Case Studies
December 2021 - $1.3 Billion Acquisition of Power, Anchored and Grocery Centers and Strategic Name Change (LEARN MORE)
We recently acquired an 81-property open-air portfolio of power, anchored, and grocery centers for $1.3 billion from CIM Real Estate Finance Trust. The portfolio features leases to leading Necessity-Based retail and grocery tenants.
Portfolio Metrics ($ and SF in mm)
| Real Estate Investments, at cost | $1,319 |
| Number of Properties | 81 |
| States | 27 |
| Square Feet | 9.5 |
| Annualized Straight Line Rent | $113.4 |
| Occupancy (%) | 90.9% |
| Executed Occupancy (%) | 91.0% |
| Weighted Average Remaining Lease Term | 5.0 Years |
LEASE ROLLOVER
Top 10 Tenants
| Tenant | Credit Rating | % of SLR |
|---|---|---|
| PetSmart | Actual: B2 | 6.8% |
| Dick's Sporting Goods | Implied: Ba1 | 6.1% |
| Home Depot | Actual: A2 | 5.2% |
| Best Buy | Actual: A3 | 3.8% |
| Hobby Lobby | Not Rated | 3.1% |
| TJ Maxx | Actual: A2 | 3.1% |
| Ross Dress for Less | Actual: A2 | 3.1% |
| Kohl's Corporation | Actual: Baa2 | 3.0% |
| Michael's | Not Rated | 2.9% |
| Bed Bath & Beyond | Actual: Ba3 | 2.7% |
| Top 10 Tenants: | 46% IG Rated | 46.4% |
| Year of Expiration | % of SLR |
|---|---|
| 2021 | 1.3% |
| 2022 | 6.3% |
| 2023 | 13.6% |
| 2024 | 15.0% |
| 2025 | 10.2% |
| 2026 | 14.5% |
| 2027 | 9.0% |
| 2028 | 6.3% |
| 2029 | 4.2% |
| 2030 | 5.2% |
| Thereafter | 14.3% |
Credit Ratings
PROPERTY TYPE
| Property Type | % of SLR |
|---|---|
| Power Center | 44.7% |
| Anchored Center | 43.8% |
| Grocery Center | 11.5% |
| Credit Rating (SF > 10k SF) | % of SLR |
|---|---|
| Investment Grade | 35.2% |
| Non-Investment Grade | 42.4% |
| Not Rated | 22.4% |
As of September 30, 2021, and seller provided information. Includes two single-tenant assets under agreement for $16.5 million that encompasses 86,810 square feet and $1.2 million of annualized straight-line rent.
Represents the contract purchase price and excludes acquisition costs which are capitalized per GAAP.
Includes 13,000 SF Leasing Pipeline to be acquired in the Transaction.
See appendix for a full description of capitalized items.
Based on Annualized Straight-Line Rent as of September 30, 2021. Ratings information as of September 30, 2021 and for tenants 10,000 SF or greater. 27% of the rated tenants were actual investment Grade rated and 5% of the rated tenants were implied investment Grade.