What changed in this filing

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Item 1. Financial Statements

2025-10-27 compared with 2025-07-28 · 183 added, 119 removed, 720 unchanged (30% of the section changed)

4 unchanged sentences

(Unaudited, in thousands, except share information)

September 30,

2025 December 31,

32 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

32 unchanged sentences

(Unaudited, in thousands)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

33 unchanged sentences

Ending balance, June 30, 2024 301,345 3,013 3,307,357 12,377 ( 467,561 ) — 2,855,186

Common stock dividends ($ 0.2725 per common share)

— — — — ( 82,905 ) — ( 82,905 )

Equity based compensation expense — — 5,375 — — — 5,375

Other comprehensive loss — — — ( 13,136 ) — — ( 13,136 )

Issuance of common stock 718 7 19,228 — — — 19,235

Repurchases of common shares in conjunction with equity award plans — — ( 19 ) — — — ( 19 )

Net income — — — — 96,840 — 96,840

Ending balance, September 30, 2024 302,063 $ 3,020 $ 3,331,941 $ ( 759 ) $ ( 453,626 ) $ — $ 2,880,576

Beginning balance, January 1, 2025 305,492 $ 3,055 $ 3,431,043 $ 8,218 $ ( 458,638 ) $ 244 $ 2,983,922

15 unchanged sentences

Ending balance, June 30, 2025 306,100 3,061 3,428,611 2,084 ( 480,851 ) 259 2,953,164

Common stock dividends ($ 0.2875 per common share)

— — — — ( 88,581 ) — ( 88,581 )

Equity based compensation expense — — 4,370 — — — 4,370

Other comprehensive loss — — — ( 189 ) — — ( 189 )

Repurchases of common shares in conjunction with equity award plans — — ( 9 ) — — — ( 9 )

Net income — — — — 94,235 7 94,242

Ending balance, September 30, 2025 306,100 $ 3,061 $ 3,432,972 $ 1,895 $ ( 475,197 ) $ 266 $ 2,962,997

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3 unchanged sentences

(Unaudited, in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities:

19 unchanged sentences

Acquisitions of real estate assets ( 229,866 ) ( 81,862 )

Deposits on acquisitions of real estate assets ( 15,000 ) —

Proceeds from sales of real estate assets 122,823 141,901

27 unchanged sentences

(Unaudited, in thousands, except unit information)

September 30,

2025 December 31,

29 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

29 unchanged sentences

(Unaudited, in thousands)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

27 unchanged sentences

Ending balance, June 30, 2024 2,842,214 12,377 — 2,854,591

Distributions to partners ( 82,970 ) — — ( 82,970 )

Equity based compensation expense 5,375 — — 5,375

Other comprehensive loss — ( 13,136 ) — ( 13,136 )

Issuance of OP Units 19,235 — — 19,235

Repurchases of OP Units in conjunction with equity award plans ( 19 ) — — ( 19 )

Net income 96,840 — — 96,840

Ending balance, September 30, 2024 $ 2,880,675 $ ( 759 ) $ — $ 2,879,916

Beginning balance, January 1, 2025 $ 2,974,800 $ 8,218 $ 244 $ 2,983,262

11 unchanged sentences

Ending balance, June 30, 2025 2,949,737 2,084 259 2,952,080

Distributions to partners ( 88,030 ) — — ( 88,030 )

Equity based compensation expense 4,370 — — 4,370

Other comprehensive loss — ( 189 ) — ( 189 )

Repurchases of OP Units in conjunction with equity award plans ( 9 ) — — ( 9 )

Net income 94,235 — 7 94,242

Ending balance, September 30, 2025 $ 2,960,303 $ 1,895 $ 266 $ 2,962,464

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2 unchanged sentences

(Unaudited, in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities:

19 unchanged sentences

Acquisitions of real estate assets ( 229,866 ) ( 81,862 )

Deposits on acquisitions of real estate assets ( 15,000 ) —

Proceeds from sales of real estate assets 122,823 141,901

3 unchanged sentences

Financing activities:

Repayment of secured debt obligations — —

Repayment of borrowings under unsecured revolving credit facility ( 660,000 ) ( 98,500 )

30 unchanged sentences

The Parent Company, the Operating Partnership, and their consolidated subsidiaries (collectively, the "Company" or "Brixmor") owns and operates one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers.

As of June 30, 2025, the Company’s portfolio was comprised of 360 shopping centers (the "Portfolio") totaling approximately 64 million square feet of GLA.

As of September 30, 2025, the Company’s portfolio was comprised of 354 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA.

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.

29 unchanged sentences

Income taxes related to the Parent Company’s TRSs do not materially impact the unaudited Condensed 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 unaudited Condensed Consolidated Financial Statements as of June 30, 2025 and December 31, 2024.

Open tax years generally range from 2022 through 2024 but may vary by jurisdiction and issue.

3 unchanged sentences

Acquisition of Real Estate

During the six months ended June 30, 2025, the Company acquired the following assets:

Description (1)

Location Month Acquired GLA Aggregate Purchase Price (2)

Land at Suffolk Plaza East Setauket, NY Jan-25 — $ 3,144

Leases at Plaza at Buckland Hills Manchester, CT Jun-25 — 4,330

(1) No debt was assumed related to the listed acquisition.

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

During the six months ended June 30, 2024, the Company acquired the following asset:

Description (1)

Location Month Acquired GLA Aggregate Purchase Price (2)

During the nine months ended September 30, 2025, the Company acquired the following assets:

Description Location Month Acquired GLA Aggregate Purchase Price (1)

Land at Suffolk Plaza East Setauket, NY Jan-25 N/A $ 3,144

Leases at Plaza at Buckland Hills Manchester, CT Jun-25 N/A 4,330

LaCenterra at Cinco Ranch Katy, TX Jul-25 409,264 222,392

409,264 $ 229,866

(1) Aggregate purchase price includes $ 0.7 million of transaction costs, offset by $ 1.2 million of closing credits.

During the nine months ended September 30, 2024, the Company acquired the following assets, in separate transactions:

Description Location Month Acquired GLA Aggregate Purchase Price (1)

West Center East Setauket, NY Apr-24 42,594 $ 17,470

The Fresh Market Shoppes Hilton Head Island, SC Jul-24 86,398 23,848

Land at King's Market Roswell, GA Jul-24 N/A 2,337

Acton Plaza Acton, MA Aug-24 137,572 38,207

266,564 $ 81,862

(1) No debt was assumed related to the listed acquisition.

(1) Aggregate purchase price includes $ 0.7 million of transaction costs.

The aggregate purchase price of the assets acquired during the six months ended June 30, 2025 and 2024, respectively, has been allocated as follows:

Six Months Ended June 30,

The aggregate purchase price of the assets acquired during the nine months ended September 30, 2025 and 2024, respectively, has been allocated as follows:

Nine Months Ended September 30,

Assets 2025 2024

4 unchanged sentences

In-place leases (2)

45,945 18,009

Total assets acquired $ 243,192 $ 87,980

Below-market leases (3)

$ 13,326 $ 6,118

Total liabilities 13,326 6,118

Net assets acquired $ 229,866 $ 81,862

(1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the six months ended June 30, 2024 was 5.1 years.

(2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the six months ended June 30, 2024 was 4.2 years.

(3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the six months ended June 30, 2024 was 12.8 years.

(1) The weighted average amortization period at the time of acquisition for above-market leases related to assets acquired during the nine months ended September 30, 2025 was 0.6 years.

(2) The weighted average amortization period at the time of acquisition for in-place leases related to assets acquired during the nine months ended September 30, 2025 was 5.6 years.

(3) The weighted average amortization period at the time of acquisition for below-market leases related to assets acquired during the nine months ended September 30, 2025 was 12.7 years.

Dispositions and Assets Held for Sale

During the three months ended June 30, 2025, the Company disposed of one shopping center and two partial shopping centers for aggregate net proceeds of $ 22.1 million, resulting in aggregate gain of $ 15.8 million.

During the six months ended June 30, 2025, the Company disposed of three shopping centers and four partial shopping centers for aggregate net proceeds of $ 43.7 million, resulting in aggregate gain of $ 18.8 million.

During the three months ended June 30, 2024, the Company disposed of one partial shopping center and one land parcel for aggregate net proceeds of $ 0.3 million, resulting in aggregate gain of less than $ 0.1 million and aggregate impairment of $ 0.2 million.

In addition, during the three months ended June 30, 2024, the Company received aggregate net proceeds of $ 1.8 million related to land at one shopping center previously seized through eminent domain, resulting in aggregate gain of $ 1.8 million.

During the six months ended June 30, 2024, the Company disposed of three shopping centers, one partial shopping center, and one land parcel for aggregate net proceeds of $ 67.4 million, resulting in aggregate gain of $ 15.0 million and aggregate impairment of $ 0.2 million.

In addition, during the six months ended June 30, 2024, the Company received aggregate net proceeds of $ 1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $ 1.9 million.

As of June 30, 2025, the Company had two properties held for sale.

During the three months ended September 30, 2025, the Company disposed of seven shopping centers for aggregate net proceeds of $ 79.1 million, resulting in aggregate gain of $ 40.0 million.

During the nine months ended September 30, 2025, the Company disposed of ten shopping centers and four partial shopping centers for aggregate net proceeds of $ 122.8 million, resulting in aggregate gain of $ 58.8 million.

During the three months ended September 30, 2024, the Company disposed of two shopping centers, three partial shopping centers, and one land parcel for aggregate net proceeds of $ 72.6 million, resulting in aggregate gain of $ 37.0 million and aggregate impairment of $ 0.3 million.

In addition, during the three months ended September 30, 2024, the Company resolved contingencies related to previously disposed assets, resulting in a net loss of less than $ 0.1 million.

During the nine months ended September 30, 2024, the Company disposed of five shopping centers, four partial shopping centers, and two land parcels for aggregate net proceeds of $ 140.0 million, resulting in aggregate gain of $ 52.1 million and aggregate impairment of $ 0.5 million.

In addition, during the nine months ended September 30, 2024, the Company received aggregate net proceeds of $ 1.9 million related to land at one shopping center previously seized through eminent domain and resolved contingencies related to previously disposed assets, resulting in aggregate gain of $ 1.9 million.

As of September 30, 2025, the Company had one property held for sale.

As of December 31, 2024, the Company had two properties held for sale.

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

The following table presents the assets associated with the properties classified as held for sale:

Assets June 30, 2025 December 31, 2024

Assets September 30, 2025 December 31, 2024

Land $ 2,460 $ 1,280

4 unchanged sentences

Assets associated with real estate assets held for sale $ 7,408 $ 4,189

Below-market leases $ 33 $ —

Liabilities associated with real estate assets held for sale (1)

(1) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company's unaudited Condensed Consolidated Balance Sheets.

There were no discontinued operations for the three and six months ended June 30, 2025 and 2024 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.

There were no discontinued operations for the three and nine months ended September 30, 2025 and 2024 as none of the dispositions represented a strategic shift in the Company’s business that would qualify as discontinued operations.

The Company’s components of Real estate, net consisted of the following:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Land $ 1,835,928 $ 1,834,814

7 unchanged sentences

Total $ 8,099,824 $ 7,998,878

(1) As of June 30, 2025 and December 31, 2024, Lease intangibles consisted of $ 464.1 million and $ 482.7 million, respectively, of in-place leases and $ 40.5 million and $ 43.8 million, respectively, of above-market leases.

(1) As of September 30, 2025 and December 31, 2024, Lease intangibles consisted of $ 484.6 million and $ 482.7 million, respectively, of in-place leases and $ 40.4 million and $ 43.8 million, respectively, of above-market leases.

These intangible assets are amortized over the term of each related lease.

(2) As of June 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $ 425.8 million and $ 433.0 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of June 30, 2025 and December 31, 2024, the Company had intangible liabilities relating to below-market leases of $ 357.1 million and $ 366.5 million, respectively, and accumulated accretion of $ 245.3 million and $ 246.3 million, respectively.

(2) As of September 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $ 427.3 million and $ 433.0 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of September 30, 2025 and December 31, 2024, the Company had intangible liabilities relating to below-market leases of $ 365.6 million and $ 366.5 million, respectively, and accumulated accretion of $ 246.2 million and $ 246.3 million, respectively.

These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

Below-market lease accretion income, net of above-market lease amortization for the three months ended June 30, 2025 and 2024 was $ 4.7 million and $ 2.5 million, respectively.

Below-market lease accretion income, net of above-market lease amortization for the six months ended June 30, 2025 and 2024 was $ 8.0 million and $ 4.9 million, respectively.

Below-market lease accretion income, net of above-market lease amortization for the three months ended September 30, 2025 and 2024 was $ 5.6 million and $ 2.4 million, respectively.

Below-market lease accretion income, net of above-market lease amortization for the nine months ended September 30, 2025 and 2024 was $ 13.6 million and $ 7.3 million, respectively.

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

Amortization expense associated with in-place lease value for the three months ended June 30, 2025 and 2024 was $ 7.4 million and $ 3.1 million, respectively.

Amortization expense associated with in-place lease value for the six months ended June 30, 2025 and 2024 was $ 14.3 million and $ 6.4 million, respectively.

Amortization expense associated with in-place lease value for the three months ended September 30, 2025 and 2024 was $ 7.9 million and $ 3.6 million, respectively.

Amortization expense associated with in-place lease value for the nine months ended September 30, 2025 and 2024 was $ 22.1 million and $ 10.0 million, respectively.

These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations.

2 unchanged sentences

In-place lease amortization expense

2025 (remaining six months) $ ( 5,654 ) $ 10,475

2025 (remaining three months) $ ( 3,154 ) $ 6,963

2026 ( 11,345 ) 22,275

2 unchanged sentences

2029 ( 7,978 ) 8,218

2030 ( 7,429 ) 5,595

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.

The Company did not recognize any impairments during the three and six months ended June 30, 2025.

The Company recognized the following impairments during the three and six months ended June 30, 2024:

Three and Six Months Ended June 30, 2024

The Company recognized the following impairment during the three and nine months ended September 30, 2025:

Three and Nine Months Ended September 30, 2025

Property Name (1)

Location GLA Impairment Charge

Springdale Mobile, AL 398,701 $ 16,075

398,701 $ 16,075

(1) The Company recognized an impairment charge based upon changes in the anticipated hold period of this property and/or offers from third-party buyers in connection with the Company’s capital recycling program.

The Company recognized the following impairments during the three and nine months ended September 30, 2024:

Three Months Ended September 30, 2024

Property Name (1)

Location GLA Impairment Charge

Southland Shopping Center - multi-tenant outparcel Middleburg Heights, OH 149,891 $ 5,611

Land at Springdale (2)

Mobile, AL — 252

149,891 $ 5,863

Nine Months Ended September 30, 2024

Property Name (1)

Location GLA Impairment Charge

Southland Shopping Center - multi-tenant outparcel Middleburg Heights, OH 149,891 $ 5,611

Seacoast Shopping Center Seabrook, NH 89,634 5,062

Land at Springdale (2)

Mobile, AL — 252

Victory Square - Bridgestone Outparcel (2)

2 unchanged sentences

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

(2) The Company disposed of this property during the six months ended June 30, 2024.

(2) The Company disposed of this property during the year ended December 31, 2024.

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

7 unchanged sentences

The Company utilizes interest rate swaps to partially hedge the cash flows associated with variable-rate debt or future cash flows associated with forecasted fixed-rate debt issuances.

During the six months ended June 30, 2025, the Company did not enter into any new interest rate swap agreements.

During the nine months ended September 30, 2025, the Company did not enter into any new interest rate swap agreements.

During the year ended December 31, 2024, the Company did not enter into any new interest rate swap agreements, terminated three outstanding interest rate swap agreements, and four interest rate swap agreements expired at maturity.

1 unchanged sentence

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 unaudited Condensed Consolidated Balance Sheets.

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of June 30, 2025 is as follows:

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of September 30, 2025 is as follows:

Effective Date Maturity Date Swapped Variable Rate Fixed Rate Notional Amount Assets Liabilities

22 unchanged sentences

The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognized in Other comprehensive income (loss) on the Company's unaudited Condensed Consolidated Statements of Comprehensive Income and is reclassified into earnings as interest expense in the period that the hedged transaction affects earnings.

The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 is as follows:

The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 is as follows:

Derivatives in Cash Flow Hedging Relationships

(Interest Rate Swaps) Three Months Ended June 30, Six Months Ended June 30,

(Interest Rate Swaps) Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

2 unchanged sentences

Change in unrealized gain (loss) on interest rate swaps, net $ ( 164 ) $ ( 13,484 ) $ ( 6,479 ) $ 1,549

The Company estimates that $ 0.3 million will be reclassified from Accumulated other comprehensive income 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 three and six months ended June 30, 2025 and 2024.

The Company estimates that $ 0.8 million will be reclassified from Accumulated other comprehensive income as an increase 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 three and nine months ended September 30, 2025 and 2024.

Non-Designated (Mark-to-Market) Hedges of Interest Rate Risk

The Company does not use derivatives for trading or speculative purposes.

As of June 30, 2025 and December 31, 2024, the Company did not have any non-designated hedges.

As of September 30, 2025 and December 31, 2024, the Company did not have any non-designated hedges.

Credit-risk-related Contingent Features

2 unchanged sentences

Debt Obligations

As of June 30, 2025 and December 31, 2024, the Company had the following indebtedness outstanding:

As of September 30, 2025 and December 31, 2024, the Company had the following indebtedness outstanding:

Carrying Value as of

September 30,

2025 December 31,

17 unchanged sentences

$ 5,493,420 $ 5,339,751

(1) Stated interest rates as of June 30, 2025 do not include the impact of the Company’s interest rate swap agreements (described below).

(2) The weighted average stated interest rate on the Company’s unsecured notes was 4.14 % as of June 30, 2025.

(1) Stated interest rates as of September 30, 2025 do not include the impact of the Company’s interest rate swap agreements (described below).

(2) The weighted average stated interest rate on the Company’s unsecured notes was 4.20 % as of September 30, 2025.

(3) Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $ 300.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 4.08 % (plus a spread, currently 85 basis points) through July 26, 2027.

6 unchanged sentences

The total capacity under the Unsecured Credit Facility as amended and restated on April 24, 2025 is $ 1.75 billion.

During the six months ended June 30, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes.

During the nine months ended September 30, 2025, the Operating Partnership repaid $ 632.3 million principal amount of the 3.850 % Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes.

The Operating Partnership funded the 2025 Notes repayments with available cash, proceeds from the Revolving Facility, and dispositions.

3 unchanged sentences

The 2032 Notes will mature on April 1, 2032.

On September 9, 2025, the Operating Partnership issued $ 400.0 million aggregate principal amount of Senior Notes due 2033 (the "2033 Notes") at 99.849 % of par.

The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness.

The 2033 Notes bear interest at a rate of 4.850 % per annum, payable semi-annually on February 15 and August 15 of each year, commencing February 15, 2026.

The 2033 Notes will mature on February 15, 2033.

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.

The Company was in compliance with these covenants as of June 30, 2025.

The Company was in compliance with these covenants as of September 30, 2025.

Debt Maturities

As of June 30, 2025 and December 31, 2024, the Company had accrued interest of $ 58.9 million and $ 62.8 million outstanding, respectively.

As of June 30, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:

As of September 30, 2025 and December 31, 2024, the Company had accrued interest of $ 54.6 million and $ 62.8 million outstanding, respectively.

As of September 30, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,

2025 (remaining six months) $ —

2025 (remaining three months) $ —

2030 1,300,000

Thereafter 2,100,000

4 unchanged sentences

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $ 600.7 million outstanding principal balance of Senior Notes due 2026.

The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy this scheduled debt maturity.

The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy these scheduled debt maturities.

Fair Value Disclosures

All financial instruments of the Company are reflected in the accompanying unaudited Condensed Consolidated Balance Sheets at amounts which, in management’s judgment, reasonably approximate their fair values, except those instruments listed below:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Value Carrying

12 unchanged sentences

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

Fair Value Measurements as of June 30, 2025

Fair Value Measurements as of September 30, 2025

Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs

10 unchanged sentences

Interest rate derivatives $ ( 598 ) $ — $ ( 598 ) $ —

(1) As of June 30, 2025 and December 31, 2024, marketable securities included $ 0.2 million and less than $ 0.1 million of net unrealized gains, respectively.

As of June 30, 2025, the contractual maturities of the Company’s marketable securities were within the next five years.

(1) As of September 30, 2025 and December 31, 2024, marketable securities included $ 0.2 million and less than $ 0.1 million of net unrealized gains, respectively.

As of September 30, 2025, the contractual maturities of the Company’s marketable securities were within the next five years.

Non-Recurring Fair Value

2 unchanged sentences

The cash flows utilized in such analyses are comprised of unobservable inputs that include forecasted rental revenue and expenses based upon market conditions and future expectations.

The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

The capitalization rates and discount rates utilized in such analyses are based upon unobservable rates that the Company believes to be within a reasonable range of

current market rates for the respective properties.

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 six months ended June 30, 2025, no properties were remeasured to fair value as a result of impairment testing.

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, 2024, excluding the properties sold prior to December 31, 2024:

The table includes information related to properties that were remeasured to fair value as a result of impairment testing during the nine months ended September 30, 2025 and year ended December 31, 2024, excluding the properties sold prior to September 30, 2025 or December 31, 2024, respectively:

Fair Value Measurements as of September 30, 2025

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)

$ 26,675 $ — $ — $ 26,675 $ 16,075

Fair Value Measurements as of December 31, 2024

5 unchanged sentences

$ 6,548 $ — $ — $ 6,548 $ 10,673

(1) Excludes properties disposed of prior to September 30, 2025.

(2) The carrying value of Springdale, which was remeasured to fair value based upon offers from third-party buyers during the nine months ended September 30, 2025, is $ 26.7 million.

(3) Excludes properties disposed of prior to December 31, 2024.

13 unchanged sentences

Additionally, certain leases may require variable lease payments associated with percentage rents, which are calculated based on underlying tenant sales.

The Company recognized $ 2.8 million and $ 2.3 million of income based on percentage rents for the three months ended June 30, 2025 and 2024, respectively.

The Company recognized $ 6.8 million and $ 6.6 million of income based on percentage rents for the six months ended June 30, 2025 and 2024, respectively.

The Company recognized $ 1.2 million and $ 1.3 million of income based on percentage rents for the three months ended September 30, 2025 and 2024, respectively.

The Company recognized $ 8.0 million and $ 7.9 million of income based on percentage rents for the nine months ended September 30, 2025 and 2024, respectively.

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

2 unchanged sentences

Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term.

As of June 30, 2025, the Company does not include any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain.

As of September 30, 2025, the Company does not include 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 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.

1 unchanged sentence

The following tables present additional information pertaining to the Company’s operating leases:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

Supplemental Statements of Operations Information 2025 2024 2025 2024

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Total lease costs $ 1,750 $ 994 $ 5,290 $ 1,246

Six Months Ended June 30,

Nine Months Ended September 30,

Supplemental Statements of Cash Flows Information 2025 2024

3 unchanged sentences

Operating Lease Liabilities As of

June 30, 2025

September 30, 2025

Future minimum operating lease payments:

2025 (remaining six months) $ 3,078

2025 (remaining three months) $ 1,557

Thereafter 100,820

3 unchanged sentences

Supplemental Balance Sheets Information As of

June 30, 2025 As of

September 30, 2025 As of

December 31, 2024

3 unchanged sentences

44,906 38,784

(1) As of June 30, 2025 and December 31, 2024, the weighted average remaining lease term was 26.2 years and 28.7 years, respectively, and the weighted average discount rate was 6.34 % and 6.28 %, respectively.

(1) As of September 30, 2025 and December 31, 2024, the weighted average remaining lease term was 26.1 years and 28.7 years, respectively, and the weighted average discount rate was 6.35 % and 6.28 %, respectively.

(2) These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

(3) These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

As of June 30, 2025, there were no material leases that have been executed but not yet commenced.

As of September 30, 2025, there were no material leases that have been executed but not yet commenced.

Equity and Capital

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

During the six months ended June 30, 2025 and 2024, the Company did not issue any shares of common stock under the ATM Program.

As of June 30, 2025, $ 283.4 million of common stock remained available for issuance under the ATM Program.

The Company expects to extend or renew the ATM Program on substantially similar terms prior to expiration.

During the nine months ended September 30, 2025, the Company did not issue any shares of common stock under the ATM Program.

During the nine months ended September 30, 2024, the Company issued 0.7 million shares of common stock under the ATM Program at an average price per share of $ 27.92 for total gross proceeds of $ 20.0 million, excluding commissions and fees.

The Company incurred commissions and fees of $ 0.7 million in conjunction with the ATM Program for the nine months ended September 30, 2024.

As of September 30, 2025, $ 283.4 million of common stock remained available for issuance under the ATM Program.

Share Repurchase Program

1 unchanged sentence

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

During the six months ended June 30, 2025 and 2024, the Company did not repurchase any shares of common stock.

As of June 30, 2025, the Repurchase Program had $ 400.0 million of available repurchase capacity.

The Company expects to extend or renew the Repurchase Program on substantially similar terms prior to expiration.

During the nine months ended September 30, 2025 and 2024, the Company did not repurchase any shares of common stock.

As of September 30, 2025, 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.

During the six months ended June 30, 2025 and 2024, the Company withheld 0.4 million and 0.6 million shares of its common stock, respectively.

During the nine months ended September 30, 2025 and 2024, the Company withheld 0.4 million and 0.6 million shares of its common stock, respectively.

Dividends and Distributions

During the three months ended June 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.2875 per share/unit and $ 0.2725 per share/unit, respectively.

During the six months ended June 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.5750 per share/unit and $ 0.5450 per share/unit, respectively.

As of June 30, 2025 and December 31, 2024, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 91.2 million and $ 91.8 million, respectively.

During the three months ended September 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.2875 per share/unit and $ 0.2725 per share/unit, respectively.

During the nine months ended September 30, 2025 and 2024, the Company's board of directors declared common stock dividends and OP Unit distributions of $ 0.8625 per share/unit and $ 0.8175 per share/unit, respectively.

As of September 30, 2025 and December 31, 2024, the Company had declared but unpaid common stock dividends and OP Unit distributions of $ 91.5 million and $ 91.8 million, respectively.

These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

1 unchanged sentence

During the year ended December 31, 2024, the Company completed the acquisition of 100 % of the common equity in entities owning North Ridge Shopping Center and The Plaza at Buckland Hills.

The acquired entities have issued and outstanding $ 0.2 million of redeemable preferred equity, which the Company did not acquire and is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets.

The acquired entities have $ 0.2 million of issued and outstanding redeemable preferred equity, which the Company did not acquire which is reflected in Non-controlling interests on the Company’s unaudited Condensed Consolidated Balance Sheets.

Stock Based Compensation

2 unchanged sentences

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 six months ended June 30, 2025 and the year ended December 31, 2024, the Company granted RSUs to certain employees.

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

During the nine months ended September 30, 2025 and the year ended December 31, 2024, 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 that can be earned.

1 unchanged sentence

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

The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.6 million and 0.8 million for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively, with vesting periods ranging from one to five years .

The aggregate number of RSUs granted, assuming the achievement of target level performance, was 0.6 million and 0.8 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, with vesting periods ranging from one to five years .

For the service-based and performance-based RSU's granted, fair value is based on the Company's grant date stock price or the grant date stock price adjusted for dividend or dividend equivalent rights, when applicable.

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:

Assumption Six Months Ended June 30, 2025 Year Ended,

Assumption Nine Months Ended September 30, 2025 Year Ended,

December 31, 2024

5 unchanged sentences

4.4 % - 4.7 %

During the three months ended June 30, 2025 and 2024, the Company recognized $ 5.1 million and $ 6.0 million of equity compensation expense, respectively, of which $ 0.3 million and $ 0.5 million was capitalized, respectively.

During the six months ended June 30, 2025 and 2024, the Company recognized $ 9.8 million and $ 9.7 million of equity compensation expense, respectively, of which $ 0.9 million and $ 0.9 million was capitalized, respectively.

During the three months ended September 30, 2025 and 2024, the Company recognized $ 4.4 million and $ 5.4 million of equity compensation expense, respectively, of which $ 0.3 million and $ 0.3 million was capitalized, respectively.

During the nine months ended September 30, 2025 and 2024, the Company recognized $ 14.2 million and $ 15.1 million of equity compensation expense, respectively, of which $ 1.2 million and $ 1.3 million was capitalized, respectively.

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

As of June 30, 2025, the Company had $ 21.4 million of total unrecognized compensation expense related to unvested stock compensation, which is expected to be recognized over a weighted average period of approximately 2.2 years.

As of September 30, 2025, the Company had $ 16.9 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.

Earnings per Share

3 unchanged sentences

Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Company’s common stock.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per share data):

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share data):

Three Months Ended

June 30, Six Months

Ended June 30,

September 30, Nine Months

Ended September 30,

2025 2024 2025 2024

20 unchanged sentences

Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the Operating Partnership’s common units.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per unit data):

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per unit data):

Three Months Ended

June 30, Six Months

Ended June 30,

September 30, Nine Months

Ended September 30,

2025 2024 2025 2024

22 unchanged sentences

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 three and six months ended June 30, 2025 and 2024, the Company did no t incur any material governmental fines resulting from environmental matters.

During the three and nine months ended September 30, 2025 and 2024, the Company did no t incur any material governmental fines resulting from environmental matters.

Segment Reporting

The Company operates and derives revenue from its Portfolio of community and neighborhood shopping centers.

As of June 30, 2025, the properties in the Portfolio are located across 30 states throughout 103 metropolitan markets.

The Chief Executive Officer serves as the Company's Chief Operating Decision Maker (the "CODM") and evaluates performance and resource allocation on a Portfolio basis.

As of September 30, 2025, the properties in the Portfolio are located across 30 states throughout 100 metropolitan markets.

The interim Chief Executive Officer serves as the Company's Chief Operating Decision Maker (the "CODM") and evaluates performance and resource allocation on a Portfolio basis.

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

2 unchanged sentences

Total assets, as presented on the Company's unaudited Condensed Consolidated Balance Sheets is used to measure the Reporting Segment's assets.

The following table presents revenues and significant segment expenses for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

The following table presents revenues and significant segment expenses for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

14 unchanged sentences

$ 94,235 $ 96,840 $ 249,103 $ 255,870

(1) The following table presents General and administrative expense for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

(1) The following table presents General and administrative expense for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Related Party Transactions

As of June 30, 2025 and December 31, 2024, there were no material receivables from or payables to related parties.

During the three and six months ended June 30, 2025 and 2024, the Company did not engage in any material related-party transactions.

As of September 30, 2025 and December 31, 2024, there were no material receivables from or payables to related parties.

During the three and nine months ended September 30, 2025 and 2024, the Company did not engage in any material related-party transactions.

Subsequent Events

In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after June 30, 2025 for recognition and/or disclosure purposes.

Based on this evaluation, there were no subsequent events from June 30, 2025 through the date the financial statements were issued other than the following:

• On July 1, 2025, the Company acquired LaCenterra at Cinco Ranch, an approximately 409,000 square foot shopping center in Katy, TX, for an aggregate purchase price of $ 222.4 million, including transaction costs and closing credits.

In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after September 30, 2025 for recognition and/or disclosure purposes.

Based on this evaluation, there were no subsequent events from September 30, 2025 through the date the financial statements were issued.

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-Q

Item 1. Financial Statements