EX-99.2 3 q32022supplemental.htm EX-99.2

|  | 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 Debt 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 September 30, 2022 |  | 22
Glossary of Terms |  | 23

Introductory Notes
About InvenTrust Properties Corp.
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 September 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 September 30, 2022. IVT may, but assumes no obligation to, update information in this supplemental.
Forward-Looking Statements Disclaimer
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 about the Company's 2022 guidance and ability to navigate any economic scenario, or 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,” “likely,” “will,” “would,” “outlook,” "guidance," 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; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; 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 September 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 September 30, 2022 - ii

CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2022 Third Quarter Results
DOWNERS GROVE, III – November 1, 2022 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended September 30, 2022. For the three months ended September 30, 2022 and 2021, Net Income was $0.9 million, or $0.01 per diluted share, compared to Net Income of $4.0 million, or $0.06 per diluted share, respectively.
Third Quarter 2022 Highlights:
•NAREIT FFO for the quarter of $0.39 per diluted share
•Core FFO for the quarter of $0.37 per diluted share
•Leased Occupancy as of September 30, 2022 of 95.6%
•Executed 83 leases totaling approximately 478,000 square feet of pro rata GLA, of which 441,000 square feet was executed at a blended comparable lease spread of 8.2%
•Net Debt-to-Adjusted EBITDA of 5.0x at September 30, 2022
•Completed the private placement of $250 million of senior notes
•Completed a $10.8 million expansion of the Publix at Suncrest Village in Orlando, FL
“Since our listing on the New York Stock Exchange last October, our business plan and strategy has offered a simple and unique investment opportunity within the strip center sector,” Daniel (DJ) Busch, President and CEO of InvenTrust commented. “Our team’s efforts and execution across all areas of the business as well as our conservative balance sheet has the company positioned to navigate any economic scenario.”
NET INCOME
•N et Income for the three months ended September 30, 2022 was $0.9 million, or $0.01 per diluted share, compared to Net Income of $4.0 million, or $0.06 per diluted share, for the same period in 2021.
•Net Income for the nine months ended September 30, 2022 was $52.4 million, or $0.77 per diluted share, compared to Net Income of $5.4 million, or $0.08 per diluted share, for the same period in 2021.
NAREIT FFO
•NAREIT FFO for the three months ended September 30, 2022 was $26.1 million, or $0.39 per diluted share, compared to $26.3 million, or $0.37 per diluted share, for the same period in 2021.
•NAREIT FFO for the nine months ended September 30, 2022 was $88.2 million, or $1.31 per diluted share, compared to $74.1 million, or $1.03 per share, for the same period in 2021.

|  | Quarter End September 30, 2022 - iii

CORE FFO
•Core FFO for the three months ended September 30, 2022 was $25.2 million, or $0.37 per diluted share, compared to $27.3 million, or $0.38 per diluted share, for the same period in 2021.
•Core FFO for the nine months ended September 30, 2022 was $82.9 million, or $1.23 per diluted share, compared to $73.3 million, or $1.02 per diluted share, for the same period in 2021.
PRO RATA SAME PROPERTY NOI
•Pro Rata S am e Property NOI for the three months ended September 30, 2022 was $35.8 million, a 2.8% decrease, compared to the same period in 2021. Excluding net out of period rent collection of $1.3 million, Pro Rata Same Property NOI would have increased 0.8%, when comparing the three months ended September 30, 2022 to the same period in 2021.
•Pro Rata Same Property NOI for the nine months ended September 30, 2022 was $110.5 million, a 5.4% increase, compared to the same period in 2021. Excluding net out of period rent collection of $1.3 million, Pro Rata Same Property NOI would have increased 6.6%, when comparing the nine months ended September 30, 2022 to the same period in 2021.
DIVIDEND
•For the quarter ending September 30, 2022, the Board of Directors declared a quarterly cash distribution of $0.2052 per share, payable on October 14, 2022.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of September 30, 2022, the Company’s Leased Occupancy was 95.6%.
◦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 91.0%. Anchor Leased Occupancy remained flat and Small Shop Leased Occupancy increased 50 basis points on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 210 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 third quarter were 8.2%.
•Annualized Base Rent PSF (“ABR”) as of September 30, 2022 for the Pro Rata Combined Portfolio was $18.91, an increase of 2.6% compared to the same period in 2021. Anchor Tenant ABR PSF was $12.39 and Small Shop ABR PSF was $31.91 for the third quarter.
•In August 2022, the Company completed a $10.8 million expansion of the Publix at Suncrest Village in Orlando, Florida.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $574.1 million of total liquidity, as of September 30, 2022 comprised of $224.1 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility.
•InvenTrust had no debt maturing in 2022 and $38.6 million of debt maturing in 2023, as of September 30, 2022.
•On August 11, 2022, the Company issued $150.0 million of seven year and $100.0 million of ten year senior notes with a weighted average fixed rate of 5.12% and weighted average term of approximately 8.2 years.
•As of September 30, 2022, the Company's weighted average interest rate on its consolidated debt was 3.89% and the weighted average remaining term was 5.2 years.
•As of September 30, 2022, the Company's weighted average interest rate on its pro rata debt was 3.81% and the weighted average remaining term was 4.9 years.
SUBSEQUENT ACTIVITY
•On October 28, 2022, the Company acquired Eastfield Village in Huntersville, North Carolina for $22.5 million. The 96,000 square foot neighborhood center is anchored by Food Lion.

|  | Quarter End September 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) | $0.76 | — | $0.80 |  | $0.74 | — | $0.78
NAREIT FFO per diluted share (2) | $1.65 | — | $1.69 |  | $1.61 | — | $1.65
Core FFO per diluted share | $1.57 | — | $1.60 |  | $1.52 | — | $1.56
Same Property NOI (“SPNOI”) Growth | 4.00% | — | 5.00% |  | 4.00% | — | 5.00%
General and administrative (3) | +/- $32,250 |  | $32,750 | — | $33,750
Interest expense, net | +/- $24,500 |  | $24,500 | — | $25,500
Net investment activity (4) | +/- $135,000 |  | +/- $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 unrecognized 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 Company’s control. 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 September 30, 2022 - v

Summary Financial Information
In thousands, except share information and per square foot amounts

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Financial Results |  |  |  |  |  |  |
Net income | $ | 936 |  |  | $ | 3,992 |  |  | $ | 52,358 |  |  | $ | 5,391 |
Net income per common share - basic | 0.01 |  |  | 0.06 |  |  | 0.78 |  |  | 0.08 |
Net income per common share - diluted | 0.01 |  |  | 0.06 |  |  | 0.77 |  |  | 0.08 |
NAREIT FFO (page 7) | 26,097 |  |  | 26,250 |  |  | 88,201 |  |  | 74,146 |
NAREIT FFO per diluted share | 0.39 |  |  | 0.37 |  |  | 1.31 |  |  | 1.03 |
Core FFO (page 7) | 25,223 |  |  | 27,320 |  |  | 82,875 |  |  | 73,324 |
Core FFO per diluted share | 0.37 |  |  | 0.38 |  |  | 1.23 |  |  | 1.02 |
Pro Rata Same Property NOI (page 6) | 35,763 |  |  | 36,798 |  |  | 110,548 |  |  | 104,855 |

Pro Rata Same Property NOI growth | (2.8) | % |  |  |  | 5.4 | % |  |

Adjusted EBITDA (page 7) | 32,754 |  |  | 31,630 |  |  | 100,746 |  |  | 86,630 |
Distributions declared per share | $ | 0.21 |  |  | $ | 0.20 |  |  | $ | 0.62 |  |  | $ | 0.58 |

Aggregate distributions declared (as a % of Core FFO) | 54.9 | % |  | 51.5 | % |  | 50.1 | % |  | 57.2 | %

| As of September 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 | $ | 876,738 |  |  | $ | 624,289 |  |  | $ | 688,422 |  |  | $ | 714,053 |
Less: Pro Rata Cash | (224,107) |  |  | (79,628) |  |  | (249,854) |  |  | (281,430) |
Pro Rata Net Debt | $ | 652,631 |  |  | $ | 544,661 |  |  | $ | 438,568 |  |  | $ | 432,623 |
Pro Rata Debt Metrics (trailing 12 months) |  |  |  |  |  |  |
Adjusted EBITDA (trailing 12 months) | $ | 131,389 |  |  | $ | 117,273 |  |  | $ | 117,078 |  |  | $ | 137,233 |
Net Debt-to-Adjusted EBITDA | 5.0x |  | 4.6x |  | 3.7x |  | 3.2x
Fixed charge coverage | 5.8x |  | 6.4x |  | 5.9x |  | 5.4x
Net debt to real estate assets, excl property acc depr. | 24.8 | % |  | 22.0 | % |  | 17.7 | % |  | 17.7 | %
Net debt to total assets, excl property acc depr. | 21.0 | % |  | 19.3 | % |  | 14.6 | % |  | 14.3 | %

Distributions Paid Per Share |  |  |  | Liquidity and Credit Facility
Q3 2022 |  | $0.20520 |  |  |  | Pro Rata Cash |  | $ | 224,107 |
Q2 2022 |  | $0.20520 |  |  |  | Available under credit facility |  | 350,000 |
Q1 2022 |  | $0.20520 |  |  |  | Total |  | $ | 574,107 |
Q4 2021 |  | $0.19550 |  |  |  |  |  |

| Same Property |  | Total Portfolio
| Three and Nine Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Portfolio Metrics, Pro Rata |  |  |  |  |  |  |
No. of properties | 57 |  | 57 |  | 62 |  | 63
GLA (square feet) | 8,845 |  | 8,848 |  | 9,843 |  | 9,657
Economic Occupancy | 93.6 | % |  | 92.5 | % |  | 93.5 | % |  | 92.2 | %
Leased Occupancy | 95.4 | % |  | 93.6 | % |  | 95.6 | % |  | 93.5 | %
ABR PSF | $19.12 |  | $18.54 |  | $18.91 |  | $18.44

|  | Supplemental - Quarter End September 30, 2022 - 1

Condensed Consolidated Balance Sheets
In thousands, except share and per share amounts

| As of
| September 30, 2022 |  | December 31, 2021
Assets | (unaudited) |  |
Investment properties |  |  |
Land | $ | 649,634 |  |  | $ | 598,936 |
Building and other improvements | 1,820,161 |  |  | 1,664,525 |
Construction in progress | 4,650 |  |  | 9,642 |
Total | 2,474,445 |  |  | 2,273,103 |
Less accumulated depreciation | (385,000) |  |  | (350,256) |
Net investment properties | 2,089,445 |  |  | 1,922,847 |
Cash, cash equivalents and restricted cash | 216,516 |  |  | 44,854 |
Investment in unconsolidated entities | 56,490 |  |  | 107,944 |
Intangible assets, net | 92,295 |  |  | 81,026 |
Accounts and rents receivable | 34,184 |  |  | 30,059 |
Deferred costs and other assets, net | 54,479 |  |  | 25,685 |
Total assets | $ | 2,543,409 |  |  | $ | 2,212,415 |
Liabilities |  |  |
Debt, net | $ | 807,639 |  |  | $ | 533,082 |
Accounts payable and accrued expenses | 45,032 |  |  | 36,208 |
Distributions payable | 13,836 |  |  | 13,802 |
Intangible liabilities, net | 30,247 |  |  | 28,995 |
Other liabilities | 27,908 |  |  | 28,776 |
Total liabilities | 924,662 |  |  | 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 September 30, 2022 and 67,344,374 shares issued and outstanding as of December 31, 2021 | 67 |  |  | 67 |
Additional paid-in capital | 5,455,228 |  |  | 5,452,550 |
Distributions in excess of accumulated net income | (3,865,885) |  |  | (3,876,743) |
Accumulated comprehensive income (loss) | 29,337 |  |  | (4,322) |
Total stockholders' equity | 1,618,747 |  |  | 1,571,552 |
Total liabilities and stockholders' equity | $ | 2,543,409 |  |  | $ | 2,212,415 |

|  | Supplemental - Quarter End September 30, 2022 - 2

Condensed Consolidated Statements of Operations and Comprehensive Income
In thousands, except per share information, unaudited

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Income |  |  |  |  |  |  |
Lease income, net | $ | 57,859 |  |  | $ | 53,965 |  |  | $ | 174,562 |  |  | $ | 154,869 |
Other property income | 304 |  |  | 310 |  |  | 886 |  |  | 760 |
Other fee income | 594 |  |  | 863 |  |  | 1,988 |  |  | 2,770 |
Total income | 58,757 |  |  | 55,138 |  |  | 177,436 |  |  | 158,399 |
Operating expenses |  |  |  |  |  |  |
Depreciation and amortization | 24,021 |  |  | 21,318 |  |  | 71,055 |  |  | 65,000 |
Property operating | 10,787 |  |  | 8,143 |  |  | 28,256 |  |  | 23,926 |
Real estate taxes | 8,937 |  |  | 8,490 |  |  | 25,595 |  |  | 24,781 |
General and administrative | 7,236 |  |  | 8,782 |  |  | 23,239 |  |  | 29,043 |
Direct listing costs | — |  |  | 1,704 |  |  | — |  |  | 1,704 |
Total operating expenses | 50,981 |  |  | 48,437 |  |  | 148,145 |  |  | 144,454 |
Other (expense) income |  |  |  |  |  |  |
Interest expense, net | (7,689) |  |  | (3,999) |  |  | (18,129) |  |  | (11,956) |
Loss on extinguishment of debt | — |  |  | (400) |  |  | (96) |  |  | (400) |
Gain on sale of investment properties, net | — |  |  | 636 |  |  | 36,856 |  |  | 1,516 |
Equity in earnings of unconsolidated entities | 352 |  |  | 1,046 |  |  | 3,784 |  |  | 2,441 |
Other income and expense, net | 497 |  |  | 8 |  |  | 652 |  |  | (155) |
Total other (expense) income, net | (6,840) |  |  | (2,709) |  |  | 23,067 |  |  | (8,554) |
Net income | $ | 936 |  |  | $ | 3,992 |  |  | $ | 52,358 |  |  | $ | 5,391 |
Weighted-average common shares outstanding - basic | 67,427,571 |  |  | 71,261,403 |  |  | 67,398,713 |  |  | 71,731,832 |
Weighted-average common shares outstanding - diluted | 67,547,259 |  |  | 71,395,625 |  |  | 67,558,315 |  |  | 71,802,082 |
Net income per common share - basic | $ | 0.01 |  |  | $ | 0.06 |  |  | $ | 0.78 |  |  | $ | 0.08 |
Net income per common share - diluted | $ | 0.01 |  |  | $ | 0.06 |  |  | $ | 0.77 |  |  | $ | 0.08 |
Distributions declared per common share outstanding | $ | 0.21 |  |  | $ | 0.20 |  |  | $ | 0.62 |  |  | $ | 0.58 |
Distributions paid per common share outstanding | $ | 0.21 |  |  | $ | 0.20 |  |  | $ | 0.62 |  |  | $ | 0.58 |
Comprehensive income |  |  |  |  |  |  |
Net income | $ | 936 |  |  | $ | 3,992 |  |  | $ | 52,358 |  |  | $ | 5,391 |
Unrealized gain (loss) on derivatives | 11,992 |  |  | (195) |  |  | 32,912 |  |  | 1,560 |
Reclassification (to) from net income | (770) |  |  | 1,102 |  |  | 747 |  |  | 3,228 |
Comprehensive income | $ | 12,158 |  |  | $ | 4,899 |  |  | $ | 86,017 |  |  | $ | 10,179 |

|  | Supplemental - Quarter End September 30, 2022 - 3

Condensed Consolidated Supplemental Details of Assets and Liabilities
In thousands

| As of
| September 30, 2022 |  | December 31, 2021
Accounts and rents receivable |  |  |
Billed base rent, recoveries, and other revenue | $ | 14,635 |  |  | $ | 13,394 |
Straight-line rent receivables | 19,549 |  |  | 16,665 |
Total | $ | 34,184 |  |  | $ | 30,059 |
Deferred cost and other assets, net |  |  |
Fair value of derivatives | $ | 27,579 |  |  | $ | — |
Lease commissions, net | 13,961 |  |  | 12,427 |
Deferred costs, net | 4,403 |  |  | 3,280 |
Other assets | 3,155 |  |  | 3,520 |
Loan fees, net | 2,644 |  |  | 3,712 |
Right of use assets, net | 2,737 |  |  | 2,746 |
Total | $ | 54,479 |  |  | $ | 25,685 |
Other liabilities |  |  |
Deferred revenues | $ | 9,622 |  |  | $ | 6,758 |
Unearned income | 7,227 |  |  | 6,299 |
Security deposits | 6,096 |  |  | 5,466 |
Operating lease liabilities | 3,263 |  |  | 3,189 |
Other liabilities | 1,650 |  |  | 2,168 |
Financing lease liabilities | 50 |  |  | 283 |
Fair value of derivatives | — |  |  | 4,613 |
Total | $ | 27,908 |  |  | $ | 28,776 |

|  | Supplemental - Quarter End September 30, 2022 - 4

Condensed Consolidated Supplemental Details of Operations
In thousands

|  | Three Months Ended September 30 |  | Nine Months Ended September 30
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Income |  |  |  |  |  |  |
* | Minimum base rent | $ | 36,535 |  |  | $ | 32,390 |  |  | $ | 108,309 |  |  | $ | 94,997 |
* | Real estate tax recoveries | 8,137 |  |  | 7,538 |  |  | 23,143 |  |  | 21,813 |
* | Common area maintenance, insurance, and other recoveries | 7,166 |  |  | 5,937 |  |  | 20,462 |  |  | 17,705 |
* | Ground rent income | 3,808 |  |  | 3,315 |  |  | 11,178 |  |  | 9,829 |
| Above and below-market rent and lease inducement amortization, net | 985 |  |  | 1,019 |  |  | 4,594 |  |  | 3,404 |
* | Short-term and other lease income | 674 |  |  | 758 |  |  | 2,858 |  |  | 2,479 |
| Termination fee income | 35 |  |  | 173 |  |  | 352 |  |  | 368 |
| Straight-line rent adjustment, net | 709 |  |  | 1,005 |  |  | 2,079 |  |  | 2,496 |
| Reversal of (provision for) uncollectible straight-line rent | 48 |  |  | (372) |  |  | 1,046 |  |  | (594) |
* | Provision for uncollectible billed rent and recoveries | (260) |  |  | (51) |  |  | (640) |  |  | (1,633) |
* | Reversal of uncollectible billed rent and recoveries | 22 |  |  | 2,253 |  |  | 1,181 |  |  | 4,005 |
| Lease income, net | 57,859 |  |  | 53,965 |  |  | 174,562 |  |  | 154,869 |
* | Other property income | 304 |  |  | 310 |  |  | 886 |  |  | 760 |
| JV property management fee | 304 |  |  | 471 |  |  | 1,018 |  |  | 1,546 |
| JV asset management fee | 215 |  |  | 292 |  |  | 686 |  |  | 859 |
| JV leasing commissions | 75 |  |  | 100 |  |  | 284 |  |  | 365 |
| Other fee income | 594 |  |  | 863 |  |  | 1,988 |  |  | 2,770 |
| Total income | $ | 58,757 |  |  | $ | 55,138 |  |  | $ | 177,436 |  |  | $ | 158,399 |
Operating Expenses |  |  |  |  |  |  |
| Depreciation and amortization | $ | 24,021 |  |  | $ | 21,318 |  |  | $ | 71,055 |  |  | $ | 65,000 |
* | Property operating | 10,787 |  |  | 8,143 |  |  | 28,256 |  |  | 23,926 |
* | Real estate taxes | 8,937 |  |  | 8,490 |  |  | 25,595 |  |  | 24,781 |
| Direct listing costs | — |  |  | 1,704 |  |  | — |  |  | 1,704 |
| General and administrative expenses | 6,415 |  |  | 7,282 |  |  | 21,317 |  |  | 23,860 |
| Stock based compensation costs | 1,595 |  |  | 2,163 |  |  | 4,120 |  |  | 7,143 |
| Capitalized direct development compensation costs | (774) |  |  | (663) |  |  | (2,198) |  |  | (1,960) |
| General and administrative | 7,236 |  |  | 8,782 |  |  | 23,239 |  |  | 29,043 |
| Total operating expenses | $ | 50,981 |  |  | $ | 48,437 |  |  | $ | 148,145 |  |  | $ | 144,454 |

* Component of Net Operating Income

|  | Supplemental - Quarter End September 30, 2022 - 5

Reconciliation of Non-GAAP Measures
Pro Rata, in thousands
Same Property Net Operating Income

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Income |  |  |  |  |  |  |
Minimum base rent | $ | 33,044 |  |  | $ | 30,402 |  |  | $ | 97,643 |  |  | $ | 91,089 |
Real estate tax recoveries | 7,097 |  |  | 7,067 |  |  | 20,190 |  |  | 20,899 |
Common area maintenance, insurance, and other recoveries | 6,471 |  |  | 5,770 |  |  | 18,427 |  |  | 17,155 |
Ground rent income | 3,407 |  |  | 3,247 |  |  | 10,084 |  |  | 9,730 |
Short-term and other lease income | 649 |  |  | 849 |  |  | 2,812 |  |  | 2,486 |
Provision for uncollectible billed rent and recoveries | (255) |  |  | (13) |  |  | (614) |  |  | (1,611) |
Reversal of uncollectible billed rent and recoveries | 69 |  |  | 2,259 |  |  | 1,177 |  |  | 4,011 |
Other property income | 296 |  |  | 310 |  |  | 869 |  |  | 764 |
Total income | 50,778 |  |  | 49,891 |  |  | 150,588 |  |  | 144,523 |
Operating Expenses |  |  |  |  |  |  |
Property operating | 9,803 |  |  | 7,786 |  |  | 25,530 |  |  | 23,218 |
Real estate taxes | 7,801 |  |  | 7,950 |  |  | 22,390 |  |  | 23,797 |
Total operating expenses | 17,604 |  |  | 15,736 |  |  | 47,920 |  |  | 47,015 |
Same Property NOI | 33,174 |  |  | 34,155 |  |  | 102,668 |  |  | 97,508 |
JV Same Property NOI | 2,589 |  |  | 2,643 |  |  | 7,880 |  |  | 7,347 |
Pro Rata Same Property NOI | $ | 35,763 |  |  | $ | 36,798 |  |  | $ | 110,548 |  |  | $ | 104,855 |

% Change over Prior Period | (2.8) | % |  |  |  | 5.4 | % |  |
Same Property count | 57 |  |  |  | 57 |  |

Reconciliation of Net Income to Pro Rata Same Property NOI

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 936 |  |  | $ | 3,992 |  |  | $ | 52,358 |  |  | $ | 5,391 |
Adjustments to reconcile to non-GAAP metrics: |  |  |  |  |  |  |
Other income and expense, net | (497) |  |  | (8) |  |  | (652) |  |  | 155 |
Equity in earnings of unconsolidated entities | (352) |  |  | (1,046) |  |  | (3,784) |  |  | (2,441) |
Interest expense, net | 7,689 |  |  | 3,999 |  |  | 18,129 |  |  | 11,956 |
Loss on extinguishment of debt | — |  |  | 400 |  |  | 96 |  |  | 400 |
Gain on sale of investment properties, net | — |  |  | (636) |  |  | (36,856) |  |  | (1,516) |
Depreciation and amortization | 24,021 |  |  | 21,318 |  |  | 71,055 |  |  | 65,000 |
General and administrative | 7,236 |  |  | 8,782 |  |  | 23,239 |  |  | 29,043 |
Direct listing costs | — |  |  | 1,704 |  |  |  |  | 1,704 |
Other fee income | (594) |  |  | (863) |  |  | (1,988) |  |  | (2,770) |
Adjustments to NOI (a) | (1,777) |  |  | (1,825) |  |  | (8,071) |  |  | (5,674) |
NOI | 36,662 |  |  | 35,817 |  |  | 113,526 |  |  | 101,248 |
NOI from other investment properties | (3,488) |  |  | (1,662) |  |  | (10,858) |  |  | (3,740) |
Same Property NOI | 33,174 |  |  | 34,155 |  |  | 102,668 |  |  | 97,508 |
IAGM Same Property NOI at share | 2,589 |  |  | 2,643 |  |  | 7,880 |  |  | 7,347 |
Pro Rata Same Property NOI | $ | 35,763 |  |  | $ | 36,798 |  |  | $ | 110,548 |  |  | $ | 104,855 |

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

|  | Supplemental - Quarter End September 30, 2022 - 6

Reconciliation of Non-GAAP Measures, continued
In thousands, except share and per share amounts
NAREIT FFO and Core FFO

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 936 |  |  | $ | 3,992 |  |  | $ | 52,358 |  |  | $ | 5,391 |
Depreciation and amortization related to investment properties | 23,826 |  |  | 21,107 |  |  | 70,444 |  |  | 64,328 |
Gain on sale of investment properties, net | — |  |  | (636) |  |  | (36,856) |  |  | (1,516) |
Unconsolidated joint venture adjustments (a) | 1,335 |  |  | 1,787 |  |  | 2,255 |  |  | 5,943 |
NAREIT FFO Applicable to Common Shares and Dilutive Securities | 26,097 |  |  | 26,250 |  |  | 88,201 |  |  | 74,146 |
Amortization of above and below-market leases and lease inducements, net | (985) |  |  | (1,019) |  |  | (4,594) |  |  | (3,404) |
Straight-line rent adjustments, net | (757) |  |  | (633) |  |  | (3,125) |  |  | (1,902) |
Direct listing costs | — |  |  | 1,704 |  |  | — |  |  | 1,704 |
Adjusting items, net (b) | 696 |  |  | 758 |  |  | 2,093 |  |  | 2,214 |
Unconsolidated joint venture adjusting items, net (c) | 172 |  |  | 260 |  |  | 300 |  |  | 566 |
Core FFO Applicable to Common Shares and Dilutive Securities | $ | 25,223 |  |  | $ | 27,320 |  |  | $ | 82,875 |  |  | $ | 73,324 |
Weighted average common shares outstanding - basic | 67,427,571 |  |  | 71,261,403 |  |  | 67,398,713 |  |  | 71,731,832 |
Dilutive effect of unvested restricted shares (d) | 119,688 |  |  | 134,222 |  |  | 159,602 |  |  | 70,250 |
Weighted average common shares outstanding - diluted | 67,547,259 |  |  | 71,395,625 |  |  | 67,558,315 |  |  | 71,802,082 |
NAREIT FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.39 |  |  | $ | 0.37 |  |  | $ | 1.31 |  |  | $ | 1.03 |
Core FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.37 |  |  | $ | 0.38 |  |  | $ | 1.23 |  |  | $ | 1.02 |

(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
The following table presents a pro rata reconciliation of Net Income to EBITDA and Adjusted EBITDA, with reconciling items reflecting our consolidated entities and our pro rata share of our JV:

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 936 |  |  | $ | 3,992 |  |  | $ | 52,358 |  |  | $ | 5,391 |
Interest expense | 8,200 |  |  | 4,690 |  |  | 19,772 |  |  | 14,385 |
Income tax expense | 114 |  |  | 74 |  |  | 329 |  |  | 275 |
Depreciation and amortization | 25,356 |  |  | 23,325 |  |  | 75,373 |  |  | 71,163 |
EBITDA | 34,606 |  |  | 32,081 |  |  | 147,832 |  |  | 91,214 |
Adjustments to reconcile to Adjusted EBITDA |  |  |  |  |  |  |
Direct listing costs | — |  |  | 1,704 |  |  | — |  |  | 1,704 |
Gain on sale of investment properties, net | — |  |  | (856) |  |  | (38,919) |  |  | (1,736) |
Loss on debt extinguishment | — |  |  | 518 |  |  | 207 |  |  | 526 |
Non-operating income and expense, net (a) | (207) |  |  | (229) |  |  | (827) |  |  | (6) |
Other leasing adjustments (b) | (1,645) |  |  | (1,588) |  |  | (7,547) |  |  | (5,072) |
Adjusted EBITDA | $ | 32,754 |  |  | $ | 31,630 |  |  | $ | 100,746 |  |  | $ | 86,630 |

(a)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(b)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.

|  | Supplemental - Quarter End September 30, 2022 - 7

Summary of Outstanding Debt
In thousands

| Balance as of September 30, 2022 |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate secured debt | $ | 163,260 |  |  | 20% |  | 3.95% |  | 3.3
Fixed rate unsecured debt | 550,000 |  |  | 68% |  | 3.79% |  | 5.9
Variable rate unsecured debt | 100,000 |  |  | 12% |  | 4.34% |  | 4.5
Issuance costs, net of accumulated amortization | (5,621) |  |  | n/a |  | n/a |  | n/a
Total consolidated debt, net | $ | 807,639 |  |  | 100% |  | 3.89% |  | 5.2

Schedule of Maturities by Year |  |  |  |  |  |
|  | Fixed Rate |  |  | Variable Rate |  | Total Consolidated Debt |  |  |  |
Maturity Year |  | Secured Debt |  | Unsecured Debt |  |  | Unsecured Debt |  |  | Total JV Debt at 100% (a) |  | Total Debt
2022 |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  | 38,550 |  |  | — |  |  |  | — |  |  | 38,550 |  |  | 126,022 |  |  | 164,572 |
2024 |  | 15,700 |  |  | — |  |  |  | — |  |  | 15,700 |  |  | — |  |  | 15,700 |
2025 |  | 51,510 |  |  | — |  |  |  | — |  |  | 51,510 |  |  | — |  |  | 51,510 |
2026 |  | — |  |  | 200,000 |  |  |  | — |  |  | 200,000 |  |  | — |  |  | 200,000 |
Thereafter |  | 57,500 |  |  | 350,000 |  |  |  | 100,000 |  |  | 507,500 |  |  | — |  |  | 507,500 |
Issuance costs, net of amortization |  | — |  |  | — |  |  |  | — |  |  | (5,621) |  |  | (387) |  |  | (6,008) |
Total |  | $ | 163,260 |  |  | $ | 550,000 |  |  |  | $ | 100,000 |  |  | $ | 807,639 |  |  | $ | 125,635 |  |  | $ | 933,274 |

(a)Weighted average term for JV debt, of which our share is 55%, is 0.9 years and weighted average rate is 2.80%. The 2023 maturities for JV debt are not inclusive of two twelve-month extension options.
Debt Maturities as of September 30, 2022

| Maturity Date |  | Interest Rate |  | Interest Rate Type |  | Balance
Mortgages Payable |  |  |  |  |  |  |
University Oaks Shopping Center (a) | 1/6/2023 |  | 4.10% |  | Fixed |  | $ | 24,723 |
Renaissance Center II | 4/6/2023 |  | 3.49% |  | Fixed |  | 13,827 |
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 |  |  |  |  |  |  | 147,560 |
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% |  |  |  | 163,260 |
Term Loans |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | 2.68% (b) |  | Fixed |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | 2.68% (b) |  | Fixed |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 2.69% (b) |  | Fixed |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 2.70% (b) |  | Fixed |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 1M SOFR + 1.30% (c) |  | Variable |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |
$150.0 million | 8/11/2029 |  | 5.07% |  | Fixed |  | 150,000 |
$100.0 million | 8/11/2032 |  | 5.20% |  | Fixed |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |
Grand total |  |  | 3.89% |  |  |  | $ | 813,260 |

(a)On October 6, 2022, the Company extinguished the $24.7 million mortgage payable secured by University Oaks Shopping Center with cash on hand.
(b)Interest rates reflect the fixed rates effectively achieved through the Company's interest rate swaps.
(c)As of September 30, 2022, 1-Month Term SOFR was 3.04%. 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.

|  | Supplemental - Quarter End September 30, 2022 - 8

Consolidated Debt Covenants, Interest Rate Swaps, and Capital Expenditures
Unaudited, dollars in thousands
Debt Covenants (trailing 12 months)

|  |  |  |  |  | For the quarter ended
Description |  | Term Loan Covenants |  | Senior Note Covenants |  | Q3 2022 |  | Q2 2022 |  | Q1 2022 |  | Q4 2021
Leverage Ratio |  | < 60.0% |  | < 60.0% |  | 31.4% |  | 28.5% |  | 28.7% |  | 25.9%
Fixed Charge Coverage Ratio |  | > 1.50 |  | > 1.50 |  | 5.61 |  | 6.38 |  | 6.62 |  | 6.31
Maximum Dividend Payout |  | < 95% |  | N/A |  | 48.8% |  | 48.8% |  | 51.5% |  | 55.8%
Maximum Secured Recourse Debt |  | < 10% of Total Asset Value |  | < 10% of Total Asset Value |  | —% |  | —% |  | —% |  | —%
Unsecured Interest Coverage Ratio |  | > 1.75 |  | > 1.75 |  | 3.55 |  | 4.28 |  | 4.26 |  | 5.16
Unsecured Leverage Ratio |  | < 60% |  | < 60% |  | 33.2% |  | 27.5% |  | 27.8% |  | 23.0%

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 |  |  | 2.68% |  | 12/2/2019 |  | 12/21/2023
5 Year Term Loan |  | 100,000 |  |  | 2.68% |  | 12/2/2019 |  | 12/21/2023
5.5 Year Term Loan |  | 50,000 |  |  | 2.69% |  | 12/2/2019 |  | 6/21/2024
5.5 Year Term Loan |  | 50,000 |  |  | 2.70% |  | 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 |  |  | 2.78% |  | 12/21/2023 |  | 9/22/2026
5 Year Term Loan |  | 100,000 |  |  | 2.77% |  | 12/21/2023 |  | 9/22/2026
5.5 Year Term Loan |  | 50,000 |  |  | 2.78% |  | 6/21/2024 |  | 3/22/2027
5.5 Year Term Loan |  | 50,000 |  |  | 2.80% |  | 6/21/2024 |  | 3/22/2027
|  | $ | 300,000 |  |  |  |  |  |  |

Capital Expenditures, Pro Rata

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Leasing and Maintenance Capital Expenditures: |  |  |  |  |  |  |
Tenant improvements | $ | 1,318 |  |  | $ | 1,166 |  |  | $ | 4,796 |  |  | $ | 4,800 |
Leasing commissions | 1,453 |  |  | 1,056 |  |  | 3,732 |  |  | 3,501 |
Maintenance capital expenditures | 2,737 |  |  | 2,877 |  |  | 9,672 |  |  | 6,578 |
Total leasing and maintenance capital expenditures (a) | 5,508 |  |  | 5,099 |  |  | 18,200 |  |  | 14,879 |
Investment in development and redevelopment projects (b) | 2,599 |  |  | 1,155 |  |  | 9,238 |  |  | 4,421 |
Grand total | $ | 8,107 |  |  | $ | 6,254 |  |  | $ | 27,438 |  |  | $ | 19,300 |

(a)As of September 30, 2022 and 2021, total pro rata accrued leasing and maintenance capital expenditures are $4,023 and $2,638, respectively. These accrued amounts are not reflected in the table above.
(b)As of September 30, 2022 and 2021, total pro rata accrued investment in development and redevelopment projects are $301 and $1,055, respectively. These accrued amounts are not reflected in the table above.

|  | Supplemental - Quarter End September 30, 2022 - 9

Joint Venture Financial Information
In thousands
Condensed Balance Sheets

| As of
| September 30, 2022 |  | December 31, 2021
Assets |  |  |
Investment properties |  |  |
Land | $ | 63,874 |  |  | $ | 89,800 |
Building and other improvements | 217,340 |  |  | 271,637 |
Construction in progress | 188 |  |  | 1,158 |
Total | 281,402 |  |  | 362,595 |
Less accumulated depreciation | (68,048) |  |  | (74,581) |
Net investment properties | 213,354 |  |  | 288,014 |
Cash and cash equivalents | 16,678 |  |  | 77,526 |
Intangible assets, net | 10,401 |  |  | 11,761 |
Accounts and rents receivable | 2,971 |  |  | 4,284 |
Deferred costs and other assets, net | 6,140 |  |  | 5,125 |
Total assets | $ | 249,544 |  |  | $ | 386,710 |
Liabilities and Equity |  |  |
Mortgages debt, net | $ | 125,635 |  |  | $ | 165,831 |
Accounts payable and accrued expenses | 4,955 |  |  | 7,747 |
Intangible liabilities, net | 465 |  |  | 2,133 |
Other liabilities | 2,705 |  |  | 2,529 |
Total liabilities | 133,760 |  |  | 178,240 |
Equity | 115,784 |  |  | 208,470 |
Total liabilities and equity | $ | 249,544 |  |  | $ | 386,710 |

Condensed Statement of Operations

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Income |  |  |  |  |  |  |
Lease income, net | $ | 6,470 |  |  | $ | 10,096 |  |  | $ | 21,327 |  |  | $ | 32,811 |
Other property income | 48 |  |  | 88 |  |  | 174 |  |  | 223 |
Total income | 6,518 |  |  | 10,184 |  |  | 21,501 |  |  | 33,034 |
Operating Expenses |  |  |  |  |  |  |
Depreciation and amortization | 2,428 |  |  | 3,648 |  |  | 7,852 |  |  | 11,205 |
Property operating | 1,363 |  |  | 1,586 |  |  | 3,804 |  |  | 5,715 |
Real estate taxes | 929 |  |  | 1,722 |  |  | 3,174 |  |  | 6,392 |
Asset management fee | 215 |  |  | 292 |  |  | 686 |  |  | 859 |
General and administrative | 64 |  |  | 63 |  |  | 178 |  |  | 200 |
Total operating expenses | 4,999 |  |  | 7,311 |  |  | 15,694 |  |  | 24,371 |
Other income (expense) |  |  |  |  |  |  |
Interest expense, net | (929) |  |  | (1,254) |  |  | (2,987) |  |  | (4,415) |
Loss on extinguishment of debt | — |  |  | (215) |  |  | (202) |  |  | (229) |
Gain on sale investment properties, net | — |  |  | 12,827 |  |  | 4,995 |  |  | 12,827 |
Other income and expense, net | (78) |  |  | (16) |  |  | 143 |  |  | (124) |
Total other income (expense), net | (1,007) |  |  | 11,342 |  |  | 1,949 |  |  | 8,059 |
Net income | $ | 512 |  |  | $ | 14,215 |  |  | $ | 7,756 |  |  | $ | 16,722 |

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 Notes for additional details.

|  | Supplemental - Quarter End September 30, 2022 - 10

Joint Venture Supplemental Details of Assets and Liabilities
In thousands

| As of
| September 30, 2022 |  | December 31, 2021
Accounts and rents receivable |  |  |
Billed base rent, recoveries, and other revenue | $ | 101 |  |  | $ | 971 |
Straight-line rent receivables | 2,870 |  |  | 3,313 |
Total | $ | 2,971 |  |  | $ | 4,284 |
Deferred cost and other assets, net |  |  |
Lease commissions, net | $ | 2,166 |  |  | $ | 2,900 |
Fair value of derivatives | 3,197 |  |  | 530 |
Deferred costs, net | 622 |  |  | 826 |
Other assets | 155 |  |  | 869 |
Total | $ | 6,140 |  |  | $ | 5,125 |
Other liabilities |  |  |
Unearned income | $ | 1,084 |  |  | $ | 1,268 |
Security deposits | 780 |  |  | 806 |
Other liabilities | 841 |  |  | 455 |
Total | $ | 2,705 |  |  | $ | 2,529 |

|  | Supplemental - Quarter End September 30, 2022 - 11

Joint Venture Supplemental Details of Operations
In thousands

|  | Three Months Ended September 30 |  | Nine Months Ended September 30 |  |
|  | 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Income |  |  |  |  |  |  |  |  |
* | Minimum base rent | $ | 4,084 |  |  | $ | 6,662 |  |  | $ | 13,442 |  |  | $ | 21,511 |  |  |
* | Real estate tax recoveries | 678 |  |  | 1,218 |  |  | 2,297 |  |  | 4,519 |  |  |
* | CAM, insurance, and other recoveries | 657 |  |  | 935 |  |  | 2,004 |  |  | 3,232 |  |  |
* | Ground rent income | 1,091 |  |  | 1,033 |  |  | 3,316 |  |  | 3,213 |  |  |
| Above/below market rent and lease inducement amortization, net | (194) |  |  | (200) |  |  | (592) |  |  | (617) |  |  |
* | Short-term and other lease income | 74 |  |  | 203 |  |  | 397 |  |  | 488 |  |  |
| Termination fee income | 3 |  |  | 71 |  |  | 3 |  |  | 332 |  |  |
| Straight-line rent adjustment, net | 17 |  |  | 82 |  |  | 91 |  |  | 218 |  |  |
| Reversal of (provision for) uncollectible straight-line rent, net | 2 |  |  | (1) |  |  | 189 |  |  | (28) |  |  |
* | Provision for uncollectible billed rent and recoveries | (9) |  |  | (226) |  |  | (35) |  |  | (483) |  |  |
* | Reversal of uncollectible billed rent and recoveries | 67 |  |  | 319 |  |  | 215 |  |  | 426 |  |  |
| Lease income, net | 6,470 |  |  | 10,096 |  |  | 21,327 |  |  | 32,811 |  |  |
* | Other property income | 48 |  |  | 88 |  |  | 174 |  |  | 223 |  |  |
| Total income | $ | 6,518 |  |  | $ | 10,184 |  |  | $ | 21,501 |  |  | $ | 33,034 |  |  |
Operating expenses |  |  |  |  |  |  |  |  |
| Depreciation and amortization | $ | 2,428 |  |  | $ | 3,648 |  |  | $ | 7,852 |  |  | $ | 11,205 |  |  |
* | Property operating expenses | 1,363 |  |  | 1,586 |  |  | 3,804 |  |  | 5,715 |  |  |
* | Real estate taxes | 929 |  |  | 1,722 |  |  | 3,174 |  |  | 6,392 |  |  |
| Asset management fee | 215 |  |  | 292 |  |  | 686 |  |  | 859 |  |  |
| General and administrative | 64 |  |  | 63 |  |  | 178 |  |  | 200 |  |  |
| Total operating expenses | $ | 4,999 |  |  | $ | 7,311 |  |  | $ | 15,694 |  |  | $ | 24,371 |  |  |

* Component of Net Operating Income

|  | Supplemental - Quarter End September 30, 2022 - 12

Summary of Outstanding Joint Venture Debt
In thousands

| Balance as of September 30, 2022 |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate secured debt | $ | 103,125 |  |  | 82% |  | 2.38% |  | 0.9
Variable rate secured debt | 22,897 |  |  | 18% |  | 4.69% |  | 1.1
Issuance costs, net of accumulated amortization | (387) |  |  | n/a |  | n/a |  | n/a
Total debt, net | $ | 125,635 |  |  | 100% |  | 2.80% |  | 0.9

Debt Maturities as of September 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 SOFR + 1.65% |  | 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 September 30, 2022, 1-Month Term SOFR was 3.04%. On September 28, 2022, the JV transitioned its pooled mortgages payable from 1-Month LIBOR to pricing based on 1-Month Term SOFR.

|  | Supplemental - Quarter End September 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 |  | $ | 32,193 |  |  | $16.30 |  | 18.6 | % |  | 2,056 |  | 21.0 | %
Atlanta Metro Area, GA |  | 10 |  | 19,283 |  |  | 18.99 |  | 11.1 | % |  | 1,058 |  | 10.7 | %
Miami-Fort Lauderdale-Miami Beach, FL |  | 3 |  | 17,999 |  |  | 22.71 |  | 10.4 | % |  | 859 |  | 8.7 | %
Dallas-Fort Worth-Arlington, TX |  | 7 |  | 16,503 |  |  | 19.73 |  | 9.5 | % |  | 938 |  | 9.5 | %
Houston-Sugar Land-Baytown, TX |  | 6 |  | 12,924 |  |  | 16.14 |  | 7.4 | % |  | 926 |  | 9.4 | %
Raleigh-Cary-Durham, NC |  | 5 |  | 12,413 |  |  | 19.22 |  | 7.2 | % |  | 688 |  | 7.0 | %
So. California - Los Angeles, CA |  | 3 |  | 10,519 |  |  | 20.34 |  | 6.1 | % |  | 579 |  | 5.9 | %
Tampa-St. Petersburg, FL |  | 3 |  | 8,843 |  |  | 12.87 |  | 5.1 | % |  | 753 |  | 7.7 | %
Orlando-Kissimmee, FL |  | 4 |  | 8,532 |  |  | 23.49 |  | 4.9 | % |  | 378 |  | 3.8 | %
Washington D.C/Richmond Metro Area |  | 3 |  | 8,064 |  |  | 24.18 |  | 4.6 | % |  | 358 |  | 3.6 | %
Charlotte-Gastonia-Concord, NC |  | 2 |  | 6,514 |  |  | 20.13 |  | 3.8 | % |  | 328 |  | 3.3 | %
So. California - San Diego, CA |  | 2 |  | 5,669 |  |  | 25.99 |  | 3.3 | % |  | 225 |  | 2.3 | %
So. California - Inland Empire, CA |  | 2 |  | 5,658 |  |  | 22.98 |  | 3.3 | % |  | 246 |  | 2.5 | %
San Antonio, TX |  | 2 |  | 3,992 |  |  | 26.09 |  | 2.3 | % |  | 163 |  | 1.7 | %
Denver-Colorado Springs-Greeley, CO |  | 1 |  | 3,747 |  |  | 18.25 |  | 2.0 | % |  | 225 |  | 2.3 | %
Cape Coral-Fort Myers, FL |  | 1 |  | 635 |  |  | 10.09 |  | 0.4 | % |  | 63 |  | 0.6 | %
Total |  | 62 |  | $ | 173,488 |  |  | $18.91 |  | 100 | % |  | 9,843 |  | 100 | %

State |  | No. of Properties |  | ABR |  | ABR psf |  | ABR as % of Total |  | GLA |  | GLA as % of Total
Texas |  | 23 |  | $ | 65,612 |  |  | $17.43 |  | 37.8 | % |  | 4,083 |  | 41.6 | %
Florida |  | 11 |  | 36,009 |  |  | 18.89 |  | 20.8 | % |  | 2,053 |  | 20.8 | %
California |  | 7 |  | 21,846 |  |  | 22.26 |  | 12.7 | % |  | 1,050 |  | 10.7 | %
Georgia |  | 10 |  | 19,283 |  |  | 18.99 |  | 11.1 | % |  | 1,058 |  | 10.7 | %
North Carolina |  | 7 |  | 18,927 |  |  | 19.52 |  | 11.0 | % |  | 1,016 |  | 10.3 | %
Maryland/Virginia |  | 3 |  | 8,064 |  |  | 24.18 |  | 4.6 | % |  | 358 |  | 3.6 | %
Colorado |  | 1 |  | 3,747 |  |  | 18.25 |  | 2.0 | % |  | 225 |  | 2.3 | %
Total |  | 62 |  | $ | 173,488 |  |  | $18.91 |  | 100 | % |  | 9,843 |  | 100 | %

Tenant type |  | Leased Occupancy |  | ABR |  | ABR PSF |  | GLA
20,000 SF+ (a) |  | 98.3 | % |  | $ | 58,149 |  |  | $ | 11.19 |  |  | 5,375 |
10,000 - 19,999 SF (a) |  | 97.4 | % |  | 17,616 |  |  | 19.19 |  |  | 953 |
5,000 - 9,999 SF (b) |  | 92.1 | % |  | 17,340 |  |  | 26.04 |  |  | 759 |
1 - 4,999 SF (b) |  | 90.7 | % |  | 80,383 |  |  | 33.54 |  |  | 2,756 |
Total |  | 95.6 | % |  | $ | 173,488 |  |  | $ | 18.91 |  |  | 9,843 |
Anchor Tenants (a) |  | 98.2 | % |  | $ | 75,765 |  |  | $ | 12.39 |  |  | 6,328 |
Small Shops (b) |  | 91.0 | % |  | $ | 97,723 |  |  | $ | 31.91 |  |  | 3,515 |

(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 September 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 |  | 6,885 |  |  | 4.0 | % |  | 635 |  | 6.5 | %
TJX Companies |  | Marshalls 7 / HomeGoods 4 / TJ Maxx 3 |  | 14 |  | A |  | 4,886 |  |  | 2.8 | % |  | 418 |  | 4.2 | %
Albertsons |  | Tom Thumb 2 / Safeway 1 / Market Street 2 / Albertsons 1 |  | 6 |  | BB |  | 4,303 |  |  | 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 | %
Apollo Global Management, Inc. |  | Michael's 7 |  | 7 |  | B |  | 2,033 |  |  | 1.2 | % |  | 152 |  | 1.5 | %
Ulta Beauty Inc. |  |  |  | 8 |  | N/A |  | 1,952 |  |  | 1.1 | % |  | 83 |  | 0.8 | %
Bed Bath & Beyond Inc. |  | Bed Bath & Beyond 4 / Buy Buy Baby 1 |  | 5 |  | CCC |  | 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 | %
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 | %
Wells Fargo |  |  |  | 9 |  | BBB+ |  | 1,450 |  |  | 0.8 | % |  | 35 |  | 0.4 | %
Bank of America |  |  |  | 7 |  | A- |  | 1,381 |  |  | 0.8 | % |  | 35 |  | 0.4 | %
Massage Envy |  |  |  | 14 |  | N/A |  | 1,359 |  |  | 0.8 | % |  | 42 |  | 0.4 | %
DSW, Inc. |  |  |  | 4 |  | N/A |  | 1,296 |  |  | 0.7 | % |  | 73 |  | 0.7 | %
Sprouts Farmers Market |  |  |  | 2 |  | N/A |  | 1,266 |  |  | 0.7 | % |  | 56 |  | 0.6 | %
Regal Cinemas |  |  |  | 1 |  | D |  | 1,253 |  |  | 0.7 | % |  | 61 |  | 0.6 | %
The Gap, Inc. |  | Old Navy 5 |  | 5 |  | BB |  | 1,230 |  |  | 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 |  |  |  | 166 |  |  |  | $ | 61,085 |  |  | 35.2 | % |  | 4,653 |  | 47.1 | %

Tenant Merchandise Mix

Tenant Category |  | ABR Pro Rata Portfolio |  | % of Total ABR
Grocery/Drug Stores |  | $ | 34,824 |  |  | 20.1 | %
Soft Goods |  | 29,990 |  | 17.3 | %
Quick Service Restaurants |  | 20,473 |  | 11.8 | %
Personal Health and Beauty Services |  | 19,788 |  | 11.4 | %
Full Service Restaurants |  | 14,675 |  | 8.5 | %
Medical |  | 14,600 |  | 8.4 | %
Banks |  | 8,219 |  | 4.7 | %
Other |  | 6,434 |  | 3.6 | %
Office/Communications |  | 6,004 |  | 3.5 | %
Pet Supplies |  | 6,003 |  | 3.5 | %
Fitness |  | 5,372 |  | 3.1 | %
Other Essential Retail/Services |  | 3,909 |  | 2.3 | %
Entertainment |  | 1,741 |  | 1.0 | %
Hardware/Auto |  | 1,456 |  | 0.8 | %
|  | $ | 173,488 |  |  | 100 | %

|  | Supplemental - Quarter End September 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 |  |  |  |  |  |  |  |  |  |  |  |
Q3 2022 | 62 |  | 441 |  | $17.20 |  | $15.89 |  | 8.2% |  | 4.9 |  | $0.37 |  | $0.24
Q2 2022 | 56 |  | 153 |  | 29.55 |  | 25.67 |  | 15.1% |  | 7.3 |  | 21.84 |  | 3.84
Q1 2022 | 45 |  | 121 |  | 26.97 |  | 25.72 |  | 4.9% |  | 4.8 |  | 4.87 |  | 0.86
Q4 2021 | 45 |  | 167 |  | 25.34 |  | 24.33 |  | 4.2% |  | 4.8 |  | 1.79 |  | 1.07
Total | 208 |  | 882 |  | $22.21 |  | $20.53 |  | 8.2% |  | 5.3 |  | $4.97 |  | $1.11
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q3 2022 | 6 |  | 7 |  | $39.50 |  | $36.57 |  | 8.0% |  | 8.9 |  | $20.90 |  | $14.49
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
Total | 24 |  | 93 |  | $25.11 |  | $20.05 |  | 25.2% |  | 9.9 |  | $43.63 |  | $10.53
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q3 2022 | 56 |  | 434 |  | $16.82 |  | $15.54 |  | 8.2% |  | 4.8 |  | $0.03 |  | $—
Q2 2022 | 46 |  | 90 |  | 33.56 |  | 31.80 |  | 5.5% |  | 5.4 |  | 0.17 |  | —
Q1 2022 | 44 |  | 110 |  | 28.07 |  | 26.94 |  | 4.2% |  | 4.2 |  | 1.02 |  | —
Q4 2021 | 38 |  | 155 |  | 24.84 |  | 23.67 |  | 4.9% |  | 4.5 |  | 1.35 |  | —
Total | 184 |  | 789 |  | $21.87 |  | $20.58 |  | 6.3% |  | 4.7 |  | $0.44 |  | $—
| No. of Leases Executed |  | GLA |  | ABR PSF |  |  |  |  |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Non-Comparable Leases
Q3 2022 | 21 |  | 37 |  | $29.24 |  |  |  |  |  | 7.5 |  | $26.62 |  | $11.02
Q2 2022 | 22 |  | 136 |  | 17.66 |  |  |  |  |  | 7.3 |  | 29.93 |  | 4.81
Q1 2022 | 21 |  | 62 |  | 28.51 |  |  |  |  |  | 9.5 |  | 37.96 |  | 10.71
Q4 2021 | 26 |  | 83 |  | 29.29 |  |  |  |  |  | 9.4 |  | 22.17 |  | 10.82
Total | 90 |  | 318 |  | $23.78 |  |  |  |  |  | 8.3 |  | $29.09 |  | $8.26

|  | Supplemental - Quarter End September 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 |  | 1 |  |  | 60 |  |  | 1.0 | % |  | $ | 121 |  |  | 0.2 | % |  | $2.02
|  | 2023 |  | 7 |  |  | 207 |  |  | 3.4 | % |  | 2,726 |  |  | 3.5 | % |  | 13.17 |
|  | 2024 |  | 26 |  |  | 614 |  |  | 10.0 | % |  | 7,837 |  |  | 10.0 | % |  | 12.76 |
|  | 2025 |  | 20 |  |  | 789 |  |  | 12.9 | % |  | 9,417 |  |  | 12.0 | % |  | 11.94 |
|  | 2026 |  | 17 |  |  | 478 |  |  | 7.8 | % |  | 5,615 |  |  | 7.2 | % |  | 11.75 |
|  | 2027 |  | 41 |  |  | 1,387 |  |  | 22.8 | % |  | 20,052 |  |  | 25.6 | % |  | 14.46 |
|  | 2028 |  | 23 |  |  | 555 |  |  | 9.1 | % |  | 7,545 |  |  | 9.6 | % |  | 13.59 |
|  | 2029 |  | 11 |  |  | 339 |  |  | 5.5 | % |  | 4,153 |  |  | 5.3 | % |  | 12.25 |
|  | 2030 |  | 7 |  |  | 192 |  |  | 3.1 | % |  | 2,854 |  |  | 3.7 | % |  | 14.86 |
|  | 2031 |  | 6 |  |  | 294 |  |  | 4.8 | % |  | 2,659 |  |  | 3.4 | % |  | 9.04 |
|  | Thereafter |  | 30 |  |  | 1,184 |  |  | 19.4 | % |  | 14,921 |  |  | 19.1 | % |  | 12.60 |
|  | Other (c) |  | 1 |  |  | 15 |  |  | 0.2 | % |  | 288 |  |  | 0.4 | % |  | 18.75 |
|  | Totals |  | 190 |  |  | 6,114 |  |  | 100 | % |  | $ | 78,188 |  |  | 100 | % |  | $12.79
|  | Vacant space |  |  |  | 214 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 6,328 |  |  |  |  |  |  |  |  |
Small Shops |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  | 19 |  |  | 48 |  |  | 1.6 | % |  | $ | 1,413 |  |  | 1.3 | % |  | $29.44
|  | 2023 |  | 156 |  |  | 328 |  |  | 10.6 | % |  | 9,818 |  |  | 9.2 | % |  | 29.93
|  | 2024 |  | 165 |  |  | 395 |  |  | 12.8 | % |  | 12,415 |  |  | 11.6 | % |  | 31.43
|  | 2025 |  | 157 |  |  | 347 |  |  | 11.2 | % |  | 11,174 |  |  | 10.5 | % |  | 32.20
|  | 2026 |  | 190 |  |  | 454 |  |  | 14.7 | % |  | 15,259 |  |  | 14.3 | % |  | 33.61
|  | 2027 |  | 201 |  |  | 483 |  |  | 15.6 | % |  | 17,250 |  |  | 16.1 | % |  | 35.71
|  | 2028 |  | 89 |  |  | 226 |  |  | 7.3 | % |  | 8,297 |  |  | 7.8 | % |  | 36.71
|  | 2029 |  | 88 |  |  | 228 |  |  | 7.4 | % |  | 7,922 |  |  | 7.4 | % |  | 34.75
|  | 2030 |  | 62 |  |  | 151 |  |  | 4.9 | % |  | 5,855 |  |  | 5.5 | % |  | 38.77
|  | 2031 |  | 71 |  |  | 211 |  |  | 6.8 | % |  | 7,966 |  |  | 7.5 | % |  | 37.75
|  | Thereafter |  | 83 |  |  | 203 |  |  | 6.6 | % |  | 8,805 |  |  | 8.2 | % |  | 43.37
|  | Other (c) |  | 10 |  |  | 17 |  |  | 0.5 | % |  | 592 |  |  | 0.6 | % |  | 34.82
|  | Totals |  | 1,291 |  |  | 3,091 |  |  | 100 | % |  | $ | 106,766 |  |  | 100 | % |  | $34.54
|  | Vacant space |  |  |  | 424 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 3,515 |  |  |  |  |  |  |  |  |
Total Pro Rata |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  | 20 |  |  | 108 |  |  | 1.2 | % |  | $ | 1,534 |  |  | 0.8 | % |  | $14.20
|  | 2023 |  | 163 |  |  | 535 |  |  | 5.8 | % |  | 12,544 |  |  | 6.8 | % |  | 23.45 |
|  | 2024 |  | 191 |  |  | 1,009 |  |  | 11.0 | % |  | 20,252 |  |  | 10.9 | % |  | 20.07 |
|  | 2025 |  | 177 |  |  | 1,136 |  |  | 12.3 | % |  | 20,591 |  |  | 11.1 | % |  | 18.13 |
|  | 2026 |  | 207 |  |  | 932 |  |  | 10.1 | % |  | 20,874 |  |  | 11.3 | % |  | 22.40 |
|  | 2027 |  | 242 |  |  | 1,870 |  |  | 20.3 | % |  | 37,302 |  |  | 20.3 | % |  | 19.95 |
|  | 2028 |  | 112 |  |  | 781 |  |  | 8.5 | % |  | 15,842 |  |  | 8.6 | % |  | 20.28 |
|  | 2029 |  | 99 |  |  | 567 |  |  | 6.2 | % |  | 12,075 |  |  | 6.5 | % |  | 21.30 |
|  | 2030 |  | 69 |  |  | 343 |  |  | 3.7 | % |  | 8,709 |  |  | 4.7 | % |  | 25.39 |
|  | 2031 |  | 77 |  |  | 505 |  |  | 5.5 | % |  | 10,625 |  |  | 5.7 | % |  | 21.04 |
|  | Thereafter |  | 113 |  |  | 1,387 |  |  | 15.1 | % |  | 23,726 |  |  | 12.8 | % |  | 17.11 |
|  | Other (c) |  | 11 |  |  | 32 |  |  | 0.3 | % |  | 880 |  |  | 0.5 | % |  | 27.50 |
|  | Totals |  | 1,481 |  |  | 9,205 |  |  | 100 | % |  | $ | 184,954 |  |  | 100 | % |  | $20.09
|  | Vacant space |  |  |  | 638 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 9,843 |  |  |  |  |  |  |  |  |

(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 September 30, 2022 - 17

Acquisitions and Dispositions
Dollars and GLA in thousands
Acquisitions

Ownership |  | Date |  | Property Name |  | Market |  | Acquisition Price |  | GLA |  | Leased Occ. (a) |  | Anchor Tenants (b)
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 (c) |  | Dallas-Fort Worth-Arlington, TX |  | 38,000 |  |  | 175 |  | 90.8% |  | Target*, Bed Bath & Beyond, Market by Macy's, Party City, Skechers, World Market
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 (d) |  | Austin-Round Rock, TX |  | 705 |  |  | n/a |  | n/a |  | HEB
|  |  |  |  |  |  |  | $ | 238,470 |  |  | 765 |  |  |  |

(a)Leased Occupancy at date of acquisition.
(b)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.
(c)This retail property was acquired from the JV.
(d)The outparcel of vacant land acquired is adjacent to this retail property.
Dispositions

Ownership |  | Date |  | Property Name |  | Market |  | Disposition Price |  | GLA |  | Leased Occ. (a) |  | Anchor Tenants (b)
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)Leased Occupancy at date of disposition.
(b)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. (b) |  | Anchor Tenants (c)
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, Market by Macy's, Party City, Skechers, World Market
|  |  |  |  |  |  |  | $ | 77,100 |  |  | 381 |  |  |  |

(a)Disposition Price and GLA for the Joint Venture Disposition activity are reflected at 100%.
(b)Leased Occupancy at date of disposition.
(c)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

|  | Supplemental - Quarter End September 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
55% |  | Cyfair Town Center |  | Houston-Sugar Land-Baytown, TX |  | Outparcel redevelopment to include a drive-through. |  | 3Q - 2023 |  | 320 |  | 20 |  |
100% |  | Southern Palm Crossing |  | Miami-Fort Lauderdale-Miami Beach, FL |  | Redevelopment of a former bank building for a freestanding building with a drive-through. |  | 4Q - 2023 |  | 1,400 |  | 200 |  |
|  | Totals |  |  |  |  |  |  |  | $1,720 |  | $220 |  | 7-10%
(a) Our estimated timing of completion may be impacted by factors outside of our control, including global supply constraints or government restrictions. |  |  |  |
Recently Completed Redevelopments |  |  |  |  |  |  |  |  |  |
Ownership |  | Property Name |  | Market |  | Project Description |  | Completion Quarter |  | Completed Costs |  | Costs to Date |  |
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. |  | 3Q - 2022 |  | $1,600 |  | $1,600 |  |
55% |  | Cyfair Town Center |  | Houston-Sugar Land-Baytown, TX |  | Renovation and re-merchandising of center including façade and common area enhancements, upgraded signage and rebranding. |  | 3Q - 2022 |  | $2,600 |  | $2,600 |  |
100% |  | Suncrest Village |  | Orlando-Kissimmee, FL |  | Redevelopment of center including demolition and expansion of the Publix grocery store, upgrades to the facade, signage enhancement, and common area improvements. |  | 3Q - 2022 |  | $10,800 |  | $10,800 |  |
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% |  | 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. |  |  |  |  |  |  |  |
100% |  | Shops at Arbor Trails |  | Austin-Round Rock, TX |  | Redevelopment of an outparcel and common area improvements. |  |
100% |  | Bay Landing |  | Cape Coral-Fort Myers, FL |  | New development of building area adjacent to existing stores. |  |  |
100% |  | The Parke |  | Austin-Round Rock, TX |  | Anchor repositioning and expansion. |  |
100% |  | Pavilion at LaQuinta |  | So. California - Inland Empire |  | Redevelopment of an outparcel. |  |
55% |  | Bay Colony |  | Houston-Sugar Land-Baytown, TX |  | Redevelopment of an existing outparcel building.

|  | Supplemental - Quarter End September 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% | $13.98 | Yes | Kroger
2 | Bay Colony | 55% | Houston-Sugar Land-Baytown | TX | C | 416 | 84.3% | $16.22 | 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 | N | 63 | 100% | $10.09 | Yes | The Fresh Market, HomeGoods
4 | Bear Creek Village Center | 100% | So. California - Inland Empire | CA | N | 80 | 100% | $25.18 | Yes | Stater Brothers
5 | Bent Tree Plaza | 100% | Raleigh-Cary-Durham | NC | N | 80 | 100% | $14.27 | Yes | Food Lion
6 | Blackhawk Town Center | 55% | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $13.94 | Yes | HEB, Walgreens
7 | Buckhead Crossing | 100% | Atlanta Metro Area | GA | P | 221 | 96.5% | $20.99 | No | HomeGoods, Marshalls, Michaels, Office Depot, Ross Dress for Less, The Tile Shop
8 | Campus Marketplace | 100% | So. California - San Diego | CA | N | 144 | 97.0% | $30.92 | Yes | Ralphs, CVS, Discovery Isle Child Development Center
9 | Cary Park Town Center | 100% | Raleigh-Cary-Durham | NC | N | 93 | 98.2% | $16.59 | 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% | $10.88 | Yes | Publix
12 | Custer Creek Village | 100% | Dallas-Fort Worth-Arlington | TX | N | 96 | 98.7% | $15.08 | Yes | Tom Thumb
13 | Cyfair Town Center | 55% | Houston-Sugar Land-Baytown | TX | C | 433 | 92.3% | $16.03 | Yes | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
14 | Eldorado Marketplace | 100% | Dallas-Fort Worth-Arlington | TX | C | 189 | 95.7% | $23.58 | Yes | Market Street, PetSmart, Phenix Salon Suites
15 | Eldridge Town Center & Windermere Village | 100% | Houston-Sugar Land-Baytown | TX | C | 175 | 90.6% | $17.76 | Yes | Kroger, Kohl's*, Petco
16 | Escarpment Village (e) | 100% | Austin-Round Rock | TX | N | 170 | 99.9% | $21.22 | Yes | HEB
17 | Garden Village | 100% | So. California - Los Angeles | CA | N | 117 | 88.5% | $18.09 | Yes | Albertson's, Rite Aid
18 | Gateway Market Center | 100% | Tampa-St. Petersburg | FL | P | 231 | 100% | $10.79 | Yes | Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx, Tuesday Morning
19 | Kennesaw Marketplace | 100% | Atlanta Metro Area | GA | C | 130 | 100% | $34.49 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
20 | Kyle Marketplace | 100% | Austin-Round Rock | TX | C | 225 | 100% | $17.03 | Yes | HEB
21 | Lakeside & Lakeside Crossing | 100% | Orlando-Kissimmee | FL | N | 76 | 100% | $46.61 | 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% | $24.15 | Yes | Whole Foods Market
24 | Old Grove Marketplace | 100% | So. California - San Diego | CA | N | 81 | 98.2% | $17.18 | Yes | Ralphs, Lowe's*
25 | Pavilion at LaQuinta | 100% | So. California - Inland Empire | CA | P | 166 | 100% | $21.92 | Yes | Sprouts Farmers Market, Bed Bath & Beyond, Best Buy, DSW, OfficeMax
26 | Peachland Promenade | 100% | Tampa-St. Petersburg | FL | N | 177 | 97.6% | $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% | $33.83 | Yes | Trader Joe's, Marshalls, Ulta
28 | Plantation Grove | 100% | Orlando-Kissimmee | FL | N | 74 | 100% | $15.25 | Yes | Publix
29 | Plaza Midtown | 100% | Atlanta Metro Area | GA | N | 70 | 96.9% | $27.20 | Yes | Publix
30 | Prestonwood Town Center (e) | 100% | Dallas-Fort Worth-Arlington | TX | P | 233 | 99.4% | $21.15 | Yes | Walmart*, Barnes & Noble, DSW, Michaels, Petco, Ulta
31 | Renaissance Center | 100% | Raleigh-Cary-Durham | NC | P | 363 | 92.3% | $22.27 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
32 | Rio Pinar Plaza | 100% | Orlando-Kissimmee | FL | N | 131 | 98.4% | $18.52 | Yes | Publix, Planet Fitness
33 | River Oaks | 100% | So. California - Los Angeles | CA | C | 275 | 95.5% | $20.17 | Yes | Sprouts Farmers Market, Target, Big 5 Sports Goods, Five Below, Total Wine & More, Ulta
34 | Riverview Village | 100% | Dallas-Fort Worth-Arlington | TX | N | 89 | 98.4% | $12.70 | Yes | Tom Thumb, Petco
35 | Riverwalk Market | 100% | Dallas-Fort Worth-Arlington | TX | N | 90 | 100% | $21.10 | Yes | Market Street
36 | Rose Creek | 100% | Atlanta Metro Area | GA | N | 70 | 100% | $11.32 | Yes | Publix
37 | Sandy Plains Centre | 100% | Atlanta Metro Area | GA | C | 131 | 93.7% | $22.62 | Yes | Kroger, Pet Supplies Plus, Walgreens*

|  | Supplemental - Quarter End September 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 | 85.9% | $13.83 | 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 | 97.2% | $17.25 | Yes | Hana World Market, Goodwill
40 | Shops at Arbor Trails (e) | 100% | Austin-Round Rock | TX | C | 357 | 100% | $13.60 | 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 | 66 | 97.2% | $23.51 | Yes | Whole Foods Market
42 | Shops at the Galleria | 100% | Austin-Round Rock | TX | P | 537 | 95.2% | $13.95 | No | Best Buy, 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, World Market
43 | Sonterra Village | 100% | San Antonio | TX | N | 42 | 100% | $32.84 | Yes | Trader Joe's
44 | Southern Palm Crossing | 100% | Miami-Fort Lauderdale-Miami Beach | FL | P | 345 | 97.0% | $15.86 | Yes | Costco Wholesale, Going Going Gone, Marshalls
45 | Stables Town Center | 55% | Houston-Sugar Land-Baytown | TX | N | 191 | 85.3% | $17.80 | Yes | Kroger, Walgreens
46 | Stevenson Ranch | 100% | So. California - Los Angeles | CA | C | 187 | 97.0% | $21.86 | Yes | Ralphs, Furniture Design Center, L.A. Fitness, PetSmart
47 | Stone Ridge Market | 55% | San Antonio | TX | C | 219 | 92.0% | $23.49 | Yes | HEB Plus*, Burlington, PetSmart
48 | Suncrest Village | 100% | Orlando-Kissimmee | FL | N | 97 | 95.3% | $17.90 | Yes | Publix, Orange County Tax Collector
49 | Sycamore Commons | 100% | Charlotte-Gastonia-Concord | NC | P | 265 | 100% | $19.21 | Yes | Costco Wholesale*, Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta, World Market
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 | 89.8% | $18.04 | Yes | Target*, Bed Bath & Beyond, Market by Macy's, Party City, Skechers, World Market
52 | The Parke | 100% | Austin-Round Rock | TX | P | 406 | 99.1% | $16.45 | Yes | Whole Foods Market, Buy Buy Baby, Dick's Sporting Goods, DSW, La-Z Boy, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Tuesday Morning, Ulta, World Market
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% | $29.52 | Yes | Safeway
55 | The Shops at Walnut Creek | 100% | Denver-Colorado Springs-Greeley | CO | P | 225 | 93.4% | $18.25 | Yes | Target*, Dollar Tree, Michaels, Old Navy, PetSmart, TJ Maxx
56 | Thomas Crossroads | 100% | Atlanta Metro Area | GA | N | 105 | 95.4% | $9.97 | Yes | Kroger
57 | Travilah Square Shopping Center | 100% | Washington D.C/Richmond Metro Area | MD | N | 56 | 86.4% | $48.51 | Yes | Trader Joe's
58 | Trowbridge Crossing | 100% | Atlanta Metro Area | GA | N | 63 | 95.4% | $12.09 | Yes | Publix
59 | University Oaks | 100% | Austin-Round Rock | TX | P | 236 | 84.3% | $20.81 | 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 | 90.6% | $25.25 | 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% | $14.69 | Yes | Publix, Christmas Tree Shops, Planet Fitness, The Tile Shop
62 | Windward Commons | 100% | Atlanta Metro Area | GA | N | 117 | 99.9% | $15.10 | Yes | Kroger
| Totals with JV at 100% |  |  |  |  | 10,467 | 95.3% | $18.82 |  |
| Totals, Pro Rata |  |  |  |  | 9,843 | 95.6% | $18.91 |  |

(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 September 30, 2022.

|  | Supplemental - Quarter End September 30, 2022 - 21

Components of Net Asset Value as of September 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 |  | $ | 32,854 |  |  | 5
Ground rent income |  | 3,808 |  | 5
NOI |  | 36,662 |  |  | 5
JV NOI at share, excluding ground rent (a) |  | $ | 1,651 |  |  | 12
JV Ground rent income at share |  | 600 |  | 12
JV NOI at share |  | 2,251 |  |  |
Annualized NOI, excluding ground rent income |  | 131,416 |  |
Annualized JV NOI at share, excluding ground rent income |  | 6,604 |  |
Annualized ground rent income |  | 17,632 |  |
Projected remaining development |  |  |  |
Net Consolidated Project Costs |  | 1,200 |  | 19
Net JV Project Costs at share |  | 165 |  | 19
Estimated Range for Incremental Yield |  | 7-10% |  | 19
Fee Income, Most Recent Quarter |  |  |  |
JV Management Fees & Commissions |  | 594 |  |  | 5
Other Assets |  |  |  |
Cash, cash equivalents and restricted cash |  | 216,516 |  | 2
Billed base rent, recoveries, and other revenue |  | 14,635 |  |  | 4
Undeveloped Land |  | — |  |
Land Held for Development |  | — |  |
Total JV Other Assets, at share (b) |  | 9,228 |  |  | 10, 11
Liabilities |  |  |  |
Debt |  | 813,260 |  | 8
Issuance costs, net of accumulated amortization |  | (5,621) |  | 8
Accounts payable and accrued expenses |  | 45,032 |  |  | 2
Distributions payable |  | 13,836 |  |  | 2
Other liabilities |  | 27,908 |  |  | 2
Projected remaining consolidated project costs |  | 1,200 |  | 19
Total JV Other Liabilities, at share (c) |  | 73,477 |  |  | 10, 19
Common Shares Outstanding |  | 67,427,571 |  | 1

(a)Includes elimination of our share of the management fee expense of $305 for the three months ended September 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 September 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, direct listing costs, 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 September 30, 2022 - 23