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Kimco Realty 10-K 2008



UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

Form 10-K

 [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the fiscal year ended December 31, 2007

OR

 [   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from __________ to __________

Commission file number 1-10899

Kimco Realty Corporation

(Exact name of registrant as specified in its charter)


Maryland

 

13-2744380

(State of incorporation)

 

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


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

(Address of principal executive offices - zip code)

(516) 869-9000

(Registrant’s telephone number, including area code)


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


Title of each class

 

Name of each exchange on
which registered

 

 

 

Common Stock, par value $.01 per share.

 

New York Stock Exchange

 

 

 

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

 

New York Stock Exchange

 

 

 

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

 

New York Stock Exchange


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

None


Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes

[ X ]

No

[    ]


Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

[ X ]

No

[    ]


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in the definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    [ X ]


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

Large Accelerated Filer

[ X ]

Accelerated Filer

[    ]

Non-accelerated Filer

[    ]

Smaller Reporting Company

[    ]


Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

[    ]

No

[ X ]


The aggregate market value of the voting stock held by non-affiliates of the Registrant was approximately $8.4 billion based upon the closing price on the New York Stock Exchange for such stock on June 29, 2007.


(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

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


252,857,002 shares as of February 21, 2008.


Page 1 of 198







DOCUMENTS INCORPORATED BY REFERENCE


Part III incorporates certain information by reference to the Registrant's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 13, 2008.


Index to Exhibits begins on page 61.






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TABLE OF CONTENTS


Item No.

 

Form 10-K
Report
Page

 

PART I

 

 

 

 

    1.

Business

4

 

 

 

    1A.

Risk Factors

13

 

 

 

    1B.

Unresolved Staff Comments

18

 

 

 

    2.

Properties

18

 

 

 

    3.

Legal Proceedings

20

 

 

 

    4.

Submission of Matters to a Vote of Security Holders

20

 

 

 

 

Executive Officers of the Registrant

35

 

 

 

 

 

 

 

PART II

 

 

 

 

    5.

Market for the Registrant’s Common Equity and Related Shareholder Matters

36

 

 

 

    6.

Selected Financial Data

37

 

 

 

    7.

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

39

 

 

 

    7A.

Quantitative and Qualitative Disclosures About Market Risk

54

 

 

 

    8.

Financial Statements and Supplementary Data

55

 

 

 

    9.

Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure

55

 

 

 

    9A.

Controls and Procedures

55

 

 

 

    9B.

Other Information

56

 

 

 

 

 

 

 

PART III

 

 

 

 

    10.

Directors and Executive Officers of the Registrant

59

 

 

 

    11.

Executive Compensation

59

 

 

 

    12.

Security Ownership of Certain Beneficial Owners and Management

59

 

 

 

    13.

Certain Relationships and Related Transactions

59

 

 

 

    14.

Principal Accountant Fees and Services

59

 

 

 

 

 

 

 

PART IV

 

 

 

 

    15.

Exhibits, Financial Statements, Schedules and Reports on Form 8-K

60





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PART I

FORWARD-LOOKING STATEMENTS


This annual report on Form 10-K, together with other statements and information publicly disseminated by Kimco Realty Corporation (the "Company" or "Kimco") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions.  Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements.  Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing on favorable terms, (iv) changes in governmental laws and regulations, (v) the level and volatility of interest rates and foreign currency exchange rates, (vi) the availability of suitable acquisition opportunities and (vii) increases in operating costs. Accordingly, there is no assurance that the Company’s expectations will be realized.


SHARE SPLIT


As of August 23, 2005, the Company effected a two-for-one split (the "Stock Split") of the Company’s common stock in the form of a stock dividend paid to stockholders of record on August 8, 2005.  All common share and per common share data included in this annual report on Form 10-K and the accompanying Consolidated Financial Statements and Notes thereto have been adjusted to reflect this Stock Split.


Item 1.  Business


General  


Kimco Realty Corporation, a Maryland corporation, is one of the nation's largest owners and operators of neighborhood and community shopping centers.  The terms "Kimco", the "Company", "we", "our" and "us" each refer to Kimco Realty Corporation and our subsidiaries unless the context indicates otherwise.  The Company is a self-administered real estate investment trust ("REIT") and its management has owned and operated neighborhood and community shopping centers for over 45 years.  The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties.  As of December 31, 2007, the Company had interests in 1,973 properties, totaling approximately 183 million square feet of gross leasable area ("GLA") located in 45 states, Canada, Mexico, Puerto Rico and Chile. The Company’s ownership interests in real estate consist of its consolidated portfolio and in portfolios where the Company owns an economic interest, such as properties in the Company’s investment management programs, where the Company partners with institutional investors and also retains management (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  The Company believes its portfolio of neighborhood and community shopping center properties is the largest (measured by GLA) currently held by any publicly traded REIT.


The Company's executive offices are located at 3333 New Hyde Park Road, New Hyde Park, New York 11042-0020 and its telephone number is (516) 869-9000.  Unless the context indicates otherwise, the term the "Company" as used herein is intended to include all subsidiaries of the Company.


The Company’s web site is located at http://www.kimcorealty.com.  The information contained on our web site does not constitute part of this Annual Report on Form 10-K.  On the Company’s web site you can obtain, free of charge, a copy of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and




4



amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable after we file such material electronically with, or furnish it to, the Securities and Exchange Commission (the "SEC").


History


The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders.  In 1973, these principals formed the Company as a Delaware corporation, and in 1985, the operations of The Kimco Corporation were merged into the Company.  The Company completed its initial public stock offering (the "IPO") in November 1991, and commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code").  In 1994, the Company reorganized as a Maryland corporation.


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


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


Also during 1998, the Company formed Kimco Income REIT ("KIR"), an entity in which the Company held a 99.99% limited partnership interest.  KIR was established for the purpose of investing in high-quality properties financed primarily with individual non-recourse mortgages.  The Company believed that these properties were appropriate for financing with greater leverage than the Company traditionally used.  At the time of formation, the Company contributed 19 properties to KIR, each encumbered by an individual non-recourse mortgage.  During 1999, KIR sold a significant interest in the partnership to institutional investors, thus establishing the Company’s investment management program.  The Company holds a 45.0% non-controlling limited partnership interest in KIR and accounts for its investment in KIR under the equity method of accounting.  (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


The Company has expanded its investment management program through the establishment of other various institutional joint venture programs in which the Company has non-controlling interests ranging generally from 5% to 45%.  The Company’s largest joint venture, Kimco Prudential Joint Venture ("KimPru"), was formed in 2006, in connection with the Pan Pacific Retail Properties Inc. ("Pan Pacific") merger transaction, with Prudential Real Estate Investors ("PREI"), which holds approximately $3.6 billion in assets.  The Company earns management fees, acquisition fees, disposition fees and promoted interests based on value creation.  As of December 31, 2007, the Company’s assets under management were valued at approximately $14.0 billion, comprising 441 properties.  (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


In connection with the Tax Relief Extension Act of 1999 (the "RMA") which became effective January 1, 2001, the Company is permitted to participate in activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations.  As such, the Company, through its taxable REIT subsidiaries, is engaged in various retail real estate related opportunities, including (i) merchant building through its



5



wholly-owned taxable REIT subsidiaries, including Kimco Developers, Inc. ("KDI"), which are primarily engaged in the ground-up development of neighborhood and community shopping centers and subsequent sale thereof upon completion (see Recent Developments - Ground-Up Development), (ii) retail real estate advisory and disposition services, which primarily focus on leasing and disposition strategies for real estate property interests of both healthy and distressed retailers and (iii) acting as an agent or principal in connection with tax-deferred exchange transactions.  The Company will consider other investments through taxable REIT subsidiaries should suitable opportunities arise.


The Company has continued its geographic expansion with investments in Canada, Mexico,  Puerto Rico and Chile. During October 2001, the Company formed the RioCan Venture ("RioCan Venture") with RioCan Real Estate Investment Trust ("RioCan", Canada’s largest publicly traded REIT measured by GLA) in which the Company has a 50% non-controlling interest, to acquire retail properties and development projects in Canada.  The Company accounts for this investment under the equity method of accounting.  The Company has expanded its presence in Canada with the establishment of other joint venture arrangements.  During 2002, the Company, along with various strategic co-investment partners, began acquiring operating and development properties located in Mexico.  During 2006, the Company acquired interests in shopping center properties located in Puerto Rico through joint ventures in which the Company holds controlling ownership interests.  During 2007, the Company acquired an interest in four shopping center properties located in Chile through a joint venture in which the Company holds a non-controlling ownership interest. (See Notes 3 and 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


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


Investment and Operating Strategy


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


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


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


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


The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base.  As of December 31, 2007, the Company's single largest



6



neighborhood and community shopping center accounted for only 1.7% of the Company's annualized base rental revenues and only 0.8% of the Company’s total shopping center GLA.  At December 31, 2007, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Wal-Mart, which represent approximately 3.2%, 2.8%, 2.3%, 2.0% and 1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.


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


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


The Company may legally invest in the securities of other issuers, for the purpose, among others, of exercising control over such entities, subject to the gross income and asset tests necessary for REIT qualification.  The Company may, on a selective basis, acquire all or substantially all securities or assets of other REITs or similar entities where such investments would be consistent with the Company’s investment policies.  In any event, the Company does not intend that its investments in securities will require it to register as an "investment company" under the Investment Company Act of 1940.


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


Capital Strategy and Resources


The Company intends to operate with and maintain a conservative capital structure with a level of debt to total market capitalization of approximately 50% or less.  As of December 31, 2007, the Company’s level of debt to total market capitalization was 30%.  In addition, the Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintaining its investment-grade debt ratings.  It is management's intention that the Company continually have access to the capital resources necessary to expand and develop its business.  Accordingly, the Company may, from time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives in a manner consistent with its intention to operate with a conservative debt structure.


Since the completion of the Company's IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs.  Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $5.7 billion.  Proceeds from public capital market



7



activities have been used for repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments, among other things.  The Company also has revolving credit facilities totaling approximately $1.8 billion available for general corporate purposes.  At December 31, 2007 the Company had approximately $282.2 million outstanding on the facilities.  In March 2006, the Company was added to the S & P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations.  For further discussion regarding capital strategy and resources, see Management’s Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities.


Competition  


As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of neighborhood and community shopping centers, the Company has established close relationships with a large number of major national and regional retailers and maintains a broad network of industry contacts.  Management is associated with and/or actively participates in many shopping center and REIT industry organizations.  Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.


Operating Practices


Nearly all operating functions, including leasing, legal, construction, data processing, maintenance, finance and accounting, are administered by the Company from its executive offices in New Hyde Park, New York and supported by the Company’s regional offices.  The Company believes it is critical to have a management presence in its principal areas of operation and accordingly, the Company maintains regional offices in various cities throughout the United States.  As of December 31, 2007, a total of 682 persons are employed at the Company's executive and regional offices.


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


As of December 31, 2007, the Company also employs a total of 44 persons at several of its larger properties in order to more effectively administer its maintenance and security responsibilities.


Qualification as a REIT  


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


In connection with the RMA, the Company’s taxable subsidiaries may participate in activities from which the Company was previously precluded, subject to certain limitations.  The primary activities of the Company’s taxable REIT subsidiaries during 2007 included, but were not limited to, (i) the ground-up development of shopping center properties and subsequent sale thereof upon completion (see Recent Developments - Ground-Up Development), (ii) real estate advisory and disposition services, including the Company’s investment in Albertson’s described below and (iii) acting as an agent or principal in connection with tax deferred exchange transactions.  The Company was subject to federal and state income taxes on the income from these activities.


Recent Developments


The following describes the Company’s significant transactions completed during the year ended December 31, 2007. (See Notes 3, 4 and 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)



8



Operating Properties -

Acquisitions -


During 2007, the Company acquired, in separate transactions, 43 operating properties, comprising an aggregate 3.6 million square feet of GLA for an aggregate purchase price of approximately $1.0 billion, including the assumption of approximately $114.3 million of non-recourse mortgage debt encumbering nine of the properties.

Dispositions -


During 2007, the Company (i) disposed of six operating properties and completed partial sales of three operating properties, in separate transactions, for an aggregate sales price of approximately $40.0 million, which resulted in an aggregate net gain of approximately $6.4 million, after income tax of approximately $1.6 million, and (ii) transferred one operating property, which was acquired in the first quarter of 2007, to a joint venture in which the Company holds a 15% non-controlling ownership interest for an aggregate price of approximately $4.5 million, which represented the net book value.


Additionally, during 2007, two consolidated joint ventures in which the Company had preferred equity investments disposed of, in separate transactions, their respective properties for an aggregate sales price of approximately $66.5 million.  As a result of these capital transactions, the Company received approximately $22.1 million of profit participation, before minority interest of approximately $5.6 million.  This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Company’s Consolidated Statements of Income.


Redevelopments -


The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace.  During 2007, the Company substantially completed the redevelopment and re-tenanting of various operating properties.  The Company expended approximately $70.1 million in connection with these major redevelopments and re-tenanting projects during 2007. The Company is currently involved in redeveloping several other shopping centers in the existing portfolio.  The Company anticipates its capital commitment toward these and other redevelopment projects will be approximately $90.0 million to $110.0 million during 2008.  

 

Ground-Up Development -


The Company is engaged in ground-up development projects which consist of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Mexico for long-term investment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2007, the Company had in progress a total of 60 ground-up development projects including 27 merchant building projects, nine U.S. ground-up development projects, and 24 ground-up development projects located throughout Mexico.


Merchant Building -


As of December 31, 2007, the Company had in progress 27 merchant building projects located in 13 states.  During 2007, the Company expended approximately $269.6 million in connection with the purchase of land and construction costs related to these projects and those sold during 2007.  As part of the Company’s ongoing analysis of its merchant building projects, the Company has determined that for two of its projects, located in Jacksonville, FL and Anchorage, AK, the recoverable value will not exceed their estimated cost.  This is primarily due to adverse changes in local market conditions and the uncertainty of those conditions in the future.  As a result, the Company has recorded an aggregate pre-tax adjustment of property carrying value on these projects for the year ended December 31, 2007, of $8.5 million, representing the excess of the carrying values of the projects over their estimated fair values.



9



The Company anticipates its capital commitment toward its merchant building projects will be approximately $200.0 million to $250.0 million during 2008.  The proceeds from the sale of completed ground-up development projects during 2008, proceeds from construction loans and availability under the Company’s revolving lines of credit are expected to be sufficient to fund these anticipated capital requirements.


Acquisitions -


During 2007, the Company acquired six land parcels, in separate transactions, for an aggregate purchase price of approximately $69.8 million.  The estimated project costs for these newly acquired parcels are approximately $95.2 million with completion dates ranging from October 2008 to June 2010.  


During 2007, the Company obtained individual construction loans on five merchant building projects and assumed one loan in connection with the acquisition of a merchant building project.  Additionally, the Company repaid construction loans on three merchant building projects. At December 31, 2007, total loan commitments on the Company’s 15 outstanding construction loans aggregated approximately $360.3 million of which approximately $245.9 million has been funded.  These loans have scheduled maturities ranging from one month to 33 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 6.78% to 7.48% at December 31, 2007.


Dispositions -


During 2007, the Company sold, in separate transactions, (i) four of its recently completed merchant building projects, (ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land and (iv) completed partial sales of two projects, for an aggregate total proceeds of approximately $310.5 million and received approximately $3.3 million of proceeds from completed earn-out requirements on previously sold projects.  These sales resulted in pre-tax gains of approximately $40.1 million.


U.S. Long-Term Investment Projects -


During 2007, the Company expended approximately $7.7 million in connection with the purchase of undeveloped land in Union, NJ, which will be developed into a 0.2 million square foot retail center and approximately $21.5 million in connection with the purchase of three redevelopment properties located in Bronx, NY, which will be redeveloped into mixed-use residential/retail centers aggregating 0.1 million square feet.


As of December 31, 2007, the Company had in progress a total of nine U.S. long-term investment projects. The Company anticipates its capital commitment toward these projects will be approximately $60.0 million to $80.0 million during 2008.  The proceeds from construction loans and availability under the Company’s revolving lines of credit are expected to be sufficient to fund these anticipated capital requirements.


Kimsouth -


During June 2006, Kimsouth, a consolidated taxable REIT subsidiary in which the Company holds a 92.5% controlling interest, contributed approximately $51.0 million to fund its 15% non-controlling interest in a newly formed joint venture with an investment group to acquire a portion of Albertson’s Inc.  To maximize investment returns, the investment group’s strategy with respect to this joint venture, includes refinancing, selling selected stores and enhancing operations at the remaining stores.  During 2007, this joint venture completed the disposition of certain operating stores and a refinancing of the remaining assets in the joint venture.  As a result of these transactions Kimsouth received cash distributions of approximately $148.6 million.  Kimsouth has a remaining capital commitment obligation to fund up to an additional $15.0 million for general purposes.  Due to this remaining capital commitment, $15.0 million is included in Other liabilities in the Company’s Consolidated Balance Sheets.


During 2007, Kimsouth’s income from the Albertson’s joint venture aggregated approximately $49.6 million, net of income tax.  This amount includes (i) an operating loss of approximately $15.1 million, net of an income tax benefit of approximately $10.1 million, (ii) distribution in excess of Kimsouth’s investment of approximately $10.4 million, net



10



of income tax expense of approximately $6.9 million and (iii) an extraordinary gain of approximately $54.3 million, net of income tax expense of approximately $36.2 million, resulting from purchase price allocation adjustments.  Additionally, the Company reduced the valuation allowance that was applied against the Kimsouth net operating losses ("NOLs") resulting in an income tax benefit of approximately $31.2 million.  (See Notes 3 and 22 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


Additionally, during the year ended December 31, 2007, the Albertson’s joint venture acquired two operating properties for approximately $20.3 million, including the assumption of $18.5 million in non-recourse mortgage debt.


Investment and Advances in Real Estate Joint Ventures -


The Company has various institutional and non-institutional joint venture programs in which the Company has various non-controlling interests which are accounted for under the equity method of accounting.  (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


Acquisitions -


During 2007, the Company acquired, in separate transactions, 171 operating properties, through joint ventures in which the Company has various non-controlling interests for an aggregate purchase price of approximately $1.7 billion, including the assumption of approximately $867.1 million of non-recourse mortgage debt encumbering 158 of the properties and $177.5 million in proceeds from unsecured credit facilities obtained by two of the joint ventures.  The Company’s aggregate investment in these joint ventures was approximately $235.8 million.


Dispositions -


During 2007, joint ventures in which the Company has non-controlling interests disposed of, in separate transactions, (i) 44 properties for an aggregate sales price of approximately $1.3 billion resulting in an aggregate gain of approximately $145.0 million, of which the Company’s share was approximately $56.6 million and (ii) two vacant parcels of land for an aggregate sales price of $6.7 million, which represented their net book value.


Additionally, during 2007, joint ventures in which the Company has non-controlling interests transferred 17 operating properties for an aggregate sales price of approximately $825.2 million, including approximately $427.1 million of non-recourse mortgage debt, to newly formed joint ventures in which the Company holds 15% non-controlling ownership interests and manages.  As a result of these transactions, the Company recognized profit participation of approximately $3.7 million and deferred its share of the gain related to its remaining ownership interest in the properties.  


Also, during 2007, joint ventures in which the Company has non-controlling interests sold six operating properties to the Company for a sales price of approximately $151.9 million including the assumption of $50.3 million in non-recourse mortgage debt.  The Company’s share of the gain related to these transactions has been deferred.


International Real Estate Investments -


Canadian Investments -


During 2007, the Company acquired, in separate transactions, two operating properties located in Canada, through newly formed joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately CAD $23.0 million (approximately USD $21.2 million).  The Company’s aggregate investment in these joint ventures was approximately CAD $11.5 million (approximately USD $10.7 million).


During 2007, the Company provided, through five separate Canadian preferred equity investments, an aggregate of approximately CAD $28.0 million (approximately USD $27.6 million) to developers and owners of 17 real estate properties.


The Company generated equity in income from its unconsolidated Canadian investments in real estate joint ventures of approximately $22.5 million and $21.1 million during 2007 and 2006, respectively.  In addition, income from other unconsolidated Canadian real estate investments was approximately $35.1 million and $13.9 million during 2007 and 2006, respectively.



11



Mexican Investments -


During 2007, the Company acquired, in separate transactions, 18 operating properties located in various cities throughout Mexico, comprising an aggregate 0.8 million square feet of GLA for an aggregate purchase price of approximately 1.0 billion Mexican Pesos ("MXP") (approximately USD $90.4 million). (See Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


During 2007, the Company transferred in separate transactions, 50% of its 100% interest in seven projects located in Juarez, Tecamac, Mexicali, Cuaulta, Ciudad Del Carmen, Tijuana and Rosarito, Mexico to a joint venture partner for approximately $48.3 million, which approximated their carrying values.  As a result of these transactions, the Company has deconsolidated these entities and now accounts for its investments under the equity method of accounting.


During 2007, the Company acquired, in separate transactions, nine land parcels located in various cities throughout Mexico, for an aggregate purchase price of approximately MXP 1.1 billion (approximately USD $94.8 million).  Seven of these land parcels will be developed into retail centers aggregating approximately 2.8 million square feet of GLA with a total estimated aggregate project cost of approximately MXP 2.3 billion (approximately USD $210.2 million).


During 2007, the Company acquired, through a newly formed joint venture in which the Company has a controlling ownership interest, a 0.3 million square foot development project in Neuvo Vallarta, Mexico, for a purchase price of approximately MXP 119.5 million (approximately USD $11.0 million).  Total estimated project costs are approximately USD $28.3 million.


During 2007, the Company acquired, through a newly formed joint venture in which the Company has a non-controlling interest, a 0.1 million square foot development project in Mexico, for a purchase price of MXP 48.6 million (approximately USD $4.4 million).  Total estimated project costs are approximately USD $14.4 million.


During 2007, the Company acquired, in separate transactions, 21 operating properties located in various cities throughout Mexico, through joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately MXP 1.4 billion (approximately USD $128.7 million).  The Company’s aggregate investment in these joint ventures was approximately MXP 701.5 million (approximately USD $64.4 million).


The Company recognized equity in income from its unconsolidated Mexican investments in real estate joint ventures of approximately $5.2 million and $11.8 million during 2007 and 2006, respectively.


The Company’s revenues from its consolidated Mexican subsidiaries aggregated approximately $8.5 million and $2.4 million during 2007 and 2006, respectively.


Chilean Investments -


During April 2007, the Company acquired four operating properties located in Santiago, Chile, through a newly formed joint venture in which the Company has a non-controlling interest. These properties were acquired for an aggregate purchase price of approximately 8.7 billion Chilean Pesos ("CLP") (approximately USD $16.5 million), including the assumption of CLP 5.9 billion (approximately USD $11.1 million) of non-recourse mortgage debt.  The Company’s aggregate investment in this joint venture is approximately CLP 1.6 billion (approximately USD $3.0 million).  The Company recognized equity in income from this investment of approximately $0.1 million during 2007.


Other Real Estate Investments -


Preferred Equity Capital -


The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties.  During 2007, the Company provided in separate transactions, an aggregate of approximately $103.6 million in investment capital to developers and owners of 61 real estate properties, including the Canadian investments described above.  As of December 31, 2007, the Company’s net investment under the Preferred Equity program was




12



approximately $484.1 million relating to 258 properties. For the year ended December 31, 2007, the Company earned approximately $63.5 million, including $30.5 million of profit participation earned from 18 capital transactions from these investments.


Additionally, during July 2007, the Company invested approximately $81.7 million of preferred equity capital in a portfolio comprised of 403 net leased properties which are divided into 30 master leased pools with each pool leased to individual corporate operators.  These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores.  As of December 31, 2007 these properties were encumbered by third party loans aggregating approximately $433.0 million with interest rates ranging from 5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from 1.4 years to 15.2 years.


Mortgages and Other Financing Receivables -


During 2007, the Company provided financing to six borrowers for an aggregate amount of up to approximately $96.9 million, of which $62.2 million was outstanding as of December 31, 2007.  As of December 31, 2007, the Company has 30 loans with total commitments of up to $185.0 million of which approximately $152.4 million has been funded. Availability under the Company’s revolving credit facilities are expected to be sufficient to fund these commitments. (See Note 9 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)


Financing Transactions -


For discussion regarding financing transactions relating to the Company’s unsecured notes, credit facilities, non-recourse mortgage debt, construction loans and preferred stock issuance, see Management’s Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities and Contractual Obligations and Other Commitments.  (See Notes 11, 12, 13 and 17 of the Notes to Consolidated Financial Statement included in this annual report on Form 10-K.)


Exchange Listings


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


Item 1A. Risk Factors


We are subject to certain business risks including, among other factors, the following:


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


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


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


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


·

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


·

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



13



·

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


·

we would not be required to make distributions to stockholders.


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


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


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


·

changes in the national, regional and local economic climate;


·

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


·

the attractiveness of our properties to tenants;


·

the ability of tenants to pay rent;


·

competition from other available properties;


·

changes in market rental rates;


·

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


·

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


·

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


·

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


Downturns in the retailing industry likely will have a direct impact on our performance.


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


·

weakness in the national, regional and local economies;


·

the adverse financial condition of some large retailing companies;


·

ongoing consolidation in the retail sector;


·

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


·

increasing consumer purchases through catalogues and the internet.


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



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Our performance depends on our ability to collect rent from tenants. At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions could result in the termination of the tenants’ leases and the loss of rental income attributable to the terminated leases.  In addition, lease terminations by an anchor tenant or a failure by that anchor tenant to occupy the premises could result in lease terminations or reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all.  The occurrence of any of the situations described above, particularly if it involves a substantial tenant with leases in multiple locations, could impact our performance.


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


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


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


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


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


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


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


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


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




15



We have invested in some cases as a co-venturer or partner in properties instead of owning directly.  In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with us, take action contrary to our interests or otherwise impede our objectives. The co-venturer or partner also might become insolvent or bankrupt.


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


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


We have significant international operations that carry additional risks.


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


·

currency risks, including currency fluctuations;


·

unexpected changes in legislative and regulatory requirements;


·

potential adverse tax burdens;


·

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


·

obstacles to the repatriation of earnings and cash;


·

regional, national and local political uncertainty;


·

economic slowdown and/or downturn in foreign markets;


·

difficulties in staffing and managing international operations; and


·

reduced protection for intellectual property in some countries.


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


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


Market conditions may make it difficult to obtain financing, and we cannot assure you that we will be able to obtain additional debt or equity financing or that we will be able to obtain it on favorable terms. The inability to obtain financing could have negative effects on our business, such as:


·

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

·

Our liquidity could be adversely affected;

·

We may be unable to repay or refinance our indebtedness;

·

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

·

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

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


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


We may be subject to environmental regulations.


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


We face competition in leasing or developing properties.




16



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


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


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


·

the extent of institutional investor interest in us;


·

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


·

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


·

our financial condition and performance;


·

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


·

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


·

general economic and financial market conditions.


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


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


·

limited liquidity in the secondary trading market;


·

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


·

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


·

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


·

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


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


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



17



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


Item 1B. Unresolved Staff Comments

None


Item 2.  Properties


Real Estate Portfolio  As of December 31, 2007, the Company's real estate portfolio was comprised of interests in approximately 154.6 million square feet of GLA in 1,391 operating properties primarily consisting of neighborhood and community shopping centers, and 19 retail store leases located in 45 states, Canada, Mexico, Puerto Rico and Chile.  This 154.6 million square feet of GLA does not include 17 properties under development comprising 2.5 million square feet of GLA related to the Preferred Equity program, 30 property interest comprising 0.6 million square feet of GLA related to FNC Realty, 401 property interests comprising 2.3 million square feet of GLA related to a net lease portfolio, 55 property interest comprising 2.8 million square feet of GLA related to the NewKirk Portfolio and 20.5 million square feet of planned GLA for 60 ground-up development projects.  The Company’s portfolio includes interests ranging from 5% to 50% in 471 shopping center properties comprising approximately 72.4 million square feet of GLA relating to the Company’s investment management programs and other joint ventures.  Neighborhood and community shopping centers comprise the primary focus of the Company's current portfolio.  As of December 31, 2007, the Company’s total shopping center portfolio, representing 100% of total GLA of 124.0 million from 886 properties, was approximately 96.3% leased.


The Company's neighborhood and community shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of approximately 140,000 square feet as of December 31, 2007.  The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with major renovations and refurbishing to preserve and increase the value of its properties.  These projects usually include renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting.  During 2007, the Company capitalized approximately $9.1 million in connection with these property improvements and expensed to operations approximately $19.7 million.


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


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


Approximately 24.3% of the Company's leases also contain provisions requiring the payment of additional rent calculated as a percentage of tenants’ gross sales above predetermined thresholds.  Percentage rents accounted for less than 1% of the Company's revenues from rental property for the year ended December 31, 2007.


Minimum base rental revenues and operating expense reimbursements accounted for approximately 99% of the Company's total revenues from rental property for the year ended December 31, 2007.  The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth.



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For the period January 1, 2007 to December 31, 2007, the Company increased the average base rent per leased square foot in its consolidated portfolio of neighborhood and community shopping centers from $9.86 to $10.30, an increase of $0.44.  This increase primarily consists of (i) a $0.25 increase relating to acquisitions, (ii) a $0.07 increase relating to dispositions or the transfer of properties to various joint venture entities and (iii) a $0.12 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio.  As of December 31, 2007, the Company’s consolidated portfolio was 95.9% leased.


The Company seeks to reduce its operating and leasing risks through geographic and tenant diversity.  No single neighborhood and community shopping center accounted for more than 0.8% of the Company's total shopping center GLA or more than 1.7% of total annualized base rental revenues as of December 31, 2007. The Company’s five largest tenants at December 31, 2007, were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Wal-Mart, which represent approximately 3.2%, 2.8%, 2.3%, 2.0% and 1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.  The Company maintains an active leasing and capital improvement program that, combined with the high quality of the locations, has made, in management's opinion, the Company's properties attractive to tenants.


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


Retail Store Leases  In addition to neighborhood and community shopping centers, as of December 31, 2007, the Company had interests in retail store leases totaling approximately 1.8 million square feet of anchor stores in 19 neighborhood and community shopping centers located in 13 states.  As of December 31, 2007, approximately 97.4% of the space in these anchor stores had been sublet to retailers that lease the stores under net lease agreements providing for average annualized base rental payments of $4.09 per square foot. The average annualized base rental payments under the Company’s retail store leases to the landowners of such subleased stores are approximately $2.54 per square foot.  The average remaining primary term of the retail store leases (and, similarly, the remaining primary term of the sublease agreements with the tenants currently leasing such space) is approximately two years, excluding options to renew the leases for terms which generally range from five years to 20 years.  The Company’s investment in retail store leases is included in the caption Other real estate investments on the Company’s Consolidated Balance Sheets.


Ground-Leased Properties  The Company has interests in 79 shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company (or an affiliated joint venture) to construct and/or operate a shopping center.  The Company or the joint venture pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements.  At the end of these long-term leases, unless extended, the land together with all improvements revert to the landowner.


Ground-Up Development Properties  The Company is engaged in ground-up development projects which consists of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiaries, which develop neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Mexico for long-term investment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).  The ground-up development projects generally have significant pre-leasing prior to the commencement of the construction.  As of December 31, 2007, the Company had in progress a total of 60 ground-up development projects including 27 merchant building projects, nine U.S. ground-up development projects and 24 ground-up development projects located throughout Mexico.


As of December 31, 2007, the Company had in progress 27 merchant building projects located in 13 states, which are expected to be sold upon completion.  These projects had significant pre-leasing prior to the commencement of construction.  As of December 31, 2007, the average annual base rent per leased square foot for the merchant building portfolio was $16.48 and the average annual base rent per leased square foot for new leases executed in 2007 was $18.19.


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



19



The table on pages 21 through 33 sets forth more specific information with respect to each of the Company's property interests.


Item 3.  Legal Proceedings


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


Item 4.  Submission of Matters to a Vote of Security Holders


None.




20







 

LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALABAMA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOOVER

2000

FEE

11.5

115,347

100.0

WAL-MART

2025

2095

 

 

 

 

 

 

 

HOOVER (4)

2007

JOINT VENTURE

163.9

20,000

100.0

 

 

 

 

 

 

 

 

 

 

MOBILE (12)

1986

JOINT VENTURE

48.8

319,164

90.9

ACADEMY SPORTS & OUTDOORS

2021

2031

ROSS DRESS FOR LESS

2015

2035

MARSHALLS

2010

2017

ALASKA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANCHORAGE (4)

2006

JOINT VENTURE

24.6

98,000

100.0

MICHAELS

2017

2037

BED BATH & BEYOND

2018

2038

OLD NAVY

2012

2018

 

KENAI

2003

JOINT VENTURE

14.7

146,759

100.0

HOME DEPOT

2018

2048

 

 

 

 

 

 

ARIZONA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLENDALE

2007

FEE

16.5

96,337

98.0

MOR FURNITURE FOR LESS

2016

 

MICHAELS

2013

2018

ANNA'S LINENS

2015

2025

 

GLENDALE (7)

1998

JOINT VENTURE

40.5

333,388

98.9

COSTCO

2011

2046

FLOOR & DECOR

2015

2025

LEVITZ

2008

 

 

GLENDALE (9)

2004

FEE

6.4

70,428

100.0

SAFEWAY

2016

2046

 

 

 

 

 

 

 

MARANA

2003

FEE

18.2

191,008

100.0

LOWE'S HOME CENTER

2019

2069

 

 

 

 

 

 

 

MESA

1998

FEE

19.8

144,617

85.1

ROSS DRESS FOR LESS

2010

2015

CINE MANIA

2014

2019

BLACK ANGUS

2010

2015

 

MESA (4)

2005

GROUND LEASE (2078)/ JOINT VENTURE

6.1

1,004,000

100.0

WAL-MART

2027

2077

BASS PRO SHOPS

2027

2057

HOME DEPOT

2028

2058

 

MESA (9)

2004

FEE

29.4

307,375

84.4

SPORTS AUTHORITY

2016

2046

CIRCUIT CITY

2016

2036

MICHAELS

2010

2025

 

NORTH PHOENIX

1998

FEE

17.0

230,164

100.0

BURLINGTON COAT FACTORY

2013

2023

GUITAR CENTER

2017

2027

MICHAELS

2012

2022

 

PHOENIX

1998

JOINT VENTURE

1.6

16,410

100.0

CHAPMAN BMW

2016

2031

 

 

 

 

 

 

 

PHOENIX

1998

FEE

13.4

153,180

98.1

HOME DEPOT

2020

2050

JO-ANN FABRICS

2010

2025

 

 

 

 

PHOENIX (3)

1998

FEE

26.6

339,342

90.1

COSTCO

2011

2041

PHOENIX RANCH MARKET

2021

2041

FAMSA

2022

2032

 

PHOENIX

1997

FEE

17.5

131,621

97.0

SAFEWAY

2014

2039

TRADER JOE'S

2014

2029

 

 

 

 

PHOENIX (6)

2006

FEE

9.4

94,379

66.7

DOLLAR TREE

2012

2017

 

 

 

 

 

 

 

SURPRISE (4)

2004

JOINT VENTURE

94.4

-

-

 

 

 

 

 

 

 

 

 

 

SURPRISE (4)

2004

JOINT VENTURE

19.0

6,000

100.0

 

 

 

 

 

 

 

 

 

 

TUCSON

2003

JOINT VENTURE

17.8

190,174

100.0

LOWE'S HOME CENTER

2019

2069

 

 

 

 

 

 

CALIFORNIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALHAMBRA

1998

FEE

18.4

195,455

100.0

COSTCO

2027

2057

COSTCO

2027

2057

JO-ANN FABRICS

2009

2019

 

ANAHEIM

1995

FEE

1.0

15,396

100.0

NORTHGATE GONZALEZ MARKETS

2022

2032

 

 

 

 

 

 

 

ANAHEIM (6)

2006

FEE

36.1

347,350

92.5

MERVYN'S

2012

2022

GIGANTE

2023

2033

OFFICEMAX

2011

2026

 

ANAHEIM (6)

2006

FEE

19.1

184,613

93.9

RALPHS

2016

2046

RITE AID

2016

2025

DOLLAR STORE

2009

2014

 

ANAHEIM (6)

2006

FEE

8.5

105,085

97.2

STATER BROTHERS

2011

2026

CVS

2012

2022

 

 

 

 

ANGEL'S CAMP (6)

2006

FEE

5.1

77,967

96.1

SAVE MART

2022

2048

RITE AID

2011

2031

 

 

 

 

ANTELOPE (6)

2006

FEE

13.1

119,998

89.8

FOOD MAXX

2008

2022

GOODWILL INDUSTRIES

2014

2029

 

 

 

 

BAKERSFIELD (6)

2006

FEE

1.2

14,115

91.5

 

 

 

 

 

 

 

 

 

 

BELLFLOWER (6)

2006

GROUND LEASE (2032)

9.1

113,511

100.0

STATER BROTHERS

2012

2022

STAPLES

2012

 

 

 

 

 

CALSBAD (6)

2006

FEE

21.1

160,928

98.2

MARSHALLS

2013

2018

DOLLAR TREE

2013

2023

KIDS 'R' US

2018

2027

 

CARMICHAEL

1998

FEE

18.5

210,306

100.0

HOME DEPOT

2013

2022

SPORTS AUTHORITY

2009

2024

LONGS DRUGS

2013

2033

 

CHICO

2006

FEE

1.3

19,560

87.3

 

 

 

 

 

 

 

 

 

 

CHICO

2007

FEE

26.5

264,680

97.5

FOOD MAXX

2009

2024

ASHLEY FURNITURE HOMESTORE

2009

2019

BED, BATH & BEYOND

2014

2029

 

CHICO (8)

2007

JOINT VENTURE

7.3

69,812

100.0

RALEY'S

2024

2039

 

 

 

 

 

 

 

CHINO (6)

2006

FEE

33.0

341,577

93.3

LA CURACAO

2021

2041

ROSS DRESS FOR LESS

2013

2033

DD'S DISCOUNT

2016

2036

 

CHINO (6)

2006

FEE

13.1

168,264

100.0

DOLLAR TREE

2008

2023

PETSMART

2012

2027

RITE AID

2010

2020

 

CHINO HILLS

2005

FEE

7.3

73,352

91.3

STATER BROTHERS

2022

2052

 

 

 

 

 

 

 

CHINO HILLS (6)

2006

FEE

11.8

128,082

71.9

 

 

 

 

 

 

 

 

 

 

CHULA VISTA

1998

FEE

34.3

356,335

99.7

COSTCO

2029

2079

WAL-MART

2025

2086

NAVCARE

2009

 

 

COLMA (8)

2006

JOINT VENTURE

6.4

213,532

97.8

MARSHALLS

2012

 

NORDSTROM RACK

2017

 

BED BATH & BEYOND

2011

2026

 

CORONA

1998

FEE

47.6

487,048

96.6

COSTCO

2012

2042

HOME DEPOT

2010

2029

LEVITZ

2009

2029

 

CORONA

2007

FEE

12.3

148,815

97.0

VONS

2013

2038

PETSMART

2009

2034

ANNA'S LINENS

2012

2027

 

COVINA (7)

2000

GROUND LEASE (2054)/ JOINT VENTURE

26.0

269,433

90.8

HOME DEPOT

2009

2034

STAPLES

2011

 

PETSMART

2008

2028

 

CUPERTINO

2006

FEE

11.5

114,533

88.1

99 RANCH MARKET

2012

2027

 

 

 

 

 

 

 

DALY CITY (3)

2002

FEE

25.6

554,120

95.2

HOME DEPOT

2026

2056

BURLINGTON COAT FACTORY

2012

2022

SAFEWAY

2009

2024

 

DOWNEY (6)

2006

GROUND LEASE (2009)

9.8

114,722

100.0

A WORLD OF DECOR

2009

 

 

 

 

 

 

 

 

DUBLIN (6)

2006

FEE

12.4

154,728

100.0

ORCHARD SUPPLY HARDWARE

2011

 

MARSHALLS

2010

2025

ROSS DRESS FOR LESS

2013

2023

 

EL CAJON

2003

JOINT VENTURE

10.9

128,343

100.0

KOHL'S

2024

2053

MICHAELS

2015

2035

 

 

 

 

EL CAJON (9)

2004

FEE

10.4

98,474

98.3

RITE AID

2018

2043

ROSS DRESS FOR LESS

2014

2024

PETCO

2009

2014

 

ELK GROVE

2006

FEE

2.3

30,130

100.0

 

 

 

 

 

 

 

 

 

 

ELK GROVE

2006

FEE

0.8

7,880

100.0

 

 

 

 

 

 

 

 

 

 

ELK GROVE (6)

2006

FEE

8.1

120,970

100.0

BEL AIR MARKET

2025

2050

CARL'S JR.

2020

2034

 

 

 

 

ELK GROVE (6)

2006

FEE

5.0

34,015

90.2

 

 

 

 

 

 

 

 

 

 

ENCINITAS (6)

2006

FEE

9.1

119,738

84.7

ALBERTSONS

2011

2031

 

 

 

 

 

 

 

ESCONDIDO (6)

2006

FEE

23.1

231,157

98.3

LA FITNESS

2017

 

VONS

2009

2014

CVS

2009

2034

 

FAIR OAKS (6)

2006

FEE

9.6

98,625

92.3

RALEY'S

2011

2021

 

 

 

 

 

 

 

FOLSOM

2003

JOINT VENTURE

9.5

108,255

100.0

KOHL'S

2018

2048

 

 

 

 

 

 

 

FREMONT (6)

2007

JOINT VENTURE

51.7

504,666

96.0

SAFEWAY

2025

2050

BED BATH & BEYOND

2010

2025

MARSHALLS

2015

2030

 

FREMONT (6)

2006

FEE

11.9

131,239

99.1

ALBERTSONS

2013

2038

LONGS DRUGS

2011

2021

BALLY TOTAL FITNESS

2009

2029

 

FRESNO (6)

2006

FEE

9.9

102,581

91.4

SAVE MART

2014

2034

RITE AID

2014

2044

 

 

 

 

FRESNO (9)

2004

FEE

10.8

121,107

100.0

BED BATH & BEYOND

2010

2025

SPORTMART

2013

2023

ROSS DRESS FOR LESS

2011

2031

 

FULLERTON (6)

2006

GROUND LEASE (2042)

20.3

270,647

95.2

TOYS'R 'US/CHUCK E.CHEESE

2017

2042

AMC THEATRES

2012

2037

 

 

 

 

GARDENA (6)

2006

FEE

6.5

65,987

100.0

TAWA MARKET

2010

2020

RITE AID

2015

2035

 

 

 

 

GRANITE BAY (6)

2006

FEE

11.5

140,184

88.9

RALEY'S

2018

2033

 

 

 

 

 

 

 

GRASS VALLEY (6)

2006

FEE

30.0

217,519

95.0

RALEY'S

2018

 

JCPENNEY

2008

2033

COURTHOUSE ATHLETIC CLUB

2009

2014

 

HACIENDA HEIGHTS (6)

2006

FEE

12.1

135,012

90.3

ALBERTSONS

2016

2071

VIVO DANCE

2012

 

 

 

 

 

HAYWARD (6)

2006

FEE

8.1

80,911

100.0

99 CENTS ONLY STORES

2010

2025

BIG LOTS

2011

2021

 

 

 

 

HUNTINGTON BEACH (6)

2006

FEE

12.0

148,756

99.0

VONS

2016

2036

CVS

2015

2030

 

 

 

 

JACKSON

2007

FEE

9.2

67,665

100.0

RALEY'S

2024

2049

 

 

 

 

 

 

 

LA MIRADA

1998

FEE

31.2

261,782

100.0

TOYS "R" US

2012

2032

U.S. POSTAL SERVICE

2010

2020

MOVIES 7 DOLLAR THEATRE

2008

2018

 

LA VERNE (6)

2006

GROUND LEASE (2059)

20.1

227,575

98.8

TARGET

2009

2034

VONS

2010

2055

 

 

 

 

LAGUNA HILLS

2007

JOINT VENTURE

16.0

160,000

100.0

MACY'S

2014

2050

 

 

 

 

 

 

 

LINCOLN (8)

2007

JOINT VENTURE

13.1

119,559

98.8

SAFEWAY

2026

2066

LONGS DRUG STORES

2027

2057

 

 

 

 

LIVERMORE (6)

2006

FEE

8.1

104,363

96.2

ROSS DRESS FOR LESS

2009

2024

RICHARD CRAFTS

2008

2018

BIG 5 SPORTING GOODS

2012

2022

 

LOS ANGELES (6)

2006

GROUND LEASE (2070)

0.0

169,744

99.1

KMART

2012

2018

SUPERIOR MARKETS

2023

2038

CVS

2011

2016

 

LOS ANGELES (6)

2006

GROUND LEASE (2050)

14.6

165,195

95.3

RALPHS/FOOD 4 LESS

2011

2037

FACTORY 2-U

2011

2016

RITE AID

2010

2025

 

MANTECA

2006

FEE

1.1

19,455

94.4

 

 

 

 

 

 

 

 

 

 

MANTECA (6)

2006

FEE

7.2

96,393

96.6

PAK 'N' SAVE

2013

 

BIG 5 SPORTING GOODS

2018

 

 

 

 

 

MERCED

2006

FEE

1.6

27,350

81.4

 

 

 

 

 

 

 

 

 

 

MODESTO (6)

2006

FEE

17.9

214,772

96.7

GOTTSCHALKS

2013

2027

RALEY'S

2009

2024

GOTTSCHALKS

2012

2026

 

MONTEBELLO (7)

2000

JOINT VENTURE

25.4

251,489

99.4

SEARS

2012

2062

TOYS "R" US

2018

2043

AMC THEATRES

2012

2032

 

MORAGA (6)

2006

FEE

33.7

163,975

92.1

TJ MAXX

2011

2026

LONGS DRUGS

2010

2035

U.S. POSTAL SERVICE

2011

2031

 

MORGAN HILL

2003

JOINT VENTURE

8.1

103,362

100.0

HOME DEPOT

2024

2054

 

 

 

 

 

 

 

NAPA

2006

GROUND LEASE (2070)/ JOINT VENTURE

34.5

349,530

100.0

TARGET

2020

2040

HOME DEPOT

2018

2040

RALEY'S

2020

2045

 

NORTHRIDGE

2005

FEE

9.3

158,812

100.0

DSW SHOE WAREHOUSE

2016

2028

LINENS N THINGS

2013

2028

GELSON'S MARKET

2017

2027

 

NOVATO (6)

2003

FEE

11.3

133,862

97.8

SAFEWAY

2025

2060

RITE AID

2008

2023

BIG LOTS

2010

2020

 

OCEANSIDE (6)

2006

FEE

42.7

366,775

97.6

STEIN MART

2009

2024

ROSS DRESS FOR LESS

2009

2014

BARNES & NOBLE

2013

2028

 

OCEANSIDE (6)

2006

GROUND LEASE (2048)

9.5

92,378

87.1

TRADER JOE'S

2016

2026

LAMPS PLUS

2011

 

 

 

 

 

OCEANSIDE (6)

2006

FEE

10.2

88,363

92.2

VONS

2008

 

LONGS DRUGS

2013

2033

 

 

 

 

ORANGEVALE (6)

2006

FEE

17.3

160,811

96.4

ALBERTSONS

2024

2064

LONGS DRUGS

2022

2052

U.S. POSTAL SERVICE

2012

 

 

OXNARD (7)

1998

JOINT VENTURE

14.4

171,580

100.0

TARGET

2013

 

FOOD 4 LESS

2013

 

24 HOUR FITNESS

2010

2020

 

PACIFICA (11)

2004

JOINT VENTURE

13.6

168,871

96.3

SAFEWAY

2018

2038

ROSS DRESS FOR LESS

2010

2020

RITE AID

2021

 

 

PACIFICA (6)

2006

FEE

7.5

104,281

96.1

ALBERTSONS

2008

2032

RITE AID

2012

2042

 

 

 



21







 

LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLEASANTON

2007

JOINT VENTURE

17.5

175,000

100.0

MACY'S

2012

2040

 

 

 

 

 

 

 

PORTERVILLE (6)

2006

FEE

8.1

81,010

93.2

SAVE MART

2010

2030

COUNTY OF TULARE

2025

2045

 

 

 

 

POWAY

2005

FEE

8.3

121,977

93.5

STEIN MART

2013

2028

HOME GOODS

2014

2034

OFFICE DEPOT

2013

2028

 

RANCHO CUCAMONGA (6)

2006

GROUND LEASE (2042)

17.1

308,846

96.7

FOOD 4 LESS

2014

2034

SPORTS CHALET

2010

2020

AMIGO'S FLOORING MONSTER

2015

2040

 

RANCHO CUCAMONGA (6)

2006

FEE

5.2

56,019

100.0

CVS

2011

2026

 

 

 

 

 

 

 

RANCHO MIRAGE (6)

2006

FEE

16.9

165,156

89.7

VONS

2010

2039

LONGS DRUGS

2010

2029

 

 

 

 

RED BLUFF

2006

FEE

4.6

23,200

100.0

 

 

 

 

 

 

 

 

 

 

REDDING

2006

FEE

1.8

21,876

89.0

 

 

 

 

 

 

 

 

 

 

REDWOOD CITY (9)

2004

FEE

6.4

49,429

100.0

ORCHARD SUPPLY HARDWARE

2009

2029

 

 

 

 

 

 

 

RIVERSIDE

2007

FEE

5.0

86,108

100.0

BURLINGTON COAT FACTORY

2009

2028

 

 

 

 

 

 

 

ROSEVILLE (8)

2007

JOINT VENTURE

9.0

81,171

100.0

SAFEWAY

2030

2060

 

 

 

 

 

 

 

ROSEVILLE (9)

2004

FEE

20.3

188,493

99.3

SPORTS AUTHORITY

2016

2031

LINENS N THINGS

2012

2027

ROSS DRESS FOR LESS

2013

2028

 

SACRAMENTO (6)

2006

FEE

23.1

189,043

96.5

SD  MART

2014

2024

SEAFOOD CITY

2018

2033

BIG 5 SPORTING GOODS

2012

2022

 

SACRAMENTO (6)

2006

FEE

13.2

120,893

91.5

UNITED ARTISTS THEATRE

2016

2028

24 HOUR FITNESS

2012

2027

 

 

 

 

SAN DIEGO

2007

JOINT VENTURE

22.6

225,919

100.0

NORDSTROM

2017

2037

 

 

 

 

 

 

 

SAN DIEGO

2007

FEE

13.4

49,080

100.0

 

 

 

 

 

 

 

 

 

 

SAN DIEGO (6)

2006

GROUND LEASE (2023)

16.4

210,621

100.0

CIRCUIT CITY

2010

2020

TJ MAXX

2010

2015

CVS

2013

2023

 

SAN DIEGO (7)

2000

JOINT VENTURE

11.2

117,410

100.0

ALBERTSONS

2012

 

SPORTMART

2013

 

 

 

 

 

SAN DIEGO (8)

2007

JOINT VENTURE

5.9

59,414

98.4

 

 

 

 

 

 

 

 

 

 

SAN DIEGO (8)

2007

JOINT VENTURE

12.8

           57,406

100.0

 

 

 

 

 

 

 

 

 

 

SAN DIEGO (9)

2004

FEE

42.1

         411,375

100.0

COSTCO

2014

2044

PRICE SELF STORAGE

2035

 

CHARLOTTE RUSSE

2009

2019

 

SAN DIEGO (9)

2004

FEE

5.9

           35,000

100.0

CLAIM JUMPER

2013

2023

 

 

 

 

 

 

 

SAN DIMAS (6)

2006

FEE

13.4

         154,020

98.7

OFFICEMAX

2011

2026

ROSS DRESS FOR LESS

2013

2023

PETCO

2012

2027

 

SAN JOSE (6)

2006

FEE

16.8

         183,180

97.3

WAL-MART

2011

2041

WALGREENS

2030

 

 

 

 

 

SAN LEANDRO (6)

2006

FEE

6.2

           95,255

100.0

ROSS DRESS FOR LESS

2018

 

MICHAELS

2008

2013

 

 

 

 

SAN LUIS OBISPO

2005

FEE

17.6

         174,428

96.3

VON'S

2017

2042

MICHAELS

2008

2028

CVS

2017

2047

 

SAN RAMON (7)

1999

JOINT VENTURE

5.3

           41,913

100.0

PETCO

2012

2022

 

 

 

 

 

 

 

SANTA ANA

1998

FEE

12.0

         134,400

100.0

HOME DEPOT

2015

2035

 

 

 

 

 

 

 

SANTA CLARITA (6)

2006

FEE

14.1

           96,662

84.2

ALBERTSONS

2012

2042

 

 

 

 

 

 

 

SANTA ROSA

2005

FEE

3.6

           41,565

97.0

ACE HARDWARE

2009

2019

 

 

 

 

 

 

 

SANTEE

2003

JOINT VENTURE

44.5

         311,439

99.2

24 HOUR FITNESS

2017

 

BED BATH & BEYOND

2012

2017

TJ MAXX

2012

2027

 

SIGNAL HILL (9)

2004

FEE

15.0

         181,250

97.3

HOME DEPOT

2014

2034

PETSMART

2009

2024

 

 

 

 

STOCKTON

1999

FEE

14.6

         152,919

87.2

SUPER UNITED FURNITURE

2009

2019

COSTCO

2013

2033

 

 

 

 

TEMECULA (6)

2006

FEE

17.9

         139,130

98.6

ALBERTSONS

2015

2035

LONGS DRUGS

2016

2041

 

 

 

 

TEMECULA (7)

1999

JOINT VENTURE

40.0

         342,336

97.4

KMART

2017

2032

FOOD 4 LESS

2010

2030

TRISTONE THEATRES

2013

2018

 

TEMECULA (9)

2004

FEE

47.4

         345,113

99.4

WAL-MART

2028

2058

KOHL'S

2023

2043

ROSS DRESS FOR LESS

2014

2034

 

TORRANCE (6)

2007

JOINT VENTURE

6.8

           67,504

89.2

ACE HARDWARE

2013

2023

COOKIN' STUFF

2012

 

 

 

 

 

TORRANCE (7)

2000

JOINT VENTURE

26.7

         266,847

100.0

HL TORRANCE

2011

2021

LINENS N THINGS

2010

2020

MARSHALLS

2009

2019

 

TRUCKEE

2006

FEE

3.2

           26,553

88.8

 

 

 

 

 

 

 

 

 

 

TRUCKEE (8)

2007

GROUND LEASE (2016)/ JOINT VENTURE

4.9

           41,149

97.1

 

 

 

 

 

 

 

 

 

 

TULARE (6)

2006

FEE

6.9

         119,412

87.7

SAVE MART

2011

2031

RITE AID

2011

2041

DOLLAR TREE

2013

 

 

TURLOCK (6)

2006

FEE

10.1

         111,612

100.0

RALEY'S

2018

2033

OUCHINA BUFFET

2014

2024

 

 

 

 

TUSTIN

2007

JOINT VENTURE

68.6

         685,983

98.8

AMC THEATERS

2039

 

WHOLE FOODS MARKET

2027

 

TJ MAXX

2017

 

 

TUSTIN

2003

JOINT VENTURE

9.1

         108,413

100.0

KMART

2018

2048

 

 

 

 

 

 

 

TUSTIN (6)

2006

FEE

15.7

         209,996

98.0

VONS

2021

2041

RITE AID

2009

2029

KRAGEN AUTO PARTS

2011

2016

 

TUSTIN (6)

2006

FEE

12.9

         138,348

98.0

RALPHS

2013

2023

LONGS DRUGS

2022

2032

MICHAELS

2013

 

 

UKIAH (6)

2006

FEE

11.1

         110,565

100.0

RALEY'S

2016

2031

 

 

 

 

 

 

 

UPLAND (6)

2006

FEE

22.5

         271,867

97.2

HOME DEPOT

2009

2029

PAVILIONS

2008

2043

STAPLES

2008

2028

 

VALENCIA (6)

2006

FEE

13.6

         143,333

98.2

RALPHS

2023

2053

LONGS DRUGS

2008

2023

 

 

 

 

VALLEJO (6)

2006

FEE

14.2

         150,766

97.1

RALEY'S

2017

2032

24 HOUR FITNESS

2008

2013

AARON RENTS

2013

2023

 

VALLEJO (6)

2006

FEE

6.8

           66,000

100.0

SAFEWAY

2015

2045

 

 

 

 

 

 

 

VISALIA

2007

JOINT VENTURE

13.7

         137,426

100.0

REGAL SEQUOIA MALL 12

2016

 

MARSHALLS

2010

 

BED BATH & BEYOND

2011

 

 

VISALIA (6)

2006

FEE

4.2

           46,460

96.2

CHUCK E CHEESE

2008

2013

 

 

 

 

 

 

 

VISTA (6)

2006

FEE

12.0

         136,672

90.4

ALBERTSONS

2011

2016

CVS

2010

2025

 

 

 

 

WALNUT CREEK (6)

2006

FEE

3.2

         114,733

100.0

CENTURY THEATRES

2023

2053

COST PLUS

2014

2024

 

 

 

 

WESTMINSTER (6)

2006

FEE

16.4

         208,660

97.6

PAVILIONS

2017

2047

NEW WORLD AUDIO/VIDEO

2013

 

 

 

 

 

WINDSOR (6)

2006

GROUND LEASE (2054)

13.1

         127,047

97.1

SAFEWAY

2014

2054

LONGS DRUGS

2018

2048

 

 

 

 

WINDSOR (6)

2006

FEE

9.8

         107,769

98.7

RALEY'S

2012

2027

21ST CENTURY HEALTH CLUB

2008

2017

 

 

 

 

YREKA (6)

2006

FEE

14.0

         127,148

98.9

RALEY'S

2014

2029

JCPENNEY

2011

 

DOLLAR TREE

2013

 

COLORADO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AURORA

1998

FEE

13.8

         154,536

80.8

ROSS DRESS FOR LESS

2017

2037

TJ MAXX

2012

 

SPACE AGE FEDERAL

2016

2026

 

AURORA

1998

FEE

9.9

           44,174

89.2

 

 

 

 

 

 

 

 

 

 

AURORA

1998

FEE

13.9

         152,282

85.7

ALBERTSONS

2011

2051

DOLLAR TREE

2012

2027

CROWN LIQUORS

2015

 

 

COLORADO SPRINGS

1998

FEE

10.7

         107,310

76.0

RANCHO LIBORIO

2017

2042

 

 

 

 

 

 

 

DENVER

1998

FEE

1.5

           18,405

100.0

SAVE-A-LOT

2012

2027

 

 

 

 

 

 

 

ENGLEWOOD

1998

FEE

6.5

           80,330

93.5

HOBBY LOBBY

2013

2023

OLD COUNTRY BUFFET

2009

2019

 

 

 

 

FORT COLLINS

2000

FEE

11.6

         115,862

100.0

KOHL'S

2020

2070

GUITAR CENTER

2017

2027

 

 

 

 

GREELEY (13)

2005

JOINT VENTURE

14.4

         138,818

100.0

BED BATH & BEYOND

2016

2036

MICHAELS

2015

2035

CIRCUIT CITY

2016

2031

 

GREENWOOD VILLAGE

2003

JOINT VENTURE

21.0

         196,726

100.0

HOME DEPOT

2019

2069

 

 

 

 

 

 

 

LAKEWOOD

1998

FEE

7.6

           82,581

88.7

SAFEWAY

2012

2032

 

 

 

 

 

 

 

PUEBLO

2006

JOINT VENTURE

3.3

                 -   

 -

 

 

 

 

 

 

 

 

 

CONNECTICUT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRANFORD (7)

2000

JOINT VENTURE

19.1

         190,738

98.6

KOHL'S

2012

2022

SUPER FOODMART

2016

2038

 

 

 

 

DERBY (3)

2005

JOINT VENTURE

20.7

         144,532

100.0

 

 

 

 

 

 

 

 

 

 

ENFIELD (7)

2000

JOINT VENTURE

14.9

         148,517

100.0

KOHL'S

2021

2041

BEST BUY

2016

2031

 

 

 

 

FARMINGTON

1998

FEE

16.9

         184,572

100.0

SPORTS AUTHORITY

2018

2063

LINENS N THINGS

2016

2036

BORDERS BOOKS

2018

2063

 

HAMDEN

1967

JOINT VENTURE

31.7

         376,616

100.0

WAL-MART

2019

2039

BON-TON

2012

 

BOB'S STORES

2016

2036

 

NORTH HAVEN

1998

FEE

31.7

         331,919

100.0

HOME DEPOT

2009

2029

BJ'S

2011

2041

XPECT DISCOUNT

2008

2013

 

WATERBURY

1993

FEE

13.1

         137,943

100.0

RAYMOUR & FLANIGAN FURNITURE

2017

2037

STOP & SHOP

2013

2043

 

 

 

DELAWARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELSMERE

1979

GROUND LEASE (2076)

17.1

         112,610

100.0

VALUE CITY

2008

2038

 

 

 

 

 

 

 

WILMINGTON (11)

2004

GROUND LEASE (2052)/ JOINT VENTURE

25.9

         165,805

100.0

SHOPRITE

2014

2044

SPORTS AUTHORITY

2008

2023

RAYMOUR & FLANIGAN

2019

2044

FLORIDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALTAMONTE SPRINGS

1995

FEE

5.6

           94,193

100.0

ORIENTAL MARKET

2012

2022

THOMASVILLE HOME

2011

2021

PEARL ARTS N CRAFTS

2008

2018

 

ALTAMONTE SPRINGS

1998

FEE

19.4

         233,817

100.0

BAER'S FURNITURE

2024

2034

LEATHER GALLERIES

2009

2014

DSW SHOE WAREHOUSE

2012

2032

 

BOCA RATON

1967

FEE

9.9

           73,549

97.5

WINN DIXIE

2008

2033

 

 

 

 

 

 

 

BONITA SPRINGS (8)

2006

JOINT VENTURE

7.9

           79,676

94.3

PUBLIX

2022

2052

 

 

 

 

 

 

 

BOYNTON BEACH (7)

1999

JOINT VENTURE

18.0

         194,028

100.0

BEALLS

2011

2056

ALBERTSONS

2015

2040

 

 

 

 

BRADENTON

1968

JOINT VENTURE

6.2

           30,938

86.1

GRAND CHINA BUFFET

2009

2014

 

 

 

 

 

 

 

BRADENTON

1998

FEE

19.6

         162,997

96.5

PUBLIX

2012

2032

TJ MAXX

2009

2019

JO-ANN FABRICS

2009

2024

 

BRANDON (7)

2001

JOINT VENTURE

29.7

         143,785

100.0

BED BATH & BEYOND

2010

2020

ROSS DRESS FOR LESS

2010

2025

THOMASVILLE HOME

2010

2020

 

CAPE CORAL (8)

2006

JOINT VENTURE

12.5

         125,110

98.5

PUBLIX

2022

2052

ROSS DRESS FOR LESS

2013

2033

STAPLES

2008

2033

 

CAPE CORAL (8)

2006

JOINT VENTURE

4.2

           42,030

96.8

 

 

 

 

 

 

 

 

 

 

CLEARWATER

2005

FEE

20.7

         207,071

95.2

HOME DEPOT

2023

2068

JO-ANN FABRICS

2014

2034

STAPLES

2014

2034

 

CORAL SPRINGS

1994

FEE

5.9

           55,597

100.0

LINENS N THINGS

2012

2027

 

 

 

 

 

 

 

CORAL SPRINGS

1997

FEE

9.8

           86,342

100.0

TJ MAXX

2012

2017

PARTY SUPERMARKET

2011

2016

 

 

 

 

CORAL WAY

1992

JOINT VENTURE

8.7

           87,305

100.0

WINN DIXIE

2011

2036

STAPLES

2016

2031

 

 

 

 

CUTLER RIDGE

1998

JOINT VENTURE

3.8

           37,640

100.0

POTAMKIN CHEVROLET

2015

2050

 

 

 

 

 

 



22







 

LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DELRAY BEACH (8)

2006

JOINT VENTURE

5.1

           50,906

97.6

PUBLIX

2025

2055

 

 

 

 

 

 

 

EAST ORLANDO

1971

GROUND LEASE (2068)

11.6

         131,981

98.1

SPORTS AUTHORITY

2010

2020

OFFICE DEPOT

2010

2025

C-TOWN

2013

2028

 

FERN PARK

1968

FEE

12.0

           83,382

86.2

BOOKS-A-MILLION

2008

2016

OFFICEMAX

2008

2023

 

 

 

 

FORT LAUDERDALE (9)

2004

FEE

22.9

         229,034

100.0

REGAL CINEMAS

2017

2057

OFFICE DEPOT

2011

2026

JUST FOR SPORTS

2017

2023

 

FORT MEYERS (8)

2006

JOINT VENTURE

7.4

           74,286

90.7

PUBLIX

2023

2053

 

 

 

 

 

 

 

HIALEAH

1998

JOINT VENTURE

2.4

           23,625

100.0

POTAMKIN CHEVROLET

2015

2050

 

 

 

 

 

 

 

HOLLYWOOD

2002

JOINT VENTURE

5.0

           50,000

100.0

HOME GOODS

2010

2025

MICHAELS

2010

2030

 

 

 

 

HOLLYWOOD (9)

2004

FEE

98.9

         871,723

98.6

HOME DEPOT

2019

2069

KMART

2019

2069

BJ'S

2019

2069

 

HOLLYWOOD (9)

2004

FEE

10.5

         141,097

90.0

AZOPHARMA CONTRACT SERVICES

2011

2017

TRADER PUBLISHING COMPANY

2008

 

MANTECH SYSTEMS INT'L

2008

2013

 

HOMESTEAD

1972

GROUND LEASE (2093)/ JOINT VENTURE

21.4

         209,214

100.0

PUBLIX

2014

2034

MARSHALLS

2011

2026

OFFICEMAX

2013

2028

 

JACKSONVILLE

2002

JOINT VENTURE

5.1

           51,002

100.0

MICHAELS

2013

2033

HOME GOODS

2010

2020

 

 

 

 

JACKSONVILLE

1999

FEE

18.6

         205,696

100.0

BURLINGTON COAT FACTORY

2013

2018

OFFICEMAX

2012

2032

TJ MAXX

2012

2017

 

JACKSONVILLE (4)

2005

JOINT VENTURE

149.2

         111,000

100.0

 

 

 

 

 

 

 

 

 

 

JACKSONVILLE (8)

2006

JOINT VENTURE

7.3

           72,840

88.5

PUBLIX

2053

 

 

 

 

 

 

 

 

JENSEN BEACH

1994

FEE

20.7

         173,491

94.4

SERVICE MERCHANDISE

2010

2070

MARSHALLS

2010

2020

BEALLS

2008

2013

 

JENSEN BEACH (12)

2006

JOINT VENTURE

19.8

         197,731

76.1

HOME DEPOT

2025

2030

HALLOWEEN EXPRESS

2008

 

 

 

 

 

KEY LARGO (7)

2000

JOINT VENTURE

21.5

         207,332

96.9

KMART

2014

2064

PUBLIX

2009

2029

BEALLS OUTLET

2008

2011

 

KISSIMMEE

1996

FEE

18.4

           90,840

81.2

OFFICEMAX

2012

2027

DOCKSIDE IMPORT

2008

 

 

 

 

 

LAKELAND

2001

FEE

22.9

         196,635

97.2

STEIN MART

2011

2026

ROSS DRESS FOR LESS

2012

 

MARSHALLS

2011

 

 

LAKELAND

2006

FEE

9.0

           86,022

100.0

SPORTS AUTHORITY

2011

2026

LAKELAND SQUARE 10 THEATRE

2010

2020

CHUCK E CHEESE

2016

2026

 

LARGO

1968

FEE

12.0

         149,472

100.0

WAL-MART

2012

2027

ALDI

2018

2038

 

 

 

 

LARGO

1992

FEE

29.4

         215,916

96.7

PUBLIX

2009

2029

AMC THEATRES

2011

2036

OFFICE DEPOT

2009

2019

 

LARGO

1993

FEE

6.6

           56,668

41.0

 

 

 

 

 

 

 

 

 

 

LAUDERDALE LAKES

1968

JOINT VENTURE

10.0

         115,341

98.2

SAVE-A-LOT

2012

2017

THINK THRIFT

2012

2017

 

 

 

 

LAUDERHILL

1978

FEE

18.1

         181,416

90.5

STAPLES

2017

2037

BABIES R US

2009

2014

99CENT STUFF

2008

2018

 

LEESBURG

1969

GROUND LEASE (2017)

1.3

           13,468

88.9

 

 

 

 

 

 

 

 

 

 

MARGATE

1993

FEE

34.1

         233,193

100.0

PUBLIX

2008

2028

SAM ASH MUSIC

2011

 

OFFICE DEPOT

2010

2025

 

MELBOURNE

1968

GROUND LEASE (2071)

11.5

         168,737

99.3

SUBMITTORDER CO

2010

2022

WALGREENS

2045

 

GOODWILL INDUSTRIES

2012

 

 

MELBOURNE

1998

FEE

13.2

         144,439

95.9

JO-ANN FABRICS

2016

2031

BED BATH & BEYOND

2013

2028

MARSHALLS

2010

 

 

MERRITT ISLAND (8)

2006

JOINT VENTURE

6.0

           60,103

100.0

PUBLIX

2023

2053

 

 

 

 

 

 

 

MIAMI

1968

FEE

8.2

         104,908

100.0

HOME DEPOT

2029

2059

MILAM'S MARKET

2008

 

WALGREENS

2009

 

 

MIAMI

1962

JOINT VENTURE

14.0

           79,273

89.9

BABIES R US

2011

2021

FIRESTONE TIRE

2008

 

 

 

 

 

MIAMI

1986

FEE

7.8

           83,380

98.7

PUBLIX

2009

2029

WALGREENS

2018

 

 

 

 

 

MIAMI

1998

JOINT VENTURE

2.9

           29,166

100.0

LEHMAN TOYOTA

2015

2050

 

 

 

 

 

 

 

MIAMI

1998

JOINT VENTURE

1.7

           17,117

100.0

LEHMAN TOYOTA

2015

2050

 

 

 

 

 

 

 

MIAMI

1998

JOINT VENTURE

8.7

           86,900

100.0

POTAMKIN CHEVROLET

2015

2050

 

 

 

 

 

 

 

MIAMI

2007

FEE

33.4

         349,926

100.0

PUBLIX

2011

2031

LINENS 'N THINGS

2015

2030

OFFICE DEPOT

2010

2015

 

MIAMI

1995

FEE

5.4

           63,604

100.0

PETCO

2016

2021

PARTY CITY

2012

2017

 

 

 

 

MIAMI (8)

2007

JOINT VENTURE

7.5

           59,880

95.8

PUBLIX

2027

2062

 

 

 

 

 

 

 

MIAMI (8)

2006

JOINT VENTURE

6.4

           63,595

100.0

PUBLIX

2023

2053

 

 

 

 

 

 

 

MIAMI (9)

2004

FEE

31.2

         402,801

96.9

KMART

2012

2042

EL DORADO FURNITURE

2017

2032

SYMS

2011

2041

 

MIDDLEBURG (4)

2005

JOINT VENTURE

37.1

           24,000

100.0

 

 

 

 

 

 

 

 

 

 

MILTON (4)

2007

JOINT VENTURE

2.3

                 -   

 -

 

 

 

 

 

 

 

 

 

 

MIRAMAR (4)

2005

JOINT VENTURE

36.7

           44,000

100.0

 

 

 

 

 

 

 

 

 

 

MOUNT DORA

1997

FEE

12.4

         120,430

100.0

KMART

2013

2063

 

 

 

 

 

 

 

NORTH LAUDERDALE (6)

2007

JOINT VENTURE

28.9

         250,209

98.2

HOME DEPOT

2019

2049

CHANCELLOR ACADEMY

2011

2016

PUBLIX

2011

2031

 

NORTH MIAMI BEACH

1985

FEE

15.9

         108,795

100.0

PUBLIX

2019

2039

WALGREENS

2058

 

 

 

 

 

OCALA (3)

1997

FEE

27.2

         260,435

92.9

KMART

2011

2021

BEST BUY

2019

2034

SERVICE MERCHANDISE

2012

2032

 

ORANGE PARK

2003

JOINT VENTURE

5.0

           50,299

100.0

BED BATH & BEYOND

2015

2025

MICHAELS

2010

2030

 

 

 

 

ORLANDO

1968

JOINT VENTURE

10.0

         114,434

86.9

BALLY TOTAL FITNESS

2008

2018

HSN

2009

 

JO-ANN FABRICS

2008

2011

 

ORLANDO (3)

1968

GROUND LEASE (2047)/JOINT VENTURE

7.8

           45,360

100.0

TACO BELL

2027

2047

 

 

 

 

 

 

 

ORLANDO

1994

FEE

28.0

         204,930

100.0

OLD TIME POTTERY

2010

2020

SPORTS AUTHORITY

2011

2031

USA BABY

2013

2018

 

ORLANDO

1996

FEE

11.7

         132,856

100.0

ROSS DRESS FOR LESS

2008

2028

BIG LOTS

2009

2014

OFFICEMAX

2014

2034

 

ORLANDO (7)

2000

JOINT VENTURE

18.0

         179,065

100.0

KMART

2014

2064

PUBLIX

2012

2037

 

 

 

 

ORLANDO (9)

2004

FEE

14.0

         154,356

93.9

MARSHALLS

2013

2028

OFF BROADWAY SHOES

2013

2023

GOLFSMITH GOLF CENTER

2014

2024

 

OVIEDO (8)

2006

JOINT VENTURE

7.8

           78,179

94.3

PUBLIX

2020

2050

 

 

 

 

 

 

 

PENSACOLA (4)

2007

JOINT VENTURE

3.4

                 -   

 -

 

 

 

 

 

 

 

 

 

 

PLANTATION

1974

JOINT VENTURE

4.6

           60,414

95.6

BREAD OF LIFE

2009

2019

WHOLE FOODS MARKET

2009

2019

 

 

 

 

POMPANO BEACH

1968

JOINT VENTURE

6.6

           66,613

96.4

SAVE-A-LOT

2015

2030

 

 

 

 

 

 

 

POMPANO BEACH

2007

JOINT VENTURE

10.3

         103,173

100.0

KMART

2012

2017

 

 

 

 

 

 

 

POMPANO BEACH (13)

2004

JOINT VENTURE

18.6

         140,312

90.8

WINN DIXIE

2018

2043

CVS

2020

2040

 

 

 

 

PORT RICHEY (7)

1998

JOINT VENTURE

14.3

           91,235

70.2

CIRCUIT CITY

2011

2031

STAPLES

2011

2026

 

 

 

 

RIVIERA BEACH

1968

JOINT VENTURE

5.1

           46,390

92.2

FURNITURE KINGDOM

2009

2014

GOODWILL INDUSTRIES

2008

 

 

 

 

 

SANFORD

1989

FEE

40.9

         195,688

96.6

ARBY'S

2027

2047

ROSS DRESS FOR LESS

2012

2032

OFFICE DEPOT

2009

2019

 

SARASOTA

1970

FEE

10.0

         102,455

100.0

TJ MAXX

2012

2017

OFFICEMAX

2009

2024

DOLLAR TREE

2012

2032

 

SARASOTA

1989

FEE

12.0

         129,700

96.6

SWEETBAY

2020

2040

ACE HARDWARE

2013

2023

ANTHONY'S LADIES WEAR

2012

2017

 

SARASOTA (8)

2006

JOINT VENTURE

6.5

           65,320

91.7

PUBLIX

2063

 

 

 

 

 

 

 

 

ST. AUGUSTINE

2005

JOINT VENTURE

1.5

           62,000

91.9

HOBBY LOBBY

2019

2032

 

 

 

 

 

 

 

ST. PETERSBURG

1968

GROUND LEASE (2084)/ JOINT VENTURE

9.0

         118,574

100.0

KASH N' KARRY

2017

2037

TJ MAXX

2012

2014

DOLLAR TREE

2012

2022

 

TALLAHASSEE

1998

FEE

12.8

         105,655

75.9

STEIN MART

2018

2033

SHOE STATION

2008

2012

 

 

 

 

TAMPA

1997/ 2004

FEE

23.9

         205,634

100.0

AMERICAN SIGNATURE HOME

2019

2044

DSW SHOE WAREHOUSE

2018

2033

STAPLES

2013

2018

 

TAMPA

2004

FEE

22.4

         186,676

100.0

LOWE'S HOME CENTER

2026

2066

 

 

 

 

 

 

 

TAMPA (13)

2007

JOINT VENTURE

10.0

         100,200

94.9

PUBLIX

2011

2026

 

 

 

 

 

 

 

TAMPA (7)

2001

JOINT VENTURE

73.0

         340,460

94.3

BEST BUY

2016

2031

JO-ANN FABRICS

2016

2031

BED BATH & BEYOND

2015

2030

 

WEST PALM BEACH

1967/ 1984

JOINT VENTURE

8.0

           81,073

100.0

WINN DIXIE

2010

2030

 

 

 

 

 

 

 

WEST PALM BEACH

1995

FEE

7.9

           79,904

93.4

BABIES R US

2011

2021

 

 

 

 

 

 

 

WEST PALM BEACH (9)

2004

FEE

33.0

         357,537

93.5

KMART

2018

2068

WINN DIXIE

2019

2049

LINENS N THINGS

2010

2025

 

WINTER HAVEN

1973

JOINT VENTURE

13.9

           95,188

98.7

BIG LOTS

2010

2020

JO-ANN FABRICS

2011

2016

BUDDY'S HOME FURNISHINGS

2015

2025

 

YULEE (4)

2003

JOINT VENTURE

82.1

           46,000

100.0

 

 

 

 

 

 

 

 

 

GEORGIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALPHARETTA

2007

FEE

13.1

         130,515

96.6

KROGER

2020

2050

 

 

 

 

 

 

 

ATLANTA

2007

FEE

31.0

         354,214

90.4

DAYS INN

2014

2034

KROGER

2021

2056

GOODYEAR TIRE

2010

2030

 

ATLANTA (13)

2007

JOINT VENTURE

10.1

         175,835

100.0

MARSHALLS

2014

2034

BEST BUY

2014

2029

LINENS' N THINGS

2014

2024

 

AUGUSTA

1995

FEE

11.3

         112,537

89.3

TJ MAXX

2010

2015

ROSS DRESS FOR LESS

2013

2033

RUGGED WEARHOUSE

2008

2018

 

AUGUSTA (7)

2001

JOINT VENTURE

52.6

         531,815

99.4

ASHLEY FURNTIURE HOMESTORE

2009

2019

GOODY'S FAMILY CLOTHING

2014

2029

COMPUSA

2013

2028

 

DULUTH (8)

2006

JOINT VENTURE

7.8

           78,025

100.0

WHOLE FOODS MARKET

2027

2057

 

 

 

 

 

 

 

SAVANNAH

1993

FEE

22.2

         187,076

97.2

BED BATH & BEYOND

2013

2028

TJ MAXX

2010

2015

MARSHALLS

2013

2022

 

SAVANNAH (3)

1995

GROUND LEASE (2045)

8.5

           80,378

87.4

STAPLES

2015

2030

 

 

 

 

 

 

 

SAVANNAH

2007

FEE

17.9

         197,967

93.8

LINENS 'N THINGS

2016

2031

ROSS DRESS FOR LESS

2016

2036

COST PLUS

2016

2031

 

SNELLVILLE (7)

2001

JOINT VENTURE

35.6

         311,033

93.9

KOHL'S

2022

2062

BELK

2015

2035

LINENS N THINGS

2015

2030

 

VALDOSTA

2004

JOINT VENTURE

17.5

         175,396

100.0

LOWE'S HOME CENTER

2019

2069

 

 

 

 

 

 

HAWAII

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KIHEI

2006

FEE

4.6

           17,897

94.7

 

 

 

 

 

 

 

 

 

IDAHO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAMPA (4)

2005

JOINT VENTURE

70.9

                 -   

 -

 

 

 

 

 

 

 

 

 

ILLINOIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALTON

1986

FEE

21.2

         131,188

100.0

VALUE CITY

2008

2023

 

 

 

 

 

 

 

AURORA

1998

FEE

17.9

           91,182

100.0

CERMAK PRODUCE AURORA

2022

2042

 

 

 

 

 

 



23







 

LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AURORA (8)

2005

JOINT VENTURE

34.7

         361,984

72.5

BEST BUY

2011

2026

VALUE CITY FURNITURE

2009

2019

GOLFSMITH

2016

2031

 

BATAVIA (7)

2002

JOINT VENTURE

31.7

         272,410

100.0

KOHL'S

2019

2049

HOBBY LOBBY

2009

2019

LINENS N THINGS

2014

2029

 

BELLEVILLE

1987

GROUND LEASE (2057)

20.3

         100,160

100.0

KMART

2024

2054

WESTFIELD PLAZA ASSOCIATES

2008

2052

 

 

 

 

BLOOMINGTON

1972

FEE

16.1

         188,250

100.0

SCHNUCK MARKETS

2014

2029

TOYS "R" US

2015

2045

BARNES & NOBLE

2010

2015

 

BLOOMINGTON

2003

JOINT VENTURE

11.0

           73,951

100.0

JEWEL-OSCO

2014

2039

 

 

 

 

 

 

 

BRADLEY

1996

FEE

5.4

           80,535

100.0

CARSON PIRIE SCOTT

2014

2034

 

 

 

 

 

 

 

CALUMET CITY

1997

FEE

17.0

         159,647

98.1

MARSHALLS

2014

2029

BEST BUY

2012

2032

BED BATH & BEYOND

2014

2024

 

CHAMPAIGN

1999

FEE

9.0

         112,000

63.1

HOBBY LOBBY

2017

2027

 

 

 

 

 

 

 

CHAMPAIGN (7)

2001

JOINT VENTURE

9.3

         111,720

100.0

BEST BUY

2016

2031

DICK'S SPORTING GOODS

2016

2031

MICHAELS

2010

2025

 

CHICAGO

1997

GROUND LEASE (2040)

17.5

         102,011

100.0

BURLINGTON COAT FACTORY

2020

2035

RAINBOW SHOPS

2011

2021

BEAUTY ONE

2010

2015

 

CHICAGO

1997

FEE

6.0

           86,894

100.0

KMART

2024

2054

 

 

 

 

 

 

 

COUNTRYSIDE

1997

FEE

27.7

         117,005

100.0

HOME DEPOT

2023

2053

 

 

 

 

 

 

 

CRESTWOOD

1997

GROUND LEASE (2051)

36.8

           79,903

100.0

SEARS

2024

2051

 

 

 

 

 

 

 

CRYSTAL LAKE

1998

FEE

6.1

           80,390

72.5

HOBBY LOBBY

2009

2019

DINOREX

2012

2022

 

 

 

 

DOWNERS GROVE

1998

GROUND LEASE (2062)

5.0

         100,000

100.0

HOME DEPOT EXPO

2022

2062

 

 

 

 

 

 

 

DOWNERS GROVE

1999

FEE

24.8

         144,770

98.2

DOMINICK'S

2009

2019

DOLLAR TREE

2013

2023

WALGREENS

2022

 

 

DOWNERS GROVE

1997

FEE

12.0

         141,906

100.0

TJ MAXX

2009

2024

BEST BUY

2015

2030

BEST BUY

2012

2032

 

ELGIN

1972

FEE

18.7

         186,432

100.0

ELGIN MALL

2013

2023

ELGIN FARMERS PRODUCTS

2010

2030

AARON SALES

2012

2022

 

FAIRVIEW HEIGHTS

1986

GROUND LEASE (2054)

19.1

         192,073

100.0

KMART

2024

2054

OFFICEMAX

2015

2025

WALGREENS

2010

2029

 

FOREST PARK

1997

GROUND LEASE (2021)

9.3

           98,371

100.0

KMART

2021

 

 

 

 

 

 

 

 

GENEVA

1996

FEE

8.2

         110,188

100.0

GANDER MOUNTAIN

2013

2028

 

 

 

 

 

 

 

KILDEER (8)

2006

JOINT VENTURE

23.3

         167,477

98.6

BED BATH & BEYOND

2012

2032

CIRCUIT CITY

2017

2042

OLD NAVY

2011

2016

 

MATTESON

1997

FEE

17.0

         157,885

100.0

SPORTMART

2014

2029

MARSHALLS

2010

2025

LINENS N THINGS

2014

2029

 

MOUNT PROSPECT

1997

FEE

16.8

         192,547

100.0

KOHL'S

2024

2054

HOBBY LOBBY

2016

2026

POOL-A-RAMA

2011

2018

 

MUNDELIEN

1991

FEE

7.6

           89,692

100.0

BURLINGTON COAT FACTORY

2018

2033

 

 

 

 

 

 

 

NAPERVILLE

1997

FEE

9.0

         102,327

100.0

BURLINGTON COAT FACTORY

2013

2033

 

 

 

 

 

 

 

NORRIDGE

1997

GROUND LEASE (2047)

11.7

         116,914

100.0

KMART

2012

2047

 

 

 

 

 

 

 

OAK LAWN

1997

FEE

15.4

         176,037

100.0

KMART

2024

2054

CHUCK E CHEESE

2016

2026

 

 

 

 

OAKBROOK TERRACE

1983/ 1997

GROUND LEASE (2049)

16.7

         176,263

100.0

HOME DEPOT

2024

2044

LINENS N THINGS

2017

2032

LOYOLA MEDICAL CENTER

2011

2016

 

ORLAND PARK

1997

FEE

18.8

         131,546

100.0

VALUE CITY

2015

2030

 

 

 

 

 

 

 

OTTAWA

1970

FEE

9.0

           60,000

100.0

VALUE CITY

2012

2022

 

 

 

 

 

 

 

PEORIA

1997

GROUND LEASE (2031)

20.5

         156,067

100.0

KMART

2009

 

MARSHALLS

2009

2024

 

 

 

 

ROCKFORD

2007

FEE

8.9

           89,047

100.0

BEST BUY

2016

2031

LINENS N THINGS

2016

2031

 

 

 

 

ROLLING MEADOWS

2003

FEE

3.7

           37,225

100.0

FAIR LANES ROLLING MEADOWS

2013

 

 

 

 

 

 

 

 

SCHAUMBURG

2003

JOINT VENTURE

63.0

         628,294

98.8

GALYAN'S TRADING COMPANY

2013

2038

CARSON PIRIE SCOTT

2021

2071

LOEWS THEATRES

2019

2039

 

SCHAUMBURG

1998

JOINT VENTURE

7.3

                 -   

 -

 

 

 

 

 

 

 

 

 

 

SKOKIE

1997

FEE

5.8

           58,455

100.0

MARSHALLS

2010

2025

OLD NAVY

2010

2015

 

 

 

 

STREAMWOOD

1999

FEE

5.6

           81,000

100.0

VALUE CITY

2015

2030

 

 

 

 

 

 

 

WAUKEGAN

1998

FEE

6.8

           90,555

100.0

PICK N SAVE

2009

2029

 

 

 

 

 

 

 

WOODRIDGE

1998

FEE

13.1

         161,272

94.1

WOODGROVE THEATERS, INC

2012

2022

KOHL'S

2010

2030

MCSPORTS

2008

 

INDIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVANSVILLE

1986

FEE

14.2

         192,933

82.8

BURLINGTON COAT FACTORY

2012

2027

OFFICEMAX

2012

2027

FAMOUS FOOTWEAR

2010

2025

 

GREENWOOD

1970

FEE

25.7

         168,577

96.8

BABY SUPERSTORE

2011

2021

TOYS "R" US

2011

2056

TJ MAXX

2010

2015

 

GRIFFITH

1997

FEE

10.6

         114,684

100.0

KMART

2024

2054

 

 

 

 

 

 

 

INDIANAPOLIS

1963

JOINT VENTURE

17.4

         165,255

100.0

KROGER

2026

2066

AJ WRIGHT

2012

2027

CVS

2021

2031

 

LAFAYETTE

1971

FEE

12.4

           90,500

100.0

KROGER

2026

2056

 

 

 

 

 

 

 

LAFAYETTE

1997

FEE

24.3

         238,288

84.0

HOME DEPOT

2026

2056

JO-ANN FABRICS

2010

2020

SMITH OFFICE EQUIPMENT

2008

 

 

LAFAYETTE

1998

FEE

43.2

         214,876

85.2

SPECIALTY RETAIL CONCEPTS, LLC

2008

 

PETSMART

2012

2032

STAPLES

2011

2026

 

MISHAWAKA

1998

FEE

7.5

           82,100

 -

 

 

 

 

 

 

 

 

 

 

SOUTH BEND (3)

1997

JOINT VENTURE

14.6

         145,992

97.1

BED BATH & BEYOND

2015

2040

DSW SHOE WAREHOUSE

2020

2035

PETSMART

2015

2030

 

SOUTH BEND

1999

FEE

1.8

           81,668

100.0

MENARD

2010

2030

 

 

 

 

 

 

IOWA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CLIVE

1996

FEE

8.8

           90,000

100.0

KMART

2021

2051

 

 

 

 

 

 

 

COUNCIL BLUFFS (4)

2006

JOINT VENTURE

56.2

         112,000

100.0

 

 

 

 

 

 

 

 

 

 

DAVENPORT

1997

GROUND LEASE (2028)

9.1

           91,035

100.0

KMART

2024

2028

 

 

 

 

 

 

 

DES MOINES

1999

FEE

23.0

         149,059

80.1

BEST BUY

2008

2023

OFFICEMAX

2013

2018

PETSMART

2017

2042

 

DUBUQUE

1997

GROUND LEASE (2019)

6.5

           82,979

100.0

SHOPKO

2018

2019

 

 

 

 

 

 

 

SOUTHEAST DES MOINES

1996

FEE

9.6

         111,847

100.0

HOME DEPOT

2020

2065

 

 

 

 

 

 

 

WATERLOO

1996

FEE

9.0

         104,074

100.0

HOBBY LOBBY

2014

2024

TJ MAXX

2014

2024

SHOE CARNIVAL

2015

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAST WICHITA (7)

1996

JOINT VENTURE

6.5

           96,011

100.0

DICK'S SPORTING GOODS

2018

2033

GORDMANS

2012

2032

 

 

 

 

OVERLAND PARK

2006

FEE

14.5

         120,164

100.0

HOME DEPOT

2010

2050

 

 

 

 

 

 

 

WEST WICHITA (7)

1996

JOINT VENTURE

8.1

           96,319

100.0

SHOPKO

2018

2038

 

 

 

 

 

 

 

WICHITA (7)

1998

JOINT VENTURE

13.5

         133,771

100.0

BEST BUY

2010

2025

TJ MAXX

2010

2020

MICHAELS

2010

2025

KENTUCKY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BELLEVUE

1976

FEE

6.0

           53,695

100.0

KROGER

2010

2035

 

 

 

 

 

 

 

FLORENCE (11)

2004

JOINT VENTURE

8.2

           99,578

95.0

DICK'S SPORTING GOODS

2018

2033

LINENS N THINGS

2018

2033

MCSWAIN CARPETS

2012

2017

 

HINKLEVILLE

1998

GROUND LEASE (2039)

2.0

           85,229

 -

K'S MERCHANDISE

2014

2039

 

 

 

 

 

 

 

LEXINGTON

1993

FEE

35.8

         235,143

90.6

BEST BUY

2009

2024

BED BATH & BEYOND

2013

2038

TOYS "R" US

2013

2038

LOUISIANA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BATON ROUGE

1997

FEE

18.6

         349,907

96.7

BURLINGTON COAT FACTORY

2009

2024

STEIN MART

2011

2016

K&G MEN'S COMPANY

2017

2032

 

BATON ROUGE

2005

JOINT VENTURE

9.4

           67,755

90.5

WAL-MART

2024

2034

 

 

 

 

 

 

 

HARVEY

2003

JOINT VENTURE

17.4

         181,660

100.0

BEST BUY

2017

2032

LINENS N THINGS

2012

2032

BARNES & NOBLE

2012

2022

 

HOUMA

1999

FEE

10.1

           98,586

100.0

OLD NAVY

2009

2014

OFFICEMAX

2013

2028

MICHAELS

2009

2019

 

LAFAYETTE

1997

FEE

21.9

         244,733

98.9

STEIN MART

2010

2020

LINENS N THINGS

2009

2024

TJ MAXX

2009

2019

MAINE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANGOR

2001

FEE

8.6

           86,422

100.0

BURLINGTON COAT FACTORY

2012

2032

 

 

 

 

 

 

 

S. PORTLAND

2007

FEE

12.5

           98,401

95.7

DSW SHOE WAREHOUSE

2012

2027

DOLLAR TREE

2015

2025

GUITAR CENTER

2016

2026

MARYLAND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALTIMORE (10)

2007

JOINT VENTURE

18.4

         152,834

100.0

KMART

2010

2055

SALVO AUTO PARTS

2009

2019

 

 

 

 

BALTIMORE (10)

2007

JOINT VENTURE

10.6

         112,722

100.0

SAFEWAY

2016

2046

RITE AID

2011

2026

DOLLAR TREE

2013

2028

 

BALTIMORE (10)

2007

JOINT VENTURE

7.3

           77,287

100.0

SUPER FRESH

2021

2061

 

 

 

 

 

 

 

BALTIMORE (11) (3)

2004

JOINT VENTURE

7.6

           79,815

100.0

GIANT FOOD

2016

2031

 

 

 

 

 

 

 

BALTIMORE (12)

2005

JOINT VENTURE

10.7

           90,830

98.2

GIANT FOOD

2011

2036

 

 

 

 

 

 

 

BALTIMORE (13)

2004

JOINT VENTURE

7.5

           90,903

98.9

GIANT FOOD

2026

2051

 

 

 

 

 

 

 

BALTIMORE (8)

2005

JOINT VENTURE

5.8

           49,629

96.8

CORT FURNITURE RENTAL

2012

2022

 

 

 

 

 

 

 

BEL AIR (13)

2004

FEE

19.7

         115,927

100.0

SAFEWAY

2030

2060

CVS

2021

2041

 

 

 

 

CLARKSVILLE (10)

2007

JOINT VENTURE

15.2

         105,907

100.0

GIANT FOOD

2017

2027

 

 

 

 

 

 

 

CLINTON

2003

GROUND LEASE (2024)

2.6

            2,544

100.0

 

 

 

 

 

 

 

 

 

 

CLINTON

2003

GROUND LEASE (2069)

2.6

                 -   

 -

 

 

 

 

 

 

 

 

 

 

COLUMBIA

2002

JOINT VENTURE

5.0

           50,000

100.0

MICHAELS

2013

2033

HOME GOODS

2011

2021

 

 

 

 

COLUMBIA

2002

FEE

7.3

           32,075

100.0

 

 

 

 

 

 

 

 

 

 

COLUMBIA

2002

FEE

2.5

           23,835

100.0

DAVID'S NATURAL MARKET

2014

2019

 

 

 

 

 

 

 

COLUMBIA (10)

2007

JOINT VENTURE

12.2

           41,494

98.2

 

 

 

 

 

 

 

 

 

 

COLUMBIA (13)

2005

JOINT VENTURE

0.7

            6,780

100.0

 

 

 

 

 

 

 

 

 

 

COLUMBIA (8)

2006

JOINT VENTURE

12.3

           91,165

100.0

SAFEWAY

2018

2043

 

 

 

 

 

 

 

COLUMBIA (8)

2006

JOINT VENTURE

16.4

         100,803

94.0

GIANT FOOD

2012

2022

 

 

 

 

 

 

 

COLUMBIA (8)

2006

JOINT VENTURE

7.3

           73,299

100.0

OLD NAVY

2013

 

 

 

 

 

 

 



24







 

LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
SQ. FT.)  

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EASTON (11)

2004

JOINT VENTURE

11.1

         113,330

100.0

GIANT FOOD

2024

2054

FASHION BUG

2012

 

 

 

 

 

ELLICOTT CITY (11)

2004

JOINT VENTURE

31.8

         143,548

99.0

SAFEWAY

2012

2042

PETCO

2011

2021

 

 

 

 

ELLICOTT CITY (6)

2007

JOINT VENTURE

42.5

         433,467

100.0

TARGET

2016

2046

KOHL'S

2018

2038

SAFEWAY

2016

2046

 

ELLICOTT CITY (8)

2006

JOINT VENTURE

15.5

           86,456

99.1

GIANT FOOD

2009

2019

 

 

 

 

 

 

 

GAITHERSBURG

1989

FEE

8.7

           88,277

100.0

GREAT BEGINNINGS FURNITURE

2011

2021

FURNITURE 4 LESS

2010

 

 

 

 

 

GAITHERSBURG (6)

2007

JOINT VENTURE

6.6

           71,329

100.0

RUGGED WEARHOUSE

2013

2018

HANCOCK FABRICS

2011

2016

OLD COUNTRY BUFFET

2011

2021

 

GLEN BURNIE (13)

2004

JOINT VENTURE

21.9

         249,746

100.0

LOWE'S HOME CENTER

2019

2059

GIANT FOOD

2015

2025

 

 

 

 

HAGERSTOWN

1973

FEE

10.5

         116,985

100.0

ZEYNA FURNITURE

2018

2028

SUPER SHOE

2011

2016

ALDI

2016

2031

 

HUNT VALLEY

2003

FEE

9.1

           94,653

98.7

GIANT FOOD

2013

2033

 

 

 

 

 

 

 

LAUREL

1964

FEE

8.1

           75,924

100.0

VILLAGE THRIFT STORE

2010

 

DOLLAR TREE

2010

2015

OLD COUNTRY BUFFET

2009

2019

 

LAUREL

1972

FEE

10.0

           81,550

100.0

ROOMSTORE

2009

2014

 

 

 

 

 

 

 

LINTHICUM

2003

FEE

0.6

            1,926

100.0

 

 

 

 

 

 

 

 

 

 

LUTHERVILLE (12)

2004

JOINT VENTURE

1.7

                 -   

 -

 

 

 

 

 

 

 

 

 

 

NORTH EAST (10)

2007

JOINT VENTURE

17.5

           80,190

100.0

FOOD LION

2018

2038

 

 

 

 

 

 

 

OWINGS MILLS (13)

2004

JOINT VENTURE

11.0

         116,303

94.7

GIANT FOOD

2020

2045

MERRITT ATHLETIC CLUB

2010

2015

 

 

 

 

PASADENA

2003

GROUND LEASE (2030)

2.7

           38,727

97.2

 

 

 

 

 

 

 

 

 

 

PERRY HALL

2003

FEE

15.7

         173,975

87.5

BRUNSWICK (LEISERV)BOWLING

2010

 

RITE AID

2010

2035

ACE HARDWARE

2016

2031

 

PERRY HALL (11)

2004

JOINT VENTURE

8.2

           65,059

100.0

SUPER FRESH

2022

2062

 

 

 

 

 

 

 

TIMONIUM (3)

2003

FEE

17.2

         109,940

100.0

STAPLES

2020

2045

 

 

 

 

 

 

 

TIMONIUM (10)

2007

JOINT VENTURE

6.0

           59,799

91.8

AMERICAN RADIOLOGY

2012

2027

 

 

 

 

 

 

 

TOWSON (11)

2004

JOINT VENTURE

8.7

           84,280

100.0

LINENS N THINGS

2015

2025

COMPUSA

2014

2029

TWEETER ENTERTAINMENT

2014

2024

 

TOWSON (13) (3)

2004

JOINT VENTURE

43.1

         672,526

100.0

WAL-MART

2020

2005

TARGET

2009

2049

SUPER FRESH

2019

2049

 

WALDORF

2003

FEE

2.6

           26,128

100.0

FAIR LANES WALDORF

2012

2017

 

 

 

 

 

 

 

WALDORF

2003

FEE

0.0

            4,500

100.0

 

 

 

 

 

 

 

 

 

MASSACHUSETTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREAT BARRINGTON

1994

FEE

14.1

         131,235

100.0

KMART

2011

2016

PRICE CHOPPER

2016

2036

 

 

 

 

HYANNIS (11)

2004

JOINT VENTURE

22.6

         225,634

95.5

SHAW'S SUPERMARKET

2018

2028

TOYS "R" US

2019

2029

HOME GOODS

2010

2020

 

MARLBOROUGH

2004

JOINT VENTURE

16.1

         104,125

100.0

BEST BUY

2019

2034

DSW SHOE WAREHOUSE

2014

2034

BORDERS BOOKS

2019

2034

 

PITTSFIELD (11)

2004

JOINT VENTURE

13.0

           72,014

100.0

STOP & SHOP

2014

2044

 

 

 

 

 

 

 

QUINCY (13)

2005

JOINT VENTURE

8.0

           80,510

100.0

SHAW'S SUPERMK

2009

2034

BROOKS PHARMACY

2017

2047

 

 

 

 

SHREWSBURY

1955

FEE

12.2

         108,418

100.0

BOB'S STORES

2018

2033

BED BATH & BEYOND

2012

2032

STAPLES

2011

2021

 

STURBRIDGE (8)

2006

JOINT VENTURE

23.1

         231,197

100.0

STOP & SHOP

2019

2049

MARSHALLS

2011

2026

LINENS N THINGS

2017

2032

MICHIGAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CLARKSTON

1996

FEE

20.0

         148,973

90.8

FARMER JACK

2015

2045

OFFICE DEPOT

2016

2031

CVS

2010

2020

 

CLAWSON (3)

1993

FEE

13.5

         130,424

83.3

STAPLES

2011

2026

RITE AID

2026

2046

 

 

 

 

FARMINGTON

1993

FEE

2.8

           96,915

89.5

OFFICE DEPOT

2016

2031

ACE HARDWARE

2017

2027

FITNESS 19

2015

2025

 

KALAMAZOO

2002

JOINT VENTURE

60.0

         261,334

100.0

HOBBY LOBBY

2013

2023

VALUE CITY FURNITURE

2020

2040

MARSHALLS

2010

2030

 

LIVONIA

1968

FEE

4.5

           33,121

100.0

CVS

2033

2083

FITNESS 19

2017

2027

 

 

 

 

MUSKEGON

1985

FEE

12.2

           79,215

100.0

PLUMB'S FOOD

2012

2022

 

 

 

 

 

 

 

NOVI

2003

JOINT VENTURE

6.0

           60,000

100.0

MICHAELS

2016

2036

HOME GOODS

2011

2026

 

 

 

 

TAYLOR

1993

FEE

13.0

         141,549

100.0

KOHL'S

2022

2042

BABIES R US

2017

2043

PARTY AMERICA

2009

 

 

TROY (13)

2005

JOINT VENTURE

24.0

         223,041

95.8

WAL-MART

2021

2051

MARSHALLS

2012

2027

 

 

 

 

WALKER

1993

FEE

41.8

         338,928

100.0

RUBLOFF DEVELOPMENT

2016

2051

KOHL'S

2017

2037

LOEKS THEATRES

2012

2042

MINNESOTA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ARBOR LAKES

2006

FEE

44.4

         463,634

100.0

LOWE'S HOME CENTER

2025

2075

DICK'S SPORTING GOODS

2017

2037

CIRCUIT CITY

2017

2037

 

HASTINGS (6)

2007

JOINT VENTURE

10.2

           97,535

98.5

CUB FOODS

2023

2053

 

 

 

 

 

 

 

MAPLE GROVE (7)

2001

JOINT VENTURE

63.0

         466,325

99.4

BYERLY'S

2020

2035

BEST BUY

2015

2030

JO-ANN FABRICS

2010

2030

 

MINNETONKA (7)

1998

JOINT VENTURE

12.1

         120,231

94.3

TOYS "R" US

2016

2031

GOLFSMITH GOLF CENTER

2013

2018

OFFICEMAX

2011

 

MISSISSIPPI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HATTIESBURG (4)

2004

JOINT VENTURE

50.3

         266,000

100.0

ASHLEY FURNITURE HOMESTORE

2016

2026

ROSS DRESS FOR LESS

2016

2041

BED BATH & BEYOND

2016

2041

 

HATTIESBURG (4)

2007

JOINT VENTURE

3.5

           11,000

100.0

 

 

 

 

 

 

 

 

 

 

JACKSON

2002

JOINT VENTURE

5.0

           50,000

100.0

MICHAELS

2014

2034

HOME GOODS

2014

2024

 

 

 

MISSOURI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRIDGETON

1997

GROUND LEASE (2040)

27.3

         101,592

100.0

KOHL'S

2010

2020

 

 

 

 

 

 

 

CRYSTAL CITY

1997

GROUND LEASE (2032)

10.1

         100,724

100.0

KMART

2024

2032

 

 

 

 

 

 

 

ELLISVILLE

1970

FEE

18.4

         118,080

100.0

SHOP N SAVE

2017

2032

2ND WIND EXERCISE EQUIPMENT

2011

2016

 

 

 

 

INDEPENDENCE

1985

FEE

21.0

         184,870

100.0

KMART

2024

2054

THE TILE SHOP

2014

2024

OFFICE DEPOT

2012

2032

 

JOPLIN

1998

FEE

12.6

         155,416

100.0

GOODY'S FAMILY CLOTHING

2010

2015

HASTINGS BOOKS

2009

2014

OFFICEMAX

2010

2025

 

JOPLIN (7)

1998

JOINT VENTURE

9.5

           80,524

100.0

SHOPKO

2018

2038

 

 

 

 

 

 

 

KANSAS CITY

1997

FEE

17.8

         150,381

100.0

HOME DEPOT

2010

2050

THE LEATHER COLLECTION

2013

2019

 

 

 

 

KIRKWOOD

1990

GROUND LEASE (2069)

19.8

         249,104

100.0

HOBBY LOBBY

2014

2024

HEMISPHERES

2014

2024

GART SPORTS

2014

2029

 

LEMAY

1974

FEE

9.8

           77,527

98.5

SHOP N SAVE

2020

2065

DOLLAR GENERAL

2008

 

 

 

 

 

MANCHESTER (7)

1998

JOINT VENTURE

9.6

           89,305

100.0

KOHL'S

2018

2038

 

 

 

 

 

 

 

SPRINGFIELD

1994

FEE

41.5

         277,590

92.6

BEST BUY

2011

2026

JCPENNEY

2010

2015

TJ MAXX

2011

2021

 

SPRINGFIELD

2002

FEE

8.5

           84,916

100.0

BED BATH & BEYOND

2013

2028

MARSHALLS

2012

2027

BORDERS BOOKS

2023

2038

 

SPRINGFIELD

1986

GROUND LEASE (2087)

18.5

         203,384

100.0

KMART

2024

2054

OFFICE DEPOT

2010

 

PACE-BATTLEFIELD, LLC

2017

2047

 

ST. CHARLES

1998

FEE

36.9

            8,000

100.0

 

 

 

 

 

 

 

 

 

 

ST. CHARLES

1999

GROUND LEASE (2039)

8.4

           84,460

100.0

KOHL'S

2019

2039

 

 

 

 

 

 

 

ST. LOUIS

1998

FEE

11.4

         113,781

100.0

KOHL'S

2018

2038

CLUB FITNESS

2014

2024

 

 

 

 

ST. LOUIS

1972

FEE

13.1

         129,093

96.3

SHOP N SAVE

2017

2082

 

 

 

 

 

 

 

ST. LOUIS

1986

FEE

17.5

         176,273

100.0

BURLINGTON COAT FACTORY

2009

2024

BIG LOTS

2015

2030

OFFICE DEPOT

2009

2019

 

ST. LOUIS

1997

GROUND LEASE (2056)

19.7

         169,982

89.2

HOME DEPOT

2026

2056

OFFICE DEPOT

2015

2025

 

 

 

 

ST. LOUIS

1997

GROUND LEASE (2035)

37.7

         172,165

100.0

KMART

2024

2035

K&G MEN'S COMPANY

2017

2027

 

 

 

 

ST. LOUIS

1997

GROUND LEASE (2040)

16.3

         128,765

100.0

KMART

2024

2040

 

 

 

 

 

 

 

ST. PETERS

1997

GROUND LEASE (2094)

14.8

         175,121

98.6

HOBBY LOBBY

2014

2024

GART SPORTS

2014

2029

OFFICE DEPOT

2019

 

NEBRASKA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OMAHA (4)

2005

JOINT VENTURE

57.7

         141,000

100.0

MARSHALLS

2016

2036

LINENS N THINGS

2017

2032

OFFICEMAX

2017

2032

NEVADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CARSON CITY (6)

2006

FEE

9.4

         114,258

88.8

RALEY'S

2012

2027

 

 

 

 

 

 

 

ELKO (6)

2006

FEE

31.3

         170,756

96.5

RALEY'S

2017

2032

BUILDERS MART

2011

2016

CINEMA 4 THEATRES

2012

 

 

HENDERSON (4)

1999

JOINT VENTURE

32.1

         161,000

100.0

LEVITZ

2013

2023

BIG LOTS

2016

2036

SAVERS

2016

2036

 

HENDERSON (6)

2006

FEE

10.5

         130,773

82.3

ALBERTSONS

2009

2039

 

 

 

 

 

 

 

LAS VEGAS (6)

2006

FEE

34.8

         362,758

96.5

WAL-MART

2012

2037

COLLEENS CLASSICS

2010

 

24 HOUR FITNESS

2012

2022

 

LAS VEGAS (6)

2006

FEE

34.5

         333,236

90.1

VONS

2011

2041

CARPETS-N-MORE

2015

2025

TJ MAXX

2010

2020

 

LAS VEGAS (6)

2006

FEE

21.1

         228,279

98.6

UA THEATRES

2017

2037

LINENS N' THINGS

2012

2027

OFFICEMAX

2012

2032

 

LAS VEGAS (6)

2006

FEE

16.4

         169,160

92.4

FOOD 4 LESS

2011

2036

HOLLYWOOD VIDEO

2011

2016

 

 

 

 

LAS VEGAS (6)

2006

FEE

16.1

         160,842

79.8

SPORTS AUTHORITY

2008

2018

OFFICEMAX

2011

2021

DOLLAR DISCOUNT CENTER

2015

2025

 

LAS VEGAS (6)

2006

FEE

9.4

         111,245

90.1

VONS