||||||
General and administrative | 102,309 | 93,596 | 92,247 | ||||||||
Total operating expenses | 755,006 | 822,836 | 827,891 | ||||||||
Other income (expense) | |||||||||||
Dividends and interest | 699 | 519 | 365 | ||||||||
Interest expense | (189,775 | ) | (215,025 | ) | (226,660 | ) | |||||
Gain on sale of real estate assets | 54,767 | 209,168 | 68,847 | ||||||||
Gain (loss) on extinguishment of debt, net | (1,620 | ) | (37,096 | ) | 498 | ||||||
Other | (2,550 | ) | (2,786 | ) | (2,907 | ) | |||||
Total other expense | (138,479 | ) | (45,220 | ) | (159,857 | ) | |||||
Income before equity in income of unconsolidated joint venture | 274,773 | 366,284 | 295,432 | ||||||||
Equity in income of unconsolidated joint venture | — | — | 381 | ||||||||
Gain on disposition of unconsolidated joint venture interest | — | — | 4,556 | ||||||||
Net income | 274,773 | 366,284 | 300,369 | ||||||||
Net income attributable to non-controlling interests | — | — | (76 | ) | |||||||
Net income attributable to Brixmor Property Group Inc. | 274,773 | 366,284 | 300,293 | ||||||||
Preferred stock dividends | — | — | (39 | ) | |||||||
Net income attributable to common stockholders | $ | 274,773 | $ | 366,284 | $ | 300,254 | |||||
Net income attributable to common stockholders per common share: | |||||||||||
Basic | $ | 0.92 | $ | 1.21 | $ | 0.98 | |||||
Diluted | $ | 0.92 | $ | 1.21 | $ | 0.98 | |||||
Weighted average shares: | |||||||||||
Basic | 298,229 | 302,074 | 304,834 | ||||||||
Diluted | 299,334 | 302,339 | 305,281 | ||||||||
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. |
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. |
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. |
BRIXMOR PROPERTY GROUP INC. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
(in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Other comprehensive income (loss) | |||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | (25,713 | ) | (8,361 | ) | 2,815 | ||||||
Change in unrealized gain (loss) on marketable securities | 197 | 123 | (123 | ) | |||||||
Total other comprehensive income (loss) | (25,516 | ) | (8,238 | ) | 2,692 | ||||||
Comprehensive income | 249,257 | 358,046 | 303,061 | ||||||||
Comprehensive income attributable to non-controlling interests | — | — | (76 | ) | |||||||
Comprehensive income attributable to common stockholders | $ | 249,257 | $ | 358,046 | $ | 302,985 | |||||
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. |
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. |
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. |
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, 2017 | 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 | ||||||||||||||||||
ASC 842 cumulative adjustment | — | — | — | — | (1,974 | ) | — | (1,974 | ) | |||||||||||||||||
Common stock dividends ($1.125 per common share) | — | — | — | — | (336,815 | ) | — | (336,815 | ) | |||||||||||||||||
Equity based 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 | |||||||||||
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, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating activities: | |||||||||||
Net income | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 332,431 | 352,245 | 375,028 | ||||||||
Debt premium and discount amortization | 966 | (2,572 | ) | (5,323 | ) | ||||||
Deferred financing cost amortization | 7,063 | 6,601 | 6,971 | ||||||||
Accretion of above- and below-market leases, net | (18,824 | ) | (26,566 | ) | (29,634 | ) | |||||
Impairment of real estate assets | 24,402 | 53,295 | 40,104 | ||||||||
Gain on sale of real estate assets | (54,767 | ) | (209,168 | ) | (68,847 | ) | |||||
Gain on disposition of unconsolidated joint venture interest | — | — | (4,556 | ) | |||||||
Equity based compensation | 12,661 | 9,378 | 10,477 | ||||||||
Other | 3,600 | 3,424 | 2,511 | ||||||||
(Gain) loss on extinguishment of debt, net | 1,620 | 37,096 | (498 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net | (26,999 | ) | (12,312 | ) | (26,458 | ) | |||||
Deferred charges and prepaid expenses | (30,702 | ) | (40,575 | ) | (53,316 | ) | |||||
Other assets | (179 | ) | 3,735 | (3,575 | ) | ||||||
Accounts payable, accrued expenses and other liabilities | 2,627 | 824 | 8,695 | ||||||||
Net cash provided by operating activities | 528,672 | 541,689 | 551,948 | ||||||||
Investing activities: | |||||||||||
Improvements to and investments in real estate assets | (395,095 | ) | (268,689 | ) | (202,873 | ) | |||||
Acquisitions of real estate assets | (79,634 | ) | (17,447 | ) | (190,487 | ) | |||||
Proceeds from sales of real estate assets | 290,153 | 957,955 | 330,757 | ||||||||
Proceeds from sale of unconsolidated joint venture interest | — | — | 12,369 | ||||||||
Purchase of marketable securities | (37,781 | ) | (33,096 | ) | (28,263 | ) | |||||
Proceeds from sale of marketable securities | 50,293 | 30,880 | 25,623 | ||||||||
Net cash provided by (used in) investing activities | (172,064 | ) | 669,603 | (52,874 | ) | ||||||
Financing activities: | |||||||||||
Repayment of secured debt obligations | — | (895,717 | ) | (409,575 | ) | ||||||
Repayment of borrowings under unsecured revolving credit facility | (586,000 | ) | (194,000 | ) | (603,000 | ) | |||||
Proceeds from borrowings under unsecured revolving credit facility | 287,000 | 500,000 | 481,000 | ||||||||
Proceeds from unsecured term loans and notes | 771,623 | 250,000 | 1,193,916 | ||||||||
Repayment of borrowings under unsecured term loans | (500,000 | ) | (435,000 | ) | (815,000 | ) | |||||
Deferred financing and debt extinguishment costs | (7,294 | ) | (56,598 | ) | (11,142 | ) | |||||
Distributions to common stockholders | (334,895 | ) | (333,411 | ) | (317,389 | ) | |||||
Distributions to non-controlling interests | — | — | (1,390 | ) | |||||||
Repurchases of common shares | (14,563 | ) | (104,700 | ) | (5,872 | ) | |||||
Repurchases of common shares in conjunction with equity award plans | (1,721 | ) | (1,878 | ) | (2,714 | ) | |||||
Net cash used in financing activities | (385,850 | ) | (1,271,304 | ) | (491,166 | ) | |||||
Net change in cash, cash equivalents and restricted cash | (29,242 | ) | (60,012 | ) | 7,908 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 50,765 | 110,777 | 102,869 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,523 | $ | 50,765 | $ | 110,777 | |||||
Reconciliation to consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 19,097 | $ | 41,745 | $ | 56,938 | |||||
Restricted cash | 2,426 | 9,020 | 53,839 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,523 | $ | 50,765 | $ | 110,777 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amount capitalized of $3,480, $2,478 and $2,945 | $ | 178,890 | $ | 212,889 | $ | 223,198 | |||||
State and local taxes paid | 2,134 | 2,180 | 2,199 | ||||||||
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, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Real estate | |||||||
Land | $ | 1,767,029 | $ | 1,804,504 | |||
Buildings and improvements | 8,356,571 | 8,294,273 | |||||
10,123,600 | 10,098,777 | ||||||
Accumulated depreciation and amortization | (2,481,250 | ) | (2,349,127 | ) | |||
Real estate, net | 7,642,350 | 7,749,650 | |||||
Cash and cash equivalents | 19,081 | 41,619 | |||||
Restricted cash | 2,426 | 9,020 | |||||
Marketable securities | 18,054 | 30,023 | |||||
Receivables, net | 234,246 | 228,297 | |||||
Deferred charges and prepaid expenses, net | 143,973 | 145,662 | |||||
Real estate assets held for sale | 22,171 | 2,901 | |||||
Other assets | 60,179 | 34,903 | |||||
Total assets | $ | 8,142,480 | $ | 8,242,075 | |||
Liabilities | |||||||
Debt obligations, net | $ | 4,861,185 | $ | 4,885,863 | |||
Accounts payable, accrued expenses and other liabilities | 537,454 | 520,459 | |||||
Total liabilities | 5,398,639 | 5,406,322 | |||||
Commitments and contingencies (Note 15) | — | — | |||||
Capital | |||||||
Partnership common units; 305,334,144 and 305,130,472 units issued and 297,857,267 and 298,488,516 units outstanding | 2,753,385 | 2,819,770 | |||||
Accumulated other comprehensive income (loss) | (9,544 | ) | 15,983 | ||||
Total capital | 2,743,841 | 2,835,753 | |||||
Total liabilities and capital | $ | 8,142,480 | $ | 8,242,075 | |||
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, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenues | |||||||||||
Rental income | $ | 1,166,379 | $ | 1,233,068 | $ | 1,281,724 | |||||
Other revenues | 1,879 | 1,272 | 1,456 | ||||||||
Total revenues | 1,168,258 | 1,234,340 | 1,283,180 | ||||||||
Operating expenses | |||||||||||
Operating costs | 124,876 | 136,217 | 136,092 | ||||||||
Real estate taxes | 170,988 | 177,401 | 179,097 | ||||||||
Depreciation and amortization | 332,431 | 352,245 | 375,028 | ||||||||
Provision for doubtful accounts | — | 10,082 | 5,323 | ||||||||
Impairment of real estate assets | 24,402 | 53,295 | 40,104 | ||||||||
General and administrative | 102,309 | 93,596 | 92,247 | ||||||||
Total operating expenses | 755,006 | 822,836 | 827,891 | ||||||||
Other income (expense) | |||||||||||
Dividends and interest | 699 | 519 | 365 | ||||||||
Interest expense | (189,775 | ) | (215,025 | ) | (226,660 | ) | |||||
Gain on sale of real estate assets | 54,767 | 209,168 | 68,847 | ||||||||
Gain (loss) on extinguishment of debt, net | (1,620 | ) | (37,096 | ) | 498 | ||||||
Other | (2,550 | ) | (2,786 | ) | (2,907 | ) | |||||
Total other expense | (138,479 | ) | (45,220 | ) | (159,857 | ) | |||||
Income before equity in income of unconsolidated joint venture | 274,773 | 366,284 | 295,432 | ||||||||
Equity in income of unconsolidated joint venture | — | — | 381 | ||||||||
Gain on disposition of unconsolidated joint venture interest | — | — | 4,556 | ||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Net income attributable to Brixmor Operating Partnership LP per common unit: | |||||||||||
Basic | $ | 0.92 | $ | 1.21 | $ | 0.98 | |||||
Diluted | $ | 0.92 | $ | 1.21 | $ | 0.98 | |||||
Weighted average units: | |||||||||||
Basic | 298,229 | 302,074 | 304,913 | ||||||||
Diluted | 299,334 | 302,339 | 305,281 | ||||||||
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, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Other comprehensive income (loss) | |||||||||||
Change in unrealized gain (loss) on interest rate swaps, net (Note 6) | (25,713 | ) | (8,361 | ) | 2,815 | ||||||
Change in unrealized gain (loss) on marketable securities | 186 | 120 | (122 | ) | |||||||
Total other comprehensive income (loss) | (25,527 | ) | (8,241 | ) | 2,693 | ||||||
Comprehensive income attributable to Brixmor Operating Partnership LP | $ | 249,246 | $ | 358,043 | $ | 303,062 | |||||
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, 2017 | $ | 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 | ||||||||
ASC 842 cumulative adjustment | (1,974 | ) | — | (1,974 | ) | ||||||
Distributions to partners | (336,474 | ) | — | (336,474 | ) | ||||||
Equity based 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 | ||||
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, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating activities: | |||||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Adjustments to reconcile net income attributable to Brixmor Operating Partnership LP to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 332,431 | 352,245 | 375,028 | ||||||||
Debt premium and discount amortization | 966 | (2,572 | ) | (5,323 | ) | ||||||
Deferred financing cost amortization | 7,063 | 6,601 | 6,971 | ||||||||
Accretion of above- and below-market leases, net | (18,824 | ) | (26,566 | ) | (29,634 | ) | |||||
Impairment of real estate assets | 24,402 | 53,295 | 40,104 | ||||||||
Gain on sale of real estate assets | (54,767 | ) | (209,168 | ) | (68,847 | ) | |||||
Gain on disposition of unconsolidated joint venture interest | — | — | (4,556 | ) | |||||||
Equity based compensation | 12,661 | 9,378 | 10,477 | ||||||||
Other | 3,600 | 3,424 | 2,511 | ||||||||
(Gain) loss on extinguishment of debt, net | 1,620 | 37,096 | (498 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net | (26,999 | ) | (12,312 | ) | (26,458 | ) | |||||
Deferred charges and prepaid expenses | (30,702 | ) | (40,575 | ) | (53,316 | ) | |||||
Other assets | (179 | ) | 3,735 | (3,575 | ) | ||||||
Accounts payable, accrued expenses and other liabilities | 2,627 | 824 | 8,695 | ||||||||
Net cash provided by operating activities | 528,672 | 541,689 | 551,948 | ||||||||
Investing activities: | |||||||||||
Improvements to and investments in real estate assets | (395,095 | ) | (268,689 | ) | (202,873 | ) | |||||
Acquisitions of real estate assets | (79,634 | ) | (17,447 | ) | (190,487 | ) | |||||
Proceeds from sales of real estate assets | 290,153 | 957,955 | 330,757 | ||||||||
Proceeds from sale of unconsolidated joint venture interest | — | — | 12,369 | ||||||||
Purchase of marketable securities | (38,002 | ) | (33,094 | ) | (28,261 | ) | |||||
Proceeds from sale of marketable securities | 50,293 | 30,880 | 25,623 | ||||||||
Net cash provided by (used in) investing activities | (172,285 | ) | 669,605 | (52,872 | ) | ||||||
Financing activities: | |||||||||||
Repayment of secured debt obligations | — | (895,717 | ) | (409,575 | ) | ||||||
Repayment of borrowings under unsecured revolving credit facility | (586,000 | ) | (194,000 | ) | (603,000 | ) | |||||
Proceeds from borrowings under unsecured revolving credit facility | 287,000 | 500,000 | 481,000 | ||||||||
Proceeds from unsecured term loans and notes | 771,623 | 250,000 | 1,193,916 | ||||||||
Repayment of borrowings under unsecured term loans | (500,000 | ) | (435,000 | ) | (815,000 | ) | |||||
Deferred financing and debt extinguishment costs | (7,294 | ) | (56,598 | ) | (11,142 | ) | |||||
Partner distributions and repurchases of OP Units | (350,848 | ) | (440,087 | ) | (327,363 | ) | |||||
Net cash used in financing activities | (385,519 | ) | (1,271,402 | ) | (491,164 | ) | |||||
Net change in cash, cash equivalents and restricted cash | (29,132 | ) | (60,108 | ) | 7,912 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 50,639 | 110,747 | 102,835 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,507 | $ | 50,639 | $ | 110,747 | |||||
Reconciliation to consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 19,081 | $ | 41,619 | $ | 56,908 | |||||
Restricted cash | 2,426 | 9,020 | 53,839 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,507 | $ | 50,639 | $ | 110,747 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amount capitalized of $3,480, $2,478 and $2,945 | $ | 178,890 | $ | 212,889 | $ | 223,198 | |||||
State and local taxes paid | 2,134 | 2,180 | 2,199 | ||||||||
The accompanying notes are an integral part of these consolidated financial statements. |
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 |
Description(1) | Location | Month Acquired | GLA | Aggregate Purchase Price(2) | ||||||||||||||||||||||
Land adjacent to Shops at Palm Lakes | Miami Gardens, FL | Feb-20 | N/A | $ | 2,020 | |||||||||||||||||||||
Land adjacent to College Plaza | Selden, NY | Jul-20 | N/A | 1,405 | ||||||||||||||||||||||
N/A | $ | 3,425 |
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) | |||||||
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) | |||||||
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 |
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 | 2019 | 2018 | |||||||
Land | $ | 25,953 | $ | 9,220 | |||||
Buildings | 45,781 | 6,129 | |||||||
Building and tenant improvements | 5,832 | 1,039 | |||||||
Above-market leases(1) | 155 | 20 | |||||||
In-place leases(2) | 6,923 | 1,127 | |||||||
Total assets | 84,644 | 17,535 | |||||||
Liabilities | |||||||||
Below-market leases(3) | 5,010 | 88 | |||||||
Other liabilities | — | — | |||||||
Total liabilities | 5,010 | 88 | |||||||
Net assets acquired | $ | 79,634 | $ | 17,447 |
Assets | December 31, 2019 | December 31, 2018 | |||||||
Land | $ | 3,356 | $ | 1,220 | |||||
Buildings and improvements | 31,650 | 2,927 | |||||||
Accumulated depreciation and amortization | (13,044 | ) | (1,334 | ) | |||||
Real estate, net | 21,962 | 2,813 | |||||||
Other assets | 209 | 88 | |||||||
Assets associated with real estate assets held for sale | $ | 22,171 | $ | 2,901 | |||||
Liabilities | |||||||||
Below-market leases | $ | 415 | $ | — | |||||
Liabilities associated with real estate assets held for sale(1) | $ | 415 | $ | — |
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 |
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, 2019 | December 31, 2018 | ||||||
Land | $ | 1,767,029 | $ | 1,804,504 | |||
Buildings and improvements: | |||||||
Buildings and tenant improvements(1) | 7,741,607 | 7,626,363 | |||||
Lease intangibles(2) | 614,964 | 667,910 | |||||
10,123,600 | 10,098,777 | ||||||
Accumulated depreciation and amortization(3) | (2,481,250 | ) | (2,349,127 | ) | |||
Total | $ | 7,642,350 | $ | 7,749,650 |
(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. |
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 | ||||||
2020 | $ | (14,272 | ) | $ | 18,583 | |||
2021 | (11,759 | ) | 13,630 | |||||
2022 | (9,753 | ) | 9,490 | |||||
2023 | (8,410 | ) | 6,862 | |||||
2024 | (7,767 | ) | 5,148 |
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 |
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 |
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 |
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(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 | 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 |
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, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||
Interest Rate Swaps | 7 | 10 | $ | 800,000 | $ | 1,200,000 |
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, 2019 | December 31, 2018 | ||||||
Gross derivative assets | $ | 3,795 | $ | 18,630 | ||||
Gross derivative liabilities | (13,449 | ) | (2,571 | ) | ||||
Net derivative assets (liabilities) | $ | (9,654 | ) | $ | 16,059 |
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, | |||||||||||
2019 | 2018 | 2017 | ||||||||||
Change in unrealized gain (loss) on interest rate swaps | $ | (19,333 | ) | $ | 3,837 | $ | 4,976 | |||||
Accretion of interest rate swaps to interest expense | (6,380 | ) | (12,198 | ) | (2,161 | ) | ||||||
Change in unrealized gain (loss) on interest rate swaps, net | $ | (25,713 | ) | $ | (8,361 | ) | $ | 2,815 |
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, 2019 | December 31, 2018 | Stated Interest Rate(1) | Scheduled Maturity Date | ||||||||
Secured loan | |||||||||||
Secured loan(2) | $ | 7,000 | $ | 7,000 | 4.40% | 2024 | |||||
Net unamortized premium | 211 | 262 | |||||||||
Net unamortized debt issuance costs | (37 | ) | (45 | ) | |||||||
Total secured loan, net | $ | 7,174 | $ | 7,217 | |||||||
Notes payable | |||||||||||
Unsecured notes(3)(4) | $ | 4,218,453 | $ | 3,468,453 | 2.96% – 7.97% | 2022 – 2029 | |||||
Net unamortized premium (discount) | 11,078 | (11,562 | ) | ||||||||
Net unamortized debt issuance costs | (23,579 | ) | (20,877 | ) | |||||||
Total notes payable, net | $ | 4,205,952 | $ | 3,436,014 | |||||||
Unsecured Credit Facility and term loans | |||||||||||
Unsecured Credit Facility - $500 Million Term Loan | $ | — | $ | 500,000 | — | 2021 | |||||
Unsecured Credit Facility - Revolving Facility | 7,000 | 306,000 | 2.84% | 2023 | |||||||
Unsecured $350 Million Term Loan(4) | 350,000 | 350,000 | 2.94% | 2023 | |||||||
Unsecured $300 Million Term Loan(5) | 300,000 | 300,000 | 2.94% | 2024 | |||||||
Net unamortized debt issuance costs | (8,941 | ) | (13,368 | ) | |||||||
Total Unsecured Credit Facility and term loans | $ | 648,059 | $ | 1,442,632 | |||||||
Total debt obligations, net | $ | 4,861,185 | $ | 4,885,863 |
Year ending December 31, | ||||
2020 | $ | — | ||
2021 | — | |||
2022 | 750,000 | |||
2023 | 857,000 | |||
2024 | 807,000 | |||
Thereafter | 2,468,453 | |||
Total debt maturities | 4,882,453 | |||
Net unamortized premium | 11,289 | |||
Net unamortized debt issuance costs | (32,557 | ) | ||
Total debt obligations, net | $ | 4,861,185 |
Year ending December 31, | ||||||||
2021 | $ | 0 | ||||||
2022 | 250,000 | |||||||
2023 | 850,000 | |||||||
2024 | 800,000 | |||||||
2025 | 700,000 | |||||||
Thereafter | 2,568,453 | |||||||
Total debt maturities | 5,168,453 | |||||||
Net unamortized premium | 31,390 | |||||||
Net unamortized debt issuance costs | (32,513) | |||||||
Total debt obligations, net | $ | 5,167,330 |
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, 2019 | December 31, 2018 | |||||||||||||||
Carrying Amounts | Fair Value | Carrying Amounts | Fair Value | |||||||||||||
Secured loan | $ | 7,174 | $ | 7,306 | $ | 7,217 | $ | 7,072 | ||||||||
Notes payable | 4,205,952 | 4,422,513 | 3,436,014 | 3,372,418 | ||||||||||||
Unsecured Credit Facility and term loans | 648,059 | 658,490 | 1,442,632 | 1,452,382 | ||||||||||||
Total debt obligations, net | $ | 4,861,185 | $ | 5,088,309 | $ | 4,885,863 | $ | 4,831,872 |
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 |
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 | $ | — | |||||||
Interest rate derivatives | $ | 3,795 | $ | — | $ | 3,795 | $ | — | |||||||
Liabilities: | |||||||||||||||
Interest rate derivatives | $ | (13,449 | ) | $ | — | $ | (13,449 | ) | $ | — | |||||
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, 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 |
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(1)(2) | $ | 23,533 | $ | — | $ | — | $ | 23,533 | $ | 7,983 | |||||||||
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(3)(4)(5) | $ | 31,725 | $ | — | $ | — | $ | 31,725 | $ | 16,303 | |||||||||
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, | Operating Leases | |||
2020 | $ | 835,326 | ||
2021 | 744,581 | |||
2022 | 636,281 | |||
2023 | 535,990 | |||
2024 | 425,705 | |||
Thereafter | 1,474,131 |
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 |
Year ending December 31, | Operating Leases | |||
2019 | $ | 811,381 | ||
2020 | 709,230 | |||
2021 | 599,367 | |||
2022 | 490,087 | |||
2023 | 392,892 | |||
Thereafter | 1,368,278 |
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 |
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 |
Year Ended December 31, | ||||
Supplemental Statements of Operations Information | 2019 | |||
Operating lease costs | $ | 6,838 | ||
Short-term lease costs | 39 | |||
Variable lease costs | 436 | |||
Total lease costs | $ | 7,313 | ||
Year Ended December 31, | ||||
Supplemental Statements of Cash Flows Information | 2019 | |||
Operating cash outflows from operating leases | $ | 6,954 | ||
ROU assets obtained in exchange for operating lease liabilities | $ | 44,845 | ||
Operating Lease Liabilities | As of December 31, 2019 | |||
Future minimum operating lease payments: | ||||
2020 | $ | 7,036 | ||
2021 | 7,066 | |||
2022 | 7,115 | |||
2023 | 5,611 | |||
2024 | 5,246 | |||
Thereafter | 25,560 | |||
Total future minimum operating lease payments | 57,634 | |||
Less: imputed interest | (12,927 | ) | ||
Operating lease liabilities | $ | 44,707 | ||
Supplemental Balance Sheets Information | As of December 31, 2019 | |||
Operating lease liabilities(1)(2) | $ | 44,707 | ||
ROU assets(1)(3) | $ | 39,860 |
(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. |
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 |
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, 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 | ||||
Vested | (314 | ) | (6,592 | ) | ||
Granted | 789 | 15,630 | ||||
Forfeited | (207 | ) | (4,167 | ) | ||
Outstanding, December 31, 2019 | 1,766 | $ | 35,502 |
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 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Computation of Basic Earnings Per Share: | |||||||||||
Net income | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Net income attributable to non-controlling interests | — | — | (76 | ) | |||||||
Non-forfeitable dividends on unvested restricted shares | (649 | ) | (331 | ) | (37 | ) | |||||
Preferred stock dividends | — | — | (39 | ) | |||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 274,124 | $ | 365,953 | $ | 300,217 | |||||
Weighted average shares outstanding – basic | 298,229 | 302,074 | 304,834 | ||||||||
Basic earnings per share attributable to the Company’s common stockholders: | |||||||||||
Net income per share | $ | 0.92 | $ | 1.21 | $ | 0.98 | |||||
Computation of Diluted Earnings Per Share: | |||||||||||
Net income attributable to the Company’s common stockholders for basic earnings per share | $ | 274,124 | $ | 365,953 | $ | 300,217 | |||||
Allocation of net income to dilutive convertible non-controlling interests | — | — | 76 | ||||||||
Net income attributable to the Company’s common stockholders for diluted earnings per share | $ | 274,124 | $ | 365,953 | $ | 300,293 | |||||
Weighted average shares outstanding – basic | 298,229 | 302,074 | 304,834 | ||||||||
Effect of dilutive securities: | |||||||||||
Conversion of OP Units | — | — | 79 | ||||||||
Equity awards | 1,105 | 265 | 368 | ||||||||
Weighted average shares outstanding – diluted | 299,334 | 302,339 | 305,281 | ||||||||
Diluted earnings per share attributable to the Company’s common stockholders: | |||||||||||
Net income per share | $ | 0.92 | $ | 1.21 | $ | 0.98 |
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 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Computation of Basic Earnings Per Unit: | |||||||||||
Net income attributable to Brixmor Operating Partnership LP | $ | 274,773 | $ | 366,284 | $ | 300,369 | |||||
Non-forfeitable dividends on unvested restricted units | (649 | ) | (331 | ) | (37 | ) | |||||
Net income attributable to the Operating Partnership’s common units for basic earnings per unit | $ | 274,124 | $ | 365,953 | $ | 300,332 | |||||
Weighted average common units outstanding – basic | 298,229 | 302,074 | 304,913 | ||||||||
Basic earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||
Net income per unit | $ | 0.92 | $ | 1.21 | $ | 0.98 | |||||
Computation of Diluted Earnings Per Unit: | |||||||||||
Net income attributable to the Operating Partnership’s common units for diluted earnings per unit | $ | 274,124 | $ | 365,953 | $ | 300,332 | |||||
Weighted average common units outstanding – basic | 298,229 | 302,074 | 304,913 | ||||||||
Effect of dilutive securities: | |||||||||||
Equity awards | 1,105 | 265 | 368 | ||||||||
Weighted average common units outstanding – diluted | 299,334 | 302,339 | 305,281 | ||||||||
Diluted earnings per unit attributable to the Operating Partnership’s common units: | |||||||||||
Net income per unit | $ | 0.92 | $ | 1.21 | $ | 0.98 |
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, | ||||||||
2019 | 2018 | |||||||
Balance at the beginning of the year | $ | 12,470 | $ | 13,295 | ||||
Incurred related to: | ||||||||
Current year | 3,480 | 3,833 | ||||||
Prior years | (470 | ) | (1,624 | ) | ||||
Total incurred | 3,010 | 2,209 | ||||||
Paid related to: | ||||||||
Current year | (500 | ) | (336 | ) | ||||
Prior years | (2,635 | ) | (2,698 | ) | ||||
Total paid | (3,135 | ) | (3,034 | ) | ||||
Balance at the end of the year | $ | 12,345 | $ | 12,470 |
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, 2019 | |||||||||||||||
Total revenues | $ | 291,139 | $ | 291,005 | $ | 292,965 | $ | 293,149 | |||||||
Net income attributable to common stockholders | $ | 62,900 | $ | 68,960 | $ | 80,854 | $ | 62,059 | |||||||
Net income attributable to common stockholders per share: | |||||||||||||||
Basic(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||
Diluted(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||
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 |
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, 2019 | |||||||||||||||
Total revenues | $ | 291,139 | $ | 291,005 | $ | 292,965 | $ | 293,149 | |||||||
Net income attributable to partnership common units | $ | 62,900 | $ | 68,960 | $ | 80,854 | $ | 62,059 | |||||||
Net income attributable to common unitholders per unit: | |||||||||||||||
Basic(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||
Diluted(1) | $ | 0.21 | $ | 0.23 | $ | 0.27 | $ | 0.21 | |||||||
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 |
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 | ||||||
Year ended December 31, 2017 | $ | 16,756 | $ | 5,323 | $ | (4,874 | ) | $ | 17,205 |
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 |
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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
Springdale | Mobile, AL | $ | — | $ | 7,460 | $ | 33,085 | $ | 20,063 | $ | 7,460 | $ | 53,148 | $ | 60,608 | $ | (15,852 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||
Northmall Centre | Tucson, AZ | — | 3,140 | 17,335 | 5,113 | 3,140 | 22,448 | 25,588 | (5,863 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bakersfield Plaza | Bakersfield, CA | — | 4,000 | 24,788 | 15,182 | 4,502 | 39,468 | 43,970 | (12,634 | ) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Carmen Plaza | Camarillo, CA | — | 5,410 | 18,901 | 2,597 | 5,410 | 21,498 | 26,908 | (6,645 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Plaza Rio Vista | Cathedral, CA | — | 2,465 | 12,575 | 294 | 2,465 | 12,869 | 15,334 | (3,173 | ) | 2005 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Cudahy Plaza | Cudahy, CA | — | 4,490 | 12,154 | 14,599 | 4,778 | 26,465 | 31,243 | (3,796 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
University Mall | Davis, CA | — | 4,270 | 15,669 | 2,460 | 4,270 | 18,129 | 22,399 | (4,590 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Felicita Plaza | Escondido, CA | — | 4,280 | 12,434 | 991 | 4,280 | 13,425 | 17,705 | (4,743 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Felicita Town Center | Escondido, CA | — | 11,231 | 31,193 | 1,205 | 11,230 | 32,399 | 43,629 | (5,127 | ) | 1987 | Dec-16 | 40 years | ||||||||||||||||||||||||||
Arbor - Broadway Faire | Fresno, CA | — | 5,940 | 33,885 | 2,347 | 5,940 | 36,232 | 42,172 | (12,237 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lompoc Center | Lompoc, CA | — | 4,670 | 15,515 | 6,006 | 4,670 | 21,521 | 26,191 | (8,510 | ) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Briggsmore Plaza | Modesto, CA | — | 2,140 | 10,289 | 3,885 | 2,140 | 14,174 | 16,314 | (4,398 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Montebello Plaza | Montebello, CA | — | 13,360 | 32,536 | 7,389 | 13,360 | 39,925 | 53,285 | (14,422 | ) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||
California Oaks Center | Murrieta, CA | — | 5,180 | 13,552 | 6,037 | 5,180 | 19,589 | 24,769 | (4,831 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Pacoima Center | Pacoima, CA | — | 7,050 | 15,859 | 845 | 7,050 | 16,704 | 23,754 | (8,058 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Metro 580 | Pleasanton, CA | — | 10,500 | 19,243 | 1,914 | 10,500 | 21,157 | 31,657 | (7,482 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rose Pavilion | Pleasanton, CA | — | 19,619 | 60,089 | 15,862 | 19,619 | 75,951 | 95,570 | (17,829 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Puente Hills Town Center | Rowland Heights, CA | — | 15,670 | 38,132 | 6,016 | 15,670 | 44,148 | 59,818 | (12,115 | ) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ocean View Plaza | San Clemente, CA | — | 15,750 | 29,723 | 2,503 | 15,750 | 32,226 | 47,976 | (9,306 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Plaza By The Sea | San Clemente, CA | — | 9,607 | 5,461 | 2,024 | 9,607 | 7,485 | 17,092 | (680 | ) | 1976 | Dec-17 | 40 years | ||||||||||||||||||||||||||
Village at Mira Mesa | San Diego, CA | — | 14,870 | 70,678 | 27,711 | 14,870 | 98,389 | 113,259 | (21,697 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
San Dimas Plaza | San Dimas, CA | — | 11,490 | 20,491 | 8,176 | 15,101 | 25,056 | 40,157 | (6,949 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bristol Plaza | Santa Ana, CA | — | 9,110 | 21,143 | 3,496 | 9,722 | 24,027 | 33,749 | (6,960 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Gateway Plaza | Santa Fe Springs, CA | — | 9,980 | 30,113 | 2,774 | 9,980 | 32,887 | 42,867 | (11,256 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Santa Paula Center | Santa Paula, CA | — | 3,520 | 17,776 | 1,113 | 3,520 | 18,889 | 22,409 | (7,203 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Vail Ranch Center | Temecula, CA | — | 3,750 | 21,857 | 1,967 | 3,750 | 23,824 | 27,574 | (8,326 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Country Hills Shopping Center | Torrance, CA | — | 3,589 | 8,683 | (291 | ) | 3,589 | 8,392 | 11,981 | (2,460 | ) | 1977 | Jun-11 | 40 years | |||||||||||||||||||||||||
Upland Town Square | Upland, CA | — | 9,051 | 23,126 | 895 | 9,051 | 24,021 | 33,072 | (2,752 | ) | 1994 | Nov-17 | 40 years | ||||||||||||||||||||||||||
Gateway Plaza - Vallejo | Vallejo, CA | — | 11,880 | 67,084 | 23,743 | 12,947 | 89,760 | 102,707 | (24,791 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Arvada Plaza | Arvada, CO | — | 1,160 | 7,378 | 496 | 1,160 | 7,874 | 9,034 | (4,316 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Arapahoe Crossings | Aurora, CO | — | 13,676 | 54,566 | 16,780 | 13,676 | 71,346 | 85,022 | (16,606 | ) | 1996 | Jul-13 | 40 years | ||||||||||||||||||||||||||
Aurora Plaza | Aurora, CO | — | 3,910 | 9,065 | 2,074 | 3,910 | 11,139 | 15,049 | (5,941 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Villa Monaco | Denver, CO | — | 3,090 | 6,133 | 4,793 | 3,090 | 10,926 | 14,016 | (2,945 | ) | 1978 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Centennial Shopping Center | Englewood, CO | — | 6,755 | 11,721 | 124 | 6,755 | 11,845 | 18,600 | (455 | ) | 2019 | Apr-19 | 40 years | ||||||||||||||||||||||||||
Superior Marketplace | Superior, CO | — | 7,090 | 35,551 | 7,618 | 7,090 | 43,169 | 50,259 | (12,679 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westminster City Center | Westminster, CO | — | 6,040 | 40,763 | 10,145 | 6,040 | 50,908 | 56,948 | (13,829 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Shoppes at Fox Run | Glastonbury, CT | — | 3,550 | 22,543 | 3,952 | 3,600 | 26,445 | 30,045 | (8,403 | ) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Groton Square | Groton, CT | — | 2,730 | 27,821 | 2,116 | 2,730 | 29,937 | 32,667 | (10,754 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Parkway Plaza | Hamden, CT | — | 4,100 | 7,709 | 193 | 4,100 | 7,902 | 12,002 | (2,875 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Manchester Collection | Manchester, CT | — | 8,200 | 47,666 | (496 | ) | 8,200 | 47,170 | 55,370 | (13,758 | ) | 2001 | Jun-11 | 40 years | |||||||||||||||||||||||||
Chamberlain Plaza | Meriden, CT | — | 1,260 | 4,480 | 835 | 1,260 | 5,315 | 6,575 | (2,653 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Turnpike Plaza | Newington, CT | — | 3,920 | 23,839 | 49 | 3,920 | 23,888 | 27,808 | (8,879 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
North Haven Crossing | North Haven, CT | — | 5,430 | 15,959 | 2,626 | 5,430 | 18,585 | 24,015 | (5,873 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Christmas Tree Plaza | Orange, CT | — | 4,870 | 14,543 | 2,818 | 4,870 | 17,361 | 22,231 | (5,498 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stratford Square | Stratford, CT | — | 5,860 | 11,726 | 6,892 | 5,860 | 18,618 | 24,478 | (5,338 | ) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Torrington Plaza | Torrington, CT | — | 2,180 | 12,812 | 3,641 | 2,180 | 16,453 | 18,633 | (5,266 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Waterbury Plaza | Waterbury, CT | — | 5,030 | 17,075 | 2,325 | 5,030 | 19,400 | 24,430 | (6,932 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Waterford Commons | Waterford, CT | — | 4,990 | 43,837 | 6,689 | 4,990 | 50,526 | 55,516 | (15,396 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
North Dover Center | Dover, DE | — | 3,100 | 17,398 | 2,634 | 3,100 | 20,032 | 23,132 | (5,643 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Coastal Way - Coastal Landing | Brooksville, FL | — | 8,840 | 32,900 | 7,988 | 8,840 | 40,888 | 49,728 | (13,902 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Clearwater Mall | Clearwater, FL | — | 15,300 | 52,615 | 6,076 | 15,300 | 58,691 | 73,991 | (15,487 | ) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Coconut Creek Plaza | Coconut Creek, FL | — | 7,400 | 24,621 | 5,817 | 7,400 | 30,438 | 37,838 | (8,713 | ) | 2005 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
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 |
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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
Century Plaza Shopping Center | Deerfield Beach, FL | — | 3,050 | 7,871 | 4,941 | 3,050 | 12,812 | 15,862 | (3,301 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Northgate Shopping Center | DeLand, FL | — | 3,500 | 8,755 | 5,074 | 3,500 | 13,829 | 17,329 | (2,738 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Sun Plaza | Ft. Walton Beach, FL | — | 4,480 | 12,544 | 764 | 4,480 | 13,308 | 17,788 | (5,655 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Normandy Square | Jacksonville, FL | — | 1,930 | 5,384 | 1,276 | 1,930 | 6,660 | 8,590 | (2,791 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Regency Park Shopping Center | Jacksonville, FL | — | 6,240 | 13,744 | 4,894 | 6,240 | 18,638 | 24,878 | (5,252 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ventura Downs | Kissimmee, FL | — | 3,580 | 7,098 | 6,146 | 3,580 | 13,244 | 16,824 | (2,275 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Marketplace at Wycliffe | Lake Worth, FL | — | 7,930 | 13,477 | 2,065 | 7,930 | 15,542 | 23,472 | (3,833 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Venetian Isle Shopping Ctr | Lighthouse Point, FL | — | 8,270 | 14,740 | 1,645 | 8,270 | 16,385 | 24,655 | (5,499 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Marco Town Center | Marco Island, FL | — | 7,235 | 26,376 | 1,941 | 7,235 | 28,317 | 35,552 | (5,909 | ) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Mall at 163rd Street | Miami, FL | — | 9,450 | 34,227 | 3,615 | 9,450 | 37,842 | 47,292 | (10,886 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Shops at Palm Lakes | Miami, FL | — | 8,876 | 14,110 | 2,904 | 8,876 | 17,014 | 25,890 | (4,998 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Freedom Square | Naples, FL | — | 4,735 | 12,326 | 1,498 | 4,735 | 13,824 | 18,559 | (3,946 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Naples Plaza | Naples, FL | — | 9,200 | 20,513 | 10,551 | 9,200 | 31,064 | 40,264 | (9,720 | ) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Park Shore Plaza | Naples, FL | — | 4,750 | 13,630 | 25,886 | 7,245 | 37,021 | 44,266 | (8,239 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Chelsea Place | New Port Richey, FL | — | 3,303 | 9,701 | 542 | 3,303 | 10,243 | 13,546 | (2,957 | ) | 1992 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Presidential Plaza West | North Lauderdale, FL | — | 2,070 | 5,430 | 1,128 | 2,070 | 6,558 | 8,628 | (1,813 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Colonial Marketplace | Orlando, FL | — | 4,230 | 19,806 | 2,764 | 4,230 | 22,570 | 26,800 | (7,625 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Conway Crossing | Orlando, FL | — | 3,163 | 12,154 | 927 | 3,163 | 13,081 | 16,244 | (3,764 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Hunter's Creek Plaza | Orlando, FL | — | 3,589 | 5,891 | 2,634 | 3,589 | 8,525 | 12,114 | (2,085 | ) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Pointe Orlando | Orlando, FL | — | 6,120 | 53,154 | 32,955 | 6,120 | 86,109 | 92,229 | (21,570 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Martin Downs Town Center | Palm City, FL | — | 1,660 | 9,749 | 415 | 1,660 | 10,164 | 11,824 | (2,161 | ) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Martin Downs Village Center | Palm City, FL | — | 5,319 | 28,288 | 2,091 | 5,319 | 30,379 | 35,698 | (7,388 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
23rd Street Station | Panama City, FL | — | 3,120 | 7,070 | 3,294 | 3,120 | 10,364 | 13,484 | (2,229 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Panama City Square | Panama City, FL | — | 5,690 | 8,975 | 11,560 | 5,690 | 20,535 | 26,225 | (3,543 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
East Port Plaza | Port St. Lucie, FL | — | 4,099 | 22,325 | 589 | 4,099 | 22,914 | 27,013 | (6,367 | ) | 1991 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Shoppes of Victoria Square | Port St. Lucie, FL | — | 3,450 | 6,154 | 1,317 | 3,450 | 7,471 | 10,921 | (2,671 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lake St. Charles | Riverview, FL | — | 2,801 | 6,909 | 429 | 2,801 | 7,338 | 10,139 | (1,657 | ) | 1999 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Cobblestone Village | Royal Palm Beach, FL | — | 2,700 | 4,944 | 965 | 2,700 | 5,909 | 8,609 | (1,453 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Beneva Village Shoppes | Sarasota, FL | — | 4,013 | 16,966 | 13,033 | 4,013 | 29,999 | 34,012 | (3,726 | ) | 2018 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Sarasota Village | Sarasota, FL | — | 5,190 | 12,476 | 3,803 | 5,190 | 16,279 | 21,469 | (4,887 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Atlantic Plaza | Satellite Beach, FL | — | 2,630 | 10,697 | 2,440 | 2,630 | 13,137 | 15,767 | (3,775 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Seminole Plaza | Seminole, FL | — | 3,870 | 7,934 | 6,636 | 3,870 | 14,570 | 18,440 | (2,579 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Cobblestone Village | St. Augustine, FL | — | 7,710 | 33,223 | 3,781 | 7,710 | 37,004 | 44,714 | (11,731 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Dolphin Village | St. Pete Beach, FL | — | 9,882 | 15,611 | 1,385 | 9,882 | 16,996 | 26,878 | (4,172 | ) | 1990 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Rutland Plaza | St. Petersburg, FL | — | 3,880 | 8,091 | 1,128 | 3,880 | 9,219 | 13,099 | (3,354 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Skyway Plaza | St. Petersburg, FL | — | 2,200 | 4,891 | (3,448 | ) | 977 | 2,666 | 3,643 | (1,372 | ) | 2002 | Jun-11 | 40 years | |||||||||||||||||||||||||
Tyrone Gardens | St. Petersburg, FL | — | 5,690 | 9,791 | 2,134 | 5,690 | 11,925 | 17,615 | (4,364 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Downtown Publix | Stuart, FL | — | 1,770 | 12,503 | 2,446 | 1,770 | 14,949 | 16,719 | (4,454 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Sunrise Town Center | Sunrise, FL | — | 7,856 | 9,317 | 1,673 | 7,856 | 10,990 | 18,846 | (4,171 | ) | 1989 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Carrollwood Center | Tampa, FL | — | 3,749 | 14,663 | 1,445 | 3,749 | 16,108 | 19,857 | (4,773 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Ross Plaza | Tampa, FL | — | 2,808 | 11,715 | 1,108 | 2,808 | 12,823 | 15,631 | (3,298 | ) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Shoppes at Tarpon | Tarpon Springs, FL | — | 7,800 | 13,683 | 4,130 | 7,800 | 17,813 | 25,613 | (6,660 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Venice Plaza | Venice, FL | — | 3,245 | 14,416 | 630 | 3,245 | 15,046 | 18,291 | (3,041 | ) | 1999 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Venice Shopping Center | Venice, FL | — | 2,555 | 6,538 | 567 | 2,555 | 7,105 | 9,660 | (1,988 | ) | 2000 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Venice Village | Venice, FL | — | 7,157 | 26,507 | 1,047 | 7,157 | 27,554 | 34,711 | (3,414 | ) | 1989 | Nov-17 | 40 years | ||||||||||||||||||||||||||
Albany Plaza | Albany, GA | — | 1,840 | 3,072 | 881 | 1,840 | 3,953 | 5,793 | (1,247 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Mansell Crossing | Alpharetta, GA | — | 15,461 | 25,523 | 6,256 | 15,461 | 31,779 | 47,240 | (9,835 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Northeast Plaza | Atlanta, GA | — | 6,907 | 36,829 | 2,365 | 6,907 | 39,194 | 46,101 | (11,306 | ) | 1952 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Augusta West Plaza | Augusta, GA | — | 1,070 | 5,871 | 2,491 | 1,070 | 8,362 | 9,432 | (2,366 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Sweetwater Village | Austell, GA | — | 1,080 | 3,026 | 824 | 1,080 | 3,850 | 4,930 | (1,762 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Vineyards at Chateau Elan | Braselton, GA | — | 2,202 | 14,389 | 685 | 2,202 | 15,074 | 17,276 | (3,665 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Cedar Plaza | Cedartown, GA | — | 1,550 | 4,342 | 790 | 1,550 | 5,132 | 6,682 | (1,900 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Conyers Plaza | Conyers, GA | — | 3,870 | 11,642 | 2,258 | 3,870 | 13,900 | 17,770 | (5,399 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Cordele Square | Cordele, GA | — | 2,050 | 5,540 | 720 | 2,050 | 6,260 | 8,310 | (2,797 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Salem Road Station | Covington, GA | — | 670 | 11,389 | 669 | 670 | 12,058 | 12,728 | (3,093 | ) | 2000 | Oct-13 | 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 |
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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
Keith Bridge Commons | Cumming, GA | — | 1,501 | 14,841 | 741 | 1,601 | 15,482 | 17,083 | (4,177 | ) | 2002 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Northside | Dalton, GA | — | 1,320 | 3,950 | 888 | 1,320 | 4,838 | 6,158 | (2,147 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Cosby Station | Douglasville, GA | — | 2,650 | 6,553 | 555 | 2,650 | 7,108 | 9,758 | (2,338 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Park Plaza | Douglasville, GA | — | 1,470 | 2,463 | 1,322 | 1,470 | 3,785 | 5,255 | (996 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westgate | Dublin, GA | — | 1,450 | 3,688 | 478 | 1,450 | 4,166 | 5,616 | (1,419 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Venture Pointe | Duluth, GA | — | 2,460 | 7,933 | 5,590 | 2,460 | 13,523 | 15,983 | (5,796 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Banks Station | Fayetteville, GA | — | 3,490 | 12,239 | 2,036 | 3,490 | 14,275 | 17,765 | (5,784 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Barrett Place | Kennesaw, GA | — | 6,990 | 13,953 | 1,407 | 6,990 | 15,360 | 22,350 | (6,538 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville, GA | — | 2,093 | 17,704 | 672 | 2,093 | 18,376 | 20,469 | (4,254 | ) | 2003 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Mableton Walk | Mableton, GA | — | 1,645 | 9,333 | 1,055 | 1,645 | 10,388 | 12,033 | (3,205 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Village at Mableton | Mableton, GA | — | 2,040 | 5,149 | 2,800 | 2,040 | 7,949 | 9,989 | (2,634 | ) | 1959 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Marshalls at Eastlake | Marietta, GA | — | 2,650 | 2,607 | 1,369 | 2,650 | 3,976 | 6,626 | (1,272 | ) | 1982 | Jun-11 | 40 years | ||||||||||||||||||||||||||
New Chastain Corners | Marietta, GA | — | 3,090 | 8,063 | 2,374 | 3,090 | 10,437 | 13,527 | (3,369 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Pavilions at Eastlake | Marietta, GA | — | 4,770 | 11,064 | 3,885 | 4,770 | 14,949 | 19,719 | (5,171 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Creekwood Village | Rex, GA | — | 1,400 | 4,752 | 465 | 1,400 | 5,217 | 6,617 | (2,029 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Holcomb Bridge Crossing | Roswell, GA | — | 1,170 | 5,418 | 4,215 | 1,170 | 9,633 | 10,803 | (3,751 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Victory Square | Savannah, GA | — | 6,080 | 14,618 | 764 | 6,080 | 15,382 | 21,462 | (4,406 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stockbridge Village | Stockbridge, GA | — | 6,210 | 16,356 | 3,792 | 6,210 | 20,148 | 26,358 | (7,852 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stone Mountain Festival | Stone Mountain, GA | — | 5,740 | 16,510 | 1,832 | 5,740 | 18,342 | 24,082 | (8,461 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Wilmington Island | Wilmington Island, GA | — | 2,630 | 7,894 | 1,290 | 2,630 | 9,184 | 11,814 | (2,561 | ) | 1985 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Haymarket Mall | Des Moines, IA | — | 2,320 | 9,596 | 762 | 2,320 | 10,358 | 12,678 | (4,321 | ) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Haymarket Square | Des Moines, IA | — | 3,360 | 9,157 | 4,726 | 3,360 | 13,883 | 17,243 | (4,967 | ) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Annex of Arlington | Arlington Heights, IL | — | 3,769 | 14,071 | 14,825 | 4,373 | 28,292 | 32,665 | (7,611 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ridge Plaza | Arlington Heights, IL | — | 3,720 | 9,807 | 5,327 | 3,720 | 15,134 | 18,854 | (6,608 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Southfield Plaza | Bridgeview, IL | — | 5,880 | 18,218 | 2,261 | 5,880 | 20,479 | 26,359 | (8,348 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Commons of Chicago Ridge | Chicago Ridge, IL | — | 4,310 | 38,881 | 7,344 | 4,310 | 46,225 | 50,535 | (16,350 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rivercrest Shopping Center | Crestwood, IL | — | 7,010 | 38,816 | 17,326 | 11,010 | 52,142 | 63,152 | (17,088 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Commons of Crystal Lake | Crystal Lake, IL | — | 3,660 | 31,727 | 4,546 | 3,660 | 36,273 | 39,933 | (11,280 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Elk Grove Town Center | Elk Grove Village, IL | — | 3,010 | 13,171 | 1,330 | 3,010 | 14,501 | 17,511 | (3,386 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Freeport Plaza | Freeport, IL | — | 660 | 5,614 | 113 | 660 | 5,727 | 6,387 | (3,426 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Quentin Collection | Kildeer, IL | — | 5,780 | 25,711 | 2,173 | 6,002 | 27,662 | 33,664 | (8,065 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Butterfield Square | Libertyville, IL | — | 3,430 | 12,677 | 3,046 | 3,430 | 15,723 | 19,153 | (4,722 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
High Point Centre | Lombard, IL | — | 7,510 | 18,392 | 10,998 | 7,510 | 29,390 | 36,900 | (5,484 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Long Meadow Commons | Mundelein, IL | — | 4,700 | 11,381 | 2,997 | 4,700 | 14,378 | 19,078 | (5,969 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westridge Court | Naperville, IL | — | 10,560 | 64,665 | 22,747 | 10,560 | 87,412 | 97,972 | (21,518 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rollins Crossing | Round Lake Beach, IL | — | 3,040 | 23,111 | 1,766 | 3,040 | 24,877 | 27,917 | (9,628 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Tinley Park Plaza | Tinley Park, IL | — | 12,250 | 20,624 | 4,925 | 12,250 | 25,549 | 37,799 | (7,059 | ) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Meridian Village | Carmel, IN | — | 2,089 | 7,194 | 3,099 | 2,089 | 10,293 | 12,382 | (3,531 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Columbus Center | Columbus, IN | — | 1,480 | 13,803 | 4,493 | 1,480 | 18,296 | 19,776 | (5,396 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Apple Glen Crossing | Fort Wayne, IN | — | 2,550 | 19,742 | 966 | 2,550 | 20,708 | 23,258 | (6,754 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Market Centre | Goshen, IN | — | 1,765 | 14,172 | 6,561 | 1,765 | 20,733 | 22,498 | (6,222 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lincoln Plaza | New Haven, IN | — | 780 | 6,205 | (1,213 | ) | 430 | 5,342 | 5,772 | (2,430 | ) | 1968 | Jun-11 | 40 years | |||||||||||||||||||||||||
Speedway Super Center | Speedway, IN | — | 8,410 | 48,571 | 19,210 | 8,410 | 67,781 | 76,191 | (17,449 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Sagamore Park Centre | West Lafayette, IN | — | 2,390 | 10,865 | 2,186 | 2,390 | 13,051 | 15,441 | (4,706 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westchester Square | Lenexa, KS | — | 3,250 | 13,884 | 3,341 | 3,250 | 17,225 | 20,475 | (5,432 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
West Loop Shopping Center | Manhattan, KS | — | 2,800 | 10,248 | 7,107 | 2,800 | 17,355 | 20,155 | (5,787 | ) | 2013 | Jun-11 | 40 years | ||||||||||||||||||||||||||
North Dixie Plaza | Elizabethtown, KY | — | 2,370 | 4,522 | 925 | 2,370 | 5,447 | 7,817 | (1,477 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Florence Plaza - Florence Square | Florence, KY | — | 9,380 | 45,586 | 30,089 | 11,014 | 74,041 | 85,055 | (19,037 | ) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Jeffersontown Commons | Jeffersontown, KY | — | 3,920 | 14,437 | 984 | 3,920 | 15,421 | 19,341 | (6,646 | ) | 1959 | Jun-11 | 40 years | ||||||||||||||||||||||||||
London Marketplace | London, KY | — | 1,400 | 8,268 | 6,074 | 1,400 | 14,342 | 15,742 | (2,582 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Eastgate Shopping Center | Louisville, KY | — | 4,300 | 13,450 | 2,658 | 4,300 | 16,108 | 20,408 | (6,904 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Plainview Village | Louisville, KY | — | 2,600 | 9,553 | 1,939 | 2,600 | 11,492 | 14,092 | (3,788 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stony Brook I & II | Louisville, KY | — | 3,650 | 17,540 | 2,114 | 3,650 | 19,654 | 23,304 | (6,829 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Karam Shopping Center | Lafayette, LA | — | 410 | 2,955 | 446 | 410 | 3,401 | 3,811 | (1,623 | ) | 1970 | 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 |
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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
The Pines Shopping Center | Pineville, LA | — | 3,080 | 7,035 | 695 | 3,080 | 7,730 | 10,810 | (1,963 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Points West Plaza | Brockton, MA | — | 2,200 | 8,890 | 1,962 | 2,200 | 10,852 | 13,052 | (3,239 | ) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Burlington Square I, II & III | Burlington, MA | — | 4,690 | 12,675 | 3,064 | 4,690 | 15,739 | 20,429 | (4,763 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Holyoke Shopping Center | Holyoke, MA | — | 3,110 | 11,903 | 1,349 | 3,110 | 13,252 | 16,362 | (5,211 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
WaterTower Plaza | Leominster, MA | — | 10,400 | 36,552 | 4,159 | 10,400 | 40,711 | 51,111 | (12,022 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lunenberg Crossing | Lunenburg, MA | — | 930 | 1,668 | 1,220 | 930 | 2,888 | 3,818 | (725 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lynn Marketplace | Lynn, MA | — | 3,100 | 4,816 | 2,274 | 3,100 | 7,090 | 10,190 | (1,639 | ) | 1968 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Webster Square Shopping Center | Marshfield, MA | — | 5,532 | 27,090 | 1,135 | 5,532 | 28,225 | 33,757 | (5,538 | ) | 2005 | Jun-15 | 40 years | ||||||||||||||||||||||||||
Berkshire Crossing | Pittsfield, MA | — | 5,210 | 38,733 | 3,755 | 5,210 | 42,488 | 47,698 | (15,825 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westgate Plaza | Westfield, MA | — | 2,250 | 9,669 | 1,031 | 2,250 | 10,700 | 12,950 | (4,020 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Perkins Farm Marketplace | Worcester, MA | — | 2,150 | 16,403 | 5,906 | 2,150 | 22,309 | 24,459 | (6,999 | ) | 1967 | Jun-11 | 40 years | ||||||||||||||||||||||||||
South Plaza Shopping Center | California, MD | — | 2,174 | 23,209 | 214 | 2,174 | 23,423 | 25,597 | (5,201 | ) | 2005 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Campus Village Shoppes | College Park, MD | — | 1,660 | 4,955 | 719 | 1,660 | 5,674 | 7,334 | (1,604 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Fox Run | Prince Frederick, MD | — | 3,396 | 28,716 | 3,626 | 3,396 | 32,342 | 35,738 | (9,738 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Pine Tree Shopping Center | Portland, ME | — | 2,860 | 18,753 | 1,863 | 2,860 | 20,616 | 23,476 | (9,257 | ) | 1958 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Arborland Center | Ann Arbor, MI | — | 20,175 | 89,519 | 2,454 | 20,175 | 91,973 | 112,148 | (15,307 | ) | 2000 | Mar-17 | 40 years | ||||||||||||||||||||||||||
Maple Village | Ann Arbor, MI | — | 3,200 | 15,627 | 32,564 | 3,200 | 48,191 | 51,391 | (7,732 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Grand Crossing | Brighton, MI | — | 1,780 | 7,368 | 2,289 | 1,780 | 9,657 | 11,437 | (3,658 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Farmington Crossroads | Farmington, MI | — | 1,620 | 4,325 | 2,141 | 1,620 | 6,466 | 8,086 | (2,499 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Silver Pointe Shopping Center | Fenton, MI | — | 3,840 | 12,111 | 3,168 | 3,840 | 15,279 | 19,119 | (5,366 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Cascade East | Grand Rapids, MI | — | 1,280 | 4,733 | 1,449 | 1,280 | 6,182 | 7,462 | (2,590 | ) | 1983 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Delta Center | Lansing, MI | — | 1,580 | 9,165 | 2,636 | 1,580 | 11,801 | 13,381 | (5,524 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lakes Crossing | Muskegon, MI | — | 1,274 | 11,476 | 3,133 | 1,200 | 14,683 | 15,883 | (5,295 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Redford Plaza | Redford, MI | — | 7,510 | 17,292 | 7,542 | 7,510 | 24,834 | 32,344 | (8,086 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Hampton Village Centre | Rochester Hills, MI | — | 5,370 | 46,605 | 14,243 | 5,370 | 60,848 | 66,218 | (20,352 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Fashion Corners | Saginaw, MI | — | 1,940 | 17,684 | 684 | 1,940 | 18,368 | 20,308 | (6,653 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Southfield Plaza | Southfield, MI | — | 1,320 | 3,379 | 2,589 | 1,320 | 5,968 | 7,288 | (2,399 | ) | 1970 | Jun-11 | 40 years | ||||||||||||||||||||||||||
18 Ryan | Sterling Heights, MI | — | 3,160 | 8,794 | 1,904 | 3,160 | 10,698 | 13,858 | (2,821 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Delco Plaza | Sterling Heights, MI | — | 2,860 | 4,852 | 2,497 | 2,860 | 7,349 | 10,209 | (2,509 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
West Ridge | Westland, MI | — | 1,800 | 5,223 | 5,777 | 1,800 | 11,000 | 12,800 | (3,756 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Washtenaw Fountain Plaza | Ypsilanti, MI | — | 2,030 | 6,825 | 1,141 | 2,030 | 7,966 | 9,996 | (3,372 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Southport Centre I - VI | Apple Valley, MN | — | 4,602 | 18,286 | 719 | 4,602 | 19,005 | 23,607 | (5,344 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Burning Tree Plaza | Duluth, MN | — | 4,790 | 15,344 | 2,472 | 4,790 | 17,816 | 22,606 | (5,202 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Elk Park Center | Elk River, MN | — | 3,770 | 18,210 | 1,218 | 3,770 | 19,428 | 23,198 | (7,036 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westwind Plaza | Minnetonka, MN | — | 2,630 | 11,382 | 1,352 | 2,630 | 12,734 | 15,364 | (3,722 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Richfield Hub | Richfield, MN | — | 7,748 | 18,517 | 1,764 | 7,748 | 20,281 | 28,029 | (5,628 | ) | 1952 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Roseville Center | Roseville , MN | — | 1,620 | 7,917 | 6,087 | 1,620 | 14,004 | 15,624 | (2,282 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Marketplace @ 42 | Savage, MN | — | 5,150 | 11,249 | 5,058 | 5,150 | 16,307 | 21,457 | (4,392 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Sun Ray Shopping Center | St. Paul, MN | — | 5,250 | 19,615 | 2,899 | 5,250 | 22,514 | 27,764 | (7,700 | ) | 1958 | Jun-11 | 40 years | ||||||||||||||||||||||||||
White Bear Hills Shopping Center | White Bear Lake, MN | — | 1,790 | 6,062 | 1,520 | 1,790 | 7,582 | 9,372 | (2,917 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ellisville Square | Ellisville, MO | — | 2,130 | 2,759 | 9,703 | 2,130 | 12,462 | 14,592 | (3,659 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Hub Shopping Center | Independence, MO | — | 850 | 7,486 | 451 | 850 | 7,937 | 8,787 | (3,576 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Watts Mill Plaza | Kansas City, MO | — | 2,610 | 12,882 | 1,867 | 2,610 | 14,749 | 17,359 | (4,209 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Liberty Corners | Liberty, MO | — | 2,530 | 8,416 | 3,086 | 2,530 | 11,502 | 14,032 | (4,290 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Maplewood Square | Maplewood, MO | — | 1,450 | 2,998 | 1,737 | 1,450 | 4,735 | 6,185 | (795 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Devonshire Place | Cary, NC | — | 940 | 3,267 | 6,040 | 940 | 9,307 | 10,247 | (2,948 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
McMullen Creek Market | Charlotte, NC | — | 10,590 | 22,666 | 6,197 | 10,589 | 28,864 | 39,453 | (8,567 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Commons at Chancellor Park | Charlotte, NC | — | 5,240 | 19,387 | 2,712 | 5,240 | 22,099 | 27,339 | (7,568 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Macon Plaza | Franklin, NC | — | 770 | 3,783 | 895 | 770 | 4,678 | 5,448 | (2,157 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Garner Towne Square | Garner, NC | — | 6,233 | 22,832 | 2,443 | 6,233 | 25,275 | 31,508 | (6,994 | ) | 1997 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Franklin Square | Gastonia, NC | — | 7,060 | 27,780 | 4,786 | 7,060 | 32,566 | 39,626 | (9,911 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Wendover Place | Greensboro, NC | — | 15,990 | 38,954 | 6,309 | 15,990 | 45,263 | 61,253 | (14,058 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
University Commons | Greenville, NC | — | 5,350 | 25,514 | 4,282 | 5,350 | 29,796 | 35,146 | (9,721 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Valley Crossing | Hickory, NC | — | 2,130 | 5,796 | 8,869 | 2,130 | 14,665 | 16,795 | (5,142 | ) | 2014 | �� | 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 |
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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
Kinston Pointe | Kinston, NC | — | 2,180 | 8,474 | 457 | 2,180 | 8,931 | 11,111 | (4,253 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Magnolia Plaza | Morganton, NC | — | 730 | 3,051 | 2,788 | 730 | 5,839 | 6,569 | (928 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Roxboro Square | Roxboro, NC | — | 1,550 | 8,921 | 518 | 1,550 | 9,439 | 10,989 | (4,284 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Innes Street Market | Salisbury, NC | — | 10,548 | 27,275 | 1,306 | 10,547 | 28,582 | 39,129 | (12,435 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Crossroads | Statesville, NC | — | 6,220 | 15,098 | 1,547 | 6,220 | 16,645 | 22,865 | (5,455 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Anson Station | Wadesboro, NC | — | 910 | 3,793 | 726 | 910 | 4,519 | 5,429 | (2,003 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
New Centre Market | Wilmington, NC | — | 5,730 | 14,611 | 2,413 | 5,730 | 17,024 | 22,754 | (4,650 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
University Commons | Wilmington, NC | — | 6,910 | 26,049 | 2,740 | 6,910 | 28,789 | 35,699 | (9,476 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Whitaker Square | Winston Salem, NC | — | 2,923 | 11,584 | 960 | 2,923 | 12,544 | 15,467 | (2,990 | ) | 1996 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Parkway Plaza | Winston-Salem, NC | — | 6,910 | 16,355 | 3,288 | 6,910 | 19,643 | 26,553 | (6,378 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stratford Commons | Winston-Salem, NC | — | 2,770 | 9,402 | 391 | 2,770 | 9,793 | 12,563 | (3,322 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bedford Grove | Bedford, NH | — | 3,400 | 12,838 | 10,148 | 3,400 | 22,986 | 26,386 | (3,738 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Capitol Shopping Center | Concord, NH | — | 2,160 | 11,336 | 1,410 | 2,160 | 12,746 | 14,906 | (5,358 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Willow Springs Plaza | Nashua , NH | — | 3,490 | 19,256 | 1,278 | 3,490 | 20,534 | 24,024 | (6,482 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Seacoast Shopping Center | Seabrook , NH | — | 2,230 | 7,956 | 1,501 | 2,230 | 9,457 | 11,687 | (2,099 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Tri-City Plaza | Somersworth, NH | — | 1,900 | 9,226 | 5,178 | 1,900 | 14,404 | 16,304 | (4,962 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Laurel Square | Brick, NJ | — | 5,400 | 17,410 | 4,566 | 5,400 | 21,976 | 27,376 | (4,548 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
the Shoppes at Cinnaminson | Cinnaminson, NJ | — | 6,030 | 45,029 | 4,679 | 6,030 | 49,708 | 55,738 | (15,226 | ) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Acme Clark | Clark, NJ | — | 2,630 | 8,351 | 92 | 2,630 | 8,443 | 11,073 | (3,132 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Collegetown Shopping Center | Glassboro, NJ | — | 1,560 | 12,614 | 9,451 | 1,560 | 22,065 | 23,625 | (6,101 | ) | 1966 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Hamilton Plaza | Hamilton, NJ | — | 1,580 | 8,573 | 6,405 | 1,580 | 14,978 | 16,558 | (3,716 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bennetts Mills Plaza | Jackson, NJ | — | 3,130 | 16,785 | 918 | 3,130 | 17,703 | 20,833 | (5,436 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Marlton Crossing | Marlton, NJ | — | 5,950 | 44,371 | 23,720 | 5,950 | 68,091 | 74,041 | (19,655 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Middletown Plaza | Middletown, NJ | — | 5,060 | 40,870 | 4,455 | 5,060 | 45,325 | 50,385 | (13,307 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Larchmont Centre | Mount Laurel, NJ | (7,000 | ) | 4,421 | 14,672 | 793 | 4,421 | 15,465 | 19,886 | (2,886 | ) | 1985 | Jun-15 | 40 years | |||||||||||||||||||||||||
Old Bridge Gateway | Old Bridge, NJ | — | 7,200 | 36,475 | 4,718 | 7,200 | 41,193 | 48,393 | (13,055 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Morris Hills Shopping Center | Parsippany, NJ | — | 3,970 | 28,388 | 5,886 | 3,970 | 34,274 | 38,244 | (9,475 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rio Grande Plaza | Rio Grande, NJ | — | 1,660 | 11,779 | 2,283 | 1,660 | 14,062 | 15,722 | (4,242 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ocean Heights Plaza | Somers Point, NJ | — | 6,110 | 34,462 | 2,296 | 6,110 | 36,758 | 42,868 | (9,967 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Springfield Place | Springfield, NJ | — | 1,150 | 4,310 | 3,167 | 1,773 | 6,854 | 8,627 | (1,768 | ) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Tinton Falls Plaza | Tinton Falls, NJ | — | 3,080 | 11,413 | 1,154 | 3,080 | 12,567 | 15,647 | (4,053 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Cross Keys Commons | Turnersville, NJ | — | 5,840 | 31,298 | 6,172 | 5,840 | 37,470 | 43,310 | (10,833 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Parkway Plaza | Carle Place, NY | — | 5,790 | 19,208 | 3,092 | 5,790 | 22,300 | 28,090 | (5,706 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Erie Canal Centre | Dewitt, NY | — | 1,080 | 3,957 | 19,804 | 1,080 | 23,761 | 24,841 | (4,090 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Unity Plaza | East Fishkill, NY | — | 2,100 | 13,935 | 136 | 2,100 | 14,071 | 16,171 | (4,042 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Suffolk Plaza | East Setauket, NY | — | 2,780 | 9,845 | 5,035 | 2,780 | 14,880 | 17,660 | (2,513 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Three Village Shopping Center | East Setauket, NY | — | 5,310 | 15,677 | 462 | 5,310 | 16,139 | 21,449 | (4,678 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stewart Plaza | Garden City, NY | — | 6,040 | 20,959 | 1,786 | 6,040 | 22,745 | 28,785 | (7,646 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Dalewood I, II & III Shopping Center | Hartsdale, NY | — | 6,900 | 56,712 | 6,207 | 6,900 | 62,919 | 69,819 | (14,663 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Cayuga Mall | Ithaca, NY | — | 1,180 | 9,104 | 5,774 | 1,180 | 14,878 | 16,058 | (4,853 | ) | 1969 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Kings Park Plaza | Kings Park, NY | — | 4,790 | 11,100 | 2,203 | 4,790 | 13,303 | 18,093 | (3,945 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Village Square Shopping Center | Larchmont, NY | — | 1,320 | 4,808 | 1,118 | 1,320 | 5,926 | 7,246 | (1,365 | ) | 1981 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Falcaro's Plaza | Lawrence, NY | — | 3,410 | 8,804 | 4,546 | 3,410 | 13,350 | 16,760 | (2,574 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Mamaroneck Centre | Mamaroneck, NY | — | 1,460 | 765 | 11,959 | 2,198 | 11,986 | 14,184 | (453 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Sunshine Square | Medford, NY | — | 7,350 | 23,293 | 2,132 | 7,350 | 25,425 | 32,775 | (7,942 | ) | 2007 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Wallkill Plaza | Middletown, NY | — | 1,360 | 7,793 | 3,187 | 1,360 | 10,980 | 12,340 | (5,062 | ) | 1986 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Monroe ShopRite Plaza | Monroe, NY | — | 1,840 | 16,111 | 663 | 1,840 | 16,774 | 18,614 | (6,424 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rockland Plaza | Nanuet, NY | — | 10,700 | 58,094 | 10,578 | 11,097 | 68,275 | 79,372 | (16,967 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
North Ridge Shopping Center | New Rochelle, NY | — | 4,910 | 9,192 | 2,298 | 4,910 | 11,490 | 16,400 | (2,755 | ) | 1971 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Nesconset Shopping Center | Port Jefferson Station, NY | — | 5,510 | 19,761 | 4,263 | 5,510 | 24,024 | 29,534 | (7,009 | ) | 1961 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Roanoke Plaza | Riverhead, NY | — | 5,050 | 15,110 | 1,740 | 5,050 | 16,850 | 21,900 | (5,231 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Shops at Riverhead | Riverhead, NY | — | 3,479 | — | 37,443 | 3,899 | 37,023 | 40,922 | (2,680 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rockville Centre | Rockville Centre, NY | — | 3,590 | 6,935 | 176 | 3,590 | 7,111 | 10,701 | (2,116 | ) | 1975 | Jun-11 | 40 years | ||||||||||||||||||||||||||
College Plaza | Selden, NY | — | 6,330 | 11,494 | 17,041 | 6,865 | 28,000 | 34,865 | (9,008 | ) | 2013 | 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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
Campus Plaza | Vestal, NY | — | 1,170 | 16,075 | 788 | 1,170 | 16,863 | 18,033 | (6,337 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Parkway Plaza | Vestal, NY | — | 2,149 | 18,651 | 1,757 | 2,149 | 20,408 | 22,557 | (9,119 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Shoppes at Vestal | Vestal, NY | — | 1,340 | 14,552 | 156 | 1,340 | 14,708 | 16,048 | (3,474 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Town Square Mall | Vestal, NY | — | 2,520 | 40,633 | 5,875 | 2,520 | 46,508 | 49,028 | (14,614 | ) | 1991 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Plaza at Salmon Run | Watertown, NY | — | 1,420 | 12,243 | (3,097 | ) | 1,420 | 9,146 | 10,566 | (3,502 | ) | 1993 | Jun-11 | 40 years | |||||||||||||||||||||||||
Highridge Plaza | Yonkers, NY | — | 6,020 | 16,077 | 3,157 | 6,020 | 19,234 | 25,254 | (4,662 | ) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Brunswick Town Center | Brunswick, OH | — | 2,930 | 18,492 | 1,628 | 2,930 | 20,120 | 23,050 | (5,535 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
30th Street Plaza | Canton, OH | — | 1,950 | 14,359 | 888 | 1,950 | 15,247 | 17,197 | (6,167 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Brentwood Plaza | Cincinnati, OH | — | 5,090 | 19,528 | 2,859 | 5,090 | 22,387 | 27,477 | (7,369 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Delhi Shopping Center | Cincinnati, OH | — | 3,690 | 7,897 | 2,386 | 3,690 | 10,283 | 13,973 | (3,721 | ) | 1973 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Harpers Station | Cincinnati, OH | — | 3,110 | 24,867 | 8,020 | 3,987 | 32,010 | 35,997 | (10,003 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Western Hills Plaza | Cincinnati, OH | — | 8,690 | 25,589 | 2,619 | 8,690 | 28,208 | 36,898 | (8,679 | ) | 1954 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Western Village | Cincinnati, OH | — | 3,370 | 12,195 | 1,156 | 3,420 | 13,301 | 16,721 | (4,503 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Crown Point | Columbus, OH | — | 2,120 | 14,434 | 1,784 | 2,120 | 16,218 | 18,338 | (6,098 | ) | 1980 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Greentree Shopping Center | Columbus, OH | — | 1,920 | 12,024 | 1,068 | 1,920 | 13,092 | 15,012 | (5,223 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Brandt Pike Place | Dayton, OH | — | 616 | 1,694 | 18 | 616 | 1,712 | 2,328 | (702 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
South Towne Centre | Dayton, OH | — | 4,990 | 42,390 | 7,805 | 4,990 | 50,195 | 55,185 | (17,127 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Southland Shopping Center | Middleburg Heights, OH | — | 4,659 | 37,665 | 8,744 | 4,659 | 46,409 | 51,068 | (15,280 | ) | 1951 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Shoppes at North Olmsted | North Olmsted, OH | — | 510 | 3,987 | 27 | 510 | 4,014 | 4,524 | (1,551 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Surrey Square Mall | Norwood, OH | — | 3,900 | 17,731 | 2,154 | 3,900 | 19,885 | 23,785 | (7,416 | ) | 2010 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Brice Park | Reynoldsburg, OH | — | 2,820 | 11,910 | (947 | ) | 2,114 | 11,669 | 13,783 | (4,346 | ) | 1989 | Jun-11 | 40 years | |||||||||||||||||||||||||
Miracle Mile Shopping Plaza | Toledo, OH | — | 1,510 | 14,302 | 3,775 | 1,510 | 18,077 | 19,587 | (7,306 | ) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Marketplace | Tulsa, OK | — | 5,040 | 12,401 | 3,131 | 5,040 | 15,532 | 20,572 | (6,505 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Village West | Allentown, PA | — | 4,180 | 23,061 | 1,925 | 4,180 | 24,986 | 29,166 | (7,992 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Park Hills Plaza | Altoona, PA | — | 4,390 | 21,869 | 6,693 | 4,390 | 28,562 | 32,952 | (8,683 | ) | 1985 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bethel Park Shopping Center | Bethel Park, PA | — | 3,060 | 18,299 | 2,267 | 3,060 | 20,566 | 23,626 | (8,323 | ) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Lehigh Shopping Center | Bethlehem, PA | — | 6,980 | 30,222 | 9,805 | 6,980 | 40,027 | 47,007 | (11,978 | ) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bristol Park | Bristol, PA | — | 3,180 | 19,125 | 2,019 | 3,180 | 21,144 | 24,324 | (6,683 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Chalfont Village Shopping Center | Chalfont, PA | — | 1,040 | 3,639 | (44 | ) | 1,040 | 3,595 | 4,635 | (1,079 | ) | 1989 | Jun-11 | 40 years | |||||||||||||||||||||||||
New Britain Village Square | Chalfont, PA | — | 4,250 | 23,565 | 2,866 | 4,250 | 26,431 | 30,681 | (6,920 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Collegeville Shopping Center | Collegeville, PA | — | 3,410 | 6,547 | 6,397 | 3,410 | 12,944 | 16,354 | (3,310 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Plymouth Square Shopping Center | Conshohocken, PA | — | 17,002 | 44,000 | 314 | 17,002 | 44,314 | 61,316 | (1,504 | ) | 2019 | May-19 | 40 years | ||||||||||||||||||||||||||
Whitemarsh Shopping Center | Conshohocken, PA | — | 3,410 | 11,590 | 1,464 | 3,410 | 13,054 | 16,464 | (3,949 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Valley Fair | Devon, PA | — | 1,810 | 8,048 | 1,635 | 1,810 | 9,683 | 11,493 | (5,015 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Dickson City Crossings | Dickson City, PA | — | 3,780 | 29,517 | 5,932 | 4,800 | 34,429 | 39,229 | (10,869 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Barn Plaza | Doylestown, PA | — | 8,780 | 28,452 | 2,300 | 8,780 | 30,752 | 39,532 | (11,631 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Pilgrim Gardens | Drexel Hill, PA | — | 2,090 | 4,727 | 4,843 | 2,090 | 9,570 | 11,660 | (3,350 | ) | 1955 | Jun-11 | 40 years | ||||||||||||||||||||||||||
New Garden Center | Kennett Square, PA | — | 2,240 | 6,752 | 2,809 | 2,240 | 9,561 | 11,801 | (3,172 | ) | 1979 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stone Mill Plaza | Lancaster, PA | — | 2,490 | 12,233 | 517 | 2,490 | 12,750 | 15,240 | (5,047 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
North Penn Market Place | Lansdale, PA | — | 3,060 | 4,971 | 1,799 | 3,060 | 6,770 | 9,830 | (1,935 | ) | 1977 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Village at Newtown | Newtown, PA | — | 7,690 | 36,307 | 35,187 | 7,690 | 71,494 | 79,184 | (11,163 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ivyridge | Philadelphia, PA | — | 7,100 | 18,051 | 2,244 | 7,100 | 20,295 | 27,395 | (4,998 | ) | 1963 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Roosevelt Mall | Philadelphia, PA | — | 10,970 | 87,129 | 13,218 | 10,969 | 100,348 | 111,317 | (28,916 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Shoppes at Valley Forge | Phoenixville, PA | — | 2,010 | 12,570 | 761 | 2,010 | 13,331 | 15,341 | (5,788 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
County Line Plaza | Souderton, PA | — | 910 | 7,492 | 2,175 | 910 | 9,667 | 10,577 | (4,404 | ) | 1971 | Jun-11 | 40 years | ||||||||||||||||||||||||||
69th Street Plaza | Upper Darby, PA | — | 640 | 4,362 | 89 | 640 | 4,451 | 5,091 | (1,645 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Warminster Towne Center | Warminster, PA | — | 4,310 | 35,284 | 1,917 | 4,310 | 37,201 | 41,511 | (11,508 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Shops at Prospect | West Hempfield, PA | — | 760 | 6,261 | 625 | 760 | 6,886 | 7,646 | (2,227 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Whitehall Square | Whitehall, PA | — | 4,350 | 30,879 | 3,782 | 4,350 | 34,661 | 39,011 | (10,605 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Wilkes-Barre Township Marketplace | Wilkes-Barre , PA | — | 2,180 | 16,595 | 3,572 | 2,180 | 20,167 | 22,347 | (8,010 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Belfair Towne Village | Bluffton, SC | — | 4,265 | 30,937 | 2,778 | 4,265 | 33,715 | 37,980 | (7,558 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Milestone Plaza | Greenville, SC | — | 2,563 | 15,295 | 2,552 | 2,563 | 17,847 | 20,410 | (3,965 | ) | 1995 | Oct-13 | 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 | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(1) | Date Acquired | ||||||||||||||||||||||||||||||
Circle Center | Hilton Head, SC | — | 3,010 | 5,707 | 658 | 3,010 | 6,365 | 9,375 | (2,663 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Island Plaza | James Island, SC | — | 2,940 | 8,467 | 2,776 | 2,940 | 11,243 | 14,183 | (4,673 | ) | 1994 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Festival Centre | North Charleston, SC | — | 3,630 | 8,398 | 7,549 | 3,630 | 15,947 | 19,577 | (6,214 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Fairview Corners I & II | Simpsonville, SC | — | 2,370 | 16,460 | 2,241 | 2,370 | 18,701 | 21,071 | (5,922 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Hillcrest Market Place | Spartanburg, SC | — | 4,190 | 33,004 | 7,002 | 4,190 | 40,006 | 44,196 | (13,661 | ) | 1965 | Jun-11 | 40 years | ||||||||||||||||||||||||||
East Ridge Crossing | Chattanooga , TN | — | 1,230 | 3,997 | 185 | 1,230 | 4,182 | 5,412 | (1,869 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Watson Glen Shopping Center | Franklin, TN | — | 5,220 | 13,369 | 2,680 | 5,220 | 16,049 | 21,269 | (6,412 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Williamson Square | Franklin, TN | — | 7,730 | 17,568 | 9,613 | 7,730 | 27,181 | 34,911 | (10,486 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Greeneville Commons | Greeneville, TN | — | 2,880 | 10,708 | 4,948 | 2,880 | 15,656 | 18,536 | (3,852 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Kingston Overlook | Knoxville, TN | — | 2,060 | 5,022 | 2,394 | 2,060 | 7,416 | 9,476 | (2,483 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
The Commons at Wolfcreek | Memphis, TN | — | 22,530 | 50,114 | 25,581 | 23,239 | 74,986 | 98,225 | (21,408 | ) | 2014 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Georgetown Square | Murfreesboro, TN | — | 3,250 | 7,251 | 2,704 | 3,716 | 9,489 | 13,205 | (3,065 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Nashboro Village | Nashville, TN | — | 2,243 | 11,516 | 220 | 2,243 | 11,736 | 13,979 | (3,429 | ) | 1998 | Oct-13 | 40 years | ||||||||||||||||||||||||||
Commerce Central | Tullahoma, TN | — | 1,240 | 12,128 | 583 | 1,240 | 12,711 | 13,951 | (5,519 | ) | 1995 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Parmer Crossing | Austin, TX | — | 5,927 | 9,958 | 2,647 | 5,927 | 12,605 | 18,532 | (3,971 | ) | 1989 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Baytown Shopping Center | Baytown, TX | — | 3,410 | 9,114 | 915 | 3,410 | 10,029 | 13,439 | (3,716 | ) | 1987 | Jun-11 | 40 years | ||||||||||||||||||||||||||
El Camino | Bellaire, TX | — | 1,320 | 3,632 | 332 | 1,320 | 3,964 | 5,284 | (1,737 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bryan Square | Bryan, TX | — | 820 | 2,289 | 284 | 820 | 2,573 | 3,393 | (1,058 | ) | 2008 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Townshire | Bryan, TX | — | 1,790 | 6,342 | 786 | 1,790 | 7,128 | 8,918 | (3,420 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Central Station | College Station, TX | — | 4,340 | 19,343 | 4,445 | 4,340 | 23,788 | 28,128 | (6,431 | ) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Rock Prairie Crossing | College Station, TX | — | 2,401 | 13,371 | 261 | 2,401 | 13,632 | 16,033 | (5,722 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Carmel Village | Corpus Christi, TX | — | 1,900 | 4,009 | 4,705 | 1,900 | 8,714 | 10,614 | (1,541 | ) | 1993 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Claremont Village | Dallas, TX | — | 1,700 | 2,953 | 220 | 1,700 | 3,173 | 4,873 | (1,974 | ) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Kessler Plaza | Dallas, TX | — | 1,390 | 2,887 | 458 | 1,390 | 3,345 | 4,735 | (1,140 | ) | 1975 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Stevens Park Village | Dallas, TX | — | 1,270 | 2,350 | 1,466 | 1,270 | 3,816 | 5,086 | (1,857 | ) | 1974 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Webb Royal Plaza | Dallas, TX | — | 2,470 | 4,466 | 1,991 | 2,470 | 6,457 | 8,927 | (2,521 | ) | 1961 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Wynnewood Village | Dallas, TX | — | 16,982 | 42,091 | 23,920 | 17,199 | 65,794 | 82,993 | (15,682 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Parktown | Deer Park, TX | — | 2,790 | 6,874 | 1,032 | 2,790 | 7,906 | 10,696 | (3,899 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Kenworthy Crossing | El Paso, TX | — | 2,370 | 5,396 | 508 | 2,370 | 5,904 | 8,274 | (2,279 | ) | 2003 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Preston Ridge | Frisco, TX | — | 25,820 | 121,454 | 17,794 | 25,819 | 139,249 | 165,068 | (40,629 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Ridglea Plaza | Ft. Worth, TX | — | 2,770 | 15,766 | 571 | 2,770 | 16,337 | 19,107 | (6,116 | ) | 1990 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Trinity Commons | Ft. Worth, TX | — | 5,780 | 24,802 | 2,589 | 5,780 | 27,391 | 33,171 | (10,365 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Village Plaza | Garland, TX | — | 3,230 | 6,403 | 1,335 | 3,230 | 7,738 | 10,968 | (2,656 | ) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Highland Village Town Center | Highland Village, TX | — | 3,370 | 5,254 | 1,756 | 3,370 | 7,010 | 10,380 | (1,690 | ) | 1996 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Bay Forest | Houston, TX | — | 1,500 | 6,494 | 202 | 1,500 | 6,696 | 8,196 | (2,488 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Beltway South | Houston, TX | — | 3,340 | 9,666 | 599 | 3,340 | 10,265 | 13,605 | (4,074 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Braes Heights | Houston, TX | — | 1,700 | 14,218 | 8,797 | 1,700 | 23,015 | 24,715 | (4,248 | ) | 2018 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Braes Oaks Center | Houston, TX | — | 1,310 | 3,699 | 608 | 1,310 | 4,307 | 5,617 | (1,252 | ) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Braesgate | Houston, TX | — | 1,570 | 2,599 | 478 | 1,570 | 3,077 | 4,647 | (1,524 | ) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Broadway | Houston, TX | — | 1,720 | 5,160 | 1,490 | 1,720 | 6,650 | 8,370 | (2,157 | ) | 2006 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Clear Lake Camino South | Houston, TX | — | 3,320 | 11,764 | 2,132 | 3,320 | 13,896 | 17,216 | (4,261 | ) | 1964 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Hearthstone Corners | Houston, TX | — | 5,240 | 10,535 | 4,175 | 5,240 | 14,710 | 19,950 | (3,551 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Jester Village | Houston, TX | — | 1,380 | 4,138 | 7,587 | 1,380 | 11,725 | 13,105 | (1,138 | ) | 1988 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Jones Plaza | Houston, TX | — | 2,110 | 9,484 | 2,224 | 2,110 | 11,708 | 13,818 | (2,706 | ) | 2000 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Jones Square | Houston, TX | — | 3,210 | 10,613 | 282 | 3,210 | 10,895 | 14,105 | (4,022 | ) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Maplewood | Houston, TX | — | 1,790 | 5,020 | 1,739 | 1,790 | 6,759 | 8,549 | (1,973 | ) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Merchants Park | Houston, TX | — | 6,580 | 31,271 | 3,155 | 6,580 | 34,426 | 41,006 | (12,224 | ) | 2009 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Northgate | Houston, TX | — | 740 | 1,116 | 267 | 740 | 1,383 | 2,123 | (504 | ) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Northshore | Houston, TX | — | 5,970 | 21,950 | 4,290 | 5,970 | 26,240 | 32,210 | (8,610 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Northtown Plaza | Houston, TX | — | 4,990 | 16,333 | 3,879 | 4,990 | 20,212 | 25,202 | (5,144 | ) | 1960 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Orange Grove | Houston, TX | — | 3,670 | 15,241 | 1,701 | 3,670 | 16,942 | 20,612 | (7,152 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Royal Oaks Village | Houston, TX | — | 4,620 | 29,334 | 1,524 | 4,620 | 30,858 | 35,478 | (9,064 | ) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Tanglewilde Center | Houston, TX | — | 1,620 | 6,944 | 2,059 | 1,620 | 9,003 | 10,623 | (2,809 | ) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Westheimer Commons | Houston, TX | — | 5,160 | 11,424 | 4,795 | 5,160 | 16,219 | 21,379 | (6,386 | ) | 1984 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Fry Road Crossing | Katy, TX | — | 6,030 | 19,557 | 1,316 | 6,030 | 20,873 | 26,903 | (8,220 | ) | 2005 | Jun-11 | 40 years | ||||||||||||||||||||||||||
Jefferson Park | Mount Pleasant, TX | — | 870 | 4,869 | 1,934 | 870 | 6,803 | 7,673 | (2,608 | ) | 2001 | Jun-11 | 40 years |
Subsequent to Acquisition | Gross Amount at Which Carried | Life over Which Depreciated - Latest Income Statement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description(1) | Description(1) | Land | Building & Improvements | Subsequent to Acquisition | Land | Building & Improvements | Total | Accumulated Depreciation | Year Constructed(2) | Date Acquired | Life over Which Depreciated - Latest Income Statement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baytown Shopping Center | Baytown Shopping Center | Baytown, TX | 3,410 | 9,093 | 3,410 | 10,017 | 13,427 | (4,883) | 1987 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
El Camino | El Camino | Bellaire, TX | 1,320 | 3,617 | 1,320 | 4,435 | 5,755 | (1,808) | 2008 | Jun-11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Townshire | Townshire | Bryan, TX | 1,790 | 6,296 | 967 | 1,790 | 7,263 | 9,053 | (3,755) | 2002 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Station | 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 | 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 | 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 | Claremont Village | Dallas, TX | 1,700 | 2,915 | 247 | 1,700 | 3,162 | 4,862 | (1,981) | 1976 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kessler Plaza | 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 | 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 | 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 | Wynnewood Village | Dallas, TX | 16,982 | 41,648 | 28,159 | 17,200 | 69,589 | 86,789 | (17,094) | 2021 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parktown | 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 | 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 | 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 | 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 | 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 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 | Bay Forest | Houston, TX | 1,500 | 6,494 | 270 | 1,500 | 6,764 | 8,264 | (2,629) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway South | Beltway South | Houston, TX | 3,340 | 9,666 | 840 | 3,340 | 10,506 | 13,846 | (4,519) | 1998 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Braes Heights | 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 | Braes Oaks Center | Houston, TX | 1,310 | 3,423 | 618 | 1,310 | 4,041 | 5,351 | (1,110) | 1992 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Braesgate | Braesgate | Houston, TX | 1,570 | 2,561 | 721 | 1,570 | 3,282 | 4,852 | (1,578) | 1997 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway | 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 | 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 | 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 | 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 | 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 | Jones Square | Houston, TX | 3,210 | 10,613 | 357 | 3,210 | 10,970 | 14,180 | (4,264) | 1999 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maplewood | Maplewood | Houston, TX | 1,790 | 4,986 | 2,060 | 1,790 | 7,046 | 8,836 | (2,165) | 2004 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merchants Park | Merchants Park | Houston, TX | 6,580 | 30,736 | 3,950 | 6,580 | 34,686 | 41,266 | (12,988) | 2009 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northgate | Northgate | Houston, TX | 740 | 1,116 | 302 | 740 | 1,418 | 2,158 | (534) | 1972 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northshore | Northshore | Houston, TX | 5,970 | 21,918 | 4,317 | 5,970 | 26,235 | 32,205 | (9,468) | 2001 | Jun-11 | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northtown Plaza | 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 | 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 | 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 | 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 | 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 | 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 | 5,603 | 2,850 | 33,110 | 35,960 | (11,992 | ) | 2002 | 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 | 7,391 | 4,660 | 18,252 | 22,912 | (4,725 | ) | 1997 | 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 | 18,624 | 1,427 | 5,360 | 20,051 | 25,411 | (7,092 | ) | 1998 | 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 | 1,760 | 3,020 | 10,180 | 13,200 | (3,661 | ) | 1995 | 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 | 19,422 | 1,632 | 6,380 | 21,054 | 27,434 | (7,152 | ) | 2002 | 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 | 78,601 | 3,448 | 8,506 | 82,049 | 90,555 | (18,019 | ) | 1985 | Oct-13 | 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 | 9,656 | 1,319 | 3,300 | 10,975 | 14,275 | (3,725 | ) | 1999 | Jun-11 | 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 | 15,087 | 8,511 | 3,780 | 23,598 | 27,378 | (5,189 | ) | 2005 | 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 | 6,559 | 783 | 3,460 | 7,342 | 10,802 | (2,052 | ) | 2002 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Centre at Navarro | Victoria, TX | — | 1,490 | 6,389 | 969 | 1,490 | 7,358 | 8,848 | (1,527 | ) | 2005 | Jun-11 | 40 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Culpeper Town Square | Culpeper, VA | — | 3,200 | 9,061 | 1,289 | 3,200 | 10,350 | 13,550 | (4,954 | ) | 1999 | 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 | 14,559 | 6,228 | 3,540 | 20,787 | 24,327 | (4,911 | ) | 1991 | 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 | 9,254 | 1,704 | 2,400 | 10,958 | 13,358 | (3,129 | ) | 1981 | 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 | 754 | 3,060 | 11,932 | 14,992 | (5,201 | ) | 2005 | 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 | 2,557 | 1,150 | 9,868 | 11,018 | (3,559 | ) | 1989 | 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 | 5,712 | 5,154 | 26,183 | 31,337 | (7,687 | ) | 2010 | 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 | 8,044 | 5,661 | 2,080 | 13,705 | 15,785 | (4,589 | ) | 1990 | 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 | 552 | 2,130 | 21,407 | 23,537 | (7,173 | ) | 1997 | 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 | 1,065 | 1,768 | 9,909 | 11,677 | (2,146 | ) | 2003 | 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 | 27,888 | 9,265 | 7,520 | 37,153 | 44,673 | (10,850 | ) | 1967 | 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 | 9,034 | 1,522 | 2,080 | 10,556 | 12,636 | (3,837 | ) | 1990 | 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 | 15,367 | 1,148 | 1,510 | 16,515 | 18,025 | (7,004 | ) | 2000 | 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 | 10,102 | 1,400 | 1,054 | 11,502 | 12,556 | (4,866 | ) | 2004 | 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 | 437 | 670 | 6,086 | 6,756 | (1,937 | ) | 1986 | 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 | — | 1,906 | — | 813 | 1,906 | 813 | 2,719 | (353 | ) | Remaining portfolio | Various | 0 | 0 | 3,520 | 0 | 3,520 | 3,520 | (398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (7,000 | ) | $ | 1,748,150 | $ | 6,755,721 | $ | 1,619,729 | $ | 1,767,029 | $ | 8,356,571 | $ | 10,123,600 | $ | (2,481,250 | ) | $ | 1,722,219 | $ | 6,563,164 | $ | 1,878,178 | $ | 1,740,263 | $ | 8,423,298 | $ | 10,163,561 | $ | (2,659,448) |
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 |
Year Ending December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
[a] Reconciliation of total real estate carrying value is as follows: | |||||||||||
Balance at beginning of year | $ | 10,098,777 | $ | 10,921,491 | $ | 11,009,058 | |||||
Acquisitions and improvements | 478,719 | 301,218 | 408,570 | ||||||||
Real estate held for sale | (36,836 | ) | (4,148 | ) | (34,169 | ) | |||||
Impairment of real estate | (24,402 | ) | (45,828 | ) | (27,300 | ) | |||||
Cost of property sold | (305,380 | ) | (975,936 | ) | (358,972 | ) | |||||
Write-off of assets no longer in service | (87,278 | ) | (98,020 | ) | (75,696 | ) | |||||
Balance at end of year | $ | 10,123,600 | $ | 10,098,777 | $ | 10,921,491 | |||||
[b] Reconciliation of accumulated depreciation as follows: | |||||||||||
Balance at beginning of year | $ | 2,349,127 | $ | 2,361,070 | $ | 2,167,054 | |||||
Depreciation expense | 299,993 | 320,490 | 342,035 | ||||||||
Property sold | (99,305 | ) | (252,319 | ) | (87,169 | ) | |||||
Write-off of assets no longer in service | (68,565 | ) | (80,114 | ) | (60,850 | ) | |||||
Balance at end of year | $ | 2,481,250 | $ | 2,349,127 | $ | 2,361,070 |