As of December 31, 2023, we own 108 properties with an aggregate net book value of $682.0 million. Our occupancy rate, based on square footage, was 98.8%, 99.8%, and 99.2% as of December 31, 2023, 2022 and 2021, respectively.
At December 31, 2023, we participated in joint ventures that owned two properties and at such date, our investment in these unconsolidated joint ventures is $2.1 million. The occupancy rate of our joint venture properties, based on square footage, was 100%, 58.7%, and 59.1% as of December 31, 2023, 2022 and 2021, respectively.
Our principal executive office is located at 60 Cutter Mill Road, Suite 303, Great Neck, New York. We believe that our facilities are satisfactory for our current and projected needs.
Our Properties
The following table details, as of December 31, 2023, certain information about our properties (except as otherwise indicated, each property is tenanted by a single tenant):
| · · · · · · · · · |
|---|
| | | | | Percentage of | | Approximate | | 2024 Contractual |
|---|
| | | | | 2024 Contractual | | Square Footage | | Rental Income |
|---|
| Location · · Type of Property · · Rental Income · · of Building · per Square Foot |
|---|
| Fort Mill, SC | | Industrial | 4.3 | | 701,595 | | | $4.40 |
|---|
| Hauppauge, NY | | Industrial | 4.1 | | 201,614 | | | 14.61 |
|---|
| Baltimore, MD | | Industrial | 3.5 | | 367,000 | | | 6.87 |
|---|
| Royersford, PA (1) | | Retail | 3.4 | | 194,600 | | | 12.52 |
|---|
| El Paso, TX | | Industrial | 3.3 | | 419,821 | | | 5.55 |
|---|
| Lebanon, TN | | Industrial | 3.0 | | 540,200 | | | 3.91 |
|---|
| Fort Mill, SC | | Industrial | 2.9 | | 303,188 | | | 6.75 |
|---|
| Littleton, CO (2) | | Retail | 2.3 | | 101,618 | | | 19.12 |
|---|
| Secaucus, NJ | | Health & Fitness | 2.1 | | 44,863 | | | 33.43 |
|---|
| Pittston, PA | | Industrial | 2.0 | | 249,600 | | | 5.81 |
|---|
| El Paso, TX (3) | | Retail | 2.0 | | 110,179 | | | 13.28 |
|---|
| McCalla, AL | | Industrial | 1.9 | | 294,000 | | | 4.71 |
|---|
| Brooklyn, NY | | Office | 1.9 | | 66,000 | | | 20.39 |
|---|
| Delport, MO (4) | | Industrial | 1.8 | | 339,094 | | | 3.68 |
|---|
| Lowell, AR | | Industrial | 1.7 | | 248,370 | | | 4.95 |
|---|
| Moorestown, NJ | | Industrial | 1.7 | | 219,881 | | | 5.57 |
|---|
| Ankeny, IA (4) | | Industrial | 1.7 | | 208,234 | | | 5.76 |
|---|
| Joppa, MD | | Industrial | 1.7 | | 258,710 | | | 4.60 |
|---|
| Englewood, CO | | Industrial | 1.5 | | 63,882 | | | 16.47 |
|---|
| Tucker, GA | | Health & Fitness | 1.4 | | 58,800 | | | 17.45 |
|---|
| Pennsburg, PA (4) | | Industrial | 1.4 | | 291,203 | | | 3.36 |
|---|
| St. Louis Park, MN (4) | | Retail | 1.3 | | 131,710 | | | 7.14 |
|---|
| Dalton, GA | | Industrial | 1.3 | | 212,740 | | | 4.33 |
|---|
| Indianapolis, IN | | Industrial | 1.2 | | 125,622 | | | 6.92 |
|---|
| Greenville, SC (5) | | Industrial | 1.2 | | 142,200 | | | 5.83 |
|---|
| Bakersfield, CA | | Industrial | 1.1 | | 218,116 | | | 3.71 |
|---|
| Blythewood, SC (4) | | Industrial | 1.1 | | 177,040 | | | 4.55 |
|---|
| Ronkonkoma, NY (4) | | Industrial | 1.0 | | 90,599 | | | 8.15 |
|---|
| Greenville, SC (5) | | Industrial | 1.0 | | 128,000 | | | 5.70 |
|---|
| Green Park, MO | | Industrial | 1.0 | | 119,680 | | | 6.02 |
|---|
| Greensboro, NC | | Theater | 1.0 | | 61,213 | | | 11.41 |
|---|
| Huntersville, NC | | Industrial | 1.0 | | 78,319 | | | 8.69 |
|---|
| Ashland, VA | | Industrial | 0.9 | | 88,003 | | | 7.58 |
|---|
| Lake Charles, LA (5) | | Retail—Office Supply | 0.9 | | 54,229 | | | 12.07 |
|---|
| New Hope, MN (5) | | Industrial | 0.9 | | 123,892 | | | 5.28 |
|---|
| Memphis, TN | | Industrial | 0.9 | | 224,749 | | | 2.88 |
|---|
| Lehigh Acres, FL (4) | | Industrial | 0.9 | | 103,044 | | | 6.28 |
|---|
| Champaign, IL (4) | | Retail | 0.9 | | 50,940 | | | 25.50 |
|---|
| Chandler, AZ | | Industrial | 0.9 | | 62,121 | | | 10.23 |
|---|
| Northwood, OH (4) | | Industrial | 0.9 | | 123,500 | | | 5.14 |
|---|
| Moorestown, NJ | | Industrial | 0.9 | | 64,000 | | | 9.55 |
|---|
| Louisville, KY | | Industrial | 0.9 | | 125,370 | | | 4.87 |
|---|
| Chicago, IL | | Retail—Office Supply | 0.8 | | 23,939 | | | 24.37 |
|---|
| Melville, NY | | Industrial | 0.8 | | 51,351 | | | 11.33 |
|---|
| Omaha, NE | | Industrial | 0.8 | | 101,584 | | | 5.54 |
|---|
| Wichita, KS | | Retail—Furniture | 0.8 | | 88,108 | | | 6.35 |
|---|
| Northwood, OH (6) | | Industrial | 0.8 | | 126,990 | | | 4.37 |
|---|
| Shakopee, MN | | Industrial | 0.8 | | 114,000 | | | 4.86 |
|---|
| Monroe, NC | | Industrial | 0.8 | | 93,170 | | | 5.87 |
|---|
| Greenville, SC | | Industrial | 0.8 | | 88,800 | | | 6.05 |
|---|
| Saco, ME | | Industrial | 0.7 | | 131,400 | | | 3.92 |
|---|
| Cedar Park, TX | | Retail—Furniture | 0.7 | | 50,810 | | | 10.00 |
|---|
| New Hyde Park, NY | | Industrial | 0.7 | | 38,000 | | | 13.12 |
|---|
| Cary, NC | | Retail—Office Supply | 0.7 | | 33,490 | | | 14.62 |
|---|
| Tyler, TX | | Retail—Furniture | 0.7 | | 72,000 | | | 6.75 |
|---|
| Lexington, KY | | Industrial | 0.7 | | 74,150 | | | 6.46 |
|---|
| Indianapolis, IN | | Theater | 0.7 | | 57,688 | | | 8.28 |
|---|
| | | | | | | | | | |
|---|
| · · · · Percentage of · · Approximate · · 2024 Contractual |
|---|
| · · · · 2024 Contractual · · Square Footage · · Rental Income |
|---|
| Location · · Type of Property · Rental Income · · of Building · · per Square Foot |
|---|
| Rincon, GA | | Industrial | | 0.7 | | 95,000 | | | $4.95 |
|---|
| Fort Myers, FL | | Industrial | | 0.7 | | 52,710 | | | 8.86 |
|---|
| Durham, NC | | Industrial | | 0.6 | | 46,181 | | | 10.00 |
|---|
| Plymouth, MN | | Industrial | | 0.6 | | 82,565 | | | 5.47 |
|---|
| Highland Ranch, CO (4) | | Retail | | 0.6 | | 42,920 | | | 10.39 |
|---|
| Deptford, NJ | | Retail | | 0.6 | | 25,358 | | | 16.90 |
|---|
| Eugene, OR | | Retail—Office Supply | | 0.6 | | 24,978 | | | 16.37 |
|---|
| Newport, VA | | Retail—Furniture | | 0.6 | | 49,865 | | | 8.19 |
|---|
| Amarillo, TX | | Retail—Furniture | | 0.6 | | 72,027 | | | 5.64 |
|---|
| Newark, DE | | Other | | 0.6 | | 23,547 | | | 17.00 |
|---|
| Hillside, IL (4) | | Industrial | | 0.6 | | 60,832 | | | 6.55 |
|---|
| Bensalem, PA (5) | | Industrial | | 0.6 | | 85,663 | | | 4.61 |
|---|
| El Paso, TX | | Retail—Office Supply | | 0.5 | | 25,000 | | | 15.20 |
|---|
| Lexington, KY | | Retail—Furniture | | 0.5 | | 30,173 | | | 12.48 |
|---|
| Richmond, VA | | Retail—Furniture | | 0.5 | | 38,788 | | | 9.12 |
|---|
| Woodbury, MN | | Retail | | 0.5 | | 49,406 | | | 7.04 |
|---|
| LaGrange, GA | | Industrial | | 0.5 | | 80,000 | | | 4.31 |
|---|
| Greensboro, NC | | Retail | | 0.4 | | 12,950 | | | 24.00 |
|---|
| Somerville, MA | | Retail | | 0.4 | | 12,054 | | | 25.72 |
|---|
| Gurnee, IL | | Retail—Furniture | | 0.4 | | 22,768 | | | 13.43 |
|---|
| Selden, NY | | Retail | | 0.4 | | 14,555 | | | 21.00 |
|---|
| Naples, FL | | Retail—Furniture | | 0.4 | | 15,912 | | | 19.01 |
|---|
| Bluffton, SC | | Retail—Furniture | | 0.4 | | 35,011 | | | 7.92 |
|---|
| Crystal Lake, IL | | Retail | | 0.4 | | 32,446 | | | 8.25 |
|---|
| Pinellas Park, FL | | Industrial | | 0.4 | | 53,064 | | | 5.03 |
|---|
| Hyannis, MA | | Retail | | 0.3 | | 9,750 | | | 24.85 |
|---|
| Myrtle Beach, SC | | Restaurant | | 0.3 | | 6,734 | | | 34.85 |
|---|
| Chandler, AZ | | Industrial | | 0.3 | | 25,035 | | | 9.30 |
|---|
| Kennesaw, GA | | Restaurant | | 0.3 | | 4,051 | | | 54.34 |
|---|
| Concord, NC | | Restaurant | | 0.3 | | 4,749 | | | 46.24 |
|---|
| Miamisburg, OH | | Industrial | | 0.3 | | 35,707 | | | 6.03 |
|---|
| Everett, MA | | Retail | | 0.3 | | 18,572 | | | 11.43 |
|---|
| Cape Girardeau, MO | | Retail | | 0.3 | | 13,502 | | | 14.71 |
|---|
| Marston, MA | | Retail | | 0.3 | | 8,775 | | | 22.00 |
|---|
| West Palm Beach, FL | | Industrial | | 0.2 | | 10,634 | | | 14.74 |
|---|
| Monroeville, PA | | Retail | | 0.2 | | 6,051 | | | 25.74 |
|---|
| Batavia, NY | | Retail | | 0.2 | | 23,483 | | | 6.05 |
|---|
| Nashville, TN (7) | | Industrial | | 0.2 | | 99,500 | | | 5.17 |
|---|
| Lawrence, KS | | Retail | | 0.2 | | 8,600 | | | 14.04 |
|---|
| Cuyahoga Falls, OH | | Retail | | 0.2 | | 6,796 | | | 17.21 |
|---|
| South Euclid, OH | | Retail | | 0.2 | | 11,672 | | | 9.94 |
|---|
| Hamilton, OH | | Health & Fitness | | 0.2 | | 38,000 | | | 3.16 |
|---|
| Hilliard, OH | | Retail | | 0.1 | | 6,751 | | | 15.55 |
|---|
| Port Clinton, OH | | Retail | | 0.1 | | 6,749 | | | 15.19 |
|---|
| Seattle, WA | | Retail | | 0.1 | | 3,053 | | | 27.50 |
|---|
| Rosenberg, TX | | Retail | | 0.1 | | 8,000 | | | 10.20 |
|---|
| Louisville, KY | | Industrial | | 0.1 | | 9,642 | | | 6.67 |
|---|
| Wauconda, IL (8) | | Industrial | | — | | 53,750 | | | 0.49 |
|---|
| Bolingbrook, IL (8) | | Retail | | — | | 33,111 | | | 0.51 |
|---|
| Kennesaw, GA (9) | | Retail | | — | | 32,138 | | | — |
|---|
| Beachwood, OH (10) | | Land | | — | | 349,999 | | | — |
|---|
| | | | | 100.0 | | 10,851,596 | | | |
|---|
| (1) | This property, a community shopping center, is leased to 12 tenants. Contractual rental income per square foot excludes 1,650 square feet of vacant space. |
| (2) | This property, a community shopping center, is leased to 20 tenants. Contractual rental income per square foot excludes 14,670 square feet of vacant space. |
| (3) | This property has four tenants. Contractual rental income per square foot excludes 2,395 square feet of vacant space. |
| (4) | This property has two tenants. |
| (5) | This property has three tenants. |
| (6) | This property has five tenants. |
| (7) | Contractual rental income per square foot excludes 74,500 square feet of vacant space. |
| (8) | The tenant’s lease expired January 31, 2024 and we are pursuing the re-lease and/or sale of such property. |
| (9) | This property is vacant and was formerly leased to Bed Bath and Beyond which filed for bankruptcy protection and rejected our lease in April 2023. |
| (10) | This property is ground leased to a multi-unit apartment complex owner/operator. 2024 contractual rental income excludes $1.3 million of variable rent as there is uncertainty as to whether and when the tenant will resume paying rent. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Challenges and Uncertainties Facing The Vue – Beachwood, Ohio” and Note 6 of our consolidated financial statements. |
Properties Owned by Joint Ventures
As of December 31, 2023, we own a 50% equity interest in two joint ventures that own two properties. At December 31, 2023, our investment in these joint ventures was approximately $2.1 million and the occupancy rate at these properties, based on square footage, was 100%. Based on the leases in effect at December 31, 2023, we anticipate that our share of the base rent payable in 2024 to our joint ventures is approximately $235,000. The following table sets forth, as of December 31, 2023, information about the properties owned by these joint ventures:
| · · · · · · · · · |
|---|
| · · Percentage of · · · |
|---|
| · · · · Base Rent Payable · · · · · |
|---|
| · · · · in 2024 · · · · · |
|---|
| · · · · Contributed by · · Approximate · · 2024 |
|---|
| · · Type of · · the Applicable · · Square Footage · · Base Rent |
|---|
| Location · Property · Joint Venture (1) · of Building · per Square Foot |
|---|
| Savannah, GA | | Retail | 86.7 | 46,058 | | | $4.43 |
|---|
| Savannah, GA (2) | | Restaurant | 13.3 | — | | | — |
|---|
| | | | 100.0 | 46,058 | | | |
|---|
| (1) | Represents our share of the base rent payable in 2024 with respect to such joint venture property, expressed as a percentage of the aggregate base rent payable in 2024 by all of our joint venture properties. |
| (2) | This property is a parking lot which is ground leased to a restaurant. |
Geographic Concentration
As of December 31, 2023, the 108 properties owned by us are located in 31 states. The following table sets forth information, presented by state, related to our properties as of December 31, 2023:
| | | | | | | | | | |
|---|
| · · · · Percentage of · |
|---|
| · · · · 2024 · · 2024 · · |
|---|
| · · · · Contractual · · Contractual · · Approximate |
|---|
| · · Number of · · Rental · · Rental · · Building |
|---|
| State · Properties · Income · Income · Square Feet |
|---|
| South Carolina | | 8 | | $8,543,490 | | 12.0 | | 1,582,568 |
|---|
| New York | | 7 | | | 6,558,674 | | 9.2 | | 485,602 |
|---|
| Texas | | 7 | | | 5,623,532 | | 7.9 | | 757,837 |
|---|
| Pennsylvania | | 5 | | | 5,394,302 | | 7.6 | | 827,117 |
|---|
| New Jersey | | 4 | | | 3,763,401 | | 5.3 | | 354,102 |
|---|
| Maryland | | 2 | | | 3,712,022 | | 5.2 | | 625,710 |
|---|
| North Carolina | | 7 | | | 3,408,365 | | 4.8 | | 330,072 |
|---|
| Colorado | | 3 | | | 3,160,873 | | 4.4 | | 208,420 |
|---|
| Georgia | | 6 | | | 2,981,085 | | 4.2 | | 482,729 |
|---|
| Minnesota | | 5 | | | 2,947,312 | | 4.1 | | 501,573 |
|---|
| Tennessee | | 3 | | | 2,886,172 | | 4.1 | | 864,449 |
|---|
| Illinois | | 7 | | | 2,242,092 | | 3.1 | | 277,786 |
|---|
| Missouri | | 3 | | | 2,166,440 | | 3.0 | | 472,276 |
|---|
| Ohio | | 9 | | | 1,965,547 | | 2.8 | | 706,164 |
|---|
| Florida | | 5 | | | 1,840,120 | | 2.6 | | 235,364 |
|---|
| Kentucky | | 4 | | | 1,530,082 | | 2.1 | | 239,335 |
|---|
| Virginia | | 3 | | | 1,429,279 | | 2.0 | | 176,656 |
|---|
| Alabama | | 1 | | | 1,383,326 | | 1.9 | | 294,000 |
|---|
| Indiana | | 2 | | | 1,347,066 | | 1.9 | | 183,310 |
|---|
| Arkansas | | 1 | | | 1,230,498 | | 1.7 | | 248,370 |
|---|
| Iowa | | 1 | | | 1,200,437 | | 1.7 | | 208,234 |
|---|
| Massachusetts | | 4 | | | 957,624 | | 1.3 | | 49,151 |
|---|
| Arizona | | 2 | | | 868,490 | | 1.2 | | 87,156 |
|---|
| California | | 1 | | | 809,642 | | 1.1 | | 218,116 |
|---|
| Kansas | | 2 | | | 680,367 | | 1.0 | | 96,708 |
|---|
| Louisiana | | 1 | | | 654,718 | | 0.9 | | 54,229 |
|---|
| Nebraska | | 1 | | | 562,293 | | 0.8 | | 101,584 |
|---|
| Other (1) | | 4 | | | 1,408,357 | | 2.1 | | 182,978 |
|---|
| | | 108 | | | $71,255,606 | | 100.0 | | 10,851,596 |
|---|
| (1) | These properties are located in four states. |
The following table sets forth information, presented by state, related to the properties owned by our joint ventures as of December 31, 2023:
| · · · · · · · |
|---|
| · · Our Share · |
|---|
| · · · · of the · · |
|---|
| · · · · Base Rent · · |
|---|
| · · · · Payable in 2024 · · Approximate |
|---|
| · · Number of · · to these · · Building |
|---|
| State · Properties · Joint Ventures · Square Feet |
|---|
| Georgia | 2 | | $235,140 | 46,058 |
|---|
Mortgage Debt
At December 31, 2023, we had:
| ● | 68 first mortgages secured by 69 of our 108 properties; and |
| ● | $422.6 million of mortgage debt outstanding with a weighted average interest rate of 4.31% and a weighted average remaining term to maturity of approximately 5.9 years. Substantially all of such mortgage debt bears fixed interest at rates ranging from 3.05% to 8.40% and contains prepayment penalties. |
The following table sets forth scheduled principal mortgage payments due on our properties as of December 31, 2023 (dollars in thousands):
| · · · |
|---|
| · PRINCIPAL |
|---|
| YEAR · PAYMENTS DUE |
|---|
| 2024 | | $61,779 |
| 2025 | | 41,477 |
| 2026 | | 29,670 |
| 2027 | | 47,923 |
| 2028 | | 38,873 |
| Thereafter | | 202,843 |
| Total | | $422,565 |
The mortgages on our properties are generally non-recourse, subject to standard carve-outs.
