EX-99.2 3 q22022supplemental.htm EX-99.2

Document

						Page No.
Introductory Notes						i
Earnings Release						iii
Financial Information
Summary Financial Information						1
Condensed Consolidated Balance Sheets						2
Condensed Consolidated Statements of Operations and Comprehensive Income						3
Condensed Consolidated Supplemental Details of Assets and Liabilities						4
Condensed Consolidated Supplemental Details of Operations						5
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income						6
NAREIT FFO and Core FFO						7
EBITDA, Pro Rata						7
Summary of Outstanding Debt						8
Consolidated Unsecured Credit Facility Covenants, Interest Rate Swaps, and Capital Expenditures						9
Joint Venture Financial Information						10
Portfolio and Leasing Overview
Markets and Tenant Size						14
Top 25 Tenants by ABR and Tenant Merchandise Mix						15
Comparable & Non-Comparable Lease Statistics						16
Tenant Lease Expirations						17
Investment Summary
Acquisitions and Dispositions						18
Development Pipeline						19
Property Summary						20
Components of NAV as of June 30, 2022						22
Glossary of Terms						23

Introductory Notes

About InvenTrust

InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,” "IVT" or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance ("ESG") practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2013. As of June 30, 2022, the Company is an owner and manager of 62 retail properties, representing 10.5 million square feet of retail space. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended June 30, 2022. IVT may, but assumes no obligation to, update information in this supplemental.

Cautionary Note About Forward-Looking Statements

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “objective,” “goal,” “strategy,” “likely,” “will,” “would,” “should” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; the Company's ability to maintain the New York Stock Exchange ("NYSE") listing requirements; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Notice Regarding Non-GAAP Financial Measures

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental on pages 6 and 7 and definitions of our non-GAAP measures are included in the Glossary of Terms on page 23.

Quarter End June 30, 2022 - i

Pro Rata Financial Information

The Company owns a 55% interest in IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. IAGM is the Company’s sole joint venture and is unconsolidated. Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its share of its JV properties when combined with the Company’s wholly-owned properties, with the exception of property count and number of leases. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding our JV properties, see the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust Twitter account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties)) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.

Quarter End June 30, 2022 - ii

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2022 Second Quarter Results

DOWNERS GROVE, III – August 1, 2022 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended June 30, 2022. For the three months ended June 30, 2022 and 2021, Net Income was $41.9 million, or $0.62 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, respectively.

Second Quarter 2022 Highlights:

•NAREIT FFO for the quarter of $0.45 per diluted share

•Core FFO for the quarter of $0.42 per diluted share

•Pro Rata Same Property Net Operating Income (“NOI”) increased 7.7% for the three month period

•Leased Occupancy as of June 30, 2022 of 95.4%

•Executed 78 leases totaling approximately 289,000 square feet of pro rata GLA, of which 153,000 square feet was executed at a blended comparable lease spread of 15.1%

•Net Debt-to-Adjusted EBITDA of 5.1x at June 30, 2022

•Entered into a note purchase agreement providing for the private placement of $150 million of seven year and $100 million of ten year senior notes with a weighted average fixed rate of 5.12% and weighted average tenor of approximately 8.2 years

•Issued our inaugural 2021 Environmental, Social and Governance (ESG) Report

“InvenTrust continues to execute on its business objectives and produce strong results,” stated Daniel (DJ) Busch, President and CEO of InvenTrust. “Our leasing activity remains solid, and we believe the company is well-positioned, with our simple and focused Sun Belt strategy, to deliver sustainable cash flow growth in any economic environment.”

NET INCOME

•Net Income for the three months ended June 30, 2022 was $41.9 million, or $0.62 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, for the same period in 2021.

•Net Income for the six months ended June 30, 2022 was $51.4 million, or $0.76 per diluted share, compared to Net Income of $1.4 million, or $0.02 per diluted share, for the same period in 2021.

NAREIT FFO

•NAREIT FFO for the three months ended June 30, 2022 was $30.4 million, or $0.45 per diluted share, compared to $25.0 million, or $0.35 per diluted share, for the same period in 2021.

•NAREIT FFO for the six months ended June 30, 2022 was $62.1 million, or $0.92 per diluted share, compared to $47.9 million, or $0.66 per share, for the same period in 2021.

Quarter End June 30, 2022 - iii

CORE FFO

•Core FFO for the three months ended June 30, 2022 was $28.6 million, or $0.42 per diluted share, compared to $23.9 million, or $0.33 per diluted share, for the same period in 2021.

•Core FFO for the six months ended June 30, 2022 was $57.7 million, or $0.85 per diluted share, compared to $46.0 million, or $0.64 per diluted share, for the same period in 2021.

PRO RATA SAME PROPERTY NOI

•Pro Rata Same Property NOI for the three months ended June 30, 2022 was $37.3 million, a 7.7% increase, compared to the same period in 2021.

•Pro Rata Same Property NOI for the six months ended June 30, 2022 was $74.8 million, a 9.9% increase, compared to the same period in 2021.

DIVIDEND

•On June 30, 2022, the Board of Directors declared a quarterly cash distribution of $0.2052 per share, payable on July 15, 2022.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of June 30, 2022, the Company’s Leased Occupancy was 95.4%.

◦Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 98.2% and Small Shop Leased Occupancy was 90.5%. Anchor Leased Occupancy increased by 160 basis points and Small Shop Leased Occupancy remained flat on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 220 basis points, which equates to approximately $5.2 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the second quarter were 15.1%.

•Annualized Base Rent PSF (“ABR”) as of June 30, 2022 for the Pro Rata Combined Portfolio was $18.80, an increase of 2.6% compared to the same period in 2021. Anchor Tenant ABR PSF was $12.30 and Small Shop ABR PSF was $31.75 for the second quarter.

•On April 21, 2022, the Company acquired a property located in Flower Mound, Texas for $38.0 million, totaling approximately 175,000 square feet, and assumed $22.9 million of existing mortgage debt to partially finance the acquisition. The Company purchased this property from its joint venture.

•On May 4, 2022, the Company acquired a property located in Bonita Springs, Florida for $10.4 million, totaling approximately 63,000 square feet.

•On June 30, 2022, the Company disposed of two Colorado properties for $55.5 million and recognized a total gain on sale of $36.9 million.

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust had $310.4 million of total liquidity, as of June 30, 2022 comprised of $103.4 million of Pro Rata Cash and $207.0 million of availability under its Revolving Credit Facility.

•The Company has no debt maturing in 2022 and $38.8 million of debt maturing in 2023.

•The Company entered into a note purchase agreement providing for the private placement of $150 million of seven year and $100 million of ten year senior notes with a weighted average fixed rate of 5.12% and weighted average tenor of approximately 8.2 years.

•The Company's weighted average interest rate on its consolidated debt as of June 30, 2022 was 3.05% and the weighted average remaining term was 4.0 years.

Quarter End June 30, 2022 - iv

2022 GUIDANCE

InvenTrust has updated its 2022 guidance, as summarized in the table below.

(Unaudited, dollars in thousands, except per share amounts)			Current												Previous
Net Income per diluted share (1)			$0.74			—			$0.78						$0.18			—			$0.24
NAREIT FFO per diluted share (2)			$1.61			—			$1.65						$1.58			—			$1.64
Core FFO per diluted share			$1.52			—			$1.56						$1.51			—			$1.56
Same Property NOI (“SPNOI”) Growth			4.00%			—			5.00%						3.75%			—			5.25%
General and administrative (3)			$32,750			—			$33,750						$33,500			—			$34,500
Interest expense, net			$24,500			—			$25,500						$25,500			—			$26,500
Net investment activity (4)			~$210,000												~ $210,000

(1) Net Income per diluted share excludes potential gains and losses on asset sales, and any related GAAP adjustments resulting from these transactions.

(2) 2022 NAREIT FFO per diluted share Guidance:

•Excludes potential gains or losses on asset sales, and any related GAAP adjustments resulting from these transactions.

•Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or transaction expenses.

•Includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.

(3) General and administrative guidance is inclusive of expenses associated with our oversight of the joint venture.

(4) Net investment activity represents anticipated acquisition activity less disposal activity for 2022.

Net Income, NAREIT FFO, Core FFO and SPNOI guidance are inclusive of prior period rent that we anticipate collecting in 2022.

The Company's 2022 Guidance is based on a number of assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

Quarter End June 30, 2022 - v

Summary Financial Information

In thousands, except share information and per square foot amounts

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Financial Results
Net income			$	41,921					$	1,499					$	51,422					$	1,399
Net income per common share, basic and diluted			0.62						0.02						0.76						0.02
NAREIT FFO (page 7)			30,446						24,998						62,104						47,896
NAREIT FFO per diluted share			0.45						0.35						0.92						0.66
Core FFO (page 7)			28,631						23,887						57,652						46,005
Core FFO per diluted share			0.42						0.33						0.85						0.64
Pro Rata Same Property NOI (page 6)			37,317						34,662						74,786						68,060

Pro Rata Same Property NOI growth 7.7  % 9.9  %

Adjusted EBITDA (page 7)			34,137						28,314						67,992						55,000
Distributions declared per share			$	0.21					$	0.19					$	0.41					$	0.39

Aggregate distributions declared (as a % of Core FFO) 48.3  % 58.3  % 48.0  % 60.8  %

			As of June 30, 2022						As of December 31, 2021						As of December 31, 2020						As of December 31, 2019
Capital Information
Shares outstanding			67,427,571						67,344,374						71,998,654						72,133,163
Pro Rata Outstanding Debt, net			$	771,852					$	624,289					$	688,422					$	714,053
Less: Pro Rata Cash			(103,377)						(79,628)						(249,854)						(281,430)
Pro Rata Net Debt			$	668,475					$	544,661					$	438,568					$	432,623
Pro Rata Debt Metrics (trailing 12 months)
Adjusted EBITDA (trailing 12 months)			$	130,265					$	117,273					$	117,078					$	137,233
Net Debt-to-Adjusted EBITDA			5.1x						4.6x						3.7x						3.2x
Fixed charge coverage			6.6x						6.4x						5.9x						5.4x
Net debt to real estate assets, excl property acc depr.			25.5		%				22.0		%				17.7		%				17.7		%
Net debt to total assets, excl property acc depr.			22.5		%				19.3		%				14.6		%				14.3		%

Distributions Paid Per Share																		Liquidity and Credit Facility
Q2 2022						$0.20520												Pro Rata Cash						$	103,377
Q1 2022						$0.20520												Available under credit facility						207,000
Q4 2021						$0.19550												Total						$	310,377
Q3 2021						$0.01955

			Same Property												Total Portfolio
			Three and Six Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Portfolio Metrics, Pro Rata
No. of properties			57						57						62						65
GLA (square feet)			8,842						8,841						9,840						9,753
Economic Occupancy			93.1		%				92.2		%				93.2		%				91.6		%
Leased Occupancy			95.1		%				93.2		%				95.4		%				92.9		%
ABR PSF			$19.03						$18.53						$18.80						$18.33

Supplemental - Quarter End June 30, 2022 - 1

Condensed Consolidated Balance Sheets

In thousands, except share and per share amounts

			As of
			June 30, 2022						December 31, 2021
Assets			(unaudited)
Investment properties
Land			$	649,634					$	598,936
Building and other improvements			1,804,485						1,664,525
Construction in progress			16,857						9,642
Total			2,470,976						2,273,103
Less accumulated depreciation			(369,291)						(350,256)
Net investment properties			2,101,685						1,922,847
Cash, cash equivalents and restricted cash			95,893						44,854
Investment in unconsolidated entities			57,550						107,944
Intangible assets, net			98,501						81,026
Accounts and rents receivable			27,979						30,059
Deferred costs and other assets, net			46,105						25,685
Total assets			$	2,427,713					$	2,212,415
Liabilities
Debt, net			$	702,802					$	533,082
Accounts payable and accrued expenses			35,952						36,208
Distributions payable			13,836						13,802
Intangible liabilities, net			31,712						28,995
Other liabilities			23,922						28,776
Total liabilities			808,224						640,863
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding			—						—
Common stock, $0.001 par value, 146,000,000 shares authorized, 67,427,571 shares issued and outstanding as of June 30, 2022 and 67,344,374 shares issued and outstanding as of December 31, 2021			67						67
Additional paid-in capital			5,454,292						5,452,550
Distributions in excess of accumulated net income			(3,852,985)						(3,876,743)
Accumulated comprehensive income (loss)			18,115						(4,322)
Total stockholders' equity			1,619,489						1,571,552
Total liabilities and stockholders' equity			$	2,427,713					$	2,212,415

Supplemental - Quarter End June 30, 2022 - 2

Condensed Consolidated Statements of Operations and Comprehensive Income

In thousands, except per share information, unaudited

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Income
Lease income, net			$	58,935					$	50,978					$	116,703					$	100,904
Other property income			318						268						582						450
Other fee income			640						894						1,394						1,907
Total income			59,893						52,140						118,679						103,261
Operating expenses
Depreciation and amortization			24,205						21,995						47,034						43,682
Property operating			9,184						7,774						17,469						15,783
Real estate taxes			8,615						8,158						16,658						16,291
General and administrative			8,116						9,910						16,003						20,261
Total operating expenses			50,120						47,837						97,164						96,017
Other income (expense)
Interest expense, net			(5,631)						(3,972)						(10,440)						(7,957)
Loss on extinguishment of debt			—						—						(96)						—
Gain on sale of investment properties, net			36,856						361						36,856						880
Equity in earnings of unconsolidated entities			716						775						3,432						1,395
Other income and expense, net			207						32						155						(163)
Total other income (expense), net			32,148						(2,804)						29,907						(5,845)
Net income			$	41,921					$	1,499					$	51,422					$	1,399
Weighted-average common shares outstanding, basic			67,413,049						71,943,542						67,384,044						71,970,945
Weighted-average common shares outstanding, diluted			67,550,846						72,036,346						67,577,524						72,024,473
Net income per common share, basic and diluted			$	0.62					$	0.02					$	0.76					$	0.02
Distributions declared per common share outstanding			$	0.21					$	0.19					$	0.41					$	0.39
Distributions paid per common share outstanding			$	0.21					$	0.20					$	0.41					$	0.38
Comprehensive income
Net income			$	41,921					$	1,499					$	51,422					$	1,399
Unrealized gain (loss) on derivatives			5,514						(138)						20,920						1,755
Reclassification to net income			492						1,078						1,517						2,126
Comprehensive income			$	47,927					$	2,439					$	73,859					$	5,280

Supplemental - Quarter End June 30, 2022 - 3

Condensed Consolidated Supplemental Details of Assets and Liabilities

In thousands

			As of
			June 30, 2022						December 31, 2021
Accounts and rents receivable
Billed base rent, recoveries, and other revenue			$	9,187					$	13,394
Straight-line rent receivables			18,792						16,665
Total			$	27,979					$	30,059
Deferred cost and other assets, net
Lease commissions, net			$	13,162					$	12,427
Fair value of derivatives			16,595						—
Deferred costs, net			7,567						3,280
Other assets			3,191						3,520
Loan fees, net			3,023						3,712
Right of use assets, net			2,567						2,746
Total			$	46,105					$	25,685
Other liabilities
Deferred revenues			$	6,518					$	6,758
Unearned income			6,318						6,299
Security deposits			5,951						5,466
Operating lease liabilities			3,012						3,189
Other liabilities			2,019						2,168
Financing lease liability			104						283
Fair value of derivatives			—						4,613
Total			$	23,922					$	28,776

Supplemental - Quarter End June 30, 2022 - 4

Condensed Consolidated Supplemental Details of Operations

In thousands

						Three Months Ended June 30												Six Months Ended June 30
						2022						2021						2022						2021
Income
*			Minimum base rent			$	36,726					$	31,617					$	71,774					$	62,607
*			Real estate tax recoveries			7,739						7,281						15,006						14,275
*			Common area maintenance, insurance, and other recoveries			7,004						5,830						13,296						11,768
*			Ground rent income			3,760						3,258						7,370						6,514
			Above and below-market rent and lease inducement amortization, net			1,062						1,142						3,609						2,385
*			Short-term and other lease income			1,120						786						2,184						1,721
			Termination fee income			149						74						317						195
			Straight-line rent adjustment, net			707						851						1,370						1,491
			Reversal of (provision for) uncollectible straight-line rent			504						(99)						998						(222)
*			Provision for uncollectible billed rent and recoveries			(144)						(673)						(380)						(1,582)
*			Reversal of uncollectible billed rent and recoveries			308						911						1,159						1,752
			Lease income, net			58,935						50,978						116,703						100,904
*			Other property income			318						268						582						450
			JV property management fee			302						488						714						1,075
			JV asset management fee			220						296						471						567
			JV leasing commissions			118						110						209						265
			Other fee income			640						894						1,394						1,907
			Total income			$	59,893					$	52,140					$	118,679					$	103,261
Operating Expenses
			Depreciation and amortization			$	24,205					$	21,995					$	47,034					$	43,682
*			Property operating			9,184						7,774						17,469						15,783
*			Real estate taxes			8,615						8,158						16,658						16,291
			General and administrative expenses			7,448						8,169						14,902						16,578
			Stock based compensation costs			1,368						2,400						2,525						4,980
			Capitalized direct development compensation costs			(700)						(659)						(1,424)						(1,297)
			General and administrative			8,116						9,910						16,003						20,261
			Total operating expenses			$	50,120					$	47,837					$	97,164					$	96,017

* Component of Net Operating Income

Supplemental - Quarter End June 30, 2022 - 5

Reconciliation of Non-GAAP Measures

Pro Rata, in thousands

Same Property Net Operating Income

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Income
Minimum base rent			$	32,514					$	30,703					$	64,600					$	60,687
Real estate tax recoveries			6,646						7,058						13,093						13,832
Common area maintenance, insurance, and other recoveries			6,100						5,646						11,956						11,385
Ground rent income			3,349						3,242						6,677						6,483
Short-term and other lease income			1,105						691						2,162						1,637
Provision for uncollectible billed rent and recoveries			(124)						(603)						(359)						(687)
Reversal of uncollectible billed rent and recoveries			258						841						1,108						841
Other property income			306						269						573						454
Total income			50,154						47,847						99,810						94,632
Operating Expenses
Property operating			8,089						7,630						15,727						15,431
Real estate taxes			7,430						7,937						14,589						15,846
Total operating expenses			15,519						15,567						30,316						31,277
Same Property NOI			34,635						32,280						69,494						63,355
JV Same Property NOI			2,682						2,382						5,292						4,705
Pro Rata Same Property NOI			$	37,317					$	34,662					$	74,786					$	68,060

% Change over Prior Period			7.7		%										9.9		%
Same Property count			57												57

Reconciliation of Net Income to Pro Rata Same Property NOI

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Net income			$	41,921					$	1,499					$	51,422					$	1,399
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net			(207)						(32)						(155)						163
Equity in earnings of unconsolidated entities			(716)						(775)						(3,432)						(1,395)
Interest expense, net			5,631						3,972						10,440						7,957
Loss on extinguishment of debt			—						—						96						—
Gain on sale of investment properties, net			(36,856)						(361)						(36,856)						(880)
Depreciation and amortization			24,205						21,995						47,034						43,682
General and administrative			8,116						9,910						16,003						20,261
Other fee income			(640)						(894)						(1,394)						(1,907)
Adjustments to NOI (a)			(2,422)						(1,968)						(6,294)						(3,849)
NOI			39,032						33,346						76,864						65,431
NOI from other investment properties			(4,397)						(1,066)						(7,370)						(2,076)
Same Property NOI			34,635						32,280						69,494						63,355
IAGM Same Property NOI at share			2,682						2,382						5,292						4,705
Pro Rata Same Property NOI			$	37,317					$	34,662					$	74,786					$	68,060

(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.

Supplemental - Quarter End June 30, 2022 - 6

Reconciliation of Non-GAAP Measures

In thousands, except share and per share amounts

NAREIT FFO and Core FFO

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Net income			$	41,921					$	1,499					$	51,422					$	1,399
Depreciation and amortization related to investment properties			23,996						21,774						46,618						43,221
Gain on sale of investment properties, net			(36,856)						(361)						(36,856)						(880)
Unconsolidated joint venture adjustments (a)			1,385						2,086						920						4,156
NAREIT FFO Applicable to Common Shares and Dilutive Securities			30,446						24,998						62,104						47,896
Amortization of above and below-market leases and lease inducements, net			(1,062)						(1,143)						(3,609)						(2,385)
Straight-line rent adjustments, net			(1,211)						(653)						(2,368)						(1,170)
Adjusting items, net (b)			524						539						1,397						1,358
Unconsolidated joint venture adjusting items, net (c)			(66)						146						128						306
Core FFO Applicable to Common Shares and Dilutive Securities			$	28,631					$	23,887					$	57,652					$	46,005
Weighted average common shares outstanding - basic			67,413,049						71,943,542						67,384,044						71,970,945
Dilutive effect of unvested restricted shares (d)			137,797						92,804						193,480						53,528
Weighted average common shares outstanding - diluted			67,550,846						72,036,346						67,577,524						72,024,473
NAREIT FFO Applicable to Common Shares and Dilutive Securities per share			$	0.45					$	0.35					$	0.92					$	0.66
Core FFO Applicable to Common Shares and Dilutive Securities per share			$	0.42					$	0.33					$	0.85					$	0.64

(a)Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM.

(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

(c)Represents our share of amortization of above and below-market leases and lease inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM.

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP.

EBITDA, Pro Rata

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Net income			$	41,921					$	1,499					$	51,422					$	1,399
Interest expense (a)			6,125						4,780						11,572						9,695
Income tax expense (a)			109						102						215						201
Depreciation and amortization (a)			25,590						24,081						50,017						47,838
EBITDA			73,745						30,462						113,226						59,133
Adjustments to reconcile to Adjusted EBITDA (a)
Gain on sale of investment properties, net			(36,856)						(361)						(38,919)						(880)
Loss on debt extinguishment			50						—						207						8
Non-operating income and expense, net (b)			(550)						(71)						(620)						125
Other leasing adjustments (c)			(2,252)						(1,716)						(5,902)						(3,386)
Adjusted EBITDA			$	34,137					$	28,314					$	67,992					$	55,000

(a)Includes our consolidated entities and our pro-rata share of our JV.

(b)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(c)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.

Supplemental - Quarter End June 30, 2022 - 7

Summary of Outstanding Debt

In thousands

			Balance as of June 30, 2022						Ratio						Weighted Average Interest Rate						Weighted Average Years to Maturity
Fixed rate secured debt			$	163,485					23%						3.95%						3.6
Fixed rate unsecured debt			300,000						42%						2.68%						4.4
Variable rate unsecured debt			100,000						15%						2.99%						4.7
Variable rate line of credit (a)			143,000						20%						2.83%						3.2
Issuance costs, net of accumulated amortization			(3,683)						n/a						n/a						n/a
Total consolidated debt, net			$	702,802					100%						3.05%						4.0

(a)The 2025 maturity date for the revolving line of credit is not inclusive of two six-month extension options.

Schedule of Maturities by Year
						Fixed Rate												Variable Rate
Maturity Year						Secured Debt						Unsecured Debt						Unsecured Debt						Total Consolidated Debt						Total JV Debt at 100% (a)						Total Debt
2022						$	—					$	—					$	—					$	—					$	—					$	—
2023						38,775						—						—						38,775						126,022						164,797
2024						15,700						—						—						15,700						—						15,700
2025						51,510						—						143,000						194,510						—						194,510
2026						—						200,000						—						200,000						—						200,000
Thereafter						57,500						100,000						100,000						257,500						—						257,500
Issuance costs, net of amortization						—						—						—						(3,683)						(477)						(4,160)
Total						$	163,485					$	300,000					$	243,000					$	702,802					$	125,545					$	828,347

(a)Weighted average term for JV debt, of which our share is 55%, is 1.2 years and weighted average rate is 2.55%. The 2023 maturities for JV debt are not inclusive of extension options available to the JV.

Debt Maturities as of June 30, 2022

Maturity Date

Interest Rate

Interest Rate Type

Balance

Mortgages Payable

University Oaks Shopping Center

1/6/2023

4.10%

Fixed

$

24,855

Renaissance Center II

4/6/2023

3.49%

Fixed

13,920

The Shops at Walnut Creek

9/1/2025

3.85%

Fixed

28,630

The Highlands of Flower Mound

12/1/2025

3.88%

Fixed

22,880

Escarpment Village

7/1/2027

3.86%

Fixed

26,000

Shops at Arbor Trails

12/5/2029

4.12%

Fixed

31,500

Total

147,785

Pooled Mortgages Payable

Plantation Grove

6/5/2024

4.24%

Fixed

7,300

Suncrest Village

6/5/2024

4.24%

Fixed

8,400

Total

15,700

Total mortgages payable

3.95%

163,485

Term loans

$200.0 million 5 years

9/22/2026

2.68% (a)

Fixed

100,000

$200.0 million 5 years

9/22/2026

2.68% (a)

Fixed

100,000

$200.0 million 5.5 years

3/22/2027

2.69% (a)

Fixed

50,000

$200.0 million 5.5 years

3/22/2027

2.70% (a)

Fixed

50,000

$200.0 million 5.5 years

3/22/2027

1M SOFR + 1.30% (b)

Variable

100,000

Total

400,000

Revolving Line of Credit

$350.0 million total capacity

9/22/2025 (d)

1M SOFR + 1.14% (b) (c)

Variable

143,000

Grand total

3.05%

$

706,485

(a)Interest rates reflect the fixed rates effectively achieved through the Company's interest rate swaps.

(b)As of June 30, 2022, 1-Month Term SOFR was 1.69%. On May 11, 2022, we transitioned our Amended Revolving Credit Agreement and Amended Term Loan Agreement from 1-Month LIBOR to pricing based on 1-Month Term SOFR.

(c)The Company qualified for a 0.01% sustainability adjustment for the six months ended June 30, 2022.

(d)Maturity date is not inclusive of two six-month extension options.

Supplemental - Quarter End June 30, 2022 - 8

Consolidated Unsecured Credit Facility Covenants, Interest Rate Swaps, and Capital Expenditures

Unaudited, dollars in thousands

Unsecured Debt Facility Covenants (trailing 12 months)

									For the quarter ended
Term Loan Covenants:									Q2 2022						Q1 2022						Q4 2021						Q3 2021
Leverage Ratio			< 60.0%						28.5%						28.7%						25.9%						23.7%
Borrower Fixed Charge Coverage Ratio			> 1.50						6.38						6.62						6.31						6.35
Maximum Dividend Payout			< 95%						48.8%						51.5%						55.8%						53.4%
Maximum Secured Recourse Debt			< 10% of Total Asset Value						—%						—%						—%						—%

Interest Rate Swaps, Consolidated

The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps effectively fix the interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.

Effective Interest Rate Swaps

Notional Amount

Fixed Rate Achieved

Effective Date

Maturity Date

5 Year Term Loan

$

100,000

2.6795%

12/2/2019

12/21/2023

5 Year Term Loan

100,000

2.6795%

12/2/2019

12/21/2023

5.5 Year Term Loan

50,000

2.6915%

12/2/2019

6/21/2024

5.5 Year Term Loan

50,000

2.6990%

12/2/2019

6/21/2024

$

300,000

Forward Interest Rate Swaps

Notional Amount

Fixed Rate Achieved

Effective Date

Maturity Date

5 Year Term Loan

$

100,000

2.7763%

12/21/2023

9/22/2026

5 Year Term Loan

100,000

2.7730%

12/21/2023

9/22/2026

5.5 Year Term Loan

50,000

2.7770%

6/21/2024

3/22/2027

5.5 Year Term Loan

50,000

2.7960%

6/21/2024

3/22/2027

$

300,000

Capital Expenditures, Pro Rata

			Three months ended June 30,												Six Months Ended June 30
			2022						2021						2022						2021
Leasing and Maintenance Capital Expenditures:
Tenant improvements			$	2,357					$	2,032					$	3,478					$	3,634
Leasing commissions			1,153						1,298						2,279						2,445
Maintenance capital expenditures			3,563						1,598						6,935						3,701
Total leasing and maintenance capital expenditures (a)			7,073						4,928						12,692						9,780
Investment in development and redevelopment projects (b)			4,170						1,981						6,639						3,266
Grand total			$	11,243					$	6,909					$	19,331					$	13,046

(a)As of June 30, 2022 and 2021, total pro rata accrued leasing and maintenance capital expenditures are $3,112 and $2,147, respectively. These accrued amounts are not reflected in the table above.

(b)As of June 30, 2022 and 2021, total pro rata accrued investment in development and redevelopment projects are $1,183 and $204, respectively. These accrued amounts are not reflected in the table above.

Supplemental - Quarter End June 30, 2022 - 9

Joint Venture Financial Information

In thousands

Condensed Balance Sheets

			As of
			June 30, 2022						December 31, 2021
Assets
Investment properties
Land			$	63,874					$	89,800
Building and other improvements			214,443						271,637
Construction in progress			2,269						1,158
Total			280,586						362,595
Less accumulated depreciation			(65,980)						(74,581)
Net investment properties			214,606						288,014
Cash and cash equivalents			15,393						77,526
Intangible assets, net			10,856						11,761
Accounts and rents receivable			2,954						4,284
Deferred costs and other assets, net			6,638						5,125
Total assets			$	250,447					$	386,710
Liabilities and Equity
Mortgages debt, net			$	125,545					$	165,831
Accounts payable and accrued expenses			4,344						7,747
Intangible liabilities, net			488						2,133
Other liabilities			2,230						2,529
Total liabilities			132,607						178,240
Equity			117,840						208,470
Total liabilities and equity			$	250,447					$	386,710

Condensed Statement of Operations

			Three Months Ended June 30												Six Months Ended June 30
			2022						2021						2022						2021
Income
Lease income, net			$	6,541					$	11,356					$	14,857					$	22,716
Other property income			63						65						126						134
Total income			6,604						11,421						14,983						22,850
Operating Expenses
Depreciation and amortization			2,519						3,793						5,424						7,557
Property operating			1,111						2,056						2,441						4,129
Real estate taxes			834						2,298						2,245						4,670
Asset management fee			220						296						471						567
General and administrative			59						61						114						137
Total operating expenses			4,743						8,504						10,695						17,060
Other income (expense)
Interest expense, net			(899)						(1,469)						(2,058)						(3,161)
Loss on extinguishment of debt			(91)						—						(202)						(14)
Gain on sale investment properties, net			1,244						—						4,995						—
Other income and expense, net			308						(55)						221						(108)
Total other income (expense), net			562						(1,524)						2,956						(3,283)
Net income			$	2,423					$	1,393					$	7,244					$	2,507

Notes:

Financial information on this page and pages 11, 12 and 13 relate to our JV with IAGM and is shown at 100%. See introductory note for additional details.

Supplemental - Quarter End June 30, 2022 - 10

Joint Venture Supplemental Details of Assets and Liabilities

In thousands

			As of
			June 30, 2022						December 31, 2021
Accounts and rents receivable
Billed base rent, recoveries, and other revenue			$	103					$	971
Straight-line rent receivables			2,851						3,313
Total			$	2,954					$	4,284
Deferred cost and other assets, net
Lease commissions, net			$	2,113					$	2,900
Fair value of derivatives			2,764						530
Deferred costs, net			779						826
Other assets			982						869
Total			$	6,638					$	5,125
Other liabilities
Unearned income			$	992					$	1,268
Security deposits			784						806
Other liabilities			454						455
Total			$	2,230					$	2,529

Supplemental - Quarter End June 30, 2022 - 11

Joint Venture Supplemental Details of Operations

In thousands

						Three Months Ended June 30												Six Months Ended June 30
						2022						2021						2022						2021
Income
*			Minimum base rent			$	4,054					$	7,574					$	9,358					$	14,851
*			Real estate tax recoveries			598						1,658						1,619						3,300
*			CAM, insurance, and other recoveries			612						1,112						1,347						2,297
*			Ground rent income			1,096						1,142						2,225						2,180
			Above/below market rent and lease inducement amortization, net			(202)						(201)						(398)						(418)
*			Short-term and other lease income			157						147						323						285
			Termination fee income			—						102						—						261
			Straight-line rent adjustment, net			5						49						74						137
			Reversal of (provision for) uncollectible straight-line rent, net			157						8						187						(27)
*			Provision for uncollectible billed rent and recoveries			(3)						(236)						(26)						(257)
*			Reversal of uncollectible billed rent and recoveries			67						1						148						107
			Lease income, net			6,541						11,356						14,857						22,716
*			Other property income			63						65						126						134
			Total income			$	6,604					$	11,421					$	14,983					$	22,850
Operating expenses
			Depreciation and amortization			$	2,519					$	3,793					$	5,424					$	7,557
*			Property operating expenses			1,111						2,056						2,441						4,129
*			Real estate taxes			834						2,298						2,245						4,670
			Asset management fee			220						296						471						567
			General and administrative			59						61						114						137
			Total operating expenses			$	4,743					$	8,504					$	10,695					$	17,060

* Component of Net Operating Income

Supplemental - Quarter End June 30, 2022 - 12

Summary of Outstanding Joint Venture Debt

In thousands

			Balance as of June 30, 2022						Ratio						Weighted Average Interest Rate						Weighted Average Years to Maturity
Fixed rate secured debt			$	103,125					82%						2.38%						1.1
Variable rate secured debt			22,897						18%						3.34%						1.3
Issuance costs, net of accumulated amortization			(477)						n/a						n/a						n/a
Total debt, net			$	125,545					100%						2.55%						1.2

Debt Maturities as of June 30, 2022

Maturity Date

Interest Rate

Interest Rate Type

Balance

Mortgages Payable

Stone Ridge Market

1/1/2023

3.47%

Fixed

$

28,125

Pooled Mortgages Payable (a)

Cross collateralized

11/2/2023

1M LIBOR + 1.55%

Variable (b)

22,897

Cross collateralized, swapped to fixed

11/2/2023

1.98%

Fixed

45,000

Cross collateralized, swapped to fixed

11/2/2023

1.96%

Fixed

30,000

Total

97,897

Grand total

$

126,022

(a)The 2023 maturities for JV debt are not inclusive of extension options available to the JV.

(b)As of June 30, 2022, 1-Month LIBOR was 1.79%.

Supplemental - Quarter End June 30, 2022 - 13

Markets and Tenant Size

Pro rata, GLA and dollar amounts in thousands, except per square foot amounts

Market						No. of Properties						ABR						ABR psf						ABR as % of Total						GLA						GLA as % of Total
Austin-Round Rock, TX						8						$	31,984					$16.21						18.6		%				2,056						20.9		%
Atlanta Metro Area, GA						10						19,170						18.87						11.2		%				1,058						10.8		%
Miami-Fort Lauderdale-Miami Beach, FL						3						18,097						22.79						10.6		%				859						8.7		%
Dallas-Fort Worth-Arlington, TX						7						16,575						19.42						9.7		%				939						9.5		%
Houston-Sugar Land-Baytown, TX						6						12,716						15.94						7.4		%				926						9.4		%
Raleigh-Cary-Durham, NC						5						12,471						19.21						7.3		%				688						7.0		%
So. California - Los Angeles, CA						3						10,186						21.04						5.9		%				579						5.9		%
Tampa-St. Petersburg, FL						3						8,487						12.78						5.0		%				753						7.7		%
Washington D.C/Richmond Metro Area						3						8,068						24.16						4.7		%				358						3.6		%
Orlando-Kissimmee, FL						4						7,976						22.37						4.7		%				374						3.8		%
Charlotte-Gastonia-Concord, NC						2						6,425						19.93						3.7		%				328						3.3		%
So. California - Inland Empire, CA						2						5,564						22.84						3.2		%				246						2.5		%
So. California - San Diego, CA						2						5,553						25.78						3.2		%				225						2.3		%
San Antonio, TX						2						3,919						25.97						2.3		%				163						1.7		%
Denver-Colorado Springs-Greeley, CO						1						3,594						17.94						2.1		%				225						2.3		%
Cape Coral-Fort Myers, FL						1						633						10.06						0.4		%				63						0.6		%
Total						62						$	171,418					$18.80						100		%				9,840						100		%

State						No. of Properties						ABR						ABR psf						ABR as % of Total						GLA						GLA as % of Total
Texas						23						$	65,194					$17.27						38.1		%				4,084						41.5		%
Florida						11						35,193						18.74						20.5		%				2,049						20.8		%
California						7						21,303						22.59						12.4		%				1,050						10.7		%
Georgia						10						19,170						18.87						11.2		%				1,058						10.8		%
North Carolina						7						18,896						19.45						11.0		%				1,016						10.3		%
Maryland/Virginia						3						8,068						24.16						4.7		%				358						3.6		%
Colorado						1						3,594						17.94						2.1		%				225						2.3		%
Total						62						$	171,418					$18.80						100		%				9,840						100		%

Tenant type						Leased Occupancy						ABR						ABR PSF						GLA
20,000 SF+ (a)						98.3		%				$	57,192					$	11.10					5,370
10,000 - 19,999 SF (a)						97.4		%				17,463						19.02						953
5,000 - 9,999 SF (b)						92.0		%				17,152						25.96						760
1 - 4,999 SF (b)						90.1		%				79,611						33.35						2,757
Total						95.4		%				$	171,418					$	18.80					9,840
Anchor Tenants (a)						98.2		%				$	74,655					$	12.30					6,323
Small Shops (b)						90.5		%				$	96,763					$	31.75					3,517

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.

(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.

Supplemental - Quarter End June 30, 2022 - 14

Top 25 by Total ABR and Tenant Merchandise Mix

In thousands

Parent Name						Tenant Name/Count						No. of Leases						Credit Rating (S&P)						ABR Pro Rata Portfolio						% of Total ABR						GLA Pro Rata Portfolio						% of Total Occ.GLA
Kroger						Kroger 7 / Kroger Gas 1 / Harris Teeter 3 / Ralphs 3						14						BBB						$	8,246					4.8		%				738						7.5		%
Publix Super Markets, Inc.						Publix 13 / Publix Liquor 3						16						N/A						6,468						3.8		%				629						6.4		%
TJX Companies						Marshalls 7 / HomeGoods 4 / TJ Maxx 3						14						A						4,886						2.9		%				418						4.2		%
Albertsons						Tom Thumb 2 / Safeway 1 / Market Street 2 / Albertsons 1						6						BB						4,241						2.5		%				364						3.7		%
H.E.B.												5						N/A						3,669						2.1		%				362						3.7		%
Amazon, Inc.						Whole Foods Market 5						5						AA-						2,631						1.5		%				194						2.0		%
BC Partners						PetSmart 8						8						B						2,537						1.5		%				166						1.7		%
Best Buy												4						BBB+						2,236						1.3		%				138						1.4		%
Ulta Beauty Inc.												8						N/A						1,952						1.1		%				83						0.8		%
Apollo Global Management, Inc.						Michael's 7 / Fresh Market 1						8						B						1,933						1.1		%				178						1.8		%
Bed Bath & Beyond Inc.						Bed Bath & Beyond 4 / Buy Buy Baby 1						5						B-						1,888						1.1		%				150						1.5		%
Dick's Sporting Goods, Inc.						Dick's Sporting Goods 2 / Going, Going, Gone 1						3						BBB						1,876						1.1		%				171						1.7		%
Costco Wholesale												2						A+						1,735						1.0		%				298						3.0		%
Trader Joe's												4						N/A						1,703						1.0		%				51						0.5		%
Wells Fargo												10						BBB+						1,604						0.9		%				39						0.4		%
Five Below, Inc.												8						N/A						1,494						0.9		%				73						0.7		%
Ross Dress For Less												4						BBB+						1,453						0.8		%				120						1.2		%
Bank of America												7						A-						1,376						0.8		%				35						0.4		%
Massage Envy												14						N/A						1,345						0.8		%				42						0.4		%
DSW, Inc.												4						N/A						1,296						0.8		%				73						0.7		%
Sprouts Farmers Market												2						N/A						1,266						0.7		%				56						0.6		%
Regal Cinemas												1						CCC						1,253						0.7		%				61						0.6		%
The Gap, Inc.						Old Navy 5						5						BB						1,225						0.7		%				75						0.8		%
Petco Animal Supplies Stores, Inc												6						B+						1,210						0.7		%				72						0.7		%
Kingswood Capital Management						Cost Plus World Market 5						5						N/A						1,113						0.6		%				91						0.9		%
Totals												168												$	60,636					35.2		%				4,677						47.5		%

Tenant Merchandise Mix

Tenant Category						ABR Pro Rata Portfolio						% of Total ABR
Grocery/Drug Stores						$	34,345					20.0		%
Soft Goods						29,358						17.1		%
Quick Service Restaurants						20,110						11.7		%
Personal Health and Beauty Services						19,396						11.3		%
Full Service Restaurants						14,751						8.6		%
Medical						14,308						8.3		%
Banks						8,324						4.9		%
Other						6,430						3.8		%
Office/Communications						6,178						3.6		%
Pet Supplies						5,940						3.5		%
Fitness						5,169						3.0		%
Other Essential Retail/Services						3,865						2.3		%
Entertainment						1,741						1.0		%
Hardware/Auto						1,503						0.9		%
						$	171,418					100		%

Supplemental - Quarter End June 30, 2022 - 15

Comparable and Non-Comparable Lease Statistics

Pro Rata, GLA in thousands

			No. of Leases Executed						GLA						ABR PSF						Prior ABR PSF						% Change over Prior Lease						WA Lease Term (Years)						Tenant Improvement Allowance ($ PSF)						Lease Commissions ($ PSF)
Comparable Leases
Total New and Renewal Leases
Q2 2022			56						153						$29.55						$25.67						15.1%						7.3						$21.84						$3.84
Q1 2022			46						124						26.62						25.32						5.1%						4.7						4.74						0.84
Q4 2021			45						167						25.34						24.33						4.2%						4.8						1.79						1.07
Q3 2021			63						671						16.26						15.37						5.8%						4.8						0.69						0.25
Total			210						1,115						$20.59						$19.23						7.1%						5.1						$4.20						$0.93
			No. of Leases Executed						GLA						ABR PSF						Prior ABR PSF						% Change over Prior Lease						WA Lease Term (Years)						Tenant Improvement Allowance ($ PSF)						Lease Commissions ($ PSF)
New Leases
Q2 2022			10						63						$23.77						$16.85						41.1%						10.1						$53.04						$9.36
Q1 2022			1						11						15.50						13.00						19.2%						11.0						45.00						9.86
Q4 2021			7						12						31.77						32.83						(3.2)%						8.6						7.51						14.79
Q3 2021			8						14						28.07						31.82						(11.8)%						8.9						23.04						11.58
Total			26						100						$24.49						$20.54						19.2%						9.8						$42.33						$10.40
			No. of Leases Executed						GLA						ABR PSF						Prior ABR PSF						% Change over Prior Lease						WA Lease Term (Years)						Tenant Improvement Allowance ($ PSF)						Lease Commissions ($ PSF)
Renewals
Q2 2022			46						90						$33.56						$31.80						5.5%						5.4						$0.17						$—
Q1 2022			45						113						27.65						26.47						4.5%						4.1						0.99						—
Q4 2021			38						155						24.84						23.67						4.9%						4.5						1.35						—
Q3 2021			55						657						16.00						15.02						6.5%						4.7						0.20						0.01
Total			184						1,015						$20.20						$19.10						5.8%						4.7						$0.46						$—
			No. of Leases Executed						GLA						ABR PSF																		WA Lease Term (Years)						Tenant Improvement Allowance ($ PSF)						Lease Commissions ($ PSF)
Non-Comparable Leases
Q2 2022			22						136						$17.67																		7.3						$29.94						$4.70
Q1 2022			20						56						31.06																		9.9						42.41						11.96
Q4 2021			26						83						29.29																		9.4						22.17						10.82
Q3 2021			18						69						17.81																		5.2						11.89						3.38
Total			86						344						$22.61																		7.8						$26.48						$7.10

Supplemental - Quarter End June 30, 2022 - 16

Tenant Lease Expirations

Pro Rata, GLA and ABR in thousands, except per square foot amounts

Anchor Tenants
						Lease Expiration Year						No. of Expiring Leases (a)						GLA of Expiring Leases (square feet)						Percent of Total GLA of Expiring Leases						ABR of Expiring Leases						Percent of Total ABR						Expiring ABR PSF (b)
						2022						4						138						2.3		%				$	875					1.1		%				$6.34
						2023						19						523						8.6		%				6,286						8.1		%				12.02
						2024						26						617						10.1		%				7,969						10.3		%				12.92
						2025						20						790						13.0		%				9,417						12.2		%				11.92
						2026						17						478						7.8		%				5,615						7.3		%				11.75
						2027						39						1,332						21.8		%				19,407						25.2		%				14.57
						2028						13						285						4.7		%				4,188						5.4		%				14.69
						2029						10						309						5.1		%				3,791						4.9		%				12.27
						2030						7						192						3.2		%				2,854						3.7		%				14.86
						2031						6						294						4.8		%				2,659						3.4		%				9.04
						Thereafter						29						1,135						18.6		%				14,231						18.4		%				12.54
						Other (c)						—						—						—		%				—						—		%				—
						Sub total						190						6,093						100		%				$	77,292					100		%				$12.69
						Vacant space												199
						Total												6,292
Small Shops
						2022						46						90						2.9		%				$	2,769					2.6		%				$30.77
						2023						170						368						12.1		%				11,196						10.6		%				30.42
						2024						166						404						13.1		%				12,676						12.0		%				31.38
						2025						155						345						11.2		%				11,049						10.5		%				32.03
						2026						190						454						14.8		%				15,259						14.5		%				33.61
						2027						185						462						15.0		%				16,528						15.8		%				35.77
						2028						80						196						6.4		%				7,074						6.7		%				36.09
						2029						85						222						7.2		%				7,756						7.4		%				34.94
						2030						60						148						4.8		%				5,781						5.5		%				39.06
						2031						71						211						6.9		%				7,966						7.6		%				37.75
						Thereafter						60						148						4.8		%				6,426						6.1		%				43.42
						Other (c)						16						26						0.8		%				729						0.7		%				28.04
						Totals						1,284						3,074						100		%				$	105,209					100		%				$34.23
						Vacant space												474
						Total												3,548
Total Pro Rata
						2022						50						228						2.5		%				$	3,644					2.0		%				$15.98
						2023						189						891						9.7		%				17,482						9.6		%				19.62
						2024						192						1,021						11.1		%				20,645						11.3		%				20.22
						2025						175						1,135						12.4		%				20,466						11.2		%				18.03
						2026						207						932						10.2		%				20,874						11.4		%				22.40
						2027						224						1,794						19.6		%				35,935						19.8		%				20.03
						2028						93						481						5.2		%				11,262						6.2		%				23.41
						2029						95						531						5.8		%				11,547						6.3		%				21.75
						2030						67						340						3.7		%				8,635						4.7		%				25.40
						2031						77						505						5.5		%				10,625						5.8		%				21.04
						Thereafter						89						1,283						14.0		%				20,657						11.3		%				16.10
						Other (c)						16						26						0.3		%				729						0.4		%				28.04
						Totals						1,474						9,167						100		%				$	182,501					100		%				$19.91
						Vacant space												673
						Total												9,840

(a)No. of expiring leases includes JV properties at 100%.

(b)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.

(c)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.

Supplemental - Quarter End June 30, 2022 - 17

Acquisitions and Dispositions

Dollars and GLA in thousands

Acquisitions

Ownership						Date						Property Name						Market						Acquisition Price						GLA						Leased Occ.						Anchor Tenants (a)
100%						2/2/22						Shops at Arbor Trails						Austin-Round Rock, TX						$	112,190					357						99.2%						Costco, Whole Foods Market
100%						2/2/22						Escarpment Village						Austin-Round Rock, TX						77,150						170						99.9%						HEB
100%						4/21/22						The Highlands of Flower Mound (b)						Dallas-Fort Worth-Arlington, TX						38,000						175						90.8%						Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers
100%						5/4/22						Bay Landing						Cape Coral - Fort Myers, FL						10,425						63						100%						The Fresh Market, HomeGoods
100%						6/10/22						Kyle Marketplace- Outparcel (c)						Austin-Round Rock, TX						705						n/a						n/a						HEB
																								$	238,470					765

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

(b)This retail property was acquired from the JV.

(c)The land value of the outparcel acquired was combined for presentation purposes with Kyle Marketplace.

Dispositions

Ownership						Date						Property Name						Market						Disposition Price						GLA						Leased Occ.						Anchor Tenants (a)
100%						6/30/22						Centerplace of Greeley						Denver-Colorado Springs-Greeley, CO						$	37,550					152						100%						Safeway, Target*, Famous Footwear, Kohl's*, Ross Dress for Less
100%						6/30/22						Cheyenne Meadows						Denver-Colorado Springs-Greeley, CO						17,900						90						98.4%						King Soopers
																								$	55,450					242

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

Joint Venture Dispositions

Ownership						Date						Property Name						Market						Disposition Price (a)						GLA (a)						Leased Occ.						Anchor Tenants (b)
55%						3/3/22						Price Plaza						Houston-Sugar Land-Baytown, TX						$	39,100					206						95.0%						Sam's Club*, Walmart*
55%						4/21/22						The Highlands of Flower Mound						Dallas-Fort Worth-Arlington, TX						38,000						175						90.8%						Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers
																								$	77,100					381

(a)Disposition Price and GLA for the Joint Venture Disposition activity are reflected at 100%.

(b)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

Supplemental - Quarter End June 30, 2022 - 18

Development Pipeline

In thousands

Active Redevelopments

Ownership

Property Name

Market

Project Description

Estimated Completion Quarter (a)

Projected Incremental Costs

Costs to Date

Estimated Incremental Yield on Cost

100%

Suncrest Village

Orlando-Kissimmee, FL

Redevelopment of center includes demolition and expansion of the Publix grocery store, upgrading the facade, signage enhancement, and common area improvements. (b)

3Q - 2022

$10,800

$10,800

100%

Eldridge Town Center

Houston-Sugar Land-Baytown, TX

Demolition of bank building and ground up construction of freestanding Chipotle building with a drive-through.

4Q - 2022

1,600

1,100

55%

Cyfair Town Center

Houston-Sugar Land-Baytown, TX

Renovation and re-merchandising of center to include façade and common area enhancements, upgraded signage and rebranding.

3Q - 2022

3,800

2,000

Totals

$16,200

$13,900

7-10%

(a) The timing of estimated completion of our projects and the may be impacted by factors outside of our control, including global supply constraints or government restrictions.

(b) Construction was completed prior to June 30, 2022, and the project received its Certificate of Occupancy in July. Cost to date is based on paid or accrued expenses through June 30, 2022. Projected incremental costs and costs to date do not take into consideration our expectation for a tenant contribution of approximately $2.9 million which is anticipated to be received by the Company in 2022.

Recently Completed Redevelopments

Ownership

Property Name

Market

Project Description

Completion Quarter

Incremental Costs

Costs to Date

100%

Custer Creek

Dallas-Fort Worth-Arlington, TX

Modernization of center to include façade and common area enhancements.

3Q - 2021

$1,300

$1,300

100%

Eldridge Town Center

Houston-Sugar Land-Baytown, TX

Demolition and reconstruction of fuel facility.

4Q - 2021

$1,000

$1,000

Potential Developments and Redevelopments

Ownership

Property Name

Market

Project Description

100%

Gateway Market Center

Tampa-St. Petersburg, FL

Extensive repositioning and reconfiguration of the shopping center to right size anchor space, add freestanding buildings and improve vehicular access.

100%

Garden Village

So. California - Los Angeles, CA

Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.

100%

Kyle Marketplace

Austin-Round Rock, TX

New development, including addition of outparcel buildings.

100%

Southern Palm Crossing

Miami-Fort Lauderdale-Miami Beach, FL

Redevelopment of a former bank building for a freestanding building with a drive-through.

100%

Antoine Town Center

Houston-Sugar Land-Baytown, TX

New development, including addition of an outparcel building with a drive-through.

100%

Sarasota Pavilion

Tampa-St. Petersburg, FL

Redevelopment of a former bank building for a multi-tenant building with a drive-through and anchor re-positioning.

100%

Westpark Shopping Center

Washington D.C./Richmond Metro Area

New development, including addition of outparcel buildings.

100%

River Oaks Shopping Center

So. California - Los Angeles, CA

Redevelopment of an outparcel and common area improvements.

100%

Buckhead Crossing

Atlanta Metro Area, GA

Re-merchandising of the shopping center including façade and common area enhancements, anchor space repositioning and addition of a freestanding building.

100%

Sandy Plains Centre

Atlanta Metro Area, GA

Redevelopment and expansion of the shopping center.

55%

Cyfair Town Center

Houston-Sugar Land-Baytown, TX

New development, including addition of an outparcel building with a drive-through.

Supplemental - Quarter End June 30, 2022 - 19

Property Summary

GLA in thousands

No.			Name			Ownership			Market			State			Center Type (a)			GLA (b)			Leased Occupancy			ABR PSF			Grocery Anchor (c)			Major Anchors (d)
1			Antoine Town Center			100%			Houston-Sugar Land-Baytown			TX			N			110			100%			$13.96			Yes			Kroger
2			Bay Colony			55%			Houston-Sugar Land-Baytown			TX			C			416			84.3%			$16.19			Yes			HEB, Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
3			Bay Landing (e)			100%			Cape Coral-Fort Myers			FL			C			63			100%			$10.06			Yes			The Fresh Market, HomeGoods
4			Bear Creek Village Center			100%			So. California - Inland Empire			CA			N			80			100%			$25.08			Yes			Stater Brothers
5			Bent Tree Plaza			100%			Raleigh-Cary-Durham			NC			N			80			98.5%			$13.94			Yes			Food Lion
6			Blackhawk Town Center			55%			Houston-Sugar Land-Baytown			TX			N			127			99.1%			$13.93			Yes			HEB, Walgreens
7			Buckhead Crossing			100%			Atlanta Metro Area			GA			P			221			98.0%			$20.94			No			HomeGoods, Marshalls, Michaels, Office Depot, Ross Dress for Less, The Tile Shop
8			Campus Marketplace			100%			So. California - San Diego			CA			N			144			98.1%			$30.85			Yes			Ralphs, CVS, Discovery Isle Child Development Center
9			Cary Park Town Center			100%			Raleigh-Cary-Durham			NC			N			93			98.2%			$16.47			Yes			Harris Teeter, CVS
10			Commons at University Place			100%			Raleigh-Cary-Durham			NC			N			92			100%			$16.78			Yes			Harris Teeter, CVS
11			Coweta Crossing			100%			Atlanta Metro Area			GA			N			68			100%			$10.84			Yes			Publix
12			Custer Creek Village			100%			Dallas-Fort Worth-Arlington			TX			N			96			97.0%			$15.03			Yes			Tom Thumb
13			Cyfair Town Center			55%			Houston-Sugar Land-Baytown			TX			C			433			91.9%			$15.80			Yes			Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
14			Eldorado Marketplace			100%			Dallas-Fort Worth-Arlington			TX			C			189			95.7%			$23.50			Yes			Market Street, PetSmart, Phenix Salon Suites
15			Eldridge Town Center & Windermere Village			100%			Houston-Sugar Land-Baytown			TX			C			175			92.2%			$17.15			Yes			Kroger, Kohl's*, Petco
16			Escarpment Village (e)			100%			Austin-Round Rock			TX			N			170			99.9%			$21.15			Yes			HEB
17			Garden Village			100%			So. California - Los Angeles			CA			N			117			89.4%			$17.69			Yes			Albertson's, Rite Aid
18			Gateway Market Center			100%			Tampa-St. Petersburg			FL			P			231			100%			$10.71			Yes			Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx, Tuesday Morning
19			Kennesaw Marketplace			100%			Atlanta Metro Area			GA			C			130			100%			$34.18			Yes			Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
20			Kyle Marketplace			100%			Austin-Round Rock			TX			C			225			100%			$16.77			Yes			HEB
21			Lakeside & Lakeside Crossing			100%			Orlando-Kissimmee			FL			N			76			98.5%			$46.31			Yes			Trader Joe's
22			Market at Westlake			100%			Austin-Round Rock			TX			N			30			100%			$21.29			No			Walgreens
23			Northcross Commons			100%			Charlotte-Gastonia-Concord			NC			N			63			100%			$23.58			Yes			Whole Foods Market
24			Old Grove Marketplace			100%			So. California - San Diego			CA			N			81			96.3%			$16.89			Yes			Ralphs, Lowe's*
25			Pavilion at LaQuinta			100%			So. California - Inland Empire			CA			P			166			100%			$21.77			Yes			Sprouts Farmers Market, Bed Bath & Beyond, Best Buy, DSW, OfficeMax
26			Peachland Promenade			100%			Tampa-St. Petersburg			FL			N			177			98.5%			$14.10			Yes			Publix, Goodwill, My Salon Suite, Planet Fitness
27			PGA Plaza Palm Beach Gardens			100%			Miami-Fort Lauderdale-Miami Beach			FL			C			121			96.8%			$33.75			Yes			Trader Joe's, Marshalls, Ulta
28			Plantation Grove			100%			Orlando-Kissimmee			FL			N			74			98.8%			$14.88			Yes			Publix
29			Plaza Midtown			100%			Atlanta Metro Area			GA			N			70			94.9%			$26.82			Yes			Publix
30			Prestonwood Town Center (e)			100%			Dallas-Fort Worth-Arlington			TX			P			233			99.4%			$19.94			Yes			Walmart*, Barnes & Noble, DSW, Michaels, Office Depot, Petco, Ulta
31			Renaissance Center			100%			Raleigh-Cary-Durham			NC			P			363			91.5%			$22.28			No			Ashley HomeStore, Best Buy, Cost Plus World Market, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care
32			Rio Pinar Plaza			100%			Orlando-Kissimmee			FL			N			131			96.7%			$17.97			Yes			Publix, Planet Fitness
33			River Oaks			100%			So. California - Los Angeles			CA			C			275			95.0%			$20.31			Yes			Sprouts Farmers Market, Target, Big 5 Sports Goods, Five Below, Ulta
34			Riverview Village			100%			Dallas-Fort Worth-Arlington			TX			N			89			96.9%			$12.68			Yes			Tom Thumb, Petco
35			Riverwalk Market			100%			Dallas-Fort Worth-Arlington			TX			N			90			100%			$20.74			Yes			Market Street
36			Rose Creek			100%			Atlanta Metro Area			GA			N			70			100%			$11.13			Yes			Publix
37			Sandy Plains Centre			100%			Atlanta Metro Area			GA			C			131			93.7%			$22.46			Yes			Kroger, Pet Supplies Plus, Walgreens*

Supplemental - Quarter End June 30, 2022 - 20

Property Summary

GLA in thousands

No.			Name			Ownership			Market			State			Center Type (a)			GLA (b)			Leased Occupancy			ABR PSF			Grocery Anchor (c)			Major Anchors (d)
38			Sarasota Pavilion			100%			Tampa-St. Petersburg			FL			P			345			85.5%			$13.76			Yes			Publix, Bank of America, Beall's, Bed Bath & Beyond, Marshalls, Michaels, PetSmart, Ross Dress for Less, SunTrust Bank
39			Scofield Crossing			100%			Austin-Round Rock			TX			N			95			95.9%			$17.24			Yes			Hana World Market, Goodwill
40			Shops at Arbor Trails (e)			100%			Austin-Round Rock			TX			C			357			100%			$13.58			Yes			Costco, Whole Foods Market, Chuy's*, Frost Bank*, Haverty's Furniture, Kerbey Lane Cafe*, Marshalls
41			Shops at Fairview Town Center			100%			Dallas-Fort Worth-Arlington			TX			N			67			97.2%			$23.51			Yes			Whole Foods Market
42			Shops at the Galleria			100%			Austin-Round Rock			TX			P			537			95.2%			$13.92			No			Best Buy, Cost Plus World Market, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods
43			Sonterra Village			100%			San Antonio			TX			N			42			100%			$32.67			Yes			Trader Joe's
44			Southern Palm Crossing			100%			Miami-Fort Lauderdale-Miami Beach			FL			P			345			96.9%			$16.05			Yes			Costco Wholesale, Going Going Gone, Marshalls
45			Stables Town Center			55%			Houston-Sugar Land-Baytown			TX			N			191			84.4%			$17.62			Yes			Kroger, Walgreens
46			Stevenson Ranch			100%			So. California - Los Angeles			CA			C			187			97.0%			$24.62			Yes			Ralphs, Furniture Design Center, L.A. Fitness, PetSmart
47			Stone Ridge Market			55%			San Antonio			TX			C			219			92.0%			$23.35			Yes			HEB Plus*, Burlington, PetSmart
48			Suncrest Village			100%			Orlando-Kissimmee			FL			N			93			92.8%			$14.04			Yes			Publix, Orange County Tax Collector
49			Sycamore Commons			100%			Charlotte-Gastonia-Concord			NC			P			265			99.5%			$19.12			Yes			Costco Wholesale*, Bed Bath & Beyond, Best Buy, Cost Plus World Market, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta
50			The Centre on Hugh Howell			100%			Atlanta Metro Area			GA			N			83			96.5%			$11.84			Yes			Publix
51			The Highlands of Flower Mound (e)			100%			Dallas-Fort Worth-Arlington			TX			P			175			90.8%			$18.06			Yes			Target*, Bed Bath & Beyond, Cost Plus World Market, Market by Macy's, Party City, Skechers
52			The Parke			100%			Austin-Round Rock			TX			P			406			99.1%			$16.27			Yes			Whole Foods Market, Buy Buy Baby, Cost Plus World Market, Dick's Sporting Goods, DSW, La-Z Boy, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Tuesday Morning, Ulta
53			The Pointe at Creedmoor			100%			Raleigh-Cary-Durham			NC			N			60			100%			$16.78			Yes			Harris Teeter
54			The Shops at Town Center			100%			Washington D.C/Richmond Metro Area			MD			N			125			97.3%			$29.91			Yes			Safeway
55			The Shops at Walnut Creek			100%			Denver-Colorado Springs-Greeley			CO			P			225			91.2%			$17.94			Yes			Target*, Dollar Tree, Michaels, Old Navy, PetSmart, TJ Maxx
56			Thomas Crossroads			100%			Atlanta Metro Area			GA			N			105			94.4%			$9.95			Yes			Kroger
57			Travilah Square Shopping Center			100%			Washington D.C/Richmond Metro Area			MD			N			56			86.4%			$48.28			Yes			Trader Joe's
58			Trowbridge Crossing			100%			Atlanta Metro Area			GA			N			63			95.4%			$12.08			Yes			Publix
59			University Oaks			100%			Austin-Round Rock			TX			P			236			82.0%			$20.77			No			DSW, IKEA*, J.C. Penney*, Jo-Ann Fabrics, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods
60			Westfork & Paraiso			100%			Miami-Fort Lauderdale-Miami Beach			FL			N			393			91.5%			$25.32			Yes			Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, TJ Maxx, Ulta
61			Westpark Shopping Center			100%			Washington D.C/Richmond Metro Area			VA			C			177			100%			$14.67			Yes			Publix, Christmas Tree Shops, Planet Fitness, The Tile Shop
62			Windward Commons			100%			Atlanta Metro Area			GA			N			117			99.9%			$15.06			Yes			Kroger
			Totals with JV at 100%															10,464			95.1%			$18.71
			Totals, Pro Rata															9,840			95.4%			$18.80

(a)N = Neighborhood center, P = Power Center, C = Community Center

(b)The GLA of properties owned by our joint venture are included at 100%.

(c)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).

(d)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

(e)Properties are excluded from Same Property for the three months ended June 30, 2022.

Supplemental - Quarter End June 30, 2022 - 21

Components of Net Asset Value as of June 30, 2022

In thousands, except share information

NOI Excluding Termination Fee Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter												Page No.
NOI, excluding ground rent						$	35,272					5
Ground rent income						3,760						5
NOI						39,032						5
JV NOI at share, excluding ground rent (a)						$	1,816					12
JV Ground rent income at share						603						12
JV NOI at share						2,419
Annualized NOI, excluding ground rent income						141,088
Annualized JV NOI at share, excluding ground rent income						7,264
Annualized ground rent income						17,452
Projected remaining development
Net Consolidated Project Costs						500						19
Net JV Project Costs at share						990						19
Estimated Range for Incremental Yield						7-10%						19
Fee Income, Most Recent Quarter
JV Management Fees & Commissions						640						5
Other Assets
Cash, cash equivalents and restricted cash						95,893						2
Billed base rent, recoveries, and other revenue						9,187						4
Undeveloped Land						—
Land Held for Development						—
Total JV Other Assets, at share (b)						8,523						10, 11
Liabilities
Debt						706,485						8
Issuance costs, net of accumulated amortization						(3,683)						8
Accounts payable and accrued expenses						35,952						2
Distributions payable						13,836						2
Other liabilities						23,922						2
Projected remaining consolidated project costs						500						19
Total JV Other Liabilities, at share (c)						73,655						10, 19
Common Shares Outstanding						67,427,571						1

(a)Includes elimination of our share of the management fee expense of $301 for the three months ended June 30, 2022.

(b)Total JV other assets, at share, includes the JV's share of cash and cash equivalents and receivables for base rent, recoveries, and other revenue.

(c)Total JV liabilities, at share, includes the JV's share of mortgage debt, issuance costs, net of accumulated amortization, accounts payable and accrued expenses, other liabilities, and projected remaining project costs.

Supplemental - Quarter End June 30, 2022 - 22

Glossary of Terms

Terms						Definitions
ABR Per Square Foot (ABR PSF)						ABR PSF is the ABR divided by the occupied square footage for that period.
Adjusted EBITDA						Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance. Adjustments for our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's Adjusted EBITDA on the same basis.
Annualized Base Rent (ABR)						Annualized Base Rent (ABR) is the base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease income.
Anchor Tenant						Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center						Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease						A comparable lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)						Our non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, plus federal and state tax expense, interest expense, and depreciation and amortization. Adjustments for our unconsolidated joint venture are calculated to reflect our proportionate share of the joint venture's EBITDA on the same basis.
Economic Occupancy						Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
Gross Leasable Area (GLA)						Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy						Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
NAREIT Funds From Operations (NAREIT FFO) and Core FFO						Our non-GAAP measure of NAREIT Funds from Operations ("NAREIT FFO"), based on the National Association of Real Estate Investment Trusts ("NAREIT") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's NAREIT FFO on the same basis. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within NAREIT FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.
Neighborhood Center						Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt-to-Adjusted EBITDA						Net Debt-to-Adjusted EBITDA is Pro Rata net debt divided by Adjusted EBITDA on a trailing twelve month basis.
Net Operating Income (NOI)						NOI excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below market lease amortization and amortization of lease incentives).
New Lease						New Leases are classified as leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
Power Center						Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent						Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Pro Rata						Where appropriate, the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly-owned properties, defined as "Pro Rata," with the exception of property count and number of leases.
Pro Rata Net Debt						Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including our JV share.
Renewal Lease						Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property						Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant						Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant						Tenants with square footage less than 10,000 square feet are considered Small Shops.
Specialty Lease						Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
Wholly-owned						Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture.

Supplemental - Quarter End June 30, 2022 - 23