Maryland | 001-35713 | 45-2681082 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
2529 Virginia Beach Blvd. Virginia Beach, VA | 23452 | |||||||
(Address of principal executive offices) | (Zip code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value per share | WHLR | Nasdaq Capital Market | ||||||||||||
Series B Convertible Preferred Stock | WHLRP | Nasdaq Capital Market | ||||||||||||
Series D Cumulative Convertible Preferred Stock | WHLRD | Nasdaq Capital Market | ||||||||||||
7.00% Subordinated Convertible Notes due 2031 | WHLRL | Nasdaq Capital Market |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
WHEELER REAL ESTATE INVESTMENT TRUST, INC. | ||||||||
By: | /s/ M. Andrew Franklin | |||||||
Name: M. Andrew Franklin | ||||||||
Title: Chief Executive Officer and President |
Table of Contents | |||||
Page | |||||
Company Overview | |||||
Financial and Portfolio Overview | |||||
Financial and Operating Results | |||||
Financial Summary | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Operations | |||||
Reconciliation of Non-GAAP Measures | |||||
Debt Summary | |||||
Portfolio Summary | |||||
Property Summary | |||||
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedule | |||||
Leasing Summary | |||||
Definitions |
Financial & Operating Data | 2 |
Financial & Operating Data | 3 |
Corporate Headquarters | ||||||||
Wheeler Real Estate Investment Trust, Inc. | ||||||||
2529 Virginia Beach Boulevard Virginia Beach, VA 23452 | ||||||||
Phone: (757) 627-9088 Toll Free: (866) 203-4864 | ||||||||
Website: www.whlr.us | ||||||||
Executive Management | ||||||||
M. Andrew Franklin - CEO and President | ||||||||
Crystal Plum - CFO |
Financial & Operating Data | 4 |
Financial Results | |||||
Net loss attributable to Wheeler REIT common stockholders (in 000s) | $ | (6,504) | |||
Net loss per basic and diluted shares | $ | (0.66) | |||
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1) | $ | (1,368) | |||
FFO per common share and OP unit | $ | (0.14) | |||
Adjusted FFO (AFFO) (in 000s) (1) | $ | 1,241 | |||
AFFO per common share and OP unit | $ | 0.12 | |||
Assets and Leverage | |||||
Investment Properties, net of $75.1 million accumulated depreciation (in 000s) | $ | 567,573 | |||
Cash and Cash Equivalents (in 000s) | $ | 24,057 | |||
Total Assets (in 000s) | $ | 693,046 | |||
Total Debt (in 000s) | $ | 483,659 | |||
Debt to Total Assets | 69.79 | % | |||
Debt to Gross Asset Value | 62.27 | % | |||
Market Capitalization | |||||
Common shares outstanding | 9,793,494 | ||||
OP units outstanding | 144,942 | ||||
Total common shares and OP units | 9,938,436 |
Ticker | Shares Outstanding at September 30, 2022 | Third Quarter stock price range | Stock price as of September 30, 2022 | ||||||||||||||
WHLR | 9,793,494 | $1.13-$3.37 | $ | 1.30 | |||||||||||||
WHLRP | 2,301,337 | $2.21-$5.45 | $ | 2.30 | |||||||||||||
WHLRD | 3,152,392 | $11.01-$15.55 | $ | 11.62 | |||||||||||||
CDRpB | 5,000,000 | $7.24-$12.27 | $ | 9.26 | |||||||||||||
CDRpC | 1,449,609 | $6.20-$11.34 | $ | 9.03 |
Common Stock market capitalization (as of September 30, 2022 closing stock price, in 000s) | 12,732 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 5 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 6 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 7 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 8 |
September 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS: | |||||||||||
Investment properties, net | $ | 567,573 | $ | 386,730 | |||||||
Cash and cash equivalents | 24,057 | 22,898 | |||||||||
Restricted cash | 30,245 | 17,521 | |||||||||
Rents and other tenant receivables, net | 11,517 | 9,233 | |||||||||
Assets held for sale | 419 | 2,047 | |||||||||
Above market lease intangibles, net | 3,432 | 2,424 | |||||||||
Operating lease right-of-use assets | 15,129 | 12,455 | |||||||||
Deferred costs and other assets, net | 40,674 | 11,973 | |||||||||
Total Assets | $ | 693,046 | $ | 465,281 | |||||||
LIABILITIES: | |||||||||||
Loans payable, net | $ | 467,230 | $ | 333,283 | |||||||
Liabilities associated with assets held for sale | — | 3,381 | |||||||||
Below market lease intangibles, net | 26,340 | 3,397 | |||||||||
Derivative liabilities | 7,309 | 4,776 | |||||||||
Operating lease liabilities | 16,446 | 13,040 | |||||||||
Accounts payable, accrued expenses and other liabilities | 21,286 | 11,054 | |||||||||
Total Liabilities | 538,611 | 368,931 | |||||||||
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding; $111.33 million and $104.97 million aggregate liquidation value, respectively) | 99,276 | 92,548 | |||||||||
EQUITY: | |||||||||||
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding) | 453 | 453 | |||||||||
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 2,301,337 and 1,872,448 shares issued and outstanding, respectively; $57.53 million and $46.81 million aggregate liquidation preference, respectively) | 43,263 | 41,189 | |||||||||
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,793,494 and 9,720,532 shares issued and outstanding, respectively) | 98 | 97 | |||||||||
Additional paid-in capital | 234,956 | 234,229 | |||||||||
Accumulated deficit | (288,546) | (274,107) | |||||||||
Total Stockholders’ (Deficit) Equity | (9,776) | 1,861 | |||||||||
Noncontrolling interests | 64,935 | 1,941 | |||||||||
Total Equity | 55,159 | 3,802 | |||||||||
Total Liabilities and Equity | $ | 693,046 | $ | 465,281 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 9 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
Rental revenues | $ | 18,486 | $ | 15,000 | $ | 49,142 | $ | 44,946 | |||||||||||||||
Other revenues | 232 | 508 | 552 | 780 | |||||||||||||||||||
Total Revenue | 18,718 | 15,508 | 49,694 | 45,726 | |||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Property operations | 6,655 | 5,029 | 16,637 | 14,573 | |||||||||||||||||||
Depreciation and amortization | 4,981 | 3,678 | 12,222 | 11,033 | |||||||||||||||||||
Impairment of assets held for sale | — | — | 760 | 2,200 | |||||||||||||||||||
Corporate general & administrative | 2,498 | 1,756 | 5,434 | 4,945 | |||||||||||||||||||
Total Operating Expenses | 14,134 | 10,463 | 35,053 | 32,751 | |||||||||||||||||||
(Loss) gain on disposal of properties | — | 1,967 | (15) | 2,143 | |||||||||||||||||||
Operating Income | 4,584 | 7,012 | 14,626 | 15,118 | |||||||||||||||||||
Interest income | 15 | 9 | 42 | 9 | |||||||||||||||||||
Interest expense | (6,949) | (5,637) | (19,079) | (19,813) | |||||||||||||||||||
Net changes in fair value of derivative liabilities | (656) | 1,884 | (2,533) | 303 | |||||||||||||||||||
Other income | — | — | — | 552 | |||||||||||||||||||
Other expense | — | (185) | (691) | (185) | |||||||||||||||||||
Net (Loss) Income Before Income Taxes | (3,006) | 3,083 | (7,635) | (4,016) | |||||||||||||||||||
Income tax expense | — | — | — | (2) | |||||||||||||||||||
Net (Loss) Income | (3,006) | 3,083 | (7,635) | (4,018) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 1,234 | 57 | 1,237 | 72 | |||||||||||||||||||
Net (Loss) Income Attributable to Wheeler REIT | (4,240) | 3,026 | (8,872) | (4,090) | |||||||||||||||||||
Preferred Stock dividends - undeclared | (2,264) | (2,198) | (6,792) | (6,649) | |||||||||||||||||||
Deemed contribution related to preferred stock redemption | — | — | — | 5,040 | |||||||||||||||||||
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ | (6,504) | $ | 828 | $ | (15,664) | $ | (5,699) | |||||||||||||||
(Loss) Income per share: | |||||||||||||||||||||||
Basic and Diluted | $ | (0.66) | $ | 0.09 | $ | (1.61) | $ | (0.59) | |||||||||||||||
Weighted-average number of shares: | |||||||||||||||||||||||
Basic and Diluted | 9,792,815 | 9,713,125 | 9,749,651 | 9,708,588 | |||||||||||||||||||
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 10 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (Loss) Income | $ | (3,006) | $ | 3,083 | $ | (7,635) | $ | (4,018) | ||||||||||||||||||
Depreciation and amortization of real estate assets | 4,981 | 3,678 | 12,222 | 11,033 | ||||||||||||||||||||||
Impairment of assets held for sale | — | — | 760 | 2,200 | ||||||||||||||||||||||
Loss (gain) on disposal of properties | — | (1,967) | 15 | (2,143) | ||||||||||||||||||||||
FFO | 1,975 | 4,794 | 5,362 | 7,072 | ||||||||||||||||||||||
Preferred stock dividends - undeclared (3) | (2,264) | (2,198) | (6,792) | (6,649) | ||||||||||||||||||||||
Dividends on noncontrolling interests preferred stock | (1,225) | — | (1,225) | — | ||||||||||||||||||||||
Preferred stock accretion adjustments | 146 | 145 | 438 | 454 | ||||||||||||||||||||||
FFO available to common stockholders and common unitholders | (1,368) | 2,741 | (2,217) | 877 | ||||||||||||||||||||||
Capital related costs | 1 | 59 | (21) | 343 | ||||||||||||||||||||||
Other non-recurring and non-cash expenses (2) | 1,240 | 209 | 3,409 | 365 | ||||||||||||||||||||||
Net changes in fair value of derivative liabilities | 656 | (1,884) | 2,533 | (303) | ||||||||||||||||||||||
Straight-line rental revenue, net straight-line expense | (228) | (281) | (445) | (871) | ||||||||||||||||||||||
Loan cost amortization | 806 | 884 | 2,154 | 5,200 | ||||||||||||||||||||||
Paid-in-kind interest | — | — | 2,099 | — | ||||||||||||||||||||||
Above (below) market lease amortization | 543 | 23 | 559 | 28 | ||||||||||||||||||||||
Recurring capital expenditures and tenant improvement reserves | (409) | 1 | (948) | (550) | ||||||||||||||||||||||
AFFO | $ | 1,241 | $ | 1,752 | $ | 7,123 | $ | 5,089 | ||||||||||||||||||
Weighted Average Common Shares | 9,792,815 | 9,713,125 | 9,749,651 | 9,708,588 | ||||||||||||||||||||||
Weighted Average Common Units | 145,621 | 217,750 | 188,206 | 220,647 | ||||||||||||||||||||||
Total Common Shares and Units | 9,938,436 | 9,930,875 | 9,937,857 | 9,929,235 | ||||||||||||||||||||||
FFO per Common Share and Common Units | $ | (0.14) | $ | 0.28 | $ | (0.22) | $ | 0.09 | ||||||||||||||||||
AFFO per Common Share and Common Units | $ | 0.12 | $ | 0.18 | $ | 0.72 | $ | 0.51 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 11 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Same Store | Non-same Store | Total | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Net (Loss) Income | $ | (1,389) | $ | 1,178 | $ | (1,617) | $ | 1,905 | $ | (3,006) | $ | 3,083 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Other expense | — | 185 | — | — | — | 185 | |||||||||||||||||||||||||||||
Net changes in fair value of derivative liabilities | 656 | (1,884) | — | — | 656 | (1,884) | |||||||||||||||||||||||||||||
Interest expense | 5,850 | 5,543 | 1,099 | 94 | 6,949 | 5,637 | |||||||||||||||||||||||||||||
Interest income | (15) | (9) | — | — | (15) | (9) | |||||||||||||||||||||||||||||
Corporate general & administrative | 1,899 | 1,751 | 599 | 5 | 2,498 | 1,756 | |||||||||||||||||||||||||||||
Impairment of assets held for sale | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Depreciation and amortization | 3,679 | 3,623 | 1,302 | 55 | 4,981 | 3,678 | |||||||||||||||||||||||||||||
Other non-property revenue | (2) | (6) | — | — | (2) | (6) | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 10,678 | $ | 10,381 | $ | 1,383 | $ | 92 | $ | 12,061 | $ | 10,473 | |||||||||||||||||||||||
Property revenues | $ | 15,875 | $ | 15,328 | $ | 2,841 | $ | 174 | $ | 18,716 | $ | 15,502 | |||||||||||||||||||||||
Property expenses | 5,197 | 4,947 | 1,458 | 82 | 6,655 | 5,029 | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 10,678 | $ | 10,381 | $ | 1,383 | $ | 92 | $ | 12,061 | $ | 10,473 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Same Store | Non-same Store | Total | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Net Loss | $ | (5,981) | $ | (2,736) | $ | (1,654) | $ | (1,282) | $ | (7,635) | $ | (4,018) | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Income tax expense | — | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
Other expense | 691 | 185 | — | — | 691 | 185 | |||||||||||||||||||||||||||||
Net changes in fair value of derivative liabilities | 2,533 | (303) | — | — | 2,533 | (303) | |||||||||||||||||||||||||||||
Interest expense | 17,968 | 18,616 | 1,111 | 1,197 | 19,079 | 19,813 | |||||||||||||||||||||||||||||
Interest income | (42) | (9) | — | — | (42) | (9) | |||||||||||||||||||||||||||||
Loss (gain) on disposal of properties | — | — | 15 | (2,143) | 15 | (2,143) | |||||||||||||||||||||||||||||
Corporate general & administrative | 4,828 | 4,892 | 606 | 53 | 5,434 | 4,945 | |||||||||||||||||||||||||||||
Impairment of assets held for sale | 760 | — | — | 2,200 | 760 | 2,200 | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,920 | 10,867 | 1,302 | 166 | 12,222 | 11,033 | |||||||||||||||||||||||||||||
Other non-property revenue | (18) | (580) | — | — | (18) | (580) | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 31,659 | $ | 30,934 | $ | 1,380 | $ | 191 | $ | 33,039 | $ | 31,125 | |||||||||||||||||||||||
Property revenues | $ | 46,832 | $ | 45,202 | $ | 2,844 | $ | 496 | $ | 49,676 | $ | 45,698 | |||||||||||||||||||||||
Property expenses | 15,173 | 14,268 | 1,464 | 305 | 16,637 | 14,573 | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 31,659 | $ | 30,934 | $ | 1,380 | $ | 191 | $ | 33,039 | $ | 31,125 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 12 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (Loss) Income | $ | (3,006) | $ | 3,083 | $ | (7,635) | $ | (4,018) | ||||||||||||||||||
Add back: | Depreciation and amortization (1) | 5,524 | 3,701 | 12,781 | 11,061 | |||||||||||||||||||||
Interest expense (2) | 6,949 | 5,637 | 19,079 | 19,813 | ||||||||||||||||||||||
Income tax expense | — | — | — | 2 | ||||||||||||||||||||||
EBITDA | 9,467 | 12,421 | 24,225 | 26,858 | ||||||||||||||||||||||
Adjustments for items affecting comparability: | ||||||||||||||||||||||||||
Capital related costs | 1 | 59 | (21) | 343 | ||||||||||||||||||||||
Net changes in FMV of derivative liabilities | 656 | (1,884) | 2,533 | (303) | ||||||||||||||||||||||
Other non-recurring and non-cash expenses (3) | 75 | 199 | 766 | (353) | ||||||||||||||||||||||
Impairment of assets held for sale | — | — | 760 | 2,200 | ||||||||||||||||||||||
Loss (gain) on disposal of properties | — | (1,967) | 15 | (2,143) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 10,199 | $ | 8,828 | $ | 28,278 | $ | 26,602 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 13 |
Property/Description | Monthly Payment | Interest Rate | Maturity | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
KeyBank-Cedar Agreement(5) | Interest only | Variable | August 2023 | $ | 130,000 | $ | — | |||||||||||||||||||||||||
Cypress Shopping Center | $ | 34,360 | 4.70 | % | July 2024 | 5,936 | 6,031 | |||||||||||||||||||||||||
Port Crossing | $ | 34,788 | 4.84 | % | August 2024 | 5,677 | 5,778 | |||||||||||||||||||||||||
Freeway Junction | $ | 41,798 | 4.60 | % | September 2024 | 7,314 | 7,431 | |||||||||||||||||||||||||
Harrodsburg Marketplace | $ | 19,112 | 4.55 | % | September 2024 | 3,207 | 3,267 | |||||||||||||||||||||||||
Bryan Station | $ | 23,489 | 4.52 | % | November 2024 | 4,159 | 4,226 | |||||||||||||||||||||||||
Crockett Square | Interest only | 4.47 | % | December 2024 | 6,338 | 6,338 | ||||||||||||||||||||||||||
Pierpont Centre | $ | 39,435 | 4.15 | % | February 2025 | 7,753 | 7,861 | |||||||||||||||||||||||||
Shoppes at Myrtle Park | $ | 33,180 | 4.45 | % | February 2025 | 5,651 | 5,757 | |||||||||||||||||||||||||
Alex City Marketplace | Interest only | 3.95 | % | April 2025 | 5,750 | 5,750 | ||||||||||||||||||||||||||
Butler Square | Interest only | 3.90 | % | May 2025 | 5,640 | 5,640 | ||||||||||||||||||||||||||
Brook Run Shopping Center | Interest only | 4.08 | % | June 2025 | 10,950 | 10,950 | ||||||||||||||||||||||||||
Beaver Ruin Village I and II | Interest only | 4.73 | % | July 2025 | 9,400 | 9,400 | ||||||||||||||||||||||||||
Sunshine Shopping Plaza | Interest only | 4.57 | % | August 2025 | 5,900 | 5,900 | ||||||||||||||||||||||||||
Barnett Portfolio (2) | Interest only | 4.30 | % | September 2025 | 8,770 | 8,770 | ||||||||||||||||||||||||||
Fort Howard Shopping Center | Interest only | 4.57 | % | October 2025 | 7,100 | 7,100 | ||||||||||||||||||||||||||
Conyers Crossing | Interest only | 4.67 | % | October 2025 | 5,960 | 5,960 | ||||||||||||||||||||||||||
Grove Park Shopping Center | Interest only | 4.52 | % | October 2025 | 3,800 | 3,800 | ||||||||||||||||||||||||||
Parkway Plaza | Interest only | 4.57 | % | October 2025 | 3,500 | 3,500 | ||||||||||||||||||||||||||
Winslow Plaza | $ | 24,295 | 4.82 | % | December 2025 | 4,428 | 4,483 | |||||||||||||||||||||||||
Tuckernuck | $ | 32,202 | 5.00 | % | March 2026 | 4,950 | 5,052 | |||||||||||||||||||||||||
Chesapeake Square | $ | 23,857 | 4.70 | % | August 2026 | 4,129 | 4,192 | |||||||||||||||||||||||||
Sangaree/Tri-County | $ | 32,329 | 4.78 | % | December 2026 | 6,108 | 6,176 | |||||||||||||||||||||||||
Riverbridge | Interest only | 4.48 | % | December 2026 | 4,000 | 4,000 | ||||||||||||||||||||||||||
Franklin Village | $ | 45,336 | 4.93 | % | January 2027 | 8,178 | 8,277 | |||||||||||||||||||||||||
Village of Martinsville | $ | 89,664 | 4.28 | % | July 2029 | 15,285 | 15,589 | |||||||||||||||||||||||||
Laburnum Square | Interest only | 4.28 | % | September 2029 | 7,665 | 7,665 | ||||||||||||||||||||||||||
Rivergate (3) | $ | 100,222 | 4.25 | % | 48121 | 18,111 | 18,430 | |||||||||||||||||||||||||
Convertible Notes | Interest only | 7.00 | % | 48213 | 33,000 | 33,000 | ||||||||||||||||||||||||||
Guggenheim Loan Agreement (4) | Interest only | 4.25 | % | July 2032 | 75,000 | — | ||||||||||||||||||||||||||
JANAF Loan Agreement (6) | Interest only | 5.31 | % | July 2032 | 60,000 | — | ||||||||||||||||||||||||||
Walnut Hill Plaza | $ | 26,850 | 5.50 | % | March 2023 | — | 3,145 | |||||||||||||||||||||||||
Litchfield Market Village | $ | 46,057 | 5.50 | % | November 2022 | — | 7,312 | |||||||||||||||||||||||||
Twin City Commons | $ | 17,827 | 4.86 | % | January 2023 | — | 2,843 | |||||||||||||||||||||||||
New Market | $ | 48,747 | 5.65 | % | June 2023 | — | 6,291 | |||||||||||||||||||||||||
Benefit Street Note | $ | 53,185 | 5.71 | % | June 2023 | — | 6,914 | |||||||||||||||||||||||||
Deutsche Bank Note | $ | 33,340 | 5.71 | % | July 2023 | — | 5,488 | |||||||||||||||||||||||||
First National Bank | $ | 24,656 | LIBOR + 350 basis points | August 2023 | — | 789 | ||||||||||||||||||||||||||
Lumber River | $ | 10,723 | LIBOR + 350 basis points | September 2023 | — | 1,296 | ||||||||||||||||||||||||||
Tampa Festival | $ | 50,797 | 5.56 | % | September 2023 | — | 7,753 | |||||||||||||||||||||||||
Forrest Gallery | $ | 50,973 | 5.40 | % | September 2023 | — | 8,060 | |||||||||||||||||||||||||
South Carolina Food Lions Note | $ | 68,320 | 5.25 | % | January 2024 | — | 11,259 | |||||||||||||||||||||||||
Folly Road | $ | 41,482 | 4.65 | % | March 2025 | — | 7,063 | |||||||||||||||||||||||||
JANAF | $ | 333,159 | 4.49 | % | July 2023 | — | 47,065 | |||||||||||||||||||||||||
JANAF Bravo | $ | 35,076 | 5.00 | % | May 2024 | — | 5,936 | |||||||||||||||||||||||||
JANAF BJ's | $ | 29,964 | 4.95 | % | January 2026 | — | 4,725 | |||||||||||||||||||||||||
Total Principal Balance (1) | 483,659 | 346,262 | ||||||||||||||||||||||||||||||
Unamortized debt issuance cost (1) | (16,429) | (9,834) | ||||||||||||||||||||||||||||||
Total Loans Payable, including assets held for sale | 467,230 | 336,428 | ||||||||||||||||||||||||||||||
Less loans payable on assets held for sale, net loan amortization costs | — | 3,145 | ||||||||||||||||||||||||||||||
Total Loans Payable, net | $ | 467,230 | $ | 333,283 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 14 |
Scheduled principal repayments and maturities by year | Amount | % Total Principal Payments and Maturities | ||||||||||||
For the remaining three months ended December 31, 2022 | $ | 572 | 0.12 | % | ||||||||||
December 31, 2023 | 132,343 | 27.36 | % | |||||||||||
December 31, 2024 | 33,690 | 6.97 | % | |||||||||||
December 31, 2025 | 85,337 | 17.64 | % | |||||||||||
December 31, 2026 | 19,347 | 4.00 | % | |||||||||||
December 31, 2027 | 9,313 | 1.93 | % | |||||||||||
Thereafter | 203,057 | 41.98 | % | |||||||||||
Total principal repayments and debt maturities | $ | 483,659 | 100.00 | % | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended Changes | Nine Months Ended Changes | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Change | % Change | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Property debt interest - excluding KeyBank-Cedar Agreement | $ | 3,715 | $ | 3,751 | $ | 10,940 | $ | 11,413 | $ | (36) | (0.96) | % | $ | (473) | (4.14) | % | |||||||||||||||||||||||||||||||
Convertible Notes interest (1) | 578 | 286 | 2,677 | 286 | 292 | 102.10 | % | 2,391 | 836.01 | % | |||||||||||||||||||||||||||||||||||||
Defeasance paid | 1,156 | — | 2,614 | 687 | 1,156 | 100.00 | % | 1,927 | 280.49 | % | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 806 | 884 | 2,154 | 5,200 | (78) | (8.82) | % | (3,046) | (58.58) | % | |||||||||||||||||||||||||||||||||||||
Interest on corporate debt | — | 716 | — | 2,227 | (716) | (100.00) | % | (2,227) | (100.00) | % | |||||||||||||||||||||||||||||||||||||
Property debt interest - KeyBank-Cedar Agreement | 694 | — | 694 | — | 694 | 100.00 | % | 694 | 100.00 | % | |||||||||||||||||||||||||||||||||||||
Total Interest Expense | $ | 6,949 | $ | 5,637 | $ | 19,079 | $ | 19,813 | $ | 1,312 | 23.27 | % | $ | (734) | (3.70) | % |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 15 |
Property | Location | Number of Tenants (1) | Total Leasable Square Feet | Percentage Leased (1) | Percentage Occupied | Total SF Occupied | Annualized Base Rent (in 000's) (2) | Annualized Base Rent per Occupied Sq. Foot | ||||||||||||||||||||||||
WHLR | ||||||||||||||||||||||||||||||||
Alex City Marketplace | Alexander City, AL | 19 | 151,843 | 100.0 | % | 100.0 | % | 151,843 | $ | 1,209 | $ | 7.96 | ||||||||||||||||||||
Amscot Building | Tampa, FL | 1 | 2,500 | 100.0 | % | 100.0 | % | 2,500 | 83 | 33.00 | ||||||||||||||||||||||
Beaver Ruin Village | Lilburn, GA | 29 | 74,038 | 94.1 | % | 94.1 | % | 69,648 | 1,245 | 17.87 | ||||||||||||||||||||||
Beaver Ruin Village II | Lilburn, GA | 4 | 34,925 | 100.0 | % | 100.0 | % | 34,925 | 461 | 13.21 | ||||||||||||||||||||||
Brook Run Shopping Center | Richmond, VA | 20 | 147,738 | 87.0 | % | 87.0 | % | 128,495 | 1,255 | 9.77 | ||||||||||||||||||||||
Brook Run Properties (3) | Richmond, VA | — | — | — | % | — | % | — | — | — | ||||||||||||||||||||||
Bryan Station | Lexington, KY | 10 | 54,277 | 100.0 | % | 100.0 | % | 54,277 | 634 | 11.68 | ||||||||||||||||||||||
Butler Square | Mauldin, SC | 15 | 82,400 | 98.5 | % | 96.5 | % | 79,550 | 842 | 10.58 | ||||||||||||||||||||||
Cardinal Plaza | Henderson, NC | 9 | 50,000 | 100.0 | % | 100.0 | % | 50,000 | 503 | 10.06 | ||||||||||||||||||||||
Chesapeake Square | Onley, VA | 14 | 108,982 | 99.1 | % | 99.1 | % | 108,016 | 837 | 7.75 | ||||||||||||||||||||||
Clover Plaza | Clover, SC | 10 | 45,575 | 100.0 | % | 100.0 | % | 45,575 | 382 | 8.38 | ||||||||||||||||||||||
Courtland Commons (3) | Courtland, VA | — | — | — | % | — | % | — | — | — | ||||||||||||||||||||||
Conyers Crossing | Conyers, GA | 14 | 170,475 | 100.0 | % | 100.0 | % | 170,475 | 980 | 5.75 | ||||||||||||||||||||||
Crockett Square | Morristown, TN | 4 | 107,122 | 100.0 | % | 100.0 | % | 107,122 | 970 | 9.06 | ||||||||||||||||||||||
Cypress Shopping Center | Boiling Springs, SC | 16 | 80,435 | 58.2 | % | 39.5 | % | 31,775 | 443 | 13.96 | ||||||||||||||||||||||
Darien Shopping Center | Darien, GA | 1 | 26,001 | 100.0 | % | 100.0 | % | 26,001 | 140 | 5.38 | ||||||||||||||||||||||
Devine Street | Columbia, SC | 1 | 38,464 | 89.1 | % | 89.1 | % | 34,264 | 180 | 5.25 | ||||||||||||||||||||||
Edenton Commons (3) | Edenton, NC | — | — | — | % | — | % | — | — | — | ||||||||||||||||||||||
Folly Road | Charleston, SC | 5 | 47,794 | 100.0 | % | 100.0 | % | 47,794 | 733 | 15.35 | ||||||||||||||||||||||
Forrest Gallery | Tullahoma, TN | 27 | 214,451 | 90.0 | % | 79.7 | % | 171,024 | 1,294 | 7.57 | ||||||||||||||||||||||
Fort Howard Shopping Center | Rincon, GA | 20 | 113,652 | 100.0 | % | 100.0 | % | 113,652 | 1,225 | 10.78 | ||||||||||||||||||||||
Freeway Junction | Stockbridge, GA | 17 | 156,834 | 97.5 | % | 97.5 | % | 152,984 | 1,322 | 8.64 | ||||||||||||||||||||||
Franklin Village | Kittanning, PA | 26 | 151,821 | 99.9 | % | 99.9 | % | 151,673 | 1,297 | 8.55 | ||||||||||||||||||||||
Franklinton Square | Franklinton, NC | 15 | 65,366 | 100.0 | % | 100.0 | % | 65,366 | 595 | 9.11 | ||||||||||||||||||||||
Georgetown | Georgetown, SC | 2 | 29,572 | 100.0 | % | 100.0 | % | 29,572 | 267 | 9.04 | ||||||||||||||||||||||
Grove Park Shopping Center | Orangeburg, SC | 14 | 93,265 | 100.0 | % | 100.0 | % | 93,265 | 759 | 8.14 | ||||||||||||||||||||||
Harbor Point (3) | Grove, OK | — | — | — | % | — | % | — | — | — | ||||||||||||||||||||||
Harrodsburg Marketplace | Harrodsburg, KY | 8 | 60,048 | 91.0 | % | 91.0 | % | 54,648 | 451 | 8.26 | ||||||||||||||||||||||
JANAF (4) | Norfolk, VA | 115 | 798,086 | 94.5 | % | 94.3 | % | 752,545 | 8,844 | 11.75 | ||||||||||||||||||||||
Laburnum Square | Richmond, VA | 19 | 109,405 | 96.9 | % | 96.9 | % | 106,045 | 969 | 9.14 | ||||||||||||||||||||||
Ladson Crossing | Ladson, SC | 16 | 52,607 | 100.0 | % | 100.0 | % | 52,607 | 542 | 10.31 | ||||||||||||||||||||||
LaGrange Marketplace | LaGrange, GA | 13 | 76,594 | 93.7 | % | 87.5 | % | 67,000 | 383 | 5.72 | ||||||||||||||||||||||
Lake Greenwood Crossing | Greenwood, SC | 8 | 43,618 | 100.0 | % | 100.0 | % | 43,618 | 363 | 8.33 | ||||||||||||||||||||||
Lake Murray | Lexington, SC | 5 | 39,218 | 100.0 | % | 100.0 | % | 39,218 | 257 | 6.56 | ||||||||||||||||||||||
Litchfield Market Village | Pawleys Island, SC | 24 | 86,740 | 94.8 | % | 94.8 | % | 82,202 | 1,023 | 12.45 | ||||||||||||||||||||||
Lumber River Village | Lumberton, NC | 11 | 66,781 | 100.0 | % | 100.0 | % | 66,781 | 453 | 6.79 | ||||||||||||||||||||||
Moncks Corner | Moncks Corner, SC | 1 | 26,800 | 100.0 | % | 100.0 | % | 26,800 | 330 | 12.31 | ||||||||||||||||||||||
Nashville Commons | Nashville, NC | 12 | 56,100 | 100.0 | % | 100.0 | % | 56,100 | 646 | 11.51 | ||||||||||||||||||||||
New Market Crossing | Mt. Airy, NC | 12 | 117,076 | 100.0 | % | 100.0 | % | 117,076 | 1,032 | 8.82 | ||||||||||||||||||||||
Parkway Plaza | Brunswick, GA | 4 | 52,365 | 81.7 | % | 81.7 | % | 42,785 | 354 | 8.29 | ||||||||||||||||||||||
Pierpont Centre | Morgantown, WV | 15 | 111,162 | 98.4 | % | 98.4 | % | 109,437 | 1,055 | 9.64 | ||||||||||||||||||||||
Port Crossing | Harrisonburg, VA | 8 | 65,365 | 100.0 | % | 100.0 | % | 65,365 | 863 | 13.21 | ||||||||||||||||||||||
Ridgeland | Ridgeland, SC | 1 | 20,029 | 100.0 | % | 100.0 | % | 20,029 | 140 | 7.00 | ||||||||||||||||||||||
Riverbridge Shopping Center | Carrollton, GA | 11 | 91,188 | 100.0 | % | 100.0 | % | 91,188 | 769 | 8.43 | ||||||||||||||||||||||
Rivergate Shopping Center | Macon, GA | 24 | 193,960 | 87.0 | % | 87.0 | % | 168,816 | 2,460 | 14.57 | ||||||||||||||||||||||
Sangaree Plaza | Summerville, SC | 10 | 66,948 | 100.0 | % | 100.0 | % | 66,948 | 714 | 10.67 | ||||||||||||||||||||||
Shoppes at Myrtle Park | Bluffton, SC | 13 | 56,601 | 97.3 | % | 97.3 | % | 55,084 | 655 | 11.89 | ||||||||||||||||||||||
South Lake | Lexington, SC | 10 | 44,318 | 97.3 | % | 97.3 | % | 43,118 | 242 | 5.60 | ||||||||||||||||||||||
South Park | Mullins, SC | 4 | 60,734 | 96.9 | % | 96.9 | % | 58,834 | 376 | 6.39 | ||||||||||||||||||||||
South Square | Lancaster, SC | 6 | 44,350 | 80.9 | % | 80.9 | % | 35,900 | 302 | 8.42 | ||||||||||||||||||||||
St. George Plaza | St. George, SC | 8 | 59,174 | 100.0 | % | 100.0 | % | 59,174 | 401 | 6.78 | ||||||||||||||||||||||
Sunshine Plaza | Lehigh Acres, FL | 23 | 111,189 | 100.0 | % | 100.0 | % | 111,189 | 1,085 | 9.76 | ||||||||||||||||||||||
Surrey Plaza | Hawkinsville, GA | 4 | 42,680 | 100.0 | % | 100.0 | % | 42,680 | 258 | 6.05 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 16 |
Property | Location | Number of Tenants (1) | Total Leasable Square Feet | Percentage Leased (1) | Percentage Occupied | Total SF Occupied | Annualized Base Rent (in 000's) (2) | Annualized Base Rent per Occupied Sq. Foot | ||||||||||||||||||||||||
Tampa Festival | Tampa, FL | 18 | 137,987 | 96.5 | % | 63.5 | % | 87,566 | $ | 873 | $ | 9.97 | ||||||||||||||||||||
Tri-County Plaza | Royston, GA | 7 | 67,577 | 90.2 | % | 90.2 | % | 60,977 | 431 | 7.07 | ||||||||||||||||||||||
Tuckernuck | Richmond, VA | 18 | 93,440 | 100.0 | % | 100.0 | % | 93,440 | 967 | 10.35 | ||||||||||||||||||||||
Twin City Commons | Batesburg-Leesville, SC | 5 | 47,680 | 100.0 | % | 100.0 | % | 47,680 | 488 | 10.23 | ||||||||||||||||||||||
Village of Martinsville | Martinsville, VA | 20 | 288,254 | 100.0 | % | 95.8 | % | 276,242 | 2,181 | 7.89 | ||||||||||||||||||||||
Waterway Plaza | Little River, SC | 10 | 49,750 | 100.0 | % | 100.0 | % | 49,750 | 501 | 10.07 | ||||||||||||||||||||||
Westland Square | West Columbia, SC | 11 | 62,735 | 100.0 | % | 100.0 | % | 62,735 | 534 | 8.51 | ||||||||||||||||||||||
Winslow Plaza | Sicklerville, NJ | 18 | 40,695 | 100.0 | % | 100.0 | % | 40,695 | 652 | 16.02 | ||||||||||||||||||||||
WHLR TOTAL | 785 | 5,388,784 | 96.1 | % | 94.2 | % | 5,074,068 | $ | 49,250 | $ | 9.71 | |||||||||||||||||||||
CDR | ||||||||||||||||||||||||||||||||
Brickyard Plaza | Berlin, CT | 10 | 227,598 | 100.0 | % | 99.2 | % | 225,821 | 2,024 | 8.96 | ||||||||||||||||||||||
Carll's Corner | Bridgeton, NJ | 5 | 129,582 | 27.5 | % | 21.1 | % | 27,324 | 399 | 14.60 | ||||||||||||||||||||||
Coliseum Marketplace | Hampton, VA | 9 | 106,648 | 45.9 | % | 45.9 | % | 48,986 | 609 | 12.44 | ||||||||||||||||||||||
Fairview Commons | New Cumberland, PA | 10 | 52,964 | 77.5 | % | 77.5 | % | 41,064 | 421 | 10.25 | ||||||||||||||||||||||
Fieldstone Marketplace | New Bedford, MA | 9 | 150,123 | 84.3 | % | 84.3 | % | 126,516 | 1,526 | 12.06 | ||||||||||||||||||||||
Gold Star Plaza | Shenandoah, PA | 6 | 71,720 | 100.0 | % | 100.0 | % | 71,720 | 653 | 9.10 | ||||||||||||||||||||||
Golden Triangle | Lancaster, PA | 20 | 202,790 | 99.3 | % | 99.3 | % | 201,290 | 2,574 | 12.79 | ||||||||||||||||||||||
Hamburg Square | Hamburg, PA | 7 | 102,058 | 100.0 | % | 100.0 | % | 102,058 | 695 | 6.81 | ||||||||||||||||||||||
Kings Plaza | New Bedford, MA | 16 | 168,243 | 82.2 | % | 82.2 | % | 138,239 | 1,227 | 8.87 | ||||||||||||||||||||||
Oakland Commons | Bristol, CT | 2 | 90,100 | 100.0 | % | 100.0 | % | 90,100 | 574 | 6.37 | ||||||||||||||||||||||
Oregon Avenue | Philadelphia, PA | 1 | 20,380 | 100.0 | % | 5.8 | % | 1,180 | 40 | 33.54 | ||||||||||||||||||||||
Patuxent Crossing | California, MD | 30 | 264,134 | 83.8 | % | 83.8 | % | 221,406 | 2,491 | 11.25 | ||||||||||||||||||||||
Pine Grove Plaza | Brown Mills, NJ | 15 | 79,306 | 84.6 | % | 53.1 | % | 42,143 | 606 | 14.39 | ||||||||||||||||||||||
South Philadelphia | Philadelphia, PA | 7 | 197,303 | 61.1 | % | 61.1 | % | 120,453 | 1,066 | 8.85 | ||||||||||||||||||||||
Southington Center | Southington, CT | 10 | 155,842 | 98.5 | % | 98.5 | % | 153,507 | 1,168 | 7.61 | ||||||||||||||||||||||
Timpany Plaza | Gardner, MA | 15 | 182,799 | 66.1 | % | 66.1 | % | 120,875 | 1,211 | 10.02 | ||||||||||||||||||||||
Trexler Mall | Trexlertown, PA | 23 | 336,687 | 98.2 | % | 98.2 | % | 330,634 | 3,669 | 11.10 | ||||||||||||||||||||||
Washington Center Shoppes | Sewell, NJ | 26 | 157,300 | 92.0 | % | 92.0 | % | 144,656 | 1,737 | 12.01 | ||||||||||||||||||||||
Webster Commons | Webster, MA | 9 | 98,984 | 100.0 | % | 100.0 | % | 98,984 | 1,241 | 12.54 | ||||||||||||||||||||||
CDR TOTAL | 230 | 2,794,561 | 84.5 | % | 82.6 | % | 2,306,956 | $ | 23,931 | $ | 10.37 | |||||||||||||||||||||
COMBINED TOTAL | 1,015 | 8,183,345 | 92.1 | % | 90.2 | % | 7,381,024 | $ | 73,181 | $ | 9.91 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 17 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 18 |
Tenants | Category | Annualized Base Rent ($ in 000s) | % of Total Annualized Base Rent | Total Occupied Square Feet | Percent Total Leasable Square Foot | Base Rent Per Occupied Square Foot | |||||||||||||||||||||||||||||||||||
Food Lion | Grocery | $ | 4,435 | 6.06 | % | 549,000 | 6.71 | % | $ | 8.08 | |||||||||||||||||||||||||||||||
Kroger Co (1) | Grocery | 2,097 | 2.87 | % | 239,000 | 2.92 | % | 8.77 | |||||||||||||||||||||||||||||||||
Dollar Tree (2) | Discount Retailer | 2,032 | 2.78 | % | 244,000 | 2.98 | % | 8.33 | |||||||||||||||||||||||||||||||||
TJX Companies (4) | Discount Retailer | 1,587 | 2.17 | % | 194,000 | 2.37 | % | 8.18 | |||||||||||||||||||||||||||||||||
Piggly Wiggly | Grocery | 1,495 | 2.04 | % | 203,000 | 2.48 | % | 7.36 | |||||||||||||||||||||||||||||||||
Planet Fitness | Gym | 1,422 | 1.94 | % | 139,000 | 1.70 | % | 10.23 | |||||||||||||||||||||||||||||||||
Lowes Foods (3) | Grocery | 1,181 | 1.61 | % | 130,000 | 1.59 | % | 9.08 | |||||||||||||||||||||||||||||||||
Big Lots | Discount Retailer | 1,078 | 1.47 | % | 171,000 | 2.09 | % | 6.30 | |||||||||||||||||||||||||||||||||
Kohl's | Discount Retailer | 1,031 | 1.41 | % | 147,000 | 1.80 | % | 7.01 | |||||||||||||||||||||||||||||||||
Shaw's | Grocery | 925 | 1.26 | % | 68,000 | 0.83 | % | 13.60 | |||||||||||||||||||||||||||||||||
$ | 17,283 | 23.61 | % | 2,084,000 | 25.47 | % | $ | 8.29 |
Lease Expiration Period | Number of Expiring Leases | Total Expiring Square Footage | % of Total Expiring Square Footage | % of Total Occupied Square Footage Expiring | Expiring Annualized Base Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent Per Occupied Square Foot | |||||||||||||||||||||||||||||||||||||
Available | — | 802,321 | 9.80 | % | — | % | $ | — | — | % | — | |||||||||||||||||||||||||||||||||
MTM | 15 | 57,662 | 0.70 | % | 0.78 | % | 665 | 0.91 | % | 11.53 | ||||||||||||||||||||||||||||||||||
2022 | 19 | 45,738 | 0.56 | % | 0.62 | % | 752 | 1.03 | % | 16.44 | ||||||||||||||||||||||||||||||||||
2023 | 147 | 765,815 | 9.36 | % | 10.38 | % | 8,326 | 11.38 | % | 10.87 | ||||||||||||||||||||||||||||||||||
2024 | 168 | 962,333 | 11.76 | % | 13.04 | % | 10,093 | 13.79 | % | 10.49 | ||||||||||||||||||||||||||||||||||
2025 | 167 | 1,259,716 | 15.39 | % | 17.07 | % | 12,048 | 16.46 | % | 9.56 | ||||||||||||||||||||||||||||||||||
2026 | 139 | 881,551 | 10.77 | % | 11.94 | % | 9,416 | 12.87 | % | 10.68 | ||||||||||||||||||||||||||||||||||
2027 | 141 | 749,376 | 9.16 | % | 10.15 | % | 8,819 | 12.05 | % | 11.77 | ||||||||||||||||||||||||||||||||||
2028 | 59 | 890,717 | 10.88 | % | 12.07 | % | 6,536 | 8.93 | % | 7.34 | ||||||||||||||||||||||||||||||||||
2029 | 46 | 424,555 | 5.19 | % | 5.75 | % | 4,180 | 5.71 | % | 9.85 | ||||||||||||||||||||||||||||||||||
2030 | 29 | 441,258 | 5.39 | % | 5.98 | % | 3,296 | 4.50 | % | 7.47 | ||||||||||||||||||||||||||||||||||
2031 & thereafter | 85 | 902,303 | 11.04 | % | 12.22 | % | 9,050 | 12.37 | % | 10.03 | ||||||||||||||||||||||||||||||||||
Total | 1,015 | 8,183,345 | 100.00 | % | 100.00 | % | $ | 73,181 | 100.00 | % | $ | 9.91 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 19 |
No Option | Option | ||||||||||||||||||||||||||||||||||
Lease Expiration Period | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot | |||||||||||||||||||||||||
Available | — | 391,009 | $ | — | — | % | $ | — | — | — | $ | — | — | % | $ | — | |||||||||||||||||||
Month-to-Month | 1 | 20,300 | 117 | 2.66 | % | 5.76 | — | — | — | — | % | — | |||||||||||||||||||||||
2022 | — | — | — | — | % | — | — | — | — | — | % | — | |||||||||||||||||||||||
2023 | 2 | 55,259 | 888 | 20.21 | % | 16.07 | 11 | 380,854 | 3,058 | 11.16 | % | 8.03 | |||||||||||||||||||||||
2024 | 2 | 100,000 | 1,050 | 23.90 | % | 10.50 | 12 | 445,620 | 3,029 | 11.05 | % | 6.80 | |||||||||||||||||||||||
2025 | 3 | 112,660 | 759 | 17.28 | % | 6.74 | 16 | 669,897 | 4,890 | 17.84 | % | 7.30 | |||||||||||||||||||||||
2026 | 1 | 20,152 | 97 | 2.21 | % | 4.81 | 14 | 456,864 | 3,817 | 13.92 | % | 8.35 | |||||||||||||||||||||||
2027 | 4 | 96,819 | 899 | 20.45 | % | 9.29 | 5 | 160,531 | 1,402 | 5.11 | % | 8.73 | |||||||||||||||||||||||
2028 | — | — | — | — | % | — | 16 | 686,735 | 4,109 | 14.99 | % | 5.98 | |||||||||||||||||||||||
2029 | 2 | 48,789 | 522 | 11.88 | % | 10.70 | 5 | 150,947 | 1,014 | 3.70 | % | 6.72 | |||||||||||||||||||||||
2030 | — | — | — | — | % | — | 6 | 372,398 | 1,994 | 7.27 | % | 5.35 | |||||||||||||||||||||||
2031+ | 2 | 56,047 | 61 | 1.41 | % | 1.09 | 13 | 562,026 | 4,100 | 14.96 | % | 7.30 | |||||||||||||||||||||||
Total | 17 | 901,035 | $ | 4,393 | 100.00 | % | $ | 8.61 | 98 | 3,885,872 | $ | 27,413 | 100.00 | % | $ | 7.05 |
No Option | Option | ||||||||||||||||||||||||||||||||||
Lease Expiration Period | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot | |||||||||||||||||||||||||
Available | — | 411,312 | $ | — | — | % | $ | — | — | — | $ | — | — | % | $ | — | |||||||||||||||||||
Month-to-Month | 14 | 37,362 | 548 | 2.82 | % | 14.67 | — | — | — | — | % | — | |||||||||||||||||||||||
2022 | 13 | 21,019 | 354 | 1.82 | % | 16.84 | 6 | 24,719 | 398 | 1.81 | % | 16.10 | |||||||||||||||||||||||
2023 | 92 | 230,568 | 2,904 | 14.95 | % | 12.59 | 42 | 99,134 | 1,476 | 6.72 | % | 14.89 | |||||||||||||||||||||||
2024 | 96 | 211,828 | 2,938 | 15.12 | % | 13.87 | 58 | 204,885 | 3,076 | 14.01 | % | 15.01 | |||||||||||||||||||||||
2025 | 94 | 239,122 | 3,126 | 16.09 | % | 13.07 | 54 | 238,037 | 3,273 | 14.91 | % | 13.75 | |||||||||||||||||||||||
2026 | 72 | 187,482 | 2,555 | 13.15 | % | 13.63 | 52 | 217,053 | 2,947 | 13.43 | % | 13.58 | |||||||||||||||||||||||
2027 | 79 | 219,739 | 3,265 | 16.81 | % | 14.86 | 53 | 272,287 | 3,254 | 14.82 | % | 11.95 | |||||||||||||||||||||||
2028 | 20 | 64,271 | 922 | 4.75 | % | 14.35 | 23 | 139,711 | 1,505 | 6.86 | % | 10.77 | |||||||||||||||||||||||
2029 | 15 | 55,750 | 699 | 3.60 | % | 12.54 | 24 | 169,069 | 1,945 | 8.86 | % | 11.50 | |||||||||||||||||||||||
2030 | 13 | 29,646 | 528 | 2.72 | % | 17.81 | 10 | 39,214 | 774 | 3.53 | % | 19.74 | |||||||||||||||||||||||
2031+ | 30 | 98,007 | 1,587 | 8.17 | % | 16.19 | 40 | 186,223 | 3,303 | 15.05 | % | 17.74 | |||||||||||||||||||||||
Total | 538 | 1,806,106 | $ | 19,426 | 100.00 | % | $ | 13.93 | 362 | 1,590,332 | $ | 21,951 | 100.00 | % | $ | 13.80 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 20 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Renewals(1): | |||||||||||||||||||||||
Leases renewed with rate increase (sq feet) | 123,623 | 85,429 | 339,831 | 265,231 | |||||||||||||||||||
Leases renewed with rate decrease (sq feet) | 18,315 | 11,920 | 29,804 | 66,343 | |||||||||||||||||||
Leases renewed with no rate change (sq feet) | 143,060 | 28,140 | 217,711 | 88,493 | |||||||||||||||||||
Total leases renewed (sq feet) | 284,998 | 125,489 | 587,346 | 420,067 | |||||||||||||||||||
Leases renewed with rate increase (count) | 23 | 29 | 67 | 71 | |||||||||||||||||||
Leases renewed with rate decrease (count) | 3 | 1 | 8 | 10 | |||||||||||||||||||
Leases renewed with no rate change (count) | 6 | 6 | 24 | 21 | |||||||||||||||||||
Total leases renewed (count) | 32 | 36 | 99 | 102 | |||||||||||||||||||
Option exercised (count) | 4 | 8 | 11 | 16 | |||||||||||||||||||
Weighted average on rate increases (per sq foot) | $ | 1.27 | $ | 0.94 | $ | 1.26 | $ | 0.80 | |||||||||||||||
Weighted average on rate decreases (per sq foot) | $ | (1.36) | $ | (2.34) | $ | (1.99) | $ | (2.23) | |||||||||||||||
Weighted average rate on all renewals (per sq foot) | $ | 0.46 | $ | 0.42 | $ | 0.63 | $ | 0.15 | |||||||||||||||
Weighted average change over prior rates | 6.20 | % | 3.53 | % | 7.10 | % | 1.48 | % | |||||||||||||||
New Leases(1) (2): | |||||||||||||||||||||||
New leases (sq feet) | 46,514 | 91,163 | 144,704 | 317,622 | |||||||||||||||||||
New leases (count) | 13 | 25 | 51 | 62 | |||||||||||||||||||
Weighted average rate (per sq foot) | $ | 12.50 | $ | 10.01 | $ | 12.89 | $ | 8.77 | |||||||||||||||
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 21 |
Three Months Ended September 30, | |||||
2022 | |||||
Renewals(1): | |||||
Leases renewed with rate increase (sq feet) | 42,971 | ||||
Leases renewed with rate decrease (sq feet) | 29,223 | ||||
Leases renewed with no rate change (sq feet) | — | ||||
Total leases renewed (sq feet) | 72,194 | ||||
Leases renewed with rate increase (count) | 8 | ||||
Leases renewed with rate decrease (count) | 2 | ||||
Leases renewed with no rate change (count) | — | ||||
Total leases renewed (count) | 10 | ||||
Option exercised (count) | 1 | ||||
Weighted average on rate increases (per sq foot) | $ | 0.93 | |||
Weighted average on rate decreases (per sq foot) | $ | (0.28) | |||
Weighted average rate on all renewals (per sq foot) | $ | 0.44 | |||
Weighted average change over prior rates | 3.67 | % | |||
New Leases(1) (2): | |||||
New leases (sq feet) | 38,360 | ||||
New leases (count) | 5 | ||||
Weighted average rate (per sq foot) | $ | 9.64 | |||
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 22 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 23 |
Financial & Operating Data | as of 9/30/2022 unless otherwise stated | 24 |