What changed in this filing

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Item 9A. Controls and Procedures

2023-02-13 compared with 2022-02-07 · 597 added, 718 removed, 1243 unchanged (51% of the section changed)

10 unchanged sentences

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of BPG are being made only in accordance with authorizations of management and directors of BPG;

and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of its assets that could have a material effect on BPG’s financial statements.

and provide reasonable assurance

regarding prevention or timely detection of unauthorized acquisition, use or disposition of its assets that could have a material effect on BPG’s financial statements.

All internal control systems, no matter how well designed, have inherent limitations.

Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements.

projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, BPG conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission.

17 unchanged sentences

Under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued

by the COSO of the Treadway Commission.

Based on its assessment and those criteria, the Operating Partnership’s management concluded that its internal control over financial reporting was effective as of December 31, 2022.

63 unchanged sentences

First Supplemental Indenture to the 2015 Indenture, dated January 21, 2015, among Brixmor Operating Partnership LP, as issuer, and Brixmor OP GP LLC and BPG Subsidiary Inc., as possible future guarantors, and The Bank of New York Mellon, as trustee 8-K 001-36160 1/21/2015 4.2

Second Supplemental Indenture to the 2015 Indenture, dated August 10, 2015, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 8/10/2015 4.2

Third Supplemental Indenture to the 2015 Indenture, dated June 13, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 6/13/2016 4.2

Fourth Supplemental Indenture to the 2015 Indenture, dated August 24, 2016, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 8/24/2016 4.2

Fifth Supplemental Indenture to the 2015 Indenture, dated March 8, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 3/8/2017 4.2

Sixth Supplemental Indenture to the 2015 Indenture, dated June 5, 2017, among Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 6/5/2017 4.2

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Seventh Supplemental Indenture to the 2015 Indenture, dated August 31, 2018, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 8/28/2018 4.2

Eighth Supplemental Indenture to the 2015 Indenture, dated May 10, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 5/10/2019 4.2

1 unchanged sentence

1 to the Eighth Supplemental Indenture, dated August 15, 2019, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 00-36160 8/15/2019 4.3

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Ninth Supplemental Indenture, dated June 10, 2020, between Brixmor Operating Partnership LP, as issuer, and The Bank of New York Mellon, as trustee 8-K 001-36160 6/10/2020 4.2

12 unchanged sentences

Bank Trust National Association 8-K 001-36160 10/17/2014 4.1

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Indenture, dated as of February 3, 1999, among the New Plan Excel Realty Trust, Inc., as Primary Obligor, New Plan Realty Trust, as Guarantor, and State Street Bank and Trust Company, as Trustee (the “1999 Indenture”) 8-K 001-12244 2/3/1999 4.1

1 unchanged sentence

Bank Trust National Association 10-Q 001-12244 8/9/2007 4.3

Description of Registered Securities — — — — x

2013 Omnibus Incentive Plan S-11 333-190002 9/23/2013 10.18

Description of Registered Securities 10-K 001-36160 2/7/2022 4.22

2022 Omnibus Incentive Plan 8-K 001-36160 4/29/2022 10.1

Form of Director and Officer Indemnification Agreement S-11 333-190002 8/23/2013 10.19

Form of Director Restricted Stock Award Agreement S-11 333-190002 10/4/2013 10.30

Form of Restricted Stock Unit Agreement 10-Q 001-36160 4/26/2016 10.6

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Form of Director Restricted Stock Award Agreement — — — — x

Form of Brixmor Property Group Inc.

Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) 8-K 001-36160 3/6/2018 10.1

Restricted Stock Unit Agreement (TRSUs, PRSUs, and OPRSUs) — — — — x

Employment Agreement, dated April 12, 2016, by and between Brixmor Property Group Inc.

16 unchanged sentences

Finnegan 10-K 001-36160 2/13/2017 10.23

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Employment Agreement, dated November 1, 2011, by and between Brixmor Property Group Inc.

7 unchanged sentences

Siegel 10-Q 001-36160 4/29/2019 10.4

Amended and Restated Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto 10-K 001-36160 2/11/2019 10.4

Amendment No.

1 to Amended and Restated Term Loan Agreement, dated as of April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto 8-K 001-36160 5/1/2020 10.2

Term Loan Agreement, dated as of July 28, 2017, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (the “2017 Term Loan Agreement”) 8-K 001-36160 7/31/2017 10.1

Amendment No.

1 to the 2017 Term Loan Agreement, dated December 12, 2018, among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto 10-K 001-36160 2/11/2019 10.25

Amendment No.

2 to Term Loan Agreement, dated as April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto 8-K 001-36160 5/1/2020 10.3

Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 12, 2018, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto 10-K 001-36160 2/11/2019 10.26

Amendment No.

1 to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of April 29, 2020, by and among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto 8-K 001-36160 5/1/2020 10.1

Third Amended and Restated Revolving Credit Agreement, dated as of April 28, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto 10-Q 001-36160 5/2/2022 10.1

Incorporated by Reference

1 unchanged sentence

Filing Exhibit

Amended and Restated Term Loan Agreement, dated as of April 28, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto 10-Q 001-36160 5/2/2022 10.2

Amendment No.

1 to Amended and Restated Term Loan Agreement, dated as of July 7, 2022, among Brixmor Operating Partnership LP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto — — — — x

Subsidiaries of the Brixmor Property Group Inc.

13 unchanged sentences

Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 — — — — x

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

Property List — — — — x

4 unchanged sentences

101.LAB XBRL Taxonomy Extension Label Linkbase Document — — — — x

Incorporated by Reference

Number Exhibit Description Form File No.

Filing Exhibit

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document — — — — x

85 unchanged sentences

Critical Audit Matter

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Impairment of Real Estate Assets - Refer to Note 1 and Note 5 to the financial statements

Critical Audit Matter Description

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired.

If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of aggregate future undiscounted and unleveraged property operating cash flows, taking into account the anticipated probability-weighted hold period, are less than the carrying value of the property.

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired.

Various factors are considered in the estimation process, including the anticipated hold period, current and/or future reinvestment projects, and the effects of demand and competition on future operating income and/or property values.

11 unchanged sentences

◦ Obtaining and evaluating financial and operational evidence of the assumption of the anticipated hold period.

Evaluation of Collectability of Receivables – Refer to Note 1 to the financial statements

Critical Audit Matter Description

The Company periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities.

The Company analyzes individual tenant receivables and considers tenant creditworthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability.

The Company’s evaluation included consideration of the estimated impact of COVID-19 on the collectability of the Company’s receivables.

This assessment involved significant judgment regarding the severity and duration of the disruption caused by COVID-19, as well as judgment regarding which industries and tenants would be most significantly impacted.

Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company’s Consolidated Statements of Operations.

The Company exercises judgments when determining the collectability of receivables related to revenue generating activities on an individual tenant basis.

We identified management’s assumptions utilized in determining if a tenant’s lease payments are collectible as a critical audit matter because of the material impact to Rental income.

This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assessment of collectability.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management’s assumptions in evaluating the collectability of rental revenue receivables included the following, among others:

• We tested the effectiveness of controls over management’s collectability assessment including controls over the assumptions utilized by management.

• We evaluated the Company’s estimate of the collectability of receivables by:

◦ Assessing tenants that are deemed uncollectible by testing management’s estimate including reading available information including tenant’s filings, financial statements, news articles, and analyst reports among other procedures to validate management’s conclusions based on the tenant’s industry, creditworthiness, and payment history.

◦ Analyzing tenants that are deemed collectible and who have large outstanding receivable balances or disputed charges by assessing analyst and industry reports to evaluate management’s conclusions.

◦ Obtaining operational evidence by inquiring with Company employees in departments outside of accounting to corroborate evidence regarding specific tenant’s collectability assessment.

/s/ DELOITTE & TOUCHE LLP

31 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Brixmor Operating Partnership LP and Subsidiaries (the “Operating Partnership”) as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows, for each of the three years in the period ended December 31, 2021, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

We have audited the accompanying consolidated balance sheets of Brixmor Operating Partnership LP and Subsidiaries (the "Operating Partnership") as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2022, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

11 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical Audit Matter

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Impairment of Real Estate Assets - Refer to Note 1 and Note 5 to the financial statements

Critical Audit Matter Description

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of COVID-19, that the carrying value of the Operating Partnership’s real estate assets (including any related intangible assets or liabilities) may be impaired.

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Operating Partnership’s real estate assets (including any related intangible assets or liabilities) may be impaired.

11 unchanged sentences

◦ Obtaining and evaluating financial and operational evidence of the assumption of the anticipated hold period.

Evaluation of Collectability of Receivables – Refer to Note 1 to the financial statements

Critical Audit Matter Description

The Operating Partnership periodically evaluates the collectability of its receivables related to rental revenue, straight-line rent, expense reimbursements, and those attributable to other revenue generating activities.

The Operating Partnership analyzes individual tenant receivables and considers tenant creditworthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability.

The Operating Partnership’s evaluation included consideration of the estimated impact of COVID-19 on the collectability of the Operating Partnership’s receivables.

Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Operating Partnership’s Consolidated Statements of Operations.

The Operating Partnership exercises judgments when determining the collectability of receivables related to revenue generating activities on an individual tenant basis.

We identified management’s assumptions utilized in determining if a tenant’s lease payments are collectible as a critical audit matter because of the material impact to Rental income.

This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s assessment of collectability.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to management’s assumptions in evaluating the collectability of rental revenue receivables included the following, among others:

• We tested the effectiveness of controls over management’s collectability assessment including controls over the assumptions utilized by management.

• We evaluated the Operating Partnership’s estimate of the collectability of receivables by:

◦ Obtaining operational evidence by inquiring with Operating Partnership employees in departments outside of accounting to corroborate evidence regarding specific tenant’s collectability assessment.

/s/ DELOITTE & TOUCHE LLP

54 unchanged sentences

Additional paid-in capital 3,299,496 3,231,732

Accumulated other comprehensive loss ( 12,674 ) ( 28,058 )

Accumulated other comprehensive income (loss) 8,851 ( 12,674 )

Distributions in excess of net income ( 446,336 ) ( 503,684 )

54 unchanged sentences

Beginning balance, January 1, 2020 297,857 $ 2,979 $ 3,230,625 $ ( 9,543 ) $ ( 480,204 ) $ 2,743,857

ASC 842 cumulative adjustment — — — — ( 1,974 ) ( 1,974 )

Common stock dividends ($ 0.500 per common share)

12 unchanged sentences

Issuance of common stock 716 7 4,657 — — 4,664

Repurchases of common stock ( 1,650 ) ( 17 ) ( 24,990 ) — — ( 25,007 )

Share-based awards retained for taxes — — ( 5,512 ) — — ( 5,512 )

20 unchanged sentences

Depreciation and amortization 344,731 327,152 335,583

(Accretion) amortization of debt premium and discount, net ( 2,862 ) ( 1,068 ) 966

Accretion of debt premium and discount, net ( 2,863 ) ( 2,862 ) ( 1,068 )

Deferred financing cost amortization 7,012 7,496 7,527

118 unchanged sentences

Beginning balance, January 1, 2020 $ 2,753,385 $ ( 9,544 ) $ 2,743,841

ASC 842 cumulative adjustment ( 1,974 ) — ( 1,974 )

Distributions to partners ( 159,163 ) — ( 159,163 )

10 unchanged sentences

Issuance of OP Units 4,664 — 4,664

Repurchases of OP Units ( 25,007 ) — ( 25,007 )

Share-based awards retained for taxes ( 5,512 ) — ( 5,512 )

18 unchanged sentences

Depreciation and amortization 344,731 327,152 335,583

(Accretion) amortization of debt premium and discount, net ( 2,862 ) ( 1,068 ) 966

Accretion of debt premium and discount, net ( 2,863 ) ( 2,862 ) ( 1,068 )

Deferred financing cost amortization 7,012 7,496 7,527

47 unchanged sentences

Brixmor Property Group Inc.

and subsidiaries (collectively, the “Parent Company”) is an internally-managed real estate investment trust (“REIT”).

and subsidiaries (collectively, the “Parent Company”) is an internally-managed corporation that has elected to be taxed as a real estate investment trust (“REIT”).

Brixmor Operating Partnership LP and subsidiaries (collectively, the “Operating Partnership”) is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets.

3 unchanged sentences

As of December 31, 2022, the Company’s portfolio was comprised of 373 shopping centers (the “Portfolio”) totaling approximately 66 million square feet of GLA.

The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Metropolitan Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.

The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers.

The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance.

34 unchanged sentences

Upon acquisition of real estate operating properties, management estimates the fair value of acquired tangible assets (consisting of land, buildings, and tenant improvements) and identifiable intangible assets and liabilities (consisting of above- and below-market leases and in-place leases) based on an evaluation of available information.

Based on these estimates, the fair value is allocated to the acquired assets and assumed liabilities.

Transaction costs incurred during the acquisition process are capitalized as a component of the asset’s value.

2 unchanged sentences

In allocating fair value to identifiable intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between:

(i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the lease, which includes renewal periods with fixed rental terms that are considered to be below-market.

The capitalized above-market or below-market intangible is amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of each lease.

(i) the contractual amounts to be paid pursuant to the leases negotiated and in-place at the time of acquisition and (ii) management’s estimate of fair market lease rates for the property or an equivalent property, measured over a period equal to the lesser of 30 years or the remaining non-cancelable term of the leases, which includes renewal periods with fixed rental terms that are considered to be below-market.

The capitalized above-market or below-market intangibles are amortized as a reduction of, or increase to, rental income over the remaining non-cancelable term of the leases.

The value of in-place leases is estimated based on management’s evaluation of the specific characteristics of each tenant lease, including:

(i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases.

The value assigned to in-place leases is amortized to Depreciation and amortization expense over the remaining term of each lease.

(i) fair market rent and the reimbursement of property operating expenses, including common area expenses, utilities, insurance, real estate taxes, and capital expenditures that would be forgone during a hypothetical expected lease-up period and (ii) costs that would be incurred, including leasing commissions, legal and marketing costs, and tenant improvements and allowances, to execute similar leases.

The value assigned to in-place leases is amortized to Depreciation and amortization expense over the remaining term of the leases.

Certain real estate assets are depreciated using the straight-line method over the estimated useful lives of the assets.

6 unchanged sentences

Based upon consideration of the facts and circumstances surrounding the modification, the Company may accelerate the depreciation and amortization associated with the asset group.

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, including the impact of the novel coronavirus (“COVID-19”), that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired.

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired.

Changes in any estimates and/or assumptions, particularly the anticipated hold period, could have a material impact on the projected operating cash flows.

If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value.

When a real estate asset is identified by management as held for sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs.

If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value.

If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value of the asset

When management identifies a real estate asset as held for sale, the Company discontinues depreciating the asset and estimates its sales price, net of estimated selling costs.

If the estimated net sales price of an asset is less than its net carrying value, an impairment charge is recognized to reflect the estimated fair value of the asset.

Properties classified as real estate held for sale represent properties that are under contract for sale and where the applicable pre-sale due diligence period has expired prior to the end of the reporting period.

Real Estate Under Development and Redevelopment

Certain costs are capitalized related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs, and compensation and other related costs of personnel directly involved.

Certain costs are capitalized related to the development and redevelopment of real estate including pre-construction costs, construction costs, real estate taxes, insurance, utilities, and compensation and other related costs of personnel directly involved.

Additionally, the Company capitalizes interest expense related to development and redevelopment activities.

15 unchanged sentences

The portion of unrealized losses due to other factors is recognized through other comprehensive income (loss) and reported in accumulated other comprehensive loss.

As of December 31, 2021 and 2020, the fair value of the Company’s marketable securities portfolio approximated its cost basis.

Derivative Financial Instruments and Hedging

Derivatives are measured at fair value and are recognized in the Company’s Consolidated Balance Sheets as assets or liabilities, depending on the Company’s rights or obligations under the applicable derivative contract.

The accounting for changes in the fair value of a derivative varies based on the intended use of the derivative, whether the Company has elected to designate the derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the necessary criteria.

Derivatives designated as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges.

In a cash flow hedge, hedge accounting generally provides for the matching of the timing of recognition of gain or loss on the hedging instrument with the recognition of the earnings effect of the hedged transactions.

Revenue Recognition and Receivables

6 unchanged sentences

The Company accounts for rental revenue (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842.

The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component.

The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, real estate taxes, and certain capital expenditures related to the maintenance of our properties, within this lease component.

These amounts are included in Rental income on the Company’s Consolidated Statements of Operations.

Certain leases also provide for percentage rents based upon the level of sales achieved by a lessee.

Certain leases also provide for percentage rents based upon the sales of a lessee.

Percentage rents are recognized upon the achievement of certain predetermined sales thresholds and are included in Rental income on the Company’s Consolidated Statements of Operations.

2 unchanged sentences

The Company analyzes individual tenant receivables and considers tenant credit-worthiness, the length of time a receivable has been outstanding, and current economic trends when evaluating collectability.

Any receivables that are deemed to be

uncollectible are recognized as a reduction to Rental income on the Company’s Consolidated Statements of Operations.

Any receivables that are deemed to be uncollectible are recognized as a reduction to Rental income on the Company’s Consolidated Statements of Operations.

The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space.

5 unchanged sentences

Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term.

The Company applies the short-term lease exemption within ASC 842 and has not recorded an ROU asset or lease liability for leases with original terms of less than 12 months.

The Company applies the short-term lease exemption within ASC 842 and has not recorded ROU assets or lease liabilities for leases with original terms of less than 12 months.

Leases also typically provide for the reimbursement of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties, by the Company.

For leases where it is the lessee, the Company accounts for lease payments (lease component) and common area expense reimbursements (non-lease component) as one lease component under ASC 842.

The Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance, and real estate taxes, within this lease component.

These amounts are included in Operating expenses on the Company’s Consolidated Statements of Operations.

1 unchanged sentence

The Company accounts for equity awards in accordance with ASC 718, Compensation - Stock Compensation , which requires that all share-based payments to employees and non-employee directors be recognized in the Consolidated Statements of Operations over the service period based on their fair value.

Fair value is determined based on the type of award, using either the grant date market price of the Company’s common stock or a Monte Carlo simulation model.

Fair value is determined based on the type of award, using either the grant date market price of the Company’s common stock or the results of a Monte Carlo simulation model.

Equity compensation expense is included in General and administrative expenses on the Company’s Consolidated Statements of Operations.

Brixmor Property Group Inc.

has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”).

To qualify as a REIT, Brixmor Property Group Inc.

must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains.

Management intends to continue to satisfy these requirements and maintain Brixmor Property Group Inc.’s REIT status.

As a REIT, Brixmor Property Group Inc.

generally will not be subject to U.S.

The Parent Company has elected to qualify as a REIT in accordance with the Internal Revenue Code of 1986, as amended (the “Code”).

To qualify as a REIT, the Parent Company must meet several organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains.

Management intends to continue to satisfy these requirements and maintain the Parent Company’s REIT status.

As a REIT, the Parent Company generally will not be subject to U.S.

federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.

Brixmor Property Group Inc.

conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S.

The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S.

federal tax purposes.

1 unchanged sentence

federal income taxes do not materially impact the Consolidated Financial Statements of the Company.

If Brixmor Property Group Inc.

fails to qualify as a REIT in any taxable year, it will be subject to U.S.

If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S.

federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years.

Even if Brixmor Property Group Inc.

qualifies for taxation as a REIT, Brixmor Property Group Inc.

is subject to certain state and local taxes on its income and property, and to U.S.

Even if the Parent Company qualifies for taxation as a REIT, the Parent Company is subject to certain state and local taxes on its income and property, and to U.S.

federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.

Brixmor Property Group Inc.

has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and Brixmor Property Group Inc.

may in the future elect to treat newly formed and/or other existing

subsidiaries as TRSs.

The Parent Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries (each a “TRS”), and the Parent Company may in the future elect to treat newly formed and/or other existing subsidiaries as TRSs.

A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and is subject to certain limitations under the Code.

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federal, state, and local income taxes at regular corporate rates.

Income taxes related to Brixmor Property Group Inc.’s TRSs do not materially impact the Consolidated Financial Statements of the Company.

Income taxes related to the Parent Company’s TRSs do not materially impact the Consolidated Financial Statements of the Company.

The Company has considered the tax positions taken for the open tax years and has concluded that no provision for income taxes related to uncertain tax positions is required in the Company’s Consolidated Financial Statements as of December 31, 2022 and 2021.

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New Accounting Pronouncements

In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-16, Derivatives and Hedging (Topic 815).

ASU 2018-16 was subsequently amended by ASU 2020-04, Reference Rate Reform (Topic 848) and ASU 2021-01, Reference Rate Reform (Topic 848).

ASU 2018-16 amends guidance to permit the use of the Overnight Index Swap (“OIS”) rate based on the Secured Overnight Financing Rate (“SOFR”) as a U.S.

benchmark interest rate for hedge accounting purposes under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging .

The standard became effective for the Company on January 1, 2019 and a prospective transition approach was required.

The Company determined that the adoption of ASU 2018-16 did not have a material impact on the Consolidated Financial Statements of the Company.

ASU 2020-04 and ASU 2021-01 contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts.

The guidance in ASU 2020-04 and ASU 2021-01 is optional and may be elected over time as reference rate reform activities occur.

The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows.

Application of these expedients preserves the presentation of derivatives consistent with past presentation.

The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Consolidated Financial Statements of the Company.

Any recently issued accounting standards or pronouncements have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Consolidated Financial Statements of the Company.

Acquisition of Real Estate

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Location Month Acquired GLA Aggregate Purchase Price (2)

Brea Gateway Brea, CA Jan-22 181,819 $ 83,991

Land at Cobblestone Village St.

Augustine, FL Jan-22 N/A 1,661

Arboretum Village Dallas, TX Jan-22 95,354 46,330

Ravinia Plaza Orland Park, IL Feb-22 101,800 26,160

Elmhurst Crossing Elmhurst, IL Apr-22 347,503 75,096

North Riverside Plaza Berwyn, IL Apr-22 383,884 60,114

West U Marketplace Houston, TX Apr-22 60,136 33,741

Waterford Commons - Ruby Tuesday Waterford, CT May-22 6,781 1,574

Lake Pointe Village Sugarland, TX Jun-22 162,263 80,971

Adjustments related to previously acquired assets Various Various N/A 50

1,339,540 $ 409,688

(1) No debt was assumed related to any of the listed acquisitions.

(2) Aggregate purchase price includes $ 2.0 million of transaction costs, offset by $ 2.9 million of closing credits.

During the year ended December 31, 2021, the Company acquired the following assets, in separate transactions:

Description (1)

Location Month Acquired GLA Aggregate Purchase Price (2)

Land at Ellisville Square (3)

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(3) The Company terminated a ground lease and acquired a land parcel.

During the year ended December 31, 2020, the Company acquired the following assets, in separate transactions:

Description (1)

Location Month Acquired GLA Aggregate Purchase Price (2)

Land adjacent to Shops at Palm Lakes Miami Gardens, FL Feb-20 N/A $ 2,020

Land adjacent to College Plaza Selden, NY Jul-20 N/A 1,405

(1) No debt was assumed related to any of the listed acquisitions.

(2) Aggregate purchase price includes $ 0.1 million of transaction costs.

The aggregate purchase price of the assets acquired during the years ended December 31, 2022 and 2021, respectively, has been allocated as follows:

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In-place leases (2)

29,607 17,262

Total assets 442,262 270,589

Below-market leases (3)

$ 30,748 11,782

Other liabilities 1,826 —

Total liabilities 32,574 11,782

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During the year ended December 31, 2022, the Company disposed of 16 shopping centers and 10 partial shopping centers for aggregate net proceeds of $ 277.0 million resulting in aggregate gain of $ 109.2 million and aggregate impairment of $ 5.7 million.

In addition, during the year ended December 31, 2022, the Company resolved contingencies related to previously disposed assets and had land at one shopping center seized through eminent domain for aggregate net proceeds of $ 2.8 million, resulting in aggregate gain of $ 2.4 million.

During the year ended December 31, 2021, the Company disposed of 17 shopping centers and 15 partial shopping centers for aggregate net proceeds of $ 237.4 million resulting in aggregate gain of $ 73.1 million and aggregate impairment of $ 1.9 million.

In addition, during the year ended December 31, 2021, the Company received aggregate net proceeds of less than $ 0.1 million from previously disposed assets resulting in aggregate gain of less than $ 0.1 million.

During the year ended December 31, 2020, the Company disposed of 10 shopping centers, six partial shopping centers, and one land parcel for aggregate net proceeds of $ 121.4 million resulting in aggregate gain of $ 32.6 million and aggregate impairment of $ 8.0 million.

In addition, during the year ended December 31, 2020, the Company received aggregate net proceeds of $ 1.0 million and resolved contingencies of $ 0.5 million from previously disposed assets resulting in aggregate gain of $ 1.5 million.

As of December 31, 2022, the Company had one property and two partial properties held for sale.

As of December 31, 2020, the Company had two properties and one partial property held for sale.

As of December 31, 2021, the Company had one property and two partial properties held for sale.

There were no liabilities associated with the properties classified as held for sale.

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Buildings and tenant improvements 8,535,279 8,110,742

8,110,742 7,856,850

Lease intangibles (1)

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Total $ 7,901,592 $ 7,615,085

(1) As of December 31, 2021 and 2020, Buildings and tenant improvements included accrued amounts, net of anticipated insurance proceeds, of $ 39.4 million and $ 33.0 million, respectively.

(1) As of December 31, 2022 and 2021, Lease intangibles consisted of $ 492.0 million and $ 491.0 million, respectively, of in-place leases and $ 50.7 million and $ 53.2 million, respectively, of above-market leases.

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2027 ( 6,265 ) 4,842

If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value.

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired.

If management determines that the carrying value of a real estate asset is impaired, an impairment charge is recognized to reflect the estimated fair value of the asset.

The Company recognized the following impairments during the year ended December 31, 2022:

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Location GLA Impairment Charge

Torrington Plaza (2)

Torrington, CT 125,496 $ 3,509

Park Hills Plaza - Excluding Outparcels (2)

Altoona, PA 238,829 1,127

New Garden Center (2)

Kennett Square, PA 147,370 1,088

511,695 $ 5,724

(1) The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third party buyers primarily in connection with the Company’s capital recycling program.

(2) The Company disposed of this property during the year ended December 31, 2022.

The Company recognized the following impairments during the year ended December 31, 2021:

Year Ended December 31, 2021

Property Name (1)

Location GLA Impairment Charge

Albany Plaza (2)

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(3) The Company disposed of this property during the year ended December 31, 2021.

The Company recognized the following impairments during the year ended December 31, 2019:

Year Ended December 31, 2019

Property Name (1)

Location GLA Impairment Charge

Westview Center (2)

Hanover Park, IL 321,382 $ 6,356

Parcel at Mansell Crossing (2)

Alpharetta, GA 51,615 5,777

Brice Park Reynoldsburg, OH 158,565 3,112

Lincoln Plaza (4)

New Haven, IN 98,288 2,715

Glendale Galleria (2)

Glendale, AZ 119,525 2,197

Mohawk Acres Plaza (3)

Rome, NY 156,680 1,598

Towne Square North (2)

Owensboro, KY 163,161 1,121

Marwood Plaza (2)

Indianapolis, IN 107,080 751

Parcel at Lakes Crossing (3)

Muskegon, MI 4,990 558

Bartonville Square (2)

Bartonville, IL 61,678 191

North Hills Village (2)

Haltom City, TX 43,299 26

1,286,263 $ 24,402

(1) The Company recognized impairment charges based upon changes in the anticipated hold periods of these properties and/or offers from third-party buyers primarily in connection with the Company’s capital recycling program.

(2) The Company disposed of this property during the year ended December 31, 2019.

(3) The Company disposed of this property during the year ended December 31, 2020.

(4) The Company disposed of this property during the year ended December 31, 2021.

The Company can provide no assurance that material impairment charges with respect to its Portfolio will not occur in future periods.

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The Company’s use of derivative instruments is intended to manage its exposure to interest rate movements and such instruments are not utilized for speculative purposes.

In certain situations, the Company may enter into derivative financial instruments such as interest rate swap and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.

In certain situations, the Company may enter into derivative financial instruments such as interest rate swap agreements and interest rate cap agreements that result in the receipt and/or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.

Cash Flow Hedges of Interest Rate Risk

Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchanging the underlying notional amount.

underlying notional amount.

The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt.

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During the year ended December 31, 2021, interest rate swaps with a notional amount of $ 250.0 million expired and the Company paid $ 1.1 million to terminate interest rate swaps with a notional amount of $ 250.0 million.

During the year ended December 31, 2022, the Company amended its interest rate swap agreements, contemporaneous with a modification of the Company's unsecured credit facility agreements, to facilitate reference rate reform, converting all outstanding swaps from the London Interbank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR").

As a result of these amendments, the Company has elected to apply additional expedients within ASU 2020-04, Reference Rate Reform (Topic 848) related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s), as qualifying changes were made to applicable debt and derivative contracts.

Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2022 and 2021 is as follows:

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Gross derivative liabilities — ( 12,585 )

Net derivative liabilities $ ( 12,585 ) $ ( 28,225 )

Net derivative assets (liabilities) $ 9,640 $ ( 12,585 )

The gross derivative assets are included in Other assets and the gross derivative liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.

All of the Company’s outstanding interest rate swap agreements for the periods presented were designated as cash flow hedges of interest rate risk.

The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative.

This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

The fair value of the Company’s interest rate derivatives is determined using market standard valuation techniques, including discounted cash flow analyses on the expected cash flows of each derivative.

These analyses reflect the contractual terms of the derivative, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities.

These inputs are classified as Level 2 of the fair value hierarchy.

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Change in unrealized gain (loss) on interest rate swaps, net $ 22,226 $ 15,640 $ ( 18,571 )

The Company estimates that $ 6.5 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next twelve months.

The Company estimates that $ 6.8 million will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense over the next twelve months.

No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges during the years ended December 31, 2022, 2021, and 2020.

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$ 4,619,915 $ 4,868,191

Unsecured Credit Facility and term loans

Unsecured Credit Facility - Revolving Facility

Unsecured Credit Facility

Revolving Facility

$ 125,000 $ — 5.44 % 2026

Unsecured $350 Million Term Loan

— 350,000 N/A N/A

Unsecured $300 Million Term Loan (3)

Term Loan Facility (3)

300,000 300,000 5.41 % 2027

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(2) The weighted average stated interest rate on the Company’s unsecured notes was 3.69 % as of December 31, 2022.

(3) Effective January 2, 2019, the Company has in place four interest rate swap agreements that convert the variable interest rate on the Company’s $ 300.0 million term loan agreement, as amended April 29, 2020 (the “$ 300 Million Term Loan”), to a fixed, combined interest rate of 2.61 % (plus a spread of 125 basis points) through July 26, 2024.

(3) Effective June 1, 2022, the Company has in place four interest rate swap agreements that convert the variable interest rate on the $ 300 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 2.59 % (plus a spread of 119 basis points) through July 26, 2024.

2022 Debt Transactions

In August 2021, the Operating Partnership issued $ 500.0 million aggregate principal amount of 2.500 % Senior Notes due 2031 (the “2031 Notes”) at 99.675 % of par, the net proceeds of which were used, along with available cash, to redeem $ 500.0 million principal amount of the Operating Partnership’s 3.250 % Senior Notes due 2023 (the “2023 Notes”), representing all of the outstanding 2023 Notes.

The 2031 Notes bear interest at a rate of 2.500 % per annum, payable semi-annually on February 16 and August 16 of each year, commencing February 16, 2022.

The 2031 Notes will mature on August 16, 2031.

The Operating Partnership may redeem the 2031 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2031 Notes.

If the 2031 Notes are redeemed on or after May 16, 2031 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2031 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The 2031 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness.

In March 2021, the Operating Partnership issued $ 350.0 million aggregate principal amount of 2.250 % Senior Notes due 2028 (the “2028 Notes”) at 99.817 % of par, the net proceeds of which were used, along with available cash, to repay all outstanding indebtedness under the Company’s $ 350.0 million term loan agreement, as amended April 29, 2020 (the “$ 350 Million Term Loan”).

The 2028 Notes bear interest at a rate of 2.250 % per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021.

The 2028 Notes will mature on April 1, 2028.

The Operating Partnership may redeem the 2028 Notes prior to maturity, at its option, at any time in whole or from time to time in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes.

If the 2028 Notes are redeemed on or after February 1, 2028 (two months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The 2028 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness.

During the year ended December 31, 2021, as a result of the redemption of the 2023 Notes and the repayment of the $ 350 Million Term Loan, the Company recognized a $ 28.3 million loss on extinguishment of debt.

extinguishment of debt includes $ 25.5 million of prepayment fees and $ 2.8 million of accelerated unamortized debt issuance costs and debt discounts.

In April 2022, the Operating Partnership amended and restated its unsecured credit facility (the "Unsecured Credit Facility").

The amendment provided for (i) revolving loan commitments of $ 1.25 billion (the "Revolving Facility") scheduled to mature on June 30, 2026 (extending the applicable scheduled maturity date from February 28, 2023);

and (ii) a continuation of the existing $ 300.0 million term loan scheduled to mature on July 26, 2027 (extending the applicable scheduled maturity date from July 26, 2024) and a new $ 200.0 million delayed draw term loan, scheduled to mature on July 26, 2027 (together, the "Term Loan Facility").

The Revolving Facility includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment of a fee on the extended commitments.

In addition, the floating reference rate under the Unsecured Credit Facility has been amended from LIBOR to SOFR.

During the year ended December 31, 2022, the Operating Partnership repaid $ 250.0 million principal amount of its Floating Rate Senior Notes due 2022 (the "2022 Notes"), representing all of the outstanding 2022 Notes, with available cash on hand.

In addition, during the year ended December 31, 2022, the Operating Partnership borrowed $ 125.0 million, net of repayments, under its $ 1.25 billion Revolving Facility, the proceeds of which were used for general corporate purposes, including $ 129.9 million of acquisitions, net of dispositions.

Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants.

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Year ending December 31,

2022 $ 250,000

Thereafter 2,410,911

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Total debt obligations, net $ 5,035,501

As of the date the financial statements were issued, the Company’s scheduled debt maturities for the next 12 months were comprised of the Company’s $ 250.0 million Floating Rate Senior Notes due 2022.

The Company has sufficient cash and cash equivalents to satisfy this scheduled debt maturity.

As of the date the financial statements were issued, the Company did not have any scheduled debt maturities for the next 12 months.

Fair Value Disclosures

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Notes payable $ 4,619,915 $ 4,148,681 $ 4,868,191 $ 5,166,291

Unsecured Credit Facility and term loans 296,327 300,629 642,719 651,639

Unsecured Credit Facility 415,586 425,056 296,327 300,629

Total debt obligations, net $ 5,035,501 $ 4,573,737 $ 5,164,518 $ 5,466,920

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Interest rate derivatives $ 9,640 $ — $ 9,640 $ —

Interest rate derivatives $ — $ — $ — $ —

Fair Value Measurements as of December 31, 2021

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Interest rate derivatives $ ( 12,585 ) $ — $ ( 12,585 ) $ —

(1) As of December 31, 2021 and 2020, marketable securities included $ 0.1 million of net unrealized losses and $ 0.2 million of net unrealized gains, respectively.

(1) As of December 31, 2022 and 2021, marketable securities included $ 0.8 million and $ 0.1 million of net unrealized losses, respectively.

As of December 31, 2022, the contractual maturities of the Company’s marketable securities are within the next five years.

Non-Recurring Fair Value

Management periodically assesses whether there are any indicators, including property operating performance, changes in anticipated hold period, and general market conditions, that the carrying value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired.

Fair value is determined by offers from third party buyers, market comparable data, third party appraisals, or discounted cash flow analyses.

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Based on these inputs, the Company has determined that the valuations of these properties are classified within Level 3 of the fair value hierarchy.

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured and recognized at fair value on a non-recurring basis.

During the year ended December 31, 2021, no properties were remeasured to fair value as a result of impairment testing that were not sold prior to December 31, 2021.

The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the year ended December 31, 2020, excluding the properties sold prior to December 31, 2020.

Fair Value Measurements as of December 31, 2020

Balance Quoted Prices in Active Markets for Identical Assets

(Level 1) Significant Other Observable Inputs

(Level 2) Significant Unobservable Inputs

(Level 3) Impairment of Real Estate Assets

Properties (1)(2)(3)

$ 27,184 $ — $ — $ 27,184 $ 11,544

(1) Excludes properties disposed of prior to December 31, 2020.

(2) The carrying value of properties remeasured to fair value based upon offers from third-party buyers during the year ended December 31, 2020 includes:

(i) $ 14.0 million related to Northmall Centre;

and (ii) $ 8.3 million related to The Pines Shopping Center.

(3) The carrying value of properties remeasured to fair value based upon a discounted cash flow analysis during the year ended December 31, 2020 includes $ 4.9 million related to Spring Mall.

The capitalization rate of 8.0 % and the discount rate of 8.0 % which were utilized in the discounted cash flow analysis were based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the property.

During the years ended December 31, 2022 and December 31, 2021, no properties were remeasured to fair value as a result of impairment testing that were not sold prior to December 31, 2022 and December 31, 2021, respectively.

Revenue Recognition

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These renewal options range from as little as one month to five or more years.

The Company’s retail shopping center leases generally require tenants to pay their proportionate share of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties.

The Company’s retail shopping center leases generally require tenants to pay a portion of property operating expenses such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the Company’s properties.

As of December 31, 2022, the fixed contractual lease payments to be received over the next five years pursuant to the terms of non-cancelable operating leases are included in the table below, assuming that no leases are renewed and no renewal options are exercised.

The table below includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes.

The table does not include variable lease payments that may be received under certain leases for the reimbursement of property operating expenses or certain capital expenditures related to the maintenance of the Company’s properties or percentage rents.

table does not include variable lease payments that may be received under certain leases for the reimbursement of property operating expenses or certain capital expenditures related to the maintenance of the Company’s properties, or percentage rents.

These variable lease payments are recognized, in the case of reimbursements, in the period when the applicable expenditures are incurred and/or contractually required to be reimbursed or, in the case of percentage rents, upon the achievement of certain predetermined sales thresholds.

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As of December 31, 2022 and 2021, receivables associated with the effects of recognizing rental income on a straight-line basis were $ 159.8 million and $ 139.5 million, respectively.

The global outbreak of COVID-19 and the public health measures that have been undertaken in response have had a significant adverse impact on the Company’s business, the Company’s tenants, the real estate market, the financial markets, and the global economy.

The effects of COVID-19, including related government restrictions, border closings, quarantines, shelter-in-place orders, and social distancing guidelines, forced many of the Company’s tenants to temporarily close stores, reduce hours, or significantly limit service, and resulted in a dramatic increase in national unemployment and a significant economic contraction in 2020.

Certain tenants experiencing economic difficulties during the pandemic have sought rent relief, which has been provided on a case-by-case basis primarily in the form of rent deferrals and, in more limited cases, in the form of rent abatements.

Under ASC 842, changes to the amount or timing of lease payments subsequent to the original lease execution are generally accounted for as lease modifications.

Due to the number of lease contracts that would require analysis to determine, on a lease by lease basis, whether such a concession is required to be accounted for as a lease modification, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842.

The Q&A states that it would be acceptable to make a policy election

regarding rent concessions resulting from COVID-19, which would not require entities to account for the rent concessions as lease modifications or to determine whether rent concessions were contractually obligated in each original lease.

Rent abatements would be recognized as reductions to revenue during the period in which they were granted.

Rent deferrals would result in an increase to “Receivables, net” during the deferral period with no impact on rental revenue recognition.

Any rent concession that is either unrelated to COVID-19 or substantially increases the total consideration due under the lease does not qualify for consideration under the Q&A.

The Company has evaluated the impact of the Q&A and has made the following policy elections:

• The Company accounts for COVID-19 rent deferrals and abatements that significantly increase the consideration due under the lease as lease modifications in accordance with ASC 842.

As a result, rental revenue recognition is reduced by the amount of the deferral or abatement in the period it was granted and straight-line rental income recognition is updated over the remaining lease term.

• The Company does not account for COVID-19 rent deferrals that do not significantly increase the consideration due under the lease as lease modifications.

As a result, rental revenue recognition, including straight-line rental income recognition, does not change, and Receivables, net increases for the deferred amount.

• The Company does not account for COVID-19 rent abatements that do not significantly increase the consideration due under the lease as lease modifications.

As a result, rental revenue recognition is reduced by the amount of the abatement in the period it was granted and straight-line rental income recognition does not change over the remaining lease term.

The following table presents the COVID-19 deferrals and abatements granted for lease payments due during the years ended December 31, 2021 and 2020.

Lease payments presented consist of fixed contractual base rent and may include the reimbursement of certain property operating expenses.

Year Ended December 31, 2021 Year Ended December 31, 2020

Deferrals Abatements Deferrals Abatements

Lease payments (lease modifications) $ 2,186 $ 2,153 $ 3,544 $ 2,103

Lease payments (not lease modifications) 13,482 4,057 42,080 2,096

$ 15,668 $ 6,210 $ 45,624 $ 4,199

The following table presents the deferrals that were not lease modifications and were included in Receivables, net on the Company’s Consolidated Balance Sheets:

COVID-19 Deferred Receivable

Beginning balance, March 31, 2020 $ —

Deferred lease payments (not lease modifications) 42,080

Deferred lease payments deemed uncollectible ( 17,928 )

Deferred lease payments received ( 8,793 )

Ending balance, December 31, 2020 15,359

Deferred lease payments (not lease modifications) 13,482

Deferred lease payments deemed uncollectible ( 114 )

Deferred lease payments received ( 27,212 )

Ending balance, December 31, 2021 $ 1,515

The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space.

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As of December 31, 2022 the Company is not including any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain.

Certain agreements require the Company to pay its proportionate share of property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties.

Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties.

These payments are not included in the calculation of the lease liability and are presented as variable lease costs.

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ROU assets obtained in exchange for operating lease liabilities 10,708 — 1,174

ROU assets written off due to dispositions and lease modifications ( 229 ) ( 1,748 ) —

ROU assets reduction due to dispositions, held for sale, and lease modifications ( 171 ) ( 229 ) ( 1,748 )

Operating Lease Liabilities As of

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Equity and Capital

In January 2020, the Company established an at-the-market equity offering program (the “ATM Program”) through which the Company may sell from time to time up to an aggregate of $ 400.0 million of its common stock through sales agents.

In November 2022, the Company issued a new at-the-market equity offering program (the “ATM Program”) through which the Company may sell from time to time up to an aggregate of $ 400.0 million of its common stock through sales agents.

The ATM Program also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers.

The ATM Program is scheduled to expire on January 9, 2023, unless earlier terminated or extended by the Company, sales agents, forward sellers, and forward purchasers.

During the year ended December 31, 2021, the Company issued 0.2 million shares of common stock under the ATM Program at an average price per share of $ 25.06 for a total of $ 5.2 million, excluding commissions.

The Company incurred commissions of $ 0.1 million in conjunction with the ATM Program for the year ended December 31, 2021.

As of December 31, 2021, $ 394.8 million of common stock remained available for issuance.

The ATM Program is scheduled to expire on November 1, 2025, unless earlier terminated or extended by the Company's board of directors, sales agents, forward sellers, and forward purchasers.

The ATM Program replaced the Company's prior at-the-market equity offering program (the "Prior ATM Program"), which was scheduled to expire on January 9, 2023.

During the year ended December 31, 2022, the Company issued 2.1 million shares of common stock under the Prior ATM Program at an average price per share of $ 25.40 for total gross proceeds of $ 53.9 million, excluding commissions.

The Company incurred commissions of $ 0.7 million in conjunction with the Prior ATM Program for the year ended December 31, 2022.

During the year ended December 31, 2021, the Company issued 0.2 million shares of common stock under the Prior ATM Program at an average price per share of $ 25.06 for total gross proceeds of $ 5.2 million, excluding commissions.

The Company incurred commissions of $ 0.1 million in conjunction with the Prior ATM Program for the year ended December 31, 2021.

During the year ended December 31, 2020, the Company did not issue any shares of common stock under the Prior ATM Program.

As of December 31, 2022, $ 400.0 million of common stock remained available for issuance under the ATM Program.

Share Repurchase Program

In January 2020, the Company established a new share repurchase program (the “Program”) for up to $ 400.0 million of its common stock.

The Program is scheduled to expire on January 9, 2023, unless suspended or extended by the Board of Directors.

The Program replaced the Company’s prior share repurchase program (the “Prior Program”), which expired on December 5, 2019.

During the year ended December 31, 2021, the Company did no t repurchase any shares of common stock.

During the year ended December 31, 2020, the Company repurchased 1.7 million shares of common stock under the Program at an average price per share of $ 15.14 for a total of $ 25.0 million, excluding commissions.

The Company incurred commissions of less than $ 0.1 million in conjunction with the Program for the year ended December 31, 2020.

During the year ended December 31, 2019, the Company repurchased 0.8 million shares of common stock under the Prior Program at an average price per share of $ 17.43 for a total of $ 14.6 million, excluding commissions.

The Company incurred commissions of less than $ 0.1 million in conjunction with the Prior Program for the year ended December 31, 2019.

As of December 31, 2021, the Program had $ 375.0 million of available repurchase capacity.

In November 2022, the Company established a new share repurchase program (the “Repurchase Program”) for up to $ 400.0 million of its common stock.

The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by the Company's board of directors.

The Repurchase Program replaced the Company’s prior share repurchase program (the “Prior Repurchase Program”), which was scheduled to expire on January 9, 2023.

During the years ended December 31, 2022 and December 31, 2021, the Company did not repurchase any shares of common stock.

During the year ended December 31, 2020, the Company repurchased 1.7 million shares of common stock under the Prior Repurchase Program at an average price per share of $ 15.14 for a total of $ 25.0 million, excluding commissions.

The Company incurred commissions of less than $ 0.1 million in conjunction with the Prior Repurchase Program for the year ended December 31, 2020.

As of December 31, 2022, the Repurchase Program had $ 400.0 million of available repurchase capacity.

In connection with the vesting of restricted stock units (“RSUs”) under the Company’s equity-based compensation plan, the Company withholds shares to satisfy tax withholding obligations.

7 unchanged sentences

• third, Brixmor Property Group Inc.

distributes the amount authorized by its Board of Directors and declared by Brixmor Property Group Inc.

distributes the amount authorized by the Company's board of directors and declared by Brixmor Property Group Inc.

to its common stockholders on a pro rata basis.

During the years ended December 31, 2021, 2020, and 2019, the Board of Directors declared common stock dividends and OP Unit distributions of $ 0.885 per share/unit, $ 0.500 per share/unit, and $ 1.125 per share/unit, respectively.

In response to COVID-19, the Board of Directors suspended the dividend in the second and third quarters of 2020.

In the fourth quarter of 2020, the Board of Directors resumed the dividend at a rate of $ 0.215 per common share.

During the years ended December 31, 2022, 2021, and 2020, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.980 per share/unit, $ 0.885 per share/unit, and $ 0.500 per share/unit, respectively.

In response to COVID-19, the Company's board of directors suspended the dividend in the second and third quarters of 2020.

In the fourth quarter of 2020, the Company's board of directors resumed the dividend at a rate of $ 0.215 per common share.

As of December 31, 2022 and 2021, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 81.6 million and $ 74.4 million, respectively.

1 unchanged sentence

Stock Based Compensation

During the year ended December 31, 2013, the Board of Directors approved the 2013 Omnibus Incentive Plan (the “Plan”).

The Plan provides for a maximum of 15.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock and RSUs, OP Units, performance awards, and other stock-based awards.

In February 2022, the Company's board of directors approved the 2022 Omnibus Incentive Plan (the “Plan”) and in April 2022, the Company's stockholders approved the Plan.

The Plan provides for a maximum of 10.0 million shares of the Company’s common stock to be issued for qualified and non-qualified options, stock appreciation rights, restricted stock, RSUs, OP Units, performance awards, and other stock-based awards.

Prior to the approval of the Plan, awards were issued under the 2013 Omnibus Incentive Plan that the Company's board of directors approved in 2013.

During the years ended December 31, 2022, 2021, and 2020, the Company granted RSUs to certain employees.

The RSUs are divided into multiple tranches, which are all subject to service-based vesting conditions.

Certain tranches are also subject to performance-based or market-based criteria, which contain a threshold, target, above target, and maximum number of units which can be earned.

The number of units actually earned for each tranche is determined based on performance during a specified performance period.

Certain tranches are also subject to performance-based criteria that are not market-based or performance-based criteria that are market-based, and contain a threshold, target, above target, and maximum number of units that can be earned.

The number of units actually earned for each tranche is determined based on performance over a specified performance period.

Tranches that only have a service-based component can only earn a target number of units.

The aggregate number of RSUs granted, assuming that the target level of performance is achieved, was 1.0 million, 0.7 million, and 0.8 million for the years ended December 31, 2021, 2020, and 2019, respectively, with vesting periods ranging from one to five years .

For the performance-based and service-based RSUs granted, fair value is based on the Company’s grant date stock price.

For the market-based RSUs granted, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:

The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.7 million, 1.0 million, and 0.7 million for the years ended December 31, 2022, 2021, and 2020, respectively, with vesting periods ranging from one to five years .

For grants of service-based RSUs and performance-based RSUs that are not market-based, fair value is based on the Company’s grant date stock price.

For grants of performance-based RSUs that are market-based, fair value is based on a Monte Carlo simulation model that assesses the probability of satisfying the market performance hurdles over the remainder of the performance period based on the Company’s historical common stock performance relative to the other companies within the FTSE Nareit Equity Shopping Centers Index as well as the following significant assumptions:

Year Ended December 31,

5 unchanged sentences

0.11 % - 0.18 %

1.20 % - 1.30%

Weighted average common stock dividend yield 3.8 % - 4.6 %

16 unchanged sentences

During the years ended December 31, 2022, 2021, and 2020, the Company recognized $ 25.2 million, $ 18.6 million, and $ 11.9 million of equity compensation expense, respectively, of which $ 1.8 million, $ 1.5 million, and $ 0.9 million was capitalized, respectively.

These amounts are included in General and administrative on the Company’s Consolidated Statements of Operations.

These amounts are included in General and administrative expense on the Company’s Consolidated Statements of Operations.

As of December 31, 2022, the Company had $ 22.7 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.1 years.

52 unchanged sentences

Incap underwrites the first layer of general liability insurance for the properties in the Company’s Portfolio.

The Company formed Incap as part of its overall risk management program to stabilize insurance costs, manage exposure, and recoup expenses through the function of the captive program.

The Company formed Incap as part of its overall risk management program to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program.

Incap is capitalized in accordance with the applicable regulatory requirements.

16 unchanged sentences

Under various federal, state, and local laws, ordinances, and regulations, the Company may be or become liable for the costs of removal or remediation of certain hazardous or toxic substances released on or in the Company’s properties or disposed of by the Company or its tenants, as well as certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property).

The Company does not believe that any resulting liability from such matters will have a material impact on the Company’s financial condition, operating results, or cash flows.

The Company maintains a reserve for currently known environmental matters and does not believe they will have a material impact on the Company’s financial condition, operating results, or cash flows.

During the years ended December 31, 2022, 2021, and 2020, the Company did no t incur any material governmental fines resulting from environmental matters.

The Parent Company has elected to qualify as a REIT in accordance with the Code.

Management intends to continue to satisfy these requirements and maintain the Parent Company’s REIT status.

As a REIT, the Parent Company generally will not be subject to U.S.

federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.

The Parent Company conducts substantially all of its operations through the Operating Partnership, which is organized as a limited partnership and treated as a pass-through entity for U.S.

federal tax purposes.

Therefore, U.S.

federal income taxes do not materially impact the Consolidated Financial Statements of the Company.

If the Parent Company fails to qualify as a REIT in any taxable year, it will be subject to U.S.

federal taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years.

Even if the Parent Company qualifies for taxation as a REIT, it is subject to certain state and local taxes on its income and property, and to U.S.

federal income and excise taxes on its undistributed taxable income as well as other income items, as applicable.

The Company incurred income and other taxes of $ 2.7 million, $ 0.8 million, and $ 4.4 million for the years ended December 31, 2022, 2021, and 2020.

These amounts are included in Other on the Company’s Consolidated Statements of Operations.

See Note 1 for additional information regarding the Company’s income taxes and the Parent Company's REIT status.

Related-Party Transactions

In the ordinary course of conducting its business, the Company enters into agreements with its affiliates in relation to the leasing and management of its real estate assets.

As of December 31, 2022 and 2021, there were no material receivables from or payables to related parties.

17 unchanged sentences

(in thousands)

Subsequent to Acquisition Gross Amount at Which Carried Life over Which Depreciated - Latest Income Statement

Initial Cost to Company at the Close of the Period

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Year Constructed (2)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Springdale Mobile, AL $ 7,460 $ 32,942 $ 33,096 $ 7,460 $ 66,038 $ 73,498 $ ( 20,746 ) 2004 Jun-11 40 years

Northmall Centre Tucson, AZ 3,140 16,119 ( 490 ) 2,202 16,567 18,769 ( 6,363 ) 1996 Jun-11 40 years

Bakersfield Plaza Bakersfield, CA 4,000 24,662 15,896 4,502 40,056 44,558 ( 15,750 ) 1970 Jun-11 40 years

Carmen Plaza Camarillo, CA 5,410 16,955 3,885 5,410 20,840 26,250 ( 6,336 ) 2000 Jun-11 40 years

Plaza Rio Vista Cathedral, CA 2,465 12,534 365 2,465 12,899 15,364 ( 4,034 ) 2005 Oct-13 40 years

Cudahy Plaza Cudahy, CA 4,490 12,100 19,027 4,778 30,839 35,617 ( 6,936 ) 2021 Jun-11 40 years

University Mall Davis, CA 4,270 15,088 3,551 4,270 18,639 22,909 ( 4,978 ) 1964 Jun-11 40 years

Felicita Plaza Escondido, CA 4,280 12,421 1,336 4,280 13,757 18,037 ( 5,714 ) 2001 Jun-11 40 years

Felicita Town Center Escondido, CA 11,231 30,678 1,639 11,231 32,317 43,548 ( 7,362 ) 1987 Dec-16 40 years

Arbor - Broadway Faire Fresno, CA 5,691 32,621 3,281 5,691 35,902 41,593 ( 13,872 ) 1995 Jun-11 40 years

Lompoc Center Lompoc, CA 4,670 11,455 7,379 4,670 18,834 23,504 ( 6,572 ) 1960 Jun-11 40 years

Briggsmore Plaza Modesto, CA 2,140 10,220 4,060 2,140 14,280 16,420 ( 5,117 ) 1998 Jun-11 40 years

Montebello Plaza Montebello, CA 13,360 32,536 8,769 13,360 41,305 54,665 ( 16,623 ) 1974 Jun-11 40 years

California Oaks Center Murrieta, CA 5,180 13,491 6,456 5,180 19,947 25,127 ( 6,362 ) 1990 Jun-11 40 years

Pacoima Center Pacoima, CA 7,050 15,859 1,218 7,050 17,077 24,127 ( 9,611 ) 1995 Jun-11 40 years

Metro 580 Pleasanton, CA 10,500 19,243 1,920 10,500 21,163 31,663 ( 9,119 ) 1996 Jun-11 40 years

Rose Pavilion Pleasanton, CA 19,619 59,801 17,247 19,618 77,049 96,667 ( 22,705 ) 2019 Jun-11 40 years

Puente Hills Town Center Rowland Heights, CA 15,670 37,458 6,564 15,670 44,022 59,692 ( 14,323 ) 1984 Jun-11 40 years

Ocean View Plaza San Clemente, CA 15,750 29,565 2,933 15,750 32,498 48,248 ( 10,765 ) 1990 Jun-11 40 years

Plaza By The Sea San Clemente, CA 9,607 5,440 4,897 9,607 10,337 19,944 ( 1,273 ) 1976 Dec-17 40 years

Village at Mira Mesa San Diego, CA 14,870 69,872 39,559 14,870 109,431 124,301 ( 28,412 ) 2021 Jun-11 40 years

San Dimas Plaza San Dimas, CA 11,490 20,461 8,365 15,101 25,215 40,316 ( 8,485 ) 1986 Jun-11 40 years

Bristol Plaza Santa Ana, CA 9,110 20,709 4,006 9,722 24,103 33,825 ( 7,977 ) 2003 Jun-11 40 years

Gateway Plaza Santa Fe Springs, CA 9,980 30,046 2,872 9,980 32,918 42,898 ( 13,994 ) 2002 Jun-11 40 years

Santa Paula Center Santa Paula, CA 3,520 17,704 1,228 3,520 18,932 22,452 ( 8,165 ) 1995 Jun-11 40 years

Vail Ranch Center Temecula, CA 3,750 20,901 3,496 3,750 24,397 28,147 ( 9,000 ) 2003 Jun-11 40 years

Country Hills Shopping Center Torrance, CA 3,589 8,683 ( 104 ) 3,589 8,579 12,168 ( 2,968 ) 1977 Jun-11 40 years

Upland Town Square Upland, CA 9,051 23,053 1,483 9,051 24,536 33,587 ( 4,895 ) 1994 Nov-17 40 years

Gateway Plaza - Vallejo Vallejo, CA 11,880 66,525 32,790 12,947 98,248 111,195 ( 31,026 ) 2018 Jun-11 40 years

Arvada Plaza Arvada, CO 1,160 7,378 593 1,160 7,971 9,131 ( 4,636 ) 1994 Jun-11 40 years

Arapahoe Crossings Aurora, CO 13,676 52,586 17,912 13,676 70,498 84,174 ( 20,909 ) 1996 Jul-13 40 years

Aurora Plaza Aurora, CO 3,910 7,809 3,179 3,910 10,988 14,898 ( 5,522 ) 1996 Jun-11 40 years

Villa Monaco Denver, CO 3,090 6,095 5,192 3,090 11,287 14,377 ( 3,751 ) 1978 Jun-11 40 years

Centennial Shopping Center Englewood, CO 6,755 11,697 258 6,755 11,955 18,710 ( 1,725 ) 2013 Apr-19 40 years

Superior Marketplace Superior, CO 7,090 35,376 8,531 7,090 43,907 50,997 ( 15,754 ) 1997 Jun-11 40 years

Westminster City Center Westminster, CO 6,040 40,717 16,151 6,040 56,868 62,908 ( 17,594 ) 2021 Jun-11 40 years

The Shoppes at Fox Run Glastonbury, CT 3,550 22,424 4,705 3,600 27,079 30,679 ( 10,309 ) 1974 Jun-11 40 years

Groton Square Groton, CT 2,730 27,583 2,417 2,730 30,000 32,730 ( 13,126 ) 1987 Jun-11 40 years

Parkway Plaza Hamden, CT 4,100 7,633 251 4,100 7,884 11,984 ( 3,130 ) 2006 Jun-11 40 years

The Manchester Collection Manchester, CT 8,200 46,870 ( 126 ) 8,200 46,744 54,944 ( 16,683 ) 2001 Jun-11 40 years

Turnpike Plaza Newington, CT 3,920 23,558 68 3,920 23,626 27,546 ( 10,094 ) 2004 Jun-11 40 years

North Haven Crossing North Haven, CT 5,430 15,889 3,083 5,430 18,972 24,402 ( 7,082 ) 1993 Jun-11 40 years

Christmas Tree Plaza Orange, CT 4,870 13,724 3,316 4,870 17,040 21,910 ( 5,921 ) 1996 Jun-11 40 years

Stratford Square Stratford, CT 5,860 11,650 7,281 5,860 18,931 24,791 ( 6,677 ) 1984 Jun-11 40 years

Torrington Plaza Torrington, CT 2,180 12,807 3,719 2,180 16,526 18,706 ( 6,494 ) 1994 Jun-11 40 years

Waterbury Plaza Waterbury, CT 4,793 16,230 2,969 4,793 19,199 23,992 ( 7,652 ) 2000 Jun-11 40 years

Waterford Commons Waterford, CT 4,990 43,495 7,230 4,990 50,725 55,715 ( 18,355 ) 2004 Jun-11 40 years

North Dover Center Dover, DE 3,100 17,345 6,028 3,100 23,373 26,473 ( 6,995 ) 1989 Jun-11 40 years

Center of Bonita Springs Bonita Springs, FL 10,946 38,446 32 10,946 38,478 49,424 ( 1,685 ) 2014 Apr-21 40 years

Coastal Way - Coastal Landing Brooksville, FL 8,840 30,693 9,248 8,840 39,941 48,781 ( 14,098 ) 2008 Jun-11 40 years

Clearwater Mall Clearwater, FL 15,300 51,834 7,786 15,300 59,620 74,920 ( 18,369 ) 1973 Jun-11 40 years

Coconut Creek Plaza Coconut Creek, FL 7,400 24,504 6,167 7,400 30,671 38,071 ( 11,094 ) 2005 Jun-11 40 years

Century Plaza Shopping Center Deerfield Beach, FL 3,050 7,619 5,524 3,050 13,143 16,193 ( 3,999 ) 2006 Jun-11 40 years

Northgate Shopping Center DeLand, FL 3,500 8,630 5,720 3,500 14,350 17,850 ( 3,671 ) 1993 Jun-11 40 years

Sun Plaza Ft.

Walton Beach, FL 4,480 12,544 1,693 4,480 14,237 18,717 ( 6,607 ) 2004 Jun-11 40 years

Normandy Square Jacksonville, FL 1,936 5,373 1,666 1,936 7,039 8,975 ( 3,154 ) 1996 Jun-11 40 years

Regency Park Shopping Center Jacksonville, FL 6,240 13,502 7,389 6,240 20,891 27,131 ( 6,767 ) 1985 Jun-11 40 years

Ventura Downs Kissimmee, FL 3,580 7,092 6,331 3,580 13,423 17,003 ( 3,401 ) 2018 Jun-11 40 years

Marketplace at Wycliffe Lake Worth, FL 7,930 13,368 2,304 7,930 15,672 23,602 ( 4,659 ) 2002 Jun-11 40 years

Venetian Isle Shopping Ctr Lighthouse Point, FL 8,270 14,390 2,170 8,270 16,560 24,830 ( 6,044 ) 1992 Jun-11 40 years

Marco Town Center Marco Island, FL 7,235 26,330 11,460 7,235 37,790 45,025 ( 7,367 ) 2021 Oct-13 40 years

Mall at 163rd Street Miami, FL 9,450 33,139 4,724 9,450 37,863 47,313 ( 11,960 ) 2007 Jun-11 40 years

Subsequent to Acquisition Gross Amount at Which Carried Life over Which Depreciated - Latest Income Statement

Initial Cost to Company at the Close of the Period

Springdale Mobile, AL $ 7,460 $ 39,380 $ 26,441 $ 7,460 $ 65,821 $ 73,281 $ ( 21,178 ) 2004 Jun-11

Northmall Centre Tucson, AZ 3,140 18,882 ( 3,147 ) 2,202 16,673 18,875 ( 6,971 ) 1996 Jun-11

Bakersfield Plaza Bakersfield, CA 4,000 25,537 15,123 4,502 40,158 44,660 ( 17,118 ) 1970 Jun-11

Brea Gateway Brea, CA 23,716 68,925 1,570 23,716 70,495 94,211 ( 3,560 ) 1994 Jan-22

Carmen Plaza Camarillo, CA 5,410 19,784 1,756 5,410 21,540 26,950 ( 6,971 ) 2000 Jun-11

Plaza Rio Vista Cathedral, CA 2,465 12,687 831 2,465 13,518 15,983 ( 4,433 ) 2005 Oct-13

Cudahy Plaza Cudahy, CA 4,490 13,474 19,183 4,778 32,369 37,147 ( 8,836 ) 2021 Jun-11

The Davis Collection Davis, CA 4,270 18,372 1,038 4,270 19,410 23,680 ( 5,430 ) 1964 Jun-11

Felicita Plaza Escondido, CA 4,280 12,464 1,379 4,280 13,843 18,123 ( 6,042 ) 2001 Jun-11

Felicita Town Center Escondido, CA 11,231 31,381 1,596 11,231 32,977 44,208 ( 8,425 ) 1987 Dec-16

Arbor - Broadway Faire Fresno, CA 5,940 34,123 227 5,691 34,599 40,290 ( 12,916 ) 1995 Jun-11

Lompoc Center Lompoc, CA 4,670 16,321 4,705 4,670 21,026 25,696 ( 6,811 ) 1960 Jun-11

Briggsmore Plaza Modesto, CA 2,140 12,257 2,262 2,043 14,616 16,659 ( 5,460 ) 1998 Jun-11

Montebello Plaza Montebello, CA 13,360 33,743 7,478 13,360 41,221 54,581 ( 17,608 ) 1974 Jun-11

California Oaks Center Murrieta, CA 5,180 15,441 4,857 5,180 20,298 25,478 ( 7,163 ) 1990 Jun-11

Pacoima Center Pacoima, CA 7,050 15,955 1,304 7,050 17,259 24,309 ( 10,162 ) 1995 Jun-11

Metro 580 Pleasanton, CA 10,500 19,409 1,608 10,500 21,017 31,517 ( 9,772 ) 1996 Jun-11

Rose Pavilion Pleasanton, CA 19,618 63,140 14,268 19,618 77,408 97,026 ( 25,056 ) 2019 Jun-11

Puente Hills Town Center Rowland Heights, CA 15,670 39,997 4,245 15,670 44,242 59,912 ( 15,313 ) 1984 Jun-11

Ocean View Plaza San Clemente, CA 15,750 30,757 2,126 15,750 32,883 48,633 ( 11,543 ) 1990 Jun-11

Plaza By The Sea San Clemente, CA 9,607 5,461 5,887 9,607 11,348 20,955 ( 1,612 ) 1976 Dec-17

Village at Mira Mesa (6)

San Diego, CA 14,870 75,271 36,684 14,870 111,955 126,825 ( 32,680 ) 2023 Jun-11

San Dimas Plaza San Dimas, CA 15,101 22,299 3,809 15,101 26,108 41,209 ( 9,224 ) 1986 Jun-11

Bristol Plaza Santa Ana, CA 9,110 21,367 4,683 9,722 25,438 35,160 ( 7,955 ) 2003 Jun-11

Gateway Plaza Santa Fe Springs, CA 9,980 31,263 1,955 9,980 33,218 43,198 ( 15,374 ) 2002 Jun-11

Santa Paula Center Santa Paula, CA 3,520 18,079 1,078 3,520 19,157 22,677 ( 8,640 ) 1995 Jun-11

Vail Ranch Center (6)

Temecula, CA 3,750 22,933 9,882 3,750 32,815 36,565 ( 9,721 ) 2023 Jun-11

Country Hills Shopping Center Torrance, CA 3,630 8,716 ( 124 ) 3,589 8,633 12,222 ( 3,229 ) 1977 Jun-11

Upland Town Square Upland, CA 9,051 23,171 1,542 9,051 24,713 33,764 ( 5,964 ) 1994 Nov-17

Gateway Plaza - Vallejo (6)

Vallejo, CA 12,947 77,377 25,775 12,947 103,152 116,099 ( 34,544 ) 2023 Jun-11

Arvada Plaza Arvada, CO 1,160 7,378 605 1,160 7,983 9,143 ( 4,786 ) 1994 Jun-11

Arapahoe Crossings Aurora, CO 13,676 56,971 14,425 13,676 71,396 85,072 ( 23,524 ) 1996 Jul-13

Aurora Plaza Aurora, CO 3,910 9,309 9,363 3,910 18,672 22,582 ( 6,083 ) 1996 Jun-11

Villa Monaco Denver, CO 3,090 7,551 4,038 3,090 11,589 14,679 ( 4,179 ) 1978 Jun-11

Centennial Shopping Center Englewood, CO 6,755 11,721 588 6,755 12,309 19,064 ( 2,254 ) 2013 Apr-19

Superior Marketplace Superior, CO 7,090 37,670 4,756 6,924 42,592 49,516 ( 16,348 ) 1997 Jun-11

Westminster City Center (6)

Westminster, CO 6,040 45,099 12,939 6,040 58,038 64,078 ( 19,769 ) 2023 Jun-11

The Shoppes at Fox Run Glastonbury, CT 3,550 23,162 4,306 3,600 27,418 31,018 ( 11,312 ) 1974 Jun-11

Groton Square Groton, CT 2,730 28,311 2,288 2,730 30,599 33,329 ( 14,031 ) 1987 Jun-11

Parkway Plaza Hamden, CT 4,100 7,844 40 4,100 7,884 11,984 ( 3,300 ) 2006 Jun-11

The Manchester Collection Manchester, CT 8,200 51,455 ( 5,442 ) 8,200 46,013 54,213 ( 17,615 ) 2001 Jun-11

Turnpike Plaza Newington, CT 3,920 23,880 ( 2,569 ) 3,920 21,311 25,231 ( 8,412 ) 2004 Jun-11

North Haven Crossing North Haven, CT 5,430 16,371 1,911 5,430 18,282 23,712 ( 6,591 ) 1993 Jun-11

Christmas Tree Plaza Orange, CT 4,870 15,160 2,257 4,870 17,417 22,287 ( 6,486 ) 1996 Jun-11

Stratford Square Stratford, CT 5,970 12,433 6,575 5,860 19,118 24,978 ( 7,411 ) 1984 Jun-11

Waterbury Plaza Waterbury, CT 5,420 18,062 1,456 4,793 20,145 24,938 ( 8,086 ) 2000 Jun-11

Waterford Commons Waterford, CT 5,437 46,769 5,389 5,437 52,158 57,595 ( 19,978 ) 2004 Jun-11

Center of Bonita Springs Bonita Springs, FL 10,946 38,467 1,005 10,946 39,472 50,418 ( 3,792 ) 2014 Apr-21

Coastal Way - Coastal Landing Brooksville, FL 8,840 34,027 6,302 8,840 40,329 49,169 ( 15,262 ) 2008 Jun-11

Clearwater Mall Clearwater, FL 15,300 55,060 5,174 15,300 60,234 75,534 ( 20,216 ) 1973 Jun-11

Coconut Creek Plaza Coconut Creek, FL 7,400 25,600 5,504 7,400 31,104 38,504 ( 12,297 ) 2005 Jun-11

Century Plaza Shopping Center Deerfield Beach, FL 3,050 8,688 4,375 3,050 13,063 16,113 ( 4,275 ) 2006 Jun-11

Northgate Shopping Center DeLand, FL 3,500 11,008 3,644 3,500 14,652 18,152 ( 4,217 ) 1993 Jun-11

Sun Plaza Fort Walton Beach, FL 4,480 12,658 2,043 4,480 14,701 19,181 ( 7,069 ) 2004 Jun-11

Normandy Square Jacksonville, FL 1,936 5,567 1,567 1,936 7,134 9,070 ( 3,385 ) 1996 Jun-11

Regency Park Shopping Center Jacksonville, FL 6,240 15,561 6,212 6,240 21,773 28,013 ( 7,826 ) 1985 Jun-11

Ventura Downs Kissimmee, FL 3,580 8,237 5,243 3,580 13,480 17,060 ( 3,977 ) 2018 Jun-11

Marketplace at Wycliffe Lake Worth, FL 7,930 16,228 ( 490 ) 7,930 15,738 23,668 ( 5,013 ) 2002 Jun-11

Venetian Isle Shopping Ctr Lighthouse Point, FL 8,270 15,030 1,452 8,270 16,482 24,752 ( 6,306 ) 1992 Jun-11

Marco Town Center (6)

Marco Island, FL 7,235 27,490 11,897 7,235 39,387 46,622 ( 8,407 ) 2023 Oct-13

Mall at 163rd Street Miami, FL 9,450 36,810 2,590 9,450 39,400 48,850 ( 12,772 ) 2007 Jun-11

Shops at Palm Lakes (6)

Miami, FL 10,896 17,596 21,832 10,896 39,428 50,324 ( 6,282 ) 2023 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Year Constructed (2)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Shops at Palm Lakes Miami, FL 10,896 13,971 15,065 10,896 29,036 39,932 ( 5,689 ) 2021 Jun-11 40 years

Freedom Square Naples, FL 4,735 12,326 12,310 4,735 24,636 29,371 ( 4,792 ) 2021 Jun-11 40 years

Granada Shoppes Naples, FL 34,061 69,551 ( 1 ) 34,061 69,550 103,611 ( 315 ) 2011 Dec-21 40 years

Naples Plaza Naples, FL 9,200 20,461 10,692 9,200 31,153 40,353 ( 11,388 ) 2013 Jun-11 40 years

Park Shore Plaza Naples, FL 4,750 13,615 26,471 7,245 37,591 44,836 ( 12,180 ) 2017 Jun-11 40 years

Chelsea Place New Port Richey, FL 3,303 9,685 680 3,303 10,365 13,668 ( 3,540 ) 1992 Oct-13 40 years

Presidential Plaza West North Lauderdale, FL 2,070 5,424 2,347 2,070 7,771 9,841 ( 2,270 ) 2006 Jun-11 40 years

Colonial Marketplace Orlando, FL 4,230 19,676 3,652 4,230 23,328 27,558 ( 9,298 ) 1986 Jun-11 40 years

Conway Crossing Orlando, FL 3,163 12,007 1,064 3,163 13,071 16,234 ( 4,650 ) 2002 Oct-13 40 years

Hunter's Creek Plaza Orlando, FL 3,589 5,776 3,535 3,589 9,311 12,900 ( 2,926 ) 1998 Oct-13 40 years

Pointe Orlando Orlando, FL 6,120 51,321 54,354 6,120 105,675 111,795 ( 26,375 ) 2021 Jun-11 40 years

Martin Downs Town Center Palm City, FL 1,660 9,749 415 1,660 10,164 11,824 ( 2,763 ) 1996 Oct-13 40 years

Martin Downs Village Center Palm City, FL 5,319 28,223 2,594 5,319 30,817 36,136 ( 9,249 ) 1987 Jun-11 40 years

23rd Street Station Panama City, FL 3,120 6,860 3,094 3,120 9,954 13,074 ( 2,717 ) 1995 Jun-11 40 years

Panama City Square Panama City, FL 5,690 8,900 12,464 5,690 21,364 27,054 ( 5,185 ) 1989 Jun-11 40 years

East Port Plaza Port St.

Lucie, FL 4,099 22,219 4,156 4,099 26,375 30,474 ( 8,155 ) 1991 Oct-13 40 years

Freedom Square Naples, FL 4,760 15,328 10,713 4,735 26,066 30,801 ( 5,810 ) 2021 Jun-11

Granada Shoppes Naples, FL 34,061 69,551 660 34,061 70,211 104,272 ( 4,089 ) 2011 Dec-21

Naples Plaza Naples, FL 9,200 20,738 10,315 9,200 31,053 40,253 ( 12,128 ) 2013 Jun-11

Park Shore Plaza Naples, FL 7,245 16,555 21,094 7,245 37,649 44,894 ( 14,118 ) 2017 Jun-11

Chelsea Place New Port Richey, FL 3,303 9,879 498 3,303 10,377 13,680 ( 3,833 ) 1992 Oct-13

Presidential Plaza West North Lauderdale, FL 2,070 5,634 2,193 2,070 7,827 9,897 ( 2,465 ) 2006 Jun-11

Colonial Marketplace Orlando, FL 4,230 20,242 3,148 4,230 23,390 27,620 ( 10,054 ) 1986 Jun-11

Conway Crossing Orlando, FL 3,208 12,496 551 3,163 13,092 16,255 ( 5,066 ) 2002 Oct-13

Hunter's Creek Plaza Orlando, FL 3,589 6,907 2,485 3,589 9,392 12,981 ( 3,297 ) 1998 Oct-13

Pointe Orlando (6)

Orlando, FL 6,120 56,697 53,195 6,120 109,892 116,012 ( 29,513 ) 2023 Jun-11

Martin Downs Town Center Palm City, FL 1,660 9,945 219 1,660 10,164 11,824 ( 3,064 ) 1996 Oct-13

Martin Downs Village Center Palm City, FL 5,319 28,998 1,651 5,319 30,649 35,968 ( 9,997 ) 1987 Jun-11

23rd Street Station Panama City, FL 3,120 9,115 1,560 3,120 10,675 13,795 ( 3,007 ) 1995 Jun-11

Panama City Square Panama City, FL 5,690 15,789 6,253 5,690 22,042 27,732 ( 6,095 ) 1989 Jun-11

East Port Plaza (6)

Lucie, FL 4,099 22,498 4,838 4,099 27,336 31,435 ( 6,819 ) 2023 Oct-13

Shoppes of Victoria Square Port St.

Lucie, FL 3,450 6,027 1,631 3,450 7,658 11,108 ( 3,117 ) 1990 Jun-11 40 years

Charles Riverview, FL 2,801 6,900 470 2,801 7,370 10,171 ( 2,090 ) 1999 Oct-13 40 years

Cobblestone Village Royal Palm Beach, FL 2,700 4,880 1,030 2,700 5,910 8,610 ( 1,794 ) 2005 Jun-11 40 years

Beneva Village Shoppes Sarasota, FL 4,013 16,966 14,145 4,013 31,111 35,124 ( 7,064 ) 2020 Oct-13 40 years

Sarasota Village Sarasota, FL 5,190 12,476 4,040 5,190 16,516 21,706 ( 5,817 ) 1972 Jun-11 40 years

Atlantic Plaza Satellite Beach, FL 2,630 10,479 3,377 2,630 13,856 16,486 ( 4,701 ) 2008 Jun-11 40 years

Seminole Plaza Seminole, FL 3,870 7,934 12,888 3,870 20,822 24,692 ( 4,396 ) 2020 Jun-11 40 years

Lucie, FL 3,450 6,789 932 3,450 7,721 11,171 ( 3,330 ) 1990 Jun-11

Charles Riverview, FL 2,801 6,966 404 2,801 7,370 10,171 ( 2,309 ) 1999 Oct-13

Cobblestone Village Royal Palm Beach, FL 2,700 5,473 636 2,700 6,109 8,809 ( 2,006 ) 2005 Jun-11

Beneva Village Shoppes Sarasota, FL 4,013 19,403 11,145 4,013 30,548 34,561 ( 8,359 ) 2020 Oct-13

Sarasota Village Sarasota, FL 5,190 12,728 4,170 5,190 16,898 22,088 ( 6,311 ) 1972 Jun-11

Atlantic Plaza Satellite Beach, FL 2,630 11,609 2,920 2,630 14,529 17,159 ( 5,257 ) 2008 Jun-11

Seminole Plaza Seminole, FL 3,870 8,410 12,325 3,870 20,735 24,605 ( 5,424 ) 2020 Jun-11

Cobblestone Village St.

Augustine, FL 8,189 33,062 5,380 8,189 38,442 46,631 ( 14,170 ) 2003 Jun-11 40 years

Augustine, FL 9,850 34,113 5,653 9,850 39,766 49,616 ( 15,505 ) 2003 Jun-11

Dolphin Village St.

Pete Beach, FL 9,882 15,441 3,134 9,882 18,575 28,457 ( 5,007 ) 1990 Oct-13 40 years

Pete Beach, FL 9,882 16,220 3,163 9,882 19,383 29,265 ( 5,605 ) 1990 Oct-13

Rutland Plaza St.

Petersburg, FL 3,880 8,091 2,041 3,880 10,132 14,012 ( 3,987 ) 2002 Jun-11 40 years

Tyrone Gardens St.

Petersburg, FL 5,690 9,654 2,735 5,690 12,389 18,079 ( 4,940 ) 2021 Jun-11 40 years

Downtown Publix Stuart, FL 1,770 12,016 5,553 1,770 17,569 19,339 ( 5,167 ) 2000 Jun-11 40 years

Sunrise Town Center Sunrise, FL 7,856 7,479 1,713 7,856 9,192 17,048 ( 3,109 ) 1989 Oct-13 40 years

Carrollwood Center Tampa, FL 3,749 14,456 1,757 3,749 16,213 19,962 ( 5,779 ) 2002 Oct-13 40 years

Ross Plaza Tampa, FL 2,640 10,906 1,255 2,640 12,161 14,801 ( 3,922 ) 1996 Oct-13 40 years

Shoppes at Tarpon Tarpon Springs, FL 7,800 13,644 4,467 7,800 18,111 25,911 ( 8,251 ) 2003 Jun-11 40 years

Venice Plaza Venice, FL 3,245 14,376 1,308 3,245 15,684 18,929 ( 3,912 ) 1999 Oct-13 40 years

Venice Shopping Center Venice, FL 2,555 6,185 690 2,555 6,875 9,430 ( 2,273 ) 2000 Oct-13 40 years

Venice Village Venice, FL 7,157 25,758 7,462 7,157 33,220 40,377 ( 5,148 ) 2021 Nov-17 40 years

Mansell Crossing Alpharetta, GA 15,461 25,023 6,550 15,461 31,573 47,034 ( 11,588 ) 1993 Jun-11 40 years

Northeast Plaza Atlanta, GA 6,907 36,191 6,188 6,907 42,379 49,286 ( 13,361 ) 1952 Jun-11 40 years

Augusta West Plaza Augusta, GA 1,070 5,698 2,816 1,070 8,514 9,584 ( 2,957 ) 2006 Jun-11 40 years

Sweetwater Village Austell, GA 1,080 3,026 993 1,080 4,019 5,099 ( 1,989 ) 1985 Jun-11 40 years

Vineyards at Chateau Elan Braselton, GA 2,202 14,184 1,095 2,202 15,279 17,481 ( 4,579 ) 2002 Oct-13 40 years

Salem Road Station Covington, GA 670 11,366 922 670 12,288 12,958 ( 3,776 ) 2000 Oct-13 40 years

Keith Bridge Commons Cumming, GA 1,501 14,755 1,247 1,601 15,902 17,503 ( 4,942 ) 2002 Oct-13 40 years

Northside Dalton, GA 1,320 3,739 1,242 1,320 4,981 6,301 ( 2,262 ) 2001 Jun-11 40 years

Cosby Station Douglasville, GA 2,650 6,553 861 2,650 7,414 10,064 ( 2,707 ) 1994 Jun-11 40 years

Park Plaza Douglasville, GA 1,470 2,444 1,493 1,470 3,937 5,407 ( 1,346 ) 1986 Jun-11 40 years

Westgate Dublin, GA 1,265 3,175 2,035 1,265 5,210 6,475 ( 1,468 ) 2004 Jun-11 40 years

Venture Pointe Duluth, GA 2,460 7,933 5,612 2,460 13,545 16,005 ( 7,020 ) 1995 Jun-11 40 years

Banks Station Fayetteville, GA 3,490 11,587 2,754 3,490 14,341 17,831 ( 5,913 ) 2006 Jun-11 40 years

Barrett Place Kennesaw, GA 6,990 12,058 1,557 6,990 13,615 20,605 ( 5,670 ) 1992 Jun-11 40 years

Shops of Huntcrest Lawrenceville, GA 2,093 17,498 853 2,093 18,351 20,444 ( 5,290 ) 2003 Oct-13 40 years

Mableton Walk Mableton, GA 1,645 9,300 1,592 1,645 10,892 12,537 ( 3,804 ) 1994 Jun-11 40 years

The Village at Mableton Mableton, GA 2,040 5,128 3,818 2,040 8,946 10,986 ( 3,508 ) 1959 Jun-11 40 years

Marshalls at Eastlake Marietta, GA 2,650 2,557 1,652 2,650 4,209 6,859 ( 1,552 ) 1982 Jun-11 40 years

New Chastain Corners Marietta, GA 3,090 7,744 3,352 3,090 11,096 14,186 ( 3,884 ) 2004 Jun-11 40 years

Pavilions at Eastlake Marietta, GA 4,770 10,601 5,383 4,770 15,984 20,754 ( 6,137 ) 1996 Jun-11 40 years

Creekwood Village Rex, GA 1,400 4,752 615 1,400 5,367 6,767 ( 2,303 ) 1990 Jun-11 40 years

Connexion Roswell, GA 2,627 28,074 — 2,627 28,074 30,701 — 2016 Dec-21 40 years

Holcomb Bridge Crossing Roswell, GA 1,170 5,249 4,874 1,170 10,123 11,293 ( 4,399 ) 1988 Jun-11 40 years

Kings Market Roswell, GA 6,758 33,899 — 6,758 33,899 40,657 — 2005 Dec-21 40 years

Victory Square Savannah, GA 6,080 14,609 1,318 6,080 15,927 22,007 ( 5,190 ) 2007 Jun-11 40 years

Stockbridge Village Stockbridge, GA 5,872 15,410 4,496 5,872 19,906 25,778 ( 8,761 ) 2008 Jun-11 40 years

Stone Mountain Festival Stone Mountain, GA 5,740 15,717 1,954 5,740 17,671 23,411 ( 8,560 ) 2006 Jun-11 40 years

Wilmington Island Wilmington Island, GA 2,630 7,792 1,536 2,630 9,328 11,958 ( 3,027 ) 1985 Oct-13 40 years

Haymarket Mall Des Moines, IA 2,055 9,139 948 2,055 10,087 12,142 ( 4,590 ) 1979 Jun-11 40 years

Haymarket Square Des Moines, IA 3,360 7,569 6,450 3,360 14,019 17,379 ( 4,969 ) 1979 Jun-11 40 years

Annex of Arlington Arlington Heights, IL 3,769 13,975 15,861 4,373 29,232 33,605 ( 9,978 ) 1999 Jun-11 40 years

Ridge Plaza Arlington Heights, IL 3,720 8,846 5,781 3,720 14,627 18,347 ( 7,038 ) 2000 Jun-11 40 years

Subsequent to Acquisition Gross Amount at Which Carried Life over Which Depreciated - Latest Income Statement

Initial Cost to Company at the Close of the Period

Petersburg, FL 3,880 8,513 1,570 3,880 10,083 13,963 ( 4,220 ) 2002 Jun-11

Tyrone Gardens (6)

Petersburg, FL 5,690 10,456 5,416 5,690 15,872 21,562 ( 5,093 ) 2023 Jun-11

Downtown Publix Stuart, FL 1,770 12,909 5,268 1,770 18,177 19,947 ( 5,722 ) 2000 Jun-11

Sunrise Town Center Sunrise, FL 9,166 10,338 ( 2,396 ) 7,856 9,252 17,108 ( 3,464 ) 1989 Oct-13

Carrollwood Center Tampa, FL 3,749 15,194 1,032 3,749 16,226 19,975 ( 6,358 ) 2002 Oct-13

Ross Plaza Tampa, FL 2,808 12,205 ( 311 ) 2,640 12,062 14,702 ( 4,147 ) 1996 Oct-13

Tarpon Mall Tarpon Springs, FL 7,800 14,221 3,965 7,800 18,186 25,986 ( 9,065 ) 2003 Jun-11

Venice Plaza Venice, FL 3,245 14,650 1,340 3,245 15,990 19,235 ( 4,391 ) 1999 Oct-13

Venice Shopping Center Venice, FL 2,555 6,847 2,150 2,555 8,997 11,552 ( 2,585 ) 2000 Oct-13

Venice Village Venice, FL 7,157 26,773 10,472 7,157 37,245 44,402 ( 6,272 ) 2022 Nov-17

Mansell Crossing Alpharetta, GA 19,840 34,689 ( 6,895 ) 15,461 32,173 47,634 ( 12,643 ) 1993 Jun-11

Northeast Plaza Atlanta, GA 6,907 38,776 3,970 6,907 42,746 49,653 ( 14,725 ) 1952 Jun-11

Augusta West Plaza Augusta, GA 1,070 8,643 ( 89 ) 1,070 8,554 9,624 ( 3,325 ) 2006 Jun-11

Sweetwater Village Austell, GA 1,080 3,119 915 1,080 4,034 5,114 ( 2,103 ) 1985 Jun-11

Vineyards at Chateau Elan Braselton, GA 2,202 14,690 652 2,202 15,342 17,544 ( 5,165 ) 2002 Oct-13

Salem Road Station Covington, GA 670 11,517 1,058 670 12,575 13,245 ( 4,108 ) 2000 Oct-13

Keith Bridge Commons Cumming, GA 1,601 15,162 890 1,601 16,052 17,653 ( 5,263 ) 2002 Oct-13

Northside Dalton, GA 1,320 4,220 472 1,320 4,692 6,012 ( 1,435 ) 2001 Jun-11

Cosby Station Douglasville, GA 2,650 6,660 845 2,650 7,505 10,155 ( 2,921 ) 1994 Jun-11

Park Plaza Douglasville, GA 1,470 2,870 1,143 1,470 4,013 5,483 ( 1,530 ) 1986 Jun-11

Venture Pointe Duluth, GA 2,460 7,995 5,745 2,460 13,740 16,200 ( 7,527 ) 1995 Jun-11

Banks Station Fayetteville, GA 3,490 13,060 1,322 3,490 14,382 17,872 ( 6,317 ) 2006 Jun-11

Barrett Place Kennesaw, GA 6,990 14,370 164 6,990 14,534 21,524 ( 6,023 ) 1992 Jun-11

Shops of Huntcrest Lawrenceville, GA 2,093 18,230 171 2,093 18,401 20,494 ( 5,812 ) 2003 Oct-13

Mableton Walk Mableton, GA 1,660 9,467 1,880 1,645 11,362 13,007 ( 4,020 ) 1994 Jun-11

The Village at Mableton (6)

Mableton, GA 2,040 6,647 10,549 2,040 17,196 19,236 ( 3,820 ) 2023 Jun-11

Eastlake Plaza Marietta, GA 2,650 2,774 1,373 2,650 4,147 6,797 ( 1,442 ) 1982 Jun-11

New Chastain Corners Marietta, GA 3,090 8,243 2,941 3,090 11,184 14,274 ( 4,249 ) 2004 Jun-11

Pavilions at Eastlake Marietta, GA 4,770 12,874 3,431 4,770 16,305 21,075 ( 6,552 ) 1996 Jun-11

Creekwood Village Rex, GA 1,400 4,893 515 1,400 5,408 6,808 ( 2,464 ) 1990 Jun-11

Connexion Roswell, GA 2,627 28,074 432 2,627 28,506 31,133 ( 1,392 ) 2016 Dec-21

Holcomb Bridge Crossing Roswell, GA 1,170 5,633 4,937 1,170 10,570 11,740 ( 4,776 ) 1988 Jun-11

Kings Market Roswell, GA 6,758 33,899 1,559 6,758 35,458 42,216 ( 2,085 ) 2005 Dec-21

Victory Square Savannah, GA 6,230 15,043 1,946 6,080 17,139 23,219 ( 5,669 ) 2007 Jun-11

Stockbridge Village Stockbridge, GA 6,210 17,734 2,418 5,872 20,490 26,362 ( 8,979 ) 2008 Jun-11

Stone Mountain Festival Stone Mountain, GA 5,740 17,078 ( 9,286 ) 3,328 10,204 13,532 ( 3,490 ) 2006 Jun-11

Wilmington Island Wilmington Island, GA 2,630 8,108 1,244 2,630 9,352 11,982 ( 3,281 ) 1985 Oct-13

Haymarket Square Des Moines, IA 3,360 10,665 3,651 3,360 14,316 17,676 ( 5,589 ) 1979 Jun-11

Annex of Arlington Arlington Heights, IL 4,373 19,431 9,943 4,373 29,374 33,747 ( 11,121 ) 1999 Jun-11

Ridge Plaza Arlington Heights, IL 3,720 11,128 3,651 3,720 14,779 18,499 ( 7,526 ) 2000 Jun-11

Southfield Plaza Bridgeview, IL 5,880 18,756 4,572 5,880 23,328 29,208 ( 10,184 ) 2006 Jun-11

Commons of Chicago Ridge Chicago Ridge, IL 4,310 39,714 7,028 4,310 46,742 51,052 ( 20,481 ) 1998 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Year Constructed (2)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Southfield Plaza Bridgeview, IL 5,880 18,113 4,833 5,880 22,946 28,826 ( 9,422 ) 2006 Jun-11 40 years

Commons of Chicago Ridge Chicago Ridge, IL 4,310 38,811 7,761 4,310 46,572 50,882 ( 19,122 ) 1998 Jun-11 40 years

Rivercrest Shopping Center Crestwood, IL 7,010 35,416 21,112 11,010 52,528 63,538 ( 17,682 ) 1992 Jun-11 40 years

The Commons of Crystal Lake Crystal Lake, IL 3,660 31,062 5,641 3,660 36,703 40,363 ( 12,947 ) 1987 Jun-11 40 years

Elk Grove Town Center Elk Grove Village, IL 3,010 12,985 1,807 3,010 14,792 17,802 ( 4,081 ) 1998 Jun-11 40 years

Freeport Plaza Freeport, IL 660 5,557 559 660 6,116 6,776 ( 3,865 ) 2000 Jun-11 40 years

The Quentin Collection Kildeer, IL 5,780 24,215 3,871 6,002 27,864 33,866 ( 8,092 ) 2006 Jun-11 40 years

Butterfield Square Libertyville, IL 3,430 12,677 3,450 3,430 16,127 19,557 ( 5,726 ) 1997 Jun-11 40 years

High Point Centre Lombard, IL 7,510 18,347 11,900 7,510 30,247 37,757 ( 7,944 ) 2019 Jun-11 40 years

Long Meadow Commons Mundelein, IL 4,700 11,312 3,525 4,700 14,837 19,537 ( 7,141 ) 1997 Jun-11 40 years

Westridge Court Naperville, IL 10,560 60,874 31,870 10,560 92,744 103,304 ( 25,176 ) 1992 Jun-11 40 years

Rollins Crossing Round Lake Beach, IL 3,040 22,860 2,251 3,040 25,111 28,151 ( 11,666 ) 1998 Jun-11 40 years

Tinley Park Plaza Tinley Park, IL 12,250 19,589 22,914 12,250 42,503 54,753 ( 7,673 ) 2021 Jun-11 40 years

Meridian Village Carmel, IN 2,089 7,011 3,333 2,089 10,344 12,433 ( 4,250 ) 1990 Jun-11 40 years

Columbus Center Columbus, IN 1,480 13,293 5,013 1,480 18,306 19,786 ( 6,310 ) 1964 Jun-11 40 years

Market Centre Goshen, IN 1,765 12,349 16,288 1,765 28,637 30,402 ( 6,069 ) 1994 Jun-11 40 years

Speedway Super Center Speedway, IN 8,410 48,202 22,595 8,410 70,797 79,207 ( 22,282 ) 2021 Jun-11 40 years

Sagamore Park Centre West Lafayette, IN 2,390 10,708 2,605 2,390 13,313 15,703 ( 5,366 ) 2018 Jun-11 40 years

Westchester Square Lenexa, KS 3,250 13,693 4,680 3,250 18,373 21,623 ( 6,589 ) 1987 Jun-11 40 years

West Loop Shopping Center Manhattan, KS 2,800 10,187 7,458 2,800 17,645 20,445 ( 7,231 ) 2013 Jun-11 40 years

North Dixie Plaza Elizabethtown, KY 2,372 4,475 718 2,108 5,457 7,565 ( 1,906 ) 1992 Jun-11 40 years

Florence Plaza - Florence Square Florence, KY 9,380 44,977 33,325 11,014 76,668 87,682 ( 26,210 ) 2014 Jun-11 40 years

Jeffersontown Commons Jeffersontown, KY 3,920 14,384 1,378 3,920 15,762 19,682 ( 7,446 ) 1959 Jun-11 40 years

London Marketplace London, KY 1,400 8,267 7,380 1,400 15,647 17,047 ( 3,633 ) 1994 Jun-11 40 years

Eastgate Shopping Center Louisville, KY 4,300 13,228 3,469 4,300 16,697 20,997 ( 7,708 ) 2002 Jun-11 40 years

Plainview Village Louisville, KY 2,600 9,358 2,502 2,600 11,860 14,460 ( 4,659 ) 1997 Jun-11 40 years

Stony Brook I & II Louisville, KY 3,650 17,367 2,373 3,650 19,740 23,390 ( 8,174 ) 1988 Jun-11 40 years

Points West Plaza Brockton, MA 2,200 8,140 3,481 2,200 11,621 13,821 ( 3,287 ) 1960 Jun-11 40 years

Burlington Square I, II & III Burlington, MA 4,690 12,003 3,540 4,690 15,543 20,233 ( 5,290 ) 1992 Jun-11 40 years

Holyoke Shopping Center Holyoke, MA 3,110 11,659 1,630 3,110 13,289 16,399 ( 6,004 ) 2000 Jun-11 40 years

WaterTower Plaza Leominster, MA 10,400 36,198 4,955 10,400 41,153 51,553 ( 14,181 ) 2000 Jun-11 40 years

Lunenberg Crossing Lunenburg, MA 930 1,668 1,255 930 2,923 3,853 ( 1,052 ) 1994 Jun-11 40 years

Lynn Marketplace Lynn, MA 3,100 4,634 5,532 3,100 10,166 13,266 ( 2,031 ) 1968 Jun-11 40 years

Webster Square Shopping Center Marshfield, MA 5,532 26,961 1,292 5,532 28,253 33,785 ( 7,480 ) 2005 Jun-15 40 years

Berkshire Crossing Pittsfield, MA 2,771 29,926 4,438 2,771 34,364 37,135 ( 13,714 ) 1994 Jun-11 40 years

Westgate Plaza Westfield, MA 2,494 7,752 3,122 2,494 10,874 13,368 ( 2,763 ) 1996 Jun-11 40 years

Perkins Farm Marketplace Worcester, MA 2,150 16,280 6,960 2,150 23,240 25,390 ( 8,605 ) 1967 Jun-11 40 years

South Plaza Shopping Center California, MD 2,174 23,100 265 2,174 23,365 25,539 ( 6,302 ) 2005 Oct-13 40 years

Campus Village Shoppes College Park, MD 1,660 4,792 828 1,660 5,620 7,280 ( 1,847 ) 1986 Jun-11 40 years

Fox Run Prince Frederick, MD 3,396 28,213 21,233 3,396 49,446 52,842 ( 11,699 ) 2021 Jun-11 40 years

Pine Tree Shopping Center Portland, ME 2,860 18,623 2,326 2,860 20,949 23,809 ( 10,977 ) 1958 Jun-11 40 years

Arborland Center Ann Arbor, MI 20,175 88,715 3,175 20,174 91,891 112,065 ( 22,069 ) 2000 Mar-17 40 years

Maple Village Ann Arbor, MI 3,200 13,392 33,884 3,200 47,276 50,476 ( 11,255 ) 2020 Jun-11 40 years

Grand Crossing Brighton, MI 1,780 7,056 2,464 1,780 9,520 11,300 ( 4,065 ) 2005 Jun-11 40 years

Farmington Crossroads Farmington, MI 1,620 3,971 2,141 1,620 6,112 7,732 ( 2,756 ) 1986 Jun-11 40 years

Silver Pointe Shopping Center Fenton, MI 3,840 11,892 4,647 3,840 16,539 20,379 ( 6,312 ) 1996 Jun-11 40 years

Cascade East Grand Rapids, MI 1,280 4,733 3,283 1,280 8,016 9,296 ( 3,006 ) 1983 Jun-11 40 years

Delta Center Lansing, MI 1,518 5,075 3,231 1,518 8,306 9,824 ( 3,703 ) 1985 Jun-11 40 years

Lakes Crossing Muskegon, MI 1,274 11,242 2,893 1,200 14,209 15,409 ( 6,200 ) 2008 Jun-11 40 years

Redford Plaza Redford, MI 7,510 17,249 8,225 7,510 25,474 32,984 ( 10,329 ) 1992 Jun-11 40 years

Hampton Village Centre Rochester Hills, MI 5,370 43,546 21,150 5,370 64,696 70,066 ( 21,852 ) 2004 Jun-11 40 years

Fashion Corners Saginaw, MI 1,940 17,590 786 1,940 18,376 20,316 ( 7,426 ) 2004 Jun-11 40 years

Southfield Plaza Southfield, MI 1,320 3,348 2,718 1,320 6,066 7,386 ( 3,111 ) 1970 Jun-11 40 years

18 Ryan Sterling Heights, MI 3,160 8,045 2,303 3,160 10,348 13,508 ( 3,215 ) 1997 Jun-11 40 years

Delco Plaza Sterling Heights, MI 2,860 4,852 2,599 2,860 7,451 10,311 ( 3,091 ) 1996 Jun-11 40 years

West Ridge Westland, MI 1,800 5,189 5,979 1,800 11,168 12,968 ( 5,117 ) 1989 Jun-11 40 years

Washtenaw Fountain Plaza Ypsilanti, MI 2,030 5,929 2,443 2,030 8,372 10,402 ( 2,894 ) 2005 Jun-11 40 years

Southport Centre I - VI Apple Valley, MN 4,602 18,211 933 4,602 19,144 23,746 ( 6,323 ) 1985 Jun-11 40 years

Champlin Marketplace Champlin, MN 3,985 11,375 — 3,985 11,375 15,360 ( 463 ) 2005 Jun-21 40 years

Burning Tree Plaza Duluth, MN 4,790 15,209 4,203 4,790 19,412 24,202 ( 6,412 ) 1987 Jun-11 40 years

Westwind Plaza Minnetonka, MN 2,630 11,117 2,483 2,630 13,600 16,230 ( 4,284 ) 2007 Jun-11 40 years

Richfield Hub Richfield, MN 7,748 18,492 1,975 7,619 20,596 28,215 ( 6,641 ) 1952 Jun-11 40 years

Roseville Center Roseville , MN 1,620 7,917 7,899 1,620 15,816 17,436 ( 3,249 ) 2021 Jun-11 40 years

Marketplace @ 42 Savage, MN 5,150 10,636 6,034 5,150 16,670 21,820 ( 5,655 ) 1999 Jun-11 40 years

Rivercrest Shopping Center Crestwood, IL 11,010 41,063 11,746 11,010 52,809 63,819 ( 19,651 ) 1992 Jun-11

The Commons of Crystal Lake Crystal Lake, IL 3,660 32,993 5,185 3,660 38,178 41,838 ( 13,814 ) 1987 Jun-11

Elk Grove Town Center Elk Grove Village, IL 3,730 19,665 ( 8,183 ) 2,558 12,654 15,212 ( 3,887 ) 1998 Jun-11

Elmhurst Crossing Elmhurst, IL 5,816 81,784 424 5,816 82,208 88,024 ( 2,521 ) 2005 Apr-22

The Quentin Collection Kildeer, IL 6,002 27,280 1,387 6,002 28,667 34,669 ( 8,949 ) 2006 Jun-11

Butterfield Square Libertyville, IL 3,430 13,370 3,103 3,430 16,473 19,903 ( 6,197 ) 1997 Jun-11

High Point Centre Lombard, IL 7,510 21,583 8,943 7,510 30,526 38,036 ( 9,166 ) 2019 Jun-11

Long Meadow Commons Mundelein, IL 4,700 11,597 3,433 4,700 15,030 19,730 ( 7,558 ) 1997 Jun-11

Westridge Court Naperville, IL 11,150 75,719 19,172 10,560 95,481 106,041 ( 28,556 ) 1992 Jun-11

North Riverside Plaza North Riverside, IL 5,117 57,577 253 5,117 57,830 62,947 ( 2,615 ) 2007 Apr-22

Ravinia Plaza Orland Park, IL 2,069 24,288 381 2,069 24,669 26,738 ( 1,176 ) 1990 Feb-22

Rollins Crossing Round Lake Beach, IL 3,040 23,623 1,710 3,040 25,333 28,373 ( 12,818 ) 1998 Jun-11

Tinley Park Plaza Tinley Park, IL 12,250 22,511 21,559 12,250 44,070 56,320 ( 8,830 ) 2022 Jun-11

Meridian Village Carmel, IN 2,290 7,746 2,694 2,089 10,641 12,730 ( 4,556 ) 1990 Jun-11

Columbus Center Columbus, IN 1,480 14,740 7,284 1,480 22,024 23,504 ( 7,078 ) 1964 Jun-11

Market Centre Goshen, IN 2,000 17,032 11,568 1,765 28,835 30,600 ( 7,381 ) 1994 Jun-11

Speedway Super Center Speedway, IN 8,410 50,006 23,761 8,410 73,767 82,177 ( 24,573 ) 2022 Jun-11

Sagamore Park Centre West Lafayette, IN 2,390 11,150 2,371 2,390 13,521 15,911 ( 5,705 ) 2018 Jun-11

Westchester Square Lenexa, KS 3,250 14,555 4,049 3,250 18,604 21,854 ( 7,181 ) 1987 Jun-11

West Loop Shopping Center Manhattan, KS 2,800 12,622 5,696 2,800 18,318 21,118 ( 7,955 ) 2013 Jun-11

North Dixie Plaza Elizabethtown, KY 2,370 6,119 ( 916 ) 2,108 5,465 7,573 ( 2,146 ) 1992 Jun-11

Florence Plaza - Florence Square Florence, KY 11,014 53,088 26,737 11,014 79,825 90,839 ( 28,877 ) 2014 Jun-11

Jeffersontown Commons Jeffersontown, KY 3,920 14,866 ( 167 ) 3,920 14,699 18,619 ( 6,078 ) 1959 Jun-11

London Marketplace London, KY 1,400 10,362 5,318 1,400 15,680 17,080 ( 4,175 ) 1994 Jun-11

Eastgate Shopping Center Louisville, KY 4,300 13,975 2,938 4,300 16,913 21,213 ( 8,236 ) 2002 Jun-11

Plainview Village Louisville, KY 2,600 10,541 1,656 2,600 12,197 14,797 ( 5,126 ) 1997 Jun-11

Stony Brook I & II Louisville, KY 3,650 17,970 2,306 3,650 20,276 23,926 ( 8,652 ) 1988 Jun-11

Points West Plaza Brockton, MA 2,200 10,605 2,312 2,200 12,917 15,117 ( 3,702 ) 1960 Jun-11

Burlington Square I, II & III Burlington, MA 4,690 13,122 2,722 4,690 15,844 20,534 ( 5,876 ) 1992 Jun-11

Holyoke Shopping Center Holyoke, MA 3,110 12,097 1,478 3,110 13,575 16,685 ( 6,299 ) 2000 Jun-11

WaterTower Plaza (6)

Leominster, MA 10,400 40,312 7,579 10,400 47,891 58,291 ( 15,369 ) 2023 Jun-11

Lunenberg Crossing Lunenburg, MA 930 1,991 932 930 2,923 3,853 ( 1,212 ) 1994 Jun-11

Lynn Marketplace Lynn, MA 3,100 5,678 4,859 3,100 10,537 13,637 ( 2,467 ) 1968 Jun-11

Webster Square Shopping Center Marshfield, MA 5,532 27,284 1,264 5,532 28,548 34,080 ( 8,435 ) 2005 Jun-15

Berkshire Crossing Pittsfield, MA 5,210 39,558 ( 7,562 ) 2,771 34,435 37,206 ( 14,690 ) 1994 Jun-11

Westgate Plaza Westfield, MA 2,494 9,850 1,489 2,494 11,339 13,833 ( 3,129 ) 1996 Jun-11

Perkins Farm Marketplace Worcester, MA 2,150 17,060 6,239 2,150 23,299 25,449 ( 9,522 ) 1967 Jun-11

South Plaza Shopping Center California, MD 2,174 23,209 156 2,174 23,365 25,539 ( 6,910 ) 2005 Oct-13

Fox Run Prince Frederick, MD 3,560 31,431 21,144 3,396 52,739 56,135 ( 13,271 ) 2022 Jun-11

Pine Tree Shopping Center Portland, ME 2,860 19,182 1,989 2,860 21,171 24,031 ( 11,932 ) 1958 Jun-11

Arborland Center Ann Arbor, MI 20,174 90,938 1,467 20,174 92,405 112,579 ( 25,214 ) 2000 Mar-17

Maple Village Ann Arbor, MI 3,200 19,108 31,019 3,200 50,127 53,327 ( 13,504 ) 2020 Jun-11

Grand Crossing Brighton, MI 1,780 7,540 2,144 1,780 9,684 11,464 ( 4,402 ) 2005 Jun-11

Farmington Crossroads Farmington, MI 1,620 4,542 1,577 1,620 6,119 7,739 ( 2,961 ) 1986 Jun-11

Silver Pointe Shopping Center Fenton, MI 3,840 12,631 4,770 3,840 17,401 21,241 ( 6,830 ) 1996 Jun-11

Cascade East Grand Rapids, MI 1,280 5,433 2,734 1,280 8,167 9,447 ( 3,251 ) 1983 Jun-11

Delta Center Lansing, MI 1,580 9,616 ( 1,225 ) 1,518 8,453 9,971 ( 3,962 ) 1985 Jun-11

Lakes Crossing Muskegon, MI 1,440 13,571 513 1,200 14,324 15,524 ( 6,459 ) 2008 Jun-11

Redford Plaza Redford, MI 7,510 20,174 7,815 7,510 27,989 35,499 ( 10,610 ) 1992 Jun-11

Hampton Village Centre Rochester Hills, MI 5,370 48,930 16,847 5,370 65,777 71,147 ( 23,182 ) 2004 Jun-11

Southfield Plaza Southfield, MI 1,320 4,085 3,023 1,320 7,108 8,428 ( 3,360 ) 1970 Jun-11

18 Ryan Sterling Heights, MI 3,160 11,304 ( 329 ) 3,160 10,975 14,135 ( 3,627 ) 1997 Jun-11

Delco Plaza Sterling Heights, MI 2,860 7,025 452 2,860 7,477 10,337 ( 3,386 ) 1996 Jun-11

West Ridge Westland, MI 1,800 6,640 4,711 1,800 11,351 13,151 ( 5,615 ) 1989 Jun-11

Washtenaw Fountain Plaza Ypsilanti, MI 2,030 7,234 2,146 2,030 9,380 11,410 ( 3,291 ) 2005 Jun-11

Southport Centre I - VI Apple Valley, MN 4,960 18,527 849 4,602 19,734 24,336 ( 6,790 ) 1985 Jun-11

Champlin Marketplace Champlin, MN 3,985 11,375 1,438 3,985 12,813 16,798 ( 1,199 ) 2005 Jun-21

Burning Tree Plaza Duluth, MN 4,790 16,279 3,488 4,790 19,767 24,557 ( 7,070 ) 1987 Jun-11

Westwind Plaza Minnetonka, MN 2,630 12,171 1,915 2,630 14,086 16,716 ( 4,667 ) 2007 Jun-11

Richfield Hub Richfield, MN 7,960 19,907 262 7,619 20,510 28,129 ( 6,701 ) 1952 Jun-11

Roseville Center Roseville, MN 1,620 8,593 7,480 1,620 16,073 17,693 ( 3,826 ) 2021 Jun-11

Marketplace @ 42 Savage, MN 5,150 13,221 4,118 5,100 17,389 22,489 ( 6,513 ) 1999 Jun-11

Sun Ray Shopping Center St.

Paul, MN 5,250 19,421 3,892 5,250 23,313 28,563 ( 9,429 ) 1958 Jun-11 40 years

White Bear Hills Shopping Center White Bear Lake, MN 1,790 6,016 1,898 1,790 7,914 9,704 ( 3,318 ) 1996 Jun-11 40 years

Ellisville Square Ellisville, MO 4,144 2,715 10,026 4,144 12,741 16,885 ( 5,251 ) 1989 Jun-11 40 years

Subsequent to Acquisition Gross Amount at Which Carried Life over Which Depreciated - Latest Income Statement

Initial Cost to Company at the Close of the Period

Paul, MN 5,250 21,447 1,197 4,733 23,161 27,894 ( 10,188 ) 1958 Jun-11

White Bear Hills Shopping Center White Bear Lake, MN 1,790 6,182 2,131 1,790 8,313 10,103 ( 3,592 ) 1996 Jun-11

Ellisville Square Ellisville, MO 4,144 8,003 5,043 4,144 13,046 17,190 ( 6,057 ) 1989 Jun-11

Watts Mill Plaza Kansas City, MO 2,610 13,868 1,246 2,610 15,114 17,724 ( 5,119 ) 1997 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Year Constructed (2)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Hub Shopping Center Independence, MO 850 7,486 1,396 850 8,882 9,732 ( 4,029 ) 1995 Jun-11 40 years

Watts Mill Plaza Kansas City, MO 2,610 12,293 2,620 2,610 14,913 17,523 ( 4,606 ) 1997 Jun-11 40 years

Liberty Corners Liberty, MO 2,530 8,416 3,485 2,530 11,901 14,431 ( 4,976 ) 1987 Jun-11 40 years

Maplewood Square Maplewood, MO 1,450 2,958 2,130 1,450 5,088 6,538 ( 1,167 ) 1998 Jun-11 40 years

Devonshire Place Cary, NC 940 3,267 6,068 940 9,335 10,275 ( 4,144 ) 1996 Jun-11 40 years

McMullen Creek Market Charlotte, NC 10,590 22,490 8,698 10,590 31,188 41,778 ( 10,945 ) 1988 Jun-11 40 years

The Commons at Chancellor Park Charlotte, NC 5,240 19,387 3,023 5,240 22,410 27,650 ( 8,834 ) 1994 Jun-11 40 years

Macon Plaza Franklin, NC 770 3,278 957 770 4,235 5,005 ( 2,097 ) 2001 Jun-11 40 years

Garner Towne Square Garner, NC 6,233 19,830 5,820 6,233 25,650 31,883 ( 6,654 ) 1997 Oct-13 40 years

Franklin Square Gastonia, NC 7,060 27,556 5,530 7,060 33,086 40,146 ( 11,814 ) 1989 Jun-11 40 years

Wendover Place Greensboro, NC 15,883 38,688 8,086 15,882 46,775 62,657 ( 17,019 ) 2000 Jun-11 40 years

University Commons Greenville, NC 5,350 24,770 5,130 5,350 29,900 35,250 ( 10,854 ) 1996 Jun-11 40 years

Valley Crossing Hickory, NC 2,130 5,677 9,552 2,130 15,229 17,359 ( 6,236 ) 2014 Jun-11 40 years

Kinston Pointe Kinston, NC 2,180 8,432 631 2,180 9,063 11,243 ( 4,614 ) 2001 Jun-11 40 years

Magnolia Plaza Morganton, NC 730 2,984 3,268 730 6,252 6,982 ( 1,504 ) 1990 Jun-11 40 years

Roxboro Square Roxboro, NC 1,550 8,788 671 1,550 9,459 11,009 ( 5,276 ) 2005 Jun-11 40 years

Innes Street Market Salisbury, NC 10,548 27,268 1,656 10,548 28,924 39,472 ( 13,697 ) 2002 Jun-11 40 years

Crossroads Statesville, NC 3,724 9,034 1,848 3,724 10,882 14,606 ( 4,286 ) 1997 Jun-11 40 years

Anson Station Wadesboro, NC 910 3,557 1,559 910 5,116 6,026 ( 2,142 ) 1988 Jun-11 40 years

New Centre Market Wilmington, NC 5,730 14,339 5,162 5,730 19,501 25,231 ( 5,663 ) 1998 Jun-11 40 years

University Commons Wilmington, NC 6,910 25,416 3,521 6,910 28,937 35,847 ( 10,735 ) 2007 Jun-11 40 years

Parkway Plaza Winston-Salem, NC 6,910 15,950 5,254 6,910 21,204 28,114 ( 7,228 ) 2005 Jun-11 40 years

Stratford Commons Winston-Salem, NC 2,770 8,866 482 2,770 9,348 12,118 ( 3,245 ) 1995 Jun-11 40 years

Bedford Grove Bedford, NH 2,368 8,890 11,540 2,368 20,430 22,798 ( 4,657 ) 1989 Jun-11 40 years

Capitol Shopping Center Concord, NH 2,160 11,020 2,218 2,160 13,238 15,398 ( 5,848 ) 2001 Jun-11 40 years

Willow Springs Plaza Nashua , NH 3,490 18,228 1,909 3,490 20,137 23,627 ( 6,547 ) 1990 Jun-11 40 years

Seacoast Shopping Center Seabrook , NH 2,230 6,820 2,033 2,230 8,853 11,083 ( 2,328 ) 1991 Jun-11 40 years

Tri-City Plaza Somersworth, NH 1,900 9,160 6,974 1,900 16,134 18,034 ( 6,129 ) 1990 Jun-11 40 years

Laurel Square Brick, NJ 5,400 17,384 11,478 5,400 28,862 34,262 ( 6,237 ) 2021 Jun-11 40 years

The Shoppes at Cinnaminson Cinnaminson, NJ 6,030 44,753 5,667 6,030 50,420 56,450 ( 17,910 ) 2010 Jun-11 40 years

Acme Clark Clark, NJ 2,630 8,351 92 2,630 8,443 11,073 ( 3,883 ) 2007 Jun-11 40 years

Collegetown Shopping Center Glassboro, NJ 1,560 11,743 25,086 1,560 36,829 38,389 ( 7,569 ) 2021 Jun-11 40 years

Hamilton Plaza Hamilton, NJ 1,580 7,110 17,392 1,580 24,502 26,082 ( 3,961 ) 1972 Jun-11 40 years

Bennetts Mills Plaza Jackson, NJ 3,130 16,333 928 3,130 17,261 20,391 ( 6,481 ) 2002 Jun-11 40 years

Marlton Crossing Marlton, NJ 5,950 43,499 30,548 5,950 74,047 79,997 ( 24,788 ) 2019 Jun-11 40 years

Middletown Plaza Middletown, NJ 5,060 36,714 4,961 5,060 41,675 46,735 ( 12,654 ) 2001 Jun-11 40 years

Larchmont Centre Mount Laurel, NJ 4,421 14,577 841 4,421 15,418 19,839 ( 3,887 ) 1985 Jun-15 40 years

Old Bridge Gateway Old Bridge, NJ 7,200 35,619 15,045 7,200 50,664 57,864 ( 14,688 ) 2021 Jun-11 40 years

Morris Hills Shopping Center Parsippany, NJ 3,970 27,823 6,141 3,970 33,964 37,934 ( 11,297 ) 1994 Jun-11 40 years

Rio Grande Plaza Rio Grande, NJ 1,660 11,580 2,487 1,660 14,067 15,727 ( 4,970 ) 1997 Jun-11 40 years

Ocean Heights Plaza Somers Point, NJ 6,110 33,757 2,337 6,110 36,094 42,204 ( 11,502 ) 2006 Jun-11 40 years

Springfield Place Springfield, NJ 1,150 4,049 3,258 1,773 6,684 8,457 ( 2,299 ) 1965 Jun-11 40 years

Tinton Falls Plaza Tinton Falls, NJ 3,080 11,413 2,448 3,080 13,861 16,941 ( 4,835 ) 2006 Jun-11 40 years

Cross Keys Commons Turnersville, NJ 5,840 30,539 7,115 5,840 37,654 43,494 ( 13,093 ) 1989 Jun-11 40 years

Parkway Plaza Carle Place, NY 5,790 18,688 3,310 5,790 21,998 27,788 ( 6,461 ) 1993 Jun-11 40 years

Unity Plaza East Fishkill, NY 2,100 13,935 136 2,100 14,071 16,171 ( 5,016 ) 2005 Jun-11 40 years

Suffolk Plaza East Setauket, NY 2,780 5,475 13,408 2,780 18,883 21,663 ( 3,054 ) 1998 Jun-11 40 years

Three Village Shopping Center East Setauket, NY 5,310 15,621 804 5,310 16,425 21,735 ( 5,629 ) 1991 Jun-11 40 years

Stewart Plaza Garden City, NY 6,040 20,293 17,267 6,040 37,560 43,600 ( 8,117 ) 2021 Jun-11 40 years

Dalewood I, II & III Shopping Center Hartsdale, NY 6,900 55,718 8,955 6,900 64,673 71,573 ( 17,606 ) 1972 Jun-11 40 years

Cayuga Mall Ithaca, NY 1,180 8,002 6,612 1,180 14,614 15,794 ( 5,107 ) 1969 Jun-11 40 years

Kings Park Plaza Kings Park, NY 4,790 11,100 2,221 4,790 13,321 18,111 ( 4,709 ) 1985 Jun-11 40 years

Village Square Shopping Center Larchmont, NY 1,320 4,808 1,179 1,320 5,987 7,307 ( 1,760 ) 1981 Jun-11 40 years

Falcaro's Plaza Lawrence, NY 3,410 8,804 5,927 3,410 14,731 18,141 ( 3,694 ) 1972 Jun-11 40 years

Mamaroneck Centre Mamaroneck, NY 1,460 755 13,551 2,198 13,568 15,766 ( 1,149 ) 2020 Jun-11 40 years

Sunshine Square Medford, NY 7,350 23,045 3,093 7,350 26,138 33,488 ( 9,571 ) 2007 Jun-11 40 years

Wallkill Plaza Middletown, NY 1,360 6,074 3,489 1,360 9,563 10,923 ( 4,239 ) 1986 Jun-11 40 years

Monroe ShopRite Plaza Monroe, NY 1,840 15,788 824 1,840 16,612 18,452 ( 6,930 ) 1985 Jun-11 40 years

Rockland Plaza Nanuet, NY 10,700 56,626 14,750 11,097 70,979 82,076 ( 19,945 ) 2006 Jun-11 40 years

North Ridge Shopping Center New Rochelle, NY 4,910 8,864 3,199 4,910 12,063 16,973 ( 3,372 ) 1971 Jun-11 40 years

Nesconset Shopping Center Port Jefferson Station, NY 5,510 19,752 5,558 5,510 25,310 30,820 ( 8,362 ) 1961 Jun-11 40 years

Roanoke Plaza Riverhead, NY 5,050 14,771 1,796 5,050 16,567 21,617 ( 5,717 ) 2002 Jun-11 40 years

The Shops at Riverhead Riverhead, NY 3,479 — 38,652 3,899 38,232 42,131 ( 6,401 ) 2018 Jun-11 40 years

Rockville Centre Rockville Centre, NY 3,590 6,935 391 3,590 7,326 10,916 ( 2,461 ) 1975 Jun-11 40 years

College Plaza Selden, NY 7,735 6,271 18,326 8,270 24,062 32,332 ( 7,374 ) 2013 Jun-11 40 years

Campus Plaza Vestal, NY 1,170 16,039 1,366 1,170 17,405 18,575 ( 7,143 ) 2003 Jun-11 40 years

Parkway Plaza Vestal, NY 2,149 18,501 1,761 2,149 20,262 22,411 ( 10,065 ) 1995 Jun-11 40 years

Subsequent to Acquisition Gross Amount at Which Carried Life over Which Depreciated - Latest Income Statement

Initial Cost to Company at the Close of the Period

Liberty Corners Liberty, MO 2,530 8,918 3,666 2,530 12,584 15,114 ( 5,319 ) 1987 Jun-11

Maplewood Square Maplewood, MO 1,450 4,720 500 1,450 5,220 6,670 ( 1,384 ) 1998 Jun-11

Devonshire Place Cary, NC 940 4,533 4,845 940 9,378 10,318 ( 4,747 ) 1996 Jun-11

McMullen Creek Market Charlotte, NC 10,590 24,266 8,391 10,590 32,657 43,247 ( 12,137 ) 1988 Jun-11

The Commons at Chancellor Park Charlotte, NC 5,240 20,500 1,937 5,240 22,437 27,677 ( 9,479 ) 1994 Jun-11

Garner Towne Square Garner, NC 6,233 23,681 3,828 6,233 27,509 33,742 ( 7,448 ) 1997 Oct-13

Franklin Square Gastonia, NC 7,060 29,355 4,762 7,060 34,117 41,177 ( 12,700 ) 1989 Jun-11

Wendover Place Greensboro, NC 15,990 42,299 4,378 15,881 46,786 62,667 ( 18,746 ) 2000 Jun-11

University Commons Greenville, NC 5,350 26,253 3,776 5,350 30,029 35,379 ( 11,826 ) 1996 Jun-11

Kinston Pointe Kinston, NC 2,180 8,540 522 2,180 9,062 11,242 ( 4,763 ) 2001 Jun-11

Roxboro Square Roxboro, NC 1,550 8,976 430 1,550 9,406 10,956 ( 5,739 ) 2005 Jun-11

Innes Street Market Salisbury, NC 12,180 27,462 481 10,548 29,575 40,123 ( 14,291 ) 2002 Jun-11

Crossroads Statesville, NC 6,220 15,300 ( 20,674 ) 258 588 846 ( 169 ) 1997 Jun-11

New Centre Market Wilmington, NC 5,730 15,217 4,556 5,730 19,773 25,503 ( 6,471 ) 1998 Jun-11

University Commons Wilmington, NC 6,910 26,611 3,231 6,910 29,842 36,752 ( 11,632 ) 2007 Jun-11

Parkway Plaza Winston-Salem, NC 6,910 17,604 4,358 6,727 22,145 28,872 ( 7,628 ) 2005 Jun-11

Stratford Commons Winston-Salem, NC 2,770 9,562 133 2,770 9,695 12,465 ( 3,487 ) 1995 Jun-11

Bedford Grove Bedford, NH 3,400 19,065 487 2,368 20,584 22,952 ( 5,599 ) 1989 Jun-11

Capitol Shopping Center Concord, NH 2,160 11,584 6,610 2,160 18,194 20,354 ( 6,134 ) 2001 Jun-11

Willow Springs Plaza Nashua, NH 3,490 20,288 ( 119 ) 3,490 20,169 23,659 ( 7,091 ) 1990 Jun-11

Seacoast Shopping Center Seabrook, NH 2,230 8,967 975 2,230 9,942 12,172 ( 2,615 ) 1991 Jun-11

Tri-City Plaza Somersworth, NH 1,900 10,034 5,832 1,900 15,866 17,766 ( 6,247 ) 1990 Jun-11

Laurel Square (6)

Brick, NJ 5,400 20,998 6,634 5,400 27,632 33,032 ( 7,254 ) 2023 Jun-11

the Shoppes at Cinnaminson Cinnaminson, NJ 6,030 45,605 4,993 6,030 50,598 56,628 ( 19,307 ) 2010 Jun-11

Acme Clark Clark, NJ 2,630 8,351 140 2,630 8,491 11,121 ( 4,260 ) 2007 Jun-11

Collegetown Shopping Center Glassboro, NJ 1,560 16,336 24,272 1,560 40,608 42,168 ( 9,015 ) 2021 Jun-11

Hamilton Plaza Hamilton, NJ 1,580 8,972 17,961 1,580 26,933 28,513 ( 5,225 ) 1972 Jun-11

Bennetts Mills Plaza Jackson, NJ 3,130 17,126 1,942 3,130 19,068 22,198 ( 7,129 ) 2002 Jun-11

Marlton Crossing Marlton, NJ 5,950 45,874 29,231 5,950 75,105 81,055 ( 27,327 ) 2019 Jun-11

Middletown Plaza Middletown, NJ 5,060 41,800 ( 151 ) 5,060 41,649 46,709 ( 13,699 ) 2001 Jun-11

Larchmont Centre Mount Laurel, NJ 4,421 14,985 748 4,421 15,733 20,154 ( 4,290 ) 1985 Jun-15

Old Bridge Gateway Old Bridge, NJ 7,200 37,756 15,369 7,200 53,125 60,325 ( 16,023 ) 2022 Jun-11

Morris Hills Shopping Center Parsippany, NJ 3,970 29,879 4,055 3,970 33,934 37,904 ( 12,160 ) 1994 Jun-11

Rio Grande Plaza Rio Grande, NJ 1,660 12,627 2,436 1,660 15,063 16,723 ( 5,237 ) 1997 Jun-11

Ocean Heights Plaza Somers Point, NJ 6,110 34,911 1,585 6,110 36,496 42,606 ( 12,537 ) 2006 Jun-11

Springfield Place Springfield, NJ 1,773 4,577 2,107 1,773 6,684 8,457 ( 2,577 ) 1965 Jun-11

Tinton Falls Plaza Tinton Falls, NJ 3,080 12,385 1,580 3,080 13,965 17,045 ( 5,259 ) 2006 Jun-11

Cross Keys Commons Turnersville, NJ 5,840 33,347 4,701 5,726 38,162 43,888 ( 13,882 ) 1989 Jun-11

Parkway Plaza Carle Place, NY 5,790 19,740 4,367 5,790 24,107 29,897 ( 6,882 ) 1993 Jun-11

Suffolk Plaza East Setauket, NY 2,780 12,321 8,869 2,780 21,190 23,970 ( 3,701 ) 1998 Jun-11

Three Village Shopping Center East Setauket, NY 5,310 15,849 988 5,310 16,837 22,147 ( 6,034 ) 1991 Jun-11

Stewart Plaza Garden City, NY 6,040 21,970 18,147 6,040 40,117 46,157 ( 9,117 ) 2022 Jun-11

Dalewood I, II & III Shopping Center (6)

Hartsdale, NY 6,900 57,804 9,167 6,900 66,971 73,871 ( 19,171 ) 2023 Jun-11

Unity Plaza East Fishkill, NY 2,100 14,051 20 2,100 14,071 16,171 ( 5,477 ) 2005 Jun-11

Cayuga Mall Ithaca, NY 1,180 11,244 4,679 1,180 15,923 17,103 ( 5,080 ) 1969 Jun-11

Kings Park Plaza Kings Park, NY 4,790 11,367 2,352 4,790 13,719 18,509 ( 5,065 ) 1985 Jun-11

Village Square Shopping Center Larchmont, NY 1,320 5,137 958 1,320 6,095 7,415 ( 1,965 ) 1981 Jun-11

Falcaro's Plaza Lawrence, NY 3,410 9,678 5,053 3,410 14,731 18,141 ( 4,309 ) 1972 Jun-11

Mamaroneck Centre Mamaroneck, NY 2,198 1,999 11,719 2,198 13,718 15,916 ( 1,591 ) 2020 Jun-11

Sunshine Square Medford, NY 7,350 24,713 2,640 7,350 27,353 34,703 ( 10,395 ) 2007 Jun-11

Wallkill Plaza Middletown, NY 1,360 8,410 1,793 1,360 10,203 11,563 ( 4,552 ) 1986 Jun-11

Monroe ShopRite Plaza Monroe, NY 1,840 16,111 501 1,840 16,612 18,452 ( 7,329 ) 1985 Jun-11

Rockland Plaza Nanuet, NY 11,097 60,790 13,730 11,097 74,520 85,617 ( 21,288 ) 2006 Jun-11

North Ridge Shopping Center New Rochelle, NY 4,910 9,612 3,097 4,910 12,709 17,619 ( 3,859 ) 1971 Jun-11

Nesconset Shopping Center Port Jefferson Station, NY 5,510 20,473 7,443 5,510 27,916 33,426 ( 8,554 ) 1961 Jun-11

Riverhead Riverhead, NY 6,331 — 36,162 3,899 38,594 42,493 ( 8,319 ) 2018 Jun-11

Roanoke Plaza Riverhead, NY 5,050 15,177 1,512 5,050 16,689 21,739 ( 6,093 ) 2002 Jun-11

Rockville Centre Rockville Centre, NY 3,590 6,982 394 3,590 7,376 10,966 ( 2,650 ) 1975 Jun-11

College Plaza Selden, NY 8,270 14,267 10,187 8,270 24,454 32,724 ( 8,282 ) 2013 Jun-11

Campus Plaza Vestal, NY 1,170 16,384 817 1,170 17,201 18,371 ( 7,290 ) 2003 Jun-11

Parkway Plaza Vestal, NY 2,168 18,651 ( 267 ) 2,149 18,403 20,552 ( 8,568 ) 1995 Jun-11

Shoppes at Vestal Vestal, NY 1,340 14,730 723 1,340 15,453 16,793 ( 4,597 ) 2000 Jun-11

Town Square Mall Vestal, NY 2,520 41,457 11,525 2,520 52,982 55,502 ( 17,598 ) 1991 Jun-11

Highridge Plaza Yonkers, NY 6,020 17,358 2,639 6,020 19,997 26,017 ( 6,187 ) 1977 Jun-11

Brunswick Town Center Brunswick, OH 2,930 18,561 2,567 2,930 21,128 24,058 ( 7,365 ) 2004 Jun-11

Brentwood Plaza Cincinnati, OH 5,090 20,513 2,542 5,090 23,055 28,145 ( 9,767 ) 2004 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Year Constructed (2)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Shoppes at Vestal Vestal, NY 1,340 14,531 261 1,340 14,792 16,132 ( 4,171 ) 2000 Jun-11 40 years

Town Square Mall Vestal, NY 2,520 39,636 6,729 2,520 46,365 48,885 ( 16,242 ) 1991 Jun-11 40 years

The Plaza at Salmon Run Watertown, NY 1,420 12,243 ( 3,087 ) 1,420 9,156 10,576 ( 3,887 ) 1993 Jun-11 40 years

Highridge Plaza Yonkers, NY 6,020 16,074 3,294 6,020 19,368 25,388 ( 5,805 ) 1977 Jun-11 40 years

Brunswick Town Center Brunswick, OH 2,930 18,132 2,379 2,930 20,511 23,441 ( 6,626 ) 2004 Jun-11 40 years

Brentwood Plaza Cincinnati, OH 5,090 19,432 3,472 5,090 22,904 27,994 ( 8,961 ) 2004 Jun-11 40 years

Delhi Shopping Center Cincinnati, OH 3,690 7,711 2,495 3,690 10,206 13,896 ( 4,167 ) 1973 Jun-11 40 years

Harpers Station Cincinnati, OH 3,110 24,598 8,245 3,987 31,966 35,953 ( 12,291 ) 1994 Jun-11 40 years

Western Hills Plaza Cincinnati, OH 8,690 25,100 17,406 8,690 42,506 51,196 ( 9,992 ) 2021 Jun-11 40 years

Western Village Cincinnati, OH 3,370 12,097 1,836 3,420 13,883 17,303 ( 5,552 ) 2005 Jun-11 40 years

Crown Point Columbus, OH 2,120 14,253 2,199 2,120 16,452 18,572 ( 7,457 ) 1980 Jun-11 40 years

Greentree Shopping Center Columbus, OH 1,920 12,016 1,173 1,920 13,189 15,109 ( 6,668 ) 2005 Jun-11 40 years

South Towne Centre Dayton, OH 4,990 42,063 8,249 4,990 50,312 55,302 ( 20,223 ) 1972 Jun-11 40 years

Southland Shopping Center Middleburg Heights, OH 4,659 37,177 10,445 4,659 47,622 52,281 ( 18,029 ) 1951 Jun-11 40 years

The Shoppes at North Olmsted North Olmsted, OH 510 3,987 44 510 4,031 4,541 ( 1,911 ) 2002 Jun-11 40 years

Surrey Square Mall Norwood, OH 3,900 16,439 2,559 3,900 18,998 22,898 ( 7,546 ) 2010 Jun-11 40 years

Brice Park Reynoldsburg, OH 2,606 11,698 23 1,900 12,427 14,327 ( 4,970 ) 1989 Jun-11 40 years

Miracle Mile Shopping Plaza Toledo, OH 1,411 13,473 5,396 1,411 18,869 20,280 ( 8,771 ) 1955 Jun-11 40 years

Marketplace Tulsa, OK 5,040 12,401 3,501 5,040 15,902 20,942 ( 7,802 ) 1992 Jun-11 40 years

Village West Allentown, PA 4,180 22,593 1,884 4,180 24,477 28,657 ( 8,898 ) 1999 Jun-11 40 years

Park Hills Plaza Altoona, PA 4,390 20,965 9,164 4,390 30,129 34,519 ( 10,120 ) 1985 Jun-11 40 years

Bethel Park Shopping Center Bethel Park, PA 3,060 18,281 2,402 3,060 20,683 23,743 ( 9,649 ) 1965 Jun-11 40 years

Lehigh Shopping Center Bethlehem, PA 6,980 30,098 10,347 6,980 40,445 47,425 ( 15,485 ) 1955 Jun-11 40 years

Bristol Park Bristol, PA 3,180 18,807 2,682 3,180 21,489 24,669 ( 7,532 ) 1993 Jun-11 40 years

Chalfont Village Shopping Center Chalfont, PA 1,040 3,625 ( 30 ) 1,040 3,595 4,635 ( 1,306 ) 1989 Jun-11 40 years

New Britain Village Square Chalfont, PA 4,250 23,452 3,381 4,250 26,833 31,083 ( 8,340 ) 1989 Jun-11 40 years

Collegeville Shopping Center Collegeville, PA 3,410 6,310 7,560 3,410 13,870 17,280 ( 4,554 ) 2020 Jun-11 40 years

Plymouth Square Shopping Center Conshohocken, PA 17,002 43,945 18,561 17,001 62,507 79,508 ( 5,360 ) 1959 May-19 40 years

Whitemarsh Shopping Center Conshohocken, PA 3,410 11,287 5,962 3,410 17,249 20,659 ( 4,826 ) 2002 Jun-11 40 years

Valley Fair Devon, PA 1,810 3,783 1,689 1,810 5,472 7,282 ( 1,802 ) 2001 Jun-11 40 years

Dickson City Crossings Dickson City, PA 3,780 29,062 6,015 4,800 34,057 38,857 ( 12,599 ) 1997 Jun-11 40 years

Barn Plaza Doylestown, PA 8,780 27,925 3,340 8,780 31,265 40,045 ( 13,279 ) 2002 Jun-11 40 years

Pilgrim Gardens Drexel Hill, PA 2,090 4,690 5,142 2,090 9,832 11,922 ( 4,264 ) 1955 Jun-11 40 years

New Garden Center Kennett Square, PA 2,240 6,665 3,321 2,240 9,986 12,226 ( 3,720 ) 1979 Jun-11 40 years

North Penn Market Place Lansdale, PA 3,060 4,909 1,889 3,060 6,798 9,858 ( 2,451 ) 1977 Jun-11 40 years

Village at Newtown Newtown, PA 7,690 35,589 44,911 7,690 80,500 88,190 ( 15,541 ) 2021 Jun-11 40 years

Ivyridge Philadelphia, PA 7,100 17,543 3,279 7,100 20,822 27,922 ( 5,887 ) 1963 Jun-11 40 years

Roosevelt Mall Philadelphia, PA 10,970 85,839 16,865 10,970 102,704 113,674 ( 33,741 ) 2020 Jun-11 40 years

Shoppes at Valley Forge Phoenixville, PA 2,010 12,010 2,480 2,010 14,490 16,500 ( 6,263 ) 2003 Jun-11 40 years

County Line Plaza Souderton, PA 910 6,988 3,992 910 10,980 11,890 ( 4,674 ) 1971 Jun-11 40 years

69th Street Plaza Upper Darby, PA 640 4,315 1,019 640 5,334 5,974 ( 1,780 ) 1994 Jun-11 40 years

Warminster Towne Center Warminster, PA 4,310 34,434 2,263 4,310 36,697 41,007 ( 12,881 ) 1997 Jun-11 40 years

Shops at Prospect West Hempfield, PA 760 6,261 1,082 760 7,343 8,103 ( 2,684 ) 1994 Jun-11 40 years

Whitehall Square Whitehall, PA 4,350 29,714 4,130 4,350 33,844 38,194 ( 11,792 ) 2006 Jun-11 40 years

Wilkes-Barre Township Marketplace Wilkes-Barre , PA 2,180 15,930 4,174 2,180 20,104 22,284 ( 9,672 ) 2004 Jun-11 40 years

Belfair Towne Village Bluffton, SC 4,265 30,308 3,473 4,265 33,781 38,046 ( 9,125 ) 2006 Jun-11 40 years

Milestone Plaza Greenville, SC 2,563 15,295 3,172 2,563 18,467 21,030 ( 5,485 ) 1995 Oct-13 40 years

Circle Center Hilton Head, SC 3,010 5,707 870 3,010 6,577 9,587 ( 3,336 ) 2000 Jun-11 40 years

Island Plaza James Island, SC 2,940 8,467 4,159 2,940 12,626 15,566 ( 5,425 ) 1994 Jun-11 40 years

Festival Centre North Charleston, SC 3,630 7,342 7,983 3,630 15,325 18,955 ( 6,954 ) 1987 Jun-11 40 years

Pawleys Island Plaza Pawleys Island, SC 5,264 21,804 — 5,264 21,804 27,068 ( 244 ) 2015 Oct-21 40 years

Fairview Corners I & II Simpsonville, SC 2,370 16,339 3,042 2,370 19,381 21,751 ( 6,975 ) 2003 Jun-11 40 years

Hillcrest Market Place Spartanburg, SC 4,190 31,398 8,272 4,190 39,670 43,860 ( 14,934 ) 1965 Jun-11 40 years

East Ridge Crossing Chattanooga , TN 1,222 3,924 701 1,222 4,625 5,847 ( 1,979 ) 1999 Jun-11 40 years

Watson Glen Shopping Center Franklin, TN 5,220 13,075 3,363 5,220 16,438 21,658 ( 7,150 ) 1988 Jun-11 40 years

Williamson Square Franklin, TN 7,730 17,472 10,657 7,730 28,129 35,859 ( 12,510 ) 1988 Jun-11 40 years

Greeneville Commons Greeneville, TN 2,880 10,643 6,345 2,880 16,988 19,868 ( 5,087 ) 2002 Jun-11 40 years

Kingston Overlook Knoxville, TN 2,060 3,727 3,715 2,060 7,442 9,502 ( 1,730 ) 1996 Jun-11 40 years

The Commons at Wolfcreek Memphis, TN 22,530 48,316 31,409 23,240 79,015 102,255 ( 26,188 ) 2014 Jun-11 40 years

Georgetown Square Murfreesboro, TN 3,250 7,147 3,350 3,716 10,031 13,747 ( 3,520 ) 2003 Jun-11 40 years

Nashboro Village Nashville, TN 2,243 11,488 373 2,243 11,861 14,104 ( 4,336 ) 1998 Oct-13 40 years

Parmer Crossing Austin, TX 5,927 9,854 3,285 5,927 13,139 19,066 ( 4,824 ) 1989 Jun-11 40 years

Baytown Shopping Center Baytown, TX 3,410 9,082 1,189 3,410 10,271 13,681 ( 6,035 ) 1987 Jun-11 40 years

El Camino Bellaire, TX 1,320 3,589 882 1,320 4,471 5,791 ( 1,875 ) 2008 Jun-11 40 years

Townshire Bryan, TX 1,790 6,296 934 1,790 7,230 9,020 ( 4,040 ) 2002 Jun-11 40 years

Central Station College Station, TX 4,340 19,214 5,068 4,340 24,282 28,622 ( 7,846 ) 1976 Jun-11 40 years

Rock Prairie Crossing College Station, TX 2,401 13,247 521 2,401 13,768 16,169 ( 6,263 ) 2002 Jun-11 40 years

Subsequent to Acquisition Gross Amount at Which Carried Life over Which Depreciated - Latest Income Statement

Initial Cost to Company at the Close of the Period

Delhi Shopping Center Cincinnati, OH 3,690 8,085 2,251 3,690 10,336 14,026 ( 4,418 ) 1973 Jun-11

Harpers Station Cincinnati, OH 3,987 27,804 4,246 3,987 32,050 36,037 ( 13,178 ) 1994 Jun-11

Western Hills Plaza Cincinnati, OH 8,690 27,664 15,903 8,690 43,567 52,257 ( 11,181 ) 2021 Jun-11

Western Village Cincinnati, OH 3,420 12,817 1,025 3,420 13,842 17,262 ( 6,153 ) 2005 Jun-11

Crown Point Columbus, OH 2,120 14,980 1,506 2,120 16,486 18,606 ( 7,974 ) 1980 Jun-11

Greentree Shopping Center Columbus, OH 1,920 12,531 703 1,920 13,234 15,154 ( 6,943 ) 2005 Jun-11

South Towne Centre Dayton, OH 4,990 43,152 7,511 4,990 50,663 55,653 ( 21,886 ) 1972 Jun-11

Southland Shopping Center Middleburg Heights, OH 5,940 55,360 ( 7,858 ) 4,659 48,783 53,442 ( 19,692 ) 1951 Jun-11

The Shoppes at North Olmsted North Olmsted, OH 510 4,151 ( 67 ) 510 4,084 4,594 ( 2,068 ) 2002 Jun-11

Surrey Square Mall Norwood, OH 3,900 18,402 1,368 3,900 19,770 23,670 ( 8,026 ) 2010 Jun-11

Miracle Mile Shopping Plaza Toledo, OH 1,510 15,792 3,165 1,411 19,056 20,467 ( 9,730 ) 1955 Jun-11

Marketplace Tulsa, OK 5,040 13,249 2,874 5,040 16,123 21,163 ( 8,226 ) 1992 Jun-11

Village West Allentown, PA 4,180 23,402 1,369 4,180 24,771 28,951 ( 9,482 ) 1999 Jun-11

Park Hills Plaza Altoona, PA 4,390 23,218 ( 20,211 ) 586 6,811 7,397 ( 1,355 ) 1985 Jun-11

Bethel Park Shopping Center Bethel Park, PA 3,060 18,457 2,138 3,060 20,595 23,655 ( 10,071 ) 1965 Jun-11

Lehigh Shopping Center Bethlehem, PA 6,980 34,900 5,612 6,980 40,512 47,492 ( 18,093 ) 1955 Jun-11

Bristol Park Bristol, PA 3,180 21,530 563 3,180 22,093 25,273 ( 8,136 ) 1993 Jun-11

Chalfont Village Shopping Center Chalfont, PA 1,040 3,818 ( 229 ) 1,040 3,589 4,629 ( 1,385 ) 1989 Jun-11

New Britain Village Square Chalfont, PA 4,250 24,449 2,560 4,250 27,009 31,259 ( 9,100 ) 1989 Jun-11

Collegeville Shopping Center Collegeville, PA 3,410 7,451 6,761 3,410 14,212 17,622 ( 5,312 ) 2020 Jun-11

Plymouth Square Shopping Center (6)

Conshohocken, PA 17,001 44,208 25,886 17,001 70,094 87,095 ( 7,014 ) 2023 May-19

Whitemarsh Shopping Center Conshohocken, PA 3,410 11,753 6,259 3,410 18,012 21,422 ( 5,366 ) 2002 Jun-11

Valley Fair Devon, PA 1,810 8,161 ( 5,681 ) 1,152 3,138 4,290 ( 1,277 ) 2001 Jun-11

Dickson City Crossings (6)

Dickson City, PA 4,800 31,423 4,252 4,800 35,675 40,475 ( 13,678 ) 2023 Jun-11

Barn Plaza Doylestown, PA 8,780 29,183 2,546 8,780 31,729 40,509 ( 14,367 ) 2002 Jun-11

Pilgrim Gardens Drexel Hill, PA 2,090 5,043 4,937 2,090 9,980 12,070 ( 4,761 ) 1955 Jun-11

North Penn Market Place Lansdale, PA 3,060 5,253 1,568 3,060 6,821 9,881 ( 2,722 ) 1977 Jun-11

Village at Newtown Newtown, PA 7,690 37,765 43,366 7,690 81,131 88,821 ( 18,772 ) 2021 Jun-11

Ivyridge Philadelphia, PA 7,100 21,004 ( 31 ) 7,100 20,973 28,073 ( 6,585 ) 1963 Jun-11

Roosevelt Mall Philadelphia, PA 10,970 89,141 22,096 10,970 111,237 122,207 ( 36,279 ) 2020 Jun-11

Shoppes at Valley Forge Phoenixville, PA 2,010 13,025 1,989 2,010 15,014 17,024 ( 6,945 ) 2003 Jun-11

County Line Plaza Souderton, PA 910 8,346 3,441 910 11,787 12,697 ( 4,402 ) 1971 Jun-11

69th Street Plaza Upper Darby, PA 640 4,362 999 640 5,361 6,001 ( 1,898 ) 1994 Jun-11

Warminster Towne Center Warminster, PA 4,310 35,284 3,422 4,310 38,706 43,016 ( 14,083 ) 1997 Jun-11

Shops at Prospect West Hempfield, PA 760 6,532 744 760 7,276 8,036 ( 2,858 ) 1994 Jun-11

Whitehall Square Whitehall, PA 4,350 33,067 1,699 4,350 34,766 39,116 ( 12,872 ) 2006 Jun-11

Wilkes-Barre Township Marketplace Wilkes-Barre, PA 2,180 17,430 3,582 2,180 21,012 23,192 ( 10,757 ) 2004 Jun-11

Belfair Towne Village Bluffton, SC 4,265 31,801 2,850 4,265 34,651 38,916 ( 9,978 ) 2006 Jun-11

Milestone Plaza Greenville, SC 2,563 15,645 2,935 2,563 18,580 21,143 ( 6,281 ) 1995 Oct-13

Circle Center Hilton Head Island, SC 3,010 5,832 ( 1,085 ) 3,010 4,747 7,757 ( 1,487 ) 2000 Jun-11

Island Plaza James Island, SC 2,940 9,252 3,708 2,940 12,960 15,900 ( 5,824 ) 1994 Jun-11

Festival Centre North Charleston, SC 3,630 10,512 4,834 3,630 15,346 18,976 ( 7,759 ) 1987 Jun-11

Pawleys Island Plaza Pawleys Island, SC 5,264 21,804 347 5,264 22,151 27,415 ( 1,272 ) 2015 Oct-21

Fairview Corners I & II Simpsonville, SC 2,370 17,117 2,366 2,370 19,483 21,853 ( 7,587 ) 2003 Jun-11

Hillcrest Market Place (6)

Spartanburg, SC 4,190 34,825 12,798 4,190 47,623 51,813 ( 15,754 ) 2023 Jun-11

Watson Glen Shopping Center Franklin, TN 5,220 14,990 1,976 5,220 16,966 22,186 ( 6,494 ) 1988 Jun-11

Williamson Square Franklin, TN 7,730 22,789 6,625 7,730 29,414 37,144 ( 13,520 ) 1988 Jun-11

Greeneville Commons Greeneville, TN 2,880 13,524 3,488 2,880 17,012 19,892 ( 5,768 ) 2002 Jun-11

Kingston Overlook Knoxville, TN 2,060 6,743 699 2,060 7,442 9,502 ( 2,107 ) 1996 Jun-11

The Commons at Wolfcreek Memphis, TN 23,239 58,489 20,496 23,239 78,985 102,224 ( 28,540 ) 2014 Jun-11

Georgetown Square Murfreesboro, TN 3,716 8,598 2,495 3,716 11,093 14,809 ( 3,848 ) 2003 Jun-11

Nashboro Village Nashville, TN 2,243 11,662 275 2,243 11,937 14,180 ( 4,648 ) 1998 Oct-13

Parmer Crossing Austin, TX 5,927 11,282 1,913 5,927 13,195 19,122 ( 5,276 ) 1989 Jun-11

Baytown Shopping Center Baytown, TX 3,410 6,776 3,541 3,410 10,317 13,727 ( 6,300 ) 1987 Jun-11

El Camino Bellaire, TX 1,320 3,816 733 1,320 4,549 5,869 ( 1,977 ) 2008 Jun-11

Townshire Bryan, TX 1,790 6,399 831 1,790 7,230 9,020 ( 4,327 ) 2002 Jun-11

Central Station College Station, TX 4,340 21,704 2,840 4,340 24,544 28,884 ( 8,603 ) 1976 Jun-11

Rock Prairie Crossing College Station, TX 2,460 13,618 99 2,401 13,776 16,177 ( 6,596 ) 2002 Jun-11

Carmel Village Corpus Christi, TX 1,900 4,536 5,066 1,900 9,602 11,502 ( 2,547 ) 2019 Jun-11

Arboretum Village Dallas, TX 17,154 33,384 772 17,154 34,156 51,310 ( 1,535 ) 2014 Jan-22

Claremont Village Dallas, TX 1,700 3,035 ( 1,162 ) 1,700 1,873 3,573 ( 735 ) 1976 Jun-11

Kessler Plaza Dallas, TX 1,390 3,702 1,647 1,390 5,349 6,739 ( 1,498 ) 1975 Jun-11

Stevens Park Village Dallas, TX 1,270 3,182 671 1,270 3,853 5,123 ( 2,254 ) 1974 Jun-11

Webb Royal Plaza Dallas, TX 2,470 6,576 ( 70 ) 2,470 6,506 8,976 ( 3,357 ) 1961 Jun-11

Wynnewood Village (6)

Dallas, TX 16,982 42,953 31,410 17,200 74,145 91,345 ( 21,000 ) 2023 Jun-11

Parktown Deer Park, TX 2,790 7,319 1,176 2,790 8,495 11,285 ( 4,363 ) 1999 Jun-11

Costs Capitalized Subsequent to Acquisition (3)

Gross Amount at Which Carried

Initial Cost to Company (2)

at the Close of the Period

Description (1)

Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Year Constructed (2)

Land Building & Improvements Land Building & Improvements (4)

Total Accumulated Depreciation Year Built (5)

Date Acquired

Carmel Village Corpus Christi, TX 1,900 3,938 5,653 1,900 9,591 11,491 ( 2,204 ) 2019 Jun-11 40 years

Claremont Village Dallas, TX 1,700 1,568 282 1,700 1,850 3,550 ( 684 ) 1976 Jun-11 40 years

Kessler Plaza Dallas, TX 1,390 2,863 887 1,390 3,750 5,140 ( 1,347 ) 1975 Jun-11 40 years

Stevens Park Village Dallas, TX 1,270 2,350 1,503 1,270 3,853 5,123 ( 2,194 ) 1974 Jun-11 40 years

Webb Royal Plaza Dallas, TX 2,470 4,456 2,008 2,470 6,464 8,934 ( 3,118 ) 1961 Jun-11 40 years

Wynnewood Village Dallas, TX 16,982 41,269 30,994 17,199 72,046 89,245 ( 19,224 ) 2021 Jun-11 40 years

Parktown Deer Park, TX 2,790 6,814 1,175 2,790 7,989 10,779 ( 4,190 ) 1999 Jun-11 40 years

Preston Ridge Frisco, TX 25,820 117,346 20,737 25,820 138,083 163,903 ( 46,239 ) 2018 Jun-11 40 years

Ridglea Plaza Ft.

Worth, TX 2,770 15,143 1,265 2,770 16,408 19,178 ( 6,291 ) 1990 Jun-11 40 years

Trinity Commons Ft.

Worth, TX 5,780 24,474 4,349 5,780 28,823 34,603 ( 11,729 ) 1998 Jun-11 40 years

Village Plaza Garland, TX 3,230 6,403 1,576 3,230 7,979 11,209 ( 3,166 ) 2002 Jun-11 40 years

Highland Village Town Center Highland Village, TX 3,370 5,148 2,762 3,370 7,910 11,280 ( 2,328 ) 1996 Jun-11 40 years

Bay Forest Houston, TX 1,500 6,478 539 1,500 7,017 8,517 ( 2,770 ) 2004 Jun-11 40 years

Beltway South Houston, TX 3,340 9,666 893 3,340 10,559 13,899 ( 4,968 ) 1998 Jun-11 40 years

Braes Heights Houston, TX 1,700 13,942 9,970 1,700 23,912 25,612 ( 5,609 ) 2021 Jun-11 40 years

Braesgate Houston, TX 1,570 2,541 864 1,570 3,405 4,975 ( 1,658 ) 1997 Jun-11 40 years

Broadway Houston, TX 1,720 5,150 2,733 1,720 7,883 9,603 ( 2,601 ) 2006 Jun-11 40 years

Clear Lake Camino South Houston, TX 3,320 11,723 2,247 3,320 13,970 17,290 ( 5,106 ) 1964 Jun-11 40 years

Hearthstone Corners Houston, TX 5,240 10,356 5,544 5,240 15,900 21,140 ( 4,723 ) 2019 Jun-11 40 years

Jester Village Houston, TX 1,380 4,060 9,743 1,380 13,803 15,183 ( 1,577 ) 2021 Jun-11 40 years

Jones Plaza Houston, TX 2,110 9,252 4,241 2,110 13,493 15,603 ( 3,473 ) 2021 Jun-11 40 years

Jones Square Houston, TX 3,210 10,570 1,300 3,210 11,870 15,080 ( 4,470 ) 1999 Jun-11 40 years

Maplewood Houston, TX 1,790 4,977 2,079 1,790 7,056 8,846 ( 2,433 ) 2004 Jun-11 40 years

Merchants Park Houston, TX 6,580 30,721 4,718 6,580 35,439 42,019 ( 14,237 ) 2009 Jun-11 40 years

Northgate Houston, TX 740 1,116 605 740 1,721 2,461 ( 572 ) 1972 Jun-11 40 years

Northshore Houston, TX 5,970 21,918 4,877 5,970 26,795 32,765 ( 10,356 ) 2001 Jun-11 40 years

Northtown Plaza Houston, TX 4,990 16,064 6,519 4,990 22,583 27,573 ( 6,442 ) 1960 Jun-11 40 years

Orange Grove Houston, TX 3,670 15,229 1,891 3,670 17,120 20,790 ( 8,100 ) 2005 Jun-11 40 years

Royal Oaks Village Houston, TX 4,620 29,153 2,266 4,620 31,419 36,039 ( 10,480 ) 2001 Jun-11 40 years

Tanglewilde Center Houston, TX 1,620 6,911 2,361 1,620 9,272 10,892 ( 3,530 ) 1998 Jun-11 40 years

Westheimer Commons Houston, TX 5,160 11,398 6,053 5,160 17,451 22,611 ( 7,743 ) 1984 Jun-11 40 years

Crossroads Centre - Pasadena Pasadena, TX 4,660 10,759 7,413 4,660 18,172 22,832 ( 6,018 ) 1997 Jun-11 40 years

Spencer Square Pasadena, TX 5,360 18,568 1,645 5,360 20,213 25,573 ( 7,974 ) 1998 Jun-11 40 years

Pearland Plaza Pearland, TX 3,020 8,411 2,269 3,020 10,680 13,700 ( 4,330 ) 1995 Jun-11 40 years

Market Plaza Plano, TX 6,380 18,923 1,954 6,380 20,877 27,257 ( 7,795 ) 2002 Jun-11 40 years

Preston Park Village Plano, TX 8,506 74,066 4,715 8,506 78,781 87,287 ( 19,372 ) 1985 Oct-13 40 years

Keegan's Meadow Stafford, TX 3,300 9,309 1,511 3,300 10,820 14,120 ( 3,921 ) 1999 Jun-11 40 years

Texas City Bay Texas City, TX 3,780 14,976 10,295 3,780 25,271 29,051 ( 7,396 ) 2005 Jun-11 40 years

Windvale Center The Woodlands, TX 3,460 6,201 1,125 3,460 7,326 10,786 ( 2,111 ) 2002 Jun-11 40 years

Culpeper Town Square Culpeper, VA 3,200 6,669 1,966 3,200 8,635 11,835 ( 3,001 ) 1999 Jun-11 40 years

Hanover Square Mechanicsville, VA 3,540 14,408 6,637 3,540 21,045 24,585 ( 6,272 ) 1991 Jun-11 40 years

Tuckernuck Square Richmond, VA 2,400 9,022 3,141 2,400 12,163 14,563 ( 3,710 ) 1981 Jun-11 40 years

Cave Spring Corners Roanoke, VA 3,060 10,928 1,058 3,060 11,986 15,046 ( 5,907 ) 2005 Jun-11 40 years

Hunting Hills Roanoke, VA 1,116 7,308 2,692 1,116 10,000 11,116 ( 4,481 ) 1989 Jun-11 40 years

Hilltop Plaza Virginia Beach, VA 5,154 20,471 5,954 5,154 26,425 31,579 ( 9,460 ) 2010 Jun-11 40 years

Rutland Plaza Rutland, VT 1,722 16,382 770 1,722 17,152 18,874 ( 6,240 ) 1997 Jun-11 40 years

Spring Mall Greenfield, WI 1,768 8,813 ( 3,406 ) 912 6,263 7,175 ( 2,420 ) 2003 Jun-11 40 years

Mequon Pavilions Mequon, WI 7,520 27,111 13,768 7,520 40,879 48,399 ( 13,262 ) 1967 Jun-11 40 years

Moorland Square Shopping Ctr New Berlin, WI 2,080 8,711 1,818 2,080 10,529 12,609 ( 4,174 ) 1990 Jun-11 40 years

Paradise Pavilion West Bend, WI 1,510 15,110 1,500 1,510 16,610 18,120 ( 7,752 ) 2000 Jun-11 40 years

Grand Central Plaza Parkersburg, WV 670 5,649 435 670 6,084 6,754 ( 2,277 ) 1986 Jun-11 40 years

Ridglea Plaza Fort Worth, TX 2,770 16,178 190 2,770 16,368 19,138 ( 6,653 ) 1990 Jun-11

Trinity Commons Fort Worth, TX 5,780 26,317 2,806 5,780 29,123 34,903 ( 12,472 ) 1998 Jun-11

Preston Ridge Frisco, TX 25,820 127,082 13,005 25,820 140,087 165,907 ( 50,065 ) 2018 Jun-11

Village Plaza Garland, TX 3,230 6,786 2,384 3,230 9,170 12,400 ( 3,417 ) 2002 Jun-11

Highland Village Town Center Highland Village, TX 3,370 7,439 529 3,370 7,968 11,338 ( 2,729 ) 1996 Jun-11

Bay Forest Houston, TX 1,500 6,557 525 1,500 7,082 8,582 ( 2,887 ) 2004 Jun-11

Beltway South Houston, TX 3,340 9,759 795 3,340 10,554 13,894 ( 5,414 ) 1998 Jun-11

Braes Heights Houston, TX 1,700 15,246 9,422 1,700 24,668 26,368 ( 6,287 ) 2022 Jun-11

Braesgate Houston, TX 1,570 2,813 622 1,570 3,435 5,005 ( 1,765 ) 1997 Jun-11

Broadway Houston, TX 1,720 5,472 2,605 1,720 8,077 9,797 ( 2,917 ) 2006 Jun-11

Clear Lake Camino South Houston, TX 3,320 12,136 1,844 3,320 13,980 17,300 ( 5,561 ) 1964 Jun-11

Hearthstone Corners Houston, TX 5,240 14,208 1,700 5,240 15,908 21,148 ( 5,310 ) 2019 Jun-11

Jester Village Houston, TX 1,380 4,623 9,312 1,380 13,935 15,315 ( 2,270 ) 2022 Jun-11

Jones Plaza (6)

Houston, TX 2,110 11,450 3,529 2,110 14,979 17,089 ( 4,102 ) 2023 Jun-11

Jones Square Houston, TX 3,210 10,716 2,186 3,210 12,902 16,112 ( 4,823 ) 1999 Jun-11

Maplewood Houston, TX 1,790 5,535 1,702 1,790 7,237 9,027 ( 2,724 ) 2004 Jun-11

Merchants Park Houston, TX 6,580 32,200 3,809 6,580 36,009 42,589 ( 15,179 ) 2009 Jun-11

Northgate Houston, TX 740 1,707 436 740 2,143 2,883 ( 685 ) 1972 Jun-11

Northshore Houston, TX 5,970 22,827 4,780 5,970 27,607 33,577 ( 11,138 ) 2001 Jun-11

Northtown Plaza Houston, TX 4,990 18,209 5,047 4,990 23,256 28,246 ( 7,374 ) 1960 Jun-11

Orange Grove Houston, TX 3,670 15,758 2,846 3,670 18,604 22,274 ( 8,503 ) 2005 Jun-11

Royal Oaks Village Houston, TX 4,620 29,536 1,928 4,620 31,464 36,084 ( 11,120 ) 2001 Jun-11

Tanglewilde Center Houston, TX 1,620 7,437 1,843 1,620 9,280 10,900 ( 3,900 ) 1998 Jun-11

West U Marketplace Houston, TX 8,554 25,511 41 8,554 25,552 34,106 ( 1,016 ) 2000 Apr-22

Westheimer Commons Houston, TX 5,160 12,866 4,675 5,160 17,541 22,701 ( 8,369 ) 1984 Jun-11

Crossroads Centre - Pasadena Pasadena, TX 4,660 11,153 7,056 4,660 18,209 22,869 ( 6,699 ) 1997 Jun-11

Spencer Square Pasadena, TX 5,360 19,464 681 4,861 20,644 25,505 ( 8,463 ) 1998 Jun-11

Pearland Plaza Pearland, TX 3,020 9,076 1,989 3,020 11,065 14,085 ( 4,632 ) 1995 Jun-11

Market Plaza Plano, TX 6,380 20,529 1,233 6,380 21,762 28,142 ( 8,299 ) 2002 Jun-11

Preston Park Village (6)

Plano, TX 8,506 81,652 3,966 8,506 85,618 94,124 ( 21,228 ) 2023 Oct-13

Keegan's Meadow Stafford, TX 3,300 9,947 1,256 3,300 11,203 14,503 ( 4,181 ) 1999 Jun-11

Lake Pointe Village Sugar Land, TX 19,827 65,239 ( 175 ) 19,827 65,064 84,891 ( 2,061 ) 2010 Jun-22

Texas City Bay Texas City, TX 3,780 17,928 7,584 3,780 25,512 29,292 ( 8,575 ) 2005 Jun-11

Windvale Center The Woodlands, TX 3,460 9,479 ( 1,846 ) 3,460 7,633 11,093 ( 2,202 ) 2002 Jun-11

Culpeper Town Square Culpeper, VA 3,200 9,235 109 3,200 9,344 12,544 ( 3,333 ) 1999 Jun-11

Hanover Square Mechanicsville, VA 3,540 16,145 5,609 3,540 21,754 25,294 ( 6,784 ) 1991 Jun-11

Tuckernuck Square Richmond, VA 2,400 10,241 1,987 2,400 12,228 14,628 ( 4,168 ) 1981 Jun-11

Cave Spring Corners Roanoke, VA 3,060 11,284 704 3,060 11,988 15,048 ( 6,336 ) 2005 Jun-11

Hunting Hills Roanoke, VA 1,150 7,661 2,323 1,116 10,018 11,134 ( 4,936 ) 1989 Jun-11

Hilltop Plaza Virginia Beach, VA 5,170 21,956 4,089 5,154 26,061 31,215 ( 9,788 ) 2010 Jun-11

Rutland Plaza Rutland, VT 2,130 20,924 ( 3,912 ) 1,722 17,420 19,142 ( 6,596 ) 1997 Jun-11

Spring Mall Greenfield, WI 2,540 16,383 ( 11,748 ) 912 6,263 7,175 ( 2,560 ) 2003 Jun-11

Mequon Pavilions Mequon, WI 7,520 29,714 11,560 7,520 41,274 48,794 ( 14,739 ) 1967 Jun-11

Moorland Square Shopping Ctr New Berlin, WI 2,080 9,256 1,529 2,080 10,785 12,865 ( 4,509 ) 1990 Jun-11

Paradise Pavilion West Bend, WI 1,510 15,704 1,039 1,510 16,743 18,253 ( 8,126 ) 2000 Jun-11

Grand Central Plaza Parkersburg, WV 670 5,704 ( 239 ) 670 5,465 6,135 ( 1,813 ) 1986 Jun-11

Remaining portfolio Various — — 11,008 — 11,008 11,008 ( 439 )

1 unchanged sentence

(1) As of December 31, 2022, all of the Company’s shopping centers were unencumbered.

(2) Year constructed is calculated based on the year of the most recent redevelopment of the shopping center or based on year built if no redevelopment has occurred.

(2) The initial cost to the Company represents the original purchase price of the asset, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

(3) The balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, assets written off, and/or provisions for impairment.

(4) Depreciation of the buildings and improvements are calculated over the estimated useful lives which can be up to forty years.

(5) Year of most recent redevelopment or year built if no redevelopment has occurred.

(6) Indicates property is currently in redevelopment.

As of December 31, 2022, the aggregate cost for federal income tax purposes was approximately $ 12.0 billion.

16 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures