Successful Leasing and Asset Management Platform
Our asset management team’s deep retail leasing experience and long standing relationships with national retailers deliver strong leasing results for RTL. We understand the important role a great brick and mortar location has for retailers and their customers. Our asset managers are hands-on and work to ensure that our shopping centers have a complementary mix of national brand anchors and local retailers – creating a place where the community prefers to shop. We were very active on both initial leasing and lease renewals during 2021. We expect occupancy to reach at least 91% across the portfolio by the end of the first quarter of 2022 as our leasing momentum continues.
Note: Leasing and Leasing Pipeline data as of November 1, 2021.
1Executed Occupancy: Includes Occupancy as defined below as of a particular date as well as all leases fully executed by both parties as of the same date where the tenant has yet to take possession as of such date. For Q3’21 and as of November 1, 2021, there are 15 additional leases executed where rent commences over time between the fourth quarter of 2021 and the first quarter of 2022 totaling approximately 122,000 square feet. For Q4’20 and as of January 31, 2021, there were four additional leases executed where rent commences over time between the first quarter of 2021 and the third quarter of 2021 totaling approximately 34,000 square feet Occupancy: Represents percentage of square footage of which the tenant has taken possession of divided by the respective total rentable square feet as of the date or period end indicated. Leasing Pipeline: For AFIN, Leasing Pipeline for Q3’21 includes (i) all leases fully executed by both parties as of November 1, 2021, but after September 30, 2021 and (ii) all leases under negotiation with an executed LOI by both parties as of November 1, 2021. This represents six LOIs totaling approximately 19,000 square feet. No lease terminations occurred during this period. For the Transaction and Q3’21, includes a 13,000 SF Leasing Pipeline acquired in the Transaction. For AFIN and Q4’20 includes (i) all leases fully executed by both parties as of January 31, 2021, but after December 31, 2020 and (ii) all leases under negotiation with an executed LOI by both parties as of January 31, 2021. This represents six new leases totaling approximately 220,000 square feet, net of one lease termination for 5,000 square feet during this period. There can be no assurance that LOIs will lead to definitive leases that will commence on their current terms, or at all. Leasing pipeline should not be considered an indication of future performance
2Includes 68,000 square feet of leased space adjacent to one of our multi-tenant assets acquired in Q3’21
3Includes 13,000 SF Leasing Pipeline to be acquired in the CIM Transaction.