KIMCO 10-K 12-31-09
Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 10-K

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

[NO FEE REQUIRED]

For the fiscal year ended December 31, 2009

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

[NO FEE REQUIRED]

For the transition period from __________ to __________

Commission file number 1-10899

Kimco Realty Corporation

(Exact name of registrant as specified in its charter)


Maryland

 

13-2744380

(State of incorporation)

 

(I.R.S. Employer Identification No.)


3333 New Hyde Park Road, New Hyde Park, NY   11042-0020

(Address of principal executive offices - zip code)

(516) 869-9000

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Name of each exchange on which registered

 

 

 

Common Stock, par value $.01 per share.

 

New York Stock Exchange

 

 

 

Depositary Shares, each representing one-tenth of a share of 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share.

 

New York Stock Exchange

 

 

 

Depositary Shares, each representing one-hundredth of a share of 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share.

 

New York Stock Exchange


Securities registered pursuant to Section 12(g) of the Act:

None


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes þ  No ¨


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes ¨  No þ


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ  No ¨


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes þ  No ¨


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.     þ


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of "large accelerated filer,” “accelerated filer," and “smaller reporting company” in Rule 12-b of the Exchange Act.


Large accelerated filer

þ

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

¨

(Do not check if a small reporting company.)

 


Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   ¨     No   þ


The aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $3.7 billion based upon the closing price on the New York Stock Exchange for such stock on June 30, 2009.


 (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date.


405,544,542 shares as of February 18, 2010.


DOCUMENTS INCORPORATED BY REFERENCE


Part III incorporates certain information by reference to the Registrant's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 5, 2010.


Index to Exhibits begins on page 73.

Page 1 of 257




TABLE OF CONTENTS


Item No.

 

Form 10-K
Report
Page

 

PART I

 

 

 

 

    1.

Business

3

 

 

 

    1A.

Risk Factors

11

 

 

 

    1B.

Unresolved Staff Comments

18

 

 

 

    2.

Properties

18

 

 

 

    3.

Legal Proceedings

20

 

 

 

    4.

Reserved

20

 

 

 

   

Executive Officers of the Registrant

43

 

 

 

 

 

 

 

PART II

 

 

 

 

    5.

Market for Registrant's Common Equity,

Related Stockholder Matters and Issuer Purchases of Equity Securities

44

 

 

 

    6.

Selected Financial Data

45

 

 

 

    7.

Management’s Discussion and Analysis of Financial Condition and
Results of Operations

47

 

 

 

    7A.

Quantitative and Qualitative Disclosures About Market Risk

69

 

 

 

    8.

Financial Statements and Supplementary Data

70

 

 

 

    9.

Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure

70

 

 

 

    9A.

Controls and Procedures

70

 

 

 

    9B.

Other Information

70

 

 

 

 

 

 

 

PART III

 

 

 

 

    10.

Directors, Executive Officers and Corporate Governance>/a>

71

 

 

 

    11.

Executive Compensation

71

 

 

 

    12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

71

 

 

 

    13.

Certain Relationships and Related Transactions, and Director Independence

71

 

 

 

    14.

Principal Accounting Fees and Services

71

 

 

 

 

 

 

 

PART IV

 

 

 

 

    15.

Exhibits Financial Statement Schedules

72




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PART I


FORWARD-LOOKING STATEMENTS


This annual report on Form 10-K, together with other statements and information publicly disseminated by the Company contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions.  Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements.  Factors which may cause actual results to differ materially from current expectations include, but are not limited to (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securities and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for the Company’s common stock, (xii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiii) impairment charges, (xiv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity And the risks and uncertainties identifies under Item 1A, “Risk Factors.”  Accordingly, there is no assurance that the Company’s expectations will be realized.


Item 1.  Business


General  


Kimco Realty Corporation, a Maryland corporation, is one of the nation's largest owners and operators of neighborhood and community shopping centers.  The terms "Kimco," the "Company," "we," "our" and "us" each refer to Kimco Realty Corporation and our subsidiaries unless the context indicates otherwise.  The Company is a self-administered real estate investment trust ("REIT") and its management has owned and operated neighborhood and community shopping centers for more than 50 years.  The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties.  As of December 31, 2009, the Company had interests in 1,915 properties, totaling approximately 176.9 million square feet of gross leasable area (“GLA”) located in 45 states, Puerto Rico, Canada, Mexico, Chile, Brazil and Peru. The Company’s ownership interests in real estate consist of its consolidated portfolio and in portfolios where the Company owns an economic interest, such as properties in the Company’s investment management programs, where the Company partners with institutional investors and also retains management (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  The Company believes its portfolio of neighborhood and community shopping center properties is the largest (measured by GLA) currently held by any publicly traded REIT.


The Company's executive offices are located at 3333 New Hyde Park Road, New Hyde Park, New York 11042-0020 and its telephone number is (516) 869-9000.  


The Company’s Web site is located at http://www.kimcorealty.com.  The information contained on our Web site does not constitute part of this annual report on Form 10-K.  On the Company’s Web site you can obtain, free of charge, a copy of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable, after we file such material electronically with, or furnish it to, the Securities and Exchange Commission (the "SEC").


History  


The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders.  In 1973, these principals formed the



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Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the "IPO") in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code").  In 1994, the Company reorganized as a Maryland corporation.


The Company's growth through its first 15 years resulted primarily from the ground-up development and construction of its shopping centers.  By 1981, the Company had assembled a portfolio of 77 properties that provided an established source of income and positioned the Company for an expansion of its asset base.  At that time, the Company revised its growth strategy to focus on the acquisition of existing shopping centers and creating value through the redevelopment and re-tenanting of those properties.  As a result of this strategy, a majority of the operating shopping centers added to the Company’s portfolio since 1981 have been through the acquisition of existing shopping centers.


During 1998, the Company, through a merger transaction, completed the acquisition of The Price REIT, Inc., a Maryland corporation, (the "Price REIT").  Prior to the merger, Price REIT was a self-administered and self-managed equity REIT that was primarily focused on the acquisition, development, management and redevelopment of large retail community shopping center properties concentrated in the western part of the United States.  In connection with the merger, the Company acquired interests in 43 properties, located in 17 states.  With the completion of the Price REIT merger, the Company expanded its presence in certain western states including Arizona, California and Washington.  In addition, Price REIT had strong ground-up development capabilities.  These development capabilities, coupled with the Company’s own construction management expertise, provided the Company the ability to pursue ground-up development opportunities on a selective basis.


Also during 1998, the Company formed Kimco Income Operating Partnership, L.P. ("KIR"), an entity in which the Company held a 99.99% limited partnership interest. KIR was established for the purpose of investing in high-quality properties financed primarily with individual non-recourse mortgages.  The Company believed that these properties were appropriate for financing with greater leverage than the Company traditionally used.  At the time of formation, the Company contributed 19 properties to KIR, each encumbered by an individual non-recourse mortgage.  During 1999, KIR sold a significant interest in the partnership to institutional investors, thus establishing the Company’s investment management program. The Company holds a 45.0% noncontrolling limited partnership interest in KIR and accounts for its investment in KIR under the equity method of accounting. (See Note 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


The Company has expanded its investment management program through the establishment of other various institutional joint venture programs in which the Company has noncontrolling interests ranging generally from 5% to 45%.  The Company’s largest joint venture, Kimco Prudential Joint Venture ("KimPru"), was formed in 2006, in connection with the Pan Pacific Retail Properties Inc. ("Pan Pacific") merger transaction, with Prudential Real Estate Investors ("PREI").  The Company earns management fees, acquisition fees, disposition fees and promoted interests based on value creation.  (See Note 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


In connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in REIT activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries, has been engaged in various retail real estate related opportunities, including (i) ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion (see Recent Developments - Ground-Up Development), (ii) retail real estate advisory and disposition services, which primarily focused on leasing and disposition strategies for real estate property interests of both healthy and distressed retailers and (iii) acting as an agent or principal in connection with tax-deferred exchange transactions.  The Company may consider other investments through taxable REIT subsidiaries should suitable opportunities arise.


The Company has continued its geographic expansion with investments in Canada, Mexico, Puerto Rico, Chile, Brazil and Peru. During October 2001, the Company formed three joint ventures (collectively, the "RioCan Ventures") with RioCan Real Estate Investment Trust ("RioCan", Canada’s largest publicly traded REIT measured by GLA) in which the Company has 50% noncontrolling interests, to acquire retail properties and development projects in Canada. The Company accounts for this investment under the equity method of accounting. The Company has expanded its presence in Canada with the establishment of other joint venture arrangements.  During 2002, the Company, along with various strategic co-investment partners, began acquiring operating and development properties located in Mexico.  During 2006, the Company acquired interests in shopping center properties located in Puerto Rico through joint ventures in which the Company holds controlling ownership interests.  



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During 2007, the Company acquired an interest in four shopping center properties located in Chile through a joint venture in which the Company holds a noncontrolling ownership interest. During 2008, the Company acquired interests in two shopping center properties in Brazil through a joint venture in which the Company holds a controlling ownership interest and a land parcel for ground-up development located in Peru through a joint venture in which the Company holds a controlling interest.  (See Notes 4 and 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


In addition, the Company continues to capitalize on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company has also provided preferred equity capital in the past to real estate entrepreneurs and, from time to time, provides real estate capital and advisory services to both healthy and distressed retailers.  The Company has also made selective investments in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however these investments are subject to volatility within the equity and debt markets.  


Investment and Operating Strategy


The Company's investment objective is to increase cash flow, current income and, consequently, the value of its existing portfolio of properties and to seek continued growth through (i) the strategic re-tenanting, renovation and expansion of its existing centers and (ii) the selective acquisition of established income-producing real estate properties and properties requiring significant re-tenanting and redevelopment, primarily in neighborhood and community shopping centers in geographic regions in which the Company presently operates.  The Company may consider investments in other real estate sectors and in geographic markets where it does not presently operate should suitable opportunities arise.


The Company's neighborhood and community shopping center properties are designed to attract local area customers and typically are anchored by a discount department store, a supermarket or a drugstore tenant offering day-to-day necessities rather than high-priced luxury items.  The Company may either purchase or lease income-producing properties in the future and may also participate with other entities in property ownership through partnerships, joint ventures or similar types of co-ownership.  Equity investments may be subject to existing mortgage financing and/or other indebtedness.  Financing or other indebtedness may be incurred simultaneously or subsequently in connection with such investments.  Any such financing or indebtedness would have priority over the Company’s equity interest in such property. The Company may make loans to joint ventures in which it may or may not participate.


In addition to property or equity ownership, the Company provides property management services for fees relating to the management, leasing, operation, supervision and maintenance of real estate properties.


While the Company has historically held its properties for long-term investment and accordingly has placed strong emphasis on its ongoing program of regular maintenance, periodic renovation and capital improvement, it is possible that properties in the portfolio may be sold, in whole or in part, as circumstances warrant, subject to REIT qualification rules.


The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base.  As of December 31, 2009, no single neighborhood and community shopping center accounted for more than 1.2% of the Company's annualized base rental revenues or more than 1.0% of the Company’s total shopping center GLA.  At December 31, 2009, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart and Kohl’s, which represent approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.


In connection with the RMA, which became effective January 1, 2001, the Company had expanded its investment and operating strategy to include new real estate-related opportunities which the Company was precluded from previously in order to maintain its qualification as a REIT.  As such, the Company established a merchant building business through its wholly owned taxable REIT subsidiaries, which made selective acquisitions of land parcels for the ground-up development primarily of neighborhood and community shopping centers and subsequent sale thereof upon completion.  During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy for its remaining merchant building projects. Additionally, the Company had developed a business which specialized in providing capital, real estate advisory services and disposition services of real estate controlled by both healthy and distressed and/or bankrupt retailers.  These services included assistance with inventory and fixture liquidation in connection with going-out-of-business sales.  The Company may participate with other entities in providing these advisory services through partnerships, joint ventures or other co-ownership arrangements. The Company, as part of its investment strategy, may selectively seek investments for its taxable REIT subsidiaries as suitable opportunities arise.



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The Company emphasizes equity real estate investments. The Company may at its discretion, invest in preferred equity investments, mortgages, other real estate interests and other investments. The mortgages in which the Company may invest may be either first mortgages, junior mortgages or other mortgage-related securities.  The Company, from time to time, provides mortgage financing to retailers with significant real estate assets, in the form of leasehold interests or fee-owned properties, where the Company believes the underlying value of the real estate collateral is in excess of its loan balance.  In addition, the Company may, on a selective basis, acquire debt instruments at a discount in the secondary market where the Company believes the asset value of the enterprise is greater than the current value, however these investments are subject to volatility within the equity and debt markets.


The Company’s vision is to be the premier owner and operator of retail shopping centers with its core business operations focusing on owning and operating neighborhood and community shopping centers through equity investments in North America.  This vision will entail a shift away from certain non-strategic assets that the Company currently holds. These investments include non-retail preferred equity investments, marketable securities, mortgages on non-retail properties and several urban mixed-use properties.  The Company’s plan is to sell certain non-strategic assets and investments. The Company realizes that the sale of these assets will be over a period of time given the current unfavorable market conditions.  In addition, the Company continues to be dedicated to building its institutional management business by forming joint ventures with high quality domestic and foreign institutional partners for the purpose of investing in neighborhood and community shopping centers.


The Company may offer shares of capital stock or other senior securities in exchange for property and to repurchase or otherwise reacquire its common stock or any other securities and may engage in such activities in the future.  At all times, the Company intends to make investments in such a manner as to be consistent with the requirements of the Code to qualify as a REIT unless, because of circumstances or changes in the Code (or in Treasury Regulations), the Board of Directors determines that it is no longer in the best interests of the Company to qualify as a REIT.


Capital Strategy and Resources


The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintaining its investment-grade debt ratings of BBB+ from Standard and Poors and Baa1 from Moody's Investor Services.  The Company plans to strengthen its balance sheet by pursuing deleveraging efforts over time. It is management's intention that the Company continually have access to the capital resources necessary to expand and develop its business.  Accordingly, the Company may, from time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives in a manner consistent with its intention to operate with a conservative debt structure.


Since the completion of the Company's IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs.  Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $7.4 billion.  Proceeds from public capital market activities have been used for repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments.  The Company also has revolving credit facilities totaling approximately $1.7 billion available for general corporate purposes.  At December 31, 2009 the Company had approximately $139.5 million outstanding on these facilities.  


Capital markets continue to experience increased volatility. As available, the Company will continue to access these markets.  In addition to capital markets, the Company had over 420 unencumbered property interests in its portfolio as of December 31, 2009.  The Company has capacity within its bond and other debt covenants to raise up to $2.0 billion in secured financing on these unencumbered properties.


In March 2006, the Company was added to the S & P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations.  For further discussion regarding capital strategy and resources, see Management’s Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities.


Competition  


As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of neighborhood and community shopping centers, the Company has established close relationships with a large number of major national and regional retailers and maintains a broad network of industry contacts.  Management is associated with and/or actively participates in many shopping center and REIT industry organizations.  Notwithstanding these



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relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.


Operating Practices


Nearly all operating functions, including leasing, legal, construction, data processing, maintenance, finance and accounting, are administered by the Company from its executive offices in New Hyde Park, New York and supported by the Company’s regional offices.  The Company believes it is critical to have a management presence in its principal areas of operation and, accordingly, the Company maintains regional offices in various cities throughout the United States.  As of December 31, 2009, a total of 640 persons are employed at the Company's executive and regional offices.


The Company's regional offices are generally staffed by a regional business leader and the operating personnel necessary to both function as local representatives for leasing and promotional purposes, to complement the corporate office’s administrative and accounting efforts and to ensure that property inspection and maintenance objectives are achieved.  The regional offices are important in reducing the time necessary to respond to the needs of the Company's tenants.  Leasing and maintenance personnel from the corporate office also conduct regular inspections of each shopping center.


As of December 31, 2009, the Company also employs a total of 25 persons at several of its larger properties in order to more effectively administer its maintenance and security responsibilities.


Qualification as a REIT  


The Company has elected, commencing with its taxable year which began January 1, 1992, to be taxed as a REIT under the Code.  If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.


Recent Developments


The following describes the Company’s significant transactions and events that occurred during the year ended December 31, 2009. (See Item 8 and Notes 2, 3, 4, 5, 6, 8, 9 and 10 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


Operating Properties -


Acquisitions -


During November 2009, the Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest prior to this transaction.  The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLC’s gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock.  The purchase price includes approximately $20 million for the purchase of development rights for one shopping center.  This transaction resulted in a gain of approximately $7.6 million as a result of a change in control and remeasuring the Company’s 15% noncontrolling equity interest to fair value.  Subsequently, the Company repaid approximately $269 million of the non-recourse mortgage debt which encumbered 10 properties.  


During 2009, the Company acquired the remaining ownership interest in 11 unencumbered operating properties from a joint venture in which the Company held a 15% noncontrolling interest comprising an aggregate 1.5 million square feet of GLA for an aggregate purchase price of approximately $106.9 million.


Additionally, during 2009, the Company acquired the remaining ownership interest in an operating property in which the Company held a 10% noncontrolling interest comprising 0.1 million square feet of GLA for a purchase price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.



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Dispositions -


During 2009, the Company disposed of, in separate transactions, portions of six operating properties and one land parcel for an aggregate sales price of approximately $28.9 million, which resulted in an aggregate gain of approximately $4.1 million, net of income tax of approximately $0.2 million.


Also during 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest.  This gain has been recorded as Other income/(expense), net in the Company’s Consolidated Statements of Operations.

 

Redevelopments -


The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace.  During 2009, the Company substantially completed the redevelopment and re-tenanting of various operating properties.  The Company expended approximately $43.4 million in connection with these major redevelopments and re-tenanting projects during 2009. The Company is currently involved in redeveloping several other shopping centers in the existing portfolio.  The Company anticipates its capital commitment toward these and other redevelopment projects will be approximately $30.0 million to $40.0 million during 2010.  

 

Ground-Up Development -


The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy.  Those properties previously considered merchant building have been either placed in service as long-term investment properties or included in U.S. ground-up development.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2009, the Company had in progress a total of 11 ground-up development projects, consisting of seven ground-up development projects located throughout Mexico, two ground-up development projects located in the U.S., one ground-up development project located in Chile, and one ground-up development project located in Brazil. The Company anticipates its capital commitment toward its ground-up development projects will be approximately $50.0 million to $60.0 million during 2010.  The availability under the Company’s revolving lines of credit is expected to be sufficient to fund these anticipated capital requirements.


U.S. ground-up development -


During 2009, the Company expended approximately $45.0 million in connection with construction costs related to U.S. ground-up development projects.  Additionally, the Company purchased, in separate transactions, various partners’ interests in five former merchant building projects for an aggregate $9.9 million.  


Construction loans -


During 2009, the Company fully repaid nine construction loans aggregating approximately $212.2 million.  As of December 31, 2009, total loan commitments on the Company’s four remaining construction loans aggregated approximately $69.7 million of which approximately $45.8 million has been funded.  These loans have scheduled maturities ranging from 11 months to 56 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.13% to 4.50% at December 31, 2009.  Approximately $3.4 million of the outstanding loan balance matures in 2010.  These maturing loans are anticipated to be repaid with operating cash flows, borrowings under the Company’s credit facilities and additional debt financings.  In addition, the Company may pursue or exercise existing extension options with lenders where available.


Dispositions -


During 2009, the Company sold, in separate transactions, five out-parcels, four land parcels and three ground leases for aggregate proceeds of approximately $19.4 million.  These transactions resulted in gains on sale of development properties of approximately $5.8 million, before income taxes of $2.3 million.



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Kimsouth -


During 2009, the Company acquired the remaining 7.5% interest in Kimsouth, a consolidated taxable REIT subsidiary in which the Company held a 92.5% controlling interest, for a purchase price of approximately $5.5 million.


Investment and Advances in Real Estate Joint Ventures -


The Company has various institutional and non-institutional joint venture programs in which the Company has various noncontrolling interests, which are accounted for under the equity method of accounting.  (See Note 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


Dispositions -


During November 2009, the 85% owner in PL Retail, LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest prior to this transaction, sold its interest to the Company. The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLC’s gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock.  This transfer resulted in an aggregate net gain of approximately $57.5 million of which the Company’s share was approximately $8.6 million. As a result of this transaction the Company now consolidates this entity.


Additionally, during 2009, KimPru sold 22 operating properties for an aggregate sales price of approximately $214.0 million, comprised of (i) 11 operating properties sold to the Company for an aggregate sales price of approximately $106.9 million which resulted in an aggregate net gain of approximately $0.9 million of which the Company’s share was approximately $0.1 million and (ii) 11 operating properties and its interest in an unconsolidated joint venture, sold in separate transactions, for an aggregate sales price of approximately $107.1 million.  These sales resulted in an aggregate net gain of approximately $0.1 million.  Proceeds from these property sales were used to repay a portion of the outstanding balance on KimPru’s credit facility, described below.  


Also, during 2009, a joint venture in which the Company held a 10% noncontrolling interest sold one operating property comprising 0.1 million square feet of GLA to the Company for a purchase price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.  This sale resulted in a gain of approximately $3.4 million of which the Company’s share was approximately $0.3 million.


Financings -


During 2009, joint ventures in which the Company has noncontrolling interests (i) repaid approximately $113.8 million in non-recourse mortgage debt with interest rates ranging from 2.75% to 8.30%, (ii) refinanced approximately $212.9 million in mortgage debt with approximately $226.6 million of new mortgage debt which bear interest at rates ranging from 6.64% to 7.88% and maturity dates ranging from three years to seven years, and (iii) obtained new mortgage debt on previously unencumbered properties of approximately $214.0 million with interest rates ranging from 3.75% to 7.85% and maturity dates ranging from three to ten years.


International Real Estate Investments -


Canadian Investments -


The Company recognized equity in income from its unconsolidated Canadian investments in real estate joint ventures of approximately $12.2 million, $18.6 million and $22.5 million during 2009, 2008 and 2007, respectively.  In addition, income from its Canadian preferred equity investments was approximately $12.9 million, $23.2 million, $35.1 million during 2009, 2008 and 2007, respectively.


During 2009, an unconsolidated Canadian joint venture in which the Company has a 50% noncontrolling interest refinanced approximately $30.3 million in mortgage debt with approximately $46.1 million in mortgage debt which bears interest at rates ranging from 5.90% to 6.82% and maturity dates ranging from five years to ten years.



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Latin American Investments -


During 2009, the Company acquired a land parcel located in Rio Clara, Brazil through a newly formed consolidated joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million). This parcel will be developed into a 48,000 square foot retail shopping center.


Additionally, during 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through an unconsolidated joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million.


The Company recognized equity in income from its unconsolidated Mexican investments in real estate joint ventures of approximately $7.0 million, $17.1 million, and $5.2 million during 2009, 2008 and 2007, respectively.


The Company recognized equity in income from its unconsolidated Chilean investments in real estate joint ventures of approximately $0.4 million, $0.2 and $0.1 million during 2009, 2008 and 2007, respectively.


The Company’s revenues from its consolidated Mexican subsidiaries aggregated approximately $23.4 million, $20.3 million, $8.5 million during 2009, 2008 and 2007, respectively. The Company’s revenues from its consolidated Brazilian subsidiaries aggregated approximately $1.5 million and $0.4 million during 2009 and 2008, respectively.  The Company’s revenues from its consolidated Chilean subsidiaries aggregated less than $100,000 during 2009 and 2008, respectively.


Mortgages and Other Financing Receivables -


During 2009, the Company provided financing to five borrowers for an aggregate amount of approximately $8.3 million.  During 2009, the Company received an aggregate of approximately $40.4 million which fully paid down the outstanding balance on four mortgage receivables.  As of December 31, 2009, the Company had 37 loans with total commitments of up to $178.9 million, of which approximately $131.3 million has been funded.  Availability under the Company’s revolving credit facilities are expected to be sufficient to fund these remaining commitments.  (See Note 10 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


Asset Impairments –


On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired.  To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.


During 2009, economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets. Year over year increases in capitalization rates, discount rates and vacancies as well as the deterioration of real estate market fundamentals, negatively impacted net operating income and leasing which further contributed to declines in real estate markets in general.   


As a result of the volatility and declining market conditions described above, as well as the Company’s strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during 2009, aggregating approximately $175.1 million, before income tax benefit of approximately $22.5 million and noncontrolling interests of approximately $1.2 million.  Details of these non-cash impairment charges are as follows (in millions):


Impairment of property carrying values

$

50.0

Real estate under development

 

 2.1

Investments in other real estate investments

 

49.2

Marketable securities and other investments

 

30.1

Investments in real estate joint ventures

 

43.7

     Total impairment charges

$

175.1


(See Notes 2, 6, 8, 9, 10 and 11 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)



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In addition to the impairment charges above, the Company recognized impairment charges during 2009 of approximately $38.7 million, before income tax benefit of approximately $11.0 million, relating to certain properties held by unconsolidated joint ventures in which the Company holds noncontrolling interests ranging from 15% to 45%. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Operations. 


Financing Transactions -


During December 2009, the Company completed a primary public stock offering of 28,750,000 shares of the Company’s common stock.  The net proceeds from this sale of common stock, totaling approximately $345.1 million (after related transaction costs of $0.75 million) were used to partially repay the outstanding balance under the Company’s U.S. revolving credit facility.


During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears.  These notes were sold at 99.84% of par value.  Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million. The proceeds from this issuance were primarily used to repay the Company’s $220.0 million unsecured term loan described below.  The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010 (see Note 12 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  


During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Company’s common stock. The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes.  


During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Company’s option, at a spread of 3.65% to the “ABR,” as defined in the Credit Agreement.  The term loan was scheduled to mature in April 2011.  The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes.  During September 2009, the Company fully repaid the $220.0 million outstanding balance on this loan.  


During the year ended December 31, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009, (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (iii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009.  


During 2009, the Company (i) obtained an aggregate of approximately $400.2 of non-recourse mortgage debt on 21 operating properties, (ii) assumed approximately $579.2 million of individual non-recourse mortgage debt relating to the acquisition of 22 operating properties, including approximately $1.6 million of fair value debt adjustments and (iii) paid off approximately $437.7 million of individual non-recourse mortgage debt that encumbered 24 operating properties.


For further discussion regarding financing transactions see Management's Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities and Contractual Obligations and Other Commitments.  (See Notes 12, 13, 14 and 18 of the Notes to Consolidated Financial Statement included in this annual report on Form 10-K.)


Exchange Listings


The Company's common stock, Class F Depositary Shares and Class G Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols "KIM", "KIMprF" and “KIMprG”, respectively.


Item 1A. Risk Factors


We are subject to certain business and legal risks including, but not limited to, the following:


Risks Related to Our Status as a Real Estate Investment Trust


Loss of our tax status as a real estate investment trust could have significant adverse consequences to us and the value of our securities.



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We have elected to be taxed as a REIT for federal income tax purposes under the Code.  We currently intend to operate so as to qualify as a REIT and believe that our current organization and method of operation complies with the rules and regulations promulgated under the federal income tax code to enable us to qualify as a REIT.


Qualification as a REIT involves the application of highly technical and complex federal income tax code provisions for which there are only limited judicial and administrative interpretations.  The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT.  New legislation, regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to qualification as a REIT, the federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments.  There can be no assurance that we have qualified or will continue to qualify as a REIT for tax purposes.


If we lose our REIT status, we will face serious tax consequences that will substantially reduce the funds available to pay dividends to stockholders. If we fail to qualify as a REIT:


·

we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates;


·

we could be subject to the federal alternative minimum tax and possibly increased state and local taxes;


·

unless we were entitled to relief under statutory provisions, we could not elect to be subject to tax as a REIT for four taxable years following the year during which we were disqualified; and


·

we would not be required to make distributions to stockholders.


As a result of all these factors, our failure to qualify as a REIT could impair our ability to expand our business and raise capital and could adversely affect the value of our securities.


Risks Related to Adverse Global Market and Economic Conditions


Adverse global market and economic conditions and competition may impede our ability to generate sufficient income to pay expenses and maintain our properties.


Recent market and economic conditions have been unprecedented and challenging with slower growth and tighter credit conditions. Continued concerns about the systemic impact of the availability and cost of credit, the U.S. mortgage market, inflation, energy costs, geopolitical issues and declining real estate markets have contributed to increased market volatility and diminished expectations for the U.S. economy.  These adverse market conditions and competition may impede our ability to generate sufficient income to pay expenses, maintain our properties, pay dividends and refinance debt.


The retail shopping sector has been negatively affected by recent economic conditions.  Adverse economic conditions have forced some weaker retailers, in some cases, to declare bankruptcy and close stores. Certain retailers have announced store closings even though they have not filed for bankruptcy protection.  These downturns in the retailing industry likely will have a direct impact on our performance.  Continued store closings or declarations of bankruptcy by our tenants may have a material adverse effect on the Company’s overall performance.  Adverse general or local economic conditions could result in the inability of some tenants of the Company to meet their lease obligations and could otherwise adversely affect the Company’s ability to attract or retain tenants. Lease terminations by certain tenants or a failure by certain tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases, in which case we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease.


We are unable to predict whether, or to what extent or for how long, these adverse market and economic conditions will persist.  The continuation and/or intensification of these conditions may impede our ability to generate sufficient operating cash flow to pay expenses, maintain properties, pay dividends and refinance debt.


During 2009, the Company recognized non-cash impairment charges of approximately $175.1 million, before income taxes and noncontrolling interest, relating to adjustments to property carrying values, investments in real estate joint ventures, real estate under development and other real estate investments.  Ongoing adverse market and economic conditions could cause us to recognize additional impairments in the future.  



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Ongoing adverse market and economic conditions and market volatility will likely continue to make it difficult to value the properties and investments owned by us and our unconsolidated joint ventures.  There may be significant uncertainty in the valuation, or in the stability of the value, of such properties and investments that could result in a substantial decrease in the value thereof.  In addition, we intend to sell many of our non-core assets over the next several years. No assurance can be given that we will be able to recover the current carrying amount of all of our properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize additional impairment charges for the period in which we reached that conclusion, which could materially and adversely affect us.  


The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate including:


·

changes in the national, regional and local economic climate;


·

local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own;


·

the attractiveness of our properties to tenants;


·

the ability of tenants to pay rent;


·

competition from other available properties;


·

changes in market rental rates;


·

the need to periodically pay for costs to repair, renovate and re-let space;


·

changes in operating costs, including costs for maintenance, insurance and real estate taxes;


·

the fact that the expenses of owning and operating properties are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the properties; and


·

changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes.


Our properties consist primarily of community and neighborhood shopping centers and other retail properties. Our performance therefore is generally linked to economic conditions in the market for retail space.  In the future, the market for retail space could be adversely affected by:


·

weakness in the national, regional and local economies;


·

the adverse financial condition of some large retailing companies;


·

ongoing consolidation in the retail sector;


·

the excess amount of retail space in a number of markets; and


·

increasing consumer purchases through catalogues and the internet.


Failure by any anchor tenant with leases in multiple locations to make rental payments to us because of a deterioration of its financial condition or otherwise could impact our performance.


Our performance depends on our ability to collect rent from tenants. At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions could result in the termination of the tenants’ leases and the loss of rental income attributable to these tenants’ leases.  In the event of a default by a tenant, we may experience delays and costs in enforcing our rights as landlord under the terms of our leases.


In addition, multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease.  The occurrence of any of the situations described above, particularly if it involves a substantial tenant with leases in multiple locations, could have a material adverse effect on our performance.



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We may be unable to collect balances due from tenants in bankruptcy.


A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by or relating to one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so.  A tenant or lease guarantor bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages.  As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold, if at all.


Risks Related to Our Acquisition, Development, Operation, and Sale of Real Property


We may be unable to sell our real estate property investments when appropriate or on favorable terms.


Real estate property investments are illiquid and generally cannot be disposed of quickly. In addition, the federal tax code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies.  Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms.


We may acquire or develop properties or acquire other real estate related companies and this may create risks.


We may acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. We face competition in pursuing these acquisition or development opportunities that could increase our costs. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fail to recover expenses already incurred and have devoted management time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware at the time of acquisition.  In addition, development of our existing properties presents similar risks.


There is a lack of operating history with respect to our recent acquisitions and development of properties and we may not succeed in the integration or management of additional properties.


These properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management.  As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention.  In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties. Also, newly acquired properties may not perform as expected.


We face competition in leasing or developing properties.


We face competition in the acquisition, development, operation and sale of real property from others engaged in real estate investment.  Some of these competitors may have greater financial resources than we do.  This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our existing and subsequently acquired properties and for other real estate investment opportunities.


Risks Related to Our Joint Venture and Preferred Equity Investments


We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.



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We have invested in some cases as a co-venturer or partner in properties instead of owning directly.  In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or otherwise impede our objectives. These investments involve risks and uncertainties, including the risk of the co-venturer or partner failing to provide capital and fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments, the risk of conflicts arising between us and our partners and the difficulty of managing and resolving such conflicts, and the difficulty of managing or otherwise monitoring such business arrangements.  The co-venturer or partner also might become insolvent or bankrupt, which may result in significant losses to us.


Although our joint venture arrangements may allow us to share risks with our joint-venture partners, these arrangements may also decrease our ability to manage risk.  Joint ventures have additional risks, such as:


·

potentially inferior financial capacity, diverging business goals and strategies and our need for the venture partner continued cooperation;


·

our inability to take actions with respect to the joint venture activities that we believe are favorable if our joint venture partner does not agree;


·

our inability to control the legal entity that has title to the real estate associated with the joint venture;


·

our lenders may not be easily able to sell our joint venture assets and investments or view them less favorably as collateral, which could negatively affect our liquidity and capital resources;


·

our joint venture partners can take actions that we may not be able to anticipate or prevent, which could result in negative impacts on our debt and equity; and


·

our joint venture partners’ business decisions or other actions or omissions may result in harm to our reputation or adversely affect the value of our investments.


We may not be able to recover our investments in our joint venture or preferred equity investments, which may result in significant losses to us.


Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value is subject to all the risks associated with owning and operating real estate as described above.


Risks Related to Our International Operations


We have significant international operations, which may be affected by economic, political and other risks associated with international operations, and this could adversely affect our business.


We invest in and conduct operations outside the United States.  The risks we face in international business operations include, but are not limited to:


·

currency risks, including currency fluctuations;


·

unexpected changes in legislative and regulatory requirements;


·

potential adverse tax burdens;


·

burdens of complying with different accounting and permitting standards, labor laws and a wide variety of foreign laws;


·

obstacles to the repatriation of earnings and cash;


·

regional, national and local political uncertainty;


·

economic slowdown and/or downturn in foreign markets;


·

difficulties in staffing and managing international operations;


·

difficulty in administering and enforcing corporate policies, which may be different than the normal business practices of local cultures; and


·

reduced protection for intellectual property in some countries.



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Each of these risks might impact our cash flow or impair our ability to borrow funds, which ultimately could adversely affect our business, financial condition, operating results and cash flows.


In order to fully develop our international operations, we must overcome cultural and language barriers and assimilate different business practices. In addition, we are required to create compensation programs, employment policies and other administrative programs that comply with laws of multiple countries. We also must communicate and monitor standards and directives in our international locations. Our failure to successfully manage our geographically diverse operations could impair our ability to react quickly to changing business and market conditions and to enforce compliance with standards and procedures. Since a meaningful portion of our revenues are generated internationally, we must devote substantial resources to managing our international operations.


Our future success will be influenced by our ability to anticipate and effectively manage these and other risks associated with our international operations. Any of these factors could, however, materially adversely affect our international operations and, consequently, our financial condition, results of operations and cash flows.


Our international operations are subject to a variety of laws and regulations, and we can predict neither the impact of associated requirements to which our international operations may be subject nor the potential that we may face regulatory sanctions.


Our international operations are subject to a variety of U.S. and foreign laws and regulations, including the U.S. Foreign Corrupt Practices Act, or FCPA. We cannot assure you that we will continue to be found to be operating in compliance with, or be able to detect violations of, any such laws or regulations. In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered or interpreted.


We cannot assure you that our employees will adhere to our code of business ethics or any other of our policies, applicable anti-corruption laws, including the FCPA, or other legal requirements. Failure to comply with these requirements may subject us to legal, regulatory or other sanctions, which could adversely affect our financial condition, results of operations and cash flows.


Risks Related to Our Financing Activities


We may be unable to obtain financing through the debt and equities market, which would have a material adverse effect on our growth strategy, our results of operations and our financial condition.


The capital and credit markets have become increasingly volatile and constrained as a result of adverse conditions that have caused the failure and near failure of a number of large financial services companies.   We cannot assure you that we will be able to access the capital and credit markets to obtain additional debt or equity financing or that we will be able to obtain financing on favorable terms.  The inability to obtain financing could have negative effects on our business, such as:


·

we could have great difficulty acquiring or developing properties, which would materially adversely affect our business strategy;


·

our liquidity could be adversely affected;


·

we may be unable to repay or refinance our indebtedness;


·

we may need to make higher interest and principal payments or sell some of our assets on unfavorable terms to fund our indebtedness; and


·

we may need to issue additional capital stock, which could further dilute the ownership of our existing shareholders.


Financial covenants to which we are subject may restrict our operating and acquisition activities.


Our revolving credit facilities and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios, as well as limitations on our ability to incur debt, make dividend payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions.  These covenants may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous.  In addition, failure to meet any of the financial covenants could cause an event of default under and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.



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Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all, and could significantly reduce the market price of our publicly traded securities.


Risks Related to the Market Price of Our Publicly Traded Securities


Changes in market conditions could adversely affect the market price of our publicly traded securities.


As with other publicly traded securities, the market price of our publicly traded securities depends on various market conditions, which may change from time-to-time.  Among the market conditions that may affect the market price of our publicly traded securities are the following:


·

the extent of institutional investor interest in us;


·

the reputation of REITs generally and the reputation of REITs with portfolios similar to us;


·

the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);


·

our financial condition and performance;


·

the market’s perception of our growth potential and potential future cash dividends;


·

an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for our shares; and


·

general economic and financial market conditions.


We may change the dividend policy for our common stock in the future.


We may distribute taxable dividends that are partially payable in cash and partially payable in our stock. Under recent IRS guidance, up to 90% of any such taxable dividend with respect to calendar years 2008 through 2011, and in some cases declared as late as December 31,2012, could be payable in our stock if certain conditions are met. Although we reserve the right to utilize this procedure in the future, we currently have no intent to do so. In the event that we pay a portion of a dividend in shares of our common stock, taxable U.S. stockholders would be required to pay tax on the entire amount of the dividend, including the portion paid in shares of common stock, in which case such stockholders might have to pay the tax using cash from other sources. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividend, including in respect of all or a portion of such dividend that is payable in stock.  In addition, if a significant number of our stockholders sell shares of our common stock in order to pay taxes owed on dividends, such sales would put downward pressure on the market price of our common stock.


The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness and preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant. Any change in our dividend policy could have a material adverse effect on the market price of our common stock.


Risks Related to Our Marketable Securities and Mortgage Receivables


We may not be able to recover our investments in marketable securities or mortgage receivables, which may result in significant losses to us.


Our investments in marketable securities are subject to specific risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer, which may result in significant losses to us.  Marketable securities are generally unsecured and may also be subordinated to other obligations of the issuer. As a result, investments in marketable securities are subject to risks of:



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·

limited liquidity in the secondary trading market;


·

substantial market price volatility resulting from changes in prevailing interest rates;


·

subordination to the prior claims of banks and other senior lenders to the issuer;


·

the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations; and


·

the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic downturn.


The issuers of our marketable securities also might become insolvent or bankrupt, which may result in significant losses to us.


These risks may adversely affect the value of outstanding marketable securities and the ability of the issuers to make distribution payments.  


We invest in mortgage receivables.  Our investments in mortgage receivables normally are not insured or otherwise guaranteed by any institution or agency. In the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations.  Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns.  Furthermore, in the event of default, the actual value of the property securing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the mortgages securing our loans.


Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely.  In these cases, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.


Risks Related to Environmental Regulations


We may be subject to environmental regulations.


Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property).  This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances.


Item 1B. Unresolved Staff Comments

None


Item 2.  Properties


Real Estate Portfolio  


As of December 31, 2009, the Company had interests in 1,915 properties, including 1,478 in retail operating properties, 437 in non-retail properties, totaling approximately 176.9 million square feet of GLA located in 45 states, Puerto Rico, Canada, Mexico and South America.  The Company’s portfolio includes interests ranging from 5% to 50% in 433 shopping center properties comprising approximately 65.8 million square feet of GLA relating to the Company’s investment management programs and other joint ventures.  Neighborhood and community shopping centers comprise the primary focus of the Company's current portfolio.  As of December 31, 2009, the Company’s total shopping center portfolio, comprised of total GLA of 127.3 million from 912 properties, was approximately 92.6% leased.


The Company's neighborhood and community shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of approximately 140,000 square feet as of December 31, 2009.  The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with major renovations and refurbishing to preserve and increase the value of its properties.  



18



Table of Contents

These projects usually include renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting.  During 2009, the Company capitalized approximately $9.2 million in connection with these property improvements and expensed to operations approximately $20.3 million.


The Company's neighborhood and community shopping centers are usually "anchored" by a national or regional discount department store, supermarket or drugstore.  As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of shopping centers, the Company has established close relationships with a large number of major national and regional retailers.  Some of the major national and regional companies that are tenants in the Company's shopping center properties include The Home Depot, TJX Companies, Sears Holdings, Wal-Mart, Kohl’s, Costco, Best Buy and Royal Ahold.


A substantial portion of the Company's income consists of rent received under long-term leases.  Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance, utilities and common area maintenance expenses incurred in operating the shopping centers.  Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company's standard small store lease provides for roof repairs to be reimbursed by the tenant as part of common area maintenance.  The Company's management places a strong emphasis on sound construction and safety at its properties.


Approximately 20.9% of the Company's leases also contain provisions requiring the payment of additional rent calculated as a percentage of tenants’ gross sales above predetermined thresholds.  Percentage rents accounted for less than 1% of the Company's revenues from rental property for the year ended December 31, 2009.  Additionally, a majority of the Company’s leases have built in contractual rent increases as well as escalation clauses.  Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices.


Minimum base rental revenues and operating expense reimbursements accounted for approximately 98% of the Company's total revenues from rental property for the year ended December 31, 2009.  The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth.


As of December 31, 2009, the Company’s consolidated portfolio, comprised of 61.5 million square feet of GLA, was 92.2% leased. For the period January 1, 2009 to December 31, 2009, the Company increased the average base rent per leased square foot in its U.S. consolidated portfolio of neighborhood and community shopping centers from $10.63 to $11.13, an increase of $0.50.  This increase primarily consists of (i) a $0.38 increase relating to acquisitions, (ii) a $0.03 increase relating to dispositions or the transfer of properties to various joint venture entities and (iii) a $0.09 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio. For the period January 1, 2009 to December 31, 2009, the Company increased the average base rent per leased square foot in its Latin American consolidated portfolio of neighborhood and community shopping centers from $11.58 to $11.69, an increase of $0.11 primarily relating to new leases signed net of leases vacated and rent step-ups within the portfolio.


The Company seeks to reduce its operating and leasing risks through geographic and tenant diversity.  No single neighborhood and community shopping center accounted for more than 1.0% of the Company's total shopping center GLA or more than 1.2% of total annualized base rental revenues as of December 31, 2009. The Company’s five largest tenants at December 31, 2009, were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart and Kohl’s, which represent approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.  The Company maintains an active leasing and capital improvement program that, combined with the high quality of the locations, has made, in management's opinion, the Company's properties attractive to tenants.


The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners.


Retail Store Leases  In addition to neighborhood and community shopping centers, as of December 31, 2009, the Company had interests in retail store leases totaling approximately 1.5 million square feet of anchor stores in 16 neighborhood and community shopping centers located in 11 states.  As of December 31, 2009, approximately 92.6% of the space in these anchor stores had been sublet to retailers that lease the stores under net lease agreements providing for average annualized



19



Table of Contents

base rental payments of $4.54 per square foot. The average annualized base rental payments under the Company’s retail store leases to the landowners of such subleased stores are approximately $2.50 per square foot.  The average remaining primary term of the retail store leases (and, similarly, the remaining primary term of the sublease agreements with the tenants currently leasing such space) is approximately four years, excluding options to renew the leases for terms which generally range from five years to 20 years.  The Company’s investment in retail store leases is included in the caption Other real estate investments in the Company’s Consolidated Balance Sheets.


Ground-Leased Properties  The Company has interests in 51 consolidated shopping center properties and interests in 21 shopping center properties in unconsolidated joint ventures that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company (or an affiliated joint venture) to construct and/or operate a shopping center.  The Company or the joint venture pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements.  At the end of these long-term leases, unless extended, the land together with all improvements revert to the landowner.


Ground-Up Development Properties  The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy. Those properties previously considered merchant building are now either placed in service or included in U.S. ground-up development.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2009, the Company had in progress a total of 11 ground-up development projects, consisting of seven ground-up development projects located throughout Mexico, two ground-up development projects located in the U.S., one ground-up development project located in Chile, and one ground-up development project located in Brazil.


Undeveloped Land  The Company owns certain unimproved land tracts and parcels of land adjacent to certain of its existing shopping centers that are held for possible expansion. At times, should circumstances warrant, the Company may develop or dispose of these parcels.


The table on pages 23 through 36 sets forth more specific information with respect to each of the Company's property interests.


Item 3.  Legal Proceedings


The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material adverse effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.


Item 4.  Reserved




20



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALABAMA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOOVER

2007

JOINT VENTURE

178.2

116,602

84.0

BOOKS-A-MILLION

2020

2035

PETCO

2019

2029

SHOE CARNIVAL

2019

2029

 

MOBILE (7)

2006

JOINT VENTURE

48.8

360,023

69.0

ACADEMY SPORTS & OUTDOORS

2021

2031

VIRGINIA COLLEGE

2020

2030

ROSS DRESS FOR LESS

2015

2035

ALASKA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANCHORAGE

2006

JOINT VENTURE

24.6

164,000

98.0

MICHAELS

2017

2037

BED BATH & BEYOND

2019

2039

OLD NAVY

2012

2018

 

KENAI (10)

2003

JOINT VENTURE

14.7

146,759

100.0

HOME DEPOT

2018

2048

 

 

 

 

 

 

ARIZONA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLENDALE

2009

FEE

7.0

70,428

93.0

SAFEWAY

2016

2046

 

 

 

 

 

 

 

GLENDALE

2007

FEE

16.5

87,722

97.0

MOR FURNITURE FOR LESS

2018

 

MICHAELS

2013

2018

ANNA'S LINENS

2015

2025

 

GLENDALE (4)

1998

FEE

40.5

333,388

84.0

COSTCO

2011

2046

FLOOR & DECOR

2015

2025

SPF FURNISHINGS

2016

2022

 

MARANA (10)

2003

FEE

18.2

191,008

100.0

LOWE'S HOME CENTER

2019

2069

 

 

 

 

 

 

 

MESA

1998

FEE

19.8

145,452

45.0

ROSS DRESS FOR LESS

2010

2015

 

 

 

 

 

 

 

MESA

2009

FEE

29.4

307,375

88.0

SPORTS AUTHORITY

2016

2046

MOR FURNITURE FOR LESS

2020

2030

MICHAELS

2010

2025

 

MESA

2005

GROUND LEASE (2078)

177.8

1,111,735

90.0

WAL-MART

2027

2077

BASS PRO SHOPS

2027

2057

HOME DEPOT

2028

2058

 

NORTH PHOENIX

1998

FEE

17.0

230,164

100.0

BURLINGTON COAT FACTORY

2018

2023

GUITAR CENTER

2017

2027

MICHAELS

2012

2022

 

PHOENIX

1998

FEE

13.4

153,180

93.0

HOME DEPOT

2020

2050

JO-ANN FABRICS

2010

2025

 

 

 

 

PHOENIX

1998

FEE

26.6

229,334

94.0

COSTCO

2011

2041

FAMSA

2022

2032

K-MOMO

2012

2017

 

PHOENIX

1997

FEE

17.5

131,621

88.0

SAFEWAY

2014

2039

TRADER JOE'S

2014

2029

 

 

 

 

PHOENIX (10)

1998

JOINT VENTURE

1.6

16,410

100.0

CHAPMAN BMW

2016

2031

 

 

 

 

 

 

 

PHOENIX (3)

2006

FEE

9.4

94,379

42.0

DOLLAR TREE

2012

2017

 

 

 

 

 

 

 

TUCSON (10)

2003

JOINT VENTURE

17.8

190,174

100.0

LOWE'S HOME CENTER

2019

2069

 

 

 

 

 

 

CALIFORNIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALHAMBRA

1998

FEE

18.4

195,455

99.0

COSTCO

2027

2057

COSTCO

2027

2057

JO-ANN FABRICS

2014

2019

 

ANAHEIM

1995

FEE

1.0

15,396

100.0

NORTHGATE GONZALEZ MARKETS

2022

2032

 

 

 

 

 

 

 

ANAHEIM (3)

2006

FEE

36.1

347,236

94.0

FOREVER 21

2012

2022

EL SUPER

2023

2033

OFFICEMAX

2011

2026

 

ANAHEIM (3)

2006

FEE

19.1

185,247

88.0

RALPHS

2016

2046

RITE AID

2016

2025

$1 DISCOUNT CENTER

2011

2016

 

ANAHEIM (3)

2006

FEE

8.5

105,085

94.0

STATER BROTHERS

2011

2026

CVS

2012

2022

 

 

 

 

ANGEL'S CAMP

2006

FEE

5.1

77,967

94.0

SAVE MART

2022

2048

RITE AID

2011

2031

 

 

 

 

ANTELOPE

2006

FEE

13.1

119,998

85.0

FOOD MAXX

2010

 

GOODWILL INDUSTRIES

2014

2029

 

 

 

 

BELLFLOWER (3)

2006

GROUND LEASE (2032)/JOINT VENTURE

9.1

113,511

100.0

STATER BROTHERS

2017

2032

STAPLES

2012

 

 

 

 

 

CARLSBAD (3)

2006

FEE

21.1

160,928

85.0

MARSHALLS

2013

2018

DOLLAR TREE

2014

2024

KIDS 'R' US

2018

2027

 

CARMICHAEL

1998

FEE

18.5

213,721

92.0

HOME DEPOT

2013

2022

SPORTS AUTHORITY

2010

2024

CVS

2013

2033

 

CHICO

2006

FEE

1.3

19,560

84.0

 

 

 

 

 

 

 

 

 

 

CHICO

2008

JOINT VENTURE

26.4

264,336

88.0

FOOD MAXX

2014

2024

ASHLEY FURNITURE

2016

 

BED, BATH & BEYOND

2014

2029

 

CHICO (5)

2007

JOINT VENTURE

7.3

69,812

100.0

RALEY'S

2024

2039

 

 

 

 

 

 

 

CHINO (3)

2006

FEE

33.0

341,577

89.0

LA CURACAO

2021

2041

ROSS DRESS FOR LESS

2013

2033

DD'S DISCOUNT

2016

2036

 

CHINO (3)

2006

FEE

13.1

168,264

100.0

DOLLAR TREE

2013

2023

PETSMART

2012

2027

RITE AID

2015

2020

 

CHINO HILLS

2008

JOINT VENTURE

7.2

73,352

94.0

STATER BROTHERS

2022

2052

 

 

 

 

 

 

 

CHULA VISTA

1998

FEE

3.5

356,335

100.0

COSTCO

2029

2079

WAL-MART

2025

2086

NAVCARE

2010

 

 

COLMA (5)

2006

JOINT VENTURE

6.4

213,532

98.0

MARSHALLS

2012

 

NORDSTROM RACK

2017

 

BED BATH & BEYOND

2016

2026

 

CORONA

1998

FEE

48.1

491,998

82.0

COSTCO

2012

2042

HOME DEPOT

2015

2029

ROSS DRESS FOR LESS

2010

 

 

CORONA

2007

FEE

12.3

148,805

93.0

VONS

2013

2038

PETSMART

2014

2034

ANNA'S LINENS

2012

2027

 

COVINA (4)

2000

GROUND LEASE (2053)/ JOINT VENTURE

26.0

278,562

50.0

STAPLES

2011

 

PETSMART

2010

2028

MICHAELS

2013

2023

 

CUPERTINO

2006

FEE

11.5

114,533

91.0

99 RANCH MARKET

2012

2027

 

 

 

 

 

 

 

DALY CITY

2002

FEE

25.6

599,682

98.0

HOME DEPOT

2026

2056

BURLINGTON COAT FACTORY

2012

2022

SAFEWAY

2014

2024

 

DUBLIN (3)

2006

FEE

12.4

154,728

93.0

ORCHARD SUPPLY HARDWARE

2011

2021

MARSHALLS

2011

2026

ROSS DRESS FOR LESS

2013

2023

 

EL CAJON

2009

FEE

10.4

98,396

90.0

RITE AID

2018

2043

ROSS DRESS FOR LESS

2014

2024

PETCO

2014

 

 

EL CAJON (10)

2003

JOINT VENTURE

10.9

128,343

100.0

KOHL'S

2024

2053

MICHAELS

2015

2035

 

 

 

 

ELK GROVE

2006

FEE

2.3

30,130

100.0

 

 

 

 

 

 

 

 

 

 

ELK GROVE

2006

FEE

0.8

7,880

98.0

 

 

 

 

 

 

 

 

 

 

ELK GROVE (3)

2006

FEE

8.1

89,216

91.0

BEL AIR MARKET

2025

2050

 

 

 

 

 

 

 

ELK GROVE (3)

2006

FEE

5.0

34,015

70.0

 

 

 

 

 

 

 

 

 

 

ENCINITAS (3)

2006

FEE

9.1

119,734

84.0

ALBERTSONS

2011

2031

TOTAL WOMAN GYM

2019

2029

 

 

 

 

ESCONDIDO (3)

2006

FEE

23.1

231,157

95.0

LA FITNESS

2017

2032

VONS

2014

2034

CVS

2014

2034

 

FAIR OAKS (3)

2006

FEE

9.6

104,866

95.0

RALEY'S

2011

2021

 

 

 

 

 

 

 

FOLSOM (10)

2003

JOINT VENTURE

9.5

108,255

100.0

KOHL'S

2018

2048

 

 

 

 

 

 

 

FREMONT (3)

2006

FEE

11.9

131,239

100.0

SAVE MART

2013

2038

CVS

2011

2021

BALLY TOTAL FITNESS

2014

2034

 

FREMONT (3)

2007

JOINT VENTURE

51.7

504,666

94.0

SAFEWAY

2025

2050

BED BATH & BEYOND

2010

2025

MARSHALLS

2015

2030



21



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FRESNO

2009

FEE

10.8

121,228

100.0

BED BATH & BEYOND

2015

2025

SPORTS AUTHORITY

2013

2023

ROSS DRESS FOR LESS

2011

2031

 

FRESNO (3)

2006

FEE

9.9

102,581

90.0

SAVE MART

2014

2034

RITE AID

2014

2044

 

 

 

 

FULLERTON (3)

2006

GROUND LEASE (2025)

20.3

270,334

95.0

TOYS'R 'US/CHUCK E.CHEESE

2017

2042

AMC THEATRES

2012

2037

AMC THEATERS

2012

2037

 

GARDENA (3)

2006

FEE

6.5

65,987

100.0

99 RANCH MARKET

2010

2020

RITE AID

2015

2035

 

 

 

 

GRANITE BAY (3)

2006

FEE

11.5

140,184

80.0

RALEY'S

2018

2033

 

 

 

 

 

 

 

GRASS VALLEY (3)

2006

FEE

30.0

217,461

93.0

RALEY'S

2018

 

JCPENNEY

2013

2033

SOUTH YUBA CLUB

2014

2019

 

HACIENDA HEIGHTS (3)

2006

FEE

12.1

135,012

87.0

ALBERTSONS

2016

2071

VIVO DANCE

2012

 

 

 

 

 

HAYWARD (3)

2006

FEE

7.2

80,911

90.0

99 CENTS ONLY STORES

2015

2025

BIG LOTS

2011

2021

 

 

 

 

HUNTINGTON BEACH (3)

2006

FEE

12.0

148,756

85.0

VONS

2016

2036

CVS

2015

2030

 

 

 

 

JACKSON

2008

JOINT VENTURE

9.2

67,665

100.0

RALEY'S

2024

2049

 

 

 

 

 

 

 

LA MIRADA

1998

FEE

31.2

261,782

94.0

TOYS R US

2012

2032

U.S. POSTAL SERVICE

2015

2020

MOVIES 7 DOLLAR THEATRE

2013

2018

 

LA VERNE (3)

2006

GROUND LEASE (2059)

20.1

227,575

98.0

TARGET

2015

2035

VONS

2010

2055

 

 

 

 

LAGUNA HILLS

2007

JOINT VENTURE

0.0

160,000

 

MACY’S

 2014

2050

 

 

 

 

 

 

 

LINCOLN (5)

2007

JOINT VENTURE

13.1

119,559

97.0

SAFEWAY

2026

2066

CVS

2027

2057

 

 

 

 

LIVERMORE (3)

2006

FEE

8.1

104,363

87.0

ROSS DRESS FOR LESS

2014

2024

RICHARD CRAFTS

2013

2018

BIG 5 SPORTING GOODS

2012

2022

 

LOS ANGELES (3)

2006

GROUND LEASE (2050)

14.6

165,195

89.0

RALPHS/FOOD 4 LESS

2012

2037

FACTORY 2-U

2011

2016

RITE AID

2015

2020

 

LOS ANGELES (3)

2006

GROUND LEASE (2070)

0.0

169,744

98.0

KMART

2012

2018

SUPERIOR MARKETS

2023

2038

CVS

2011

2016

 

MANTECA

2006

FEE

1.1

19,455

94.0

 

 

 

 

 

 

 

 

 

 

MANTECA (3)

2006

FEE

7.2

96,393

86.0

PAK 'N SAVE

2013

 

BIG 5 SPORTING GOODS

2018

 

 

 

 

 

MERCED

2006

FEE

1.6

27,350

72.0

 

 

 

 

 

 

 

 

 

 

MODESTO (3)

2006

FEE

17.9

214,402

54.0

RALEY'S

2014

2024

 

 

 

 

 

 

 

MONTEBELLO (4)

2000

JOINT VENTURE

25.4

251,489

97.0

SEARS

2012

2062

TOYS R US

2018

2043

AMC THEATRES

2012

2032

 

MORAGA (3)

2006

FEE

33.7

163,630

81.0

TJ MAXX

2011

2026

CVS

2010

2035

U.S. POSTAL SERVICE

2016

2031

 

MORGAN HILL (10)

2003

JOINT VENTURE

8.1

103,362

100.0

HOME DEPOT

2024

2054

 

 

 

 

 

 

 

NAPA

2006

GROUND LEASE (2075)

34.5

349,530

100.0

TARGET

2020

2040

HOME DEPOT

2018

2040

RALEY'S

2020

2045

 

NORTHRIDGE

2005

FEE

9.3

158,812

99.0

DSW SHOE WAREHOUSE

2016

2028

GELSON'S MARKET

2017

2027

 

 

 

 

NOVATO

2009

FEE

11.3

133,828

94.0

SAFEWAY

2025

2060

RITE AID

2013

2023

BIG LOTS

2010

2020

 

OCEANSIDE (3)

2006

FEE

42.7

366,775

82.0

ROSS DRESS FOR LESS

2014

 

BARNES & NOBLE

2013

2028

MICHAELS

2013

2033

 

OCEANSIDE (3)

2006

GROUND LEASE (2048)

9.5

92,378

88.0

TRADER JOE'S

2016

2026

LAMPS PLUS

2011

 

 

 

 

 

OCEANSIDE (3)

2006

FEE

10.2

88,363

58.0

SMART & FINAL

2024

2034

 

 

 

 

 

 

 

ORANGEVALE (3)

2007

JOINT VENTURE

17.3

160,811

90.0

SAVE MART

2024

2064

CVS

2022

2052

U.S. POSTAL SERVICE

2012

 

 

OXNARD (4)

1998

FEE

14.4

171,580

100.0

TARGET

2013

 

FOOD 4 LESS

2013

 

24 HOUR FITNESS

2010

2020

 

PACIFICA (6)

2004

JOINT VENTURE

13.6

168,871

96.0

SAFEWAY

2018

2038

ROSS DRESS FOR LESS

2015

2020

RITE AID

2021

 

 

PACIFICA (3)

2006

FEE

7.5

104,281

94.0

SAVE MART

2010

2032

RITE AID

2012

2042

 

 

 

 

PLEASANTON

2007

JOINT VENTURE

0.0

175,000

 

 

2012

2040

 

 

 

 

 

 

 

POWAY

2005

FEE

8.3

121,713

88.0

STEIN MART

2013

2028

HOME GOODS

2014

2034

OFFICE DEPOT

2013

2028

 

RANCHO CUCAMONGA (3)

2006

GROUND LEASE (2042)

17.1

286,846

67.0

FOOD 4 LESS

2014

2034

SPORTS CHALET

2011

2013

PETSMART  

2010

2029

 

RANCHO CUCAMONGA (3)

2006

FEE

5.2

56,019

91.0

CVS

2011

2026

 

 

 

 

 

 

 

RANCHO MIRAGE (3)

2006

FEE

16.9

165,156

84.0

VONS

2010

2039

CVS

2015

2030

 

 

 

 

RED BLUFF

2006

FEE

4.6

23,200

89.0

 

 

 

 

 

 

 

 

 

 

REDDING

2006

FEE

1.8

21,876

58.0

 

 

 

 

 

 

 

 

 

 

REDWOOD CITY

2009

FEE

6.4

49,429

100.0

ORCHARD SUPPLY HARDWARE

2019

2029

 

 

 

 

 

 

 

RIVERSIDE

2008

JOINT VENTURE

5.0

86,108

97.0

BURLINGTON COAT FACTORY

2014

2029

 

 

 

 

 

 

 

ROSEVILLE

2009

FEE

20.3

188,493

96.0

SPORTS AUTHORITY

2016

2031

ROSS DRESS FOR LESS

2013

2028

STAPLES

2013

2028

 

ROSEVILLE (5)

2007

JOINT VENTURE

9.0

81,171

100.0

SAFEWAY

2030

2060

 

 

 

 

 

 

 

SACRAMENTO (3)

2006

FEE

23.1

188,874

90.0

SEAFOOD CITY

2018

2033

SD MART

2018

2023

BIG 5 SPORTING GOODS

2012

2022

 

SAN DIEGO

2007

JOINT VENTURE

0.0

225,919

100.0

NORDSTROM

2017

2037

 

 

 

 

 

 

 

SAN DIEGO

2009

FEE

26.8

411,375

100.0

COSTCO

2014

2044

PRICE SELF STORAGE

2035

 

CHARLOTTE RUSSE

2011

 

 

SAN DIEGO

2009

FEE

5.9

35,000

79.0

CLAIM JUMPER

2013

2023

 

 

 

 

 

 

 

SAN DIEGO

2007

FEE

13.4

49,080

94.0

 

 

 

 

 

 

 

 

 

 

SAN DIEGO (4)

2000

FEE

11.2

117,410

100.0

ALBERTSONS

2012

 

SPORTS AUTHORITY

2013

 

 

 

 

 

SAN DIEGO (5)

2007

JOINT VENTURE

12.8

57,406

96.0

 

 

 

 

 

 

 

 

 

 

SAN DIEGO (5)

2007

JOINT VENTURE

5.9

59,414

94.0

 

 

 

 

 

 

 

 

 

 

SAN DIEGO (3)

2006

GROUND LEASE (2016)

16.4

210,621

68.0

TJ MAXX

2015

 

CVS

2013

2023

HENRY'S MARKETPLACE

2012

2022

 

SAN DIMAS (3)

2006

FEE

13.4

154,000

89.0

OFFICEMAX

2011

2026

ROSS DRESS FOR LESS

2013

2023

PETCO

2012

2027

 

SAN JOSE (3)

2006

FEE

16.8

183,180

89.0

WAL-MART

2011

2041

WALGREENS

2030

 

 

 

 

 

SAN LEANDRO (3)

2006

FEE

6.2

95,255

92.0

ROSS DRESS FOR LESS

2018

 

MICHAELS

2013

 

 

 

 

 

SAN LUIS OBISPO

2005

FEE

17.6

174,428

90.0

VON'S

2017

2042

MICHAELS

2013

2028

CVS

2017

2047

 

SAN RAMON (4)

1999

FEE

5.3

41,913

94.0

PETCO

2012

2022

 

 

 

 

 

 



22



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SANTA ANA

1998

FEE

12.0

134,400

100.0

HOME DEPOT

2015

2035

 

 

 

 

 

 

 

SANTA CLARITA (3)

2006

FEE

14.1

96,662

88.0

ALBERTSONS

2012

2042

 

 

 

 

 

 

 

SANTA ROSA

2005

FEE

3.6

41,565

94.0

ACE HARDWARE

2010

2019

 

 

 

 

 

 

 

SANTEE (10)

2003

JOINT VENTURE

44.5

311,498

98.0

24 HOUR FITNESS

2017

 

BED BATH & BEYOND

2013

2028

TJ MAXX

2012

2027

 

SIGNAL HILL

2009

FEE

15.0

154,750

96.0

HOME DEPOT

2014

2034

PETSMART

2014

2024

 

 

 

 

STOCKTON

1999

FEE

14.6

152,919

100.0

SUPER UNITED FURNITURE

2014

2019

GOLD'S GYM

2025

2035

COSTCO

2013

2033

 

TEMECULA

2009

FEE

47.4

345,113

100.0

WAL-MART

2028

2058

KOHL'S

2024

2044

ROSS DRESS FOR LESS

2014

2034

 

TEMECULA (4)

1999

FEE

40.0

342,336

91.0

KMART

2017

2032

FOOD 4 LESS

2010

2030

TRISTONE THEATRES

2013

2018

 

TEMECULA (3)

2006

FEE

17.9

139,130

87.0

ALBERTSONS

2015

2045

CVS

2016

2041

 

 

 

 

TORRANCE (4)

2000

JOINT VENTURE

26.8

267,677

99.0

SEARS

2011

2021

MARSHALLS

2014

2019

ROSS DRESS FOR LESS

2019

2000

 

TORRANCE (3)

2007

JOINT VENTURE

6.7

66,958

82.0

ACE HARDWARE

2013

2023

COOKIN' STUFF

2012

 

 

 

 

 

TRUCKEE

2006

FEE

3.2

26,553

88.0

 

 

 

 

 

 

 

 

 

 

TRUCKEE (5)

2007

GROUND LEASE (2016)/JOINT VENTURE

4.9

41,149

96.0

 

 

 

 

 

 

 

 

 

 

TURLOCK (3)

2006

FEE

10.1

111,558

92.0

RALEY'S

2018

2033

DECHINA 1 BUFFET, INC.

2014

2024

 

 

 

 

TUSTIN (10)

2003

JOINT VENTURE

9.1

108,413

100.0

KMART

2018

2048

 

 

 

 

 

 

 

TUSTIN (10)

2005

JOINT VENTURE

57.4

685,330

97.0

TARGET

2033

 

AMC THEATERS

2027

 

WHOLE FOODS MARKET

2027

 

 

TUSTIN (3)

2006

FEE

15.7

208,272

85.0

VONS

2021

2041

RITE AID

2014

2029

KRAGEN AUTO PARTS

2011

2016

 

TUSTIN (3)

2006

FEE

12.9

138,348

95.0

RALPHS

2024

2039

CVS

2022

2032

MICHAELS

2013

 

 

UPLAND (3)

2006

FEE

22.5

271,867

82.0

THE HOME DEPOT

2014

2029

PAVILIONS

2013

2043

STAPLES

2013

2028

 

VALENCIA (3)

2006

FEE

13.6

143,070

94.0

RALPHS

2023

2053

CVS

2013

2023

 

 

 

 

VALLEJO (3)

2006

FEE

14.2

150,766

93.0

RALEY'S

2017

2032

24 HOUR FITNESS

2013

 

AARON RENTS

2013

2023

 

VISALIA

2007

JOINT VENTURE

23.5

138,719

92.0

MARSHALLS

2010

 

BED BATH & BEYOND

2011

 

BORDERS BOOKS

2014

2029

 

VISALIA (3)

2006

FEE

4.2

42,460

71.0

CHUCK E. CHEESE

2013

 

 

 

 

 

 

 

 

VISTA (3)

2006

FEE

12.0

136,672

84.0

ALBERTSONS

2011

2041

CVS

2015

2025

 

 

 

 

WALNUT CREEK (3)

2006

FEE

3.2

114,733

91.0

CENTURY THEATRES

2023

2053

COST PLUS

2014

2024

 

 

 

 

WESTMINSTER (3)

2006

FEE

16.4

208,660

87.0

PAVILIONS

2017

2047

 

 

 

 

 

 

 

WINDSOR (3)

2006

FEE

9.8

107,769

95.0

RALEY'S

2012

2027

THE 24 HOUR CLUB

2018

 

 

 

 

 

WINDSOR (3)

2006

GROUND LEASE (2013)

13.1

126,187

84.0

SAFEWAY

2014

2054

CVS

2018

2048

 

 

 

COLORADO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AURORA

1998

FEE

13.8

154,055

82.0

ROSS DRESS FOR LESS

2017

2037

TJ MAXX

2018

2023

SPACE AGE FEDERAL

2016

2026

 

AURORA

1998

FEE

9.9

44,174

59.0

 

 

 

 

 

 

 

 

 

 

AURORA

1998

FEE

13.9

152,282

63.0

ALBERTSONS

2011

2051

DOLLAR TREE

2012

2027

KEY BANK

2012

2032

 

COLORADO SPRINGS

1998

FEE

10.7

107,310

75.0

RANCHO LIBORIO

2018

2043

 

 

 

 

 

 

 

DENVER

1998

FEE

1.5

18,405

100.0

SAVE-A-LOT

2012

2027

 

 

 

 

 

 

 

ENGLEWOOD

1998

FEE

6.5

80,330

90.0

HOBBY LOBBY

2013

2023

OLD COUNTRY BUFFET

2019

2024

 

 

 

 

FORT COLLINS

2000

FEE

11.6

115,862

100.0

KOHL'S

2020

2070

GUITAR CENTER

2017

2027

 

 

 

 

GREELEY (8)

2005

JOINT VENTURE

14.4

138,818

100.0

BED BATH & BEYOND

2016

2036

MICHAELS

2015

2035

SPROUTS FARMERS MARKET

2025

2045

 

GREENWOOD VILLAGE (10)

2003

JOINT VENTURE

21.0

196,726

100.0

HOME DEPOT

2019

2069

 

 

 

 

 

 

 

LAKEWOOD

1998

FEE

7.6

82,581

85.0

SAFEWAY

2012

2032

 

 

 

 

 

 

 

PUEBLO (10)

2006

JOINT VENTURE

3.3

30,809

0.0

 

 

 

 

 

 

 

 

 

CONNECTICUT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRANFORD (4)

2000

JOINT VENTURE

19.1

190,738

100.0

KOHL'S

2012

2022

SUPER FOODMART

2016

2038

 

 

 

 

DERBY

2005

JOINT VENTURE

20.7

141,258

100.0

LOWE'S HOME CENTER

2028

2068

 

 

 

 

 

 

 

ENFIELD (4)

2000

JOINT VENTURE

14.9

148,517

98.0

KOHL'S

2021

2041

BEST BUY

2016

2031

 

 

 

 

FARMINGTON

1998

FEE

16.9

184,572

95.0

SPORTS AUTHORITY

2018

2063

BORDERS BOOKS

2018

2063

TJ MAXX

2015

 

 

FARMINGTON

2005

JOINT VENTURE

5.7

24,300

100.0

CANTON FEED & SUPPLY

2021

2031

 

 

 

 

 

 

 

HAMDEN (10)

1967

JOINT VENTURE

31.7

345,196

90.0

WAL-MART

2019

2039

BON-TON

2012

 

BOB'S STORES

2016

2036

 

NORTH HAVEN

1998

FEE

31.7

331,919

94.0

HOME DEPOT

2014

2029

BJ'S

2011

2041

XPECT DISCOUNT

2013

 

 

WATERBURY

1993

FEE

13.1

141,443

100.0

RAYMOUR & FLANIGAN FURNITURE

2017

2037

STOP & SHOP

2013

2043

 

 

 



23



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DELAWARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELSMERE (12)

1979

GROUND LEASE (2076)

17.1

91,718

100.0

 

 

 

 

 

 

 

 

 

 

WILMINGTON (6)

2004

GROUND LEASE (2072)/ JOINT VENTURE

25.9

165,805

100.0

SHOPRITE

2014

2044

SPORTS AUTHORITY

2013

2023

RAYMOUR & FLANIGAN FURN.

2019

2044

FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALTAMONTE SPRINGS

1995

FEE

5.6

60,191

0.0

 

 

 

 

 

 

 

 

 

 

ALTAMONTE SPRINGS

1998

FEE

19.4

233,817

81.0

BAER'S FURNITURE

2014

 

DSW SHOE WAREHOUSE

2012

2032

MICHAELS

2012

2022

 

BOCA RATON

1967

FEE

9.9

73,549

90.0

WINN DIXIE

2013

2033

 

 

 

 

 

 

 

BONITA SPRINGS (5)

2006

JOINT VENTURE

0.5

79,676

89.0

PUBLIX

2022

2052

 

 

 

 

 

 

 

BOYNTON BEACH (4)

1999

FEE

18.0

194,924

99.0

BEALLS

2011

2056

ALBERTSONS

2015

2040

 

 

 

 

BRADENTON

1968

JOINT VENTURE

6.2

30,938

86.0

GRAND CHINA BUFFET

2010

2014

 

 

 

 

 

 

 

BRADENTON

1998

FEE

19.6

162,997

88.0

PUBLIX

2012

2032

TJ MAXX

2014

2019

JO-ANN FABRICS

2014

2024

 

BRADENTON

2005

JOINT VENTURE

1.8

18,000

100.0

BEALL'S OUTLET

2013

2033

 

 

 

 

 

 

 

BRANDON (4)

2001

FEE

29.7

143,785

96.0

BED BATH & BEYOND

2020

2030

ROSS DRESS FOR LESS

2015

2025

THOMASVILLE HOME

2010

2020

 

CAPE CORAL (5)

2006

JOINT VENTURE

12.5

125,108

96.0

PUBLIX

2022

2052

ROSS DRESS FOR LESS

2013

2033

STAPLES

2013

2033

 

CAPE CORAL (5)

2006

JOINT VENTURE

2.3

42,030

94.0

 

 

 

 

 

 

 

 

 

 

CLEARWATER

2005

FEE

20.7

212,341

89.0

HOME DEPOT

2023

2068

JO-ANN FABRICS

2014

2034

STAPLES

2014

2034

 

CORAL SPRINGS

1994

FEE

5.9

55,597

96.0

 

 

 

 

 

 

 

 

 

 

CORAL SPRINGS

1997

FEE

9.8

86,342

93.0

TJ MAXX

2012

2017

ANNA'S LINENS

2012

2027

PARTY SUPERMARKET

2011

2016

 

CORAL WAY (10)

1992

JOINT VENTURE

8.7

87,305

98.0

WINN DIXIE

2011

2036

STAPLES

2016

2031

 

 

 

 

CUTLER RIDGE (10)

1998

JOINT VENTURE

6.6

37,640

100.0

POTAMKIN CHEVROLET

2015

2050

 

 

 

 

 

 

 

DELRAY BEACH (5)

2006

JOINT VENTURE

0.0

50,906

100.0

PUBLIX

2025

2055

 

 

 

 

 

 

 

EAST ORLANDO

1971

GROUND LEASE (2068)

11.6

131,981

92.0

SPORTS AUTHORITY

2010

2020

OFFICE DEPOT

2010

2025

C-TOWN

2013

2028

 

FERN PARK

1968

FEE

12.0

131,646

38.0

ALDI

2019

2039

DEAL$

2014

2029

 

 

 

 

FORT LAUDERDALE

2009

FEE

22.9

229,034

97.0

REGAL CINEMAS

2017

2057

OFFICE DEPOT

2011

2026

JUST FOR SPORTS

2017

2023

 

FORT MYERS (5)

2006

JOINT VENTURE

7.4

74,286

79.0

PUBLIX

2023

2053

 

 

 

 

 

 

 

HIALEAH (10)

1998

JOINT VENTURE

2.4

23,625

100.0

POTAMKIN CHEVROLET

2015

2050

 

 

 

 

 

 

 

HOLLYWOOD

2009

FEE

98.9

871,723

99.4

HOME DEPOT

2019

2069

KMART

2019

2069

BJ'S

2019

2069

 

HOLLYWOOD

2009

FEE

10.5

141,097

92.3

AZOPHARMA

2014

2020

AZOPHARMA

2014

2020

C'EST PAPIER, INC.

2012

2017

 

HOLLYWOOD (10)

2002

JOINT VENTURE

5.0

49,543

100.0

MICHAELS

2010

2030

HOME GOODS

2010

2025

 

 

 

 

HOMESTEAD (10)

1972

GROUND LEASE (2093)/ JOINT VENTURE

21.0

209,214

98.0

PUBLIX

2014

2034

MARSHALLS

2011

2026

OFFICEMAX

2013

2028

 

JACKSONVILLE

1999

FEE

18.6

205,696

100.0

BURLINGTON COAT FACTORY

2013

2018

OFFICEMAX

2012

2032

TJ MAXX

2012

2017

 

JACKSONVILLE (10)

2002

JOINT VENTURE

5.1

51,002

100.0

MICHAELS

2013

2033

HOME GOODS

2010

2020

 

 

 

 

JACKSONVILLE (11)

2005

JOINT VENTURE

135.1

116,000

53.0

HHGREGG

2018

2033

 

 

 

 

 

 

 

JACKSONVILLE (5)

2006

JOINT VENTURE

9.3

72,840

92.0

PUBLIX

2023

2053

 

 

 

 

 

 

 

JENSEN BEACH

1994

FEE

20.7

173,319

78.0

SERVICE MERCHANDISE

2010

2070

MARSHALLS

2010

2020

DOLLAR TREE

2013

2028

 

JENSEN BEACH (7)

2006

JOINT VENTURE

19.8

205,534

82.0

HOME DEPOT

2025

2030

JO-ANN FABRICS

2020

2035

 

 

 

 

KEY LARGO (4)

2000

JOINT VENTURE

21.5

210,965

97.0

KMART

2014

2064

PUBLIX

2014

2029

BEALLS OUTLET

2011

 

 

KISSIMMEE

1996

FEE

18.4

130,983

83.0

WAL-MART

2031

2011

OFFICEMAX

2012

2027

DEAL$

2013

2028

 

LAKELAND

2001

FEE

22.9

229,383

79.0

STEIN MART

2011

2026

ROSS DRESS FOR LESS

2012

 

MARSHALLS

2021

2036

 

LAKELAND

2006

FEE

10.4

86,022

100.0

SPORTS AUTHORITY

2011

2026

LAKELAND SQUARE 10 THEATRE

2010

 

CHUCK E CHEESE

2016

2026

 

LARGO

1968

FEE

12.0

149,472

100.0

WAL-MART

2012

2027

ALDI

2018

2038

 

 

 

 

LARGO

1992

FEE

29.4

215,916

92.0

PUBLIX

2014

2029

AMC THEATRES

2013

2036

OFFICE DEPOT

2011

2021

 

LAUDERDALE LAKES

1968

JOINT VENTURE

10.0

108,240

98.0

SAVE-A-LOT

2012

2017

THINK THRIFT

2012

2017

 

 

 

 

LAUDERDALE LAKES

1968

FEE

10.0

7,101

100.0

 

 

 

 

 

 

 

 

 

 

LAUDERHILL

1974

FEE

17.8

181,416

98.0

BABIES R US

2014

 

STAPLES

2017

2037

BIG DEALS

2013

2018

 

LEESBURG

1969

GROUND LEASE (2017)

1.0

13,468

100.0

 

 

 

 

 

 

 

 

 

 

MARGATE

1993

FEE

34.1

264,729

80.0

WINN DIXIE

2030

2060

SAM ASH MUSIC

2011

 

OFFICE DEPOT

2010

2025

 

MELBOURNE

1968

GROUND LEASE (2071)

11.5

168,737

96.0

SUBMITTORDER CO

2010

2022

WALGREENS

2045

 

GOODWILL INDUSTRIES

2012

 

 

MELBOURNE

1998

FEE

13.2

144,399

97.0

JO-ANN FABRICS

2016

2031

BED BATH & BEYOND

2013

2028

MARSHALLS

2010

 

 

MERRITT ISLAND (5)

2006

JOINT VENTURE

0.0

60,103

91.0

PUBLIX

2023

2053

 

 

 

 

 

 

 

MIAMI

1968

FEE

8.2

104,908

89.0

HOME DEPOT

2029

2059

 

 

 

 

 

 

 

MIAMI

1986

FEE

7.8

83,380

100.0

PUBLIX

2014

2029

WALGREENS

2018

 

 

 

 

 

MIAMI

2007

FEE

33.4

349,873

89.0

PUBLIX

2011

2031

OFFICE DEPOT

2010

2015

MICHAELS

2010

2015

 

MIAMI

1995

FEE

5.4

63,604

89.0

PETCO

2016

2021

PARTY CITY

2012

2017

 

 

 

 

MIAMI

2009

FEE

31.2

402,801

95.0

KMART

2012

2042

EL DORADO FURNITURE

2017

2032

SYMS

2011

2041

 

MIAMI (10)

1998

JOINT VENTURE

8.7

86,900

100.0

POTAMKIN CHEVROLET

2015

2050

 

 

 

 

 

 

 

MIAMI (10)

1998

JOINT VENTURE

2.9

29,166

100.0

LEHMAN TOYOTA

2015

2050

 

 

 

 

 

 

 

MIAMI (10)

1998

JOINT VENTURE

1.7

17,117

100.0

LEHMAN TOYOTA

2015

2050

 

 

 

 

 

 



24



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIAMI (10)

1962

JOINT VENTURE

14.0

79,273

92.0

BABIES R US

2011

2021

FIRESTONE TIRE

2011

 

 

 

 

 

MIAMI (5)

2007

JOINT VENTURE

7.5

60,280

95.0

PUBLIX

2027

2062

 

 

 

 

 

 

 

MIAMI (5)

2006

JOINT VENTURE

0.0

63,595

96.0

PUBLIX

2023

2053

 

 

 

 

 

 

 

MIDDLEBURG

2005

JOINT VENTURE

50.0

50,000

92.0

DOLLAR TREE

2013

2028

 

 

 

 

 

 

 

MIRAMAR (11)

2005

JOINT VENTURE

7.6

156,000

0.0

 

 

 

 

 

 

 

 

 

 

MOUNT DORA

1997

FEE

12.4

120,430

99.0

KMART

2013

2063

 

 

 

 

 

 

 

NORTH LAUDERDALE (3)

2007

JOINT VENTURE

28.9

250,209

97.0

HOME DEPOT

2019

2049

CHANCELLOR ACADEMY

2011

2016

PUBLIX

2011

2031

 

NORTH MIAMI BEACH

1985

FEE

15.9

108,795

100.0

PUBLIX

2019

2039

WALGREENS

2058

 

 

 

 

 

OCALA

1997

FEE

27.2

260,419

93.0

KMART

2011

2021

BEST BUY

2019

2034

SERVICE MERCHANDISE

2012

2032

 

ORANGE PARK (10)

2003

GROUND LEASE (2035)/JOINT VENTURE

5.0

50,299

100.0

BED BATH & BEYOND

2015

2025

MICHAELS

2010

2030

 

 

 

 

ORLANDO

1968

JOINT VENTURE

10.0

113,262

59.0

HSN

2014

2019

SAVE-A-LOT

2019

2034

PARTY CITY

2012

2017

 

ORLANDO (12)

2009

GROUND LEASE (2011)

7.8

176,548

68.0

24 HOUR FITNESS

2023

2038

TJ MAXX

2018

2038

 

 

 

 

ORLANDO

1994

FEE

28.0

236,486

72.0

OLD TIME POTTERY

2010

2020

SPORTS AUTHORITY

2011

2031

 

 

 

 

ORLANDO

1996

FEE

11.7

132,856

100.0

ROSS DRESS FOR LESS

2013

2028

BIG LOTS

2014

 

ALDI

2018

2038

 

ORLANDO

2009

FEE

14.0

154,356

87.0

MARSHALLS

2013

2028

OFF BROADWAY SHOES

2013

2023

GOLFSMITH GOLF CENTER

2014

2024

 

ORLANDO (4)

2000

JOINT VENTURE

18.0

179,065

98.0

KMART

2014

2064

PUBLIX

2012

2037

 

 

 

 

OVIEDO (5)

2006

JOINT VENTURE

7.8

78,093

95.0

PUBLIX

2020

2050

 

 

 

 

 

 

 

PLANTATION (10)

1974

JOINT VENTURE

4.6

60,414

95.0

WHOLE FOODS MARKET

2014

2019

WHOLE FOODS MARKET

2014

2019

 

 

 

 

POMPANO BEACH

1968

JOINT VENTURE

12.6

66,613

96.0

SAVE-A-LOT

2015

2030

 

 

 

 

 

 

 

POMPANO BEACH (10)

2007

JOINT VENTURE

10.3

103,173

100.0

KMART

2012

2017

 

 

 

 

 

 

 

POMPANO BEACH (8)

2004

JOINT VENTURE

18.6

140,312

89.0

WINN DIXIE

2018

2043

CVS

2020

2040

 

 

 

 

RIVIERA BEACH

1968

JOINT VENTURE

5.1

46,390

92.0

FURNITURE KINGDOM

2010

2014

GOODWILL INDUSTRIES

2013

 

 

 

 

 

SANFORD

1989

FEE

40.9

162,865

70.0

ROSS DRESS FOR LESS

2012

2032

DOLLAR TREE

2011

2021

 

 

 

 

SARASOTA

1970

FEE

10.0

102,455

100.0

TJ MAXX

2012

2017

OFFICEMAX

2014

2024

DOLLAR TREE

2012

2032

 

SARASOTA

1989

FEE

12.0

129,700

93.0

SWEETBAY

2020

2040

ACE HARDWARE

2013

2023

AARON'S

2015

2021

 

SARASOTA (5)

2006

JOINT VENTURE

0.0

65,320

80.0

PUBLIX

2063

 

 

 

 

 

 

 

 

ST. AUGUSTINE (10)

2005

JOINT VENTURE

1.5

62,000

91.0

HOBBY LOBBY

2019

2032

 

 

 

 

 

 

 

ST. PETERSBURG

1968

GROUND LEASE (2059)/ JOINT VENTURE

9.0

119,474

100.0

KASH N' KARRY

2017

2037

TJ MAXX

2012

2014

YOU FIT

2018

2028

 

TALLAHASSEE

1998

FEE

12.8

105,655

75.0

STEIN MART

2018

2033

 

 

 

 

 

 

 

TAMPA

1997

FEE

23.9

205,634

99.0

AMERICAN SIGNATURE

2019

2044

STAPLES

2013

2018

ROSS DRESS FOR LESS

2012

2022

 

TAMPA

2004

FEE

22.4

197,181

96.0

LOWE'S HOME CENTER

2026

2066

 

 

 

 

 

 

 

TAMPA (4)

2001

FEE

73.0

340,460

96.0

BEST BUY

2016

2031

JO-ANN FABRICS

2016

2031

BED BATH & BEYOND

2015

2030

 

TAMPA (8)

2007

JOINT VENTURE

10.0

100,200

84.0

PUBLIX

2011

2026

 

 

 

 

 

 

 

WEST PALM BEACH

1995

FEE

7.9

79,904

81.0

BABIES R US

2011

2021

 

 

 

 

 

 

 

WEST PALM BEACH

2009

FEE

33.0

357,537

85.0

KMART

2018

2068

WINN DIXIE

2019

2049

ROSS DRESS FOR LESS

2014

2029

 

WEST PALM BEACH (10)

1967

JOINT VENTURE

7.6

81,073

92.0

WINN DIXIE

2010

2030

 

 

 

 

 

 

 

WINTER HAVEN (10)

1973

JOINT VENTURE

13.9

95,188

100.0

BIG LOTS

2015

2020

JO-ANN FABRICS

2011

2016

BUDDY'S HOME FURNISHINGS

2015

2025

 

YULEE

2003

JOINT VENTURE

11.9

59,000

 

 

 

 

 

 

 

 

 

 

GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALPHARETTA

2008

JOINT VENTURE

15.4

130,515

94.0

KROGER

2020

2050

 

 

 

 

 

 

 

ATLANTA

2008

JOINT VENTURE

31.0

354,214

88.0

DAYS INN

2014

2034

KROGER

2021

2056

GOODYEAR TIRE

2010

2030

 

ATLANTA (8)

2007

JOINT VENTURE

10.1

175,835

100.0

MARSHALLS

2014

2034

BEST BUY

2014

2029

OFF BROADWAY SHOE

2013

2019

 

AUGUSTA

1995

FEE

11.3

112,537

97.0

TJ MAXX

2015

2020

ROSS DRESS FOR LESS

2013

2033

RUGGED WEARHOUSE

2013

2018

 

AUGUSTA (4)

2001

JOINT VENTURE

52.6

532,536

87.0

HOBBY LOBBY

2019

2029

SPORTS AUTHORITY

2012

2027

HHGREGG

2017

2027

 

DULUTH (5)

2006

JOINT VENTURE

7.8

78,025

100.0

WHOLE FOODS MARKET

2027

2057

 

 

 

 

 

 

 

SAVANNAH

1993

FEE

22.2

187,076

92.0

BED BATH & BEYOND

2013

2028

TJ MAXX

2010

2015

MARSHALLS

2013

2022

 

SAVANNAH

1995

GROUND LEASE (2045)

8.5

84,628

92.0

PUBLIX

2028

2063

STAPLES

2015

2030

AUTOZONE

2019

2034

 

SAVANNAH

2008

JOINT VENTURE

18.0

197,957

95.0

H.H.GREGG

2019

2034

ROSS DRESS FOR LESS

2016

2036

COST PLUS

2016

2031

 

SNELLVILLE (4)

2001

FEE

35.6

311,033

93.0

KOHL'S

2022

2062

BELK

2015

2035

HHGREGG

2019

2034

 

VALDOSTA (10)

2004

JOINT VENTURE

17.5

175,396

100.0

LOWE'S HOME CENTER

2019

2069

 

 

 

 

 

 

HAWAII

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KIHEI

2006

FEE

4.6

17,897

83.0

 

 

 

 

 

 

 

 

 

ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AURORA

1998

FEE

17.9

91,182

100.0

CERMAK PRODUCE AURORA

2022

2042

 

 

 

 

 

 

 

AURORA (5)

2005

JOINT VENTURE

34.7

361,991

71.0

BEST BUY

2011

2026

GOLFSMITH

2016

2031

MONKEY JOE'S

2019

2029

 

BATAVIA (4) (12)

2002

FEE

31.7

272,410

92.0

KOHL'S

2019

2049

HOBBY LOBBY

2014

2019

BUY BUY BABY

2020

2040

 

BELLEVILLE

1998

FEE

9.7

98,860

83.0

KMART

2024

2054

 

 

 

 

 

 

 

BLOOMINGTON

1972

FEE

16.1

188,250

99.0

SCHNUCK MARKETS

2014

2029

TOYS R US

2015

2045

BARNES & NOBLE

2015

 



25



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLOOMINGTON (10)

2003

JOINT VENTURE

11.0

73,951

100.0

JEWEL-OSCO

2014

2039

 

 

 

 

 

 

 

BRADLEY

1996

FEE

5.4

80,535

100.0

CARSON PIRIE SCOTT

2014

2034

 

 

 

 

 

 

 

CALUMET CITY

1997

FEE

17.0

159,647

97.0

MARSHALLS

2014

2029

BEST BUY

2012

2032

BED BATH & BEYOND

2014

2024

 

CHAMPAIGN

1998

FEE

9.0

111,985

100.0

HOBBY LOBBY

2017

2027

CARLE CLINIC

2013

2028

 

 

 

 

CHAMPAIGN (4)

2001

FEE

9.3

111,720

100.0

BEST BUY

2016

2031

DICK'S SPORTING GOODS

2016

2031

MICHAELS

2010

2025

 

CHICAGO

1997

GROUND LEASE (2040)

17.5

102,011

100.0

BURLINGTON COAT FACTORY

2020

2035

RAINBOW SHOPS

2015

2020

BEAUTY ONE

2015

 

 

CHICAGO

1997

FEE

6.0

86,894

100.0

KMART

2024

2054

 

 

 

 

 

 

 

COUNTRYSIDE

1997

FEE

27.7

3,500

100.0

 

 

 

 

 

 

 

 

 

 

CRESTWOOD

1997

GROUND LEASE (2051)

36.8

79,903

100.0

SEARS

2024

2051

 

 

 

 

 

 

 

CRYSTAL LAKE

1998

FEE

6.1

80,624

100.0

HOBBY LOBBY

2019

2024

MONKEY JOE'S

2019

2029

 

 

 

 

DOWNERS GROVE

1998

GROUND LEASE (2041)

5.0

100,000

100.0

HOME DEPOT EXPO

2022

2062

 

 

 

 

 

 

 

DOWNERS GROVE

1999

FEE

24.8

145,153

93.0

MICHAEL'S FRESH MARKET

2025

2045

DOLLAR TREE

2013

2023

WALGREENS

2022

 

 

DOWNERS GROVE

1997

FEE

12.0

141,906

100.0

TJ MAXX

2014

2024

BEST BUY

2015

2030

BEST BUY

2012

2032

 

ELGIN

1972

FEE

18.7

186,432

100.0

ELGIN MALL

2013

2023

ELGIN FARMERS PRODUCTS

2020

2030

AARON SALES

2012

2022

 

FAIRVIEW HEIGHTS

1998

GROUND LEASE (2050)

19.1

192,073

100.0

KMART

2024

2054

OFFICEMAX

2015

2025

WALGREENS

2015

2029

 

FOREST PARK

1997

GROUND LEASE (2021)

9.3

98,371

100.0

KMART

2021

 

 

 

 

 

 

 

 

GENEVA

1996

FEE

8.2

104,688

100.0

GANDER MOUNTAIN

2013

2028

 

 

 

 

 

 

 

KILDEER (5)

2006

JOINT VENTURE

23.3

167,477

79.0

BED BATH & BEYOND

2012

2032

OLD NAVY

2011

2016

COST PLUS

2012

2027

 

LAKE ZURICH

2005

JOINT VENTURE

0.9

9,151

45.0

 

 

 

 

 

 

 

 

 

 

MATTESON

1997

FEE

17.0

157,885

81.0

SPORTS AUTHORITY

2014

2029

MARSHALLS

2015

2025

BORDERS BOOKS

2024

2039

 

MOUNT PROSPECT

1997

FEE

16.8

192,547

85.0

KOHL'S

2024

2054

HOBBY LOBBY

2016

2026

 

 

 

 

MUNDELIEN

1998

FEE

7.6

89,692

100.0

BURLINGTON COAT FACTORY

2018

2033

 

 

 

 

 

 

 

NAPERVILLE

1997

FEE

9.0

102,327

100.0

BURLINGTON COAT FACTORY

2015

2033

 

 

 

 

 

 

 

NORRIDGE

1997

GROUND LEASE (2047)

11.7

116,914

100.0

KMART

2012

2047

 

 

 

 

 

 

 

OAK LAWN

1997

FEE

15.4

183,893

100.0

KMART

2024

2054

CHUCK E CHEESE

2016

2026

 

 

 

 

OAKBROOK TERRACE

2001

GROUND LEASE (2049)

15.6

176,263

100.0

HOME DEPOT

2024

2044

LOYOLA UNIV. MEDICAL CNTR

2011

2016

POMPEI BAKERY

2011

2021

 

ORLAND PARK

1997

FEE

18.8

15,535

13.0

 

 

 

 

 

 

 

 

 

 

OTTAWA

1970

FEE

9.0

60,000

0.0

 

 

 

 

 

 

 

 

 

 

PEORIA

1997

GROUND LEASE (2055)

20.5

156,067

100.0

KMART

2014

2021

MARSHALLS

2011

 

 

 

 

 

ROCKFORD

2008

JOINT VENTURE

8.9

89,047

61.0

BEST BUY

2016

2031

 

 

 

 

 

 

 

ROLLING MEADOWS

2003

FEE

0.0

37,225

100.0

FAIR LANES ROLLING MEADOWS

2013

 

 

 

 

 

 

 

 

ROUND LAKE BEACH

2005

JOINT VENTURE

5.0

27,950

100.0

OFFICE DEPOT

2018

2043

 

 

 

 

 

 

 

SCHAUMBURG (10)

1998

JOINT VENTURE

7.3

91,770

0.0

 

 

 

 

 

 

 

 

 

 

SCHAUMBURG (10)

2003

JOINT VENTURE

62.8

628,623

97.0

GALYAN'S TRADING COMPANY

2013

2038

CARSON PIRIE SCOTT

2021

2071

LOEWS THEATRES

2019

2039

 

SKOKIE

1997

FEE

5.8

58,455

100.0

MARSHALLS

2010

2025

OLD NAVY

2010

2015

 

 

 

 

STREAMWOOD

1998

FEE

5.6

81,000

100.0

 

 

 

 

 

 

 

 

 

 

WAUKEGAN

2005

JOINT VENTURE

2.9

5,883

100.0

 

 

 

 

 

 

 

 

 

 

WOODRIDGE

1998

FEE

13.1

172,363

84.0

WOODGROVE THEATERS, INC

2017

2032

KOHL'S

2015

2030

SHOE CARNIVAL

2014

2019

INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANSVILLE

1986

FEE

14.2

192,377

84.0

BURLINGTON COAT FACTORY

2015

2030

OFFICEMAX

2012

2027

FAMOUS FOOTWEAR

2012

2025

 

GREENWOOD

1970

FEE

25.7

168,577

84.0

BABY SUPERSTORE

2011

2021

TOYS R US

2016

2056

TJ MAXX

2015

 

 

GRIFFITH

1997

FEE

10.6

114,684

100.0

KMART

2024

2054

 

 

 

 

 

 

 

INDIANAPOLIS (10)

1963

JOINT VENTURE

17.4

165,255

96.0

KROGER

2026

2066

AJ WRIGHT

2012

2027

CVS

2021

2031

 

LAFAYETTE

1971

FEE

12.4

90,500

92.0

KROGER

2026

2056

 

 

 

 

 

 

 

LAFAYETTE

1997

FEE

24.3

238,288

71.0

HOME DEPOT

2026

2056

JO-ANN FABRICS

2020

2030

 

 

 

 

MERRILLVILLE

2005

JOINT VENTURE

3.0

19,074

0.0

 

 

 

 

 

 

 

 

 

 

MISHAWAKA

1998

FEE

7.5

80,981

100.0

HHGREGG

2018

2038

BED BATH & BEYOND

2019

2034

 

 

 

 

SOUTH BEND

1998

FEE

1.8

81,668

100.0

MENARD

2013

2033

 

 

 

 

 

 

 

SOUTH BEND (10)

2003

JOINT VENTURE

27.2

271,335

86.0

BED BATH & BEYOND

2016

2040

TJ MAXX

2016

 

DSW SHOE WAREHOUSE

2020

2035

IOWA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CLIVE

1996

FEE

8.8

90,000

100.0

KMART

2021

2051

 

 

 

 

 

 

 

COUNCIL BLUFFS

2006

JOINT VENTURE

79.0

155,366

98.0

HOBBY LOBBY

2023

2038

BED BATH & BEYOND

2019

2039

PETSMART

2019

2044

 

DAVENPORT

1997

GROUND LEASE (2028)

9.1

91,035

100.0

KMART

2024

2054

 

 

 

 

 

 

 

DES MOINES

1999

FEE

23.0

149,059

82.0

BEST BUY

2013

2022

OFFICEMAX

2013

2018

PETSMART

2017

2042

 

DUBUQUE

1997

GROUND LEASE (2019)

6.5

82,979

100.0

SHOPKO

2018

2019

 

 

 

 

 

 

 

SOUTHEAST DES MOINES

1996

FEE

9.6

111,847

100.0

HOME DEPOT

2020

2065

 

 

 

 

 

 

 

WATERLOO

1996

FEE

9.0

104,074

100.0

HOBBY LOBBY

2014

2024

TJ MAXX

2014

2024

SHOE CARNIVAL

2015

2025



26



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KANSAS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAST WICHITA (4)

1996

FEE

6.5

96,011

100.0

DICK'S SPORTING GOODS

2018

2033

GORDMANS

2012

2032

 

 

 

 

OVERLAND PARK

2006

FEE

14.5

120,164

97.0

HOME DEPOT

2015

2050

 

 

 

 

 

 

 

WICHITA (4)

1998

FEE

13.5

133,771

100.0

BEST BUY

2015

2025

TJ MAXX

2015

2020

MICHAELS

2010

2025

KENTUCKY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BELLEVUE

1976

FEE

6.0

53,695

100.0

KROGER

2010

2035

 

 

 

 

 

 

 

FLORENCE (6)

2004

FEE

8.2

99,578

67.0

DICK'S SPORTING GOODS

2023

2038

 

 

 

 

 

 

 

HINKLEVILLE

1994

GROUND LEASE (2039)

2.0

85,229

0.0

 

 

 

 

 

 

 

 

 

 

LEXINGTON

1993

FEE

33.8

234,943

91.0

BEST BUY

2014

2024

BED BATH & BEYOND

2013

2038

TOYS R US

2013

2038

LOUISIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BATON ROUGE

1997

FEE

18.6

349,907

93.0

BURLINGTON COAT FACTORY

2014

2034

STEIN MART

2011

2016

K&G MEN'S COMPANY

2017

2032

 

BATON ROUGE (10)

2005

FEE

9.4

67,755

86.0

WAL-MART

2024

2034

 

 

 

 

 

 

 

HARVEY

2008

JOINT VENTURE

14.9

174,354

77.0

BEST BUY

2017

2032

BARNES & NOBLE

2012

2022

COST PLUS

2013

2028

 

HOUMA

1999

FEE

10.1

98,586

100.0

OLD NAVY

2011

2014

BURKE'S OUTLET STORE

2019

2029

MICHAELS

2014

2019

 

LAFAYETTE

1997

FEE

21.9

244,768

91.0

STEIN MART

2010

2020

HOME FURNITURE COMPANY

2014

2019

TJ MAXX

2014

2019

MAINE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANGOR

2001

FEE

8.6

86,422

100.0

BURLINGTON COAT FACTORY

2012

2032

 

 

 

 

 

 

 

S. PORTLAND

2008

JOINT VENTURE

12.5

98,401

82.0

DSW SHOE WAREHOUSE

2012

2027

DOLLAR TREE

2015

2025

GUITAR CENTER

2016

2026

MARYLAND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALTIMORE (5)

2005

JOINT VENTURE

5.8

58,879

100.0

CORT FURNITURE RENTAL

2012

2022

 

 

 

 

 

 

 

BALTIMORE (6) (12)

2004

JOINT VENTURE

7.6

79,497

96.0

GIANT FOOD

2016

2031

 

 

 

 

 

 

 

BALTIMORE (7)

2005

JOINT VENTURE

10.7

90,830

98.0

GIANT FOOD

2011

2036

 

 

 

 

 

 

 

BALTIMORE (8)

2004

JOINT VENTURE

7.5

90,903

98.0

GIANT FOOD

2026

2051

 

 

 

 

 

 

 

BALTIMORE (9)

2007

JOINT VENTURE

18.4

152,834

97.0

KMART

2010

2055

SALVO AUTO PARTS

2014

2019

 

 

 

 

BALTIMORE (9)

2007

JOINT VENTURE

10.6

112,722

100.0

SAFEWAY

2016

2046

RITE AID

2011

2026

DOLLAR TREE

2013

2028

 

BALTIMORE (9)

2007

JOINT VENTURE

7.3

77,287

100.0

SUPER FRESH

2021

2061

 

 

 

 

 

 

 

BEL AIR (8)

2004

FEE

19.7

129,927

97.0

SAFEWAY

2030

2060

CVS

2021

2041

DOLLAR TREE

2019

2029

 

CLARKSVILLE (9)

2007

JOINT VENTURE

15.2

105,907

100.0

GIANT FOOD

2017

2027

 

 

 

 

 

 

 

CLINTON

2003

GROUND LEASE (2069)

2.6

2,544

100.0

 

 

 

 

 

 

 

 

 

 

CLINTON

2003

GROUND LEASE (2069)

2.6

26,412

0.0

 

 

 

 

 

 

 

 

 

 

COLUMBIA

2002

FEE

7.3

32,075

57.0

 

 

 

 

 

 

 

 

 

 

COLUMBIA

2002

FEE

2.5

23,835

64.0

DAVID'S NATURAL MARKET

2014

2019

 

 

 

 

 

 

 

COLUMBIA (10)

2002

JOINT VENTURE

5.0

50,000

100.0

MICHAELS

2013

2033

HOME GOODS

2011

2021

 

 

 

 

COLUMBIA (5)

2006

JOINT VENTURE

7.3

73,299

86.0

OLD NAVY

2013

 

 

 

 

 

 

 

 

COLUMBIA (5)

2006

JOINT VENTURE

12.3

91,165

100.0

SAFEWAY

2018

2043

 

 

 

 

 

 

 

COLUMBIA (5)

2006

JOINT VENTURE

16.4

100,803

99.0

GIANT FOOD

2012

2022

 

 

 

 

 

 

 

COLUMBIA (8)

2005

JOINT VENTURE

1.5

6,780

100.0

 

 

 

 

 

 

 

 

 

 

COLUMBIA (9)

2007

JOINT VENTURE

12.2

98,399

100.0

HARRIS TEETER

2028

2058

 

 

 

 

 

 

 

EASTON (6)

2004

JOINT VENTURE

11.1

113,330

96.0

GIANT FOOD

2024

2054

FASHION BUG

2012

 

 

 

 

 

ELLICOTT CITY (5)

2006

JOINT VENTURE

15.5

86,456

98.0

GIANT FOOD

2014

2019

 

 

 

 

 

 

 

ELLICOTT CITY (6)

2004

JOINT VENTURE

31.8

143,548

95.0

SAFEWAY

2012

2042

PETCO

2011

2021

 

 

 

 

ELLICOTT CITY (3)

2007

JOINT VENTURE

42.5

433,467

93.0

TARGET

2016

2046

KOHL'S

2018

2038

SAFEWAY

2016

2046

 

FREDRICK COUNTY

2003

FEE

8.4

86,968

95.0

GIANT FOOD

2026

2056

 

 

 

 

 

 

 

GAITHERSBURG

1999

FEE

8.7

88,277

93.0

GREAT BEGINNINGS FURNITURE

2011

2021

FURNITURE 4 LESS

2010

 

 

 

 

 

GAITHERSBURG (3)

2007

JOINT VENTURE

6.6

71,329

94.0

RUGGED WEARHOUSE

2013

2018

HANCOCK FABRICS

2011

2016

OLD COUNTRY BUFFET

2011

2021

 

GLEN BURNIE (8)

2004

JOINT VENTURE

21.9

265,116

100.0

LOWE'S HOME CENTER

2019

2059

GIANT FOOD

2015

2025

 

 

 

 

HAGERSTOWN

1973

FEE

10.5

121,985

80.0

SUPER SHOE

2011

2016

ALDI

2016

2031

EQUIPPED FOR LIFE

2012

2017

 

HUNT VALLEY

2008

FEE

9.1

94,653

94.0

GIANT FOOD

2013

2033

 

 

 

 

 

 

 

LAUREL

1964

FEE

8.1

75,924

97.0

VILLAGE THRIFT STORE

2010

 

DOLLAR TREE

2015

 

OLD COUNTRY BUFFET

2014

2019

 

LAUREL

1972

FEE

10.0

81,550

100.0

ROOMSTORE

2014

 

 

 

 

 

 

 

 

LINTHICUM

2003

FEE

0.0

1,926

100.0

 

 

 

 

 

 

 

 

 

 

NORTH EAST (9)

2007

JOINT VENTURE

17.5

80,190

94.0

FOOD LION

2018

2038

 

 

 

 

 

 

 

OWINGS MILLS

2005

JOINT VENTURE

4.4

14,564

100.0

RITE AID

2027

2067

 

 

 

 

 

 

 

OWINGS MILLS (8)

2004

JOINT VENTURE

11.0

116,303

97.0

GIANT FOOD

2020

2045

MERRITT ATHLETIC CLUB

2010

2015

 

 

 

 

PASADENA (10)

2003

FEE/GROUND LEASE (2030)

2.7

38,727

90.0

 

 

 

 

 

 

 

 

 

 

PERRY HALL

2003

FEE

15.7

174,975

80.0

BRUNSWICK (LEISERV)BOWLING

2010

 

RITE AID

2010

2035

ACE HARDWARE

2016

2031

 

PERRY HALL (6)

2004

JOINT VENTURE

8.2

65,059

100.0

SUPER FRESH

2022

2062

 

 

 

 

 

 

 

TIMONIUM

2003

GROUND LEASE (2089)

17.2

201,380

90.0

GIANT FOOD

2029

2089

STAPLES

2020

2045

 

 

 

 

TIMONIUM (9)

2007

JOINT VENTURE

6.0

59,799

81.0

AMERICAN RADIOLOGY

2012

2027

 

 

 

 

 

 



27



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOWSON (6)

2004

JOINT VENTURE

9.1

88,405

49.0

CVS

2016

2046

 

 

 

 

 

 

 

TOWSON (8) (12)

2004

JOINT VENTURE

43.1

678,326

98.0

WAL-MART

2020

2005

TARGET

2014

2049

SUPER FRESH

2019

2049

 

WALDORF

2003

FEE

0.0

26,128

100.0

FAIR LANES WALDORF

2017

 

 

 

 

 

 

 

 

WALDORF

2003

FEE

0.0

4,500

100.0

 

 

 

 

 

 

 

 

 

MASSACHUSETTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREAT BARRINGTON

1994

FEE

14.1

131,235

93.0

KMART

2011

2016

PRICE CHOPPER

2016

2036

 

 

 

 

HYANNIS (6)

2004

JOINT VENTURE

23.1

231,378

95.0

SHAW'S SUPERMARKET

2018

2028

TOYS R US

2019

2029

HOME GOODS

2010

2020

 

MARLBOROUGH (10)

2004

JOINT VENTURE

16.1

104,125

100.0

BEST BUY

2019

2034

DSW SHOE WAREHOUSE

2014

2034

BORDERS BOOKS

2019

2034

 

PITTSFIELD (6)

2004

FEE

13.0

72,014

100.0

STOP & SHOP

2014

2044

 

 

 

 

 

 

 

QUINCY (8)

2005

JOINT VENTURE

8.0

80,510

100.0

HANNAFORD

2014

2034

BROOKS PHARMACY

2017

2047

 

 

 

 

SHREWSBURY

2000

FEE

12.2

108,418

100.0

BOB'S STORES

2018

2033

BED BATH & BEYOND

2012

2032

STAPLES

2011

2021

 

STURBRIDGE (5)

2006

JOINT VENTURE

23.1

231,197

87.0

STOP & SHOP

2019

2049

MARSHALLS

2011

2026

STAPLES

2016

2031

MICHIGAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CANTON TWP.

2005

JOINT VENTURE

3.0

36,601

100.0

BORDERS BOOKS

2023

2048

PETCO

2017

2032

 

 

 

 

CLARKSTON

1996

FEE

20.0

148,973

85.0

FARMER JACK

2015

2045

OFFICE DEPOT

2016

2031

CVS

2010

2020

 

CLAWSON

1993

FEE

13.5

130,424

90.0

STAPLES

2014

2024

ALDI

2028

2043

RITE AID

2026

2046

 

CLINTON TWP.

2005

JOINT VENTURE

2.9

19,042

100.0

GOLFSMITH

2018

2033

 

 

 

 

 

 

 

DEARBORN HEIGHTS

2005

JOINT VENTURE

2.2

4,500

100.0

 

 

 

 

 

 

 

 

 

 

FARMINGTON

1993

FEE

2.8

96,915

91.0

OFFICE DEPOT

2016

2031

ACE HARDWARE

2017

2027

FITNESS 19

2015

2025

 

KALAMAZOO (10)

2002

JOINT VENTURE

60.0

279,343

92.0

HOBBY LOBBY

2013

2023

MARSHALLS

2010

2030

DSW SHOE WAREHOUSE

2020

2035

 

LIVONIA

1968

FEE

4.5

33,121

100.0

CVS

2033

2083

 

 

 

 

 

 

 

MUSKEGON

1985

FEE

12.2

79,215

100.0

 

 

 

 

 

 

 

 

 

 

NOVI (10)

2003

JOINT VENTURE

6.0

60,000

100.0

MICHAELS

2016

2036

HOME GOODS

2011

2026

 

 

 

 

OKEMOS

2005

JOINT VENTURE

2.4

22,257

100.0

DOLLAR TREE

2017

2032

 

 

 

 

 

 

 

TAYLOR

1993

FEE

13.0

141,549

100.0

KOHL'S

2022

2042

BABIES R US

2017

2043

PARTY AMERICA

2014

2019

 

TROY (8)

2005

JOINT VENTURE

24.0

223,050

98.0

WAL-MART

2021

2051

MARSHALLS

2012

2027

 

 

 

 

WALKER

1993

FEE

41.8

387,210

97.0

RUBLOFF DEVELOPMENT

2016

2051

KOHL'S

2017

2037

LOEKS THEATRES

2012

2042

MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ARBOR LAKES

2006

FEE

44.4

474,062

89.0

LOWE'S HOME CENTER

2025

2075

DICK'S SPORTING GOODS

2017

2037

MARSHALLS

2016

2036

 

EDEN PRAIRIE

2005

JOINT VENTURE

3.0

18,411

65.0

DOLLAR TREE

2012

2027

 

 

 

 

 

 

 

MAPLE GROVE (4)

2001

FEE

63.0

466,477

97.0

BYERLY'S

2020

2035

BEST BUY

2015

2030

JO-ANN FABRICS

2020

2030

 

MINNETONKA (4)

1998

FEE

12.1

120,231

98.0

TOYS R US

2016

2031

GOLFSMITH GOLF CENTER

2013

2018

OFFICEMAX

2011

 

 

ROSEVILLE

2005

JOINT VENTURE

1.9

28,148

100.0

GOLFSMITH

2017

2032

 

 

 

 

 

 

 

ST. PAUL

2005

JOINT VENTURE

1.8

17,752

100.0

O'REILLY AUTOMOTIVE, INC.

2032

2047

 

 

 

 

 

 

MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRIDGETON

1997

GROUND LEASE (2010)

27.3

101,592

100.0

KOHL'S

2020

2030

 

 

 

 

 

 

 

CRYSTAL CITY

1997

GROUND LEASE (2032)

10.1

100,724

100.0

KMART

2024

2032

 

 

 

 

 

 

 

ELLISVILLE

1970

FEE

18.4

118,080

91.0

SHOP N SAVE

2017

2032

 

 

 

 

 

 

 

INDEPENDENCE

1998

FEE

21.0

184,870

100.0

KMART

2024

2054

THE TILE SHOP

2014

2024

OFFICE DEPOT

2012

2032

 

JOPLIN

1998

FEE

12.6

155,416

96.0

ASHLEY FURNITURE

2019

2029

HASTINGS BOOKS

2014

 

OFFICEMAX

2010

2025

 

JOPLIN (4)

1998

FEE

9.5

80,524

100.0

SHOPKO

2018

2038

 

 

 

 

 

 

 

KANSAS CITY

1997

FEE

17.8

150,381

100.0

HOME DEPOT

2015

2050

THE LEATHER COLLECTION

2013

2019

 

 

 

 

KIRKWOOD

1990

GROUND LEASE (2069)

19.8

251,524

100.0

HOBBY LOBBY

2014

2024

HEMISPHERES

2014

2024

SPORTS AUTHORITY

2014

2029

 

LEMAY

1974

FEE

9.8

79,747

100.0

SHOP N SAVE

2020

2065

DOLLAR GENERAL

2014

 

 

 

 

 

MANCHESTER (4)

1998

FEE

9.6

89,305

100.0

KOHL'S

2018

2038

 

 

 

 

 

 

 

SPRINGFIELD

1994

FEE

41.5

282,619

96.0

BEST BUY

2011

2026

JCPENNEY

2015

2020

TJ MAXX

2011

2021

 

SPRINGFIELD

2002

FEE

8.5

84,916

100.0

BED BATH & BEYOND

2013

2028

MARSHALLS

2012

2027

BORDERS BOOKS

2023

2038

 

SPRINGFIELD

1998

GROUND LEASE (2087)

18.5

203,384

100.0

KMART

2024

2054

OFFICE DEPOT

2020

2030

PACE-BATTLEFIELD, LLC

2017

2047

 

ST. CHARLES

1998

FEE

36.9

8,000

100.0

 

 

 

 

 

 

 

 

 

 

ST. CHARLES

1998

GROUND LEASE (2039)

8.4

84,460

100.0

KOHL'S

2019

2039

 

 

 

 

 

 

 

ST. LOUIS

1998

FEE

11.4

113,781

100.0

KOHL'S

2018

2038

CLUB FITNESS

2014

2024

 

 

 

 

ST. LOUIS

1972

FEE

13.1

129,093

93.0

SHOP N SAVE

2017

2082

 

 

 

 

 

 

 

ST. LOUIS

1998

FEE

17.5

176,273

95.0

BURLINGTON COAT FACTORY

2014

2024

BIG LOTS

2015

2030

OFFICE DEPOT

2010

2019

 

ST. LOUIS

1997

GROUND LEASE (2025)

19.7

151,540

89.0

HOME DEPOT

2026

2056

OFFICE DEPOT

2015

2025

 

 

 

 

ST. LOUIS

1997

GROUND LEASE (2035)

37.7

172,165

100.0

KMART

2024

2035

K&G MEN'S COMPANY

2017

2027

 

 

 

 

ST. LOUIS

1997

GROUND LEASE (2040)

16.3

128,765

100.0

KMART

2024

2040

 

 

 

 

 

 

 

ST. PETERS

1997

GROUND LEASE (2094)

14.8

175,121

95.0

HOBBY LOBBY

2014

2024

SPORTS AUTHORITY

2014

2029

OFFICE DEPOT

2019

 



28



Table of Contents


LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MISSISSIPPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HATTIESBURG

2004

JOINT VENTURE

69.2

293,848

98.0

ASHLEY FURNITURE HOMESTORE

2016

2026

ROSS DRESS FOR LESS

2016

2041

BED BATH & BEYOND

2016

2041

 

JACKSON (10)

2002

JOINT VENTURE

5.0

50,000

100.0

MICHAELS

2014

2034

MARSHALLS

2014

2024

 

 

 

NEBRASKA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OMAHA

2005

JOINT VENTURE

72.8

179,000

82.0

MARSHALLS

2016

2036

BIG LOTS

2019

2044

OFFICEMAX

2017

2032

NEVADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CARSON CITY (3)

2006

FEE

9.4

114,258

90.0

RALEY'S

2012

2027

 

 

 

 

 

 

 

ELKO (3)

2006

FEE

31.3

170,756

92.0

RALEY'S

2017

2032

BUILDERS MART

2011

2016

CINEMA 4 THEATRES

2012

 

 

HENDERSON

1999

JOINT VENTURE

32.1

166,499

76.0

COLLEEN'S CLASSIC CONSIGNMENT

2013

2023

BIG LOTS

2016

2036

SAVERS

2016

2036

 

HENDERSON (3)

2006

FEE

10.5

130,773

73.0

ALBERTSONS

2014

2039

 

 

 

 

 

 

 

LAS VEGAS (3)

2006

FEE

7.0

77,650

95.0

ALBERTSONS

2021

2046

 

 

 

 

 

 

 

LAS VEGAS (3)

2007

JOINT VENTURE

34.8

361,486

94.0

WAL-MART

2012

2037

COLLEENS CLASSICS

2010

 

24 HOUR FITNESS

2012

2022

 

LAS VEGAS (3)

2006

FEE

9.4

111,245

45.0

DOLLAR TREE

2011

2016

CYCLE GEAR

2015

2020

 

 

 

 

LAS VEGAS (3)

2006

FEE

21.1

228,279

94.0

UA THEATRES

2017

2037

OFFICEMAX

2012

2032

BARNES & NOBLE

2012

2027

 

LAS VEGAS (3)

2006

FEE

16.4

169,160

83.0

FOOD 4 LESS

2011

2036

HOLLYWOOD VIDEO

2011

2016

 

 

 

 

LAS VEGAS (3)

2007

JOINT VENTURE

34.5

333,234

73.0

VONS

2011

2041

TJ MAXX

2015

2020

FITNESS FOR 10

2020

2025

 

LAS VEGAS (3)

2007

JOINT VENTURE

16.1

160,842

40.0

OFFICEMAX

2011

2021

DOLLAR DISCOUNT CENTER

2015

2025

 

 

 

 

RENO

2006

FEE

2.7

31,317

81.0

 

 

 

 

 

 

 

 

 

 

RENO

2006

FEE

3.1

36,627

59.0

 

 

 

 

 

 

 

 

 

 

RENO (5)

2007

JOINT VENTURE

15.5

120,004

95.0

RALEY'S

2022

2037

SHELL OIL

2012

2022

 

 

 

 

RENO (5)

2007

JOINT VENTURE

13.2

104,319

92.0

RALEY'S

2030

2060

 

 

 

 

 

 

 

RENO (5)

2007

JOINT VENTURE

14.5

146,501

98.0

BED BATH & BEYOND

2015

2030

WILD OATS MARKETS

2023

2038

BORDERS BOOKS

2014

2034

 

RENO (3)

2006

FEE

12.3

113,376

87.0

SCOLARI'S WAREHOUSE MARKET

2021

 

 

 

 

 

 

 

 

SPARKS

2007

FEE

10.3

119,601

95.0

SAFEWAY

2028

2058

CVS

2054

 

 

 

 

 

SPARKS (5)

2007

JOINT VENTURE

10.3

113,743

92.0

RALEY'S

2023

2038

 

 

 

 

 

 

NEW HAMPSHIRE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MILFORD

2008

JOINT VENTURE

17.3

148,802

92.0

SHAW'S SUPERMARKET

2022

2052

RITE AID

2014

2029

 

 

 

 

NASHUA (6)

2004

JOINT VENTURE

18.2

182,116

97.0

DSW SHOE WAREHOUSE

2011

2031

BED BATH & BEYOND

2012

2032

MICHAELS

2012

2027

 

NEW LONDON

2005

FEE

9.5

106,470

100.0

HANNAFORD BROS.

2025

2050

FIRST COLONIAL

2028

 

MACKENNA'S

2012

2017

 

SALEM

1994

FEE

39.8

344,069

100.0

KOHL'S

2013

 

SHAW'S SUPERMARKET

2018

2038

BOB'S STORES

2011

2021

NEW JERSEY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BAYONNE

2004

FEE

0.6

23,901

100.0

DOLLAR TREE

2014

 

 

 

 

 

 

 

 

BRICKTOWN

2005

JOINT VENTURE

5.9

56,680

100.0

WAWA

2019

2049

 

 

 

 

 

 

 

BRIDGEWATER

1998

FEE

0.0

136,570

100.0

COSTCO

2019

2049

 

 

 

 

 

 

 

BRIDGEWATER

2005

JOINT VENTURE

11.4

21,555

100.0

CREME DE LA CREME

2029

2049

 

 

 

 

 

 

 

BRIDGEWATER (4)

2001

FEE

16.6

241,997

100.0

BED BATH & BEYOND

2015

2030

MARSHALLS

2015

2025

BABIES R US

2015

2040

 

CHERRY HILL

1985

JOINT VENTURE

18.6

124,750

89.0

STOP & SHOP

2016

2036

RETROFITNESS

2013

2027

 

 

 

 

CHERRY HILL

1996

GROUND LEASE (2035)

15.2

131,537

100.0

KOHL'S

2016

2036

PLANET FITNESS

2017

2027

 

 

 

 

CHERRY HILL (9)

2007

JOINT VENTURE

48.0

209,185

100.0

KOHL'S

2018

2068

SPORTS AUTHORITY

2019

2034

BABIES R US

2013

2033

 

CINNAMINSON

1996

FEE

13.7

123,388

100.0

VF OUTLET

2011

 

HIBACHI GRILL

2020

2030

ACME MARKETS

2047

 

 

DELRAN (4)

2000

JOINT VENTURE

10.5

77,583

100.0

PETSMART

2016

2026

OFFICE DEPOT

2016

2026

SLEEPY'S

2012

2022

 

DELRAN (4) (12)

2005

JOINT VENTURE

9.5

37,679

80.0

DOLLAR TREE

2019

2029

 

 

 

 

 

 

 

DEPTFORD (10)

2008

JOINT VENTURE

10.6

44,930

66.0

GENERAL CINEMA

2010

 

 

 

 

 

 

 

 

EAST WINDSOR

2008

FEE

34.8

249,029

98.0

TARGET

2027

2067

GENUARDI'S

2026

2056

TJ MAXX

2011

2026

 

EDGEWATER (3)

2007

JOINT VENTURE

45.7

423,315

100.0

TARGET

2022

2042

PATHMARK

2016

2041

TJ MAXX

2012

2022

 

HILLSBOROUGH

2005

JOINT VENTURE

5.0

55,552

100.0

KMART

2012

2047

 

 

 

 

 

 

 

HOLMDEL

2007

FEE

48.6

305,678

82.0

A&P

2013

2043

MARSHALLS

2013

2028

LA FITNESS

2021

2036

 

HOLMDEL

2007

FEE

38.8

234,557

100.0

HOLMDEL FARMERS MARKET

2041

 

BEST BUY

2018

2033

MICHAELS

2013

2033

 

HOWELL

2005

JOINT VENTURE

3.9

30,000

100.0

BEST BUY

2019

2039

 

 

 

 

 

 

 

KENVIL

2005

JOINT VENTURE

5.2

44,583

100.0

RYAN AUTOMOTIVE

2026

2086

 

 

 

 

 

 

 

LINDEN

2002

FEE

0.9

13,340

100.0

STRAUSS DISCOUNT AUTO

2023

2033

 

 

 

 

 

 

 

LITTLE FERRY (10)

2008

FEE

14.5

145,222

47.0

HAR SUPERMARKETS

2014